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The Patient Safety Movement Foundation Concludes Its 10th Annual World Patient Safety, Science & Technology Summit
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President Clinton calls for a culture of conversion to promote patient safety in healthcare.
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IRVINE, Calif. — President Bill Clinton, 42nd President of the United States, headlined day two of the 10th Annual World Patient Safety, Science & Technology Summit, presented by the Patient Safety Movement Foundation (PSMF).
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As a long-time advocate of patient safety, President Clinton spoke of the need to develop what he termed a “culture of conversion,” where more people within healthcare feel empowered to implement proven practices for eliminating preventable harm within hospitals.
“We know enough right now to cut the current problem by half or more,” he said. “One of the biggest problems you have in every big, complicated society is that there’s an incredibly built-in resistance to being the second, third, fourth, or 100th person to do the same thing, even though it’s been proven to work. Which is exactly the reverse of what we should be doing.”
Reflecting on his time in office during the 1990s, President Clinton said that we could learn much from the example of former South African President Nelson Mandela when it comes to uniting people behind a common cause for good.
“Everyone wants to believe they have some piece to add to life’s great puzzle,” he said. “You need converts to do anything big, and we’ve got to get more zealous converts. Nelson Mandela was a genius at this. He was the best I ever saw. He never tried to make people feel bad for what they hadn’t done. He tried to make people feel good about what they could do.”
Having long been a campaigner on the dangers of the opioid epidemic and a supporter of the PSMF since its inception, President Clinton suggested that it is important to focus on collaborating for future good rather than blaming and shaming when it comes to medical errors.
“No one wants to see innocent people die, and very few are hard-hearted enough not to care,” he said. “You don’t have to save everybody; you just have to save everybody that you can.”
Dr. Michael Ramsay, chief executive officer of the PSMF, told the audience that there is much cause for optimism when it comes to meeting the target of zero preventable deaths by 2030. “I think there’s a future now to patient safety,” he said. “I think things are going to start happening remarkably fast. Technology is changing, we’re gathering more data, and we’ve got more and more people involved in this movement.”
Jeremy Hunt, chancellor of the exchequer of the United Kingdom, delivered a video message to the Summit in which he applauded the difference made by the PSMF over the last decade. “We now have the World Health Organization doing an annual World Patient Safety Day, a 10-year plan to reduce preventable deaths, and we had a ministerial summit this year in Montreux in Switzerland with more than 100 countries represented. We’re making great progress, but there’s a lot of work to do. Even one preventable death is too many. We should be aiming for zero.”
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Following on from President Clinton’s remarks about creating the right culture for change within healthcare, Anthony Staines, patient safety program director, Fédération des hôpitaux vaudois, Switzerland, described the need to address the failings of implementation science, a topic also addressed in a talk from Francisco Valero-Cuevas, a professor at the University of Southern California.
“There are many prevention and mitigation solutions, but they are only partly and unsystematically applied,” said Staines. “Science has brought us an expanding body of knowledge. The trouble is that it does not reach the patients.”
There were additional talks from Peter Ziese, chief medical officer at Philips, and Michelle Schreiber of the Centers for Medicare & Medicaid Services. Schreiber told the audience that while healthcare throughout the United States has made significant improvements in patient safety, the pandemic illustrated how our systems are still not durable and resilient enough for times of stress, and gaps in care and infrastructure continue to persist.
Mike Durkin and Sanaz Massoumi, chairman and chief operating officer of the PSMF respectively, gave addresses, and panel discussion topics included the media’s role in covering patient safety, opioid safety, and steps that can be taken in the journey to zero harm. Marcelo Ebrard Casaubón, secretary of foreign affairs of Mexico, received the Joe Kiani Humanitarian Award for his work in patient safety.
Finally, Kiani, founder of the PSMF, reflected on a decade of achievement and the path forward. “We started as a grassroots organization, and the grassroots movement has done so much,” he said. “I think our next step is to demand our elected officials to hardwire patient safety into our system and align the incentives so that every hospital puts evidence-based practices in place.”
