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BOOT earnings call for the period ending September 30, 2020.
Troy Stokes Jr. drove in runs with each of his first two major league hits, JT Brubaker pitched six strong innings and the Pittsburgh Pirates finally beat the Cincinnati Reds, 7-2 on Tuesday night. Two days after making his debut, Stokes hit an RBI single in the fourth inning. The Pirates had lost eight straight games to the Reds, including all four this season by a combined score of 44-9.
(Bloomberg) -- Sinovac Biotech Ltd.’s vaccine is wiping out Covid-19 among health workers in Indonesia, an encouraging sign for the dozens of developing countries reliant on the controversial Chinese shot, which performed far worse than western vaccines in clinical trials.Indonesia tracked 25,374 health workers in capital city Jakarta for 28 days after they received their second dose and found that the vaccine protected 100% of them from death and 96% from hospitalization as soon as seven days after, said Health Minister Budi Gunadi Sadikin in an interview on Tuesday. The workers were tracked until late February.Sadikin also said that 94% of the workers had been protected against infection -- an extraordinary result that goes beyond what was measured in the shot’s numerous clinical trials -- though it’s unclear if the workers were uniformly screened to detect asymptomatic carriers.“We see a very, very drastic drop,” in hospitalizations and deaths among medical workers, Sadikin said. It’s not known what strain of the coronavirus Sinovac’s shot worked against in Indonesia, but the country has not flagged any major outbreaks driven by variants of concern.The data adds to signs out of Brazil that the Sinovac shot is more effective than it proved in the testing phase, which was beset by divergent efficacy rates and questions over data transparency. Results from its biggest Phase III trial in Brazil put the shot known as CoronaVac’s efficacy at just above 50%, the lowest among all first-generation Covid vaccines.A spokesman for Sinovac in Beijing said the company cannot comment on the Indonesian study until it acquires more details.In a separate interview with Bloomberg Tuesday, Sinovac’s chief executive officer Yin Weidong defended the disparity in clinical data around the shot, and said there was growing evidence CoronaVac is performing better when applied in the real world.Places That Use Sinovac’s ShotBut the real-world examples also show that the Sinovac shot’s ability to quell outbreaks requires the vast majority of people to be vaccinated, a scenario that developing countries with poor health infrastructure and limited access to shots cannot reach quickly. In the Indonesian health worker study, and another in a Brazilian town of 45,000 people called Serrana, nearly 100% of people studied were fully vaccinated, with serious illness and deaths dropping after they were inoculated.In contrast, Chile saw a resurgent outbreak after vaccinating over a third of the population of 19 million -- one of the fastest rates in the world, but not fast enough to stop the spread of the aggressive variant sweeping Latin America.“The earliest group of people vaccinated in Chile are old people. Less than 15 million of doses given to Chile means only 7 million people can get our shots. That equals to only 36% of a population of 19 million,” said Yin. “It’s normal that the country sees a resurgence of infections as social activities increase among the younger people who are mainly not inoculated.”Among people vaccinated with CoronaVac in Chile, 89% were protected from serious Covid that requires intensive care, said Yin.The vaccine’s protection is likely to vary from place to place due to virus variants, but Sinovac’s shot appears to be holding up well against the new mutations of concern, he said.A key question for all Covid vaccines is whether they can prevent or deter actual transmission of the virus. Yin said Tuesday that Sinovac does not yet know if its shot -- a traditional inactivated vaccine -- can stop or reduce the virus from being contracted in the first place, but the fact it is preventing serious illness and death is more important.The mRNA shot developed by BioNTech SE and Pfizer Inc. has been shown to be over 90% effective in preventing transmission in Israel.While non-mRNA vaccines are unlikely to be that effective in preventing transmission, the growing body of evidence that Sinovac’s shot works is a boon to China’s mission of supplying the developing world in a bid to increase its influence and standing. It’s also somewhat of a vindication amid criticism that Chinese vaccine developers disclosed less data and were less transparent about severe adverse events compared with western companies.“The results from real world application and the scientific data we have from clinical trials will allow the world to judge our vaccine comprehensively,” said Yin. “We encourage our partners and governments in countries where our vaccine is being used to release such data as soon as possible.”Indonesia was one of the earliest countries to place its bets on a Chinese vaccine. In January, President Joko Widodo became the first major world leader to receive the Sinovac shot in a bid to quell skepticism at home and abroad. Since then, Southeast Asia’s largest economy has administered more than 22 million doses, mostly Sinovac, as it seeks to reach herd immunity for its 270-million strong population by year-end.“The minimum efficacy rate should be above 50%, so beyond that, the best vaccine is the one you can get as soon as possible, as every shot given can prevent deaths,” Health Minister Sadikin said. “It isn’t only about getting the highest efficacy rate, but inoculating people quickly.”While neighboring Malaysia and Thailand are seeing a resurgence in cases, Indonesia’s rate of new infections and deaths has stabilized since a January peak. But with its massive population still mostly unprotected, the upcoming Eid holiday could cause cases to rebound by as much as 60% as people gather with family and travel home despite government restrictions, Sadikin warned.Helen Petousis-Harris, a vaccinologist at the University of Auckland, said that the ability of vaccines to control a disease can be higher in the real world than when measured in clinical trials.“In my experience, we often fail to predict the overall impact of vaccines, something that can only be seen in the real world after widespread use,” she said. “Reducing the bulk of disease is not only essential to save lives but also to reduce the chances of problematic variants appearing.”(Updates with company response in sixth paragraph and expert comment in the last two 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.
