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Racial disparities have reduced Black life expectancy and left more than 3 million Black families in the US with a negative net worth, warns a new McKinsey report...
7 hours ago
Summary List PlacementOn the eve of the holiday Juneteenth, which celebrates the ending of slavery in the United States, management consulting firm McKinsey & Co. has warned that economic disparities facing Black Americans have stranded millions with negative net worths and reduced their life expectancies. The new research, which underscores the harsh systemic challenges that continue to encumber the Black community, points to several factors. For one, McKinsey said, Black workers comprise small, single-digit shares of the total number of professionals in highly-paid careers like physicians (5%) and software developers (4.5%), the global management consultant found. It's also tougher for members of the Black community to rise through the ranks of corporate America. For every 100 men in the US who are promoted into managerial positions, just 58 Black women are promoted into management roles, according to a study by LeanIn cited by McKinsey. And while nearly 13% percent of the US private sector workforce is composed of Black workers, that demographic is pulling in just 9.6% of total US wages. Perhaps most striking of the study's findings were data points like this one: In a world in which racial pay gaps didn't exist, Black wages in the US would be $220 billion higher annually, according to the study, which was previously reported by CNN. What's more, 19% of Black families — about 3.5 million in all — are now hindered by a negative net worth as a result of carrying excess debt, as compared to just 8% of white families who are in the same position, McKinsey said. Among American families that do count a positive net worth, white families have a median net worth of $188,000, as compared to Black families, whose median net worth is $24,000. The pandemic has inflicted further economic harm on Black Americans McKinsey said that the coronavirus crisis has worsened the Black community's economic anguish. Indeed, the firm said that the fallout from COVID-19 has disproportionally cost Black workers their jobs; deprived them of their savings; and exposed them to significant health risks, given that frontline jobs which were largely held by Black employees left many workers vulnerable to the virus. Geographically, the McKinsey research found that Black workers are primarily spread throughout southern states. More than 56% of the Black labor force lives in states in the country's southern region, like Texas, Florida, and Georgia. That left the authors to suggest that other regions, like states in the west and Pacific, would have to rethink their recruiting strategies to attract Black talent. "Black workers are underrepresented in the highest-growth geographies and the highest-paying industries," the study authors wrote. "They are overrepresented in low-growth geographies and in frontline jobs, which tend to pay less." The McKinsey study is far from the first to shed light on Black America's economic reality. One Pew Research Center analysis from 2018 looked at the standard income ranges of earners in both the Black and white communities in America. The analysis found that earners at the 90th percentile of the Black community's range generated just 68% of what earners at the 90th percentile of white community's earnings spectrum did. Looking forward, the authors of the McKinsey study said changes based on the findings could help make strides in the right direction. "Addressing the wage disparities described in our research alone could propel an estimated two million Black Americans into the middle class for the first time," they wrote. "This could reverse current trends, with cascading effects lifting the prospects of the next generation even future."Join the conversation about this story » NOW WATCH: Inside London during COVID-19 lockdown......
Why you need a secret phone number (and how to get one)...
2 days ago
Privacy Please is an ongoing series exploring the ways privacy is violated in the modern world, and what can be done about it. Your phone number was never meant to be an all-access pass to your life. That 10-digit string has likely followed you around the world and across the internet for years. Over the course of that time, you've almost certainly handed it out — willingly or otherwise — to every person, restaurant, social media platform, or online store that's asked. That's a problem. For someone with the right motivation, that number is a thread which, once pulled, can unravel your entire digital life — crashing down your privacy, bank account, or even your very identity. Read more...More about Cybersecurity, Privacy Please, Tech, and Cybersecurity......
New documents show how an investment fund lost millions backing a litigation finance firm that predicted big wins in Chinese courts...
3 days ago
Summary List PlacementLitigation finance has been called the legal industry's hot new job, pairing savvy lawyers with Wall Street financiers to generate double-digit returns for yield-hungry investors. But success doesn't always come easy. The biggest financial backer of a litigation finance firm that claimed to have raised $200 million by pursuing cases in Chinese courts has estimated it will incur a $41 million loss on the loan, according to court documents reviewed by Insider. The documents offer a rare peek behind the curtain of an industry where confidentiality is the norm. Patent investor Brian Yates and litigator Rasheed McWilliams founded iPEL in 2017 with the goal of buying patents and filing infringement suits. They struck an agreement to borrow up to $100 million from Direct Lending Investments, or DLI, to get off the ground. iPEL reportedly acquired patents from ZTE, Panasonic, and Huawei. It filed patent infringement cases in China against AsusTek, a Taiwanese electronics maker, and Yates reportedly said in 2018 that cases against "household names" would come soon, including one he predicted would result in a $100 million award. The claim raised eyebrows in the patent-enforcement industry. Nine-figure patent verdicts come along a few times a year in the US, but Chinese intellectual-property courts typically award less than $1 million. Those courts also tend to move slowly in cases with foreign parties involved, said Mark Cohen, a lawyer and scholar focused on Chinese IP law. China "is quickly proving to be the best place in the world to license and litigate patents for an innovator," Yates was quoted saying in the industry publication IAM. "I could write an entire article explaining why Chinese patents [are] a superior investment to US ones!" But in November, DLI predicted it would lose tens of millions of dollars on its investment in iPEL. DLI's chief executive faces criminal charges alleging that he overvalued parts of its portfolio, and DLI was sued by the Securities and Exchange Commission for allegedly manipulating performance data . A judge appointed consultant Bradley Sharp to size up the fund and salvage what he could from DLI's portfolio, including its iPEL loan. Sharp subsequently sued Duff & Phelps, a consultant to DLI, and included details about a company he referred to as "Investment M." A review of documents by Insider reveals that the firm in question is iPEL. The receiver has not sued iPEL, but he accused Duff & Phelps of inadequately scrutinizing the terms of DLI's investment in Investment M. Sharp said iPEL paid millions to its owner, with "substantial losses expected" for DLI. He called DLI's loan to iPEL "overvalued" and "insufficiently underwritten" and said iPEL's China strategy was "far more challenging and risky" than the one it initially planned. According to Sharp, iPEL only pivoted to Chinese patent litigation after a strategy focused on US courts became untenable. By August 2018, iPEL's agreement with DLI was tweaked to let it use borrowed money to pay interest. "Despite the fact that China was developing its intellectual property legal system and that there was no real data to which one could look to predict the results of future litigation efforts," Sharp wrote, Duff & Phelps "rubber-stamped DLI's valuations" of its iPEL loan. iPEL was identified in the Duff & Phelps lawsuit as "Investment M," a litigation finance firm focused on China. A search of patent assignment records for DLI entities uncovered a publicly filed agreement between DLI and iPEL, and financial records of DLI entities filed by Sharp included payments to and from iPEL that added up to a $6.5 million net payment from Investment M. Despite DLI's receivership, iPEL has remained active, announcing last summer that it reached a confidential settlement in Chinese litigation it brought against Extreme Networks, a publicly traded company that sells networking equipment. Court records also indicate that DLI received $3.3 million in 2020 for "iPEL payoff (Parabellum Partners)" and a $1 million "anniversary" payment in 2021 involving "Parabellum." Parabellum Partners is the name of at least one fund managed by Parabellum Capital, a well-known litigation finance firm. Two executives at Parabellum Capital didn't respond to a comment request. Yates, iPEL's CEO, said in emails that Insider got its facts wrong, but he wouldn't say which ones, citing confidentiality agreements. Shown the financial records found by Insider, Yates said his lawyers were investigating. iPEL is not the first litigation finance firm to have taken money from an entity that later fell under regulatory scrutiny. Platinum Partners, a hedge fund manager that was taken into receivership in 2016, had a very illiquid portfolio that included some litigation investments.Join the conversation about this story » NOW WATCH: Where you should go to stay safe during an earthquake......
