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Tomorrow, May 1st, Costa Cruises Restarts From Savona With The Flagship Costa Smeralda

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GENOA, Italy, April 30, 2021 /PRNewswire/ — On Saturday, May 1, Costa Cruises will be sailing again from Savona, with its LNG-powered flagship Costa Smeralda on an itinerary exclusively dedicated to Italy. To celebrate the restart of Costa Smeralda, local and port authorities will be present at the port of Savona, along with Costa Cruises President Mario Zanetti.

The restart of the Italian-flagged cruise company marks an important economic recovery for the entire territory: indeed, before the Covid-19 emergency, Costa generated in Italy an economic impact of €3.5 billion per year and over 17,000 direct and indirect jobs.

The Costa Smeralda’s week-long itinerary includes Savona, Civitavecchia/Rome, Naples, Messina, Cagliari and La Spezia, and can also be divided into two mini-cruises of 3 or 4 days for those who prefer a shorter holiday.

Costa Smeralda cruises departing from Saturday will follow the procedures set out in the Costa Safety Protocol, the protocol developed by Costa together with scientific experts and Italian authorities, which includes enhanced health and safety measures for all aspects of the holiday experience, both on board and ashore. The protocol includes, for example, swabbing all guests before embarkation and after half of the cruise, visiting destinations with protected excursions, new ways of using on-board services, and wearing a mask when necessary.

Costa Smeralda will be the first of a total of four Costa ships to operate during the summer of 2021, offering cruises in the Mediterranean.

On the days when Costa ships are not operating, the Palacrociere terminal in Savona, managed by Costa Cruises, will continue to be used by ASL 2 Savona (local Public Health Unit) for the Covid-19 vaccination campaign, contributing to the distribution of the vaccine in the Savona area.

SOURCE Costa Cruises

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Originally Appeared On: https://www.prnewswire.com/news-releases/tomorrow-may-1st-costa-cruises-restarts-from-savona-with-the-flagship-costa-smeralda-301281269.html

$28.6B Restaurant Revitalization Fund rolls out Monday – Long Island Business News

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Restaurant owners struggling amid the COVID-19 pandemic can start registering on Friday for their share of the federal Restaurant Revitalization Fund, which rolls out Monday.

Applicants can register at restaurants.sba.gov.

The program provides a total of $28.6 billion in direct relief funds to restaurants and other hard-hit food establishments that have experienced economic distress and significant operational losses due to the COVID-19 pandemic.

The application will remain open until funds are exhausted.

In preparing for the roll-out, the SBA applied a “customer-first model,” one that “integrates technology” to meet demand and equity, SBA Administrator Isabella Casillas Guzman said in a call with reporters on Friday.

Field offices and partners “are working to get the information out to as many people as possible,” she added.

In announcing the roll out, Guzman said in a statement that “restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation. They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”

“The SBA has focused on the marketplace realities of our food and beverage businesses in designing the Restaurant Revitalization Fund to meet businesses where they are,” she added. “ And we are committed to equity to ensure our smaller and underserved businesses, which have suffered the most, can access this critical relief, recover, and grow more resilient.”

“Recognizing the great urgency to help restaurants keep their doors open – and with a clear mandate from Congress – the SBA worked at a breakneck speed and is excited to launch this program,” Patrick Kelley, SBA Associate Administrator, Office of Capital Access, said in a statement. “From day one, we engaged with diverse stakeholders in the food industry community to make sure we built and delivered the program equitably, quickly, and efficiently.”

Applicants are urged to register for an account beginning Friday at restaurants.sba.gov.

They are encouraged to review the official guidance, program guide, frequently asked questions and application sample.

They can also work with a point-of-sale vendor.

For the first 21 days that the program is open, the SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as the portal opens. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.

More information is available at sba.gov/restaurants or in Spanish at sba.gov/restaurantes.

Originally Appeared On: https://libn.com/2021/04/30/28-6-b-restaurant-revitalization-fund-rolls-out-monday/

Darktrace shares skyrocket in London market debut

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Cybersecurity startup Darktrace’s shares jumped on the London Stock Exchange in conditional dealing, after pricing at an even lower valuation than previously reported.

Shares were set at an offer price of 250p, according to a 30 April filing, equating to a market capitalisation at admission to the City’s main market of £1.7bn. However within the first hour of trading, its share price had risen 40% to 350p.

Darktrace’s IPO has already faced a number of issues ahead of its debut, largely surrounding its links to Mike Lynch, a Darktrace founding shareholder who is battling extradition charges to the US.

READ  Darktrace set to debut in London at reduced £1.9bn valuation aim

The business was first reported to be pursuing an expected £3bn valuation earlier this year, which later dropped to £1.9bn as the startup reckoned with the impact of Lynch’s legal issues on its reputation.