ABOUT THE PATIENT SAFETY MOVEMENT FOUNDATION
In 2012, Joe Kiani founded the non-profit Patient Safety Movement Foundation (PSMF) to eliminate preventable medical errors in hospitals. His team worked with patient safety experts from around the world to create Actionable Evidence-Based Practices (AEBP) that address the top challenges. The AEBP are available without charge to hospitals online. Hospitals are encouraged to make a formal commitment to ZERO preventable deaths, and healthcare technology companies are asked to sign the Open Data Pledge to share their data so that predictive algorithms that can identify errors before they become fatal can be developed. The Foundation’s annual World Patient Safety, Science & Technology Summit brings together all stakeholders, including patients, healthcare providers, medical technology companies, government employers, and private payers. The PSMF was established through the support of the Masimo Foundation for Ethics, Innovation, and Competition in Healthcare. For more information, please visit psmf.org.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230602005417/en/
Contacts
Patient Safety Movement Foundation
Irene Mulonni, [email protected] | (858) 859-7001
#distro
#Patient #Safety #Movement #Foundation #Concludes #10th #Annual #World #Patient #Safety #Science #Technology #Summit
Tragedy that left 5 dead or missing puts spotlight on safety in Alaska charter fishing industry
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JUNEAU, Alaska (AP) — Morgan Robidou posed next to the bright aluminum hull of his prized new vessel, a 30-foot (9-meter) fishing boat that he could use to take friends, family or tourists out after salmon or halibut in the bountiful waters of southeast Alaska.
“Official boat owner,” he wrote when he posted the photo on social media last October, to congratulatory responses from friends.
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Seven months later, the boat he named Awakin — “like a boat waking someone” — was found partially submerged off an island west of Sitka in a tragedy that left Robidou and four customers dead or lost at sea and put a spotlight on the safety of the region’s vibrant charter fishing industry.
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“I can’t remember when we had any kind of fatality in our industry, so this is shocking for us,” said Richard Yamada, who sits on various industry boards, including the Alaska Charter Association and the Southeast Alaska Guides Organization. “We’re really curious to see what happened.”
Robidou, 32, was working with Kingfisher Charters, which operates a lodge in Sitka, a small port city on Baranof Island with a backdrop of a stunning volcanic mountain. The region is a legendary fishing destination, with myriad inlets, islands, bays and passages that can offer shelter from wind and waves when the open sea is too rough.
“Sitka is nestled right along the Alaska coast, with the ocean on one side, and the Inside Passage on the other,” Kingfisher says on its website. “On days where the weather cooperates we generally head offshore into the ocean, but on days where the winds and waves make the journey less desirable we go fishing in the protected bays and passageways of the inside waters.”
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Over Memorial Day weekend, eight members of the Tyau family, from Los Angeles and Hawaii, traveled to Sitka for a three-day trip with Kingfisher, where rates typically run $3,295 per person, according to prices listed on the company’s website.
The Tyau clan chartered two boats — the Awakin, captained by Robidou, and another called the Pockets — and set out Friday amid rough conditions. Michael Tyau said his sisters and wife spent the day’s voyage seasick in the two boats’ cabins and skipped Saturday’s trip to recover on land.
When Sunday dawned, their last vacation day before Monday flights home, the women rejoined the boats, which headed to different fishing spots. Aboard the Awakin were Tyau’s sisters, Brandi Tyau, 56, and Danielle Agcaoili, 53, along with Brandi’s partner, Robert Solis, 61, and Danielle’s husband, Maury Agcaoili, 57.
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Michael Tyau, who was aboard the Pockets, said the conditions where that boat fished that day did not concern him. He “in no way felt in jeopardy, like this wasn’t safe for us to fish in,” he said.
