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(Bloomberg) -- Mark Machin quit as head of Canada Pension Plan Investment Board after he went to the United Arab Emirates and received a Covid-19 vaccine, defying guidance from Justin Trudeau’s government to avoid international travel.Machin resigned as chief executive officer after discussions with the board on Thursday evening, the C$476 billion ($377 billion) pension fund said in a statement Friday morning. John Graham, the fund’s global head of credit investments, was named to replace him as CEO.Canada’s largest pension fund was thrown into crisis mode Thursday evening when the Wall Street Journal reported Machin’s travel to Dubai. He earned a rebuke from the office of Finance Minister Chrystia Freeland, who rarely comments on CPPIB matters in order to protect the fund’s political independence. Although leaving the country isn’t illegal, Trudeau and his ministers have repeatedly warned residents not to do it and imposed strict rules to discourage international trips.It isn’t clear how Machin, a former Goldman Sachs executive who’s in his mid-50s, could have arranged to receive the vaccine developed by Pfizer Inc. and BioNTech SE in Dubai, where officially it’s available only to people over 60, as well as those with chronic diseases or disabilities and front-line workers.Impatient for VaccinesMachin’s resignation spares Trudeau a political headache. CPPIB’s top executive reports to a government-appointed board, but the directors are businesspeople including Nutrien Ltd. Chief Executive Officer Chuck Magro and Royal Bank of Canada Chairwoman Kathleen Taylor, not political figures.Government policy is to avoid interfering in CPPIB’s affairs. But under the circumstances, Freeland may have had little choice but to speak out. Canadians are growing impatient with the pace of the vaccine rollout, which has been the slowest among Group of Seven countries except Japan. There’s not much public tolerance in Canada for officials who are caught jumping the vaccine queue or taking discretionary trips abroad.“It’s not so much that he took a trip to the UAE, it’s that he is perceived to have used his influence as the CEO of one of the largest sovereign pension funds in the world to get a vaccination,” former Finance Minister Joe Oliver said in an interview with BNN Bloomberg Television.“He is supposed to act in a way which reflects Canadian values and respects Canadian laws, and by using his influence to get himself inoculated he crossed a line and I think it’s right that the board acted swiftly,” Oliver said.‘Troubling Situation’In selecting Graham to replace Machin, the board has chosen a low-profile CPPIB veteran who joined the fund in 2008 after a stint at Xerox. He has worked in its total portfolio management and private investment groups before taking charge of a team responsible for credit investments. CPPIB has pushed deeper into private assets -- including infrastructure, real estate, private equity and credit -- in the belief that they’re a better bet for the long run. ”When you look at his CV, you see credit, private markets -- that is a significant part of the future as to where that retirement-savings investment process needs to go, in order to be successful and generate net real rates of return that are high enough,” said Keith Ambachtsheer, a pension adviser who has provided strategic advice on governance, finance and investment issues to Canadian pension funds, including CPPIB. Freeland spoke with CPPIB Chairwoman Heather Munroe-Blum Friday morning “and made clear that Canadians place their trust in the CPPIB and expect it to be held to a higher standard,” Katherine Cuplinskas, a spokeswoman for the finance minister, said by email.“While the CPPIB is an independent organization, we are very disappointed by this troubling situation, and we support the swift action taken by the Board of Directors,” Cuplinskas said.The finance department was unaware of Machin’s trip, she said, referring further questions to the CPPIB. Munroe-Blum declined to comment through the fund’s press office.Despite securing more shots per capita than any other nation, Canada has administered just 4.5 doses per 100 people, compared with 29 in the U.K. and 20.6 in the U.S., according to Bloomberg’s vaccine tracker. Just 1.3% of the Canadian population has received two doses.That’s because Canada has to import the vaccines, and shipments have lagged. With vaccine deliveries now accelerating after delays caused in part by export controls in the European Union, Trudeau maintains that every Canadian who wants the vaccine will have the chance to get it by the end of September.While many governments kept borders shut for big chunks of last year, Dubai -- which relies on international tourism for nearly a third of its gross domestic product -- reopened in July.Tourists and celebrities, particularly from the U.K., have flocked to the UAE to escape the lockdown back home, prompting the British government to halt flights from the UAE to prevent the spread of Covid-19 variant originally identified in South Africa.In Canada, fleeing the lockdown can be a career-damaging. Rod Phillips, Ontario’s finance minister, was forced to resign on Dec. 31 after it he caused an outcry by taking a Caribbean vacation at a time when many businesses in the province were ordered to shut their doors to contain the virus. A cabinet minister in Alberta, Tracy Allard, also quit her post after she went to Hawaii.(Adds timing of board discussion in second paragraph, more information on new CEO, investment strategy and other changes)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.