Protesters marched in New York City on Tuesday, May 11, in support of Palestine amid escalating conflict between the Israel Defence Forces (IDF) and Hamas.Footage taken by Twitter user Joshua Potash shows crowds in Manhattan chanting and waving Palestinian flags.On Tuesday the IDF said more than 300 rockets had been fired from Gaza into Israel over 18 hours. Rocket attacks killed at least two people and injured 90 in the Israeli cities of Ashdod and Ashkelon, the Jerusalem Post reported.Gaza health officials said on Tuesday night that the conflict had left at least 30 people dead in the Gaza Strip and more than 200 people injured. Credit: Joshua Potash via Storyful
Shares in Nissan Motor Co slumped as much as 10.3% on Wednesday morning to their lowest in four months after the Japanese automaker's weaker-than-expected guidance for the current fiscal year. Nissan defied expectations on Tuesday for a return to profitability in the year ending March 2022, as the global chip shortage and raw material price increases curb its recovery from a record annual operating loss.
Michael Porter Jr. and Nikola Jokic each scored 30 points, and the Denver Nuggets held off the Charlotte Hornets 117-112 on Tuesday night to snap a two-game slide. Jokic had 11 rebounds and six assists. Porter knocked down six 3-pointers as the Nuggets withstood a furious late rally led by Devonte Graham, who scored 19 of his 31 points in the fourth quarter, including five 3-pointers.
(Bloomberg) -- The Biden administration moved Tuesday to ease gasoline shortages caused by a ransomware attack on the nation’s largest pipeline network, as concerns grew that spiking fuel prices and supply disruptions could hinder travel while the nation emerges from the coronavirus pandemic.The Environmental Protection Agency waived gasoline volatility requirements across 12 states and Washington, D.C., to help bring more fuel to areas normally well supplied by the Colonial Pipeline. The Department of Transportation also announced initial steps that could permit foreign tankers to transport gasoline and diesel to East Coast ports, despite 101-year-old Jones Act mandates to use American vessels.The actions are among several options President Joe Biden has to blunt the potential political fallout from fuel shortages and rising prices just as he’s trying to jump start the economy after the worst pandemic in a century.“We’re going to move in lightning speed,” Homeland Security Secretary Alejandro Mayorkas said at a White House briefing.Filling stations across the East Coast were reporting outages four days after hackers stole data and locked Colonial Pipeline Co.’s computers, prompting it to shut down operations. North Carolina and Virginia declared states of emergency as tanks ran dry. Airlines and airports were also trying to carefully manage jet fuel stockpiles.Energy Secretary Jennifer Granholm said the Federal Railroad Administration was enlisting railroads to ensure fuel could be transported inland from ports and the Federal Energy Regulatory Commission was directing pipeline companies to give priority to fuel shipments to where they are needed.“We know that we have gasoline, we just have to get it to the right places,” Granholm said. “It’s not that we have a gasoline shortage, it’s that we have this supply crunch.”“Things will be back to normal soon,” she added. “We’re asking people not to hoard and know that we’re all over this.”The Colonial Pipeline should be substantially operational by the end of the week or the weekend, she said, while arguing there was “no cause for hoarding gasoline,” and the administration “will have no tolerance for price gouging.” States most affected by the shutdown are North Carolina, South Carolina, Tennessee, Georgia, and southern Virginia, Granholm said.The Biden administration issued an order on Sunday extending the amount of time truck drivers can spend behind the wheel when transporting fuel across 17 states and the District of Columbia. On Tuesday evening, the Transportation Department said 10 states could allow heavier-than-normal truck loads of gasoline and other fuels.“It is hard for elected officials to do nothing when pump prices are rising,” said Kevin Book, managing director of ClearView Energy Partners. “The White House looks to be treading lightly.”The staggered response so far reflects expectations, said Height Capital Markets analyst Benjamin Salisbury. Fuel waivers are “a fairly standard response to supply disruptions with a lot of precedent.”From Virginia to Louisiana, convenience stores and corner gas stations are turning away customers as tanks tap out amid panic buying. An extended pipeline disruption could have far-reaching implications for East Coast states dependent on the pipeline, prompting bigger government interventions.The EPA orders Tuesday allow the sale of gasoline that doesn’t satisfy requirements meant to help combat smog in certain areas. An initial order allowed the sale of conventional gasoline in areas where reformulated gasoline is required across Maryland, Pennsylvania, Virginia and the District of Columbia.A second order, issued Tuesday evening, went further by waiving low-volatility requirements governing conventional and reformulated gasoline in those initial areas as well as Alabama, Delaware, Georgia, some counties in Florida, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee.The moves give retailers the flexibility to market gasoline that might be available despite the Colonial Pipeline shutdown.