Yahoo Finance's Alexis Christoforous and Jesse Singh, AZEK CEO, discuss demand amid COVID-19 and the company's new PVC recycling program.
Yahoo Finance's Alexis Christoforous and Jesse Singh, AZEK CEO, discuss demand amid COVID-19 and the company's new PVC recycling program.
Germany's partial lockdown to contain a second wave of coronavirus infections slowed growth in the manufacturing sector in November but export-oriented companies remained optimistic thanks to strong demand from abroad, a survey showed on Tuesday. IHS Markit's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of the German economy, fell to 57.8 in October from the 2-1/2 year high of 58.2 reached in the previous month. The survey showed the goods-producing sector was not completely immune to the renewed lockdown measures, as closures in hospitality had a knock-on effect on consumer goods production in particular, IHS Markit economist Phil Smith said.
PHILADELPHIA (AP) -- DK Metcalf got extra motivation he didn't even need.
BRUSSELS — The head of the European Union’s border and coast guard agency faces a grilling Tuesday by EU lawmakers as pressure mounts over allegations that Frontex was involved in illegal pushbacks aimed at preventing migrants or refugees entering Europe through the Greek islands.A joint investigation published in October by media outlets Bellingcat, Lighthouse Reports, Der Spiegel, ARD and TV Asahi said that video and other publicly available data suggest Frontex “assets were actively involved in one pushback incident at the Greek-Turkish maritime border in the Aegean Sea.”The report said personnel from the agency, which monitors and polices migrant movements around Europe’s borders, were present at another incident and “have been in the vicinity of four more since March.”Frontex announced an internal investigation, and Executive Director Fabrice Leggeri said in October that “so far, no documents or other materials have been found to substantiate any accusations of violations of the law or the Frontex Code of Conduct by deployed officers.”He said the agency does “not tolerate any violations of the fundamental rights in any of our activities.”Pushbacks are considered contrary to international refugee protection agreements, which say people should not be expelled or returned a country where their life and safety might be in danger due to their race, religion, nationality or being members of a social or political group.Frontex’s board met to discuss the allegations late last month. The board said afterwards that the European Commission had ordered it to “hold a further extraordinary meeting within the next two weeks in order to consider in more detail the replies provided by the agency.”The allegations are extremely embarrassing for the Commission. In September it unveiled sweeping new reforms to the EU’s asylum system, which proved dismally inadequate when over 1 million migrants arrived in 2015, many of them Syrian refugees entering the Greek islands via Turkey.Part of the EU's migration reforms includes a system of independent monitoring involving rights experts to ensure that there are no pushbacks at Europe’s borders.Frontex says its work in the eastern Aegean Sea has been complicated by a dispute between Turkey and Greece over their maritime borders. Greek and Turkish coast guard ships are routinely involved in standoffs and threats in the relatively narrow stretch of water that separates the two countries.Lorne Cook, The Associated Press
The pound crossed $1.34 for the first time in three months on Tuesday, and also edged up versus the euro, as market participants remained optimistic that a Brexit deal could be reached this week, despite a lack of tangible progress in negotiations. The UK left the European Union in January and is currently in a status quo transition period that will end on Dec. 31. Both sides are currently in trade talks to reach an agreement on the UK's future relationship with the bloc.
The Japanese government plans to keep setting aside money to promote domestic tourism and dining out in its next stimulus package, according to a draft of the upcoming package seen by Reuters, even as rising COVID-19 infections have prompted concern about the campaigns. The draft stimulus package also included a plan to set up a fund to encourage investment in green technology. The outline underscores Prime Minister Yoshihide Suga's resolve to keep businesses open, even as Japan faces a resurgence in coronavirus infections that are quickly filling up hospital beds quickly.
New Delhi [India], December 1 (ANI): The Delhi High Court on Tuesday said that it will hear from January 13 an appeal filed by the Central Bureau of Investigation (CBI) against the acquittal of all 2G spectrum scam accused, including former telecom minister A Raja.