Darktrace’s listing also comes in the wake of a flopped IPO for food delivery app Deliveroo, whose shares have continued to suffer after investors perceived its £7.6bn price tag set by bankers to be over-inflated.

“Given the sharp boost in initial trading there will inevitably be some criticism that the listing was priced too low. However, given what happened with Deliveroo maybe expectations were adjusted lower by a little too much,” said CMC Markets chief analyst Michael Hewson.

“Of course, there are always risks when pricing an IPO and Darktrace does have its own set of problems with respect to its links with former Autonomy CEO Mike Lynch, which in an ideal world it wouldn’t have to contend with.”

READ  Clouds over Darktrace’s IPO: Who’s Mike Lynch? Why the controversy? Here’s what could come next

Conditional dealing of Darktrace’s shares began on 30 April, under the ticker DARK. Trading on the LSE’s main market will begin on 6 May, it said in the filing.

Around 66 million shares will be issued following admission to the exchange, with approximately 8.6 million of those shares to be sold by certain existing shareholders at a value of roughly £21.7m. Darktrace said a further 9.9 million shares will be made available for over-allotment.

The reduced valuation came as “little surprise”, Hargreaves Lansdown senior analyst Susannah Streeter said prior to the listing, as Darktrace attempts “to lower the risk of a disappointing debut following the Deliveroo listing debacle”.

“The global shift to digital which has accelerated during the pandemic, should open up new opportunities and markets for Darktrace as firms scale up their operations to meet demand, whilst trying to ensure their systems stay secure,” Streeter added.

“A successful launch will be a coup for the London market, and should help attract more fast growing tech companies to list in the UK.’’

Venture capital investors that could opt to sell off their stakes in the business include Lynch’s Invoke Capital, Talis Capital, Hoxton Ventures, Summit Partners, KKR, TenEleven Ventures, Insight Partners, Vitruvian and Balderton Capital.

READ  VCs warn City funds that stance on tech IPOs is ‘catastrophic miss’ for London

Poppy Gustafsson, Darktrace’s chief executive, said the pricing of its listing marks “a milestone” for the business.

“Our company is deeply rooted in the UK’s tradition of scientific and mathematic research so we are especially proud to be listing on the London Stock Exchange,” Gustafsson said in the filing.

Founded in 2013 and headquartered in Cambridge, Darktrace was an early pioneer in using artificial intelligence and machine learning to identify cyber threats for businesses and governments. The company has close ties to financial services, with more than 4,700 customers in over 100 countries and 1,500 employees.

To contact the author of this story with feedback or news, email Emily Nicolle

Originally Appeared On: https://www.fnlondon.com/articles/darktrace-to-be-valued-at-1-7bn-in-london-ipo-20210430?link=TD_fnlondon_home.27995a643976ebba&utm_source=fnlondon_home.27995a643976ebba&utm_campaign=circular&utm_medium=FINNEWS

Analyzing COVID-19 Impact on Offshore Drilling Market | $ 7.04 Bn Growth Expected Between 2021-2025

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The growth in demand for oil and natural gas is one of the major factors propelling the market growth. However, fluctuations in the price of crude oil might hamper the market growth.

Offshore Drilling Market: Application Landscape

Based on the application, the market witnessed maximum growth in the shallow water offshore drilling segment. The segment is driven by the less complex nature of shallow water offshore drilling compared to deepwater and ultra-deepwater, which results in better safety and economic viability. The market growth in the segment will be significant during the forecast period.

Offshore Drilling Market: Geographic Landscape

By geography, APAC is going to have lucrative growth during the forecast period. About 35% of the market’s overall growth is expected to originate from APAC. The rising number of offshore drilling projects will be crucial in driving the growth of the offshore drilling market in APAC.

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Related Reports on Energy Include:
Global Offshore Drilling Rigs Market – Global offshore drilling rigs market is segmented by type (Bottom-supported rigs and Floating rigs) and geography (APAC, MEA, North America, Europe, and South America).
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Global Land Drilling Rigs Market – Global land drilling rigs market is segmented by type (conventional rigs and mobile rigs) and geography (MEA, North America, APAC, Europe, and South America).
Download the Exclusive Free Sample Report

Companies Covered:

  • Baker Hughes Co.
  • China Oilfield Services Ltd.
  • Halliburton Co.
  • KCA Deutag Alpha Ltd.
  • National Oilwell Varco Inc.
  • Schlumberger Ltd.
  • The Drilling Co. of 1972 AS
  • Transocean Ltd.
  • Valaris Plc
  • Weatherford International Plc

What our reports offer:

  • Market share assessments for the regional and country-level segments
  • Strategic recommendations for the new entrants
  • Covers market data for 2020, 2021, until 2025
  • Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
  • Strategic recommendations in key business segments based on the market estimations
  • Competitive landscaping mapping the key common trends
  • Company profiling with detailed strategies, financials, and recent developments
  • Supply chain trends mapping the latest technological advancements

Key Topics Covered:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Shallow water – Market size and forecast 2019-2024
  • Deepwater – Market size and forecast 2019-2024
  • Ultra-deepwater – Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America – Market size and forecast 2019-2024
  • APAC – Market size and forecast 2019-2024
  • Europe – Market size and forecast 2019-2024
  • MEA – Market size and forecast 2019-2024
  • South America – Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption
  • Competitive scenario

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Baker Hughes Co.
  • China Oilfield Services Ltd.
  • Halliburton Co.
  • KCA Deutag Alpha Ltd.
  • National Oilwell Varco Inc.
  • Schlumberger Ltd.
  • The Drilling Co. of 1972 AS
  • Transocean Ltd.
  • Valaris Plc
  • Weatherford International Plc

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
Report: www.technavio.com/report/offshore-drilling-market-industry-analysis

SOURCE Technavio

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Originally Appeared On: https://www.prnewswire.com/news-releases/analyzing-covid-19-impact-on-offshore-drilling-market—7-04-bn-growth-expected-between-2021-2025–technavio-301280893.html

Europe’s Economy Is Expected to Shrink, Revealing a Recession: Live Updates

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Here’s what you need to know:

Credit…Alessandro Grassani for The New York Times

European authorities will release data on Friday that is widely expected to show another economic downturn over the first three months of the year as the still-raging pandemic has prompted governments to extend lockdowns.

Coming a day after the United States disclosed that its economy expanded 1.6 percent over the same period — a robust 6.4 percent annualized rate — the expected European contraction presents a contrast of fortunes on opposite sides of the Atlantic.

Propelled by dramatic public expenditures to stimulate growth, as well as swift increases in vaccination rates, the United States — the world’s largest economy — expanded rapidly during the first months of 2021. At the same time, the 19 nations that share the euro currency were likely caught in the second part of a so-called double-dip recession, reflecting far less aggressive stimulus spending and a botched effort to secure vaccines.

But economic growth figures represent a snapshot of the past, and recent weeks have produced encouraging signs that Europe is on the mend. Even as Covid-19 spreads alarmingly in major economies like Germany and France, factories have revived production, while growing numbers of people are on the move in cities.

The initial lockdowns last year punished Europe’s economies, bringing large swaths of commercial life to a halt. But the current restrictions are calibrated to reflect improved understanding of how the virus spreads. Rather than closing their doors altogether, restaurants in some countries are serving meals on patios or dispensing takeout orders. Roofers, carpenters and other skilled trades have resumed work, so long as they can stay outside.

“We have sort of learned to live with the pandemic,” said Dhaval Joshi, chief strategist at BCA Research in London. “We are adapting to it.”

Vaccination rates are increasing throughout Europe, a trend likely to be advanced by the European Union’s recent deal to secure doses from Pfizer.

In depriving households of the opportunity to spend, the pandemic has yielded savings — money that may surge into businesses as fear of the virus fades.

Most economists and the European Central Bank expect the eurozone to expand at a blistering pace over the rest of 2021, yielding growth of more than 4 percent for the full year.

Still, even in the most hopeful scenario, Europe’s recovery is running behind the United States, a reflection of their differing approaches to economic trauma.

Since last year, the United States has unleashed extra public spending worth 25 percent of its national economic output toward pandemic-related stimulus and relief programs, according to the International Monetary Fund. That compares to 10 percent in Germany.

But Europe also began the crisis with far more comprehensive social safety net programs. While the United States directed cash to those set back by the pandemic, Europe limited a surge in unemployment.

“Europe has more insurance schemes,” said Kjersti Haugland, chief economist at DNB Markets, an investment bank in Oslo. “You don’t fall as hard, but you don’t rebound that sharply either.”

Credit…Mohamed Sadek for The New York Times

In the first months of 2021, what was good for the auto industry was decidedly good for the American economy.

Spending on motor vehicles and parts rose almost 13 percent in the first quarter, making a big contribution to the increase in gross domestic product, the Commerce Department reported Thursday. Strong sales of new and used vehicles were propelled by consumers who had delayed purchases earlier in the pandemic and by others who — because of the virus — wanted to rely less on public transit or shared transportation services like Uber.

Two rounds of stimulus payments since late December were a big factor. Low interest rates, readily available credit, rising home values and stock prices, and strong trade-in values for used models also eased the path for consumers.