Niners GM John Lynch: 'From day one, we've been upfront' with Jimmy Garoppolo - NFL.com...
1 month ago
Niners GM John Lynch: 'From day one, we've been upfront' with Jimmy Garoppolo NFL.comSan Francisco 49ers: Kyle Shanahan explains why Nick Bosa’s return is game changer for Niners Niners Nation'Julio is on a different level': 49ers coach Kyle Shanahan asked about Falcons' Jones 49ers Webzone3 potential breakout players for San Francisco 49ers in 2021 NFL season ClutchPoints49ers notebook: Big numbers at OTAs; new receiver impresses; single-digit jersey numbers Sacramento BeeView Full Coverage on Google News......
Marsalek’s assistant handled six-digit amounts of cash in plastic bags...
1 month ago
Former Wirecard employee told MPs that one of the withdrawals was for a businessman convicted in US......
BD Announces Intent to Spin Off Diabetes Care Business to Enhance Focus on Innovation and Priority Growth Markets...
Becton, Dickinson and Company
1 month ago
BD Announces Intent to Spin Off Diabetes Care Business to Enhance Focus on Innovation and Priority Growth Markets giedrius.almon… Thu, 05/06/2021 - 06:03 BD Announces Intent to Spin Off Diabetes Care Business to Enhance Focus on Innovation and Priority Growth Markets 05/06/2021 This release is a backfill from a News Wire General Standalone Diabetes Care business expected to leverage position as global leader in insulin delivery and expand presence in large and high-growth diabetes market - Spinoff allows both BD and NewCo to enhance each company's focus on meeting the needs of their respective patients, customers and stakeholders. - BD management expects the transaction to strengthen its mid-single-digit revenue growth and double-digit total return growth profile. - Transaction expected to be completed in first half of calendar year 2022. - Management will provide further details during the company's announced fiscal second quarter results call today at 8 a.m. Eastern Time. FRANKLIN LAKES, N.J., May 6, 2021 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced its board of directors has unanimously authorized management to proceed with a plan to spin off the company's Diabetes Care business as an independent, publicly traded company ("NewCo"). "The decision to spin off our Diabetes Care business is part of our active portfolio management and consistent with our BD 2025 strategy to Grow, Simplify and Empower," said Tom Polen, chairman, CEO and president of BD. "The spinoff will allow BD to strengthen its growth profile, enables a greater investment focus on our other core businesses and high-growth opportunities, and makes a greater impact for our customers and patients. We are proud of BD's leadership in driving innovation to support people with diabetes and believe this transaction will empower NewCo to advance a more focused strategy and capital allocation policy to further advance innovation and growth specific to its unique market. As a standalone public company, we believe NewCo will be better positioned to leverage its leadership position in insulin delivery to advance vital, innovative solutions to the large and growing number of people living with diabetes worldwide. We believe today's announcement demonstrates our commitment to maximize long-term value for all stakeholders — including our patients, customers, employees and shareholders." THE SPINOFF CREATES TWO INDEPENDENT COMPANIES WITH ATTRACTIVE STANDALONE INVESTMENT CHARACTERISTICS Strategic rationale BD believes the spinoff of the Diabetes Care business will create long-term value for BD shareholders and create a platform to continue to enhance the tools provided to people with diabetes. The transaction is expected to create two, independent companies with: Enhanced focus on strategic, operational and financial drivers to accelerate revenue growth Optimized product portfolios to better meet customer and patient needs More efficient resource and capital allocation to pursue each company's strategic goals NewCo to leverage its market-leading insulin delivery devices While NewCo will be a new, publicly traded company, the Diabetes Care business has roots in BD's introduction of the world's first specialized insulin syringe in 1924. The Diabetes Care business has played a leading role in driving the adoption of insulin syringes and insulin pens combined with pen needles as the leading modality for insulin injection. Today, the Diabetes Care business is the leading producer of diabetes injection devices, producing approximately 8 billion injection devices annually and serving about 30 million patients — more than any other company in the world. NewCo's revenue and manufacturing footprint are geographically diverse. In fiscal 2020, the Diabetes Care business generated revenues of nearly $1.1 billion, with 48% of revenues generated outside of the United States, including 17% of revenues from emerging markets. NewCo will have manufacturing sites in the United States, Ireland, and China, and is expected to have office locations in New Jersey and Massachusetts. The Diabetes Care business is a leader in an attractive market with significant unmet need for chronic care. Left untreated, diabetics face a host of medical complications and co-morbidities, and the Diabetes Care business is an integral player in delivering patient treatment worldwide. Today's diabetic population, estimated at 463 million individuals worldwide, is expected to increase to 700 million by 2045.1 BD management expects that, as a separate independent entity, NewCo will be better positioned to pursue its strategic priorities, build on its current leadership positions in the diabetes care market, and attract new investors. NewCo's margin structure, positive cash flows and anticipated capital structure are expected to provide financial flexibility to pursue increased investments in organic and inorganic growth opportunities. NewCo is also expected to use its publicly traded stock to more effectively attract, incentivize and retain qualified talent. BD to continue its focus on leading medical technologies and solutions Following the spinoff, BD will maintain category leadership positions across its portfolio in