Finance News – Read latest and breaking news headlines straight from the finance experts and most trusted sources from the world. Including money investment news, insurance news, personal finance and much more.
(Reuters) – At least one person died after a shooting at the main terminal at the Vancouver International Airport, the Vancouver Sun reported on Sunday.
Police were looking for one or more suspects after the shooting at the airport in Richmond, British Columbia, CBC News added.
The Vancouver International Airport said in a post on Twitter that it was working with the Royal Canadian Mounted Police and responding to reports of a police incident outside the airport’s main terminal.
It later tweeted that the situation had been contained.
“We can confirm the situation has been contained at YVR. The airport is open and safe. Flights are operating,” the airport said on Twitter.
Bike paramedics at the airport responded and two ground units were dispatched, according to CBC News.
WASHINGTON (Reuters) – Ford Motor (NYSE:) Co is recalling nearly 617,00 Explorer sport utility vehicles in the United States at the request of regulators because retention pins could loosen and allow roof rail covers to detach from the vehicle.
The recall covers 2016 through 2019 model year vehicles. Dealers will install push-pins and replace any damaged rail clips and roof rail covers, as necessary. The second largest U.S. automaker said in documents posted Sunday the National Highway Traffic Safety Administration in April had requested Ford conduct a safety recall after first inquiring about the issue in early 2020 following 11 reports of roof rail cover detachment.
Ford in November approved a onetime repair extended coverage action for 10 years or 150,000 miles to address the issue.
The Tesla CEO, who calls himself the ‘Dogefather,’ is a huge fan of Dogecoin and regularly tweets about it – which usually causes a surge in its value. The price of Dogecoin was at around $ 0.70 (£0.50) before Mr Musk started hosting the show, but after he mentioned the coin, it dropped by as much as 24 percent to $ 0.49 (£0.35) – and it remains around the same price today. It came after Mr Musk warned his followers about investing in cryptocurrency, amid a surge in interest in digital currency.
And Professor Carol Alexander, from the University of Sussex Business School, told Express.co.uk that we could soon see big companies launching their own coins.
She said: “Facebook started off with Libra, it was going to have its own digital currency to be used for buying and selling things through Facebook.
“It would make it into the new Amazon and I wouldn’t be surprised if Amazon then gets involved in digital currencies once Diem gets off to a start.”
Diem, as it is now known, is rumoured to be launching later this year, but will be quite different from what was originally proposed.
Major launch partners pulled support in quick succession last year because of its controversial nature and the regulatory hurdles it faced due to concerns from lawmakers.
Stuart Levey, Diem Association CEO, said in December: “The Diem project will provide a simple platform for FinTech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions.”
Facebook initially pitched Libra as a mainstream cryptocurrency to make digitally transferring money quicker and easier than it is today, and companies like Facebook would be able to offer financial services around it by adding a digital wallet, called Calibra.
But Prof Alexander explained why it was forced to change, and how its launch could see Amazon fall in line.
She said: “US regulators came after Libra very hard, saying it was a security threat, Libra was slammed by the Securities and Exchange Commission.
Investing.com – Saudi Arabia stocks were lower after the close on Sunday, as losses in the , and sectors led shares lower.
At the close in Saudi Arabia, the declined 0.01%.
The best performers of the session on the were AlJazira Mawten REIT (SE:), which rose 10.00% or 2.90 points to trade at 31.90 at the close. Meanwhile, Sedco Capital REIT (SE:) added 5.00% or 0.50 points to end at 10.50 and Saudi Research and Marketing Group (SE:) was up 4.74% or 4.30 points to 95.00 in late trade.
The worst performers of the session were Saudi Company for Hardware (SE:), which fell 3.78% or 2.70 points to trade at 68.70 at the close. Mobile Telecommunications Company (SE:) declined 2.42% or 0.36 points to end at 14.54 and CHUBB Arabia Cooperative Insurance (SE:) was down 2.16% or 0.95 points to 43.00.
Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 105 to 84 and 14 ended unchanged.
Shares in AlJazira Mawten REIT (SE:) rose to all time highs; gaining 10.00% or 2.90 to 31.90. Shares in Sedco Capital REIT (SE:) rose to all time highs; rising 5.00% or 0.50 to 10.50.
Crude oil for June delivery was up 0.20% or 0.13 to $ 64.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.21% or 0.14 to hit $ 68.23 a barrel, while the June Gold Futures contract rose 0.89% or 16.25 to trade at $ 1831.95 a troy ounce.
EUR/SAR was up 0.83% to 4.5616, while USD/SAR rose 0.01% to 3.7504.
The US Dollar Index Futures was down 0.81% at 90.203.
And, for some, it could be their ISAs – which stands for Individual Savings Account and is a way of saving tax-free – are to become increasingly important.
Commenting on the freezes to pension allowances, he said: “For savers at risk of breaching the pensions life time allowance, it is more important than ever to maximise ISA allowances as part of their retirement savings plans.
“Don’t forget that married couples have two sets of ISA allowances that can be used, so £40,000 a year.
“While ISAs don’t offer the upfront tax relief of a pension contribution, they are more flexible and there is no tax to pay when you draw upon them.
NEW YORK (Reuters) – The largest U.S. fuel pipeline system, Colonial Pipeline, shut down on Friday after a cyber attack, prompting worries about a spike in gasoline and diesel prices ahead of the peak summer driving season if the outage does not end soon.
WHAT IS COLONIAL PIPELINE?
The 5,500-mile system runs between Houston, Texas and Linden, New Jersey, and transports more that 2.5 million barrels of fuel every day. That’s about 45% of all fuel consumed on the heavily populated U.S. East Coast.
HAVE GAS PRICES AT THE PUMP RISEN?
Prices at the pump are not expected to rise unless the outage lasts more than three days, experts say. But if it ends up being a long-term shutdown the impact could be significant given the size of the line.
“The challenges brought on by the Colonial Pipeline shutdown would only develop after a few days of outage,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.
He warned drivers against panic buying. “What could make a temporary pipeline shutdown much worse is if Americans wrongly fear shortages,” he said.
The American Automobile Association said “The shutdown can have a large impact if it is prolonged.”
WHICH AREAS ARE MOST VULNERABLE?
DeHaan said that if pump prices rise, the first impacts would likely be felt in the southeastern United States, a region that relies heavily on the pipeline network for its supply.
In the past, prolonged shutdowns of the Colonial system have caused gas prices to surge there. In Georgia, for example, gasoline rose by more than 30 cents a gallon in the wake of a leak in 2016 that required the line to shut for more than 10 days.
The rest of the populous U.S. East Coast has access to foreign supplies – typically shipped from Europe – in the event of supply disruptions. But relying on those can often lead to pump price increases too, since foreign shipments are typically more expensive than domestic supplies.
WILL AIR TRAVEL BE IMPACTED?
The line also supplies jet fuel to major airports across the United States and a prolonged outage could lead to disruptions in air traffic, if supply disruptions become severe.
The pipeline also provides fuel for the U.S. military across bases in the area it covers.
ARE THERE ALTERNATIVES?
The Plantation Pipeline, operated by Kinder Morgan Inc (NYSE:), is smaller but serves some of the same regions that Colonial does.
Plantation is capable of delivering about 720,000 bpd of gasoline, jet fuel, diesel and biodiesel through its approximately 3,180-mile pipeline network, which originates in Louisiana and ends in the Washington, D.C. area.
Along the way, it serves various metropolitan areas, including Birmingham, Alabama; Atlanta, Georgia; Charlotte, North Carolina; and the Washington, D.C. area.
Transporting fuel from the Gulf Coast refinery hub by ship can be prohibitively expensive, because domestic shipments must be made on tankers that are built and operated by U.S. firms and crews under the Jones Act.
