Mess in a Bottle CEO Kalilah Wright explains why she walked away from a six-figure job in architecture to launch her own brand.
From platform loafers to a new version of the combat boot, these are the top kicks of the virtual week.
(Bloomberg) -- Emerging-market bonds are becoming increasingly vulnerable as Treasury yields climb with the level of 2% on the U.S. 10-year note likely to trigger major outflows, according to Man Group Plc, which oversees $124 billion.Developing-nation debt is also under threat due to stretched valuations, the prospect of quicker inflation and the danger of Federal Reserve missteps as it tries to counter the pandemic’s impact without overheating the economy, Lisa Chua, portfolio manager on the emerging-markets debt team at the group’s hedge-fund unit Man GLG in New York, said in an interview.“The velocity of the moves in U.S. Treasury yields are now intensifying at a time when both hard currency and local emerging-market bonds are more vulnerable to such a move,” Chua said. “Valuations have gotten increasing stretched and positioning more crowded. In our view, emerging-market bonds have limited cushion left to absorb further increases in U.S. 10-year yields beyond current levels of around 1.5%.”Emerging-nation bonds had a bumper end to 2020, rallying through the last nine months of the year amid the prospect of a global recovery from the coronavirus pandemic. The Bloomberg Barclays EM Local Currency Government Index gained 14% during the last nine months of 2020, reaching a record high in early January. They have since fallen 2.7% as concern central banks are getting close to withdrawing stimulus led to a selloff in bonds around the world.In warning about the deteriorating outlook facing the sector, Man joins the likes of BlackRock Inc. and Fidelity International who have also recently sounded the alarm. BlackRock said there is no immediate end in sight for the taper scare, while Fidelity said the groundswell of reflation means the worst pain may still lie ahead for emerging-market bonds.For Chua at Man GLG, a key tipping point may be approaching.“If 10-year Treasury yields were to continue to climb toward 2% - a level we were at just a little over a year ago before the pandemic – this could trigger major outflows across hard currency and local emerging-market bonds.”The main danger at present is not just the rising level of U.S. yields but the combination of a market that is overly complacent about the prospect of central-bank support, combined with the danger of Fed mistakes in combating the impact of the pandemic, Chua said.Read More: troublesome Trio in Emerging Markets Face Yield Spike ScareThe flood of capital into developing-nation assets is already starting to slow. Inflows into stocks and bonds fell to $31.2 billion in February from November’s record $107.4 billion, according to data from the Institute of International Finance.“Euphoria over a seemingly supportive U.S. Fed, Biden fiscal stimulus and vaccine rollouts propelled many market participants further into the carry trade,” Chua said. In doing so, they turned a “blind eye to the reality that the additional carry versus Treasuries to take on that extra risk was quickly shrinking.”Here are some of Chua’s other comments:Inflation“The inflation threat poses a real risk for investors. Just due to the base effect, both CPI and core PCE are likely to increase beyond 2% by the 2Q21. On top of the $900 billion fiscal package approved in December 2020, the Biden administration is likely to pass another $1.5 trillion or more of fiscal stimulus this year”“When considering all these factors together, this could put further pressure on inflation expectations and result in more persistent price increases”Beating Covid“While there has been progress in vaccine rollouts, even developed markets have faced delays and challenges associated with the distribution”“While it will vary from country to country, broadly speaking, emerging markets are likely to face more logistical challenges with regard to access and infrastructure, leaving risks for a hiccup with regard to vaccine distributions”Asia Versus Other Regions“We are of the view that emerging-market debt is likely to face a broad-based correction irrespective of the region. The CNY for example, which exhibits a lower beta than global peers simply because the currency does not float as freely, is now at real-effective exchange rate valuations (adjusting for inflation differentials) that look extremely expensive”High-Yield Bonds“On the high-yield side, rising rates would also bode negatively for debt sustainability concerns as the cost of funding grows”“In spite of wider spreads for high-yield emerging market bonds, outflows in the asset class could trigger sharp corrections at the bottom quality of spectrum””(Updates with story tout after eighth 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.
Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company") today reports consolidated financial results for the year ended December 31, 2020 ("FY 2020") from its three wholly owned mines: Tucano in Brazil, and Topia and the Guanajuato Mine Complex ("GMC") in Mexico.
Gemini, a crypto exchange and custodian, today announced the launch of a new global offering — Gemini Fund Solutions™ — to provide fund managers with custody, clearing, trade execution, and other capital markets services tailored to ETFs, closed-end funds, and other fund vehicles.
Prancer Enterprise is announcing that its entire cloud compliance policies repository is now open source. The repository is available on GitHub at https://github.com/prancer-io/prancer-compliance-test
Millions have opted to forgo the gym and decide to workout from home due to the safety measures against COVID-19. Since the outbreak, the TeamUp Fitness mobile app is one of the many technologies that have disrupted the traditional gym-fitness environment.
OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced FCR Immobilien AG (Frankfurt Stock Exchange: FC9; OTCQX: FCRIF), a real estate company headquartered in Munich, Germany, has qualified to trade on the OTCQX® Best Market.
