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China’s authorities bonds are in a ‘candy spot’ after unload, says portfolio supervisor

Chinese Treasuries are in a “sweet spot” after last year’s sell-off – and now offer higher yields and much lower volatility compared to US Treasuries, a portfolio manager said.

The yield on China’s 10-year government bond rose nearly 1 percentage point last year to a high of around 3.4% in November as the country was “way ahead” in getting the Covid-19 outbreak under control, said Wilfred Wee, portfolio manager at asset management firm Ninety One on Friday.

The yield on 10-year Chinese government bonds has settled at 3.2% to 3.3% in the past few weeks. In contrast, the yield on 10-year US Treasuries ranged from 1.65% to 1.75% despite the recent surge.

“I think China Fixed Income is in a (a) sweet spot for this part of the cycle,” Wee told CNBC’s Street Signs Asia.

China is clearly … way ahead in terms of treating Covid and is now facing some structural issues like debt overhang, trying to revitalize consumption, etc.

Wilfred Wee

Portfolio manager, ninety-one

“The Chinese bond market sold out last year and that was due to a better economy that came first during the crisis … I think China is clearly, and is, clearly ahead of the game when it comes to dealing with Covid. ” Now we are dealing with some structural problems like debt overhang, trying to stimulate consumption, etc., “he said.

China was the first country to report the coronavirus outbreak and the only major economy to grow over the past year when it expanded 2.3% year over year. According to estimates by the Bureau of Economic Analysis, the US economy contracted 3.5% in 2020 compared to the previous year.

The prospect of better growth rates – and a pick-up in inflation – has led to higher US Treasury bond yields in recent weeks, narrowing the gap to their Chinese counterparts.

China’s “cleverness”

Still, China’s fiscal and monetary “caution” adds to the attractiveness of government bonds, said Daryl Ho, an investment strategist from Singapore Bank DBS.

“China set an example of fiscal caution by being one of the first economies to hold back further lost spending and launch debt relief efforts to curb systemic debt accumulation,” Ho said in a statement Thursday.

“This position is expected to continue through 2021, when the economy continues to recover, in stark contrast to countries that continue to spend wastefully due to poorer virus management results,” he added.

On the money front, Chinese policymakers have started tightening policies – “against the grain of restrained policies around the world,” said Ho.

With both fiscal and monetary policy in the US still loose, the Chinese yuan could appreciate, the strategist said. This would help investors protect the higher yields on Chinese bonds from currency fluctuations, added Ho.

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Glynn S. Lunney Dies at 84; Oversaw NASA Flights From Mission Management

Glynn S. Lunney, NASA’s flight director, who played an important role in the American space program and was hailed for his leadership role in the rescue of three Apollo 13 astronauts when their spacecraft was rocked by an explosion on its way to the moon in 1970, died on March 19 at his home in Clear Lake, Texas. He was 84 years old.

The cause was stomach cancer, said his son Shawn.

Mr. Lunney (rhymes with “sunny”), who joined NASA in 1958 and became its chief flight director in 1968, worked outside of mission control in Houston developing the sophisticated procedures for the flight of Apollo 11 and sent Neil Armstrong and Buzz Aldrin on their groundbreaking flight Journey to the moon in July 1969.

He led the mission in July 1975, during which an Apollo spacecraft with three astronauts docked with a Russian Soyuz spacecraft with two men. Each vehicle carried equipment that would one day allow another connection if an international rescue mission were needed. The Americans and Russians conducted joint experiments and exchanged commemorative gifts, which became a step towards cooperation between nations in space aboard the International Space Station.

But Mr. Lunney was particularly remembered for his takeover efforts in the dramatic rescue of Apollo 13 astronauts James L. Lovell Jr., Fred W. Haise Jr., and John L. Swigert Jr.

Together with three other flight directors and numerous NASA scientists and astronauts in the command center, he worked out the complex plan that would enable them to return to Earth.

Mr. Lunney looked back on the effort as “the best job I ever did or could hope for”.

“We’ve built a quarter of a million-mile highway, paved by decision, choice, and innovation after another, and repeated for nearly four days to get the crew home safely,” he recalled in an Oral NASA history interview.

“This space highway led the crippled ship back to planet Earth, where people from every continent came together in support of these three endangered explorers. It was an inspiring and emotional feeling that reminded us again of our common humanity. “

Since the astronauts’ command module had been crippled by the explosion, mission control instructed them to use their undamaged lunar lander as a lifeboat to carry them home.

The lander was originally designed to descend from the orbiting Apollo 13 ship to the moon with Mr. Swigert on board, and then return to the mothership with Mr. Lovell and Mr. Haise to travel home. But the Houston ground team, working under heavy time pressure and with no blueprint for this kind of exertion, improvised a way for them to get a safe impact in the Pacific huddled in the lunar lander.

Mr. Lunney was among the NASA officials who received the Presidential Medal of Freedom from Richard M. Nixon to the rescue. In the 1995 film “Apollo 13”, Marc McClure played Mr. Lunney.

Glynn Stephen Lunney was born on November 27, 1936 in Old Forge, Pennsylvania to William Lunney, a miner and welder, and Helen Glynn Lunney.

As a teenager, Glynn was fascinated by flight and filled his room with model airplanes. He graduated from the University of Detroit (now the University of Detroit Mercy) with a degree in aerospace engineering after serving on a collaborative program in which he spent the time between his studies and working for the National Advisory Committee for Aeronautics, the Forerunner of NASA, split.

He became a protégé of Christopher C. Kraft Jr., NASA’s first chief flight director.

Mr. Lunney was the space agency’s fourth flight director. In this role, he was responsible for leading teams of air traffic controllers, research and engineering professionals, and support professionals around the world who make decisions during spaceflight.

Among the numerous successes of his NASA career, Mr. Lunney was senior flight director for Apollo 7, the first crewed Apollo flight, and Apollo 10, the dress rehearsal for the first moon landing.

He retired from NASA in 1985 as manager of the space shuttle program, but continued to lead human space operations through senior positions in private industry.

In addition to his son Shawn, Mr. Lunney survived his wife, Marilyn Jean (Kurtz) Lunney, who was a nurse at a forerunner NASA research center. two other sons, Glynn Jr. and Bryan; his daughter Jenifer Brayley; his brothers Bill and Gerry; his sister Carol; and 12 grandchildren.

