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World News

S&P 500 rises to new document as Large Tech shares acquire

The S&P 500 rose to a fresh record on Wednesday as investors poured back into trusty mega-cap technology stocks.

The S&P 500 advanced 0.35% to a new intraday high after the index ended a seven-day winning streak in the previous session. The Dow Jones Industrial Average rose about 70 points. The technology-heavy Nasdaq Composite rose 0.1% after hitting a fresh record shortly after the open.

With rates falling and Wall Street fretting about a peak in economic growth, investors have rediscovered their old Big Tech favorites. Apple and Amazon are both up more than 10% over the past month, far outpacing the S&P 500’s 2.8% return.

Defying many predictions, the 10-year Treasury yield fell to 1.306% on Wednesday. Major technology names like Apple and Google-parent Alphabet rose on Wednesday. Shares of Amazon gained 1% even after the e-commerce giant rallied nearly 5% on Tuesday.

“As has been the case for some time, the direction of bond yields and tech stock have been joined at the hip,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. “Traders will be watching as S&P 500 tech index move closer to its relative price high established last September. A break above that level would certainly reinforce a sustained leadership cycle for tech.”

The Federal Reserve’s minutes from its June 15-16 meeting, during which it held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead, revealed the central bank discussed tapering but was in no rush to start the process.

Energy stocks were in the red as oil prices fell. WTI crude touched a 6-year high briefly on Tuesday before retreating. Crude was down again on Wednesday. Occidental Petroleum, APA Corp. and Pioneer Natural Resources all dipped more than 2%.

Bank shares including Goldman Sachs and Bank of America continued their retreat on Wednesday as long-term bond yields fell further, hurting the industry’s profitability prospects. Yields on the short-end of the so-called Treasury curve, including 1-year bills and 2-year notes, were flat to higher.

During the regular session on Tuesday, the 30-stock Dow fell 208 points. The S&P 500 ended the day down by 0.2%, retreating from a record. The Nasdaq Composite rose nearly 0.2% to a fresh all-time high.

Investors may be worried the economy might be approaching its peak and that a correction could be on the way. In addition to complacency in the market, the combination of profit-margin pressures, inflation fears, Fed tapering and possible higher taxes could contribute to an eventual drawdown, market strategists say.

— CNBC’s Patti Domm contributed reporting.

Categories
World News

Inventory futures are little modified because the S&P 500 appears to be like to carry on to report

Futures contracts, which are pegged to the major US stock indices, changed little on Monday after the S&P 500 posted its best week since February and a new record on Friday.

Futures pegged to the S&P 500 hovered around the flatline and those pegged to the Dow Jones Industrial Average fell 17 points. Nasdaq 100 futures rose 0.2%.

A massive, bipartisan infrastructure deal appeared to be resurrected on Sunday evening after President Joe Biden made it clear on Saturday that he would not veto the bill if it comes without a separate Democrat-favored reconciliation bill. Republican senators then said on Sunday that the deal can move forward.

The president, flanked by a bipartisan group of senators, said Thursday that after weeks of negotiations, the group had reached a billion-dollar deal to improve the country’s roads, bridges, waterways and broadband. Democrats are pushing for a second bill that would include funding for issues such as climate change, childcare, health care and education.

Caterpillar stocks were higher in the pre-trading session and should add to their gains last week.

“The bipartisan infrastructure deal negotiated in Washington DC last week seems to have a chance of becoming a reality,” wrote John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, in a press release. “This program could serve the country in the short and long term in job creation, economic growth, corporate sales and profit growth, and US ability to compete with other nations in the relatively new but hypercompetitive twenty-first century compete.”

Stocks had their best week in months on Friday as investors become more confident that current US inflation is not a persistent economic threat, but rather a temporary upward trend.

The S&P 500 finished Friday with a record high of 4,280.70 while the Dow rose 237.02 points, less than 2% off its record high. While the Nasdaq Composite closed slightly lower on Friday, it rose 2.35% for the week, its best since April 9, and rose 4.45% for the month of June.