It’s unclear where the Awakin went or what might have happened to it, but it was last seen near Sitka on Sunday afternoon and was found partially submerged around 7 p.m. Sunday off Low Island, about 10 miles (16 kilometers) west of Sitka, the Coast Guard has said.
Efforts to recover the vessel have been hampered by strong winds and rough seas, including significant tidal currents that hindered the work of divers, but a salvage company was expected to try again Saturday, conditions permitting.
The sisters were found inside the cabin, and Maury Agcaoili’s body was discovered near the boat. Solis and Robidou have not been found, and the Coast Guard called off its search late Monday after covering 825 square miles (2,100 square kilometers) in more than 20 hours.
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There was a small craft advisory in the area where the boat was found Sunday, warning mariners of roughly 17 mph (27 kph) winds and 10-foot (3-meter) seas with rain during the day and slightly stronger winds and similarly high seas later in the day, said Pete Boyd, a National Weather Service meteorologist.
In addition to potentially rough seas and high winds, the area features rocks that can seemingly rise even from deep water, posing hazards to boats.
Yamada speculated that Robidou apparently did not have time to make a mayday call, suggesting that a rogue wave could have suddenly flipped the boat.
Kingfisher owner Seth Bone has been in the business for at least 40 years and is well-known and reputable, Yamada said.
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Kingfisher Charters has declined to respond to questions outside a statement released Wednesday saying the company is “devastated by the loss of the guests and captain of the Awakin” and is fully cooperating with an investigation it hopes “furnishes answers to the questions as to how it occurred.”
Yamada owns a lodge in Juneau, Alaska. Some businesses, like his, own all their fishing vessels, while others, like Kingfisher, contract with independent boat owners.
It takes serious effort to get a captain’s license, Yamada said, and the process involves an exam covering navigation and safety as well as 360 days of experience on the water. Because you can’t be on the water year-round in Alaska, it usually takes three summers, he said.
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“It’s not as if you just come off the street and get a license,” Yamada said. “It takes some time.”
A license has to be renewed every five years.
Given the vast numbers of people who go out on charter boats in southeast Alaska every late spring to fall, the lack of prior accidents in the industry indicates it has a good safety record, said Michael Schneider, an Anchorage, Alaska, personal injury attorney who litigates fishing accidents.
That said, he added: “People need to know going in that it’s the real deal up here. The water is deep and cold and bad things can happen. And when they do, they typically happen very, very quickly.”
Robidou had been fishing for several years, according to posts and comments on his social media pages. One said he had previously captained a different boat for Kingfisher Charters. Robidou’s family did not respond to messages seeking comment.
Robidou was “the nicest, quietest, friendliest young fellow you’ve ever seen,” said Thad Poulson, editor of the Daily Sitka Sentinel newspaper, where Robidou once worked as a press operator.
——
Kelleher reported from Honolulu. Stefanie Dazio in Los Angeles contributed.
#Tragedy #left #dead #missing #puts #spotlight #safety #Alaska #charter #fishing #industry
Rapid Dose Announces Proposed Private Placement Financing
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BURLINGTON, Ontario — Rapid Dose Therapeutics Corp. (“RDT” or the “Company”) (CSE: DOSE) today announced that it plans to complete a private placement financing (the “Financing”) for up to $3,000,000 of gross proceeds, consisting of up to 3,000,000 units (the “Units”) at a price of $1.00 per Unit. Each Unit will consist of $1.00 principal amount of secured convertible notes (the “Notes”) and five (5) common share purchase warrants of the Company (the “Warrants”). The Financing may close in one or more tranches.
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All Notes will have a maturity date of November 30, 2025 and will bear interest from their date of issue at 12.0% per annum, calculated monthly, accrued, added to principal and payable quarterly in arrears in common shares of the Company (“Common Shares”) at a price per share equal to the closing market price of the Common Shares on the last trading day of each calendar quarter. A loan initiation fee of 5% shall be paid in Common Shares at the end of the first calendar quarter following the applicable closing date at a price per share equal to the closing market price of the Common Shares on the last trading day of such calendar quarter.