Astronaut Ken Mattingly, who was supposed to fly on the Apollo 13 mission but was removed from it after being exposed to German measles, was one of the many space agency figures working on the plan to rescue the Apollo 13 astronauts.

He remembered how, immediately after the explosion, “nobody knew what the hell was going on”.

“And Glynn came in, took over this mess,” he recalled in “Voices From the Moon” (2009), an astronaut oral history followed by Andrew Chaikin and Victoria Kohl.

“And he just calmed the situation down,” Mattingly said. “I’ve never seen such an exceptional example of leadership in my entire career. Absolutely great.

“No wartime general or admiral could ever be more splendid than Glynn that night,” he added. “He and he alone brought all the scared people together.”

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CEO Jack Dorsey, different prime executives

Jack Dorsey, CEO of Twitter, testifies during a video hearing held by subcommittees of the US House of Representatives’ Energy and Trade Committee on “The Role of Social Media in Promoting Extremism and Misinformation” on March 25, 2021 in Washington .

CNBC

After setting ambitious user growth and revenue targets last month, Twitter is preparing for what may be the most transformative phase ever.

After CEO Jack Dorsey’s leadership was scrutinized by activist investors last year, Twitter pushed ahead with the development of new features, made numerous changes, and prepared for even more. This change is due to the fact that the company dates back to the time of former President Donald Trump, who was finally retired from service in January.

On the way to a new phase, Twitter leads this in 2021.

Jack Dorsey: Founder and CEO

Despite being CEO, Dorsey gets checked out a lot from Twitter. Accuse his dual role as CEO of Square, his tendency to take off for weeks at meditation retreats, his talk of moving to Africa, and his weird looks that include tattoos, piercings and a magical beard. A recent example came when the platform decided to permanently ban Donald Trump – Dorsey was reportedly on vacation on an island in French Polynesia when the fateful decision was made.

People on Twitter say Dorsey is far from checked out. He is known for empowering and dealing with his lieutenants on important issues, as well as handling minor details that are normally not expected of a CEO, such as writing his own comments before testifying in front of Congress .

Dorsey helped invent Twitter in 2006 when he was one of the few employees at Obvious Corporation, the company that preceded him. Dorsey was the original CEO of Twitter but was ousted from office in 2008 and returned to Twitter as interim CEO in June 2015. A few months later, he was appointed permanent CEO.

The company has seen its ups and downs since its return, but is generally on the upside. The company’s share price has increased more than 70% since June 2015, and annual sales increased nearly 68% from $ 2.22 billion in 2015 to $ 3.72 billion in 2020.

Dorsey’s leadership came under fire in early 2020 when activist hedge fund Elliott Management launched a campaign to remove him as CEO. The challenge was solved when Twitter signed a deal with Elliott Management and Silver Lake and gave each investment firm a seat on the board.

Since then, Twitter has pushed its product development, specifically introducing ephemeral fleets in 2020 and testing a virtual audio room feature called Spaces.

More importantly, last month the company announced ambitious goals to double its revenue to at least $ 7.5 billion and reach 315 million monetizable daily active users (mDAUs) by the end of 2023.

Ned Segal: CFO

Twitter’s chief financial officer, Ned Segal

John Chiala | CNBC

Unlike many CFOs, Segal is an active leader of the company and one of its most outspoken executives. Segal is a frequent participant in all-hands meetings and is one of the company’s top communicators externally, both on his Twitter account and at revenue and other corporate events.

Prior to Twitter, Segal was senior vice president of finance for Intuit’s small group of companies and CFO at RPX, a patent risk management services company. This experience with finance, technology, and the combination of the two makes him an ideal tech CFO.

Segal may have done best in 2020 and played a pivotal role in brokering the deal with Elliott Management, said a former employee.

Vijaya Gadde: Head of Law, Politics and Trust

Vijaya Gadde

Source: Twitter

As the highest ranking woman on Twitter, Gadde is responsible for some of the company’s toughest jobs, including legal matters and anything related to public order, trust and safety on the platform. That said, if the company has problems with harassment, misinformation, or Washington, Gadde’s staff will take care of it.

Gadde is said to be loathe public speaking, but has gained more weight in the past year. In particular, Gadde has increased the use of her Twitter account to publicize and explain the company’s public policy decisions.

She played a pivotal role in deciding what to do with former President Donald Trump’s report after the January 6 riot in the U.S. Capitol. The company eventually decided to permanently ban Trump.

Former employees say Gadde doesn’t have a final word on what the company decides to do about its policies. Dorsey retains that power. But 99% of the time, Dorsey follows Gadde’s recommendations, former employees said.

Parag Agrawal: Chief Technology Officer

Agrawal is one of Twitter’s top tech managers. According to his bio, he is responsible for the strategy that includes artificial intelligence and machine learning.

Agrawal leads the Bluesky project, an independent initiative to create an open standard for social media. This means creating technologies and protocols that allow content posted on a social media service to work across multiple social networks, much like the way email can be read from any email service.

Bluesky is a priority and visionary project for Dorsey, former employees said. So he entrusted Agrawal with his leadership.

Mike Montano: Technical Director

In recent years, Twitter has revised its technical infrastructure to be able to create new products faster. Montano, the company’s technical director, was instrumental in this overhaul. The company has recognized the modernization of its technical infrastructure as a catalyst for the creation of new functions such as fleets and rooms.

Montano is Agrawal’s right-hand man, and now that the overhaul is complete, Montano is focused on hiring more seasoned executives to run Twitter’s fast-growing engineering organization so it can build even faster, a representative told CNBC.

Kayvon Beykpour: Product Guide

Kayvon Beykpour, Co-Founder and CEO of Periscope, speaks on stage during TechCrunch Disrupt NY 2015.

Noam Galai | Getty Images | TechCrunch

As Product Manager, Beykpour is responsible for the strategy and development of Twitter’s functions and products. He came to Twitter through the acquisition of Periscope, an app that allows users to broadcast live streams from their smartphones.

Under the leadership of Beykpour, Twitter produced some of the most revolutionary product changes in company history.