“I have determined that an ‘extreme and unusual fuel supply circumstance’ exists that will prevent the distribution of an adequate supply of compliant gasoline to consumers,” EPA Administrator Michael Regan said in a letter to local leaders describing one of the moves.Fuel waivers are commonly used to stem supply disruptions after hurricanes and other disasters. It’s unclear, however, how much help they would be now, without a major pipeline to ferry the fuels to markets up and down the Atlantic Seaboard. Energy analysts say potentially greater benefits could come after the Colonial Pipeline restarts, by allowing refiners and blenders to market more varieties of fuel for regions short on gasoline.(Updates with details on new fuel waivers, from 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.
India's April fuel demand slipped from the previous month as the world's third largest oil consumer bore the brunt of raging coronavirus infections, with the prospect of further restrictions weighing on the outlook. Consumption of fuel, a proxy for oil demand, fell 9.4% to 17.01 million tonnes from March, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Tuesday. On a yearly basis, demand surged 81.5% from April 2020 lows, when consumption plunged to the lowest since 2006 as coronavirus restrictions during India's first wave battered the economy.
The World Health Organization said Wednesday that a variant of Covid-19 behind the acceleration of India's explosive outbreak has been found in dozens of countries all over the world. The UN health agency said the B.1.617 variant of Covid-19, first found in India in October, had been detected in more than 4,500 samples uploaded to an open-access database "from 44 countries in all six WHO regions"."And WHO has received reports of detections from five additional countries," it said in its weekly epidemiological update on the pandemic.Outside of India, it said that Britain had reported the largest number of Covid cases caused by the variant.Earlier this week, the WHO declared B.1.617 -- which counts three so-called sub-lineages with slightly different mutations and characteristics -- as a "variant of concern".It was therefore added to the list containing three other variants of Covid-19 -- those first detected in Britain, Brazil and South Africa.The variants are seen as more dangerous than the original version of the virus because they are either being more transmissible, deadly or able to get past some vaccine protections.'Rapid increase' The WHO explained Wednesday that B.1.617 was added to the list because it appears to be transmitting more easily than the original virus, pointing to the "rapid increases in prevalence in multiple countries".WHO also pointed to "preliminary evidence" that the variant was more resistant to treatment with the monoclonal antibody Bamlanivimab, and also highlighted early lab studies indicating "limited reduction in neutralisation by antibodies".It stressed, though, that "real-world impacts" on the effectiveness of vaccines against the variant for instance "may be limited".WHO said the spread of B.1.617, alongside other more transmittable variants, appeared to be one of several factors fuelling India's dramatic surge in new cases and deaths.India -- a country of 1.3 billion people -- is the world's second-most infected after the United States with nearly 23 million Covid-19 cases, and is currently recording more than 300,000 new cases and close to 4,000 deaths each day.The new surge in cases has ravaged major cities, including the capital New Delhi and financial hub Mumbai, pushing hospitals to breaking point and leading to severe shortages in oxygen and beds."WHO found that resurgence and acceleration of Covid-19 transmission in India had several potential contributing factors, including increase in the proportion of cases of SARS-CoV-2 variants with potentially increased transmissibility," it said.It also pointed to "several religious and political mass gathering events which increased social mixing; and, under-use of and reduced adherence to public health and social measures"."The exact contributions of each of these factors on increased transmission in India are not well understood."WHO stressed that so far, only 0.1 percent of positive Covid tests in India had been genetically sequenced and uploaded to the GISAID database to identify the variant in question.By the end of April, B.1.617.1 and B.1.617.2 accounted for 21 and seven percent respectively of all sequenced samples from India, it said.In addition, other more contagious variants are also spreading in the country, including B.1.1.7, which was first detected in Britain.(AFP)
The U.S. dollar hovered near its lowest levels of the year on Wednesday as traders hung on to bets that the Federal Reserve would remain steadfast in its easy policy settings ahead of data expected to show a sharp rise in annual U.S. inflation. Higher numbers might add pressure on the Fed to bring forward rate rises, a worry which has contributed to a selloff in rate-sensitive tech shares this week. Sentiment helped the dollar index a fraction higher to 90.278 as selling pressure persisted in stock markets, but that still leaves it just above key support around 89.677 and 89.206.