The weekly gains even came after the Commerce Department reported that the inflation indicator rose 3.4% in May, the fastest increase since the early 1990s.

Spikes in the core consumer spending index can cause heartburn among investors as the Federal Reserve likes to watch it for signs of inflation. Still, the increase actually fell short of what economists polled by Dow Jones had forecast, and reaffirmed for investors that macroeconomic price increases are likely to be temporary and manageable.

The next key economic data is the June job report that the Department of Labor is slated to release on Friday.

Economists expect the number of non-farm workers to have increased by 683,000 in June. While such a robust figure would top 559,000 in May, it would still be below the 1 million some had hoped a US economy could see a rebound after the Covid-19 crisis.

Investors will also check the June report for signs of wage inflation as employers struggle to find workers to fill positions and pandemic-era unemployment benefits run out in some states.

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Categories
Health

Medicaid Enrollment Surpassed 80 Million, a Document, Throughout the Pandemic

Medicaid’s enrollment soared during the pandemic, with nearly 10 million Americans joining the public health program for the poor, a government report released Monday showed.

Eighty million people were insured with Medicaid, a record. This reflected an increase of nearly 14 percent over the twelve month period ended January 31. The number also includes participation in the children’s health insurance program, which covers children whose parents earn too much for Medicaid but too little to be able to afford any other coverage.

The increase in enrollments shows the increasingly important role of Medicaid not only as a safety net, but also as a pillar of the American health system that protects a quarter of the population.

“This tells us that Medicaid is an important program for American families,” said Chiquita Brooks-LaSure, the Biden government official who oversees Medicaid. “What we have seen during this pandemic is people want access to affordable health insurance and how important it is during a public health crisis.”

The Affordable Care Act transformed Medicaid from a targeted health service designed to help specific groups – such as expectant mothers and people with disabilities – to a much broader program that provides largely free insurance to most people below a certain income threshold. A notable exception are the 12 states – mostly in the south – that have declined to expand Medicaid under the ACA

Medicaid, where the state and federal government share the cost, covers all adults with incomes up to 138 percent of the poverty line, which would be about $ 17,420 this year for a person who would qualify.

The expansion of Medicaid in most states since most of the ACA came into effect in 2014 has provided a source of public protection for the new unemployed that did not exist a decade ago. Adult enrollment in Medicaid grew twice as fast as child enrollment, suggesting that the widespread job loss associated with the pandemic has created a large group of newly eligible adults.

“There has been significant growth in Medicaid enrollments in recent economic downturns, but their focus has been on children,” said Rachel Garfield, co-director of the Medicaid and Uninsured Program for the Kaiser Family Foundation. “This time around, it’s interesting that a lot of the enrollment is among adults.”

She also noted that Medicaid enrollment increased much faster during the economic contraction of the pandemic than in previous downturns. In 2009, at the start of the Great Recession, fewer than four million Americans took part in the program.

There may also be increased interest among uninsured Americans who were already eligible for Medicaid but only chose to enroll because of heightened health concerns during the pandemic.

“So often when we look at who’s not insured, it’s people who are eligible but not enrolled,” said Ms. Brooks-LaSure, the Medicaid officer. “Right now we see that if we make it easy for people to sign up, they will.”

In the years before the pandemic, the number of Medicaid enrollments had decreased. More than a million children lost insurance coverage between December 2017 and June 2019, a trend that rocked health care advocates. Many attributed the changes to new rules during the Trump administration that made it more difficult to log in and stay logged in.

That changed last spring when the pandemic hit and Congress gave states additional money to fund their Medicaid programs. Congress announced a 6.2 percent increase in spending on the condition that states do not de-register patients or tighten eligibility requirements.

For example, a woman who gave birth would normally have lost coverage 60 days after giving birth, but due to legislation, she could stay on Medicaid for the duration of the pandemic. These rules will remain in effect until the federal government declares the public health emergency over.

