ReportWire

Tag: Shipping

  • Shipping Captains Receive Space Security

    Shipping Captains Receive Space Security

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    Press Release


    Dec 23, 2022

    Piracy is still an issue in modern times, with criminal groups using advanced equipment and tactics to attack commercial vessels in waters around Africa and Asia. These attacks involving the robbery and ransom of ships cost between $13 and $16 billion annually. The actual number of attacks is unknown due to underreporting by shipping companies, which may be concerned about insurance premiums. While some measures, such as escorts and onboard security, have been taken to protect vessels in high-risk areas, using weapons for self-defense remains controversial due to international treaties. 

    “Sadly, captains on shipping vessels are typically left alone with little to no support during piracy events; our answer is the FALCON.”Wil Glaser, Space-Tech CEO

    FALCON (Forward Area Long-range reCON) leverages 2023 technology for sensors, processors, and UAV control. FALCON provides advanced scanning and surveillance at an affordable price in an asset that can be launched, operated, and recovered without sophisticated equipment or trained specialists.

    With advanced satellite quality optics, images from over 1 kilometer away are broadcast to the Augmented Reality HMD, allowing the user to control the mission with simple voice menu commands, eliminating the joystick controller. A single operator can hold a dozen units remotely, allowing a fleet of Falcon drones to cover an entire theater or fire threat region, creating a real-time map of fire spread or providing radar and visual surveillance over open waters. 

    Space-Tech SAGS Service (SPACE-TO-GROUND SECURITY) blends its satellite platform & FALCON with a combination of state-of-the-art assets, sensors, and AI Tools.

    Space-Tech combined billion-dollar efforts from Nvidia for Edge AI Computing with sensors from advanced digital cameras and satellite quality optics to create real-time digital twins of the theater of interest.

    A peek inside shows an impressive build of materials like a GPS, Radio, Acoustic, Radar, LIDAR, and vision sensors on board with an AI object or threat recognition tool to report if threats are detected, minimizing operator radio bandwidth and tasking. Communications and video links can be encrypted and broadcast over RF, WiFi6, and 5G communication channels.  

    Missions include perimeter security, surveillance, search and rescue, and 3D Terrain Mapping. Intelligence can be relayed to the base and coordinated with the ground or other assets. 

    Constructed out of lightweight advanced Carbon / Graphene Composites, the Autopilot allows selected missions to be programmed to enable forward deployment without needing a trained operator. A local technician would launch it into the air and swap batteries as needed, but the piloting is 90 percent AI and 10 percent remote expert. 

    For reservations and pre-orders for this service, click here.

    Source: Space-Tech

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  • FedEx’s package volumes keep falling, but it’s still getting more money out of each delivery

    FedEx’s package volumes keep falling, but it’s still getting more money out of each delivery

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    FedEx Corp. on Tuesday said it planned to slash an extra $1 billion in costs beyond what it outlined in September, amid what management called a “weaker demand environment” that led to softer-than-expected sales for its second quarter.

    Still, shares rallied after hours, as investors and analysts focused on the parcel-delivery service’s profit forecast. And the company still managed to squeeze more consumer dollars out of each delivery as package volumes slipped — helped by the surcharges that carriers tack on to bills to offset rising fuel costs.

    The company reported earnings as investors looked for clues about holiday spending in an economy where just about everything is more expensive, and as FedEx
    FDX,
    -2.62%

    prepares to raise shipping prices next month.

    During FedEx’s conference call to discuss its results, executives described an environment where global demand fell further in the second quarter than it did during a particularly harsh first quarter that sank its stock. While they said package volumes, comparatively, would improve later on in the fiscal year, they said they hadn’t seen much of a change in business yet in China, even as the economy there reopens after pandemic-related lockdowns.

    Meanwhile, they said the U.S. was still recalibrating after consumers loaded up on electronics, furniture and other goods bought online during the pandemic.

    “I think the main macro issue in the United States is really the e-commerce reset,” Chief Executive Raj Subramaniam said during the call.

    The extra billion in savings brings FedEx’s total expected cuts to roughly $3.7 billion for the fiscal year, which ends in May. In September, the company announced up to $2.7 billion in cost cuts for the fiscal year ahead as concerns grew about stalled shipping demand in an inflation-scarred economy.

    FedEx also lowered its fiscal 2023 capital spending forecast by $400 million and unveiled a new long-term cost-saving program, called DRIVE, which it hopes will bring more than $4 billion in annualized structural cost savings by fiscal 2025. The company said more details on DRIVE would come during a conference call in the first half of the next calendar year.

    Subramaniam said some of FedEx’s cuts would come from digitization and automation in the U.S. and Europe, and other technology that helps trucks deliver more packages per trailer. FedEx has already grounded jets and reduced flights in its large, internationally-focused Express segment, which offers expedited air and ground deliveries. Cuts elsewhere will come from halting Sunday operations in its ground service, where trucks ship goods in the U.S. and Canada, and closing locations that offer copying and printing services, FedEx said in September.

    Subramaniam on Tuesday also said that service issues that hurt the company’s results in the prior quarter had improved, and that hangups at Charles De Gaulle airport in Paris had been “largely alleviated.”

    For the full year, FedEx forecast earnings per share of $13 to $14. For the full fiscal year, FactSet forecast adjusted earnings of $13.93 a share, with revenue of $94.358 billion.

    “While modestly below consensus at the mid-point . . . our sense is that this is in line with (or maybe a bit better than) buyside expectations,” Stephens analyst Jack Atkins said in a note Tuesday, adding that the outlook included the $3.7 million in reductions.

    “Net, with most investors sitting this quarter out and the company issuing an outlook that was likely better than some feared, we think the stock reacts positively to these results tomorrow,” he continued.

    Shares rose 4.8% in after-hours trade.

    FedEx reported fiscal second-quarter net income of $788 million, or $3.07 a share, compared with $1 billion, or $3.88 a share, in the same quarter last year. Revenue slipped to $22.8 billion, compared with $23.5 billion in the prior-year quarter.

    Adjusted for costs related to “business optimization,” FedEx earned $3.18 a share, compared with $4.83 the same quarter in 2021.

    Analysts polled by FactSet expected FedEx to report adjusted earnings of $2.81 a share on sales of $23.7 billion.

    “The FedEx team moved with urgency to make rapid progress on our ongoing transformation while navigating a weaker demand environment,” Subramaniam said in FedEx’s earnings release. “Our earnings exceeded our expectations in the second quarter, driven by the execution and acceleration of our aggressive cost-reduction plans.”

    Management said that its Express segment suffered a 64% decline in operating income, as global package volumes fell. But yields — or sales per package, and a measure of how high a price FedEx can charge — rose 8%. Higher fuel surcharges helped that yield figure.

    The company’s Ground division, where trucks ship packages in the U.S. and Canada, got a 24% boost in operating income. Cost cuts and a 13% increase in yields helped there, even as package also volumes slipped.

    FedEx stock has fallen 35% this year. By comparison, the S&P 500 Index
    SPX,
    +0.10%

    is down around 19%.

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  • EU reaches deal on critical climate policy after marathon talks

    EU reaches deal on critical climate policy after marathon talks

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    A major overhaul of the bloc’s flagship carbon market and a brand new fund to protect vulnerable people from rising CO2 costs were agreed on by EU negotiators in the early hours of Sunday as part of a “jumbo” trilogue that started on Friday morning.

    “After 30 hours of (net!) negotiation time we have an agreement about a new ETS and the creation of a social climate fund (SCF),” tweeted Esther de Lange, vice chair of the European People’s Party and a key climate lawmaker.

    Touted as the cornerstone of Europe’s climate efforts, reforming the Emissions Trading System (ETS) is key to achieving the goal of slashing 55 percent of CO2 emissions by 2030 from 1990 levels.

    “We just found an agreement on the biggest climate law ever negotiated in Europe,” said German MEP Peter Liese, who steered the negotiations on the bill.

