This is an amazing biotech with multiple drugs in pivotal trials. The U.S. Food and Drug Administration (FDA) has named this drug a breakthrough therapy in two indications: major depressive disorder and agitation caused by Alzheimer's Disease. Axsome is prepping its new drug application (NDA) right now for AXS-05 to treat major depressive disorder.
Australia's Fortescue Metals Group has apologised to an Aboriginal group for clearing land on a heritage site while flouting a government condition for representatives of the community to be present when the damage took place. It is the week's second such incident, despite pressure on Australian iron ore miners to show they have improved practices to manage important sites after Rio Tinto destroyed two sacred rock shelters for a mine expansion last May. Fortescue had state government permission to clear the land in the Weelamurra Creek area registered as sacred to the Wintawari Guruma people, on condition that community elders were present to perform salvage and cultural rites, four documents reviewed by Reuters showed.
The Indian stock market will surge over the coming year to record highs on solid economic recovery expectations, according to equity strategists polled by Reuters, who said a correction was also likely within the next six months. A well-received union budget and a strong recovery in corporate earnings boosted the benchmark BSE Sensex Index to an all-time high of 52,516.76 on Feb. 16. Still, the Feb. 12-23 Reuters poll of 34 equity strategists predicted the Sensex index would rise nearly 3.2% to 52,400 by mid-2021 from Wednesday's close of 50,781.69, but below the all-time record high.
- Motley Fool
ExxonMobil (NYSE: XOM) announced today that it has agreed to sell most of its non-operated upstream oil and gas assets in the U.K.'s central and northern North Sea to NEO Energy. The sale includes stakes in 14 producing oil fields in the North Sea and interests in the associated infrastructure. Shell (NYSE: RDS.A)(NYSE: RDS.B) operates most of these properties, while Total (NYSE: TOT) is the operator of one field.
- Motley Fool
Shares of MicroStrategy (NASDAQ: MSTR) went up today because the price of Bitcoin (CRYPTO: BTC) starting recovering from yesterday's plunge. Recently, MicroStrategy offered $1 billion in convertible notes with the express purpose of buying more Bitcoin tokens. MicroStrategy's average price for its Bitcoin tokens is now $23,985 each.
- FX Empire
Essentially, Powell appeared to be trying to sound supportive for economic growth while downplaying the potential impact of higher inflation.
(Bloomberg) -- The European Central Bank has a close eye on financial markets because a sudden rise in real interest rates could pull the rug out from under the economic recovery, Executive Board Member Isabel Schnabel said.“We will ensure that there is no unwarranted tightening of financing conditions,” she told LETA in an interview published Thursday. “A too abrupt increase in real interest rates on the back of improving global growth prospects could jeopardize the economic recovery. Therefore, we are monitoring financial market developments closely.”Schnabel’s remarks come just days after ECB President Christine Lagarde said officials were “closely monitoring” nominal bond yields.After injecting trillions into global markets to combat the coronavirus crisis, central bank policy makers ins major economies are now looking to push back against yields that may be rising too fast for ther economies.The jump is driven in part by spillovers from a faster U.S. upturn and President Joe Biden’s fiscal stimulus plans.The Bank of Korea warned it’ll intervene in the market if borrowing costs jump, Australia’s central bank has been forced to resume buying bonds to enforce its yield target and the Reserve Bank of New Zealand promised a prolonged period of stimulus even as the economic outlook there brightens.Schnabel said she’s seeing “encouraging signs” of recovery, with vaccinations improving and the global economy rebounding faster than the ECB anticipated.Although first-quarter gross domestic product is likely to be weaker than expected due to extended lockdowns, euro-area growth for this year as a whole should be in the “ballpark” of the ECB’s December forecast of 3.9%, she said.Corporate debt levels are likely to be higher as a result of the crisis and insolvencies could increase when state support measures are phased out. That could spill over into the financial sector, with a rise in non-performing loans.“Our analysis shows that euro-area banks should be able to cope with this as long as the support is not withdrawn too early and too abruptly, and as long as the overall conditions remain favorable, including the financing conditions provided by the ECB,” she said.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.