Three states – Utah, Idaho, and Nebraska – expanded Medicaid last year after voters approved voting initiatives; these countries recorded particularly large swings in school enrollment. A fourth, Oklahoma, will expand Medicaid to most low-income adults starting next month.

Even after growing under the Affordable Care Act, the Medicaid program has loopholes that are difficult to fix. The 2012 Supreme Court ruling that upheld the law’s individual insurance mandate also made the expansion of Medicaid optional for the states.

As a result, millions of low-income adults in the 12 holdout states that include Florida and Texas are still without insurance. A recent study at JAMA found that Medicaid enrollment grew faster during the pandemic in states participating in the expansion, most likely because many more people were eligible for coverage.

Generous financial incentives offered by the recent stimulus package weren’t enough to convince any of the 12 states to expand Medicaid, but senior Biden government officials say they continue to hope some get on board.

“We hope we can encourage them,” said Xavier Becerra, the secretary for health and human services, in a call to reporters last week. “We want to make sure that they expand the supply and that it is affordable.”

Categories
World News

European start-up funding smashes 2020 document in first six months

The Klarna logo that is displayed on a smartphone.

Rafael Henrique | SOPA Pictures | LightRocket via Getty Images

LONDON – Europe’s tech sector has already attracted more venture capital investment this year than it did in all of 2020, according to data reported to CNBC.

Start-ups on the continent raised a whopping 43.8 billion euros (60.9 billion US dollars) in the first six months of 2021, as figures from Dealroom show, surpassing the record of 38.5 billion euros, that were invested in 2020.

And this despite the fact that the number of venture deals signed so far is around half as high as agreed in 2020. According to the Dealroom, around 2,700 financing rounds have been raised in 2021, compared to 5,200 in the previous year.

The Swedish company Klarna, which has to buy now and pay later, has already raised over € 1.6 billion in two financing rounds this year.

It suggests that European tech companies are pulling in far larger sums of money per investment than in previous years to defy the economic uncertainty of the coronavirus pandemic, which has given online services a huge boost.

Guillaume Pousaz, CEO of Checkout.com, said that startups were often created during times of crisis, citing the emergence of several new financial technology companies in the wake of the 2008 global financial crisis.

“When people lose their jobs, people actually spend a lot of time at home or have to rethink their lives,” Pousaz told CNBC’s Squawk Box Europe during the Viva Technology conference in Paris.

“When there is a major upheaval in society, it is often the time when many new start-ups emerge. We are particularly pleased about this opportunity. “

On Tuesday, French President Emmanuel Macron said that by 2030 he wanted to found at least 10 technology companies in Europe, each worth over 100 billion euros, and that a company the size of American and Chinese technology giants had to emerge.

Scale-Up Europe, a group that includes the founders of UiPath and Wise, has proposed 21 recommendations to help the region build the “next generation of tech giants”. Proposals include corporate tax credits for investing in startups and regulatory changes that adapt to new innovations.

Sebastian Siemiatkowski, CEO of Klarna, said the UK is leading the way in technology policy in Europe and that a number of issues need to be addressed before the European Union can create its own tech giants.

“I am concerned about how the regulatory environment has evolved in the European Union,” he told CNBC, adding that the UK is focused on rules that make it easier for consumers to switch from one technology service to another.

Siemiatkowski highlighted the EU regulation of web cookies as an example of “bad regulation”, as users receive a large number of consent messages when they visit different websites. “It drives us to become more complacent and less concerned about privacy than the opposite,” he said.

“I hope that the European Union will now take action and start writing really good rules that will help consumer freedom and movement, increasing competition in areas such as retail banking, but also in technology in general,” added Siemiatkowski added.

However, as the number of $ 1 billion startups in Europe continues to grow, the number of exits on the continent is also increasing. There have been some notable acquisitions this year, including the $ 1.6 billion purchase by Etsy of UK fashion resale app Depop and JPMorgan’s acquisition of London-based robo-advisor Nutmeg.