    As part of the hard-fought compromise, EU brokers stipulated that power generators and heavy polluters covered by the ETS will have to curb their pollution by 62 percent by the end of the decade, 1 percent more than what the European Commission had initially proposed.

    Waste will be covered by the scheme from 2028, with potential derogations until 2030.

    The deal also mandates that all the revenues generated by the carbon market “shall” be spent on climate action.

    “That’s one of the biggest wins of the Parliament,” Liese told a briefing held shortly after the end of the talks.

    Free CO2 certificates, given to industry to remain competitive against rivals from outside the bloc, will be phased out entirely by 2034 as a planned Carbon Border Adjustment Mechanism is due to enter into force from 2026 at the end of a three-year transition period. The Commission and the Council sought an end-date of 2036, while the Parliament fought for a speedier phaseout by 2032.

    The border tax covers cement, aluminum, fertilizers, electric energy production, hydrogen, iron and steel.

    However, negotiators stopped short of introducing rebates to protect exports, arguing they would have proven incompatible with World Trade Organization rules. Instead, the EU’s 27 nations will be granted the right to ring-fence revenues to support companies at risk of being harmed by the phaseout of free permits.

    The deal also calls for a parallel carbon market to cover fossil fuels used to power cars and heat buildings from 2027 — easily one of the most controversial elements due to worries that it could increase energy poverty and unleash political turmoil if not designed in a just way.

    “Germany desperately wanted the second carbon market and the inclusion of other fuels. They got it and they should celebrate,” said German MEP Peter Liese | John Thys/AFP via Getty images

    To reach a deal, Parliament dropped its call for a split between commercial users and private owners — something the Commission and Council had called unworkable.

    But to make it more palatable, policymakers agreed the so-called ETS2 would come with an emergency brake to be triggered in the event carbon prices per ton exceed €90 — which would cause the start to be delayed by one year. The pact also foresees that prices will be capped at €45 at least until 2030.

    To help low-income households swiftly shift to cleaner forms of transport and heating so that they won’t be unfairly hit by the measure, EU policymakers signed off on a Social Climate Fund worth €86.7 billion running from 2026 until 2032.

    That’s much larger than the €59 billion fund supported by the Council; 25 percent will be raised through co-financing by EU governments while a so-called “all fuels approach” covering process emissions means more CO2 permits will be sold under the scheme.

    Several negotiators said the talks were made particularly tough by Germany’s foot-dragging.

    “Germany desperately wanted the second carbon market and the inclusion of other fuels. They got it and they should celebrate,” said Liese, adding that, “instead of celebrating, they created problems until the last minute.”

    The agreement also confirmed that the ETS will be extended to the shipping sector.

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    Federica Di Sario

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  • It’s Argentina vs. France in the World Cup final: Here’s everything you should know about the matchup

    It’s Argentina vs. France in the World Cup final: Here’s everything you should know about the matchup

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    After a month of stiff competition in Qatar, the 2022 World Cup’s final matchup is finally set.

    Argentina learned Wednesday that defending World Cup winner France will be its opponent in the final on Sunday. France topped a history-making Morocco side 2-0 a day after Argentina shut out Croatia, which lost to France in the 2018 final, a day earlier. Croatia and Morocco square off for third place in the tournament.

    Related: Why is 2022 Qatar World Cup so controversial? Here’s a list of issues overshadowing FIFA’s tournament.

    Argentina and France, led by Lionel Messi and Kylian Mbappé, respectively, were two among a handful of favorites heading into the quadrennial footballing spectacle.

    Here’s what you need to know ahead of the World Cup final.

    When is the World Cup final?

    The tournament title match will be played Sunday, Dec. 18, at 10 a.m. Eastern time. That’s 6 p.m. in Qatar, earlier than the tournament matches have typically been played.

    The World Cup final can be watched in the U.S. on Fox
    FOX,
    -0.90%

     
    FOXA,
    -0.72%

    and Telemundo, owned by Comcast
    CMCSA,
    -3.70%

    unit NBCUniversal. Fox is available through nearly all cable providers, and cord cutters can stream the match live through FuboTV FUBO, SlingTV, the Alphabet-owned
    GOOG,
    -0.56%

     
    GOOGL,
    -0.59%

    YouTubeTV and Comcast’s Peacock.

    Who’s favored to win?

    Both teams have been oddsmakers’ favorite in every one of their 2022 World Cup matches leading up to the final. But for the grand finale, France is seen a slight favorite over Argentina. France is +175 to win, which carries an implied probability of 36.4%, while the Argentina team is being given a 35.1% chance to win, according to the implied-probability data taken from DraftKings’
    DKNG,
    -1.60%

     odds on Wednesday. The outstanding percentage would account for a draw, though all matches beginning in the knockout stage go to a penalty shootout if a score is tied at the end of regulation and at the end of two 15-minute halves of overtime.

    What’s at stake?

    A win for France would mean back-to-back men’s World Cup wins for the European nation, and France’s third title in history.

    Likewise, a win for Argentina would mean its third World Cup title, and the first World Cup win for legend of the game Messi.

    Related: Budweiser says it will award unconsumed Qatar beer to the World Cup winner

    A record-breaking amount of prize money will also be at stake. FIFA has allocated $440 million in prize money this year, up from $400 million for the 2018 World Cup, hosted by Russia. (FIFA announced on the same day in December 2010 its selection of Russia and Qatar to host the global game’s marquee event in 2018 and 2022, respectively.)

    This year’s winning side will get $42 million, up $4 million from the 2018 tournament.

    The runner-up will receive $30 million, and the third- and fourth-place teams are going home with $27 million and $25 million. As for the rest, the teams that lost in the quarterfinals will each receive $17 million; teams that lost in the second round will get $13 million each; and teams knocked out in the group stage (including the U.S.) will get $9 million each. All 32 qualifying teams also received $1.5 million for securing their spots in the tournament. Only Qatar, as the host country, did not have to play its way in through regional competition.

    Is this really Lionel Messi’s last World Cup?

    Messi, playing in his fifth career World Cup, has said that this would probably be the last time he plays in the competition.

    Failing over the years to achieve in international competition for Argentina what he has in club play (save an appearance in the 2014 final against Germany and a Copa America title in 2021), chiefly with Barcelona in Spain and now with Paris Saint-Germain in France, where he and Mbappé are teammates, Messi has previously announced and rescinded an intent to step back as an international. Only now he’s 35.

    From the archives (January 2010): Club or country? Soccer World Cup revives old tensions

    “Yes. Surely, yes,” Messi said when asked whether Sunday’s game will be his last at a World Cup. “There’s a lot of years until the next one, and I don’t think I have it in me, and finishing like this is best.”

    The Margin: Could Qatar’s ‘reusable’ World Cup stadium end up in Uruguay? There are some amazing plans for tournament venues.

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  • Best stock picks for 2023: Here are Wall Street analysts’ most heavily favored choices

    Best stock picks for 2023: Here are Wall Street analysts’ most heavily favored choices

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    Following a sharp and sustained rise in interest rates, U.S. stocks have taken a broad beating this year.

    But 2023 may bring very different circumstances.

    Below are lists of analysts’ favorite stocks among the benchmark S&P 500
    SPX,
    the S&P 400 Mid Cap Index
    MID
    and the S&P Small Cap 600 Index
    SML
    that are expected to rise the most over the next year. Those lists are followed by a summary of opinions of all 30 stocks in the Dow Jones Industrial Average
    DJIA.

    Stocks rallied on Dec. 13 when the November CPI report showed a much slower inflation pace than economists had expected. Investors were also anticipating the Federal Open Market Committee’s next monetary policy announcement on Dec. 14. The consensus among economists polled by FactSet is for the Federal Reserve to raise the federal funds rate by 0.50% to a target range of 4.50% to 4.75%.