Mark Drakeford is set to remain as the head of the Welsh Government after Labour’s election win
With a Centers for Disease Control and Prevention advisory committee expected to approve the Pfizer Covid-19 vaccine for kids aged 12-15 on Wednesday, state and local officials are preparing for the expansion. California’s MyTurn web site will begin accepting vaccination appointments for 12-15 year olds on Thursday morning, according to State Epidemiologist Dr. Erica Pan. […]
(Bloomberg) -- Australia unveiled a big-spending budget that aims to run the economy hot, joining the U.S. and Europe with a fiscal-monetary tandem that seeks to drive unemployment down to levels rarely seen in the past 50 years.Treasurer Josh Frydenberg’s 2021-2022 fiscal blueprint aligns both economic orthodoxy with the political needs of a government facing an election in the next year. While the budget deficit in the 12 months through June 2022 is wider than expected at 5% of GDP, it leaves the opposition Labor party struggling for a narrative when the conservative incumbent is spending so freely.“The budget continues the transition from crisis support to growth recovery,” said Chris Nicol, a strategist at Morgan Stanley in Melbourne. The program has “kept policy leadership in the fiscal court whilst signaling from the Reserve Bank of Australia continues to be one of patience -- both aiming for a ‘hot’ economy with stronger jobs, wages and inflation.”Frydenberg is joining international peers such as U.S. Treasury Secretary Janet Yellen in ramping up spending to push the economy toward maximum employment. His program is being buttressed by the RBA’s record-low interest rates, yield target and bond-buying program that aim to break a prolonged run of weak inflation.The government is spending big on infrastructure, aged care and tax breaks for households and businesses. But it has given itself some wriggle room for later upgrades to the budget position by taking very conservative iron ore and jobless rate forecasts.Iron Ore, JobsTreasury estimates iron ore will fall back to $55 a ton by the end of March 2022, from more than $200 a ton at present. It also sees 4.75% unemployment in June 2023, a quarter percentage point higher than the RBA’s latest estimate.Finance Minister Simon Birmingham defended the forecasts in an interview with Bloomberg Television on Wednesday.“People would accuse us of cooking the books if we were to make more ambitious assumptions,” he said. “We’ve maintained the conservative posture that is important to making sure that we actually have a budget that people can have faith in.”The budget acknowledged “upside risks” for commodities as industry liaison suggests iron ore could remain elevated for an extended period. “Meanwhile, a stronger recovery in steel production outside of China could also provide further support for iron ore and metallurgical coal prices,” it said.What Bloomberg Economics says...“The government has proposed recycling the windfall back into the economy through higher spending and tax cuts. The slower pace of fiscal consolidation provides additional support to monetary policy, but not enough to hasten the withdrawal of the central bank’s stimulus.”-- James McIntyre, economistFor the full note, click hereThe conservative government’s reorientation to big spender is a dramatic turnaround from just 18 months ago when it was driving toward the first budget surplus in a decade. At the time, Prime Minister Scott Morrison was dismissing calls for additional fiscal measures to support a relatively weak economy.In that spirit, the government has set aside concern about debt for now, reflecting low borrowing costs and a better starting position than global peers.Net debt is expected to be at 34.2% of GDP in June next year and peak just shy of A$1 trillion in June 2025, or 40.9% of GDP. That’s about half the U.S. and U.K. levels and about one-third of Japan’s, according to the budget papers.Yet the road to an election by next May is clouded by a sluggish vaccination rollout. The budget assumes overseas borders will remain closed until the middle of next year, suggesting Morrison will be campaigning for another term while the rollout is still unfolding.Another year of hardship for tourism and education is reflected in the budget allocating A$2.1 billion in support for aviation, tourism, the arts and international education providers.Among other key spending items in Frydenberg’s fiscal blueprint are:A$7.8 billion to extend tax relief to low- and middle-income earning AustraliansA$20.7 billion for the extension of a temporary program for expensing and loss carry-back for assets bought by firms that has already supported a rebound of machinery and equipment investmentA$15.2 billion in new commitments for road and railway projects across Australia$17.7 billion for the employment-intensive aged care sector; andA$1.9 billion for the Covid-19 vaccination strategyAndrew Boak, chief economist for Australia at Goldman Sachs Group Inc., argues the government should be trying to drive down unemployment even faster. He contrasts this with the U.S., which expects to achieve full employment by the end of this year.