Do you remember the first time you experienced snow? Check out this dog's priceless reaction!
Do you remember the first time you experienced snow? Check out this dog's priceless reaction!
A forest fire in a sparsely populated area 75 kilometres north of Tokyo continued to rage for a fifth day on Friday, as local officials were set to ask dozens more households to evacuate hillside villages. The fire in the vicinity of Ashikaga city, in Tochigi prefecture, has continued to spread since breaking out Sunday, despite efforts by firefighters on the ground and military helicopters dousing the area.
(Bloomberg) -- The standoff between central banks and bond traders took center stage in Asia on Friday after Treasury yields surged to a one-year high, forcing policymakers into a slew of debt purchases to calm panicking markets.The Reserve Bank of Australia waded in with more than $2 billion of unscheduled purchases, while Korea announced buying plans for the next few months. Traders are waiting to see if Japan will act to stop its benchmark yield from breaking out of its target range.The deepening divide between traders and central banks over the pace of the economic recovery looks set to lead to days of showdown, where policymakers seek to retain control over borrowing costs. The rapid repricing of the reflation trade is rippling through all markets, putting pressure on valuations and hurting government debt auctions.“Reflation now needs a rein, and central banks are fighting the sharp rise in yields,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “Their credibility is at stake here too -- if they want to maintain accommodative policy they have to act if markets look like they’re running away.”Read More: In a Flash, U.S. Yields Hit 1.6%, Wreaking Havoc Across MarketsThe RBA is taking the lead this time in acting as a breakwater for rising yields, a role typically played by the Bank of Japan in Asia. Its offer to buy A$3 billion ($$2.4 billion) of debt acted to cap the selloff, with Australia’s three-year bond yield erasing gains. Treasury yields also came down from the 1.6% highs reached Thursday night as Asian investors piled in.While the BOJ hasn’t acted yet, Finance Minister Taro Aso fired a warning shot as the benchmark yield surged to within a couple of basis points of the perceived tolerance limit of the central bank. “It’s important that yields don’t suddenly jump up and down,” said Aso in Tokyo. “We need to make sure not to lose the market’s trust with fiscal management.”The carnage for emerging-markets though continues unabated.Yields on Indonesian bonds -- a bellwether for EM sentiment -- surged to levels last seen in October while Bank Indonesia said it will be in the market to guard against a currency sinking fast. The Bank of Korea, which has been restrained in debt purchases, said it will spend up to 7 trillion won ($6.2 billion) to buy bonds in the first half, signaling that it sees a prolonged battle.While markets are increasingly pricing in higher inflation and the potential for rate hikes, every major central bank from the Federal Reserve to the European Central Bank to the RBA see a prolonged period of easing as economies gradually recover.There are expectations that global central banks will try to contain a further rise in yields, said Kei Yamazaki, a senior fund manager in Tokyo at Sumitomo Mitsui DS Asset Management. “Fed officials have been tolerating the recent rise in yields, but the current risk-averse market will also prompt them to calm the market verbally.”Bond market snapshot:Treasury 10-year yields down six basis points to 1.46%Australia’s 3-year yield fell one basis point to 0.12%10-year JGB surged to 0.175%, a level last seen before the BOJ announced negative interest rates in January 2016Indonesia’s benchmark yields are up 12 basis points to 6.68%Spreads on high-grade dollar notes from Asian issuers widened about 3 basis points, the most since April last year.Stocks in Asia witnessed a broad selloff. The MSCI Asia Pacific Index slumped as much as 2.5%, the most since June, with technology shares being the worst performers. Equity benchmarks in South Korea, China, Taiwan and Japan plunged more than 2% each.The over-riding question for many investors is the extent of the selloff -- many on Wall Street didn’t foresee Treasury yields crossing 1.5% so quickly -- as each bout triggers stop-losses and lures short-sellers.Read More: Convexity Hedging Haunts Markets Already Reeling From Bond Rout“Selling begets more selling,” said John Pearce, chief investment officer of UniSuper Management Pty. in Sydney. “In the short-term it doesn’t look like it’s stopping.” For governments, it’s also starting to affect their ability to raise money, with even the U.S. seeing record low demand at its Thursday debt auction. Indonesia has already said it could pare back sales.