    Read: 5 things to watch when the Fed makes its interest-rate decision

    A 0.50% increase would be a slowdown from the four previous increases of 0.75%. The rate began 2022 in a range of zero to 0.25%, where it had sat since March 2020.

    A pivot for the Fed Reserve and the possibility that the federal funds rate will reach its “terminal” rate (the highest for this cycle) in the near term could set the stage for a broad rally for stocks in 2023.

    Wall Street’s large-cap favorites

    Among the S&P 500, 92 stocks are rated “buy” or the equivalent by at least 75% of analysts working for brokerage firms. That number itself is interesting — at the end of 2021, 93 of the S&P 500 had this distinction. Meanwhile, the S&P 500 has declined 16% in 2022, with all sectors down except for energy, which has risen 53%, and the utilities sector, which his risen 1% (both excluding dividends).

    Here are the 20 stocks in the S&P 500 with at least 75% “buy” or equivalent ratings that analysts expect to rise the most over the next year, based on consensus price targets:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    EQT Corp.

    EQT Oil and Gas Production

    $36.91

    $59.70

    62%

    78%

    69%

    Catalent Inc.

    CTLT Pharmaceuticals

    $45.50

    $72.42

    59%

    75%

    -64%

    Amazon.com Inc.

    AMZN Internet Retail

    $90.55

    $136.02

    50%

    91%

    -46%

    Global Payments Inc.

    GPN Misc. Commercial Services

    $99.64

    $147.43

    48%

    75%

    -26%

    Signature Bank

    SBNY Regional Banks

    $122.73

    $180.44

    47%

    78%

    -62%

    Salesforce Inc.

    CRM Software

    $133.11

    $195.59

    47%

    80%

    -48%

    Bio-Rad Laboratories Inc. Class A

    BIO Medical Specialties

    $418.28

    $591.00

    41%

    100%

    -45%

    Zoetis Inc. Class A

    ZTS Pharmaceuticals

    $152.86

    $212.80

    39%

    87%

    -37%

    Delta Air Lines Inc.

    DAL Airlines

    $34.77

    $48.31

    39%

    90%

    -11%

    Diamondback Energy Inc.

    FANG Oil and Gas Production

    $134.21

    $182.33

    36%

    84%

    24%

    Caesars Entertainment Inc

    CZR Casinos/ Gaming

    $50.27

    $67.79

    35%

    81%

    -46%

    Alphabet Inc. Class A

    GOOGL Internet Software/ Services

    $93.31

    $125.70

    35%

    92%

    -36%

    Halliburton Co.

    HAL Oilfield Services/ Equipment

    $34.30

    $45.95

    34%

    86%

    50%

    Alaska Air Group Inc.

    ALK Airlines

    $45.75

    $61.08

    34%

    93%

    -12%

    Targa Resources Corp.

    TRGP Gas Distributors

    $70.42

    $93.95

    33%

    95%

    35%

    Charles River Laboratories International Inc.

    CRL Misc. Commercial Services

    $201.94

    $269.25

    33%

    88%

    -46%

    ServiceNow Inc.

    NOW Information Technology Services

    $401.64

    $529.83

    32%

    92%

    -38%

    Take-Two Interactive Software Inc.

    TTWO Software

    $102.61

    $135.04

    32%

    79%

    -42%

    EOG Resources Inc.

    EOG Oil and Gas Production

    $124.06

    $158.24

    28%

    82%

    40%

    Southwest Airlines Co.

    LUV Airlines

    $38.94

    $49.56

    27%

    76%

    -9%

    Source: FactSet

    Most of the companies on the S&P 500 list expected to soar in 2023 have seen large declines in 2022. But the company at the top of the list, EQT Corp.
    EQT,
    is an exception. The stock has risen 69% in 2022 and is expected to add another 62% over the next 12 months. Analysts expect the company’s earnings per share to double during 2023 (in part from its expected acquisition of THQ), after nearly a four-fold EPS increase in 2022.

    Shares of Amazon.com Inc.
    AMZN
    are expected to soar 50% over the next year, following a decline of 46% so far in 2022. If the shares were to rise 50% from here to the price target of $136.02, they would still be 18% below their closing price of 166.72 at the end of 2021.

    Read: Here’s why Amazon is Citi’s top internet stock idea

    You can see the earnings estimates and more for any stock in this article by clicking on its ticker.

    Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.

    Mid-cap stocks expected to rise the most

    The lists of favored stocks are limited to those covered by at least five analysts polled by FactSet.

    Among components of the S&P 400 Mid Cap Index, there are 84 stocks with at least 75% “buy” ratings. Here at the 20 expected to rise the most over the next year:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    Arrowhead Pharmaceuticals Inc.

    ARWR Biotechnology

    $31.85

    $69.69

    119%

    83%

    -52%

    Lantheus Holdings Inc.

    LNTH Medical Specialties

    $54.92

    $102.00

    86%

    100%

    90%

    Progyny Inc.

    PGNY Misc. Commercial Services

    $31.21

    $55.57

    78%

    100%

    -38%

    Coherent Corp.

    COHR Electronic Equipment/ Instruments

    $35.41

    $60.56

    71%

    84%

    -48%

    Exelixis Inc.

    EXEL Biotechnology

    $16.08

    $26.07

    62%

    81%

    -12%

    Darling Ingredients Inc.

    DAR Food: Specialty/ Candy

    $61.17

    $97.36

    59%

    93%

    -12%

    Perrigo Co. PLC

    PRGO Pharmaceuticals

    $31.83

    $49.25

    55%

    100%

    -18%

    Mattel Inc.

    MAT Recreational Products

    $17.39

    $26.58

    53%

    87%

    -19%

    ACI Worldwide Inc.

    ACIW Software

    $20.75

    $31.40

    51%

    83%

    -40%

    Topgolf Callaway Brands Corp.

    MODG Recreational Products

    $21.99

    $32.91

    50%

    83%

    -20%

    Dycom Industries Inc.

    DY Engineering and Construction

    $86.03

    $128.13

    49%

    100%

    -8%

    Travel + Leisure Co.

    TNL Hotels/ Resorts/ Cruiselines

    $37.98

    $56.00

    47%

    75%

    -31%

    Frontier Communications Parent Inc.

    FYBR Telecommunications

    $25.21

    $36.18

    44%

    82%

    -15%

    Manhattan Associates Inc.

    MANH Software

    $120.06

    $171.80

    43%

    88%

    -23%

    MP Materials Corp Class A

    MP Other Metals/ Minerals

    $31.39

    $44.79

    43%

    92%

    -31%

    Lumentum Holdings Inc.

    LITE Electrical Products

    $54.45

    $76.44

    40%

    76%

    -49%

    Tenet Healthcare Corp.

    THC Hospital/ Nursing Management

    $44.22

    $62.00

    40%

    80%

    -46%

    Repligen Corp.

    RGEN Pharmaceuticals

    $166.88

    $233.10

    40%

    82%

    -37%

    STAAR Surgical Co.

    STAA Medical Specialties

    $59.57

    $82.67

    39%

    82%

    -35%

    Carlisle Cos. Inc.

    CSL Building Products

    $251.99

    $348.33

    38%

    75%

    2%

    Source: FactSet

    Wall Street’s favorite small-cap names

    Among companies in the S&P Small Cap 600 Index, 91 are rated “buy” or the equivalent by at least 75% of analysts. Here are the 20 with the highest 12-month upside potential indicated by consensus price targets:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    UniQure NV

    QURE Biotechnology

    $22.99

    $51.29

    123%

    95%

    11%

    Cara Therapeutics Inc.

    CARA Biotechnology

    $11.34

    $23.63

    108%

    88%

    -7%

    Vir Biotechnology Inc.

    VIR Biotechnology

    $25.50

    $53.00

    108%

    75%

    -39%

    Dynavax Technologies Corp.