In fact, demand in the first quarter was robust enough that the auto industry was able to post healthy results despite a shortage of computer chips that forced temporary shutdowns of many auto plants.

The number of new cars and light trucks sold increased 11 percent from the comparable period a year earlier, to 3.9 million, according to the auto-sales data provider Edmunds.com.

On Wednesday, Ford Motor reported it made a $3.3 billion profit in the quarter, its highest total since 2011. While it produced 200,000 fewer vehicles in the quarter than it had planned, the average selling price of Ford models rose to $47,858, 8 percent higher than in the first quarter a year ago, Edmunds reported.

The combination of strong consumer demand and tight inventories — partly a result of the chip shortage — has produced something of a dream scenario for auto retailers. At AutoNation, the country’s largest chain of dealerships, many vehicles are being sold near or at sticker price even before they arrive from the factory.

“I’ve never seen so much preselling of shipments,” said Mike Jackson, the chief executive. “These vehicles are coming in and going right out.”

In the first quarter, AutoNation’s revenue jumped 27 percent, to $5.9 billion, and the company reported $239 million in profit. That was a turnaround from a loss a year ago, when the pandemic crimped sales and forced AutoNation to close stores.

  • With the pandemic shifting sales online and consumers flush with stimulus checks, Amazon on Thursday reported $108.5 billion in sales in the first three months of the year, up 44 percent from a year earlier. It also posted $8.1 billion in profit, an increase of 220 percent from the same period last year. The high volume of orders during the pandemic has let Amazon operate more efficiently. It has run its warehouses closer to full capacity, and delivery drivers have made more stops on their routes, with less time driving between customers. The number of items Amazon sold grew 44 percent, but the cost to fulfill those orders was up only 31 percent.

  • Twitter’s revenue in the first quarter of the year was $1.04 billion, the company said Thursday, a 28 percent increase from the same quarter the previous year that modestly exceeded analyst expectations. Net income for the quarter was $68 million, a turnaround from an $8.4 million loss in the same quarter a year ago. The banning of former President Donald J. Trump did not appear to have hurt Twitter’s financial performance in the quarter. The company saw a 20 percent jump in daily active users who see ads, to 199 million. It also added new advertising formats, leading to a 32 percent increase in ad revenue in the quarter.

President Biden’s address to a joint session of Congress was on the screens at The Brig, a beer garden in in Washington, on Wednesday night.Credit…Alyssa Schukar for The New York Times

Nearly 27 million people watched President Biden’s first formal address to a joint session of Congress on Wednesday night, a large audience for television these days but a much smaller audience than similar speeches by other presidents, according to data from Nielsen.

Shown on all major networks and cable news channels starting at 9 p.m. Eastern time, the speech attracted a much larger television audience than Sunday’s Oscars telecast on ABC, which was watched by about 10 million people. But the audience was significantly smaller than the one for President Donald J. Trump’s first formal address to Congress in 2017, which drew 48 million viewers.

The television audience for Mr. Biden’s address also fell shy of those for equivalent speeches by other recent presidents. Barack Obama had an audience of 52 million in 2009; George W. Bush drew 40 million in 2001; and Bill Clinton’s first address was watched by 67 million in 1993.

Several factors contributed to the smaller ratings. Because of public health and security concerns at the Capitol, Mr. Biden’s speech came later in his presidency than those delivered by his recent predecessors, which all took place in February. There was also less pomp on Wednesday. Instead of an in-person audience of 1,600 senators, Supreme Court justices and other dignitaries seated cheek by jowl with House members, only 200 people were present because of social-distancing restrictions.

TV ratings, in general, have sunk in recent years, as more people have dropped cable subscriptions in favor of streaming, a shift that was accelerated by pandemic viewing habits. And the number of people watching television in the spring, compared with the winter, tends to be smaller.

ABC had the biggest audience for the address, with roughly 4 million viewers, according to the Nielsen, and MSNBC was right behind, with 3.9 million. Fox News and the Fox broadcast networks had the smallest audiences, with 2.9 million viewers (Fox News) and 1.6 million (Fox broadcast).

The Fox audience came out in force for the post-speech analysis by anchors and commentators and the Republican rebuttal from Senator Tim Scott of South Carolina. In the 30 minutes after the address, Fox News was the only network to have a surge in viewers, with an average of 3.2 million people tuning in.

The analysis of the speech varied depending on the network. The Fox News contributor Ben Domenech said Mr. Biden’s speech was a “political blip” that would be “immediately forgotten.” (An earlier version of this item incorrectly stated that Mr. Domenech had called the speech a “tissue of lies.” That comment referred to Mr. Biden’s Inaugural Address.) On MSNBC, the anchor Brian Williams hailed the speech as “Rooseveltian in size and scope.”