“At a minimum, this pace of YCC needs to continue next week and I think the market’s looking for even more,” said Su-Lin Ong, head of Australian economic and fixed-income strategy at Royal Bank of Canada. “They want to see that the RBA’s prepared to defend its target and to ensure financial conditions don’t tighten.”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 advocate general for European Union’s highest court on Thursday urged the court to rule that Hungary violated the bloc’s laws on asylum when it passed legislation narrowing the possibilities for asylum-seekers to receive international protection. The non-binding opinion from the European Court of Justice’s Advocate General, Athanasios Rantos, states that the 2018 amendments to Hungary’s asylum laws — which prohibited asylum-seekers who passed through safe countries en route to Hungary from receiving international protection — violated EU law.“By introducing that ground for inadmissibility, Hungary has failed to fulfill its obligations under the Procedures Directive,” Rantos wrote, referring to the EU’s asylum protocols.Opinions by advocates general are often but not always followed by the European Court of Justice, which will make a final ruling on the case at a later date.The European Commission, the bloc’s executive branch, brought the case before the court as part of an infringement procedure it launched against Hungary in 2018 over its non-compliance with asylum law.Rantos also advised the court to rule that a Hungarian law that cracks down on organizations and individuals that provide legal assistance to asylum-seekers violates EU law. The legislation, known as the “Stop Soros” law, was an amendment to Hungary’s criminal code that threatened aid workers and human rights advocates working with asylum-seekers with up to a year in prison. It was approved by the Hungarian parliament in 2018.The law was named after Hungarian-American philanthropist George Soros, a pro-democracy advocate who has long been a target of the Hungarian government.Hungary’s right-wing government has been a staunch opponent of immigration, and its treatment of migrants have brought it into frequent conflict with the rest of the 27-nation EU. Last year, the country closed its transit zones — enclosed areas along the southern border with Serbia used to hold asylum-seekers while their asylum requests were being decided — after the European court ruled they amounted to detention and thus violated EU law.Last month, the EU’s border control agency, Frontex, suspended operations in Hungary after the government in Budapest did not comply with a December ruling by the European court that ordered Hungary to grant protection to asylum-seekers as required by law and to stop returning them to Serbia.The country’s prime minister, Viktor Orban, claims he is seeking to protect Hungary’s conservative Christian identity and to defend Europe from immigration from the Mideast and Africa.(AP)
Two self-made South Korean billionaires have pledged in as many weeks to give away half their fortunes –- a rarity in a country where business is dominated by family-controlled conglomerates and charity often begins and ends at home.
Dave Philips, who played guitar for The Pixies’ Frank Black, The Replacements’ Tommy Stinson, Guided By Voices’ Robert Pollard and others, died Feb. 22 of cancer in Los Angeles. He was 52. The instrumentalist, songwriter and sideman became a go-to guitarist for some of post-punk and alt-rock’s most influential figures. “Not only was he a […]
(Bloomberg) -- Global bonds began to recover from an aggressive selloff that drove steep losses in Treasuries and U.S. stocks Thursday. Asian stocks retreated.Treasury futures edged higher, and Australian bonds pared most of their losses after the central bank launched an unscheduled purchase operation. The U.S. 10-year yield eased back to 1.47% after trading as high as 1.6% Thursday, when a poorly received government auction led to forced selling by holders of mortgage securities. Japan’s benchmark hovered near its highest level since early 2016. The dollar pared overnight gains.Stocks across Asia Pacific began to pare losses, though South Korea and Japan continue to underperform. S&P 500 futures pointed higher after the benchmark closed down 2.5% with tech shares leading losses. The Nasdaq 100 tumbled 3.6%, the most since October, as investors rotated into companies poised to benefit from an end to lockdowns. Still, stocks popular with the day-trader crowd surged once again, with GameStop Corp. doubling at one point before ending 19% higher.Investors are betting on a sharper-than-expected rebound for the global economy, with some growing increasingly worried that accelerating inflation could trigger a pullback in monetary policy support. Federal Reserve officials so far say surging Treasury yields reflect optimism and have stressed that the central bank has no plans to tighten policy prematurely.What Investors Are Watching After the Spike in Treasury Yields“A