“The question is whether the budget is really ambitious enough,” he said. “On Treasury’s own forecasts they don’t get to full employment for more than two years from now against the backdrop of an inflation undershoot and super-low wages growth for over half a decade.”Still, the budget was well received by the three major credit ratings agencies that reaffirmed Australia’s AAA rating.Clouded OutlookAustralia’s success in navigating the economy through the pandemic is clouded by a downward spiral in ties with its largest trading partner, China. Last week China announced it was suspending a ministerial economic dialog, while Australia is reviewing whether to force a Chinese company to sell a lease to a strategically significant port used by the Australian and U.S. militaries.The budget papers acknowledged the threat in a thinly-veiled reference. “Ongoing global trade tensions and the potential for further trade actions continue to pose risks to the outlook for Australian exports,” they said.The government also faces increased pressure to step up efforts to cut greenhouse gas emissions as a consensus emerges among developed nations led by President Joe Biden.The budget response is limited. It sets out A$1.6 billion for priority clean energy technologies.“It was a missed opportunity to do things regarding cleaner and cheaper energy and in terms of diversifying our economy,” Shadow Treasurer Jim Chalmers said in a Bloomberg Television interview on Wednesday. The recovery “is hostage to a lot of uncertainty -- the China relationship is one of them, but in the nearer term the vaccine rollout is slower than in” comparable countries.Despite the challenges, the domestic economy looks set to roar, with Treasury forecasting GDP will rise 5.25% this calendar year, before cooling to 2.75% in 2022. The Australian electorate historically reward governments that demonstrate strong economic management.Jill Sheppard, a political analyst at the Australian National University in Canberra, said the budget was politically expedient and a lot would have to go wrong in the next year for Morrison’s government to lose the next election.The budget has “left the Labor opposition with very little to attack the government on,” she said in a Bloomberg Television interview on Wednesday. “Debt and deficit isn’t the order of the day any more -- we see voters not so worried about that as they used to be.”(Updates with finance minister in seventh paragraph, Goldman Sachs in 17th.)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.
Victoria Covid hotspots: list of Melbourne coronavirus case locationsHere are the current coronavirus hotspots in Victoria and what to do if you’ve visited themNSW Covid-19 hotspotsDownload the free Guardian app Check our full list of regional Victorian and Melbourne Covid hotspots and coronavirus case locations. Photograph: James Ross/EPA
The Prince of Wales visited St Bartholomew’s Hospital on Tuesday.
The Nets suffered yet another injury to a key player.
Ocean cruise fans eager to get out of their homes and onto the sea will have to wait a bit longer if they're planning to do so with Carnival (NYSE: CCL)(NYSE: CUK). In an operational update published Tuesday, the company said that it is canceling nearly all of its Carnival Cruise Line voyages through July 30. Carnival seemed to imply that the Centers for Disease Control and Prevention's (CDC) coronavirus pandemic limitations were the main reason for the extension of the already-long hiatus.
Karl-Anthony Towns scored 28 points and Anthony Edwards added 22 as the Minnesota Timberwolves beat the undermanned Detroit Pistons 119-100 on Tuesday night in a game with significant lottery implications. Minnesota's second straight win was its 22nd in 69 games, while the Pistons dropped to 20-50. The Houston Rockets (16-53) are the only team with fewer wins than Detroit.
According to the Israeli media there has been another death and according to the Palestinian Health Ministry at least 30 are dead in Gaza as tensions escalate
Hundreds of marginalized workers from India were recruited to build a massive Hindu temple in New Jersey where they were forced to work long hours for low pay in violation of U.S. labor and immigration laws, according to lawsuit filed on Tuesday. The complaint, filed in U.S. District Court in Newark on behalf of more than 200 Indian construction workers at the temple, alleges "shocking violations of the most basic laws applicable to workers in this country, including laws prohibiting forced labor." The suit, filed by five of the workers, accuses their employer, Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha, or BAPS, and related entities of recruiting them in India, bringing them to the United States and forcing them to work on the temple for more than 87 hours a week for $450 a month, or about $1.20 an hour.
HLI earnings call for the period ending March 31, 2021.