In terms of listings, there have been a number of notable debuts in London in particular, including the grocery delivery app Deliveroo, cybersecurity firm Darktrace, and reviews site Trustpilot. Money transfer giant Wise, formerly known as TransferWise, plans to go public in the UK capital soon.

Siemiatkowski said it was too early to say when Klarna, which was last privately valued at $ 45.6 billion, would go public, but that it would likely happen in the next year or two. Pousaz said Checkout.com is unlikely to go public, but “of course we will one day be a public company.”

Categories
Politics

Firefighters put together for extreme wildfires in West after document season

Firefighters work to stop the Loma fire from spreading outside Via del Cielo in Santa Barbara, California, USA. This image was published on May 21, 2021.

Mike Eliason | Santa Barbara County Fire Department | Reuters

From igniting controlled burns to removing vegetation, U.S. firefighters are undergoing massive preparations for a wildfire year they expect to be even worse than last year’s record season.

Fires broke out earlier this year, scorching the West as it grapples with the worst drought in the recorded history of the US Drought Monitor. Hot and dry temperatures in the preseason due to climate change, along with a high supply of dry scrub, have prepared the states for more severe and more frequent fires each year.

Firefighters in Arizona are already fighting two massive fires fueled by hot temperatures and gusty winds. Conditions are so dry that officials said firefighters fighting the fire accidentally started new fires that were started by their equipment.

California, suffering from drought and depleted water reservoirs, also had an early start to its season. A fire in May forced the evacuation of hundreds of people in western Los Angeles. Five of the six largest fires in the state’s history occurred last year and burned more than 4 million acres.

“The fire season has been extended to a full year of fire in many parts of the country,” said Bill Avey, USDA Forest Service’s National Fire and Aviation Director.

“Managing a year-long season is becoming increasingly difficult for the USDA and the entire forest fire management community,” said Avey.

Clouds of smoke rise from a flame as wildfire rages in Arizona, United States on June 7, 2021, in this image from social media.

Arizona Department of Forestry and Fire Management | Reuters

As the fire season becomes longer, states face the growing challenge of adequately preparing for and responding to a year-on-year increase in the number of climate change-fueled disasters.

California will have its largest fire department ever this year and has already completed dozens of fuel reduction projects such as controlled burns. The state’s largest utility company, PG&E, has also announced it could turn off electricity more often this year to help curb fire hazards in Northern California.

And earlier this month, Governor Gavin Newsom called for a record $ 2 billion budget for forest fire preparation and an expansion of the aircraft fleet to fight the fires.

California has responded to more than 2,875 forest fires that burned more than 16,800 acres since early 2021, according to Alisha Herring, a communications officer for the state fire department Cal Fire.

“This is a significant increase in both fires and hectares compared to 2020,” said Herring.

A sign will be posted next to an empty space on May 27, 2021 in Chowchilla, California.

Justin Sullivan | Getty Images

This year, the Forest Service has 15,000 firefighters and personnel ready to put out fires, as well as up to 34 air tankers, more than 200 helicopters and 900 engines for an unprecedented season, Avey said.

Last month, President Joe Biden said the Federal Emergency Management Agency will double the funds available to prepare cities and states for climate disasters such as fires and hurricanes from $ 500 million in 2020 to $ 1 billion this year.

But the increase in FEMA funding was less than what some disaster management experts argue to prepare for weather events. Last year, the United States had 22 disasters, each with more than $ 1 billion in record losses, according to the White House.

“Now is the time to prepare for the busiest time of year for disasters in America,” said the president after a briefing at FEMA headquarters.

Hilary Franz, Washington state commissioner for public land, said the state is preparing for a particularly heavy fire season by securing additional air resources through treaties and regional and national agreements.

Almost 85% of forest fires are due to human activity, including unsupervised debris fires, cigarettes, power tools, and arson. The risk is increased as more and more people build in wilderness areas at risk of fire. Experts have urged federal officials to better manage forests and city or state building codes that require fire-resistant materials to build homes.

