Environmental scientist Laura Garcia Velez cut her teeth on projects to help Ethiopian farmers insure crops for drought and connect remote Colombian communities to the electricity grid before working for conservation campaigners WWF. "It's really important that finance recruits from science," said Velez, one of a growing number of campaigners and scientists who have switched to banking, which she hopes can play a role in "greening the polluting industries". Yet banks, asset managers and private equity firms, faced with tough regulations to decarbonise portfolios and loan books, are competing to grab the people with the right green expertise, according to jobs data and Reuters interviews with finance firms, recruiters and universities.
(Bloomberg) -- Most Asian equities dipped Thursday after U.S. indexes eased from all-time peaks, with the drop in cryptocurrency exchange Coinbase Global Inc. overshadowing strong bank earnings. Oil trimmed earlier gains.Shares fell in Hong Kong and China as the Chinese central bank’s liquidity operations signaled it’s seeking to contain rising leverage. U.S. equity futures edged higher, after Coinbase traded down in its Nasdaq debut and the S&P 500 Index retreated. Bank stocks in the U.S. gained on revenue windfalls for some of America’s largest banks. European contracts dipped.The dollar inched up after three straight days of losses, and the benchmark 10-year Treasury yield held around 1.63%.Investors are also watching for further tremors from the sharp selloff in the bonds of distressed-debt enterprise China Huarong Asset Management Co., which has pushed investment-grade spreads higher.With equities hovering around record levels, traders are monitoring the earnings season for further catalysts. Expectations for a strong profit rebound have buoyed indexes, setting the bar high as reporting gets underway. More broadly, while combined government spending and central bank stimulus spurs the economic recovery, investors are alert to any setbacks from spikes in Covid-19 infections and troubled vaccine rollouts.“With the upswing in the economy and inflationary pressures, cyclical sectors are going to do particularly well, especially the new cyclicals -- stocks related to infrastructure, electrical grid modernization, clean energy and storage,” said Eli Lee, head of investment strategy at Bank of Singapore. “But bear in mind when you get returns that high, volatility is par for the course.”The Federal Reserve is still a long way from raising interest rates and will start tapering asset purchases “well before” policy makers consider such action, Chairman Jerome Powell told the Economic Club of Washington Wednesday.Bitcoin fell back from its overnight record of $64,870. Oil trimmed an earlier surge but remained around $63 a barrel as shrinking crude stockpiles in the U.S. supported hopes for a global demand recovery.Some key events to watch this week:U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures edged up 0.2% as of 6:15 a.m. in London. The index closed 0.4% lower.Japan’s Topix Index was up 0.3%.The Shanghai Composite slipped 1%.The Hang Seng was down 0.9%.South Korea’s Kospi Index rose 0.6%.Australia’s S&P/ASX 200 Index added 0.7%.Euro Stoxx 50 futures were 0.1% lower.CurrenciesThe Bloomberg Dollar Spot Index rose less than 0.1%.The euro was at $1.1975.The Japanese yen was little changed at 108.87 per dollar.The offshore yuan was down 0.2% at 6.5423 per dollar.BondsThe yield on 10-year Treasuries was steady at 1.63%.Australia’s 10-year yield was up one basis point at 1.76%.CommoditiesWest Texas Intermediate crude slipped 0.2% to $63.05 a barrel.Gold added 0.3% to $1,742.38 an ounce.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.
Anthony Stolarz made 27 saves, Ryan Getzlaf scored his first goal in more than a month and the Anaheim Ducks completed a two-game sweep of the San Jose Sharks with a 4-1 win Wednesday night. Stolarz followed up a 45-save performance in a 4-0 win Monday night with another strong performance against the struggling Sharks. Derek Grant, Alexander Volkov and Jakob Silfverberg also scored for Anaheim.
Sweden's Polestar, the electric car maker controlled by Volvo and its parent, the Chinese automaker Geely, has raised $550 million in external funding, the company said on Thursday. The financing is Polestar's first external funding and comes amid a year of sustained sales and share price growth for electric vehicle (EV) makers such as Tesla Inc and Nio Inc. "Our new investors have recognised that Polestar offers an alluring combination of established industrial and technological capability alongside superlative growth potential as the global auto industry goes electric," Polestar's CEO Thomas Ingenlath said in a statement emailed to Reuters.
The United States hopes to restore its shattered credibility when it hosts a climate change summit next week by pledging to cut its greenhouse emissions by at least half and securing agreements from allies for faster reductions, according to two sources familiar with the matter. A 50% reduction from 2005 levels by 2030 is a minimum level urged by environmental groups, hundreds of corporations and European Union lawmakers. It would be the first upgrade of the U.S. climate target since 2015, when former President Barack Obama pledged a 26%-28% reduction by 2025.