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Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from GCAT 2021-NQM1 Trust (GCAT 2021-NQM1), a $289.4 million non-prime RMBS transaction. The underlying collateral, comprising 535 residential mortgages, is characterized by a notable concentration of alternative income documentation, with 88.6% of the loans underwritten using 12 month or 24-month bank statements, DSCR, CPA letters with P&L statements, WVOE, No Ratio Investor, or Asset Depletion.
With the NCAA granting all current players an extra year of eligibility, the NBA will shift to a system requiring all players to petition for entry into the 2021 draft. The NCAA approved the extra year of eligibility in response to the ongoing COVID-19 pandemic. According to ESPN, the NBA requirement was approved by the league office because the NCAA's new approach changed the definition and application of "eligible players" for NBA draft consideration.
Lawyers for families of a fatal Boeing Co 737 MAX crash in Ethiopia are seeking testimony from the planemaker's chief executive Dave Calhoun and his predecessor Dennis Muilenburg, among other current and former employees, according to a court filing. The Boeing 737 MAX crash on Ethiopian Airlines on March 10, 2019, occurred five months after a similar disaster on a Lion Air flight, together killing 346 people and sparking a hailstorm of investigations and lawsuits. While Boeing has mostly settled civil litigation stemming from the Lion Air crash, it is still facing over a 100 lawsuits in Chicago federal court related to the second crash.
DUP minister Gordon Lyons has also stopped any further recruitment of inspection staff.
(Bloomberg) -- Texas lawmakers are grilling power executives, regulators and others for a second day about why the state’s energy system failed last week. So far the hearings have led to plenty of finger-pointing but few clear answers about how to prevent a similar crisis in the future.Executives from Calpine Corp., Vistra Corp. and NRG Energy Inc. blamed natural gas-supply shortages, grid disturbances and a lack of communication from the grid operator known as Ercot. Ercot, meanwhile, said it simply followed the rules and direction set by the state’s Public Utility Commission which, in turn, said it lacked authority to tell Ercot what to do.“This is the largest trainwreck in the history of deregulated electricity,” Republican Senator Brandon Creighton said Thursday.Executives from the electricity retailer Griddy Energy LLC will face questions about customers who have received bills for thousands of dollars. The company’s unique business model sells power based on the wholesale market prices, which skyrocketed when supplies on the grid fell short. And shale driller Diamondback Energy Inc. will be asked about how production and transportation were affected by the storm.The historic outage left more than four million homes and businesses without heat, light and water during a deep winter freeze, causing as much as $129 billion in economic losses. Some electricity providers wracked up huge losses, fueling a possible credit crisis, oil and gas producers saw their output halted and the impact to individual companies is only starting to emerge. Dozens of people died.Highlights From Day One:Texas’s energy regulator said power outages, not ice, were the main reason oil and gas production halted during crisis.Calpine, Vistra and NRG said natural gas shortages affected their ability to operate. The companies also said plants were forced offline after the flow of electricity on the grid -- called frequency -- plunged. That contradicts the version of events presented by Ercot.The CEOs of Vistra and NRG said that their companies wouldn’t pass on to customers the high energy prices from the event.Ercot anticipated that blackouts were possible four to five days beforehand. Calpine’s CEO, however, said it wasn’t warned that a grid emergency was possible.All times Eastern.Power Retailers Complain of Exorbitant Energy Charges (2:08 p.m.)Tom Hancock, the chief executive officer of utility Garland Power & Light, told lawmakers the cost of their ancillary services last week equaled 28 years of ancillary service costs based on last year’s total.Ancillary services help the grid operator maintain reliability on the system, including by infusing the grid with quick bursts of energy that stabilize the flow of electricity.Several retail electricity providers, including Young Energy LLC and Spark Energy Inc., Texas have disputed the costs of those services during last week’s energy crisis, and are seeking emergency relief from the Public Utility Commission. Freepoint Commodities LLC has also appealed to the commission, saying they intend to challenge Ercot’s ancillary service charges and are concerned the grid operator lacks the liquidity to return any successfully disputed payments.Ercot Loses 7th Board Member as Hearings Continue (1:25 p.m.):Texas’s grid operator Ercot lost a seventh board member Friday with the resignation of Clifton Karnei, who represented electric cooperatives. An Ercot spokesperson confirmed the resignation.The board’s chair and vice chair were among other members who resigned earlier this week in the wake of the energy crisis.Utility Says Ercot Hasn’t Paid It in Three Days (12:59 p.m.)The Lower Colorado River Authority, a public utility, has waited for payment from Texas’s grid operator for three