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The Notes will be convertible, at the option of the holders at any time prior to maturity, into Common Shares at a conversion price of $0.17 per Common Share. Each whole Warrant may be exercised for one Common Share at a price of $0.14 per Common Share for the initial closing (the “Floor Price”). For any subsequent tranches closing under the Financing, the exercise price of the Warrants shall be the higher of the Floor Price and the closing market price of the Common Shares on the last trading day immediately prior to any such subsequent tranche closing. The Warrant term shall be equal to the maturity of the Notes, being November 30, 2025, notwithstanding the date on which the Warrants are issued. All securities issued on the Financing will be subject to a four month hold from the applicable date of closing.
The Company may prepay the Notes in certain circumstances. During the period from June 30, 2024 to December 31, 2024, the Company shall be entitled to prepay all or any portion of each of the Notes with a prepayment fee payable to each noteholder of 3% of the amount of the principal prepayment of the Note. There shall be no prepayment fee if the Notes are prepaid after December 31, 2024.
The Notes will be secured pursuant to a general security agreement issued by the Company in favour of the various noteholders. The Company intends to use the proceeds from the Financing for working capital purposes and to repay debt. The first $1,000,000 of proceeds raised pursuant to the Financing shall be used for general working capital purposes, with proceeds raised thereafter being used to first repay approximately $750,000 principal of secured debt as well as any accrued and unpaid interest thereon.
About Rapid Dose Therapeutics Corp.
Rapid Dose Therapeutics is a Canadian biotechnology company revolutionizing drug delivery through innovation. The Company’s flagship product QuickStrip™ is a thin, orally dissolvable film, that can be infused with an infinite list of active ingredients, including nutraceuticals, pharmaceuticals and vaccines, that are delivered quickly into the bloodstream, resulting in rapid onset of the active ingredient. For more information about the Company, visit www.rapid-dose.com.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this news release may contain forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “will”, “could”, “are planned to”, “are expected to” or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the delivery of equipment and products using the QuickStrip™ product delivery method, the generation of recurring revenues, the plans, estimates, forecasts, projections, expectations or beliefs of RDT management as to future events or results and are believed to be reasonable based on information currently available to RDT management. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; termination of WLM agreements; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally, income tax and regulatory matters; the ability to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by RDT management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
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This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230602005401/en/
Contacts
RDT Investor Contact:
Mark Upsdell, CEO
[email protected]
416-477-1052
#distro
#Rapid #Dose #Announces #Proposed #Private #Placement #Financing
Cleantech Power Corp. Provides Update on Failure to File Cease Trade Order
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TORONTO, June 02, 2023 (GLOBE NEWSWIRE) — Cleantech Power Corp. (formerly, Alkaline Fuel Cell Power Corp.) (the “Company” or “Cleantech”) (NEO: PWWR) (OTCQB: PWWRF) (Frankfurt: E43, WKN: A3EEHV), announces that further to its press release dated May 15, 2023, the British Columbia Securities Commission (the “BCSC”) has issued a failure to file cease trade order against the Company (“FTFCTO”) which orders that general trading, whether direct or indirect, by any person, of the securities of the Company cease, which includes trading of the shares of the Company on the NEO Exchange. The Company is diligently working with its auditors to conclude the filings at the earliest possible time.
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The delay in completing and filing the Company’s financial statements stems from certain accounting information that was required from Fuel Cell Power NV and the Company’s need to engage additional accounting advisors to complete the requisite information and provide same to the Company’s auditors. This process has taken longer than originally anticipated by the Company.
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The Company announced via press release dated April 3, 2023 (the “Delayed Filing Announcement”) that it had submitted an application to the BCSC for a management cease trade order (the “MCTO”) pursuant to NP 12-203. The application for the MCTO was made in connection with the delay in filing the Company’s audited annual financial statements for the year ended December 31, 2022, the related management’s discussion and analysis and CEO and CFO certifications (such filings, collectively, the “Annual Filings”), which were required to be filed on or before March 31, 2023.