“The vast majority of forest fires are caused by human activity,” said Franz. “The more people practice fire protection and avoid starting fires outdoors, the better our chances of avoiding a devastating forest fire season.”

Categories
World News

Shares drift larger at open, S&P 500 trades just below report

The S&P 500 was just below its all-time high on Wednesday as markets continued to trade in a tight range.

The 500 stock index rose 0.2%, hitting one point off its intraday record within the first two minutes of the regular trading session. The S&P 500 is now just 0.15% below its record high of 4,238.04 May 7th. The Nasdaq Composite was up 0.5% and the Dow Jones Industrial Average held steady around Tuesday’s closing prices.

Health, communications and technology stocks drove the positive readings, with drug maker Merck up 1.8%, Twitter 1.7% and Adobe 1.5%. Fox Corp. was the best performer in the S&P 500 with a plus of 2.3%.

The meme stock mania continued Wednesday, with day traders now turning their attention to Clover Health. The stock gained another 12% before tumbling after an 85% rally on Tuesday amid explosive trading volumes. Clean Energy Fuels rose 30% on Wednesday with no apparent news.

Investors wait for the next inflation measurement to assess whether the higher price pressures are temporary as the economy continues to recover from the pandemic-induced recession.

“US stocks have been largely stuck in a range since mid-April and are unlikely to break out anytime soon,” said Edward Moya, senior market analyst at Oanda, in a press release. “Investors want to see how hot the price pressures will get and how much downtrend in stocks will happen once the Fed’s taper rage begins.”

The consumer price index for May is due to be published on Thursday. According to the Dow Jones, economists expect the consumer price index to increase by 4.7% year-on-year. In April the CPI rose 4.2% on an annual basis, the fastest increase since 2008.

Many on Wall Street believe the latest meme stock episode should be limited to a handful of names, in contrast to the GameStop trading frenzy in January that affected the broader stock market.

“Given the low risk of widespread contagion, we see the consequences of the recent short squeeze as
“Maneesh Deshpande, Global Head of Equity Derivatives Strategy at Barclays, said in a press release.” The current short squeeze is likely to be more localized because the number of stocks with high short interests has decreased dramatically.

On the data front, job vacancies rose to a new record high in April, with 9.3 million jobs posted online as the economy recovered.

– CNBC’s Tom Franck contributed to this story.

Categories
Health

Instances could have peaked however deaths hit new document

People receive their Covid-19 vaccines from medical workers at a vaccination centre set up in the classroom of a government school on May 04, 2021 in New Delhi, India.

Getty Images | Getty Images News | Getty Images

India reported its highest single-day increase in Covid-19 deaths as cases stayed below 300,000 for the third straight day.

On Wednesday, health ministry data showed at least 4,529 people succumbed to the disease over a 24-hour period as 267,334 new cases were registered.

India has reported more than 25 million cases and over 283,000 deaths so far. But experts suggest the figures undercount the actual toll as testing is limited in some places, particularly in rural areas currently experiencing a surge in cases. Many patients who have died at home — due to hospitals running out of beds — are also typically left out of the official tally.

The South Asian nation has been testing anywhere between 1.5 million to 2 million samples daily over the last seven days, according to government data. The test positivity rate has come down from 19.45% last Thursday to 13.31% on Wednesday as of 8 a.m. local time.

Some have suggested that the second wave may have already reached its peak after daily cases reached a record high of over 414,000 on May 7. But there is growing concern over the pandemic’s spread into rural India, where smaller towns and villages do not have adequate health-care infrastructure to handle a sharp rise in cases that left big metropolitan cities like New Delhi and Mumbai scrambling.

In its newest weekly epidemiological update on the pandemic, the World Health Organization said that all regions reported a decline in new cases apart from the Western Pacific Region last week, where the reported number was similar to the week before.

The South-East Asia region, which includes South Asian and Southeast Asian member states, saw a 12% decline in cases and a 7% increase in death toll last week compared with the previous week. Nepal, which is also facing a Covid crisis, saw an 8% rise in new cases and a 266% jump in the death toll to about 4.2 new fatalities per 100,000 people.