the BD Medical, BD Life Sciences and BD Interventional segments. BD Medical, which today includes the Diabetes Care business, will continue to be the global leader in end-to-end medication management solutions with its BD Alaris™ brand of infusion pumps, BD Pyxis™ brand of medication and supply dispensing solutions, BD HealthSight™ data and analytics platforms and its breadth of medication delivery devices. It will also continue to be the global leader in prefilled injectable delivery devices through its innovative pre-fillable syringes, self-injection systems, safety systems and needle technologies. The spinoff does not impact BD's ability to fulfill its orders related to COVID-19 mass vaccination campaigns. BD Life Sciences is a global leader of solutions from discovery to diagnosis, continually advancing science and clinical outcomes across infectious disease and cancer. Its product offerings include market leading specimen collection and management, and microbiology automation and testing solutions. BD is a leading provider of high-quality flow cytometry and single-cell genomics solutions for scientific research and clinical laboratories. The Life Sciences segment continues to play a critical role in both molecular and rapid antigen testing during the COVID-19 pandemic. The BD Interventional segment is also a global leader, advancing the treatment of high-burden diseases like peripheral arterial and venous disease, cancer, and end-stage renal disease. It also focuses on developing innovative surgical, endovascular, urological and critical care interventions that not only meet clinical needs but also deliver value to health systems and improve patients' lives. The decision to pursue the spinoff of the Diabetes Care business demonstrates BD's strong ongoing commitment to the company's BD 2025 strategy, which includes its three strategic pillars of Grow, Simplify and Empower. BD intends to maintain its investment grade rating while investing in growth opportunities focusing on higher growth market categories. BD will also continue to increase its R&D investments and strengthen its pipeline across three innovation themes, which include applying smart devices, robotics, analytics and artificial intelligence to improve care processes; enabling new care settings to enhance patient experience and lower costs; and investing to improve diagnosis and treatment of chronic disease. Spinoff is expected to be completed in the first half of calendar year 2022 BD expects the spinoff to be accomplished through a distribution of stock in NewCo to BD shareholders. The spinoff is expected to be tax-free for U.S. federal income tax purposes, except to the extent of any cash received in lieu of fractional shares. BD does not expect the spinoff to impact its current dividend. The transaction is also expected to be completed in the first half of calendar year 2022, subject to the satisfaction of customary conditions, including final approval from the BD Board of Directors, regulatory approvals and the effectiveness of a Form 10 registration statement that will be filed with the SEC. There can be no assurance regarding the ultimate timing of the proposed transaction or that the transaction will be completed at all. LEADERSHIP AND GOVERNANCE NewCo to be led by a seasoned leader with extensive medical device experience Devdatt (Dev) Kurdikar, 52, currently worldwide president of BD Diabetes Care, will be chief executive officer of NewCo. Kurdikar joined BD in February 2021. "I am honored to be selected to lead NewCo and excited by the opportunities ahead to create additional value for our patients, customers and BD shareholders, as well as new opportunities for our passionate associates," said Kurdikar. "BD has a long history of serving people with diabetes globally. As the CEO of NewCo, I plan to build on our strong foundation and drive growth by investing in innovation and allocating our capital to pursue strategic growth opportunities. I am fully confident that, as a standalone business, NewCo will have the flexibility to invest in the right areas to become a more nimble, agile and innovative company in the rapidly growing diabetes space." Most recently, Kurdikar served as CEO and president for Cardiac Science, a global manufacturer of automated external defibrillators (AEDs) until the sale of the company to ZOLL Medical Corporation, an Asahi Kasei Group Company. Previously, he was the general manager for the Men's Health business at Boston Scientific and that business's predecessor at American Medical Systems (AMS). He also held positions of increasing responsibility and leadership with Baxter, including vice president of Infusion Systems marketing in the U.S. and vice president of Marketing/Strategy for enterprise-wide commercial initiatives. Kurdikar earned an MBA from Washington University in Missouri and a Ph.D. in Chemical Engineering from Purdue University. He is currently a member of the Board of Directors of LMG Holdings. Jacob (Jake) Elguicze, 47, former treasurer and head of investor relations for Teleflex, has joined BD in May 2021 and will be chief financial officer of NewCo. Elguicze has extensive experience in treasury, financial planning, reporting and analysis, and investor relations. He is a CPA and began his career in public accounting with Coopers Lybrand before spending eight years at Motorola in operating finance roles. Elguicze joined Teleflex in 2006 to build out the financial planning and analysis function. He assumed responsibility for investor relations in 2009 and added the Treasurer role in 2011, where he transformed the capital structure to support the company's new M&A strategy. Elguicze earned a B.S. in Accounting from the University of Scranton in Scranton, Pa. and an MBA in Finance from St. Joseph's University in Philadelphia. Additional members of the leadership team and the company's corporate governance structure will be disclosed at a later date. ADVISORS Perella Weinberg Partners LP, Morgan Stanley & Co. LLC, Wachtell, Lipton, Rosen & Katz, Skadden, Arps, Slate, Meagher & Flom LLP, Baker McKenzie, and PricewaterhouseCoopers are acting as advisors to BD in connection with