"What did a girl like you do to work in construction?” “I studied geology bro!”
"What did a girl like you do to work in construction?” “I studied geology bro!”
(Bloomberg) -- Corn’s surge to a seven-year high on the back on unrelenting Chinese demand looks like it could have a lot further to go.Prices posted one of the biggest gains in recent years on Tuesday after China made its largest one-day purchase from the U.S. since July. The buying spree is far from over, according to agribusiness giant Archer-Daniels-Midland Co., which sees China’s rampant appetite for crop imports lasting several years.China is scooping up record amounts of U.S. corn to feed a pig herd recovering from a deadly virus. That’s helped grain markets hit multiyear highs, stoking worries over global food inflation at a time when hunger is surging around the world due to the Covid-19 pandemic. Money managers are also betting on a continued rally, with bullish wagers on corn near the highest in a decade.“It is especially the high demand from China that is pushing corn prices up,” said Michaela Helbing-Kuhl, an analyst at Commerzbank AG. “And as expectations are for higher Chinese corn imports also in the years to come, this is a fundamental factor which will support corn prices going forward.”Benchmark corn futures rose as much as 1.9% to $5.425 a bushel in Chicago, the highest since 2013. Prices jumped 4.1% on Tuesday and are already up 12% this year.In China, authorities have taken steps to ease record domestic corn prices and cope with surging demand, including allowing more imports and selling state stockpiles of other crops such as wheat. Think tank China National Grain and Oils Information Center urged traders not to hoard corn, with stockpiles amassed by downstream industries three times higher than a year ago.Demand OutlookADM sees China importing a record 25 million tons of corn from all origins this season, a level that is sustainable going forward, Chief Executive Officer Juan Luciano said Tuesday. The merchant expects rebuilding global supplies of everything from corn to soy to take 18 to 24 months.U.S. government data on Tuesday showed American exporters sold 1.36 million tons of corn to China, for delivery by the end of August. The amount took the market by surprise, U.K.-based adviser CRM AgriCommodities said.The sale to China gave traders a “fresh reminder that domestic stocks are tightening even further,” Ben Potter, an analyst at U.S. consultant Farm Futures, said in a report.In other Chicago crop markets, soybeans climbed 1.4%, soybean oil touched a seven-year high and wheat also rose. Soy futures have been supported by China seeking more U.S. beans after top exporter Brazil suffered from a drought that delayed planting and then downpours that slowed harvesting. Trucker protests over pay have caused delays too at a key export hub in Argentina, a key supplier of oilseed products.Protectionist measures have also bolstered wheat prices recently. Top shipper Russia is imposing a stricter-than-expected export tax after President Vladimir Putin demanded action to cool domestic food inflation.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The buttermilk pancakes are made with Percy Pig dessert sauce.
Kennesaw State University launches The Radow Institute for Social Equity to advance the understanding and impacts of social equity and disparity.
Hours after the first arrests on Russian streets Saturday, U.S. officials said Washington condemned the "harsh tactics against protesters and journalists."
Mortgage rates went up for some loans and down for others on Jan. 27. How does this affect home buyers?
Shares of GameStop (NYSE: GME), a stodgy video game retailer, have soared recently thanks to a band of traders on the Reddit group WallStreetBets. As of the end of December, 260% of GameStop's float been sold short, meaning the average share had been borrowed 2.6 times. The overwhelming majority of investors were betting on the stock to go down, but the skyrocketing share price forced many of those traders to buy back the stock, helping to propel the rally.
LIBRA Insurance Partners, one of the nation's largest insurance marketing organizations, successfully petitioned the Colorado Department of Insurance to add restrictions and mandates to the Voya/Resolution Life transaction prior to approving the close of the transaction. These conditions were proposed in order to protect the rights of the policyholders of Voya products whose insurance policies would be included in the transaction, as well as the insurance agents who represented the Voya policies to their clients.
Former Michigan State Representative Leslie Love has been named group director of government affairs for the Piston Group according to the company's Founder, Chairman and CEO Vinnie Johnson. She will report to Group Vice President Frank Ervin.
The "Denmark Midstream Oil and Gas Industry Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.