    DVAX Biotechnology

    $11.22

    $23.20

    107%

    100%

    -20%

    Thryv Holdings Inc.

    THRY Advertising/ Marketing Services

    $18.40

    $36.75

    100%

    100%

    -55%

    Artivion Inc.

    AORT Medical Specialties

    $12.93

    $23.13

    79%

    83%

    -36%

    Cytokinetics Inc.

    CYTK Pharmaceuticals

    $38.33

    $67.43

    76%

    100%

    -16%

    Harsco Corp.

    HSC Environmental Services

    $7.17

    $12.30

    72%

    80%

    -57%

    Ligand Pharmaceuticals Inc.

    LGND Pharmaceuticals

    $64.80

    $110.83

    71%

    100%

    -35%

    Corcept Therapeutics Inc.

    CORT Pharmaceuticals

    $20.84

    $34.20

    64%

    80%

    5%

    Payoneer Global Inc.

    PAYO Misc. Commercial Services

    $5.70

    $9.33

    64%

    100%

    -22%

    Xencor Inc.

    XNCR Biotechnology

    $28.69

    $46.71

    63%

    93%

    -28%

    Pacira Biosciences Inc.

    PCRX Pharmaceuticals

    $45.50

    $72.90

    60%

    80%

    -24%

    BioLife Solutions Inc.

    BLFS Chemicals

    $19.72

    $31.38

    59%

    89%

    -47%

    Customers Bancorp Inc.

    CUBI Regional Banks

    $30.00

    $47.63

    59%

    75%

    -54%

    ModivCare Inc.

    MODV Other Transportation

    $92.22

    $145.83

    58%

    100%

    -38%

    Stride Inc.

    LRN Consumer Services

    $32.56

    $51.25

    57%

    100%

    -2%

    Ranger Oil Corp. Class A

    ROCC Oil and Gas Production

    $36.98

    $58.00

    57%

    100%

    37%

    Outfront Media Inc.

    OUT Real Estate Investment Trusts

    $17.59

    $27.00

    53%

    83%

    -34%

    Walker & Dunlop Inc.

    WD Finance/ Rental/ Leasing

    $82.22

    $125.20

    52%

    100%

    -46%

    Source: FactSet

    The Dow

    Here are all 30 components of the Dow Jones Industrial Average ranked by how much analysts expect their prices to rise over the next year:

    Company

    Ticker

    Industry

    Closing price – Dec. 12

    Consensus price target

    Implied 12-month upside potential

    Share “buy” ratings

    Price change – 2022 through Dec. 12

    Salesforce Inc.

    CRM Software

    $133.11

    $195.59

    47%

    80%

    -48%

    Walt Disney Co.

    DIS Movies/ Entertainment

    $94.66

    $119.60

    26%

    82%

    -39%

    Apple Inc.

    AAPL Telecommunications Equipment

    $144.49

    $173.70

    20%

    74%

    -19%

    Verizon Communications Inc.

    VZ Telecommunications

    $37.95

    $44.60

    18%

    21%

    -27%

    Visa Inc. Class A

    V Misc.s Commercial Services

    $214.59

    $249.33

    16%

    86%

    -1%

    Microsoft Corp.

    MSFT Software

    $252.51

    $293.06

    16%

    91%

    -25%

    Chevron Corp.

    CVX Integrated Oil

    $169.75

    $191.20

    13%

    54%

    45%

    Cisco Systems Inc.

    CSCO Information Technology Services

    $49.30

    $53.76

    9%

    44%

    -22%

    UnitedHealth Group Inc.

    UNH Managed Health Care

    $545.86

    $593.30

    9%

    85%

    9%

    Goldman Sachs Group Inc.

    GS Investment Banks/ Brokers

    $363.18

    $392.63

    8%

    59%

    -5%

    Walmart Inc.

    WMT Specialty Stores

    $148.02

    $159.86

    8%

    72%

    2%

    JPMorgan Chase & Co.

    JPM Banks

    $134.21

    $143.84

    7%

    59%

    -15%

    Home Depot Inc.

    HD Home Improvement Chains

    $327.98

    $346.61

    6%

    61%

    -21%

    American Express Co.

    AXP Finance/ Rental/ Leasing

    $157.31

    $164.57

    5%

    43%

    -4%

    McDonald’s Corp.

    MCD Restaurants

    $276.62

    $288.67

    4%

    72%

    3%

    Johnson & Johnson

    JNJ Pharmaceuticals

    $177.84

    $185.35

    4%

    36%

    4%

    Coca-Cola Co.

    KO Beverages: Non-Alcoholic

    $63.97

    $66.62

    4%

    73%

    8%

    Boeing Co.

    BA Aerospace and Defense

    $186.27

    $192.69

    3%

    77%

    -7%

    Intel Corp.

    INTC Semiconductors

    $28.69

    $29.54

    3%

    13%

    -44%

    Walgreens Boots Alliance Inc.

    WBA Drugstore Chains

    $41.06

    $42.24

    3%

    17%

    -21%

    Merck & Co. Inc.

    MRK Pharmaceuticals

    $108.97

    $110.62

    2%

    65%

    42%

    Caterpillar Inc.

    CAT Trucks/ Construction/ Farm Machinery

    $233.06

    $236.23

    1%

    41%

    13%

    Honeywell International Inc.

    HON Aerospace and Defense

    $214.50

    $217.35

    1%

    54%

    3%

    Nike Inc. Class B

    NKE Apparel/ Footwear

    $112.07

    $112.58

    0%

    64%

    -33%

    3M Co.

    MMM Industrial Conglomerates

    $126.85

    $127.30

    0%

    5%

    -29%

    Procter & Gamble Co.

    PG Household/ Personal Care

    $152.47

    $150.22

    -1%

    59%

    -7%

    Travelers Companies Inc.

    TRV Multi-Line Insurance

    $187.11

    $184.24

    -2%

    18%

    20%

    Amgen Inc.

    AMGN Biotechnology

    $276.78

    $264.79

    -4%

    24%

    23%

    Dow Inc.

    DOW Chemicals

    $51.11

    $48.73

    -5%

    15%

    -10%

    International Business Machines Corp.

    IBM Information Technology Services

    $149.21

    $140.29

    -6%

    33%

    12%

    Source: FactSet

    Don’t miss: 10 Dividend Aristocrat stocks expected by analysts to rise up to 54% in 2023

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  • Gas supply at center of new US-UK energy pact

    Gas supply at center of new US-UK energy pact

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    U.S. gas companies will be urged to up their exports to Europe via the U.K. under a new transatlantic energy partnership agreed by Rishi Sunak and Joe Biden.

    The new “U.K.-U.S. Energy Security and Affordability Partnership” announced Wednesday includes a commitment from the White House to “strive to export at least 9-10 billion cubic metres of liquefied natural gas (LNG) over the next year via U.K. terminals,” No. 10 Downing Street said. The aspiration includes both gas for U.K. consumption and gas that might be re-exported to mainland Europe via pipeline. 

    The U.K. has three LNG terminals — two in Milford Haven, Wales and one in Medway, Kent — and has become a major hub for LNG supplies to Europe from the U.S.; a vital lifeline as the Continent has sought to replace Russian pipeline gas since Moscow’s invasion of Ukraine.

    The new partnership between the U.S. and the U.K. mirrors in many ways an existing U.S.-EU task force that also focuses on energy security. It will be led by a “joint action group” consisting of senior White House and U.K. government officials, Downing Street said, with the first virtual meeting to be held on Thursday.

    Alongside helping to guarantee U.K. and EU gas supply, it will work on global investment in clean energy and efficiency, plus the promotion of nuclear energy, including small modular reactors, in third countries. British Prime Minister Sunak and U.S. President Biden discussed the partnership at the G20 summit in Indonesia last month.