The company launched fleets last year. These are full-screen images and videos that disappear from users’ pages after 24 hours, similar to stories on Snapchat and Facebook’s Instagram. The company has also started testing Spaces publicly. These are virtual audio rooms where users can gather for live conversations, similar to the popular Clubhouse app. Looking ahead, Beykpour announced that Twitter will test subscription features that allow developers to post exclusive content for their paying followers.

Bruce Falck: Sales Product Leader

While Beykpour leads software development for Twitter’s user products, Falck is its counterpart to products used by marketers. His team is tasked with creating the tools that the company’s customers will use to display ads on Twitter and target them to the users of the service.

The Falck team recently redesigned Twitter’s mobile application advertising. MAP is used by marketers to serve direct response ads on Twitter. This is a pool of advertising dollars that the company barely used. The Falck team’s performance will be critical in helping Twitter achieve its goal of doubling its annual revenue by the end of 2023.

Matt Derella: Global VP, Sales and Content Partnerships

While Falck makes the ad products, Derella is the one engaging the customers who use them. As Twitter’s clients lead, Derella leads the company’s client-facing organization, including the sales group and partnership teams. Derella’s responsibilities include developing Twitter’s sales strategy and increasing sales.

Dantley Davis: Head of Design and Research

Davis leads the team that decides what the company’s products look like and is responsible for the teams that conduct product research to determine what kind of products the company should build next and how consumers use the company’s products, said a employee. Prior to Twitter, Davis headed product design for Facebook’s Stories, News Feed and Video features, according to his biography. He previously worked at Netflix.

Leslie Berland: Chief Marketing Officer and Head of People

Leslie Berland, CMO of Twitter, attends the # HereWeAre Brunch and Talk from Twitter at Cannes Lions on June 20, 2018 in Cannes, France.

Francois Durand | Getty Images Entertainment | Getty Images

The longest-serving person on the executive team after Dorsey is Berland, who leads the company’s marketing and human resources organizations, which include communications, recruiting, and human resources.

Berland often makes the rounds as the company’s spokeswoman and takes part in various conferences. She is also loved by Dorsey, former employees said.

Peiter ‘Mudge’ Zatko: Head of Security

The latest addition to the Twitter leadership team is Zatko, who works with “Mudge”. He was hired in November to redesign and improve the company’s cybersecurity. Mudge is a well-respected hacker in the cybersecurity world, having previously worked at Stripe and on specific projects at Google.

His hiring came after Twitter experienced an unprecedented hack in July when many of its most-visited accounts, including those of then-candidate Joe Biden, Elon Musk and Bill Gates, were taken over by hackers who posted a scam asking for Bitcoin.

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‘A Very Huge Downside.’ Large Ship within the Suez Stays Caught.

MANSHIYET RUGOLA, Egypt – The gigantic container ship that blocked world trade by getting stuck in the Suez Canal has been enthroning Umm Gaafar’s dusty brick house for five days, humming its deep mechanical hum.

She looked up from her place on the bumpy dirt road and wondered what the ship, the Ever Given, could carry in all these containers. Flat screen TV? Full size refrigerators, washing machines, or full size ceiling fans? Neither she nor her neighbors in Manshiyet Rugola Village of 5,000 had any of them at home.

“Why don’t you pull out one of these containers?” joked Umm Gaafar, 65. “There could be something good in there. Maybe it could feed the city. “

Japanese-owned Ever Given and the more than 300 cargo ships now waiting to cross the Suez Canal, one of the world’s most critical shipping lanes, could serve Manshiyet Rugola many times over.

The ships were supposed to carry cars, oil, cattle, laptops, jet fuel, scrap metal, grain, sweaters, sneakers, household appliances, toilet paper, toys, medical equipment, and more, and supply much of the world, and the canal should be their fastest route from Asia and the Middle East to Europe and the east coast of the United States.

Canal authorities said Saturday that the dredgers managed to dig up the ship’s stern and free its rudder on Friday evening and that they dredged 18 meters into the east bank of the canal on Saturday afternoon, where the ship’s bow was stuck. After a recovery team failed again to remove the four-football-field Leviathan from the sandbar it ran aground on Tuesday and blocked all shipping traffic through the canal, global supply chains were nearing a full-blown crisis.

According to estimates by shipping analysts, the colossal traffic jam kept almost $ 10 billion in trade every day.

“All of the world’s retail trade is in containers, or 90 percent,” said Alan Murphy, founder of Sea-Intelligence, a marine data and analytics company. “So everything is affected. Give a brand name and they’ll get stuck on one of these ships. “

The elimination of the bottleneck depends on the ability of the salvage forces to clear the sand, mud and rocks in which the Ever Given is stuck, and to lighten the ship’s load enough to make it float again while tugs try to push and pull it out. Your best chance could come on Monday, when a spring tide raises the canal’s water level by up to 18 inches, analysts and shipping agents said.

The company that oversees the operation and crew of the ship, Bernhard Schulte Shipmanagement, said 11 tugs helped, with two more due on Sunday. Several dredgers, including a special suction dredger that can move 2,000 cubic meters of material per hour, dug around the bow of the ship, the company said.

On the deck of a tug, on which the Egyptian authorities were able to give journalists a glimpse of the rescue operation for the first time on Saturday evening, several boats could be seen that barely reached halfway to the side of the ship and were brought up to the ship to make it stable hold. The dredger and heavy equipment were floodlit like toys on the bow of the ship.

A mighty tug sat near the stern of the ship, waiting for the next attempt to swim again. But the tide, predicted just after 10:30 p.m., came and went with no progress.

Much of the work, however, was invisible. The team of eight Dutch salvage experts and naval architects who oversee operations will have to monitor the ship and the seabed and create a computer model that will help circumnavigate the ship without damaging it, said Captain Nick Sloane, a South African salvage master with the Operation directed to repair the Costa Concordia, the cruise ship that capsized off the coast of Italy in 2012.

They have to evacuate other ships from the area, a massive coordination effort. And they need to consider the possibility that the Ever Given’s grounding has rearranged the seabed, making it difficult for other ships to traverse the area even after the move, said Captain Paul Foran, a naval advisor who has worked on other salvage operations.

Meanwhile, they have to hope that the Ever Given stays intact. With the ship sagging in the middle and the bow and stern trapped in positions it wasn’t designed for, the hull is prone to stress and cracking, both experts said.