Corporate executives and investors say they want world leaders at next week's climate summit to embrace a unified and market-based approach to slashing their carbon emissions. The request reflects the business world's growing acceptance that the world needs to sharply reduce global greenhouse gas emissions, as well as its fear that doing so too quickly could lead governments to set heavy-handed or fragmented rules that choke international trade and hurt profits. The United States is hoping to reclaim its leadership in combating climate change when it hosts the April 22-23 Leaders Summit on Climate.
Kevin Iole talks 1-on-1 with Jorge Masvidal ahead of his rematch with welterweight champion Kamaru Usman on April 24 at VyStar Veterans Memorial Arena in Jacksonville, Florida.
Urban appears on two tracks on the re-recorded album.
(Bloomberg) -- Billionaire Gautam Adani is likely to see three more companies from his coal mining-to-data centers conglomerate join the MSCI India Index after shares in each one of them more than doubled this year, according to analysts.The group’s flagship Adani Enterprises Ltd., gas supplier Adani Total Gas Ltd. and power distributor Adani Transmission Ltd. may get included in MSCI Inc.’s country benchmark after the index provider’s semi-annual review of its gauges in May, according to broker Edelweiss Financial Services Ltd. and independent research provider Smartkarma. Adani Green Energy Ltd. and Adani Ports & Special Economic Zone Ltd. are already there.The potential inclusions are seen further boosting wealth for Adani, who has added $20.2 billion to his net worth this year, the second-biggest increase among the world’s billionaires. The tycoon -- who started out as a commodities trader in the late 1980s -- has diversified from mines, ports and power plants into airports, data centers and defense. The rally in stocks shows investors have rewarded his strategy of interlocking his group’s interests with the Indian government’s infrastructure program.There is “very high probability of these Adani names to come in the index primarily due to the surge in their market capitalization,” Brian Freitas, a New Zealand-based analyst at Smartkarma, said by phone. “ETFs and other passive funds will have to buy, adding to Adani’s fortune.”Passive funds may have to buy shares worth about $830 million in total in the three companies after their inclusion, according to calculations by Freitas. Still, these stocks “trade much much higher than their global peers and longer-term returns may not be worth the risks involved,” he wrote in a note Wednesday.Meanwhile, S&P Dow Jones Indices said in a statement Monday that it will remove Adani Ports and Special Economic Zone from the Dow Jones Sustainability Indexes because of links to Myanmar military.A lack of analyst coverage for many of the Adani group’s companies hasn’t deterred MSCI from adding their stocks as the index provider’s focus is more on other factors such as market value. Adani Green, which was added to the MSCI India gauge end-November, still has no analysts covering it, according to data compiled by Bloomberg.Freitas also sees the possibility of Adani Green being included in the NSE Nifty 50 Index, the National Stock Exchange of India Ltd.’s benchmark gauge, once the bourse allows derivative contracts on the stock.Adani group shares traded mixed amid a broad decline in Indian equities on Thursday. Adani Transmission jumped 5%, Adani Total Gas climbed 2.3% while Adani Ports rose 0.2% as of 10:28 a.m. in Mumbai. Adani Enterprises and Adani Green fell about 1.2% each.MSCI is set to declare the results of its latest review on May 11 and changes will be effective from close of trading on May 28, according to an announcement by the index provider in February.“We do not comment on market speculation on index changes,” a spokeswoman for MSCI wrote in an emailed response.(Adds more details in the eighth paragraph, Thursday’s share performance in the ninth.)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.
Japanese Prime Minister Yoshihide Suga and U.S. President Joe Biden will highlight Tokyo's central role in Washington's strategy to counter the challenge of an increasingly assertive China at a summit on Friday. While that emphasis of Japan's key status will be welcome in Tokyo, where some politicians are pushing for a tougher stance towards Beijing, it also raises questions about how far Tokyo can go to meet demands on regional defence and human rights.
