Tag: Reuters

Doctors issue warning over rise in French COVID-19 intensive care patients

Mary Pat Campbell

Link: https://www.reuters.com/article/us-health-coronavirus-france-idUSKBN2BK0HK?taid=6060e754bd33910001906bc9

Excerpt:

The number of COVID-19 patients in France’s intensive care units has risen to a new high for this year, health ministry data showed on Sunday, as doctors warned a third wave of infections could soon overwhelm hospitals.

There were 4,872 ICU patients being treated for COVID-19, close to a November peak during France’s second wave of the virus, though well below a high of about 7,000 in April last year. The number of new infections fell, however, by around 5,600 to 37,014.

A group of 41 hospital doctors in the Paris region signed an article in the newspaper Le Journal du Dimanche warning that they might soon have to start choosing between patients for emergency treatment.

Publication Date: 28 March 2021

Publication Site: Reuters

Australia gets a $156 billion pension merger as new laws spur consolidation

Mary Pat Campbell

Link: https://www.reuters.com/article/us-australia-pensions/australia-gets-a-156-billion-pension-merger-as-new-laws-spur-consolidation-idUSKBN2B70QC

Excerpt:

The mega-merger reflects the rapid consolidation of Australia’s A$3 trillion pension industry after a 2018 inquiry found fees charged by some managers were unjustified and eroded workers’ savings, and that many funds were not putting customers’ interests ahead of their own.

The government has since made it mandatory for funds to put member interests first, triggering a wave of mergers as fund boards determine that scaling up results in a better deal for people’s savings.

“The due diligence process we have undertaken demonstrates a strong business case for merging with achievable efficiencies and savings,” said QSuper Chair Don Luke and Sunsuper Chair Andrew Fraser in a statement.

Author(s): Reuters staff

Publication Date: 15 March 2021

Publication Site: Reuters

Pandemic led to U.S. housing boom, reduced credit card debt, New York Fed says

Mary Pat Campbell

Link: https://www.reuters.com/article/us-usa-fed-report/pandemic-led-to-us-housing-boom-reduced-credit-card-debt-new-york-fed-says-idUSKBN2AH28Z

Excerpt:

The coronavirus pandemic changed the way U.S. consumers use credit, as lower interest rates spurred a boom in home buying and refinancing and virus-related shutdowns led to a drop in credit card use and an increase in paying off debt, according to a report released on Wednesday by the New York Federal Reserve.

Total household debt last year increased by $414 billion to $14.56 trillion at the end of December, the New York Fed found in its quarterly household debt and credit report.

Author(s): Jonnelle Marte

Publication Date: 17 February 2021

Publication Site: Reuters

Deal reached to cut Puerto Rico bond debt, pensions a sticking point

Mary Pat Campbell

Link: https://www.reuters.com/article/usa-puertorico-bankruptcy/deal-reached-to-cut-puerto-rico-bond-debt-pensions-a-sticking-point-idUSL1N2KT1WO

Excerpt:

Puerto Rico would substantially reduce its core government debt load under a new deal announced on Tuesday, but obstacles remain for the U.S. territory’s exit from bankruptcy. The island’s federally created financial oversight board said its agreement with certain bondholders was a major step toward resolving the bankruptcy, which began in 2017 in an effort to restructure about $120 billion of debt and other liabilities, including unfunded pensions.

“I’m hopeful that people over time will understand this is likely to be the most fair and confirmable resolution to exit bankruptcy,” Natalie Jaresko, the board’s executive director, told reporters.

The deal will be included in a plan of adjustment the board expects to file in March in federal court, with the hope of court approval in the fall.

Author(s): Karen Pierog

Publication Date: 23 February 2021

Publication Site: Reuters

COVAX delivers its first vaccine shots with shipment to Ghana

Mary Pat Campbell

Link: https://www.reuters.com/article/us-health-coronavirus-ghana-vaccines/first-covid-19-vaccine-doses-dispatched-by-covax-arrive-in-ghana-idUSKBN2AO0S2

Excerpt:

The delivery comes eight months after the launch of the COVAX initiative, aimed at pooling funds from wealthier countries and non-profits to distribute vaccines equitably around the world.

The shots, part of an initial tranche for low and middle-income countries, will be used by Ghana to start a vaccination drive from March 2 that will prioritise frontline health workers and others at high risk.

“The first segment of the population that will receive the 600,000 doses will be health workers, adults 60 years and over, people with underlying health conditions,” Ghana’s government said on Wednesday.

Author(s): Christian Akorlie

Publication Date: 24 February 2021

Publication Site: Reuters

Municipal bond yields rise, swept up in Treasuries surge

Mary Pat Campbell

Link: https://www.reuters.com/article/usa-municipals-treasuries/muni-bond-yields-rise-swept-up-in-treasuries-surge-idUSL1N2KV2H1

Excerpt:

Earlier this year, the $3.9 trillion market where states, cities, schools and other issuers sell debt had been resisting a steep sell off in Treasuries that lifted yields, putting the historically close correlation between the two markets out of whack.

Now, munis are catching up, with the 10-year yield on Municipal Market Data’s (MMD) benchmark triple-A scale, which started 2021 at 0.720%, climbing 45 basis points since Feb. 12. It closed up 5 basis points at 1.14% on Thursday.