the transaction. CONFERENCE CALL TODAY AT 8 AM EASTERN TIME (ET) BD will host a conference call and webcast today at 8 a.m. ET to discuss the proposed spinoff and BD's fiscal second quarter 2021 results, which were also released today. The company has posted an accompanying presentation to the investor relations website at www.bd.com/investors. The webcast can be accessed through BD's website at www.bd.com/investors and will be available for replay through Thursday, May 13, 2021. The conference call telephone dial-in number in the U.S. is 800-938-0653. For participants outside the U.S., the dial-in number is 973-935-2408. The confirmation code is: 6334356. About BD BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 70,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/ and Twitter @BDandCo. Forward-Looking Statements This press release contains certain forward-looking statements (as defined under Federal securities laws) regarding BD and the proposed spinoff of its Diabetes Care business, including strategies of BD and the independent companies following the proposed spinoff, the anticipated benefits of the spinoff, and the expected timing of completion of the spinoff. All such statements are based upon current expectations of BD and involve a number of risks and uncertainties. With respect to forward-looking statements contained herein, a number of factors could cause actual outcomes to vary materially. These factors include, but are not limited to, risks relating to the impact of the COVID-19 pandemic on our business (including decreases in the demand for our products, any disruptions to our operations and our supply chain and uncertainty regarding the level of demand and pricing for our COVID-19 diagnostics testing); product efficacy or safety concerns resulting in product recalls or actions being taken with respect to our products; new or changing laws and regulations impacting our business (including the imposition of tariffs or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. or foreign healthcare systems, potential cuts in governmental healthcare spending (including China's volume-based procurement tender process), or governmental or private measures to contain healthcare costs, including changes in pricing and reimbursement policies, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, particularly in emerging markets, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services, or our suppliers' ability to provide products needed for our operations; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain, manufacturing or sterilization processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; the remediation of our infusion pump business (including risks relating to regulatory clearance and market acceptance of the BD Alaris™ System); our ability to successfully integrate any businesses we acquire; uncertainties of litigation and/or investigations and/or subpoenas (as described in BD's filings with the SEC); issuance of new or revised accounting standards; risks associated with the impact, timing or terms of the spinoff; risks associated with the expected benefits and costs of the spinoff, including the risk that the expected benefits of the spinoff will not be realized within the expected time frame, in full or at all, and the risk that conditions to the spinoff will not be satisfied and/or that the spinoff will not be completed within the expected time frame, on the expected terms or at all; the expected qualification of the spinoff as a tax-free transaction for U.S. federal income tax purposes, including whether or not an IRS ruling will be sought or obtained; the risk that any consents or approvals required in connection with the spinoff will not be received or obtained within the expected time frame, on the expected terms or at all; risks associated with expected financing transactions undertaken in connection with the spinoff and risks associated with indebtedness incurred in connection with the spinoff; the risk that dis-synergy costs, costs of restructuring transactions and other costs incurred in connection with the spinoff will exceed our estimates; and the impact of the spinoff on our businesses and the risk that the spinoff may be more difficult, time-consuming or costly than expected, including the impact on our resources, systems, procedures and controls, diversion of management's attention and the impact on relationships with customers, suppliers, employees and other business counterparties, as well as other factors discussed in BD's filings with the SEC. There can be no assurance that BD's spinoff will in fact be completed in the manner described or at all. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations. 1 International Diabetes Foundation diabetes atlas ninth edition 2019 Contacts: Media Investors Troy Kirkpatrick Kristen M. Stewart, CFA VP, Public Relations SVP, Strategy & Investor Relations 858.617.2361 201.847.5378 email@example.com firstname.lastname@example.org View original content to download multimedia:http://www.prnewswire.com/news-releases/bd-announces-intent-to-spin-off-diabetes-care-business-to-enhance-focus-on-innovation-and-priority-growth-markets-301285195.html SOURCE BD (Becton, Dickinson and Company) PDF Version 169 KB Standalone Diabetes Care business expected to leverage position as global leader in insulin delivery and expand presence in large and high-growth diabetes market - Spinoff allows both BD and NewCo to enhance each company's focus on meeting the needs of their respective patients, customers and......
ECM PADRES REPORT: PADRES SUFFER FIRST SHUTOUT AND SERIES LOSS OF SEASON...
East County Magazine
2 months ago
San Diego PadresSportsBy Liz Alper Photo via @padres on Twitter April 17, 2021 (San Diego) - Last night was a long night. We even got into weird baseball past midnight. It had a benches-clearing brawl, extra innings and double digit scoring and it was only the first game of the series, but the Dodgers came out on top and took game one. The Padres tried to rebound in game two tonight against Clayton Kershaw for the Dodgers against Yu Darvish.......
Big industrial output expands 4.85pc in February...