Tesla has been losing market share even as demand for rooftop solar power has grown.Credit…Caleb Kenna for The New York Times

Tesla’s solar ambitions date to 2015 when it announced that it would sell panels and home batteries alongside its electric cars. A year later, Elon Musk, the company’s chief executive, promised that Tesla’s new shingles would turbocharge installations by attracting homeowners who found solar panels ugly.

After delays, Tesla began rolling out the shingles in a big way this year, but it is already encountering a major problem, Ivan Penn reports for The New York Times.

The company is hitting some customers with price increases before installation that are tens of thousands of dollars higher than earlier quotes, angering early adopters and raising big questions about how Tesla, which is better known for its electric cars, is running its once dominant rooftop solar business.

The shingles remain such a tiny segment of the solar market that few industry groups and analysts bother to track installations.

Tesla is not the only company to pursue the idea of embedding solar cells, which convert sunlight into electricity, in shingles. Dow Chemical, CertainTeed, Suntegra and Luma, among others, have offered similar products with limited success.

But given Mr. Musk’s success with Tesla’s electric cars and SpaceX’s rockets, Tesla’s glass shingles attracted outsize attention. He promised that they would be much better than anything anybody else had come up with and come in a variety of styles so they could resemble asphalt, slate and Spanish barrel tiles to fit the aesthetic of each home.

During a quarterly earnings call on Monday, Mr. Musk insisted that demand for Tesla’s solar roofs “remains strong” even though the company had raised prices substantially. He described the last-minute increases as a teething problem.

Customers are unhappy with the growing pains. Dr. Peter Quint was eager to install Tesla’s solar shingles on his 4,000-square-foot home in Portland, Ore., until the company raised the price to $112,000, from $75,000, in a terse email. When he called Tesla for an explanation, he was put on hold for more than three hours.

“I said, ‘This isn’t real, right?’” said Dr. Quint, whose specialty is pediatric critical care. “The price started inching up. We could deal with that. Then this. At that price, in our opinion, it’s highway robbery.”

Originally Appeared On: https://www.nytimes.com/live/2021/04/30/business/stock-market-today

CPS Energy Strengthens Lawsuit Against ERCOT In Light Of Recent Actions; Court Grants Temporary Restraining Order Preventing ERCOT From Passing On Unlawful Charges

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SAN ANTONIO, April 29, 2021 /PRNewswire/ — Yesterday, CPS Energy took swift action when it learned new facts and actions announced by the Electric Reliability Council of Texas (ERCOT); the utility filed a strengthened, amended lawsuit against ERCOT in Bexar County District Court to protect customers from excessive, illegitimate, and illegal power prices. In addition to the filing of the amended complaint, the Court granted CPS Energy’s request for a temporary restraining order, further protecting its customers from ERCOT’s latest attempt to pass on unlawful charges.

CPS Energy is a municipally owned utility.  Through its owner, the City of San Antonio, the utility acts as an agent for all its customers, who are not in a position to challenge the systemic failures of the state’s energy market. The utility does not have stock investors.  The money the company makes stays in San Antonio, Texas and ultimately gets reinvested back into operational and service improvements. 

“Texas prides itself on being an energy state. To retain that mantle, we need to reform the state’s systemic inadequacies that caused the weather crisis, which could result in the most massive wealth transfer in Texas history,” said Ron Nirenberg, Mayor of San Antonio, Texas. “In San Antonio, we are going to exhaust every avenue we have, including through the courts, to ensure the burdens of this crisis are not borne by the people who suffered through it, the residents of Texas.”

Strengthened Lawsuit against ERCOT

CPS Energy first filed claims against ERCOT on March 12, 2021 for its lack of oversight, preparedness, and failure to follow its own protocols that resulted in $16 billion in overcharges to market participants and customers. ERCOT has since admitted that it could have corrected the $16 billion error by repricing within 30 days of Winter Storm Uri, but instead allowed the 30-day window for corrections to pass. This choice came despite the Independent Market Monitor for the Public Utility Commission of Texas (PUCT) – which oversees ERCOT – twice verifying ERCOT’s error. ERCOT has added insult to injury by taking the remarkable step of adding $6 million of undercharges to bills, citing an apparent software glitch during Winter Storm Uri, thereby underscoring that it will subjectively reprice errors when it benefits their organization, but not when it doesn’t.

“ERCOT can and should have repriced the $16 billion in overcharges that were charged during a declared disaster. Instead, it has doubled down on former Chair Arthur D’Andrea’s promise to Wall Street to not correct the error. ERCOT continues to show its ability and willingness to reprice when it suits ERCOT, but refuses to reprice when it rightfully favors San Antonio and Texas customers,” said Paula Gold-Williams, President & CEO of CPS Energy.