The iShares National Municipal Bond exchange-traded fund (ETF) fell on Thursday to its lowest level since November at 115.14. The largest muni ETF, which reached an 11-month high of 117.95 on Feb. 11, was last down 0.43% at 115.30.

Author(s): Karen Pierog

Publication Date: 25 February 2021

Publication Site: Reuters

U.S. insurers brace for hefty claims from Texas storm once thaw sets in

Mary Pat Campbell

Link: https://www.reuters.com/article/usa-weather-texas-insurance/u-s-insurers-brace-for-hefty-claims-from-texas-storm-once-thaw-sets-in-idUSL1N2KO3AX

Excerpt:

U.S. property insurers are bracing for claims for damage from collapsing roofs, bursting pipes and lost business as Texas takes stock of its losses from a winter storm that has crippled its electrical grid.

Insurers’ losses could stretch into billions of dollars, said Moody’s analyst Jasper Cooper.

Insurers in Texas, the second-largest property insurance market among U.S. states, are used to grappling with historic storms, such as Hurricane Harvey in 2017.

But this winter storm is unique because of its grip across the state. It crippled the electric grid and left hundreds of thousands of homes without power for four days.

Author(s): Suzanne Barlyn

Publication Date: 18 February 2021

Publication Site: Reuters

Texas storm may cost insurers record first-quarter losses – A.M. Best

Mary Pat Campbell

Link: https://www.reuters.com/article/us-usa-weather-texas-insurance-idUSKBN2AJ2IS

Excerpt:

 Insurers could suffer record first-quarter catastrophe losses after the historic Texas winter storm, which crippled the state’s electrical grid and caused extensive property damage including collapsed roofs and broken pipes, insurer credit rating agency A.M. Best said on Friday.

The storm occurred during a quarter that is typically the most benign for catastrophe losses, and could become the costliest winter weather event in Texas history, A.M. Best said in a report.

The Texas Department of Insurance plans to collect data from property insurers to assess costs stemming from the crippled electrical grid, roofing collapses, broken pipes and other problems, a spokesman said.

Author(s): Suzanne Barlyn

Publication Date: 19 February 2021

Publication Site: Reuters

Florida consumers ‘flabbergasted’ as property insurers push for double-digit rate hikes

Mary Pat Campbell

Link: https://www.reuters.com/article/us-usa-insurance-florida-idUSKBN2AC111?utm_source=34553&utm_medium=partner

Excerpt:

Florida property insurers are jacking up rates by double-digit percentages, blaming the hikes on lingering damage from past hurricanes, a wave of litigation, and a law that encourages lawyers to sue by allowing courts to award them big fees.

The rate increases in Florida, the third-largest property insurance market among U.S. states, are the highest in memory, according to some insurance agents and residents. One danger, they say, is that the new rates could make owning a home in Florida unaffordable.

Author(s): Suzanne Barlyn

Publication Date: 12 February 2021

Publication Site: Reuters

GameStop frenzy mastermind Roaring Kitty will testify in Congress on Thursday alongside the Reddit and Robinhood CEOs and two hedge fund managers after amateur traders pushed shares up 1,800% and cost Wall Street $19billion

Mary Pat Campbell

Link: https://www.dailymail.co.uk/news/article-9259527/YouTube-streamer-Roaring-Kitty-testify-GameStop-alongside-hedge-fund-managers.html?ito=social-twitter_dailymailus

Excerpt:

The YouTube streamer known as Roaring Kitty, who helped drive a surge of interest in GameStop Corp , will testify before a House panel on Thursday alongside top hedge fund managers.

The House Financial Services Committee is examining how a flood of retail trading drove GameStop and other shares to extreme highs, squeezing hedge funds like Melvin Capital that had bet against it.

The witness list was announced on Friday by Representative Maxine Waters and includes Keith Gill, who also goes by Roaring Kitty, Robinhood Chief Executive Vlad Tenev, Citadel CEO Kenneth Griffin, Melvin CEO Gabriel Plotkin and Reddit CEO Steve Huffman.

Author(s): REUTERS and JOSH BOSWELL

Publication Date: 14 February 2021

Publication Site: Daily Mail UK

Explainer: Why Trump’s post-presidency perks, like a pension and office, are safe for the rest of his life

Mary Pat Campbell

Link: https://www.reuters.com/article/us-usa-trump-impeachment-benefits-explai/explainer-why-trumps-post-presidency-perks-like-a-pension-and-office-are-safe-for-the-rest-of-his-life-idUSKBN29W2DD

Excerpt:

CAN PRESIDENTS BE STRIPPED OF THESE BENEFITS?

Yes, but only if they are removed from office during their presidency, said Brian Kalt, a law professor at Michigan State University. Being impeached by the House of Representatives does not impact the benefits.

Many lawmakers and public figures called for Trump’s removal from office during the final days of his presidency, but he avoided this fate, so the benefits are safe.

There is one caveat: the law could always change. Some advocates say the Former Presidents Act is an unnecessary cost, arguing that modern-day presidents have lucrative opportunities and do not need the public’s help after stepping down.

Author(s): Jan Wolfe

Publication Date: 27 January 2021

Publication Site: Reuters