The Dawn News - Home
2 months ago
ISLAMABAD: Large-scale manufacturing (LSM) grew by 4.85 per cent in February reflecting a slowdown in the industrial output, data released by Pakistan Bureau of Statistics showed on Tuesday. On a month-on-month basis, big industry production contracted by 4.15pc. The LSM expansion slowed in January after posting double-digit growth in December and November on the back of higher automobile, cement products, and one-time sugar output which reflects the revival of industrialisation. In December and November 2020, LSM grew by 11.4pc and 14.5pc on a year-on-year basis. During the first eight months (July-February) 2020-21, the LSM grew by 7.45pc. LSM grows 7.45pc in 8MFY21 The medium-term Budget Strategy Paper, released on Tuesday, showed that the LSM surpassed its pre-Covid level of production in January, exhibiting 9.1pc growth on a year-on-year basis (negative 5.7pc in January 2020) while on a month-on-month basis it increased by 5.4pc in January 2021 (13.5pc in December 2020). Overall, during July-January 2020-21, LSM grew by 7.9pc against 3.2pc contraction last year. Since July 2020, the LSM has rebounded after suffering months of a downturn on account of Covid-19 mainly in the construction, textile, food, chemicals, non-metallic mineral products, automobile and pharmaceutical sectors. The uptick during the eight months of FY21 reflects a revival in economic activities. The PBS snapshot of the manufacturing activity showed that eight out of 15 sub-sectors in LSM rose during the month under review. Low-interest rates and reduction in duties on raw materials are expected to further spur economic activities in the current fiscal year. Sector-wise, production of 11 items under the Oil Companies Advisory Committee was up by 42.66pc year-on-year during February. The 36 items under the Ministry of Industries and Production rose by 3.16pc, while 65 items reported by the provincial Bureaus of Statistics were up 4.83pc. LSM represents nearly 80pc of the country’s total manufacturing and accounts for nearly 10.7pc of the national output. In comparison, the small-scale industry makes up for just 1.8pc of GDP and 13.7pc of the secondary sector. As per the PBS data, sub-sectors excluding trucks and buses within the automobile sector posted massive growth in February from a year ago. Production of tractors rose by 42.47pc, jeep and cars 37.24pc, LCVs 37.19pc, and motorcycles 16.85pc during the month under review. The production of trucks dipped 17.01pc and buses 19.70pc. The cement output also grew 11.68pc during the month under review on the back of greater demand following the start of construction activities and increase in exports from the country. The production of paints and varnishes was up 44.10pc. Sugar production is up by 1.10pc in February from a year ago due to end period of the sugar crushing season. In pharmaceuticals, the output of syrups rose by 30.36pc, injection 2.15pc, and capsules 18.74pc. The output of tablets dipped 0.95pc, and ointments 14.24pc, respectively. On the other hand, vegetable ghee, and cooking oil production dipped by 5.73pc and 2.06pc, respectively. The production of tea was dipped by 11.53pc while the wheat and grain milling output grew 65.92pc. The data for February showed that output of petroleum products was up by 7.94pc. The output of two oil products — petrol and high-speed diesel was up 55.40pc and 81pc, respectively whereas kerosene oil production increased by 27.91pc, jet fuel oil 13.90pc and LPG 31.36pc, respectively. The production of other petroleum sub-products declined during the month under review. In the electronic goods, the output of refrigerators posted growth of 46.77pc, air-conditioners 123.32pc, electric meters 51.19pc, switch gear 58.33pc and electric transformers 6.19pc, respectively. Other electronic goods output posted negative growth during the month under review. Published in Dawn, April 14th, 2021......
The Hill's Morning Report - Presented by Tax March - Biden, lawmakers start down a road with infrastructure...
2 months ago
Presented by Tax March Welcome to The Hill’s Morning Report. Today is Tuesday! We get you up to speed on the most important developments in politics and policy, plus trends to watch. Alexis Simendinger and Al Weaver are the co-creators. Readers can find us on Twitter @asimendinger and @alweaver22. Please recommend the Morning Report to friends and let us know what you think. CLICK HERE to subscribe!Total U.S. coronavirus deaths reported each morning this week: Monday, 562,066; Tuesday, 562,533.In the Oval Office on Monday, Republican lawmakers told President BidenJoe BidenTrump: McConnell 'helpless' to stop Biden from packing court Biden, first lady send 'warmest greetings' to Muslims for Ramadan The business case for child care reform MORE that if he wants any Senate GOP support for infrastructure investments, he and fellow Democrats need to consider fewer federal dollars and a narrow definition for infrastructure and abandon the idea of raising corporate taxes. In other words, everyone showed their opening bids. Biden this week began a series of bipartisan meetings at the outset of an ambitious push for $2.35 trillion in spending for everything from roads and electric cars to new schools and senior living facilities. To cover the costs, Biden wants to hike corporate taxes. A regionally diverse group of House and Senate lawmakers from both parties who know transportation and public works by virtue of their committee assignments and state experiences offered polite advice for an hour and 40 minutes without coming to consensus. It was the start of a legislative process that will consume months and may result in politically tense adaptations in order to secure Democratic votes in the Senate, let alone any Republican support ahead of next year’s midterms. "We agreed that roads, bridges, ports, airports, rail — those are all infrastructure,” Sen. Roger WickerRoger Frederick Wicker OVERNIGHT ENERGY: Biden seeks GOP support for infrastructure plan | House GOP's planned environmental bills drop Democratic priorities | Advocates optimistic Biden infrastructure plan is a step toward sustainability On The Money: Biden seeks GOP support for infrastructure plan | Democrats debate tax hikes on wealthy | Biden, Congress target semiconductor shortage Against mounting odds, Biden seeks GOP support for infrastructure plan MORE (R-Miss.), a member of the Senate Commerce, Science and Transportation Committee, told Fox News on Monday after a discussion in which four Republicans appeared to reject Biden’s inclusion in his plan of some health care benefits they see as a gift to labor unions. “The president was very engaged," Wicker continued. "If he'll scale it back, we may be able to [support the bill]. …There's a lot of space between us.