Dispute centres on allegations company failed to deliver pre-agreed supplies of coronavirus jab
(Bloomberg) -- GameStop Corp.’s wild ride continued in premarket trading as the stock whipsawed following reports of short sellers capitulating.The shares were up 67% at $247 as of 7:49 a.m. in New York, having earlier more than doubled from the last close of $147.98. Melvin Capital closed out its short position, while Citron Capital’s Andrew Left said the firm covered the majority of its short in “the $90’s at a loss of 100%.”“It does feel like rationality and fundamentals are just kind of dead,” J Capital Research co-founder Anne Stevenson-Yang said by telephone. “If you’re short you’re in a very difficult position because you have to buy the stock to get out, so you end with a heavily overvalued stock.”The stock has gyrated wildly since Tuesday’s 93% surge, a move that meant GameStop has risen more than eightfold this month in a dizzying rally fueled by Reddit-charged day traders.GameStop didn’t immediately respond to a request for comment.The share price gains reached new extremes outside regular hours after Tesla Inc. chief Elon Musk tweeted a link to a Reddit thread about the company. Famed fund manager Michael Burry warned that the manic rally has gotten out of hand, calling the stock’s rise “unnatural, insane, and dangerous.”Another note of caution was provided Wednesday by Bank of America Corp. analysts. While raising their price target to $10 from $1.60 to reflect the stock’s recent surge, they noted that GameStop is in “a weaker not a stronger place” and reiterated their underperform recommendation.“While it is difficult to know how much very high short interest and retail ownership could continue to put upward pressure on the shares, we think fundamentals will again factor into valuation,” analysts led by Curtis Nagle wrote in a note. “We remain skeptical on the potential for a turnaround.”Euphoria born in day-trader chat rooms has turned GameStop into the biggest story stock of the retail era, its improbable surge an emblem of the newfound power of individual investors. At the same time, it’s become a major headache for institutional investors betting it would fall. An epic short squeeze lifting the shares has set off a search for other companies that might be similarly vulnerable, with Express Inc., Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. among stocks surging in premarket trading on Wednesday.(Updates with latest stock price.)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.
From Naomi to Gisele to Gigi, take a look back at how some of your favorite top models got their starts. From ELLE
Collective of farmers’ unions spearheading the protests blames Tuesday’s deadly clashes on 'anti-social elements’
Regulators say the plane is safe to fly again after two fatal crashes led to its grounding.
(Bloomberg) -- Some of the biggest and best-performing emerging-market bond investors are back buying Turkish debt.Foreign ownership of the securities has risen in eight out of the 10 weeks since Naci Agbal took the helm as governor of the central bank in November, with weekly flows on Dec. 18 hitting the strongest level since 2017. The trend underscores how firms including Pacific Investment Management Co., Amundi and UBS Asset Management are betting on a lucrative year ahead for Turkish bonds as recent interest-rate increases put the shackles on inflation and credit growth.The turnaround comes after a period of continuous unloading of the debt. Foreign ownership of bonds tumbled to an all-time low of 3.3% in November, compared with about 20% in September 2018, according to Deutsche Bank AG. It also marks a change from 2020, when the lira weakened for an eighth straight year and local bonds lost 13% as President Recep Tayyip Erdogan ruffled investors by calling for looser monetary policy even as inflation was accelerating.Investors are betting that Erdogan, though still in favor of lower rates, will nevertheless let his new economic management team steer policy without interference. Governor Agbal has pledged to follow a more orthodox monetary approach, and hiked the policy rate twice last year to stem the lira’s slide.“We think now it is a good time to invest in Turkey,” said Pramol Dhawan, Pimco’s Newport Beach-based head of emerging markets, whose fund beat 96% of peers over the past five years. “The policies we have seen were in the right direction, and as long as Turkey follows through these policies, it can be a beneficiary of the favorable external environment for emerging markets.”In a vote of confidence for the new economic team, foreign investors have added $3.1 billion worth of Turkish lira bonds to their holdings since November, according to central bank data. The purchases raised the share of foreign holdings of Turkish domestic debt to 4.4%. That’s still low in global terms. Non-residents own 24% of Russian bonds, 30% of South Africa’s and 48% of Mexico’s.Amundi and UBS have also raised Turkey to “overweight” in their emerging-market debt allocations. Vanguard Asset Management, whose emerging-market debt fund beat 99% of its peers, closed all its short-lira positions after the second rate hike late last year, said Nick Eisinger, the London-based co-head of emerging-markets active fixed income.