Temporary Restraining Order Granted

ERCOT’s unprecedented pricing error and its latest string of mismanagement decisions has supercharged energy uncertainty and driven numerous market participants into bankruptcy or out of business. Late in the day on April 27, 2021, ERCOT notified market participants across Texas, including CPS Energy, that it would begin taking posted collateral to cover the charges that other market participants have not paid.

ERCOT’s attempts to collect these charges from CPS Energy’s customers is an unlawful extension of CPS Energy’s credit and is a direct violation of the Texas State Constitution. Per the Constitution, a city-owned utility cannot be asked to unlawfully extend its credit to help settle the debts of other entities, especially in cases where there is no chance of being repaid. CPS Energy also wants to ensure that its customers never have to pay for the defaults of other market participants caused by ERCOT’s excessive pricing and acknowledged $16 billion error.

On the afternoon of April 28, 2021, CPS Energy was granted a temporary restraining order.  This successful step forward prevents ERCOT from adjusting, extending, or otherwise affecting CPS Energy’s credit in preparation for passing on these additional charges until the Court conducts a further hearing on the matter.

“ERCOT’s latest unilateral and aggressive move is an attempt to unlawfully force our customers to pay for the insolvency of other market participants, caused by ERCOT’s own mistakes,” continued Gold-Williams. “Disappointingly, ERCOT continues to inject uncertainty into the market while failing to address its errors, which is contributing to one of the largest illegal transfers of wealth in the history of Texas. To help correct this problem, CPS Energy will continue to work tirelessly to put its customers first.” 

Additional Information

When available, a copy of the filing can be found on the company’s website. CPS Energy will also provide relevant updates, as major developments occur.

Previous updates about how CPS Energy is working to protect customers can be found here:

March 2, 2021 Update 
March 5, 2021 Update
March 12, 2021 Update
March 18, 2021 Update
March 23, 2021 Update
CPS Energy and the Texas Electric Market

About CPS Energy
Established in 1860, CPS Energy is the nation’s largest public power, natural gas, and electric company, providing safe, reliable, and competitively-priced service to 860,934 electric and 358,495 natural gas customers in San Antonio and portions of seven adjoining counties. Our customers’ combined energy bills rank among the lowest of the nation’s 20 largest cities – while generating $8 billion in revenue for the City of San Antonio for more than seven decades. As a trusted and strong community partner, we continuously focus on job creation, economic development, and educational investment. True to our People First philosophy, we are powered by our skilled workforce, whose commitment to the community is demonstrated through our employees’ volunteerism in giving back to our city and programs aimed at bringing value to our customers. CPS Energy is among the top public power wind energy buyers in the nation and number one in Texas for solar generation.

SOURCE CPS Energy

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Originally Appeared On: https://www.prnewswire.com/news-releases/cps-energy-strengthens-lawsuit-against-ercot-in-light-of-recent-actions-court-grants-temporary-restraining-order-preventing-ercot-from-passing-on-unlawful-charges-301280873.html

Credit Suisse risk committee head Gottschling steps down amid Greensill, Archegos crises

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The head of Credit Suisse’s risk committee has stepped down ahead of its annual general meeting, staving off a potential shareholder confrontation at the crisis-stricken Swiss bank.

Andreas Gottschling, who has led the Swiss bank’s risk committee through the twin crises of Archegos Capital and Greensill, has become the latest executive to fall on his sword.

Credit Suisse’s board had considered the removal of Gottschling ahead of its AGM today, with large shareholders signalling to the Financial Times that they would vote against his re-election. Norges Bank Investment Management, which holds a 3% stake in Credit Suisse, also told the Wall Street Journal it would vote against Gottschling’s appointment.

In a brief statement, Credit Suisse said that Gottschling “will not stand for re-election” and therefore the AGM item proposing his appointment becomes obsolete.

READ Credit Suisse warns of an extra $654m hit from Archegos coming

Credit Suisse’s chief risk officer Lara Warner and the chief executive of its investment bank, Brian Chin, have already resigned. The moves followed the collapse of family office Archegos Capital, which will cost the Swiss bank $5.4bn— by far the biggest hit of any large investment bank exposed to the fund.

Archegos’ meltdown after a margin call on $20bn worth of investments in large technology firms, has rocked large investment banks that provide prime broking services. Losses across the industry now exceed $10bn, after UBS unveiled a surprise $861m hit during its first quarter results on 27 April.

Credit Suisse’s shares have plunged by more than a quarter since March after Archegos as well as its exposure to collapsed trade finance firm, Greensill Capital. The bank was forced to suspend $10bn worth of supply chain finance funds related to Greensill last month, and the firm replaced Eric Varvel as head of its asset management unit.