    “This partnership will bring down prices for British consumers and help end Europe’s dependence on Russian energy once and for all,” Sunak said. “Together the U.K. and U.S. will ensure the global price of energy and the security of our national supply can never again be manipulated by the whims of a failing regime. We have the natural resources, industry and innovative thinking we need to create a better, freer system and accelerate the clean energy transition.”

    The LNG commitment will be dependent on U.S. gas exporting companies. As is the case with its task force with the EU, the U.S. government will likely play the role of encouraging companies to direct their cargoes to the U.K.

    The two sides will “proactively identify and resolve any issues faced by exporters and importers,” Downing Street said, adding: “We will look to identify opportunities to support commercial contracts that increase security of supply.”

    Adam Bell, a former U.K. government energy official and now head of policy at the Stonehaven consultancy, said there was a “diplomatic upside” to the U.K. facilitating gas flows to the EU: “Especially this winter when we’ll want pipes to flow the other way; Europe has the stores that we don’t.” The U.K. would also benefit from shipping charges as the gas passes through its network, Bell added.

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    Charlie Cooper

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  • ChargePoint Results Fall Short. Guidance Is Saving the Stock.

    ChargePoint Results Fall Short. Guidance Is Saving the Stock.

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    Shares of EV charging company


    ChargePoint


    have been caught in the sell off that’s hammered small-capitalization stocks that don’t produce earnings or generate free cash flow, yet. Investors hoped that third-quarter earnings could turn sentiment around, but some concerns linger.



    ChargePoint


    (ticker: CHPT), on Thursday afternoon, reported a per-share loss of 25 cents from $125 million in sales. Wall Street was looking for a loss of 20 cents per share on sales of $132.3 million.

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  • Senate passes bill to prevent rail strike, rejects measure providing paid sick leave

    Senate passes bill to prevent rail strike, rejects measure providing paid sick leave

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    The U.S. Senate on Thursday voted 80-15 in favor of a bill that would prevent a rail strike by imposing a deal on freight-rail workers, after rejecting a separate House-passed measure that would require rail companies to provide those workers with seven days of paid sick leave per year.

    The vote for the bill imposing a deal keeps Washington on track to block a strike, as the House of Representatives passed it Wednesday. President Joe Biden is expected to sign the legislation into law given that he called on Monday for Congress to act.

    Business groups have been warning that even a short-term strike would have a tremendous impact and cause economic pain.

    The deal that would be imposed on rail employees includes a 24% increase in wages from 2020 through 2024, but workers have remained concerned about a lack of paid sick time.

    In the vote on sick leave, there were 52 senators in favor, while 43 were opposed, and 60 votes for it were needed. A half dozen Republican senators were in favor, while Sen. Joe Manchin of West Virginia was the only Democrat in opposition.

    “While I am sympathetic to the concerns union members have raised, I do not believe it is the role of Congress to renegotiate a collective bargaining agreement that has already been negotiated,” Manchin said in a statement

    Earlier Thursday, the Senate also voted against an amendment from Republican senators that aimed to deliver a cooling-off period so talks between rail companies and their workers could continue.

    Railroad operators’ stocks finished with gains Tuesday as traders reacted to Washington’s moves to prevent a strike, but Norfolk Southern Corp.
    NSC,
    -0.05%
    ,
     CSX Corp. 
    CSX,
    -0.03%

    and Union Pacific Corp.
    UNP,
    -0.69%

    all lost ground Thursday as the broad market
    SPX,
    -0.09%

    DJIA,
    -0.56%

    closed mostly lower.

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  • ‘A rail shutdown would devastate our economy’: Biden urges Congress to head off potential strike

    ‘A rail shutdown would devastate our economy’: Biden urges Congress to head off potential strike

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    OMAHA, Neb. — President Joe Biden on Monday asked Congress to intervene and block a railroad strike before next month’s deadline in the stalled contract talks, following pressure by business groups on the stalled negotiations.

    “Let me be clear: a rail shutdown would devastate our economy,” Biden said in a statement. “Without freight rail, many U.S. industries would shut down.”

    Congress has the power to impose contract terms on the workers, but it’s not clear what lawmakers might include if they do. They could also force the negotiations to continue into the new year.

    Both the unions and railroads have been lobbying Congress while contract talks continue. Four rail unions that represent more than half of the 115,000 workers in the industry have rejected the deals that Biden helped broker before the original strike deadline in September and are back at the table trying to work out new agreements. Eight other unions have approved their five-year deals with the railroads and are in the process of getting back pay for their workers for the 24% raises that are retroactive to 2020.

    Biden said that as a “a proud pro-labor president” he was reluctant to override the views of people who voted against the agreement. “But in this case — where the economic impact of a shutdown would hurt millions of other working people and families — I believe Congress must use its powers to adopt this deal.”

    Biden’s remarks came after a coalition of more than 400 business groups sent a letter to congressional leaders Monday urging them to step into the stalled talks because of fears about the devastating potential impact of a strike that could force many businesses to shut down if they can’t get the rail deliveries they need. Commuter railroads and Amtrak would also be affected in a strike because many of them use tracks owned by the freight railroads.

    The business groups led by the U.S. Chamber of Commerce, National Association of Manufacturers and National Retail Federation said even a short-term strike would have a tremendous impact and the economic pain would start to be felt even before the Dec. 9 strike deadline. They said the railroads would stop hauling hazardous chemicals, fertilizers and perishable goods up to a week beforehand to keep those products from being stranded somewhere along the tracks.

    “A potential rail strike only adds to the headwinds facing the U.S. economy,” the businesses wrote. “A rail stoppage would immediately lead to supply shortages and higher prices. The cessation of Amtrak and commuter rail services would disrupt up to 7 million travelers a day. Many businesses would see their sales disrupted right in the middle of the critical holiday shopping season.”

    A similar group of businesses sent another letter to Biden last month urging him to play a more active role in resolving the contract dispute.

    On Monday, the Association of American Railroads trade group praised Biden’s action.

    “No one benefits from a rail work stoppage — not our customers, not rail employees and not the American economy,” said AAR President and CEO Ian Jefferies. “Now is the appropriate time for Congress to pass legislation to implement the agreements already ratified by eight of the twelve unions.”

    Congressional leaders and the White House have said they are monitoring the contract talks closely but haven’t indicated when they might act or what they will do. House Majority Leader Steny Hoyer, D-Md., said leaders are aware of the situation with the rail negotiations and will monitor the talks in the coming days.

    Rep. Brian Fitzpatrick, R-Pa., said on “Fox News Sunday” that congressional intervention is a last resort but that lawmakers will have to be ready to act.

    “Congress will not let this strike happen. That’s for sure,” said Fitzpatrick, who helps lead a bipartisan group of 58 lawmakers. “It would be devastating to our economy. So, we’ll get to a resolution one way or another.”

    “It certainly could end up in Congress’ lap, which is why we are headed to D.C. this week to meet with lawmakers on the Hill from both parties,” said Clark Ballew, a spokesman for the Brotherhood of Maintenance of Way Employes Division, which represents track maintenance workers. “We have instructed our members to contact their federal lawmakers in the House and Senate for several weeks now.”

    The unions have asked the railroads to consider adding paid sick time to what they already offered to address some of workers’ quality of life concerns. But so far, the railroads, which include Union Pacific
    UNP,
    -2.25%
    ,
    Berkshire Hathaway’s
    BRK.B,
    -1.31%

    BNSF, Norfolk Southern
    NSC,
    -1.49%
    ,
    CSX
    CSX,
    -1.00%

    and Canadian Pacific’s
    CP,
    -1.26%

    Kansas City Southern, have refused to consider that.

    The railroads want any deal to closely follow the recommendations a special board of arbitrators that Biden appointed made this summer that called for the 24% raises and $5,000 in bonuses but didn’t resolve workers’ concerns about demanding schedules that make it hard to take a day off and other working conditions.