Mohammed Mosselhy, the owner of First Suez International, a maritime logistics company on the canal, said diving teams had already inspected the hull and found no damage. But on most of the other points Ever Given Murphy’s law had succumbed: anything that could go wrong, starting with the size of the ship, was among the largest in the world.

“It was the largest ship in the convoy, and she landed in the worst part of the canal” – a narrow stretch with only one lane, said Captain Sloane. “And that was just very unfortunate.”

When the tugs, dredgers, and pumps can’t do their job, a number of specialized vessels and machinery could be added that may require hundreds of workers: small tankers that suck up the ship’s fuel; the tallest cranes in the world to unload some of their containers one at a time; and when no cranes are big enough or close enough, high-performance helicopters that can take containers of up to 20 tons – although no one has said where the cargo would go. (A full 40-foot container can weigh up to 40 tons.)

Lieutenant General Osama Rabie, the head of the Suez Canal Authority, told a press conference Saturday that although he hoped “we don’t get to this stage,” the authorities would call ships in with cranes to move some of the containers.

Although canal authorities and analysts were optimistic that the canal would be cleared that weekend, Captain Sloane estimated the operation would take at least a week. When a ship of similar size, the CSCL Indian Ocean, ran aground near the port of Hamburg in 2016, it took almost six days to evacuate the Elbe.

All of this, to put it simply, “This is a very large ship; This is a very big problem, ”said Richard Meade, editor-in-chief of Lloyd’s List, a London-based maritime intelligence publication. “I don’t think they have everything they need. It’s just a matter of, it’s a very big problem. “

If the ship clears by Monday, the shipping industry can absorb the inconvenience, analysts said, but beyond that, supply chains and consumers could start to see major disruptions.

Some ships have already decided not to wait and get out of Suez to make the long trip around the southern tip of Africa. This trip could add weeks to the trip and cost more than $ 26,000 per additional day in fuel costs.

On Saturday, General Rabie defended the canal’s safety record: 18,840 ships in 2020, no accidents.

“What happened is happening all over the world and it will happen again,” he said. “The Suez Canal as a passage has nothing to do with the incident.”

In Manshiyet Rugola, whose name means “Little Village of Manhood”, traffic jams of any kind are difficult to imagine in normal times.

Donkey carts piled high with clover that had bumped along half-paved alleys between low brick houses and green fields with palm trees, rubbish, and animal dung. A teenager got ice cream off his motorcycle. Roosters offered the midday call to prayer a profane competition. Until the Ever Given appeared, the minarets of the inconspicuous mosques were the tallest structures.

“Do you want to see the ship?” A young boy asked two visiting journalists who were rocking in excitement under the window of their car. Ever since the earthquake-like rumble of the aground ship shook many people up on Tuesday at 7 a.m., the Ever Given was the only topic in town.

“The whole village was out there watching,” said Youssef Ghareeb, 19, a factory worker. “We got so used to having them with us because we lived on our rooftops and only watched the ship for four days.”

It was generally accepted that the view was even better at night when the ship was glowing with light: a skyscraper straight out of a big city skyline on its side.

“When it lights up at night, it’s like the Titanic,” said Nadia, who, like her neighbor Umm Gaafar, refused to give her full name because of the security forces in the area. “The only thing missing is the necklace from the movie.”

Umm Gaafar had asked to use her nickname so as not to run counter to government security guards who had got through. Nadia said she was too intimidated to take photos of the ship at night when she really wanted to.

Villagers and marine analysts had the same question about Ever Given when based on different expertise. The ship’s operators have insisted that the ship ran aground due to the strong winds of a sandstorm, with the stacked containers acting like a giant sail and other ships in the same convoy passing through without incident. So had previous ships in previous storms, the villagers insisted.

“We saw worse winds,” said Ahmad al-Sayed, 19, a security guard, “but nothing like this has ever happened before.”

Two Suez Canal pilots usually board large ships crossing the canal to guide them through the canal despite being piloted by a crew member, said Captain Foran, the maritime advisor.

Shipping experts and government officials said the wind could well have been a factor exacerbating other physical forces, but they suggested that human error could have come into play.

“A major incident like this is usually the result of many reasons: the weather was a cause, but maybe there was a technical error or a human error,” General Rabie said on Saturday.

Captain Foran had the same idea.

“I wonder why it was the only one that went aground?” he said. “But you can talk about that later. For now, all they have to do is get the beast out of the sewer. “

Nada Rashwan contributed to the coverage.

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China sanctions U.S. spiritual freedom officers, Canadian member of parliament

A masked protester holds a US flag during a protest against China’s human rights violations against Uyghur Muslims in Xinjiang Province and calls on the US government to crack down on Beijing on April 6, 2019 in Washington, USA.

Yasin Ozturk | Anadolu Agency | Getty Images

China has imposed sanctions on two US religious rights officials, a Canadian MP and a subcommittee on human rights, in Canada’s lower house, according to a statement released by the Chinese State Department on Saturday.

The sanctions are the latest escalation in a growing dispute between Western nations and Beijing over the treatment of ethnic and religious minorities in China, particularly in Xinjiang Province.

The Chinese sanctions target the chairman and vice chairman of the US Commission on International Religious Freedom, Gayle Manchin and Tony Perkins. USCIRF has condemned China’s treatment of the Uyghur Muslim population in Xinjiang and approved recent US sanctions against Chinese officials.

Beijing also targeted Canadian MP Michael Chong, who is vice chairman of the House of Common’s Foreign Affairs Committee. The Foreign Affairs Subcommittee on International Human Rights was also sanctioned.

The House of Common Foreign Affairs Committee released a report earlier this month based on meetings of the subcommittee that concluded that human rights violations against Uighur Muslims in China constitute crimes against humanity and genocide.

Chinese sanctions prohibit officials from entering mainland China, Hong Kong, and Macau, and prohibit Chinese citizens and institutions from doing business with the officials and interacting with the Human Rights Subcommittee.

The sanctions are in response to penalties imposed by the US on two Chinese officials earlier this week. The government of Biden said it imposed these sanctions in response to human rights violations against Uighur Muslims.