WHO Director-General Tedros Adhanom Ghebreyesus last week urged member countries to continue donating vaccines to the Covax initiative so that it can increase vaccine supply to low-income countries, which are receiving only about 0.3% of global doses.

He pointed out that beyond India, countries like Nepal, Sri Lanka, Vietnam, Cambodia, Thailand and Egypt are also dealing with spikes in cases and hospitalizations.

“Trickle down vaccination is not an effective strategy for fighting a deadly respiratory virus,” he said.

Categories
Health

U.S. delivery and fertility charges dropped to a different report low in 2020, CDC says

A newborn is cuddled by its mother while it sleeps.

Tim Clayton | Corbis News | Getty Images

According to new data from the National Center for Health Statistics from the Centers for Disease Control and Prevention, birth and fertility rates in the US fell to another record low in 2020 as births fell to their lowest level since 1979 for the sixth consecutive year.

The number of births in the US declined 4% last year from 2019, double the average annual rate of 2% since 2014, the CDC said in preliminary birth data released on Wednesday. Overall and general fertility rates have also declined 4% since 2019, hitting record lows. The US birthrate is so low that the nation is “below replacement levels,” meaning more people die than are born every day, the CDC said.

While the agency did not directly attribute the overall decline in births to the Covid-19 pandemic, it did research the birth rates of New York women who gave birth to their babies outside the five boroughs during the peak of the US outbreak

Women fled the city to give birth between March and November last year. Out-of-town births among NYC residents peaked more than 10% in both months in April and May – an increase of more than 70% year over year. Among white women, the proportion of out-of-town births in 2020 was 2.5 times higher than in 2019. Out-of-town births among black and Hispanic women were significantly lower, taking only two of the months of last year to.

Overall, births for Hispanic women decreased by 3% from 2019 to 2020, and for white and black women by 4%.

Teenage birth rates fell significantly, with births dropping 6% for 15-17 year olds and 7% for 18-19 year olds, both hitting record lows.

Birth rates among women aged 20 to 24 and 25 to 29 years declined 6% and 4%, respectively, to hit both lows. Birth rates in women aged 30 to 34 and 35 to 39 years old fell 4% and 2%, respectively, but did not hit record lows, according to CDC data.

The birth rates for women aged 40 and over decreased 44% from 2019, but the birth rates for women aged 45 and over remained unchanged. according to CDC.

The data was based on population estimates derived from the July 1 2010 census and the number of all birth records received and processed by the National Center for Health Statistics on February 11. The records represent nearly 100% of the registered births in 2020.

Some experts say that a decline in birth rates could represent a lack of vital resources such as housing and food in this population group, with correlations between increases in unemployment rates and decreases in birth rates. The future economic impact of a drop in birth rates continues to be debated.

Categories
World News

India stories document new Covid circumstances for fifth straight day

Medical staff in PSA caring for a person at the Covid-19 Temporary Care Center attached to LNJP Hospital at Shehnai Banquet Hall on April 23, 2021 in New Delhi, India.

Raj K Raj | Hindustan Times | Getty Images

India reported a record number of Covid-19 cases for the fifth consecutive year on Monday, while the official death toll also rose.

Official data showed that 352,991 new cases were reported within 24 hours as the total number of infections exceeded 17 million.

At least 2,812 people died, bringing the death toll to over 195,000 – media reports suggest the official death rate is likely undercounted.

Prime Minister Narendra Modi’s government has been criticized for gathering large crowds for religious festivals and election campaigns in different parts of the country this year. Before the second wave, India had an average of around 10,000 new cases per day.

In April alone, the South Asian nation reported more than 5 million new cases, marginalizing the country’s health system.

Hospitals run out of beds and are also turning away from seriously ill patients. There is a serious shortage of oxygen supply, partly due to an uneven distribution between states. This has resulted in the deaths of many Covid-19 patients as the government strives to ensure supplies to the worst hit states by road, rail and air.