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The MCTO was issued by the BCSC on April 3, 2023 extending the deadline for filing the Annual Filings to May 30, 2023. The MCTO prevented the Company’s Chief Executive Officer and Chief Financial Officer from trading in the Company’s securities but did not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company also announces that the filing of its unaudited interim financial statements, related management’s discussion and analysis and CEO and CFO certifications for the three months ended March 31, 2023 together with the Annual Filings, will be delayed beyond the extended filing deadline of May 30, 2023 as a result of the delay in completing the Annual Filings (the “Required Documents”).
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The FTFCTO will remain in effect until the receipt by the BCSC of all filings the Company is required to make under British Columbia securities law, including the Required Documents.
The Company confirms that since the date of the Delayed Filing Announcement, other than as described above: (i) there has been no material change to the information set out in the Delayed Filing Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
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The Company confirms that its business has not changed, there are no changes to its current business plans and that it does not expect any interruption of the operations of the Company during the FTFCTO.
The revocation of the FTFCTO is expected to occur within a few days after the Required Documents are filed.
On behalf of the Board of Directors of the Company,
Cleantech Power Corp.
“Frank Carnevale”
Frank Carnevale, CEO
+1 (647) 531-8264
[email protected]
ABOUT CLEANTECH
POWER
CORP.
(NEO:
PWWR)
PWWR is a diversified investment platform developing affordable, renewable, and reliable power and cleantech. We bring ‘Power to the People’ today, combining a stable revenue stream with a future- forward vision to commercialize our advanced hydrogen fuel cell technology to meet the massive global market need, and ultimately generate compelling returns for investors.
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PWWR is well positioned to deliver ‘Power to the People’ in the global energy transition while offering a diversified cleantech growth platform for investors.
Further information is available on the Company website at www.cleantechpower.ca and the Company encourages investors and other interested stakeholders to follow it on: Twitter, Facebook, LinkedIn, Instagram, TikTok and YouTube. Common shares are listed for trading on the NEO under the symbol “PWWR”, the OTC Venture Exchange “OTCQB” under the symbol “PWWRF” and on the Frankfurt Exchange under symbol “E43” and “WKN A3EEHV”.
Forward-Looking
Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “achieve”. Forward-looking statements in this news release may include, but are not limited to, the FTFCTO and statements with respect to the Company’s technology, intellectual property, business plan, objectives and strategy.
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Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward- looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE NEO EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
#Cleantech #Power #Corp #Update #Failure #File #Cease #Trade #Order
A Global Stock Trader’s Guide to More Extreme Weather Events
From Australian mining behemoths to Florida theme parks, investors are betting on whether companies will benefit or take a hit as extreme weather becomes the norm around the world due to climate change.
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(Bloomberg) — From Australian mining behemoths to Florida theme parks, investors are betting on whether companies will benefit or take a hit as extreme weather becomes the norm around the world due to climate change.
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Hard-to-predict weather has always been one of the risks that companies face, but the rising frequency of events such as flash floods and heat waves adds to uncertainties for businesses and global money managers. It’s “virtually certain” that hot extremes will increase globally, and they are likely to last longer, a United Nations climate-change panel said in its latest report.
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Heat waves around the world highlight changes in weather patterns, with Spain and Portugal recording their hottest-ever April, India marking the highest temperatures in February since 1901, and Europe starting 2023 with the warmest New Year’s Day on record.
Extreme weather has hurt shares of insurers such as Suncorp Group Ltd. as losses from natural disasters mount, and travel-related companies including cruise operator Carnival Corp. that canceled departures due to a major hurricane last year. Agriculture firms such as coffee maker CCL Products India Ltd. have benefited as abnormal weather reduced output, which led to higher prices and more revenue.