“Turkey has started to do the right things recently,” said Hakan Aksoy, Amundi’s London-based senior fund manager for emerging-market sovereign bonds. “It has a beaten-up currency and a very high carry. At a time when yields are negative globally in many nations, the central bank is hiking interest rates, promises reforms and this makes us excited about the Turkish market.”Turkey this month attracted record demand for its first Eurobond sale of the year, raising $3.5 billion via a two-part offering of dollar-denominated securities. Demand for the securities was more than $15 billion, an all-time high for a Turkish issuance in international capital markets, the country’s Treasury said in a statement on Jan. 20. The lira has gained 0.8% this month -- the best performance among emerging markets after the Chinese currency.Even so, some emerging-market investors want to see more evidence of a turnaround.‘More Consistency’“We are not constructive yet,” said Gustavo Medeiros, the London-based deputy head of research at Ashmore Group Plc. “So much damage has been done in terms of central-bank credibility, foreign-investor confidence and valuation of the currency in recent years. We need more consistency in monetary and fiscal policy to regain confidence in the market.”The biggest unknown for bondholders is how long Erdogan, who fired two central bank governors in the past two years, will let policy makers keep interest rates so high. He repeated his opposition to high interest rates on two separate occasions this month. That’s a risk nobody can predict, and investors should rather look to the fundamentals, said Pimco’s Dhawan.“If you pursue a more moderate growth, which is in line with the economic realities of Turkey, then foreign investors will come in,” he said. “It is a huge and an under-invested economy and people want to be able to take that risk.”(Updates with lira performance in ninth paragraph)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.
GME stock surged on an Elon Musk tweet, but pared gains as Melvin Capital closed its short. Microsoft rose on earnings, while AMD and Palantir fell on news. Leading stocks struggled Tuesday.
A German classical music foundation says it has found the rightful heirs of a Jewish woman who was forced by the Nazis to sell two scores by composer Franz Liszt before being deported to a concentration camp. Klassik Stiftung Weimar said Wednesday that researchers were able to trace relatives of Emma Frankenbacher living in Argentina, where her daughter and son-in-law had fled Nazi persecution in the 1930s. Frankenberger, who died at 67 in the Theresienstadt concentration camp, sold the two handwritten manuscripts to a Liszt museum in 1937 for 150 Reichsmark (about $370 at the time).
As UK hotel quarantine looks set to be introduced, Chloe Cann relives the lows (and even some highs) of mandatory isolation in Australia
Our collective need for caffeine while WFH is fueling growth for some Twin Cities coffee roasters.Driving the trend: With office closures confining many workers to their homes, we've all looked for ways to replicate the coffee shop experience.Be smart: sign up FREE for the most influential newsletter in America.The state of play: Peace Coffee says it sold 17% more coffee in 2020 than it did in 2019, even though it closed three Twin Cities shops and saw food service sales drop 60%. * Bizzy Coffee, a Minneapolis-based cold brew company, doubled its net sales year over year, going from shelf space in 100 stores nationwide to close to 1,000. Online orders tripled, per co-founder Alex French. * "People wanted to up their coffee game," Peace Coffee CEO Lee Wallace said. "They got really interested in: 'How do I make a better cup of coffee at home?'" * Grocery demand soared. Peace introduced a bigger, 20-ounce bag of beans and Bizzy rolled out new flavors.The big picture: The trend is a bright spot for one slice of the local food and hospitality sector, which has been battered by pandemic closures. * But we don't know if customers will stick to their new routines once they head back to the office.This story first appeared in the Axios Twin Cities newsletter, designed to help readers get smarter, faster on the most consequential news unfolding in their own backyard. * Sign up here.Get smarter, faster with the news CEOs, entrepreneurs and top politicians read. Sign up for Axios Newsletters here.
Linda Thomas-Greenfield, President Joe Biden's nominee to be U.S. ambassador to the United Nations, faces her Senate confirmation hearing Wednesday, vowing to bring back "genuine, old-fashioned, people-to-people diplomacy," according to her prepared remarks obtained by ABC News. Thomas-Greenfield, a career ambassador who retired from the Foreign Service in 2017 as the top U.S. diplomat for Africa and former U.S. envoy to Liberia, will also promise a tougher line on China, according to her prepared testimony, as the Biden administration faces pressure from Republicans to take a hard line against Beijing and its growing global ambition.