“It put a heavy strain on healthcare infrastructure, supplies and oxygen, as the amount of materials needed was four times what it was in the first wave,” Naresh Trehan, chairman of Medanta Hospital, told CNBC Street Signs Asia on Monday .

“We are actually having trouble coping with all of this,” he said. Additional measures are being taken to create more beds and to stimulate the production of more personal protective equipment and medicines. India’s “weak point”, however, is the lack of medical oxygen.

International answer

The international community responded with a promise to send urgently needed aid to India.

The United States will send raw materials necessary for India to advance AstraZeneca’s local manufacturing of the vaccine, as well as therapeutics, rapid diagnostic test kits, ventilators and protective equipment. It will also deploy a team of public health advisors from the Center for Disease Control and USAID to India.

This came after the UK, France and Germany pledged aid over the weekend. European Commission President Ursula von der Leyen said on Twitter that the European Union is “pooling resources to respond quickly to India’s request for assistance through the EU Civil Protection Mechanism”.

Last week, China’s Foreign Ministry said Beijing was “in communication” with New Delhi and “ready to provide assistance and assistance as India needs it.”

Singapore state investor Temasek said Sunday it has partnered with Air India and Amazon India to ventilate medical devices like oxygen concentrators and ventilators from the city-state. Medical supplies have been sent to the financial capital, Mumbai, in Maharashtra, and the eastern state of West Bengal, where more and more cases are occurring.

Big tech companies like Microsoft and Google have also publicly pledged to help.

Medical workers chat among themselves at a quarantine center for patients infected with Covid-19 coronavirus in a banquet room that was being converted into an isolation center on April 15, 2021 in New Delhi, India, to treat the rising cases of infection.

Anindito Mukherjee | Getty Images News | Getty Images

Local answer

Corporate India has also stepped up its efforts to help the country secure medical supplies to relieve the burden on the health infrastructure.

Indian media reported that billionaire Mukesh Ambanis Reliance Industries will produce over 700 tons of medical-grade oxygen daily in one of its oil refineries. It is to be given free of charge to the worst affected countries.

The Tata Group announced last week that it would import 24 cryogenic containers, which are also reportedly in short supply, to carry liquid oxygen. In the meantime, Jindal Steel and Power have announced that they will supply hospitals in dire need of it with 500 tons of liquid oxygen.

Indian social media users have also taken to the platforms to coordinate availability and access to medical care, oxygen bottles and other forms of assistance.

Categories
Business

Nucor CEO expects sturdy 2021 after posting document quarterly revenue

Leon Topalian, CEO of Nucor, told CNBC on Friday that he expected the good times to continue for the rest of the year after the steelmaker reported record results in the last quarter.

“Nucor expects the next quarter to be strong, but honestly, for all of the indicators we look at, we assume that 2021 will remain strong all year round,” he said in an interview with Jim Cramer “Mad Money”.

The Charlotte, North Carolina-based company announced Thursday that it had posted earnings of $ 942.4 million, or $ 3.10 per share, for the first three months of 2021. The company had $ 7 billion in revenue, up 25% year over year and up 15% over the same quarter before the Covid-19 pandemic.

Strong demand and rising prices are a boon for Nucor’s steel mill segment. Steel making accounted for almost two thirds of the company’s sales.

The results cap a nearly $ 4 billion investment strategy that spans Nucor’s nine projects over several years, Topalian said.

Much of that investment went into building a plate mill in Brandenburg, Kentucky. The factory in which Nucor intends to produce steel plates for the end market of wind farms is scheduled to go into operation at the end of next year.

“This investment is incredibly strategic and positioned not only where it is in the geography but also when we think about what is happening in the renewable offshore wind market,” said Topalian.

“This mill will be a unique, differentiated value supplier for our customers now and in the future. We are therefore geared towards the long term, we will continue to invest and continue to grow.”

Nucor’s shares rose 2.29% to trade at $ 77.83.