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“Climate-related risk is getting factored in global investors’ decision making significantly as extreme weather can play havoc and turn all plans upside down,” said Akshay Panth, the chief investment officer of climate and social impact fund Neev.
Here are some of the biggest winners and losers from extreme weather events:
Energy Stocks
Heat waves around the world will likely lead to a fresh test of electricity grids just months after hot weather and drought throttled hydropower and triggered widespread power shortages. Energy companies have been in focus in the Philippines as some areas become dangerously hot. In China, Shanghai is sweltering, and Guangdong to Hainan face peak power demand.
Read: China Girds for More Extreme Weather Threatening Power Supplies
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China will need “quicker and more significant investment” to build a resilient power infrastructure that won’t use more coal, Morgan Stanley analysts led by Tim Chan wrote in a note. “Investing in adaptation themes may help investors hedge against more-frequent and severe weather events.”
Droughts may hit hydro and affect nuclear power generators as well, by reducing water needed to generate energy and cool reactors, as happened to the to-be government-owned Electricite de France SA last year. Extreme weather may drive more demand for clean energy companies such as Scatec ASA in Europe, First Solar Inc. in the US and Adani Green Energy Ltd. in Asia.
Insurance
The insurance industry is struggling to adapt to a new normal in which losses fueled by climate change are now regularly exceeding $100 billion a year. Shares of Suncorp Goup, Insurance Australia Group Ltd. and QBE Insurance Group Ltd. were all hit by extreme rains that fell over New Zealand during Cyclone Gabrielle.
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Reinsurers such as Reinsurance Group of America are leveraged to weather, especially if they deal in the property sector. General Insurance Corp., India’s biggest reinsurer, has been warning about “catastrophic losses” faced by the industry that are likely to result in further price increases.
Home insurers including those with consumer bases in Florida, Texas and other US states along the Gulf Coast are particularly vulnerable if hit by a devastating storm, Piper Sandler & Co. analyst J. Paul Newsome said.
Still, “insurers might be hit in the short term, depending on the severity of the event, but might benefit longer term from higher premiums following an event,” said Chamath De Silva, a senior portfolio manager at BetaShares in Sydney.
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Travel and Tourism
Companies that count on summer travel may be hurt if the weather is unexpectedly hot, especially if fuel prices are elevated. That would damage the bottom lines of airlines and cruise companies, and consumers will be less likely to jump in the car for road trips.
Summer storms and inclement weather may force airlines and cruises to delay and cancel services. In March, Southwest Airlines Co. cited extreme weather as a growing concern following the December debacle that left more than 2 million passengers stranded and added $380 million in losses to the quarter.
When Hurricane Ian hit last year, Carnival and other cruise operators had to cancel departures, prompting plunges in their shares. It also depressed tourism in Florida, pulling down stocks such as Walt Disney Co., Comcast Corp.’s Universal Orlando Resort and SeaWorld Entertainment Inc.
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Miners/Commodities/Natural Gas
In resource-rich Australia, Newcrest Mining Ltd.’s Telfer gold mine was closed earlier this year and the company’s shares fell from more than a two-year high after the biggest cyclone to hit the Western Australian coast in almost a decade made landfall. That followed heavy rain and flooding that hampered coal production for miners such as Whitehaven Ltd. and BHP Group late last year.
Having more frequent and stronger storms in the Gulf of Mexico may push up energy prices in that region, a boon for producers of natural gas, diesel and propane. Hotter and dryer weather in Canada that’s caused wildfires and threatened production is also supporting energy prices, said Bob Yawger, managing director of energy futures at Mizuho Financial Group Inc. in New York.
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Agriculture
JPMorgan Chase & Co. strategists see the risk of El Niño returning to Southeast Asia later in 2023, weighing on agriculture output, farm income, industrial production and investor sentiment, analysts led by Rajiv Batra wrote in a note.