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  • UK lecturers, teachers join postal workers in strikes

    UK lecturers, teachers join postal workers in strikes

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    LONDON — Thousands of postal workers, university lecturers and schoolteachers in the U.K. were going on strike on Thursday to demand better pay and working conditions amid the country’s cost-of-living crisis.

    Picket lines will be set up outside postal offices, universities and schools in one of the biggest co-ordinated walkouts this year.

    Britons have faced travel misery and overflowing garbage bins in recent months as unions representing multiple industries launched successive strikes. Lawyers, nurses, posties and many others have walked out of their jobs to seek pay rises that match soaring inflation. Domestic energy bills and food costs have skyrocketed this year, driving inflation to a 41-year high of 11.1% in October.

    In Scotland, most schools will close Thursday as teachers there take the first large-scale strike action in decades.

    In universities, some 70,000 academic staff will strike on Thursday and again on Nov. 30 in the biggest action of its kind in higher education. The action will affect an estimated 2.5 million students.

    Meanwhile, workers at the Royal Mail will walk out on Thursday and again on Black Friday and Christmas Eve.

    The latest walkouts come after the Rail, Maritime and Transport union announced Tuesday that more than 40,000 rail workers will stage fresh strikes in December and January, disrupting travel for scores of people during the busy festive season. The union said members will walk out for four days from Dec. 13 and in the first week of January.

    Pubs, bars and other hospitality businesses have expressed dismay at the latest train strike announcement.

    “Continued rail strikes have had a huge impact on our hospitality sector; preventing staff from making it into work and disrupting consumers’ plans, meaning a huge drop in sales for venues across the sector,” said Kate Nicholls, chief executive for the UKHospitality trade body.

    “Further strikes during the busiest time of the year for hospitality will be devastating, just as everyone was anticipating an uninterrupted Christmas period for the first time in three years,” she added.

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  • Oil Could Rise After Latest EU Sanctions on Russia. Why a Rally May Not Last.

    Oil Could Rise After Latest EU Sanctions on Russia. Why a Rally May Not Last.

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    The European Union’s ban on seaborne imports of Russian oil, along with the Group of Seven’s plan to cap prices of oil from Russia early next month won’t guarantee that prices for the commodity will see a lasting rally, or that supplies will tighten further in the days ahead.

    “In isolation, the sanctions on Russia should be bullish for prices,” says Matt Smith, lead oil analyst, Americas, at Kpler. However, they may have a limited effect, as Russian barrels get “rerouted and not taken off the market,” while a price cap still has so much uncertainty surrounding it that its impact may be “muted due to workarounds or may simply be ineffective.”

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  • US Merchant Marine Academy gets 1st female superintendent

    US Merchant Marine Academy gets 1st female superintendent

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    KINGS POINT, N.Y. — The U.S. Merchant Marine Academy’s next superintendent will be the first woman appointed to the position in the institution’s nearly 80-year history, the U.S. Transportation Department announced Saturday.

    Retired U.S. Coast Guard Rear Admiral Joanna Nunan will take the helm at the 1,000-person academy on New York’s Long Island in a few weeks, the department said. She succeeds Jack Buono, who resigned in June.

    Transportation Secretary Pete Buttigieg said Nunan is “the right leader at the right time” for the Merchant Marine Academy, which has been racked by sexual misconduct allegations in recent years.

    “Her years of experience as a senior military leader — including command at sea — have prepared Rear Admiral Nunan to shape the future of the (academy) and help ensure the safety and success of its extraordinary midshipmen,” Buttigieg said.

    Last year, the academy suspended its Sea Year program — which sends cadets to work on container ships, oil tankers, passenger liners and other vessels — for the second time since 2016 after a cadet said a cargo ship supervisor got her drunk and raped her.

    In December 2020, the Transportation Department agreed to pay $1.4 million to settle a lawsuit brought by a cadet who alleged he was hazed and sexually assaulted by his academy soccer teammates.

    Nunan, a Bridgeport, Connecticut native, retired this year as the Coast Guard’s Deputy for Personnel Readiness. She graduated from the Coast Guard Academy in New London, Connecticut, in 1987. She has an MBA from Rensselaer Polytechnic Institute and three Coast Guard merchant mariner licenses.

    Nunan spent nine years at sea, commanded two buoy tenders and was the commander of the Ninth Coast Guard District on the Great Lakes and Coast Guard Sector Honolulu.

    She served as military advisor to Homeland Security Secretary Jeh Johnson and military assistant to Transportation Secretary Norman Mineta and was later the Coast Guard’s Assistant Commandant for Human Resources.

    As the Coast Guard’s Deputy for Personnel Readiness, Nunan supervised the Coast Guard Academy and served on its board of trustees. She has also been a member of the Coast Guard’s Sexual Assault Prevention, Response, and Recovery Committee.

    The Merchant Marine Academy trains graduates to work in the commercial shipping industry. It is one of five military service academies, and the only one under the direction of the Department of Transportation.

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  • Ahead of Xi meeting, Biden calls out China

    Ahead of Xi meeting, Biden calls out China

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    PHNOM PENH, Cambodia — U.S. President Joe Biden offered a full-throated American commitment to the nations of Southeast Asia on Saturday, pledging at a Cambodia summit to help stand against China’s growing dominance in the region — without mentioning the other superpower by name.

    Chinese President Xi Jinping wasn’t in the room at the Association of Southeast Asian Nations, or ASEAN, summit in Phnom Penh. But Xi hovered over the proceedings just two days before he and Biden are set to have their highly anticipated first face-to-face meeting at the G20 summit in Indonesia.

    The Biden White House has declared Xi’s nation its greatest economic and military rival of the next century and while the president never called out China directly, his message was squarely aimed at Beijing.

    “Together we will tackle the biggest issues of our time, from climate to health security to defend against significant threats to rules-based order and to threats against the rule of law,” Biden said. “We’ll build an Indo-Pacific that is free and open, stable and prosperous, resilient and secure.”

    The U.S. has long derided China’s violation of the international rules-based order — from trade to shipping to intellectual property — and Biden tried to emphasize his administration’s solidarity with a region American has too often overlooked.

    His work in Phnom Penh was meant to set a framework for his meeting with Xi — his first face-to-face with the Chinese leader since taking office — which is to be held Monday at the G20 summit of the world’s richest economies, this year being held in Indonesia on the island of Bali.

    Much of Biden’s agenda at ASEAN was to demonstrate resistance to Beijing.

    He was to push for better freedom of navigation on the South China Sea, where the U.S. believes the nations can fly and sail wherever international law allows. The U.S. had declared that China’s resistance to that freedom challenges the world’s rules-based order.

    Moreover, in an effort to crack down on unregulated fishing by China, the U.S. began an effort to use radio frequencies from commercial satellites to better track so-called dark shipping and illegal fishing. Biden also pledged to help the area’s infrastructure initiative — meant as a counter to China’s Belt and Road program — as well as to lead a regional response to the ongoing violence in Myanmar.

    But it is the Xi meeting that will be the main event for Biden’s week abroad, which comes right after his party showed surprising strength in the U.S. midterm elections, emboldening the president as he headed overseas. Biden will circumnavigate the globe, having made his first stop at a major climate conference in Egypt before arriving in Cambodia for a pair of weekend summits before going on to Indonesia.

    There has been skepticism among Asian states as to American commitment to the region over the last two decades. Former President Barack Obama took office with the much-ballyhooed declaration that the U.S. would “pivot to Asia,” but his administration was sidetracked by growing involvements in Middle Eastern wars.

    Donald Trump conducted a more inward-looking foreign policy and spent much of his time in office trying to broker a better trade deal with China, all the while praising Xi’s authoritarian instincts. Declaring China the United States’ biggest rival, Biden again tried to focus on Beijing but has had to devote an extraordinary amount of resources to helping Ukraine fend off Russia’s invasion.

    But this week is meant to refocus America on Asia — just as China, taking advantage of the vacuum left by America’s inattention, has continued to wield its power over the region.