days, according to President Phil Wilson. The power provider usually gets paid everyday, he said.The grid operator known as Ercot is currently trying to manage defaults by certain market participants in the wake of the crisis to ensure that generators are paid, officials said during a board meeting Wednesday.Wilson said high energy prices and generation issues during the grid emergency also affected the company’s revenues. “We lost money at the end of the day,” he said, adding that he hopes the utility will end the year “relatively unscathed.”Regulator Didn’t Know Gas Could be Classified ‘Critical Infrastructure’ (11:00 a.m.)The head of Texas’s energy regulator said she, in the lead-up to the blackouts, didn’t know natural gas facilities could be considered “critical infrastructure” spared from outages. “I didn’t know that was an opportunity,” Texas Railroad Commission Chair Christi Craddick told lawmakers during a house hearing Friday.Oncor Chief Executive Officer Allen Nye, speaking in a simultaneous senate hearing, said only 35 gas facilities were on his critical infrastructure list going into the event. The power distributor, which was responsible for implementing the blackouts ordered by the grid operator, added 168 facilities after receiving calls from the Railroad Commission and gas suppliers.‘Enormous’ Financial Obligations May Lead to Power Bankruptcies (12 a.m.)With sky-high wholesale power prices in place for days, power retailers and cooperatives in Texas racked up an “enormous amount of obligations” to generators, the state’s main grid operator said.Combined payments owed to generators hit $10 billion one day during the blackouts and $9.5 billion another, Ercot Chief Executive Officer Bill Magness said in a hearing at the state House of Representatives. Participants and cooperatives that owe those bills may have trouble paying and some may file for bankruptcy, he said.Another problem on the horizon is if some retailers aren’t able to pay, it’s unclear how the debt will be paid to the generators, Magness said. The agency is currently trying to determine how many won’t be able to pay so it can come up with an answer, he said.“We’re running into a big issue on the financial side because magnitude of money owed is enormous,” Magness said. “If a generator doesn’t get paid, we may lose generation on system, then that becomes an operational problem.”READ ALSO: Texas Cities Fret as Power Bills Mount in Wake of BlackoutsTexas’ $9,000 Power Price Cap ‘Didn’t Work,’ Regulator Says (11 p.m.)Texas’ $9,000-per-megawatt-hour maximum power price didn’t work during recent blackouts, Public Utility Commission Chairwoman DeAnn Walker said during a state House of Representatives hearing.The rate was set to entice generators to produce more power or for customers to consume less when reserves get low, and it has worked well during summer peaks, mostly because big industrial customers don’t want to pay the stiff bill, Walker said.During the power outages, the PUC ordered Ercot to keep the price at the cap to try to maximize generation, and prices were at or above that level for seven straight days, yet millions were still in the dark for days.“It didn’t work, and we have to fix that,” Walker said. “It’s a very complicated issue and I don’t have any ideas right now, but we need to work together to figure that out.”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.
Council officers said they also received complaints about renditions of Dire Straits’ Sultans of Swing and Kenny Rogers and Dolly Parton’s Islands in the Stream booming from the home
The UFC has been feeding Rozenstruik a diet of strikers, with his last three opponents being Alistair Overeem, Ngannou and Junior dos Santos. On Saturday (8 p.m. ET, ESPN+), he’ll get another when he meets unbeaten Ciryl Gane in the main event of UFC Vegas 20 at Apex.
A $15 minimum wage is overwhelmingly popular but can’t get 60 votes in the Senate. The same is true for most of the Democratic Party’s major priorities.
The Recording Industry Association of America (RIAA) has released its year-end revenue report for 2020. And despite a year of enormous hardships, there’s some positive news to share. In the U.S., recorded music revenues grew 9.2% in 2020 to $12.2 billion at estimated retail value, according to the RIAA report. It marks the fifth consecutive […]
Looking for more celebrity and entertainment news? Sign up for Yahoo Lifestyle Canada’s newsletter! 2021 marks a very bizarre year for the annual Golden Globes, courtesy of COVID-19. The 78th Golden Globe Awards this Sun. Feb. 28 will be the first time ever that our favourite Hollywood stars won’t get the chance to turn heads on the red carpet before a magical, star-studded evening celebrating the best in television and film. ALSO SEE: How to stream these 15 Golden Globe-nominated movies ahead of 2021's awards show While we won’t have a chance this year to judge luxury gowns that probably cost more than anything we own from the comfort of our living rooms, we can take this opportunity to look back on some of the most memorable Golden Globes red carpet looks from previous years. From fashion hits to mega fails, feast your eyes on the best and worst Golden Globes dresses to ever walk the red carpet — in our not-so-humble opinion, of course. Let us know what you think by commenting below and tweeting @YahooStyleCA! Follow us on Twitter and Instagram and sign up for our newsletter.