“During the past episodes of abnormal temperatures, impacts were most severe on the agriculture sector of Thailand, Indonesia and Vietnam, while the Philippines saw a net positive outcome from lower frequencies of cyclones,” Batra wrote.
India’s hottest February in more than a century, following a spike in cattle deaths caused by a viral skin disease, fueled a rare drop in dairy production in the world’s largest milk-producing nation. With more high temperatures forecast as summer demand peaks, shares of dairy firms such as Parag Milk Foods Ltd. and Heritage Foods Ltd. are soaring.
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Coffee prices are boiling over as extreme weather thrashes bean growers in Vietnam and Indonesia. Same logic goes for sugar, with erratic weather having a history of affecting production in top cane growers India and Brazil.
Both countries are looking to divert some output for ethanol to limit their energy import costs. The scarcity of supply led to a surge in prices earlier this year as nations engaged in export restrictions. Key beneficiaries were Dwarikesh Sugar Industries Ltd. and Shree Renuka Sugars Ltd.
“From a commodity perspective, some of the risks we’re looking at are fairly acute,” said Walter Kunisch, senior commodities market strategist at Hilltop Securities Inc. An El Niño weather pattern may bring above-average corn and soybean yields, especially in the eastern corn belt, weighing on pricing. That might hurt margins for crushers like Archer-Daniels-Midland Co. or Bunge Ltd., he said.
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Chemicals/Industrials Transportation
“Increased energy prices and the inability to use rivers for commercial transportation will inevitably negatively affect industrials and chemicals,” said Evgenia Molotova, senior investment manager at Pictet Asset Management.. Last year, low water levels on the Rhine, the key commercial waterway in Germany and the Netherlands, forced companies to cut their usual cargo transportation. That led to severe delays in deliveries and higher transport costs.
Some 80% of all waterborne freight within Germany is carried on the Rhine. Disrupted shipping routes due to exceeding levels of water, which prevent travel under some bridges, or low levels that risk grounding of vessels, could hurt companies like BASF SE, Covestro AG, Lanxess AG and Siemens AG, Molotova said.
—With assistance from Carmen Reinicke, Allegra Catelli and Sheryl Tian Tong Lee.
#Global #Stock #Traders #Guide #Extreme #Weather #Events
Job Action Averted as CUPE 1750-OCEU Members Reach Tentative Deal With Workplace Safety and Insurance Board
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TORONTO — In the early morning after hours of marathon bargaining, members of the Canadian Union of Public Employees (CUPE) Local 1750 / the Ontario Compensation Employees Union (OCEU) reached a tentative agreement with the Workplace Safety and Insurance Board.
“I am proud of my coworkers and the strength of our union, and I’m grateful for the inspiring support we received from across the province,” said Harry Goslin, president of CUPE 1750/OCEU. “We are a critical safety net for Ontario workers and Ontarians spoke up, sending thousands of messages to the WSIB leadership. This deal invests in members and will improve services for injured workers, and our bargaining team is going to stand behind it.”
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In a historic sign of things to come, the tentative deal is the first major freely negotiated collective agreement in the province to include retroactive pay for workers who had their wages unconstitutionally suppressed by Bill 124. This was a major win for CUPE 1750/OCEU members.
Hours before the tentative deal was signed, Goslin attended a rally commemorating the fortieth anniversary of Injured Workers Day outside the Ministry of Labour. “The government and the WSIB need to listen to those who know where the problems exist and how to fix them: the workers at the WSIB and the injured workers who have experienced the system,” he told the activists gathered, attesting to the shared project of reforming and improving the WSIB for both injured workers and frontline service providers.
CUPE 1750/OCEU will be holding member meetings to present the tentative deal, followed by a ratification vote. No further information regarding the tentative agreement will be publicly available until the ratification process is completed.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230602005405/en/
Contacts
Jesse Mintz, CUPE Communications Representative
[email protected] | 416-704-9642
#distro
#Job #Action #Averted #CUPE #1750OCEU #Members #Reach #Tentative #Deal #Workplace #Safety #Insurance #Board
Biden to Say Debt-Limit Deal Prevented ‘Economic Collapse’
President Joe Biden plans to say the debt-limit agreement he struck with Republicans was “essential” to avoiding an economic crisis and that it preserved the core accomplishments of his first term.