The SpaceX CEO and multi-billionaire has taken a particular interest in Dogecoin – the digital currency which began as a joke in 2013 but now is worth almost $ 100 billion. Mr Musk has been a proponent of Dogecoin and other cryptocurrencies for years – but in one of his latest tweets he says that, while fun, there are risks involved.
On May 7, Mr Musk tweeted: “Cryptocurrency is promising, but please invest with caution!”
In the tweet, he included a video link to an interview he did with TMZ published back in April.
In the video, he warned: “People should not invest their life savings in cryptocurrency.
“I think that’s unwise.
“Don’t take too much risk on crypto.”
Dogecoin had a tremendous surge in price over the last week, hitting another peak of $ 0.73 after a brief dip on Friday.
At time of writing, the price of the meme currency has taken a slight drop, coming down almost ten cents in value in the last 12 hours.
Those considering buying Dogecoin should consider the risks of investing in cryptocurrencies, which are notoriously volatile. Here in the UK, the Financial Conduct Authority (FCA) warned: “If you invest in cryptoassets, you should be prepared to lose all your money.”
(Reuters) – The Biden administration is examining ways to ensure that a waiver of COVID-19 vaccine patents to aid poor countries will not hand sensitive U.S. biopharmaceutical technology to China and Russia, responding to a chorus of concerns, U.S. and industry officials say.
President Joe Biden on Wednesday backed the U.S. entering negotiations at the World Trade Organization for the waiver of intellectual property rights as a means to boost vaccine supplies by allowing poorer countries to make their own.
So far, vaccines have gone overwhelmingly to richer nations, which scooped up contracts for them earlier this year. [L1N2KP178] COVID-19 infection rates in wealthy countries have dropped as vaccination rates increased this year, but infections are still rising in 36 countries, with India’s daily cases skyrocketing to nearly 400,000 a day.
Western pharmaceutical companies, many of which have received government support to develop vaccines, strongly oppose the transfer of intellectual property to make them. They say poorer countries will be slow to set up manufacturing capacity and compete for scarce supplies, hitting production.
Albert Bourla, CEO of Pfizer Inc (NYSE:), said https://www.linkedin.com/pulse/today-i-sent-letter-have-candid-conversation-our-drivers-bourla/?trackingId=p8C%2Fu3lALltT9tyeCAaSzA%3D%3D on Friday that the proposed waiver would disrupt progress made so far in boosting vaccine supplies. “It will unleash a scramble for the critical inputs we require in order to make a safe and effective vaccine. Entities with little or no experience in manufacturing vaccines are likely to chase the very raw materials we require to scale our production, putting the safety and security of all at risk.”
Many companies and now some U.S. officials fear the move would allow China to leapfrog years of research and erode the U.S. advantage in biopharmaceuticals.
A senior Biden administration official said that while the priority is saving lives, the United States “would want to examine the effect of a waiver on China and Russia before it went into effect to ensure that it’s fit for purpose.”
A question and answer document produced by the administration and shared with industry representatives also acknowledges concerns that intellectual property sharing could damage the United State’s competitive advantage over China, an industry source familiar with the discussions told Reuters.
The contents of the document read to a Reuters reporter by an industry representative said the Biden administration believes it can address those concerns through the WTO negotiations, but did not specify how. The source added that some agencies in the Biden administration have conflicting views of how to address the concerns in negotiations that are expected to take months.
Spokespersons at the White House and U.S. Trade Representative’s office had no immediate comment on the matter.
Pfizer and Moderna (NASDAQ:) spokespersons did not respond to requests for comment on technology transfer concerns, while a Novavax (NASDAQ:) spokesperson referred Reuters to the company’s statement https://ir.novavax.com/news-releases/news-release-details/novavax-statement-opposition-wto-trips-waiver opposing the waiver on Friday, which said proposals to “weaken intellectual property protections would not achieve equitable vaccine access.”
Enforcing limits on use of the technology could be very difficult, once handed over, some analysts say. Messenger RNA, used in COVID-19 vaccines by leaders Pfizer/BioNTech and Moderna, is a newly developed biotechnology that holds promise for treatments far beyond vaccines.