(Bloomberg) -- Chinese bondholders are gaining more power in the corporate restructuring process, underscoring a renewed push by authorities to reform the nation’s $5.2 trillion credit market.Following a slew of defaults late last year that rattled markets, disgruntled creditors have successfully pushed for borrower concessions that would have seemed out of reach in China only a year ago. They reversed a major automaker’s plan to make a profitable unit less accessible to bondholders, forced an energy producer to sweeten a debt swap offer and secured an unprecedented court ruling that required a construction company’s underwriter, rating firm and auditor to compensate individual bondholders.Although limited in scale, the cases are fueling optimism that creditors will enjoy a more equal playing field as defaults in China become more common. Now that policy makers are gradually dialing back financial support to distressed borrowers, they’re under pressure from local and international investors to make the restructuring process more fair and transparent. It’s part of a broad reform push that includes stiffer punishments for bond-market wrongdoing and a green light for non-bank institutions to form creditor committees.“As a long-time distressed asset investor in China, I can see that creditors are clearly becoming more aggressive in defense of their financial interests,” said Brock Silvers, chief investment officer of Kaiyuan Capital. “Regulators have been generally supportive as they attempt to improve the efficiency of credit markets.”As a result, many borrowers are facing hard choices as regulators turn away from bailouts and investors clamor for more rule-based, less political enforcement options, Silvers added.Read more: Why China’s Debt Defaults Are More Alarming This Time: QuickTakeHere are some of the case studies illustrating the shift:Brilliance Auto Group Holdings Co.A few days before the state-run automaker announced in mid November that it has defaulted on 6.5 billion yuan ($1 billion) of debt, its Hong Kong-listed unit that has a joint venture with BMW AG said its controlling shareholder Liaoning Xinrui Automotive Industry Development Co. will pledge its 30.4% stake as collateral for loans from an unspecified third party. Liaoning Xinrui, a wholly owned subsidiary of Brilliance Auto, took over the stake from the latter in late September, shortly after concerns about the automaker’s financial health surfacedThe share pledge announcement raised concerns that the defaulter’s profit-generating Hong Kong-listed assets might be beyond creditors’ reach in a restructuring. A bondholder meeting in late November approved proposals asking the automaker not to evade debt or dispose of assets, according to a filing to Chinabond.comIn a swift turn of events, the Hong Kong-listed unit said in December that the shares previously pledged as loan collateral by Liaoning Xinrui have been releasedCalls to Brilliance Auto’s office responsible for bond affairs went unansweredWintime Energy Co.As part of post-default restructuring, the coalminer proposed in November a debt-to-equity swap that keeps creditors from selling the shares for three years, as well as delaying repayment on another portion of its debt by 12 yearsThe proposal prompted unhappy creditors to send a letter to the court and administrator leading the firm’s restructuring, complaining about the long lock-in period attached to the swap offer, according to people familiar with the matter who aren’t authorized to speak publicly and declined to be named. In less than a month, the company sweetened the deal by making it easier for creditors to offload shares converted from debtWintime Energy’s official responsible for securities information disclosure declined to commentWuyang Construction Group Co.The Hangzhou Intermediate People’s Court ruled in late December that companies involved in the construction firm’s bond defaults in 2017, including its ratings agency, underwriter, accounting and law firms, must help pay for some individual investors’ losses. The verdict was the first of its kind in the nationCalls to Wuyang Construction’s office responsible for bond affairs went unanswered(Updates with link to story analyzing Chinese debt defaults)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.
- Motley Fool
As the public waits on a third stimulus check, some lawmakers are voicing opposition to a key portion of the bill that would allow for those payments.
Class action lawsuits contend insurers are unfairly profiting from emptier roads.
Ivanka Trump and Jared Kushner have filed their final financial disclosure forms (known as OGE 278e), covering their non-governmental income for 2020 and the first few weeks of 2021. Both give a...
- Yahoo Finance
A medical graduate who had about $440,000 in student debt saw 98% of his loans cancelled by a bankruptcy court in California, according to a recent filing.