The US sanctions were directed against China’s Wang Junzheng, secretary of the Xinjiang Production and Construction Corps Party Committee, and Chen Mingguo, director of the Xinjiang Public Security Bureau.

The two officials were targeted for their links to “arbitrary detention and aggravated physical abuse, among other serious human rights violations against Uyghurs,” the Treasury Department said in a statement Monday.

Canada also imposed sanctions on Chinese officials for treating Uyghurs.

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Dozens Gunned Down in One in every of Myanmar’s Bloodiest Days Since Coup

At a military parade on Saturday, the general, who led the overthrow of the civilian government in Myanmar last month, said the army was determined to “protect people from all dangers”.

Before the day was over, security forces under his command had shot dead a 5-year-old boy, two 13-year-old boys and a 14-year-old girl. A little girl in Yangon, Myanmar’s largest city, was hit in the eye with a rubber bullet, even though her parents said she was likely to be alive.

The children killed were among the dozen of people killed on Saturday as security forces cracked down on protests across Myanmar. This appeared to be one of the deadliest days since the February 1 coup led by Major General Min Aung Hlaing, the commander of the Tatmadaw, as the military is known. A news agency, Myanmar Now, put the death toll at 80 on Saturday.

“Today is a day of shame for the armed forces,” said Dr. Sasa, a spokesman for a group of elected officials who say they represent the Myanmar government, in a statement.

The killings took place on Armed Forces Day, a holiday in honor of the Tatmadaw that gave rise to General Min Aung Hlaing’s speech in the capital, Naypyidaw.

The general promised to pave the way for democracy despite rejecting the results of the November 8 elections and arresting many of those elected to parliament that day. He reiterated his promise to hold new elections but did not offer a schedule.

More than 3,000 people arrested by the military since the coup include the fallen civilian leader Daw Aung San Suu Kyi and President U Win Myint. Your party, the National League for Democracy, won a landslide in November.

In his speech to the assembled troops, which was broadcast on national television, General Min Aung Hlaing stated that the Tatmadaw was founded by General Aung San, a national hero. He did not mention that the general was Ms. Aung San Suu Kyi’s father.

The Armed Forces Day ceremony, a highlight of the year for the Tatmadaw, is usually attended by a large number of foreign diplomats. This year there were fewer representing China and several other neighboring countries.

Also present was Russia’s Deputy Defense Minister Alexander Fomin, who was honored by General Min Aung Hlaing for his praise. On Friday the general gave Mr. Fomin a medal and a ceremonial sword.

Russia has been a major arms supplier to the Myanmar military and, as a permanent member of the United Nations Security Council, can be trusted to work with China to block any attempt by the international body to impose sanctions on Myanmar.

The United States said Thursday that it is imposing its own financial sanctions on two military conglomerates that control much of Myanmar’s economy.

On Saturday, US Ambassador to Myanmar Thomas Vajda said security forces “murdered unarmed civilians, including children,” and called the bloodshed “terrible”.

The U.S. embassy said shots were fired on Saturday at their Yangon cultural center, the American Center. The embassy said no one was injured and that it was investigating.

In an apparent blow to the military on their vacation, the ethnic rebel group known as the Karen National Union said on Facebook that they had overrun and seized a Tatmadaw camp. The group posted photos of weapons it allegedly confiscated, including what appeared to be machine guns and rocket-propelled grenades.

The Tatmadaw has fought with various ethnic groups in Myanmar, including the Karen, for decades. Some opposition leaders hope that urban protesters, mostly from the majority of the Bamar ethnic groups, can form a coalition with the ethnic groups to resist the Tatmadaw.

The widespread murders on Saturday came a day after military-run television threatened protesters “shot in the back and in the back of the head” if they continued to oppose military rule.

About a quarter of those killed before Saturday were shot in the head, according to the Assistance Association of Political Prisoners, which has tracked arrests and killings since the coup.

Saturday’s killings took place in more than two dozen cities across the country. Many of the victims were spectators.

14-year-old Ma Pan Ei Phyu was at home in Meiktila, a city in central Myanmar, when the security forces accidentally started shooting in the neighborhood, said her father U Min Min Tun. that she had been killed until she fell to the ground. She had been hit in the chest.

In Yangon, 13-year-old Maung Wai Yan Tun was playing outside when the police and soldiers arrived. Frightened, he ran away and was shot, his mother told the online news agency Mizzima. The family went to retrieve his body, but when they found him surrounded by security guards, they did not dare go near.

One of the bloodiest incidents occurred in Yangon’s Dala Township. Police arrested two demonstrators at their home on Friday afternoon.

Soon after, neighbors gathered in front of the police station and requested her release. Police responded by firing rubber bullets and stunning grenades at the crowd, a witness said.

Residents withdrew but returned to the police station after midnight. This time the security forces opened fire with live ammunition after a long break. At least 10 people were killed and 40 injured.

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The tip of the quarter might create volatility for markets within the week forward

Traders work on the trading floor of the New York Stock Exchange.

NYSE

Stocks could be hurt in the coming week from quarter-end trading as pension funds and other large investors buy bonds and sell stocks to balance their portfolios.

The dramatic rise in bond yields this quarter is causing fund managers to shift their holdings to make up for the lack of bond holdings.

The focus in the coming week could be on the overall economy. The March employment report is expected on Friday, and the White House infrastructure plans are expected to be released on Wednesday. There is also ISM manufacturing data released on Thursday.

The March job report is scheduled for a morning when the stock market is closed for Good Friday. However, bonds trade for half a day, ending at 12:00 noon. Economists estimate that 630,000 jobs were created in March and the unemployment rate fell from 6.2% to 6%, according to the Dow Jones.

President Joe Biden is expected to announce details of his $ 3-4 trillion infrastructure plan in Pittsburgh on Wednesday. However, strategists say it is too early to say what the plan might look like or how big it will be in its final form.

Stocks were higher for the past week while government bond yields were less volatile. The closely observed 10-year ratio was 1.67% on Friday after 1.75% the previous week. Yields are moving against price and strategists expect rates to fall further over the coming week as investors rebalance their holdings.

“It’s the last week of the quarter so there can only be too much noise,” said Peter Boockvar, chief investment strategist at Bleakley Advisory Group. “Of course we will keep an eye on the bonds. The 10-year period now seems to be in a range of 1.60% to 1.70%. I think people are just trying to get a foothold here. They are trying to to find out. ” out.”