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(Bloomberg) — President Joe Biden plans to say the debt-limit agreement he struck with Republicans was “essential” to avoiding an economic crisis and that it preserved the core accomplishments of his first term.
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“No one got everything they wanted but the American people got what they needed. We averted an economic crisis and an economic collapse,” Biden is expected to say Friday at 7pm in a national address from the Oval Office, according to excerpts released by the White House.
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The agreement averted the country’s first-ever debt default, which would have had disastrous consequences for the US and global economies.
Biden as soon as Saturday is expected to sign the bill, which the Senate approved late Thursday after the House passed it the day before. Treasury Secretary Janet Yellen had said the US would run out of cash to pay its bills by June 5 if Congress did not raise or suspend the borrowing limit.
After months of contentious back-and-forth over the default threat, Biden and House Speaker Kevin McCarthy raced over the past week to craft a bipartisan agreement that suspended the debt limit until Jan. 1, 2025, in exchange for curbs on government spending.
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“We’re cutting spending and bringing deficits down. And, we protected important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy,” Biden plans to say about the deal.
The agreement is projected to cut federal deficits by about $1.5 trillion over a decade, according to the nonpartisan Congressional Budget Office.
Friday’s address will mark the president’s most expansive remarks on the debt ceiling since negotiations accelerated. Biden had said little publicly about the talks, which frustrated some of his Democratic allies but likely helped create an environment that allowed both sides to compromise.
The deal contains victories for both sides. It delays another partisan standoff over the debt limit until after the 2024 election, when Biden is seeking a second term, and left the president’s first-term legislative achievements untouched.
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It changed the trajectory on federal spending, capping funding for defense and domestic programs for two years, while easing permitting rules for some energy and infrastructure projects and clawing back some funding for Internal Revenue Service agents and Covid-19 relief.
Many lawmakers on the right and left were frustrated by its terms, and some who supported it voted for it reluctantly. House conservatives said the spending cuts did not go far enough, while some Senate Republicans balked at limits on security spending. Progressives criticized new work requirements for older Americans receiving food assistance and the approval of the Mountain Valley natural gas pipeline.
(Updates with additional details from fifth paragraph)
#Biden #DebtLimit #Deal #Prevented #Economic #Collapse
DIRTT Reimburses 22NW for Expenses Related to Contested Director Election
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CALGARY, Alberta, June 02, 2023 (GLOBE NEWSWIRE) — DIRTT Environmental Solutions Ltd. (“DIRTT” or the “Company”) (TSX:DRT, NASDAQ:DRTT), a global leader in industrialized construction, is pleased to announce that it has issued 3,899,745 common shares of DIRTT to 22NW Fund, LP at a deemed price of $0.40 per common share, as reimbursement for legal and other expenses incurred by 22NW Fund, LP in connection with the Company’s contested director election at the annual and special meeting of shareholders held on April 26, 2022. The agreement to issue the common shares was previously announced by the Company on March 16, 2023, subject to shareholder approval, which approval was received at the 2023 annual and special meeting of shareholders held on May 30, 2023.
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DIRTT is a global leader in industrialized construction. Its integrated system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education and public sector markets, DIRTT’s system offers total design freedom, and greater certainty in cost, schedule and outcomes. Headquartered in Calgary, Alberta, Canada, DIRTT trades on Nasdaq under the symbol “DRTT” and on the TSX under the symbol “DRT”.
FOR MORE INFORMATION, PLEASE CONTACT
DIRTT Investor Relations at [email protected]
#DIRTT #Reimburses #22NW #Expenses #Related #Contested #Director #Election
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