(Bloomberg) -- The call came early in the Covid-19 pandemic. Drew Weissman, an infectious diseases professor at the University of Pennsylvania and an expert in messenger RNA, received a query from a Chinese company interested in using the new technology to make a vaccine against the coronavirus.mRNA, which effectively turns the body’s cells into tiny vaccine-making factories, has since become the breakout star of the Covid era, underpinning shots made by Moderna Inc. and the Pfizer Inc./BioNTech SE partnership which have been among the most effective in fighting the disease. Before Covid hit, though, the experimental science had yet to receive regulatory approval for use against any illness -- let alone against the mysterious respiratory infection.“They wanted to develop my technology in their company in China,” said Weissman, a leader in the field because of his work with research partner Katalin Karikó on discovering mRNA’s disease-fighting potential. “I told them I was interested.”Then, nothing happened.“I never heard from them again,” Weissman said.It was one of the missed opportunities that have disadvantaged the country’s Covid vaccine push and left Chinese companies playing catch-up on a technology set to revolutionize everything from flu shots to oncology drugs.As the coronavirus spread globally last year, New York-based Pfizer raced to partner with Germany’s BioNTech, an mRNA frontrunner that had hired Kariko as a senior vice president. Massachusetts-based Moderna, meanwhile, had $2.5 billion in funding from the U.S. government.China SetbackBy contrast, several Chinese companies focused on older technologies that have proved far less potent. At a conference on April 10, the head of the Chinese Center for Disease Control and Prevention, George Fu Gao, said Chinese vaccines “don’t have very high protection rates,” local media reported.As the comments caused a stir on social media, Gao backtracked, telling Communist Party-backed newspaper Global Times that he was just referring to ways to improve vaccine efficiency. But no amount of damage control can obscure the fact that no Made-in-China mRNA vaccines have been approved yet.For more, read: Are China’s Covid Shots Less Effective? Experts Size Up SinovacThat’s a setback for President Xi Jinping’s ambition to make the country a healthcare innovation powerhouse. mRNA’s effectiveness with Covid vaccines is opening up a new frontier for the technology, with researchers looking at ways to use it to fight cancer, tuberculosis and many other diseases, according to Surbhi Gupta, a healthcare and life sciences analyst with consultancy Frost & Sullivan.“mRNA technology has the potential to be a game changer,” she said.For decades, vaccines have been made using inactive versions of viruses, but mRNA shots use genetic material to instruct the body to create the spike protein the coronavirus uses to enter cells. That in turn trains the body to fight potential infection.Old-school Chinese-made Covid vaccines now in use from Sinovac Biotech Ltd. and China National Biotec Group Co. rely on particles from inactivated viruses and have protection rates much lower than the mRNA vaccines’ more than 90% effectiveness in preventing infections.Sinovac’s vaccine has an efficacy rate of a little over 50% in protecting against symptomatic Covid-19, according to studies conducted in Brazil, just meeting the minimum threshold required by global drug regulators. State-owned China National Biotec, a unit of Sinopharm Group Co., has said its two inactivated vaccines are 73% and 79% effective in preventing symptomatic Covid but has not published data to support that assertion.Meanwhile, China’s CanSino Biologics Inc. has produced a viral-vector vaccine which, like those made by AstraZeneca Plc’s and Johnson & Johnson, uses a genetically modified virus to fight off infection. The Tianjin-based company has reported 66% efficacy in preventing symptomatic Covid-19 in its final stage trial.A New Generation of Vaccines Is Coming, Some With No NeedlesChina’s government has pushed aggressively to close the gap with the West and become an alternative pharmaceutical and biotech power. It allowed controversial treatments with stem cells and gene therapy, despite concerns elsewhere about safety and efficacy. Yet China didn’t make mRNA vaccines a priority.“Before Covid, a lot of people still had reservations” about the technology, said Lusong Luo, senior vice president at BeiGene Ltd., a Beijing-based biotech pioneer and leading producer of oncology drugs. “It’s new, it’s at the cutting edge.”When Sinovac began working on a vaccine, it focused on a familiar method in order to develop a shot quickly, after efforts at exploring other alternatives didn’t yield promising results.“For us the strategy is really to use the more mature platform and technology to solve the problem,” CEO Yin Weidong told Bloomberg News in an interview last May.Now, with the success seen by Pfizer and Moderna, Chinese companies are jumping into the fray -- but their efforts will take time to pay off. China may not have mRNA vaccines until the end of 2021, according to Feng Duojia, president of the China Association of Vaccines, China Global Television Network reported on April 11.For more, read: China’s Bid to Ramp Up Vaccinations Hindered by Supply ShortagesBeiGene in January announced an agreement to cooperate with Strand Therapeutics Inc. of Cambridge, Massachusetts on an mRNA treatment for tumors. “Now people realize that mRNA vaccines really work, it will be a lot easier,” Luo said.China’s Walvax Biotechnology Co. began construction in December on a facility to make