Some strategists say quarter-end trading for stocks, especially big-cap tech, could be positive as rates temporarily stopped rising.

Inventories are higher in the quarter to date. The S&P 500 gained 1.6% over the course of the week and 5.8% in the quarter to date. The Dow was up 1.4% for the week and up 8% in the first quarter. The Nasdaq lagged behind, falling 0.6% for the week and 1.9% for the quarter.

Bonds were much more dramatic in the quarter. The 10-year reference return rose from 0.93% at the end of last year.

“It’s in the driver’s seat right now,” said NatWest’s Blake Gwinn of the 10-year return. The 10 year rate of return is the most widely used rate of return as it affects mortgages and other major financing rates.

Gwinn, head of US interest rate strategy, said he had changed his view of the 10-year deadline and now expects the yield to hit 2% from 1.75% by the end of the year. In the short term, however, the yield could fall further as large funds buy Treasuries. Japanese investors are also expected to be active buyers towards the end of the year on Wednesday.

“If anything, we really hope that returns will continue to drop a little lower so that we have a better place to get back into shorts,” he said.

Infrastructure plan

Gwinn said he is focused on the Biden infrastructure plan and doesn’t think it’s still priced in in the market. The $ 1.9 trillion fiscal plan just signed by the president was a driver of bond yields as investors weighed the expected surge in economic activity and the associated higher debt levels.

“The Biden plan is my biggest risk to the treasury market right now. I don’t have the full Biden plan priced into my … forecast this year,” he said. “If we suddenly get started quickly and that comes together in the second quarter, I’ll have to rethink my 2% target.”

Gwinn said the market had “fiscal fatigue”.

“There are a lot of doubts and uncertainties about how it will pass, when it will pass and whether it will pass … it is not tangible enough,” he said.

The plan is expected to span several years, and the Democrats are expected to seek tax increases to pay for it.

rotation

The rotation into cyclical and value stocks is expected to continue in the next quarter. Energy and Finance had the best results in the first quarter, up 33% and 16.5% respectively. Tech was up 1.7% but outperformed utilities and consumer staples.

“I think certain parts of the market have a lot of upside potential, but some of it may come at the expense of growth stocks,” said Dan Suzuki, vice CIO, Richard Bernstein Advisors. He also assumes that growth stocks will continue to react negatively to rising interest rates and positively to falling ones. This trade has decoupled a bit in the past week.

“It won’t go one-on-one with every wobble,” he said. “I think the base behind this is real. If you think rates will climb to 2% by the end of the year, that’s really bad for expensive high-growth names. Markets care less about absolute levels than direction The higher the interest, the worse it is for high multiple stocks. “

Suzuki said the rise in interest rates is pushing some of the foam off the market. Special purpose vehicle stocks (SPACs) had risen by more than 5% on average on their first few days of trading in February and posted no profit in March, according to a University of Florida finance professor.

“As we see the economy getting better and better at an incredibly fast rate, especially as you add some extra momentum, you have companies that will benefit the most from that acceleration and that will grow 2X, 3X plus.” he said. “To her credit, those high, multi-growth stocks have been so robust last year … Tech earnings growth comes in mid-teens next year, but again the more cyclical parts of the economy – energy, materials, industry, small caps as a result As they rebound, they will see much stronger earnings growth this year.

Calendar for the week ahead

Monday

Merits: Vaxcyte, Cal-Maine Foods

Tuesday

Merits: Lululemon Athletica, Chewy, McCormick, BioNtech, FactSet, Blackberry, PVH

9:00 am S&P / Case-Shiller property prices

9:00 a.m. FHFA real estate prices

10:00 am Consumer Confidence

12:00 pm Raphael Bostic, Atlanta Fed President

2:30 p.m. John Williams, President of the New York Fed

Wednesday

Merits: Walgreens Boots Alliance, Micron, Dave & Buster, guess

8:15 am ADP employment

9:45 am Chicago PMI

10:00 a.m. Pending home sales

10:45 am Bostic from Atlanta Fed

Thursday

Merits: CarMax

8:30 am Initial jobless claims

9:45 am Manufacturing PMI

10:00 am ISM Manufacturing

10:00 a.m. building expenses

1:00 p.m. Philadelphia Fed President Patrick Harker

Friday

Good Friday holiday

Exchange closed

8:30 a.m. Employment Report

Categories
World News

Crushed, Cuffed, Hauled Away: When Myanmar’s Navy Comes Knocking

When the police and soldiers arrived in the middle of the night, they fired their weapons in the air, threw stones through the windows and threatened to drive a car through the front door if no one opened it. U Shwe Win and his family slept. It was 2:30 a.m.

The police and soldiers came to arrest Mr. Shwe Win’s son Ko Win Htut Nyein. When they found him, they beat the 19-year-old and handcuffed him before taking him away. His offense, the family was told, was video of police recording a protest in Mandalay the day before.

More than two weeks later, Mr. Shwe Win is still looking for his son. Authorities say they have no record of his arrest. “I felt so hopeless as if I had lost everything in that moment,” said Shwe Win. “I still don’t know where my son is. I don’t want him to die in their hands and I’m worried that they will torture him. “

Since the February 1 coup in Myanmar, millions of democracy protesters have joined anti-military protests, general strikes and a civil disobedience movement that have virtually paralyzed the economy. Security forces have reacted with increasing recklessness, shooting people on the street, and arbitrarily beating and arresting people.

Politicians, journalists, students, and ordinary citizens are all trapped in the clutches of the military. Soldiers and police break into their homes in the middle of the night looking for opponents of military rule. Many went into hiding. Some are arrested and released. Others are missing, tortured, or dead.

The actions of the military sent a terrifying message: no one is safe.

“The scale of the arrests since the coup gives you a clear indication of where the military junta is leading the country: a place with no room for criticism or political opposition,” said Mu Sochua, a former member of the Cambodian parliament and part of a group of Southeast Asian parliamentarians. who stand up for human rights.

As of Friday, security forces had killed more than 320 people and arrested or charged more than 3,000, according to a group tracking arrests and murders. The youngest victim, 6, was shot dead on her father’s lap on Wednesday.