“ The Associated Press: Biden aims for bipartisanship but applies sly pressure. The Washington Post: Biden insists he’s willing to negotiate with Republicans on infrastructure. Wicker, like many of his GOP colleagues, balks at Biden’s interest in raising taxes to cover part of the price tag. “I did tell the president he has a very hard sell on raising the corporate tax rate, and I said that I viewed that 2017 tax bill as one of our signature legislative achievements. It’s probably the most important bill I have ever voted for, and I think it is responsible for us having 3.5 percent unemployment and really great economic news right up until the COVID-19 pandemic hit us,” he added. Rep. Donald Payne Jr. (D-NJ), one of four Democrats in Monday’s meeting, said the president introduced the idea of raising the federal gas tax, which saw its last hike in 1993 and is not indexed for inflation, perhaps 5 cents per gallon to help pay for infrastructure. Payne said Biden indicated he’s also open to a user fee on electric vehicles, according to PBS. Rep. Garret GravesGarret Neal Graves OVERNIGHT ENERGY: Biden seeks GOP support for infrastructure plan | House GOP's planned environmental bills drop Democratic priorities | Advocates optimistic Biden infrastructure plan is a step toward sustainability On The Money: Biden seeks GOP support for infrastructure plan | Democrats debate tax hikes on wealthy | Biden, Congress target semiconductor shortage Against mounting odds, Biden seeks GOP support for infrastructure plan MORE (R-La.), who also was in the Oval Office, told reporters that next steps by the White House and Democrats will set the course for any potential deal with the minority. “I certainly appreciated the words in the room, but obviously the follow-up actions are … most important,” Graves, a member of the House Transportation and Infrastructure Committee, told The Hill after the meeting. As The Hill’s Mike Lillis, Scott Wong and Rachel Frazin write, the comments from GOP lawmakers suggest the degree of difficulty in achieving some semblance of bipartisanship. The $1.9 trillion stimulus package attracted zero GOP votes last month. House Democrats want to pass a bill by the summer, with Memorial Day serving as an initial target date. Cristina Marcos, The Hill: Five hurdles Democrats face to pass an infrastructure bill. Politico: Biden woos GOP with sweet infrastructure words, but is it progress? The Hill: The Biden administration on Monday released a state-by-state report card on infrastructure needs. The Hill: Top Republicans on the House Ways and Means Committee on Monday raised concerns about the expanded child tax credit included as part of this year’s $1.9 trillion coronavirus relief law. Republicans say IRS advance payments of the credit could lead to an increase in improper payments to recipients. The Hill: Senate Republicans open the door to encouraging each member to determine whether to embrace appropriations earmarks. LEADING THE DAYCOURTS, POLICING, EXTREMISM: Overnight and into this morning, the death of 20-year-old Daunte Wright during a Sunday traffic stop in a suburb of Minneapolis sparked protests and some looting. Biden on Monday had called for peaceful demonstrations, a full investigation and emphasized that looting was not appropriate following news of another young Black man killed by police, even in the midst of a searing trial of a white police officer charged with murder and manslaughter in George Floyd’s death last year (The Hill). The president told reporters he had viewed video of Wright’s death from the police body camera and described it as “fairly graphic.” “I think we've got to wait and see what the investigation shows,” he said at the White House. “The question is, was it an accident? Was it intentional? That remains to be determined by a full-blown investigation.” Overnight, demonstrators clashed with police in Brooklyn Center near Minneapolis. Police attempted to disperse the crowd, which largely ignored police orders after Gov. Tim WalzTim WalzBiden calls for peaceful protests after police shooting of Daunte Wright Police release bodycam footage from officer involved shooting in Minnesota Protests erupt after Black man killed by police in Minnesota MORE (D) issued a dusk-to-dawn curfew (The Associated Press). According to reports, law enforcement fired tear gas, flash grenades and rubber bullets at protesters who refused to depart. Minnesota State Patrol Col. Matt Langer told reporters at a late-night press conference that 40 demonstrators were arrested. He noted that some were taken to the Hennepin County jail while others were released. No protest injuries were reported. According to Minneapolis Deputy Police Chief Amelia Huffman, four of 13 people arrested in the city itself were charged with looting (Minneapolis Star Tribune). On Monday, the Brooklyn Center police chief announced that Wright’s shooting death had been an officer’s mistake when she believed she had reached for her Taser and instead fired her service revolver, killing Wright (The Hill). The officer was identified as Kim Potter, who has worked for the department for more than 25 years and is white (The New York Times). Potter is the president of the Brooklyn Center Police Officers’ Association. She has represented other officers in cases of deadly shootings (KSTP 5). Wright’s death affected the Derek Chauvin trial as well as professional sports. The judge in the Minneapolis trial of the former police officer refused a defense request to immediately sequester the jury, which is now in its third week (The Associated Press). Jurors heard expert testimony that Floyd died last year from cardiopulmonary arrest brought on by low oxygen levels resulting from the position in which Floyd was restrained on the ground by police (The New York Times). And MLB’s Minnesota Twins, the NBA’s Minnesota Timberwolves and the NHL’s Minnesota Wild all postponed Monday games, anticipating protests in the city. The Hill: Deadly new incidents sharpen national tensions over policing and race amid the Chauvin trial. Reuters: The Biden administration said it is backing away from a campaign pledge to swiftly create a U.S. police oversight commission, concluding that legislation would better address officers using excessive force, said White House domestic policy adviser Susan RiceSusan RiceWhite House putting national police oversight commission on hold Biden to announce executive action on ghost guns, red flag laws Biden expected to announce executive action on guns MORE in a statement. Also on Monday, one unidentified male died and an officer was wounded during a Knoxville, Tenn., high school shooting about 180 miles east of Nashville, police reported. A suspect was apprehended (The Associated Press). According to the Knoxville Police Department, one of its officers sustained non-life-threatening injuries. It is predominantly far-right extremists — white supremacists, anti-Muslim haters and anti-government groups — who are responsible for a startling rise in U.S. domestic terrorism, according to a Washington Post report drawn from data compiled by the Center for Strategic and International Studies. ***** POLITICS: Nikki HaleyNikki HaleyNikki Haley says if Trump runs for president in 2024 then she won't Democrat: 'Registration, engagement' are keys to toppling Sen. Tim Scott in South Carolina Biden funding decision inflames debate over textbooks for Palestinian refugees MORE, former U.S. ambassador to the United Nations and former South Carolina governor, said she will not seek the White House in 2024 if former President TrumpDonald TrumpTrump: McConnell 'helpless' to stop Biden from packing court Romney on NRSC awarding Trump: Not 'my preference' McConnell sidesteps Trump calling him 'dumb son of a b----' MORE decides to run. When asked by The Associated Press if she would back Trump in 2024 if he ran, Haley responded in the affirmative. “Yes. … I would not run if President Trump ran, and I would talk to him about it,” Haley said. “That’s something that we will have a conversation about, at some point, if that decision is something that has to be made.” The former Palmetto State governor made the remarks following a tour of South