For both hospitals and medical practices, late and missed appointments are costly. Not only do they cost the practice money from overhead and potential overtime hours, but also the mental and physical toll of burnout associated with overwork, unplanned overtime, patient challenges, and scheduling conflicts. High call volumes due to manual phone appointment reminders also place an unnecessary burden on staff who are scrambling to accommodate new and existing patients. 1-800 Notify offers an easy way to automate HIPAA-compliant appointment reminders that's simpler for employees to manage, and patients to understand, reducing the stress and burnout that healthcare workers are experiencing.
Specialty Products and Insulation ("SPI"), a portfolio company of Dunes Point Capital, LP ("DPC") has acquired Rocky Mountain Construction Wholesale, LLC ("RMCW"). Located in Denver, CO, RMCW is a distributor of building insulation for commercial, residential, and metal buildings.
Bard Valley Natural Delights are an essential part of the Ramadan tradition as Muslims begin the daily ritual of fasting from sunrise to sunset. Ramadan lasts 30 days beginning on April 12th and ending on May 11th. Past sales data indicates a retail sales volume spike of 57 percent* during this period. Retailers are encouraged to begin building inventory on Bard Valley's Medjool Dates to capture sales during this high-volume consumption period.
TytoCare, the healthcare industry's first all-in-one modular device and telehealth platform for AI-powered, on-demand remote medical examinations, today announced that it has raised $50M in a significantly oversubscribed Series D extension round, doubling the company's valuation. This funding comes on the heels of TytoCare raising $50M in April 2020, making for $100M raised over the last 10 months. Doubling down on its previous investment, Insight Partners led the extension with participation from new growth investors Tiger Global Management and Qumra Capital and existing investors Qualcomm Ventures LLC, Olive Tree Ventures, and Shenzhen Capital Group Company, bringing the company's total funding to $155M to date.
Eight ancient mummies will be on exhibit at the N.C. Museum of Art through July.
Yet preparations for NEOM, the $500 billion signature project in Prince Mohammed bin Salman's drive to diversify Saudi Arabia's economy, are well underway. The organisation behind the development, expected to be close to the size of Belgium when it is completed, will hire 700 people this year, according to Simon Ainslie, the venture's chief operating officer. While NEOM is being sold as a vision of a brighter future, international investors have yet to bite.
CollPlant (NASDAQ: CLGN), a regenerative and aesthetics medicine company, today announced that Mr. Yehiel Tal, Chief Executive Officer of CollPlant, will provide an overview of the company at the H.C. Wainwright Global Life Sciences Conference which will be held virtually on March 9-10, 2021.
Shutterstock, Inc. (NYSE: SSTK) a leading global creative platform offering full-service solutions, high-quality content, and tools for brands, businesses and media companies, today announced the launch of "All The Best Artists," a brand campaign that celebrates the work of the photographers, videographers, and illustrators on Shutterstock.
Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, announced today publication of pre-clinical immunogenicity studies for CiVax™ (heat stable COVID-19 vaccine program) demonstrating rapid-onset, broad-spectrum, neutralizing antibody and cell-mediated immunity is confirmed using full-length Spike protein antigens. The article titled, "Recombinant protein subunit SARS-CoV-2 vaccines formulated with CoVaccine HT adjuvant induce broad, Th1 biased, humoral and cellular immune responses in mice," has been posted as an accelerated preprint on bioRxiv (available here). This work will continue under a $1.5M Small Business Innovation Research (SBIR) grant awarded to Soligenix in December 2020.
Aleph Farms, Ltd. ("Aleph" or "company"), and BRF S.A. ("BRF"), a global Brazilian meat and food company, signed a Memorandum of Understanding (MoU) to bring cultivated meat to Brazilian tables. Under this new agreement, Aleph and BRF will co-develop and produce cultivated meat using Aleph's patented production platforms (BioFarm™). BRF will also distribute Aleph-backed cultivated beef products in Brazil. This partnership will strengthen BRF's supply chain and reduce its environmental impact, while diversifying the company's product offering to meet the growing consumer demands for a variety of meat products.
XSi (XS International) is pleased to formally announce a service which helps companies reduce Cisco SMARTnet costs while being fully assured of entitlement compliance. With the introduction of Smart Licensing, Cisco permanently changed its clients' ability to reduce their annual Cisco SMARTnet spend. Specifically, Smart Licensing created a technical barrier for anybody but the original purchaser to use the hardware. This policy change created a roadblock to proactive cost containment by using independent hardware maintainers (aka "third party maintenance" providers) and hardware resellers. Currently, all Cisco hardware that's newer than five years old is subject to Cisco Smart Licensing.
Evoqua Water Technologies Expands Presence in India as APAC Growth Continues
Now through May. 15, Mississippi residents may select Ambetter from Magnolia Health for health insurance in all 82 counties through the state Health Insurance Marketplace. The Centers for Medicare & Medicaid Services (CMS) announced a special enrollment period (SEP) for individuals and families to apply and enroll for the coverage they need. As the COVID-19 pandemic has brought unprecedented challenges, Ambetter from Magnolia Health continues to offer a variety of health insurance offerings that are among the most affordable in the state.
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