    Biden declared that the ten nations that make up ASEAN are “the heart of my administration’s Indo-Pacific strategy” and that his time in office — which included hosting the leaders in Washington earlier this year — begins “a new era in our cooperation.” He did, though, mistakenly identify the host country as “Colombia” while offering thanks at the beginning of his speech.

    “We will build a better future, a better future we all say we want to see,” Biden said.

    Biden was only the second U.S. president to set foot in Cambodia, after Obama visited in 2012. And like Obama did then, the president on Saturday made no public remarks about Cambodia’s dark history or the United States’ role in the nation’s tortured past.

    In the 1970s, President Richard Nixon authorized a secret carpet-bombing campaign in Cambodia to cut off North Vietnam’s move toward South Vietnam. The U.S. also backed a coup that led, in part, to the rise of Pol Pot and the Khmer Rouge, a bloodthirsty guerrilla group that went on to orchestrate a genocide that resulted in the deaths of more than 1.5 million people between 1975 and 1979.

    One of the regime’s infamous Killing Fields, where nearly 20,000 Cambodians were executed and thrown in mass graves, lies just a few miles outside the center of Phnom Penh. There, a memorial featuring thousands of skulls sits as a vivid reminder of the atrocities committed just a few generations ago. White House aides said that Biden had no scheduled plans to visit.

    As is customary, Biden met with the host country’s leader at the start of the summit. Prime Minister Hun Sen, a former Khmer Rouge commander, has ruled Cambodia for decades with next to no tolerance for dissent. Opposition leaders have been jailed and killed, and his administration has been accused of widespread corruption, according to human rights groups.

    Jake Sullivan, Biden’s national security adviser, said Biden would “engage across the board in service of America’s interests and to advance America’s strategic position and our values.” He said Biden was meeting with Hun Sen because he was the leader of the host country. 

    U.S. officials said Biden urged the Cambodian leader to make a greater commitment to democracy and “reopen civic and political space” ahead of the country’s next elections.

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    Jonathan Lemire

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  • Sier Capital Partners Makes Growth Investment Into US Electric

    Sier Capital Partners Makes Growth Investment Into US Electric

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    Sier Capital Partners is excited to announce it is supporting the management team and operating partner, Chris Tarrach, with a strategic investment in the company.

    Press Release


    Nov 8, 2022 10:00 EST

    US Electric is a leading provider of electric repair & maintenance services for marine vessels. The investment was made by an affiliate of Sier Capital Partners and supported by MVB Bank.

    US Electric is headquartered in Seattle, WA, and plays a central role in providing customized electrical solutions to cargo, fishing, passenger, navy, cruise ships, and other vessels. The Company acts as a full-service partner for its customers, helping to build custom switch boards and other electrical infrastructure to keep ships in motion. Given the high opportunity cost of commercial vessels lying idle in harbor due to electrical concerns, US Electric acts as a key partner for its customers in providing parts and service. The Company also provides customers immediate services in the event of an emergency, dispatching trained crews to the ship’s location. In the specialized industry of marine electrical solutions US Electric brings a hands-on team with deep experience in the field.

    Chris Tarrach, CEO of US Electric remarked, “In an increasingly globalized environment that continues to suffer from supply shocks, US Electric’s offerings are more crucial to a highly-functioning American economy than ever. The cargo vessels that US Electric keeps moving on key Pacific routes are a crucial part of keeping shelves stocked at home. The fishing vessels provide fish for millions of dinner tables. I’m excited to lead this organization, which has a stellar industry reputation, and to continue to grow the reach of its services. The partnership between US Electric and Sier Capital enables the business to invest on a new level in the resources our clients most need.”

    Kevin Ramsier, Managing Partner of Sier Capital Partners, commented, “US Electric is a rare business with incredible people. Their passion for their electric work comes from the kind of early curiosity that makes people really great at what they do. Taking that engineering mindset, knowing how every wire connects and its role in the system, is a huge part of what makes the company so effective. Beyond that, their dedication to build a culture of hard work, and customer centric decision making has made US Electric such an impressive business. We are thrilled to partner with them.”

    About US Electric (https://uselectric.com):

    US Electric provides comprehensive electric repair, and maintenance services to marine vessels, with an emphasis on work along the West coast. The Company acts as a mission critical support provider for its customers, with high quality parts and inventory on hand, reducing or eliminating wait times for customers. The Company also provides preventative maintenance services to its customers, which can help ships prepare in advance for the strains of constant ocean voyages, saving times & money in the long run.

    For more information about US Electric or Sier Capital Partners, contact Adam Altus.

    Source: Sier Capital Partners

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  • Germany may block sale of chip factory to Chinese-owned firm

    Germany may block sale of chip factory to Chinese-owned firm

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    BERLIN — The German government may decide this week to block the sale of a chip factory to a Swedish subsidiary of a Chinese company, following a recent compromise over a Chinese shipping firm’s investment in a German container terminal.

    German company Elmos said late Monday that it was informed by the Economy Ministry that the sale of its factory in Dortmund to Silex Microsystems AB “will most likely be prohibited in the upcoming cabinet session.” The ministry previously “had indicated to the parties that the transaction most likely will be approved,” Elmos added.

    Silex is owned by Sai Microelectronics of China, according to German media. The planned 85 million-euro (dollar) sale was announced in December.

    The change comes as Germany struggles with the extent it should allow Chinese companies to invest in Europe’s biggest economy.

    The Cabinet, which will hold its weekly meeting Wednesday, reached a compromise late last month after officials argued over whether to allow China’s COSCO to take a 35% stake in a container terminal at the Hamburg port.

    Members of two junior parties in the governing coalition opposed that deal while Chancellor Olaf Scholz, a former Hamburg mayor, downplayed its significance.

    COSCO was cleared to take a stake below 25%, with a threshold above that allowing an investor can block a company’s decisions.

    Scholz traveled to Beijing last week, becoming the first leader from the Group of Seven leading industrialized nations to meet President Xi Jinping since the start of the COVID-19 pandemic. The visit, coming shortly after Xi further cemented his authoritarian rule at home, drew some criticism at home.

    Scholz is encouraging companies to diversify but not discouraging business with China. He said before the trip that “we don’t want decoupling from China” but that “we will reduce one-sided dependencies in the spirit of smart diversification.”

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  • Russia says it will rejoin Black Sea grain deal

    Russia says it will rejoin Black Sea grain deal

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    Russia will resume its cooperation with a diplomatic agreement brokered by Turkey and the United Nations to facilitate the export of Ukrainian foodstuffs, its defense ministry said Wednesday.

    The U-turn came after talks on Tuesday between Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdoğan.

    Moscow on Saturday suspended its involvement in the agreement that has allowed Ukraine to ship some 10 million tons of foodstuffs onto the world market, helping to allay a global food affordability crisis.

    “The Russian Federation believes that the guarantees received at this time are adequate and resumes implementation of the agreement,” Russia’s defense ministry said on Telegram.

    The statement makes clear that Russia wanted guarantees Ukraine would not use the corridor to launch attacks on its navy, and it alleges that this is what happened in the drone strike against its fleet at the Black Sea port of Sevastopol in Crimea last weekend.

    Ukraine has rejected that and the U.N. has said no ships were traveling through the corridor at the time the attack took place.

    Erdoğan also said that Russia would resume cooperation, having held talks with Putin, according to Reuters. Erdoğan added that shipments would now flow Wednesday, despite a previous plan not to transport any food until Thursday.

    Amir Mahmoud Abdulla, the U.N. coordinator of the Black Sea grain initiative, said he welcomed Russia’s decision to return to the deal. “Grateful for the Turkish facilitation. Looking forward to working again with all parties in the Initiative,” he tweeted.

    Even though Russia had said it could no longer guarantee the security of the corridor, Turkey, the U.N. and Ukraine kept the deal working Monday and Tuesday, merely informing Russia of their operations.