Carolina State University in one of her first public events in months. They also represented her first extensive comments about Trump since she denounced his actions on Jan. 6 in a Politico Magazine story. Haley added that she has not spoken to Trump since the insurrection at the Capitol. The comments also come amid a delicate dance party leaders are doing in regard to the former president, with some fearing that he is driving an even deeper wedge into the GOP following his remarks at its spring donor retreat on Saturday. Having focused predominantly on his grievances against political enemies and little on the 2022 midterms, Trump is offering Republicans few assurances that he is trying to unify the party riddled with internal divisions and mired in the minority in both chambers. As The Hill’s Max Greenwood writes, the remarks are a reminder of the high-wire act facing the GOP as it remains consumed with infighting in recent months. The Hill: Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellTrump: McConnell 'helpless' to stop Biden from packing court Senate GOP opens door to earmarks McConnell sidesteps Trump calling him 'dumb son of a b----' MORE (R-Ky.) on Monday sidestepped questions about Trump’s characterization of him over the weekend as a “dumb son of a b----.” The senator, who has said he would support Trump for president if he’s the party’s nominee in 2024, will be asked by reporters about the comment again today. The Hill: Former North Carolina Gov. Pat McCrory (R) set to launch Senate bid. Politico: Meet Michael Wood, the Texas veteran who could blaze a trail for the anti-Trump GOP. The Hill: Republican legislators target private sector election grants. > Guns: Biden's call for a ban on assault weapons puts pressure on Democrats in Congress to go beyond expanded background checks. But any roll call votes in an effort to reinstate a ban on assault weapons and to bar the sale of high-capacity magazines could be political liabilities in midterm elections in battleground states, including Georgia, North Carolina, Pennsylvania and Wisconsin, The Hill’s Alexander Bolton reports. Niall Stanage: The Memo: How liberal will the Biden presidency be? Reid Wilson: The Hill: Federal stimulus boosts Newsom ahead of recall.IN FOCUS/SHARP TAKESCORONAVIRUS: Centers for Disease Control and Prevention Director Rochelle WalenskyRochelle WalenskyOvernight Health Care: CDC director calls on Michigan to 'close things down' amid surge in cases | Regeneron says antibody therapy prevents COVID-19 infections CDC director calls on Michigan to 'close things down' amid surge in cases Washington state lawmakers push to provide lawyers for residents facing eviction MORE called on Michigan to “close things down” again amid a surge of COVID-19 across the state. Over the past month, few areas have been as hard hit as Michigan. Its daily infection count has increased seven times from its low point in cases in February (The New York Times). Michigan Gov. Gretchen WhitmerGretchen WhitmerOvernight Health Care: CDC director calls on Michigan to 'close things down' amid surge in cases | Regeneron says antibody therapy prevents COVID-19 infections Woman files lawsuit against Michigan county official who flashed rifle at her during virtual meeting CDC director calls on Michigan to 'close things down' amid surge in cases MORE (D) has called on the administration to allocate more vaccine resources to the current U.S. hot spot, but Walensky pushed back on that idea, noting that any vaccinations that take place now would not have much effect for two to six weeks. "When you have an acute situation, an extraordinary number of cases like we have in Michigan, the answer is not necessarily to give vaccines — in fact, we know the vaccine will have a delayed response,” Walensky told reporters (Axios). “The answer to that is to really close things down, to go back to our basics, to go back to where we were last spring, last summer … to flatten the curve, to decrease contact with one another, to test to the extent that we have available, to contact trace,” Walensky said. “If we tried to vaccinate our way out of what is happening in Michigan, we would be disappointed that it took so long for the vaccine to work, to actually have the impact.” As The Hill’s Justine Coleman writes, 20 hospitals in the state have surpassed 90 percent occupancy as the B.1.1.7 strain (commonly known as the United Kingdom strain) spreads throughout its cities. Whitmer has held off imposing new lockdowns as she gears up for a reelection campaign after facing intense criticism from residents last year. The Wall Street Journal: U.K. strain doesn’t result in more severe COVID-19 among hospitalized patients, study finds. With the lion’s share of attention on vaccines, progress is also being made on therapeutic treatments for COVID-19, albeit at a slower rate. On Monday, Regeneron announced that new results from a clinical trial found its antibody cocktail reduced the risk of symptomatic infection by 81 percent in people who were not infected at the start of the trial. The trial was conducted alongside the National Institute of Allergy and Infectious Diseases. The company added that it is planning to ask the Food and Drug Administration (FDA) to allow the drug to be used as a preventive treatment for COVID-19. The drug was approved by the FDA for emergency use in late November (The Hill). Reuters: AstraZeneca shot is good if safety issues can be overcome, Anthony FauciAnthony FauciOvernight Health Care: CDC director calls on Michigan to 'close things down' amid surge in cases | Regeneron says antibody therapy prevents COVID-19 infections Fauci says some 'breakthrough' infections after vaccinations 'inevitable' Rand Paul calls Fauci a 'petty tyrant' MORE says. The Associated Press: Colleges divided over requiring student vaccinations. The Hill: Florida reports single-digit COVID-19 deaths for first time in months. CNBC: India overtakes Brazil to become the second-worst-hit country as COVID-19 cases soar. ***** ADMINISTRATION: The conditions at the U.S. southern border continue to preoccupy an administration trying to manage multiple crises and conflicts at once. The White House on Monday announced new border agreements with Mexico, Honduras and Guatemala that call for those countries to step up a military presence at their borders in an effort to stem migration to the United States (The Hill). The New York Times: Biden on Monday announced he will nominate Chris Magnus as commissioner of U.S. Customs and Border Protection, tapping a police chief from Tucson, Ariz., and a Trump critic to lead a major agency within the Department of Homeland Security (DHS). The president also plans to nominate Ur Jaddou — who previously served as director of DHS Watch, a project of the immigration reform group America's Voice — as director of U.S. Citizenship and Immigration Services. Israel is standing firm in its opposition to the U.S. vow by the Biden administration to rejoin the 2015 nuclear agreement with Iran. Mysterious back-to-back attacks on an Iranian nuclear facility and a critical military ship in the Red Sea raise concerns that Israel already is undertaking a kinetic campaign of sabotage against Tehran. Israeli Prime Minister Benjamin NetanyahuBenjamin (Bibi) NetanyahuMORE has repeated tough warnings that his country would not hesitate to eliminate Iranian threats to the Jewish State (The Hill). The Hill: Biden will nominate Christine Wormuth to be the first female Army secretary. She was