China and Russia have their own vaccines that do not use this biotechnology.
“It took Pfizer and Moderna years and years of research to develop these vaccines,” said Gary Locke a former U.S. ambassador to China and U.S. Commerce Secretary. “China, Russia, India, South Africa and others want to gain access. Their intention is to get the underlying know-how so they can use it to develop further vaccines,” Locke said.
China’s Fosun Pharma has struck a deal with BioNTech on COVID-19 vaccine product development, which would potentially give it access to some of the technology.
China has high ambitions for its pharma industry and already is developing its own mRNA vaccine.
Patents themselves are publicly accessible, noted James Pooley, intellectual property attorney and former deputy director general of the United Nations’ World Intellectual Property Organization. But trade secrets developed by Pfizer/BioNTech, Moderna and others, “cook books” of manufacturing processes such as temperature and growing conditions, have not been made public. That may ultimately be a dual problem for negotiators. Before they protect the knowledge, U.S. officials would have to ensure access to it.
Those companies would need to be persuaded to come to the bargaining table to give up such trade secrets.
“What happens when it turns out that the U.S. can’t actually deliver the information that is critically important to implementing the inventions?” Pooley asked. “This will be seen as another failure by the U.S. and other rich countries to keep their promises.”
State Pension payments often hinge on National Insurance contributions, although a person may get less if they were contracted out before April 6, 2016. Regardless of the sum Britons ultimately receive from the state pension, it is the age at which it can become unlocked which is important to many people. This has undergone changes in recent years, first to equalise the age of retirement between genders, and then to uplift the age due to increases in life expectancy.
With longer to wait until the receipt of the DWP sum, some may have to adjust their plans, and indeed their financial goals accordingly.
Mr Glancy touched upon this issue, continuing: “People who want to retire and enjoy later life before 67, or 68 in the future, will need flexibility.
“And this kind of flexibility can often come from a private pension arrangement – saving in advance.
“In this respect, private pensions have become more important than ever for people to consider.”
Reliance on the state pension sum is still undoubtedly high, with the retirement payment extremely familiar to Britons.
However, Mr Glancy went on to highlight a “sense of inequality” which has been present within the state pension system which is worth considering.
The expert highlighted that there are certain discrepancies between sectors which should have an impact on how people view the state pension.
He said: “You have a sense of inequality between occupations which is vital for people to consider.
“In all of white collar and knowledge-based jobs, you can often continue to work through all of your 60s and into your 70s. But if you’re in a more manual or physical job, you just can’t keep working until those ages – it just wouldn’t be possible.”
However, when considering the matter of life expectancy and the rising state pension age which the Government has said is connected, there is another issue which may arise.
This concerns the amount of time a person will receive their state pension, if they do end up receiving anything at all.
While Mr Glancy acknowledged there was not much action which could be taken from private pension organisations, he did suggest the issue could be addressed.
Government, experts and economists, he stated, could address the issue sooner rather than later to ensure fairness.
Mr Glancy said: “We also see a bit of inequality in terms of the state pension because everyone is effectively putting money into the pot, albeit indirectly.
“But there are some areas of the country where life expectancy is only reaching up to 56 or 58. This means these individuals will never get near aged 67 or 68 to get the state pension.
“So these people have effectively put money in to the state pension all of their lives to not get any benefit.
“Indeed, they have been cross-subsidising other, often wealthier, people in different areas of the country who are going to live longer and reach that state pension age.
“There’s an argument, then, that if you’re in an area of low life expectancy, or if you’re in a job where it is quite physical – should you get the state pension any earlier?
“I think it is important to point out the system is a little bit unfair in this respect.”
Of course, for Britons who wish to understand their state pension age, and what they can expect to receive, there is the Government tool.
Accessible online, through the BR19 application form, or by calling the Pensions Centre, individuals can gain an understanding of their specific state pension forecast, if they so choose.