The case of Michael Smith, who was pardoned in 2014 for his alleged crime, has been brought back into the spotlight by news of Princess Latifa
The UFC Vegas 20 weigh-in results are in the books following Friday's official tipping of the scales at the Apex in Las Vegas. Heavyweight contenders Jairzinho Rozenstruik and Ciryl Gane square off in the UFC Vegas 20 main event, looking to take the next step toward title contention. Rozenstruik currently sits at No. 4 in the UFC heavyweight rankings, while Gane is ranked No. 7. The winner won't move into an immediate shot at the belt, as champion Stipe Miocic is currently slated to fight Francis Ngannou with the winner expected to defend against Jon Jones. There is also Derrick Lewis, who recently defeated Curtis Blaydes, waiting in the wings. Second to last during the two-hour weigh-in window, Gane stepped on the scale at 247 pounds. Rozenstruik was the final fighter to weigh-in, notching 254.5 pounds. The UFC Vegas 20 co-main event features Top 15 ranked light heavyweights Nikita Krylov vs. Magomed Ankalaev. Both co-main event fighters tipped the scale at 205.5 pounds. UFC Vegas 20 weigh-in results: Max Grishin misses weight by nearly five pounds Light heavyweight Max Grishin was early to the scale, but that wasn't a good thing. He weighed 210.5 pounds for his UFC Vegas 20 fight card opener opposite Dustin Jacoby, who weighed 204.5 pounds. Although Grishin missed weight by 4.5 pounds, the bout will still take place. Jacoby's team agreed to accept 30 percent of Grishin's fight purse to keep the bout intact. UFC Vegas 20 Alex Oliveira vs. Ramazan Kuramagomedov bout canceled A UFC Vegas 20 welterweight preliminary bout between Alex Oliveira and Ramazan Kuramagomedov was canceled the morning of the weigh-in. Unfortunatley, Kuramagomedov fell ill and had to withdraw from the bout. With no time left to find a new opponent, the bout was nixed. Oliveira had originally been slated to face Randy Brown on Saturday. Brown, however, pulled out of the fight because of undisclosed reasons earlier in the week. The UFC Vegas 20 fight card is now expected to move forward with 10 bouts. TRENDING > Jairzinho Rozenstruik: ‘Jon Jones can go first’ | UFC Vegas 20 Media Day UFC Vegas 20 weigh-in results: Jairzinho Rozenstruik – 254.5 pounds UFC Vegas 20 weigh-in results: Ciryl Gane – 247 pounds UFC Vegas 20 weigh-in results UFC Vegas 20 Main Card (8 p.m. ET on ESPN+) Heavyweight Bout: Jairzinho Rozenstruik (254.5) vs Ciryl Gane (247)Co-Main Event - Light Heavyweight Bout: Nikita Krylov (205.5) vs Magomed Ankalaev (205.5)Women’s Flyweight Bout: Montana De La Rosa (126) vs Mayra Bueno Silva (125.5)Bantamweight Bout 3 Rounds: Pedro Munhoz (135.5) vs Jimmie Rivera (135.5)Women’s Strawweight Bout: Angela Hill (116) vs Ashley Yoder (116)Featherweight Bout: Alex Caceres (146) vs Kevin Croom (145.5) UFC Vegas 20 Prelims (6 p.m. ET on ESPN+) Lightweight Bout: Alexander Hernandez (156) vs Thiago Moises (155.5)Welterweight Bout: Alex Oliveira () vs Ramazan Kuramagomedov ()Women’s Bantamweight Bout: Alexis Davis (135) vs Sabina Mazo (135.5)Bantamweight Bout: Vince Cachero (135.5) vs Ronnie Lawrence (135.5)Light Heavyweight: Dustin Jacoby (204.5) vs Max Grishin (210.5)* *Missed weight UFC Vegas 20 weigh-in video: Jairzinho Rozenstruik vs. Ciryl Gane (Subscribe to MMAWeekly.com on YouTube)
In Apple TV Plus’ new drama “Cherry,” Tom Holland’s life is spiraling out of control. Holland plays Cherry, a war veteran who suffers from PTSD and descends into an opioid addiction. He also falls in love with Emily, played by Ciara Bravo. Cinematographer Newton Thomas Sigel, who also shot “Da 5 Bloods,” explains the film […]