mRNA vaccines, while CanSino struck a deal in May last year with Vancouver-based Precision NanoSystems Inc. to develop an mRNA vaccine. Contract manufacturer WuXi Biologics Cayman Inc. has said it is devoting over $100 million to mRNA-related vaccines, biologics discovery, development and manufacturing.While China has largely contained the spread of the coronavirus within its borders, more effective vaccinations and a wider take-up among its population would enable the country to reopen sooner, reducing the need for quarantines and lockdowns. China risks losing the edge gained by stamping out the virus if its inoculation drive is less effective than places where mRNA shots are the backbone of rollouts.In Israel, where nearly 60% of the population has received the Pfizer/BioNTech vaccine, Covid cases, hospitalizations and deaths are plunging. As more adults get their shots in the U.S., which also relies largely on mRNA vaccines, President Joe Biden has predicted Americans will be celebrating July 4th with backyard barbecues once again.The Best and Worst Places to Be as Global Vaccinations Take OffChina isn’t the only country that missed the boat with mRNA. While companies in Japan, India and Australia are significant players in fighting diseases like flu and polio, no company in the Asia-Pacific region now makes mRNA shots. “Basically, mRNA was put in the ‘too-hard’ basket for many years,” said Nigel McMillan, Program Director for Infectious Diseases & Immunology at Griffith University in Southport, Australia.In March this year, Takeda Pharmaceutical Co., Moderna’s local partner for Japanese trials of its Covid vaccine, signed a deal with New Jersey-based Anima Biotech on mRNA treatments for Huntington’s and other neurological diseases. Another big Japanese drug maker, Daiichi Sankyo Co., announced on March 22 the start of an early-stage trial of its own mRNA Covid vaccine.In Thailand, Bangkok-based Chulalongkorn University has enlisted Penn’s mRNA pioneer Weissman to help it develop mRNA capability.As they try to catch up, Chinese developers and others in Asia can take advantage of the lower barriers to entry for mRNA vaccine and drug development. In addition to the market leaders Moderna and BioNTech, there are other Western startups that invested in mRNA and are ready to license their technology.Making mRNA vaccines and drugs also doesn’t require large capital expenditures on expensive bioreactors and other equipment, said Archa Fox, an associate Professor at the University of Western Australia’s School of Human Sciences and School of Molecular Sciences.That bodes well for China’s ability to recover from not focusing on mRNA sooner, according to Weissman.“They are going to hire the best scientists they can find,” he said. “Anybody can get in the game if they’ve got good people and money.”(Updates with added details on China’s vaccines)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.
Riders cashed out one-off IPO bonus payments, only to be told they had been overpaid and had to give some of it back
Beijing’s top official in Hong Kong on Thursday warned foreign forces not to interfere with the “bottom line” of national security in the city, threatening retaliation amid tensions between China and Western powers. The U.S., Britain and their allies have condemned China's tightening control over Hong Kong's freedoms, including the sweeping national security law and electoral reforms that have all but silenced the once-vibrant opposition in the semi-autonomous territory. “When it is time, actions must be taken in relation to any external or foreign forces that may interfere Hong Kong affairs or attempts to use Hong Kong as a pawn,” said Luo Huining, director of the central government’s liaison office in Hong Kong.
Almost 40% of UK workers ‘get less than a week’s notice of shift patterns’. New research suggests chaotic employment practices are spreading into professional roles
Kristina Keneally to make own way to Christmas Island after Dutton blocks use of RAAF jetLabor frontbencher and members of parliamentary committee plan to visit Tamil family held in immigration detention Shadow minister for home affairs Kristina Keneally says Peter Dutton revoked the use of a government jet for a parliamentary committee to travel to Christmas Island. Photograph: Mick Tsikas/AAP
UK support for Mozambique gas plant fuelling conflict – Friends of the EarthEnvironmental group warns UK’s £750m funding for fossil fuel project could worsen Isis-led insurgency Soldiers patrol Palma, near Total’s gas project in Mozambique’s Cabo Delgado region, after an attack by Isis-affiliated rebels. Photograph: João Relvas/EPA
Leeds Playhouse marks 50 years with dramas rolling back the decadesAlice Nutter, Simon Armitage and Maxine Peake will contribute to season offering a ‘northern perspective’ on how life has changed since the 1970s ‘You could live on the dole and become a creative person’ … Alice Nutter’s play is set in 1980s Leeds. Photograph: Christopher Thomond/The Guardian
Arctic air sweeps across Europe, bringing record low temperatures. Significant snowfall in parts of continent and Slovenia has its coldest April night with -20.6C recorded
Dog-bite Britain: the problem with the pandemic puppy explosion. Over the past year, dog ownership has surged, and they have brought many of us untold joy. But the lack of proper training or socialisation has led to a growing danger of attacks
The real scandal is that the revolving door between government and business is still open. Greensill is merely the latest chapter in a long story of distorted decision-making and falling public trust