Hundreds of illegally detained people have disappeared, according to the United Nations High Commissioner for Human Rights. At least five have died in custody and two appeared to have been tortured, the agency said.

While making their arrests, soldiers and police steal money, cell phones and car keys, victims and witnesses said in interviews. Some protesters said they were only released after paying the police money.

You are the lucky ones.

In Mandalay, 24-year-old Ko Myo Hein Kyaw disappeared after his arrest during a protest. His family was informed on Friday, four days later, that he had died and that his body had been cremated.

In other cases, bodies have been returned to families with visible injuries and little explanation.

U Zaw Myat Lynn, a National League for Democracy activist who ran a vocational training center for the party, was arrested around midnight on March 8. The next day, the police ordered his wife, Daw Phyu Phyu Win, to go to a military hospital to identify his body.

She saw a lot of bruises on his face, she said in an interview.

The rest of the body was wrapped in a cloth, but photos showed a wound on his stomach that was listed as the cause of death.

The official autopsy report said he sustained an abdominal injury while attempting to escape when he jumped on a fence from a height of 30 feet. His wife believes he was stabbed.

“When I saw his body, I was sure they killed my husband after they tortured him,” she said.

A common tactic in the search for refugees and anti-coup activists is for the police to arrest family members and colleagues and try to extract useful information from them. Many of the hunted are elected officials in hiding, including MPs who formed a group claiming to be Myanmar’s rightful government.

U Sithu Maung, 33, is a lawmaker and was the target of a week-long manhunt.

On the evening of March 6th at 9:30 am, soldiers and police met one of Mr. Sithu Maung’s close associates from the National League for Democracy, U Khin Maung Latt.

Mr. Khin Maung Latt was arrested and family members were asked to collect his body the next morning. The family found bruises on his back and stitches on his scalp, said Mr. Sithu Maung.

“It is a great loss for me because he was my colleague, comrade and like my real uncle,” he said in an interview from hiding. “It was an assassination attempt on a responsible citizen.”

That night, soldiers and police ransacked Mr. Sithu Maung’s parents’ home, broke down the door, and held everyone at gunpoint, family members said.

When they couldn’t find Mr. Sithu Maung, the police arrested his father, who ran out the back door where the security forces were waiting for him.

They beat his father and hit him in the head with a gun, family members said. They ransacked the house and took away two cell phones and $ 4,000 in gold and cash. As they left, they fired their guns and threw a stun grenade into the street.

“This pattern of violence has been seen in Yangon and other cities,” said Sithu Maung. “They come looking for someone. If they cannot find that person, they will commit violence and take the family members of the person they are targeting. “

Regime spokesman Brig. General Zaw Min Tun admitted at a news conference Tuesday that security forces had killed 164 people but claimed they all died attacking police and soldiers with Molotov cocktails and homemade smoke bombs.

The military did not comment on the demonstrators who died or disappeared after being detained.

Members of the public now commonly refer to the security forces as “terrorists” for their brutal methods of making arrests and shooting at random into crowds and homes.

In southern Myanmar, students from Myeik University gathered in protest when soldiers and police arrived. One student, Ma Thae Ei Phyu, 22, a philosophy student, was shot in the neck with rubber bullets from a distance.

“I tried not to fall because I know they have a habit of raping women and girls,” she said. “I didn’t want to be arrested.”

The soldiers gathered the entire group of about 70 demonstrators and took them to a nearby air force base and beat them with sticks, plastic pipes, chains and belts, said a teacher, U Nay Lin, 30, who was among those arrested. The beating left huge red marks on his back, a photo showed.

Mr. Nay Lin said a man with Ms. Aung San Suu Kyi’s tattoo on his chest received the worst beatings of all.

Ms. Thae Ei Phyu was taken to a hospital where she was given stitches for the deep holes in her throat caused by the rubber bullets. She and most of the others were eventually released without charge. Earlier this week, the junta also released more than 600 mostly young protesters detained in Yangon to appease the movement.

“They tried to threaten us by arresting and torturing us like this, but we are not afraid to die,” she said. “Better to die than live under the junta.”

Categories
World News

Dow closes up 450 factors at its session excessive, posts a successful week

US stocks climbed Friday, ending the volatile week on a high as stocks that benefited from a successful economic reopening outperformed again.

The Dow Jones Industrial Average closed 452.97 points, or 1.4%, to 33,072.52. The S&P 500 rose 1.7% to 3,974.50, led by energy and materials. The Nasdaq Composite was down 0.8% and ended the session 1.2% higher. All three key benchmarks recovered to their session highs by the end.

Financial stocks rose after the Federal Reserve announced that banks could resume buybacks and raise dividends from late June. The central bank originally announced that it would lift restrictions on the pandemic in the first quarter, but even the belated move gives investors more clarity.

JPMorgan’s shares were up 1.5% while Bank of America was up 2%. Goldman Sachs was up 1%.

Classic re-opening games build on the dynamics of the previous session. American Airlines was up 1% while Royal Caribbean, Carnival and Norwegian Cruise Line were up more than 1%.

President Joe Biden announced a new goal Thursday of distributing 200 million Covid vaccine shots within his first 100 days in office. As of Friday, there have been 100 million coronavirus vaccinations since Biden was inaugurated.

Fears of rising inflation eased after the data showed tamed price pressures. The core consumer spending index, which excludes volatile food and energy prices, rose 0.1% month-on-month, in line with the expectations of economists polled by Dow Jones. Year after year, the measured value rose by 1.4% and was thus slightly below an estimate of 1.5%.

“PCE deflator data, which is softer than expected, supports the idea that government bond yields are likely to consolidate in the near term,” said Edward Moya, senior market analyst at Oanda. “The lower the inflation base, the easier it is for markets to convince themselves that the impending rise in price pressures will be temporary.”

The 10-year US Treasury yield fell from its peak after the inflation data, and most recently rose 3 basis points to 1.65%. The rate jumped 6 basis points earlier.

Meanwhile, consumer sentiment in the US continued to rise during the introduction of the vaccine. A University of Michigan poll released Friday found the consumer sentiment index finalized at 84.9 in March, up from 76.8 in February. Economists polled by Dow Jones expected a value of 83.7.