Irish banks approved more mortgage credit in October than in any month for at least a decade, data showed on Tuesday, as a rapid rebound in demand among housebuyers from COVID-19 disruption looked set to increase property prices. Lenders approved 1.25 billion euros ($1.5 billion) worth of mortgages, a 23% year-on-year rise that curbed the decline in approvals so far this year to 14% in value terms after their collapse during a full lockdown of the economy. Driven by a 31% rise in approvals for first-time buyers, the amount sanctioned was the highest monthly total since the Banking and Payments Federation Ireland began to publish the data in 2011.
Hundreds of Papuans held rallies across at least eight cities in Indonesia on Tuesday to renew calls for independence, as a separatist group declared it had established a provisional government in exile. The demonstrations marked the anniversary of West Papua declaring independence from Dutch rule in 1961, which was followed by a contentious U.N.-sanctioned referendum in 1969 that brought Papua under Indonesian control. Among more than 100 students who marched in the capital Jakarta, Papuan Roland Levy said the date remained significant decades on.
Euro zone factory growth cooled last month as renewed coronavirus lockdown measures hurt demand, according to a survey which showed Germany remained the driving force behind the bloc's manufacturing recovery. IHS Markit's final Manufacturing Purchasing Managers' Index (PMI) fell to 53.8 in November from October's 54.8 but was ahead of the 53.6 flash estimate. "Although the rate of expansion cooled from October's 32-month high amid new lockdown measures, the sustained expansion should help to soften the economic blow of COVID-19 restrictions, which have hit the service sector hard," said Chris Williamson, chief business economist at IHS Markit.
Bad Bunny is most streamed artist of 2020 on Spotify. Puerto Rican vocalist earns more than 8.3bn streams, with the Weeknd’s Blinding Lights the year’s most streamed song
Liverpool manager Jurgen Klopp "got done" in his BT Sport interview with Des Kelly, according to Gary Neville. When asked by Kelly about James Milner's hamstring injury following Saturday's 1-1 draw with Brighton, Klopp replied: "Yes, congratulations." It was the latest response to BT Sport and Sky Sports over fixture scheduling, with Liverpool playing at 12.30pm on Saturday having played in the Champions League on Wednesday.
French manufacturing activity slowed only marginally in November as the country was put back under a nationwide coronavirus lockdown last month, a survey showed on Tuesday. Data compiler IHS Markit said its final Purchasing Managers' Index fell to 49.6 from 51.3 in October, slightly better than a preliminary reading of 49.1. "Amid the reintroduction of lockdown restrictions across France, it was unsurprising to see a fresh deterioration in business conditions faced by manufacturers," IHS Markit economist Eliot Kerr said.
Sports rorts inquiry accuses government of obstructing its investigation. Senate committee investigating grants program says ‘systematic lack of disclosure’ stopped it from doing its job
Elf is a firm favourite, not The March of the Penguins
ERS Genomics Limited, which was formed to provide broad access to the foundational CRISPR/Cas9 intellectual property co-owned by Dr. Emmanuelle Charpentier, and Vivlion GmbH, a startup company providing next generation CRISPR/Cas gRNA libraries and screening services for the global R&D market, today announced a non-exclusive license agreement granting Vivlion® access to ERS Genomics’ CRISPR/Cas9 patent portfolio, to enhance Vivlion’s gene editing reagents and screening services.
Being honest about the myth of Father Christmas in 2020 during the coronavirus lockdown could be damaging to children, says Dr Chris Boyle.