To contact the author of this story with feedback or news, email Paul Clarke

Originally Appeared On: https://www.fnlondon.com/articles/credit-suisse-risk-committee-head-gottschling-steps-down-ahead-of-agm-20210430

Spanish economy shrinks in 1Q as pandemic weighs

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Spain’s economy contracted at the start of the year, reflecting the extent of the economic fallout from the coronavirus pandemic.

The eurozone’s fourth-biggest economy declined 0.5% on quarter in the first quarter, following flat growth in the last quarter of 2020, the Spanish statistics agency INE said Friday in a first estimate for the period. The contraction in 1Q was in line with the forecast of economists polled by The Wall Street Journal.

The Spanish economy shrank 4.3% on year in the first quarter, INE said. This was worse than the 4.1% contraction forecast by economists polled by The Wall Street Journal.

Write to Maria Martinez at maria.martinez@wsj.com

Originally Appeared On: https://www.marketwatch.com/story/spanish-economy-shrinks-in-1q-as-pandemic-weighs-2021-04-30-348528

German, Italian, Spanish Economies Shrink on Virus: GDP Update

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Germany, Italy and Spain — three of Europe’s largest economies — shrank at the start of the year as persistently high coronavirus infections forced lockdowns.

The reports show how far behind the European Union is in recovering from the pandemic amid a slow vaccine rollout. The 19-nation euro zone as a whole almost certainly slipped into a double-dip recession last quarter, while the U.S. posted annualized growth of 6.4% — fueled by a rush of household spending.

Economic output in the first quarter was down 1.7% in Germany, 0.4% in Italy and 0.5% in Spain. France, which put off tougher restrictions, posted 0.4% growth, though the outlook has since clouded after President Emmanuel Macron announced strict curbs this month.

Key Developments

Euro-area governments have this week been presenting stimulus plans funded by the EU’s 800 billion-euro ($969 billion) joint recovery fundMeaningful unlocking through May should propel a recovery in June, with downside risks, says Bloomberg Economics

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German GDP (10 a.m.)

The German economy, the region’s largest, shrank more than economists expected. Private consumption slumped while exports supported output at the start of the year.

The country is in the midst of a strict lockdown that is increasingly straining the economy. Unemployment unexpectedly rose in April and business expectations tumbled, with the so-far resilient manufacturing sector also hit by worsening supply bottlenecks.

Italian GDP (10 a.m.)

The decline in Italian output means the country fell into a double-dip recession amid virus lockdowns and the slow vaccination campaign. The nation is second only to the U.K. in pandemic deaths in Europe.

Story continues

The government is pinning its recovery hopes on massive fiscal stimulus — Prime Minister Mario Draghi has announced plans to spend another 260 billion euros in national and EU funds. That should boost output by at least 3.6% and employment by almost three percentage points by 2026, the government predicts.

Italian unemployment (9 a.m. CET)

Italy’s unemployment rate fell to 10.1% in March from 10.2% in February. The country has lost over 900,000 jobs since the start of the pandemic, with women, young people and the services sector the most damaged.

Spanish GDP, retail sales (9 a.m. CET)

A dip in Spanish consumption expenditure and investment, including construction, dragged on output in the first quarter, though retail sales surged in March in a sign households spending is coming back. The government predicts a strong rebound in the second half, when investments funded by the EU’s recovery fund are set to pick up.

The tourism-reliant country has been especially hard hit by travel restrictions. GDP slumped 10.8% last year, one of the worst in the euro zone, and the nation’s relatively small firms have been particularly vulnerable to the financial impact.

SPAIN REACT: Economy Shows Resilience, Prospects Rely on Tourism

Austrian GDP (9 a.m.)

Austria eked out growth of 0.2% in the three months through March, with gains in industry and construction offsetting further declines in consumer-oriented services. Private consumption dropped amid lockdown restrictions while investment rose for a third consecutive quarter.

Czech GDP (9 a.m. CET)

The Czech economy contracted less than economists expected in the first quarter, with output down 0.3%. While non-essential shops, restaurants and hotels were shuttered, export-oriented manufacturing industries remained open.

The country’s economic resilience, combined with above-target inflation, is boosting the prospect of interest-rate increases in the second half of the year.

Swiss KOF leading indicator, retail sales (9 a.m. CET)

Switzerland’s KOF economic barometer rallied to its highest on record, with international demand giving the manufacturing sector a fillip. The outlook for financial services and private consumption also improved.

A separate report showed retail sales surged 22.6% in March from a year earlier. The effect of the initial Covid-19 lockdown in which non-essential stores got shuttered was the big driver.