The Dow and S&P 500 are on track for small wins in the week of consecutive wins. However, the Nasdaq is still lower on the week. The rally to record highs has slowed in recent weeks amid rising interest rates and valuation concerns.

“The market has been feeling rather choppy lately and this could become more of the norm as we enter the second year of recovery,” said Larry Adam, chief investment officer at Raymond James. “These periods, like most, are not moving in straight lines as there will be drawdowns along the way. This is not for concern, but investors should expect and take advantage of some weakness.”

Categories
World News

The Covid Testing Droop – The New York Occasions

A few weeks ago, Citigroup began making Covid-19 test kits available to many of its employees in Chicago and New York at home. Each kit contains a nasal swab, paper strip, and liquid solution, and people get a result in minutes. “It looks a bit like a pregnancy test,” Dr. Lori Zimmerman, Citigroup Medical Director.

The company distributes enough tests for employees to take three times a week, usually on Monday, Wednesday, and Friday mornings. Citigroup will soon expand the program to a further 6,000 employees across the country. The goal, Zimmerman said, is to help people know they have Covid before they can infect colleagues or customers.

This is the kind of ambitious testing program that many medical experts believe should be available across the country. Why? As more Americans receive vaccination shots, the country is still months away from vaccination. In the meantime, extensive testing can help life return to normal – without triggering deadly new Covid outbreaks.

Unfortunately, the US is going in the opposite direction when it comes to testing. The number of daily tests has decreased by 35 percent since mid-January:

“We have to do more,” said Jennifer Nuzzo, an epidemiologist at Johns Hopkins University. “This pandemic is not over yet. We are still at dangerously high levels. “

Tests have declined in part because the health system has focused instead on giving vaccine shots. And vaccinations are indeed more important than Covid tests. But the country shouldn’t have to choose between the two, experts say. If the US can speed up both vaccinations and testing, the gains in terms of lives saved and schools and businesses reopening would be huge.

“It’s paying off,” said Dr. Michael Mina, a Harvard University epidemiologist who has spoken out in favor of more testing. “Tests are one of the easiest and least stressful things we can do.”

For Monica Jurado, a Citi banker on the south side of Chicago, testing has become an easy part of her morning ritual. After a test, she gets ready for work – and 20 minutes later she can see the test result. “It gives me tremendous security to know that I can get to work safely, and so do my employees,” said Jurado.

Several countries around the world, including Australia and South Korea, have already carried out mass tests to stop Covid cases, as Umair Irfan from Vox notes. Many colleges in the United States as well as professional sports leagues have also relied on testing to continue their operations. And Biden administration officials say they are committed to making testing more available, even to people who are not showing symptoms.

“Testing is an important pillar of the president’s strategy,” White House testing coordinator Carole Johnson told me yesterday. “We think it’s really important.”

What does the US need to do more testing?

Money. The recently passed anti-virus law provides $ 50 billion for advanced testing, including $ 10 billion for schools. That will help, say experts, although it’s not yet clear how much.

The tests Citigroup runs cost about $ 5 each when purchased in bulk. A nationwide program of universal mass testing for unvaccinated people would likely cost billions of dollars a week – which, in turn, pales in comparison to the cost of prolonged shutdowns. The country’s current test plan is much less aggressive.

Logistic help. With many hospitals and pharmacies focused on vaccinations, people need places to get tested. The Biden administration is working with state and local officials to open four regional coordination centers in the coming weeks.

Corporate America can also play a role. Large Canadian companies recently formed a consortium to give employees quick score testing, and the group’s organizers announced this week that they are planning to expand into the US

FDA approval. Citigroup was only able to distribute its tests – so-called rapid antigen tests – because it is doing so as part of an academic study. The Food & Drug Administration has not approved the tests used by Citigroup. The agency has approved two more at-home antigen tests, but they are not yet generally available.

One problem is that rapid antigen tests are a little less accurate – some people with Covid are absent – than the other main type of test known as a PCR test, which is not an option for mass testing at home. But that’s fine. Think of it this way: Citigroup recognizes a lot more Covid cases than most employers.

In President Biden’s first two months in office, his administration has made impressive strides in accelerating vaccinations. But he still faces two overwhelming Covid challenges to prevent thousands of unnecessary deaths.

First, he needs to keep speeding up vaccinations – to match the speed at which drug companies are firing shots. (The new goal that Biden announced yesterday – to get 200 million vaccinations in its first 100 days – is not ambitious enough to get there). Second, the administration needs to find a way to reverse the recent decline in testing.

A programming note: I’ll be on break next week and my colleagues will deliver The Morning to your inbox. I’ll be back Tuesday April 6th.

Closed for the time being: “The gasps, the laughter, the whistles, the” Yes, baby! “And the applause”: What New York’s burlesque performers miss.

Modern love: She tried to keep her expectations in check. Would that hurt less?

Lived life: Jessica Walter’s acting career included roles on Broadway and an Emmy-winning twist on the 1970’s Amy Prentiss. But she is perhaps best known as the Martini-sweating matriarch of the Bluth family in Arrested Development. Walter died at the age of 80.

It is hard to imagine a musician having a more intimidating task than completing an unfinished work by Mozart. This is what Timothy Jones, a Mozart expert who teaches at the Royal Academy of Music in London, did to complete fragments of violin sonata that the composer left behind.

Posthumous degrees are not uncommon in classical music. However, Jones’ recent endeavor brings a twist: he made several finished versions of each fragment, each highlighting different aspects of Mozart’s style.

He also benefited from recent research that helped more accurately date Mozart’s compositions. “If I fully understand the context for these fragments, I can ask detailed hypothetical questions about his compositional strategy,” Jones told The Times. “What has he been working on, listening to his compositional interests? That was key because his style was still developing very rapidly until his death in 1791. “

The pangrams from yesterday’s Spelling Bee awakened, awakened and faded. Here is today’s puzzle – or you can play online.

Here’s today’s mini crossword and clue: Enlightened (five letters).

If you feel like playing more, all of our games can be found here.

Thank you for spending part of your morning with The Times. I’ll be gone next week. My co-workers will get to your inbox while I’m away. – David

PS Apoorva Mandavilli, a science reporter for The Times, has a master’s degree in biochemistry, speaks seven languages, and has a thing for Bridgerton. In an interview, she talks about the coverage of the pandemic.