the under secretary for defense policy at the Pentagon during the Obama administration and served on Biden’s defense transition team. The Wall Street Journal: Biden intends to nominate two former National Security Agency (NSA) officials to high-level cybersecurity positions in the wake of two recent hacks linked to foreign governments. According to the White House, the president will nominate Jen Easterly, a former senior counterterrorism and cybersecurity official at NSA with experience at the Obama White House, to lead the Cybersecurity and Infrastructure Security Agency (CISA). CISA is an arm of the Department of Homeland Security responsible for election security and protecting civilian government networks from hackers, as well as securing the nation’s critical infrastructure from both physical and cyber threats. Chris Inglis, the former deputy director of the NSA, will be nominated as the first-ever national cyber director within the White House. The president is preparing to name Republican Cindy McCain to be U.S. ambassador to the U.N. World Food Programme, the world’s largest humanitarian organization, based in Rome. It would be Biden’s first Republican appointee to a Senate-confirmed position. McCain, wife of the late Sen. John McCainJohn Sidney McCainSylvester Stallone reportedly joins Trump's Mar-a-Lago The Hill's 12:30 Report: Biden meets with bipartisan lawmakers for infrastructure negotiations Cindy McCain to be named Biden ambassador to UN program: report MORE (R-Ariz.), endorsed Biden in Arizona before he became the first Democratic presidential nominee to carry the state since former President Clinton in 1996 (Politico).The Morning Report is created by journalists Alexis Simendinger and Al Weaver. We want to hear from you! Email: email@example.com and firstname.lastname@example.org. We invite you to share The Hill’s reporting and newsletters, and encourage others to SUBSCRIBE! OPINIONSHow F.D.R.’s heir is changing the country, by Jonathan Alter, opinion contributor, The New York Times. https://nyti.ms/3thwR62 Prince Philip is gone, just when America needs him most, by Gerard Baker, editor at large, The Wall Street Journal. https://on.wsj.com/3tdUXhY A MESSAGE FROM TAX MARCH FedEx made $1.2 BILLION in profits last year but paid NOTHING in federal income taxes. Now FedEx is trying to protect their tax breaks by lobbying against President Biden’s plan to create millions of jobs and rebuild America. Tell Congress: it’s time corporations like FedEx pay their fair share.WHERE AND WHENThe House meets for legislative work at 7 p.m. The Senate will convene at noon and resume consideration of the nomination of Polly Trottenberg to be deputy Transportation secretary. The president will receive the President’s Daily Brief at 9:30 a.m. Biden at 1 p.m. will pay his respects during a congressional tribute for Capitol Police officer William Evans as he lies in honor in the Capitol Rotunda following his recent death when a driver rammed him with a car outside the Capitol. At 2 p.m., Biden and Vice President Harris will meet with members of the Congressional Black Caucus in the Oval Office. Harris will hold a 12:30 p.m. roundtable about Black maternal health. At 4 p.m. she will also offer her respects to the late Office Evans in the Capitol Rotunda. The White House press briefing will take place at 12:30 p.m. Economic indicator: The Bureau of Labor Statistics reports at 8:30 a.m. on the U.S. consumer price index in March. INVITATION to The Hill’s Virtually Live three-day program “The Sustainability Imperative” from Wednesday through Friday. Join dozens of notable experts, leaders and stakeholders for eye-opening discussions this week, including White House climate adviser Gina McCarthyGina McCarthy OVERNIGHT ENERGY: Biden seeks GOP support for infrastructure plan | House GOP's planned environmental bills drop Democratic priorities | Advocates optimistic Biden infrastructure plan is a step toward sustainability The Hill's 12:30 Report: Biden meets with bipartisan lawmakers for infrastructure negotiations Biden climate officials make case for infrastructure based on jobs, environment MORE, former General Electric CEO Jeff Immelt, Oregon Gov. Jay InsleeJay Robert Inslee OVERNIGHT ENERGY: Biden seeks GOP support for infrastructure plan | House GOP's planned environmental bills drop Democratic priorities | Advocates optimistic Biden infrastructure plan is a step toward sustainability The Hill's 12:30 Report: Biden meets with bipartisan lawmakers for infrastructure negotiations Inslee signs bill restoring voting rights to parolees in Washington state MORE (D), AFL-CIO President Richard Trumka, fashion designer Tracy Reese and many more. Information is HERE. The Washington Post Live hosts a discussion about politics and the state of the GOP at 9 a.m. with Sen. Rick Scott (R-Fla.), the chairman of the National Republican Senatorial Committee. Information and live stream is HERE. Hill.TV’s “Rising” program features news and interviews at http://thehill.com/hilltv or on YouTube at 10:30 a.m. ET at Rising on YouTube. ELSEWHERE➔ TECH: Amazon’s initial defeat of a union in Bessemer, Ala., is the latest in a string of victories for Big Tech companies over labor. The steep margin of victory is a setback for organizers who had hoped a win in Alabama could serve as a proof of concept for unionizing other warehouses, even though the result faces a credible challenge from the union. And as the wins for tech companies add up, future labor efforts may have to consider alternative strategies and hope for some help from Washington (The Hill). ➔ ADVOCACY & INFLUENCERS: The Center on Budget and Policy Priorities in Washington has a new president, Sharon Parrott. She spoke with The Hill’s Naomi Jagoda about the think tank’s next chapter. ➔ HELP WANTED: A growing number of small businesses, primarily restaurants, are having trouble finding workers amid a pandemic that forced millions of Americans into unemployment. While some business owners and analysts say the federal government’s generous jobless benefits are to blame for a scarcity of certain types of workers, others point to COVID-19 and health concerns (The Hill). ➔ MAJOR TRAINING: Biden’s adopted German shepherd Major will receive “off-site” professional canine training after several recent biting incidents at the White House (The Hill). THE CLOSERAnd finally … The phrase “useless grass” caught our attention while reading about a Las Vegas woe among water-worried residents and businesses. A desert city built on a reputation for excess and indulgence, including fountains and golf courses, wants to become a model for restraint and conservation with a first-in-the-nation policy banning grass that nobody walks on. Las Vegas-area water officials have spent two decades trying to get people to replace thirsty greenery with desert plants, and now they’re asking the Nevada Legislature to outlaw roughly 40 percent of the turf that’s left (The Associated Press). Officials assert there are eight square miles in the metro area of “nonfunctional turf” — grass that no one ever walks on or otherwise uses in street medians, housing developments and office parks. By ripping it out, they estimate the region can reduce annual water consumption by roughly 15 percent and save about 14 gallons per person per day. “The scale of this is pretty unprecedented in terms of a full ban,” said John Berggren, a water policy analyst at Western Resource Advocates. 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