French inflation (8:45 a.m. CET)

French inflation accelerated faster than economists expected in April, following a trend already seen in Germany and Spain. At 1.7%, the rate is at its highest since the start of 2020.

Lithuanian GDP (8 a.m. CET)

The Lithuanian economy rebounded sharply at the start of 2021, with exports and industrial output propelling growth to 1.8%.

“The new GDP data is a pleasant surprise” and “suggests a more positive outlook for the economy than previously expected,” said Darius Imbrasas, chief economist at the country’s central bank.

French GDP (7:30 a.m. CET)

France’s stronger-than-expected performance was supported by continued growth of business investment and a slight rebound in consumer spending after a slump at the end of 2020. Trade dragged on output.

The resilience may not last into the second quarter now that the government has enforced a strict monthlong lockdown that includes closing schools, nurseries, and non-essential stores, and restricting travel between regions. A separate report Friday showed consumer spending already started falling in March, when restrictions were tightened to a lesser degree.

Macron has set out plans to begin lifting restrictions from next week, but only gradually, with some curbs remaining in place until the end of June.

FRANCE REACT: Avoids Recession in 1Q, Rebound to Start in May

Coming Up (all times CET)

Portuguese GDP, inflation (10:30 a.m.)Euro-area GDP, unemployment, inflation (11 a.m.)Italian inflation (11 a.m.)

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Originally Appeared On: https://finance.yahoo.com/news/french-economy-returned-growth-curbs-053000526.html

HSBC hikes junior pay and kicks off hiring spree amid deal surge

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HSBC is increasing salaries for junior bankers, expanding recruitment and accelerating promotions in the latest efforts from a large investment bank to combat burnout among younger dealmakers.

The UK lender has outlined a series of measures aimed at reducing workload for juniors amid a surge in deals, as well as offering more perks to retain younger bankers as rivals step up recruitment, according to a memo seen by Financial News.

“Our objective is clear: we want to attract, develop and retain individuals who value our diverse, inclusive and high-performing culture,” the memo from HSBC’s senior bankers. “We will do this with an overall employee value proposition aligned to competitive dynamics and to our strategy.”

HSBC is ramping up recruitment of juniors, saying that it will also streamline hiring processes to ensure that analysts and associates are more supported. The bank is also increasing salaries for analysts and associates in key locations including the UK, US, Singapore and Hong Kong, although it has not yet specified the size of the rise.

READ UBS starts new bonus for juniors as banks look to combat burnout

The UK lender is the latest big investment bank to tackle junior employee burnout amid record deal flow that has pushed an already demanding role into 100-hour plus weeks. UBS unveiled a additional bonus for juniors last week, FN revealed, while JPMorgan’s new programme includes plans to add 190 new analysts and associates globally.

Credit Suisse offered its junior bankers a one-time ‘lifestyle’ bonus of $20,000, while Bank of America has hiked salaries by up to $25,000 for its analysts, associates and vice presidents.

HSBC will also accelerate promotions of associates – those on the second rung of the investment banking hierarchy – from its current programme of four years for those in the US, UK, France UAE, Singapore and Hong Kong.  “Associates with three years’ experience will now be considered for promotion to AD/VP, enabling our best performers to progress more rapidly,” the memo said.

The move towards increasing perks for juniors follows a leaked presentation by a group of 13 Goldman Sachs analysts in June, outlining 100-hour working weeks, rising mental health issues and threats to quit the industry. The US bank has responded by increasing junior recruitment and enforcing existing working restrictions, but has yet to hike pay or roll out new perks.

READ JPMorgan to hire 190 juniors as banks rush to ease stress and workload crisis

JPMorgan also resisted paying its junior staff more, saying during a townhall meeting last week that it sent out the wrong message.

Investment banking analysts and associates contacted by Financial News over the past year have cited the Covid-19 lockdown restrictions as exacerbating an already stressful role as senior bankers dropped work on them at the last minute, and expected them to be online at all times. Meanwhile, working in often cramped apartments has added to mental health problems.

READ ‘I work from 8am to 2am’: The lockdown life of overworked and underappreciated junior bankers

As well as recruitment and pay, HSBC will overhaul some of its working practices for juniors. Pitchbooks – marketing documents for deals – will be restricted to 25 pages, while it will enforce existing policies of protecting weekends from work.

“We know that the past year has been extraordinarily challenging for many of you; we appreciate tremendously your resilience and perseverance – and how you have supported our clients and colleagues,” the memo added.

To contact the author of this story with feedback or news, email Paul Clarke

Originally Appeared On: https://www.fnlondon.com/articles/hsbc-increases-pay-for-juniors-amid-deal-deal-surge-20210430