    The deal, signed by the four sides in Istanbul in July, will need to be renewed around November 19. Ukraine, the U.N. and Turkey have been pressing for a much longer extension, while Russia has wanted to improve the situation for its own food and fertilizer exports.

    Wilhelmine Preussen contributed reporting.

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  • U.S. manufacturing barely expands in October, ISM says

    U.S. manufacturing barely expands in October, ISM says

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    The numbers: A closely-watched index that measures U.S. manufacturing activity fell 0.7 percentage points to 50.2 in October, according to the Institute for Supply Management on Tuesday.

    Economists surveyed by the Wall Street Journal had forecast the index to inch down to 50. Any number below 50% reflects a shrinking economy.

    It is the lowest level since May 2020.

    Key details: The index for new orders remained in contraction territory, rising 2.1 points to 47.1. The production index rose 1.7 points to 52.3.

    The employment index rose 1.3 points to 50 in October.

    Supplier deliveries fell 5.6 points to 46.8 in October. This is the first time that deliveries were in a “faster” territory since February 2016.

    The price index dropped 5.1 points to 46.6., also the lowest reading since the pandemic. Pricing power is shifting back to the buyer, the ISM said.

    Only 8 of the 18 manufacturing industries reported growth in October.

    Big picture: Manufacturing has been slowing recently led by softening business spending and fading demand for consumer goods. Economists think it is inevitable the index slips below the 50 threshold.

    In a separate data, the S&P global U.S. manufacturing PMI inched up to 50.4 in its “final” reading in October from the “flash” reading of 49.9. This is down from a reading of 52 in September.

    What ISM said: Manufacturing is slowing down and could soon enter contraction territory, but that doesn’t mean there will be a recession in the U.S., said Timothy Fiore, chair of the ISM factory business survey.

    “I don’t see a collapse of new orders. I don’t see a collapse of the PMI,” Fiore said.

    Looking ahead: “Recession jitters among manufacturers won’t disappear any time soon…manufacturing will endure more pain as demand weakens at home and abroad while prices stay high and interest rates remain fairly elevated,” said Oren Klachkin, economist at Oxford Economics.

    Market reaction: Stocks
    DJIA,
    -0.24%

    SPX,
    -0.41%

    were lower after the economic data. The yield on the 10-year Treasury note
    TMUBMUSD10Y,
    4.053%

    moved back above 4%.

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  • Will Russia’s withdrawal from Ukraine grain deal worsen hunger?

    Will Russia’s withdrawal from Ukraine grain deal worsen hunger?

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    Video Duration 25 minutes 00 seconds

    From: Inside Story

    Moscow is accused of blackmail after suspending its participation in a grain export agreement.

    The United Nations and Turkey are working to salvage a deal to export Russian and Ukrainian grain through the Black Sea.

    The agreement in July was seen as a rare diplomatic breakthrough between Moscow and Kyiv.

    Russia has suspended its involvement, blaming drone attacks on its Black Sea fleet in Crimea for the decision.

    Ukraine’s president says Russia is blackmailing the world with hunger.

    The two nations were major suppliers of wheat, barley, corn and sunflower oil to lower- and middle-income nations before the war.

    So will the countries that depend on the shipments find enough food to eat?

    Presenter: Sohail Rahman

    Guests:

    Andrey Baklanov – Former Russian ambassador to Saudi Arabia

    Steve Mathews – Senior VP of Financial Services, Gro Intelligence

    Masha Belikova – Grain news and price reporter, Fastmarkets AgriCensus

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  • Russia suspends Ukraine grain export deal after attack on Crimea

    Russia suspends Ukraine grain export deal after attack on Crimea

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    The Russian government said it suspended indefinitely a months-old deal allowing grain shipments to leave Ukraine’s ports, citing an attack on a base in occupied Crimea as the reason.

    According to a statement issued Saturday by Russia’s foreign ministry, Moscow “suspends participation” for an “indefinite period” in a deal brokered by the U.N. to make sure agricultural products made in Ukraine can reach global markets.

    The deal is considered critical to global food security given Ukraine’s role as a major producer of grain, which is then normally shipped via the Black Sea to markets worldwide, especially in Africa and the Middle East.

    “The Russian side cannot guarantee the safety of civilian dry cargo ships,” the foreign ministry said, citing an alleged drone attack by Ukraine on the port at Sevastopol in Crimea in the early hours of Saturday morning.

    Ukrainian Foreign Minister Dmytro Kuleba said in a tweet that Moscow was using a “false pretext to block the grain corridor.”  

    The Russian ministry statement repeated claims made earlier in the day that British experts had supported Ukraine in the attack on Crimea, with Moscow also accusing U.K. forces of being behind explosions that critically damaged the Nord Stream gas pipeline without providing supporting evidence. London denied the claims.

    Ukrainian President Volodymyr Zelenskyy’s chief of staff, Andriy Yermak, accused Russia of “blackmail” and “fictitious terror attacks.”

    The export deal, dubbed the Black Sea Grain Initiative, was supposed to run until November 19 when all sides would have needed to agree to extend it. The agreement enabled Ukraine to restart exports of grain and fertilizer via the Black Sea, which had been stalled when Russia invaded the country in late February.

    Since the U.N.-backed grain deal was signed in Turkey on July 22, several million tons of wheat, corn, sunflower products and other grains have been shipped out of Ukraine.

    The U.N. said it was “in touch with the Russian authorities” regarding the suspension of the agreement. 

    “It is vital that all parties refrain from any action that would imperil the Black Sea Grain Initiative which is a critical humanitarian effort,” Stéphane Dujarric, spokesman for U.N. Secretary-General António Guterres, said in a statement.

    Nahal Toosi contributed reporting from Washington.

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    Joshua Posaner

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  • Allies blast Scholz over Chinese investment in German port

    Allies blast Scholz over Chinese investment in German port

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    BERLIN — Lawmakers from two of Germany’s governing parties on Thursday slammed plans for Chinese shipping company Cosco to take a major stake in the operator of the country’s biggest container terminal, warning that they pose a national security risk.

    Public broadcaster NDR reported that Chancellor Olaf Scholz has asked officials to find a compromise that would allow the investment to happen, after several ministries initially rejected it on the grounds that Cosco, already the port’s biggest customer, could get too much leverage.

    Neither the ministries nor Scholz’s office immediately responded to requests for comment. But lawmakers from the Green party and the Free Democrats, which formed a coalition last year with Scholz’ Social Democrats, criticized the plan.

    “Our critical infrastructure must not become a plaything for the geopolitical interests of others,” Green party lawmaker Marcel Emmerich said. Citing a past government decision by one of Scholz’s fellow Social Democrats to let Russia buy German natural gas storage facilities, he accused the chancellor of wanting to “flog off parts of the port of Hamburg to China, whatever it takes.”

    The pro-business Free Democrats likewise expressed opposition to the deal.

    “The Chinese Communist Party must not have access to our country’s critical infrastructure,” the party’s general secretary, Bijan Djir-Sarai, told German news agency dpa. “That would be a mistake and a risk.”

    “China is an importing trading partner but also a systemic rival,” he was quoted as saying. “We should act accordingly.”

    Another Free Democrat lawmaker, Reinhard Houben, told news portal t-online that the chancellery should respect the decision by six ministries opposing the sale.

    The government dispute over Germany’s stance toward Chinese investments comes days after Foreign Minister Annalena Baerbock said Berlin must avoid repeating with China the mistakes it made with Russia over recent years, leading to a dependence on Russian energy imports.

    German intelligence agencies also warned this week of China’s rising might and how it could become a risk for Germany, particularly because of the strong economic and scientific ties between the two countries.

    In a hearing with lawmakers, the head of Germany’s domestic intelligence agency, Thomas Haldenwang, made a comparison with the current geopolitical turmoil over the war in Ukraine, saying that “Russia is the storm, China is climate change.”

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