move of this magnitude is not healthy for markets and equities are rightfully acting negatively to it,” said Matthew Miskin, the co-chief investment strategist at John Hancock Investment Management. “We will be watching to see if the Fed pushes back more meaningfully on the recent rise in yields.”The 10-year U.S. yield adjusted for inflation rose to its highest level since June, a warning sign for riskier assets that have benefited from exceptionally loose financial conditions amid the pandemic.In remarks this week, Federal Reserve Chairman Jerome Powell offered reassurance that policy would continue to be supportive and look beyond a temporary pick-up in inflation, especially from a low base. Nevertheless, money-market traders have now almost fully priced in a first rate hike by the end of next year.Read more: Soaring U.S. Yields Send Risk Assets Warning as Real Rates RiseElsewhere, oil retreated from its the highest in more than a year as traders mulled depleting global inventories. Bitcoin traded below $50,000 again. Gold was steady after an overnight decline.Some key events to watch this week:Finance ministers and central bankers from the Group of 20 will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.These are some of the main moves in markets:StocksS&P 500 futures rose 0.1% at 12:32 p.m. in Tokyo. The S&P 500 Index fell 2.5%.Japan’s Topix Index fell 2%.S&P/ASX 200 fell 1.9%.South Korea’s Kospi Index fell 3%.Hang Seng Index fell 2.4%.Shanghai Composite Index fell 1.8%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1% after gaining 0.6% Thursday.The euro was 0.1% lower at $1.2166.The British pound fell 0.1% to $1.4001.The Japanese yen rose 0.2% to 106.01 per dollar.The offshore yuan rose 0.2% to 6.4782 per dollar.BondsThe yield on 10-year Treasuries slipped five basis points to 1.47%.Australia’s 10-year yield was up four basis points at 1.77%.CommoditiesWest Texas Intermediate crude fell 0.6% to $63.13 a barrel.Gold was rose 0.2% to $1,774 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.
UPDATED, 7:35 PM: Days ahead of its annual Golden Globe Awards, the Hollywood Foreign Press Association has responded to criticism about the lack of diversity among its ranks. The group was the target of a scathing exposé by the Los Angeles Times on Sunday that noted HFPA has no Black journalists among its 87 members. […]
FCN earnings call for the period ending December 31, 2020.
Today with us, we have Mr. Jean Jereissati, CEO for Ambev, and Mr. Forward-looking statements are based on the beliefs and assumptions of Ambev's management and on information currently available to the company. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect future results of Ambev and could cause results to differ materially from those expressed in such forward-looking statements.
Before we begin, I'd like to direct all participants to our website at www.teekay.com, where you'll find a copy of the fourth quarter and annual 2020 earnings presentation. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the fourth quarter and annual 2020 earnings release and earnings presentation available on our website.
GTN earnings call for the period ending December 31, 2020.
Thank you, operator, and thank you to everyone for attending Alamos' Fourth Quarter and Year-end 2020 Conference Call. In addition to myself, we have on the line today, John McCluskey, President and CEO; Peter MacPhail, COO; and Scott R.G. Parsons, Vice President of Exploration.
EME earnings call for the period ending December 31, 2020.
FSS earnings call for the period ending December 31, 2020.
WBT earnings call for the period ending December 31, 2020.
PWR earnings call for the period ending December 31, 2020.
ROCK earnings call for the period ending December 31, 2020.
Internacional had two goals disallowed and could only draw 0-0 with Corinthians on Thursday in a result that denied them their first league trophy since 1979. The Porto Alegre side started the final day two points behind Flamengo and needed to win and hope the reigning champions slipped up. Flamengo lost 2-1 to Sao Paulo but Inter could not get the win they needed in a tense match at their Beira-Rio stadium.
Ladies and gentlemen, thank you for standing by, and welcome to the Donnelley Financial Solutions Fourth Quarter Earnings conference call. Good morning, everyone, and thank you for joining the Donnelley Financial Solutions Fourth Quarter 2020 Results Conference Call. This morning, we issued our fourth quarter earnings release, a copy of which can be found in the Investors section of our website at investor.dfinsolutions.com.
Tyus Jones scored a career-high 20 points, the Memphis defense held Kawhi Leonard and Paul George to sub-standard nights and the Grizzlies beat the Los Angeles Clippers 122-94 on Thursday night. Dillon Brooks added 19 points for Memphis, and Jonas Valanciunas and Ja Morant had 16 each, with Valanciunas adding 15 rebounds.