(Bloomberg) -- Exxon Mobil Corp. is about to incur the biggest writedown in its modern history as the giant U.S. oil and gas producer reels from this year’s collapse in energy prices.Exxon -- traditionally far more reluctant to cut the book value of its business than other oil majors -- on Monday disclosed it will write down North and South American natural gas fields by $17 billion to $20 billion. That could make it the industry’s steepest impairment since BP Plc’s 2010 Gulf of Mexico oil spill that killed 11 workers and fouled the sea for months. Meanwhile, capital spending will be drastically reduced through 2025.The announcement comes in the waning days of a grueling year for Chief Executive Officer Darren Woods, who’s resorted to laying off thousands of employees, curtailing retirement benefits and canceling ambitious growth projects. The former refinery manager, who stepped in to the top job in 2017, has been forced to recast his seven-year, $210 billion blueprint for rejuvenating Exxon’s aging portfolio of crude and gas holdings.In addition to dropping vast swaths of gas assets from the development queue, Woods is capping capital spending at $25 billion a year through 2025, a $10 billion reduction from his pre-pandemic target.This year has been particularly bruising for America’s most-iconic oil explorer. Exxon lost money for three consecutive quarters, an unprecedented streak, the shares dipped to an 18-year low and the company was ejected from the bosom of blue-chip stocks, the Dow Jones Industrial Average. Woods also plans to cut 15% of the company’s workforce by the end of next year.From being the largest company in the S&P 500 Index as recently as 2012, Exxon now ranks just inside the top 50 as energy lost its luster and technology giants grew. Chevron Corp. now has a larger market valuation than Exxon.No PivotUnlike its European peers, Exxon has so far chosen to stick with its $15 billion-a-year dividend and has increased borrowing in recent months to fund it and its other capital priorities. On an annualized basis, the dividend has been increased each year for almost four decades.Optimism that vaccines will soon restore global economic growth buoyed crude prices in recent weeks but the impact of the contagion on Big Oil is likely to be longlasting. With European giants Royal Dutch Shell Plc and BP accelerating the pivot to renewables and Exxon locking in drastic spending cuts, capital flows into big, traditional developments are expected to shrink in coming years.Cowen & Co. analyst Jason Gabelman detected a subtle shift in Exxon’s word choices that may herald a dramatic change in financial priorities. Whereas company executives touted Exxon’s “reliable and growing dividend” during the third-quarter earnings conference call, Monday’s statement only mentioned reliability, the analyst said in a note to clients.‘High-Grading’“Continued emphasis on high-grading the asset base -- through exploration, divestment and prioritization of advantaged development opportunities -- will improve earnings power and cash generation, and rebuild balance sheet capacity,” Woods said in the statement.Exxon has been warning shareholders since October that its gas assets were at risk of significant impairment. Previously, the energy titan’s largest writedown was for about $3.4 billion in 2016, according to Bloomberg Intelligence.Assets removed from Exxon’s development plans include so-called dry gas resources in Appalachia and the Rocky Mountains, Oklahoma, Texas, Louisiana and Arkansas, as well as western Canada and Argentina, the company said. It will attempt to sell “less strategic” assets.The writedown stems from former CEO Rex Tillerson’s decision a decade ago to buy XTO Energy for $35 billion rather than spend years building an in-house shale business. At the time, the outlook for North American gas prices was bright because demand was rising faster than supply.Supply GlutInstead, fracking was a victim of its own success, unleashing so much gas that it overwhelmed demand and the infrastructure needed to handle it, resulting in a prolonged stretch of depressed prices.U.S. rival Chevron recorded an impairment of more than $5 billion on Appalachian gas a year ago, and recently agreed to sell those fields to EQT Corp. for about $735 million.(Updates to recast first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
South Africa's rand led gains across emerging markets in Europe, the Middle East and Africa on Tuesday after some encouraging economic data, while most other currencies retreated after posting strong monthly gains, despite positive Chinese data. "This widening of the deficit was related to marginally higher spending, while revenues remained on par with the previous month," analysts at Credit Suisse wrote in a note. Other EMEA currencies retreated after stellar gains in November, while Asian units rose as a private business survey showed activity in China's factory sector accelerated at the fastest pace in a decade in November.
More than 9,000 customers whose holidays were cancelled by lastminute.com are currently awaiting refunds, the CMA said.
Adaptavist, a digital transformation leader, today announced it has joined the Sonatype partner programme as a Platinum Enterprise Partner. The strategic partnership allows Adaptavist to offer improved application development security features to accelerate enterprise company’s go-to-market plans.