What Happened: The largest crypto exchange in Southeast Asia, Philippines-based PDAX, experienced a technical failure that led to Bitcoin trading at $6,000 – an 88% discount to its current price. Following the incident, PDAX asked its customers to return their Bitcoins, threatening legal action, a local news outlet Bitpinas has reported. According to the exchange’s CEO, the system error was not due to a hack but a technical “glitch” caused by a massive surge in trading activity. Why It Matters: The initial outage is said to have taken place on February 18; however, since then, reports have surfaced on social media of customers being locked out of their exchange accounts and being asked to “return their Bitcoin.” “After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, or they “may” be compelled to take legal actions against me.” said one trader who believed his purchase was well within his rights without violating any laws or regulations of the trading platform. See also: How to Buy Bitcoin (BTC) Rafael Padilla, an attorney representing the affected users who are currently locked out of their accounts, commented on the issue on Facebook. “Our client’s trade transaction was legitimate under applicable laws, decided cases, and of course according to PDAX’s very own terms and conditions/user agreement.” According to Padilla, PDAX has opted to lock users out of their accounts because it cannot unilaterally reverse the transactions. An official statement from PDAX claims that 95% of accounts have been restored, but according to the report, many users are still locked out of their accounts. “It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”, said PDAX CEO Nichel Gaba in a press conference earlier today. Image: vjkombajn via Pixabay See more from BenzingaClick here for options trades from BenzingaElon Musk's Tweet About Dogecoin Sends Price Up 10% In 30 Minutes AgainMicroStrategy Buys Additional .026B Worth Of Bitcoin, Surpasses Tesla's Bitcoin Holdings© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- USA TODAY
The safety of the little-known Genesis luxury car brand was thrust into the spotlight after Tiger Woods crashed a Genesis GV80 in the L.A. area.
Microsoft Corporation (NASDAQ: MSFT) founder Bill Gates is concerned about Bitcoin’s impact on climate change. What Happened: “Bitcoin (CRYPTO: BTC) uses more electricity per transaction than any other method known to mankind,” Gates told CNBC’s Andrew Sorkin in a live-streamed Clubhouse session on Wednesday. Researchers at Cambridge have found that by consuming over 121.36 terawatt-hours (TWh) a year, BTC electricity consumption is more than the whole of Argentina. In fact, some critics have argued that when an electric car company like Tesla Inc (NASDAQ: TSLA) invested $1.5 billion in Bitcoin, it unwittingly may have undermined its environmental image. See also: How to Buy Bitcoin (BTC) Why It Matters: Gates went on to tell Sorkin that there was a more efficient way of doing digital currency that wouldn’t require such high usage of electricity. Gates seemed to hint that a digital currency might be in the works at his foundation. “There are other ways of doing digital currency that our foundation is involved with which are done in local currency,” he said. “The transactions are not secret, they’re reversible. You can’t use it for ransom or things like that, and yet the transaction fees are so low that it's empowering the poorest.” What Else: While the energy requirements to mine and produce Bitcoin are still considerably high, cryptocurrency analytics firm Arcane Research finds that Bitcoin contributes to only 2.3% of digital tech emissions. Bitcoin’s climate footprint of 37Mt CO2 is still minuscule compared to other digital industries. The total GHG emissions from digital tech are estimated to 1600Mt, with Bitcoin contributing to roughly 2.3% of the digital tech emissions. pic.twitter.com/n3hWiFfpxm — Arcane Research (@ArcaneResearch) February 16, 2021 Image: World Economic Forum via Wikicommons See more from BenzingaClick here for options trades from BenzingaCrypto Exchange Asks Customers To Return Bitcoin After Selling It At 88% DiscountElon Musk's Tweet About Dogecoin Sends Price Up 10% In 30 Minutes Again© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- Motley Fool
Many of us just assume we can't build real wealth, and many leave our retirements up to chance, contributing some sums to 401(k) accounts and/or IRAs and hoping for the best. Well, for starters, you'll want to be investing effectively.
Gen Xers (born between 1965-1980) and the older millennials (1981-1996) will be the last generations to remember the world before the internet, mobile phones and social media. There is a lot of...
Here's what still has to happen, including the big vote scheduled for Friday.
- Motley Fool
On Monday, the House Budget Committee approved President Joe Biden's $1.9 trillion COVID-19 relief bill, moving Americans one step closer to a third round of direct stimulus payments. The president's bill -- known as the American Rescue Plan (ARP) -- will next go to the House Rules Committee. For example, most House Republicans have made it clear that they will fight Biden's $15 minimum wage proposal, meaning it may have to be shelved for the time being.
- Motley Fool
There has been a shake-up in the C-suite at GameStop (NYSE: GME). The video game retailer announced Tuesday that its CFO, Jim Bell, is vacating his position effective March 26. GameStop said that it has launched a search for a successor "with the capabilities and qualifications to help accelerate GameStop's transformation."
One expert says ultra-low rates "have come to an end," but a refi can still bring savings.