Business News

The IEA said it wanted to “send a united and strong message to global oil markets that there will be no supply shortages as a result of Russia’s invasion of Ukraine.”

The IAEA has said it supports sanctions imposed by Russia’s international community, but is also concerned about tight global oil markets, increased price volatility and trade stocks, which are at their lowest level since 2014.

The United States and other IAEA countries hope to lower oil prices, which traded above $ 100 a barrel on Tuesday at eight-year highs. Prices rose after the IEA announced to almost $ 106 per barrel, or 8.1% during the day.

Lower oil prices will reduce revenues for Russia, one of the world’s largest oil producers, and potentially give the United States and Europe more room to focus on Moscow’s energy industry, which has so far been unacceptable because of the pain. which energy sanctions would cause in the West.

The IEA’s oil spill is less than the initial estimate of 70 million barrels and will include 30 million barrels from the United States, people informed the discussions said.

This will be the second release of oil reserves in three months. The Biden administration has already decided to release 50 million barrels of oil from US reserves in November, while China and others have also used their own reserves. The IEA, which did not join the United States in the latest edition because some European countries thought it was unjustified, will now monitor the effort.

The IAEA has said the quantities to be released amount to 4% of its members’ stocks, equivalent to 2 million barrels a day for 30 days.

The decision to release the stock comes when the Saudi-led Organization of the Petroleum Exporting Countries and its Russian-led allies decide to maintain a small increase in production of 400,000 barrels a day at a virtual meeting on Wednesday. The alliance, often referred to as OPEC +, has approved monthly increases in oil production, but they have not reduced prices.

After the release was announced, OPEC delegates said it would not affect their decision to gradually increase production on Wednesday. Saudi Arabia is of the opinion that the oil market is well stocked and that the rise in prices is due to speculation separated from market bases.

In a note Tuesday, Louise Dixon, a senior analyst at Rystad Energy’s oil market, said OPEC + producers were producing about 800,000 barrels a day below promised targets, “supplementing supply market shortages and further fueling the rising price environment.” . “

The aftermath of the invasion of Ukraine has raised questions about Russia’s reliability as a supplier of oil and gas to consumers around the world. Russia is the largest exporter of gas and a major supplier of raw, refined products and other resources, including to the United States. Revenues from overseas energy sales are vital to financing the Russian state, including its military machine.

International sanctions have so far saved energy exports. There is also evidence that the conflict is beginning to damage oil supplies to Russia. Some banks refuse to finance trade in Russian crude oil due to fears of sanctions; a number of tankers are blocked or cannot be loaded in the Black Sea, a key oil waterway; and countries such as the United Kingdom, Canada and Malaysia are now banning Russian oil ships.

Restrictions on the Russian economy have also escalated faster than many in the energy industry expected, hitting, among other targets, the still unused Nord Stream 2 gas pipeline connecting Russia with Germany.

Write to Benoit Faucon at [email protected] and Summer Said at [email protected]

2/2

© Reuters. PHOTO: New York Stock Exchange (NYSE) in New York, where markets are booming after Russia continues to attack Ukraine, in New York, USA, February 24, 2022. REUTERS / Caitlin Ochs

2/2

By Devik Jane and Noel Randevich

– Wall Street ended sharply lower on Tuesday, with financial stocks taking much of the damage for the second day in a row as the Russia-Ukraine crisis deepened and sparked unrest among investors.

Ten of the 11 sector indices fell, driven by financial indicators, down 3.7%.

Wales Fargo (NYSE 🙂 fell 5.8% and the broader bank index fell 4.8% as it fell to a five-week low amid fleeing asylum. [US/]

Chevron Corp. (NYSE 🙂 jumped 4% to close at its highest level ever after the company boosted its share buyback program and cash flow forecast until 2026 and rising oil prices. [O/R]

The energy index rose by about 1%.

Russia has warned Kyiv residents to flee their homes and fired rockets at the city of Kharkov as Russian commanders stepped up bombardments of Ukrainian urban areas in a tactical change after their six-day attack came to a halt.

The conflict has sparked sharp repression from the West, including blocking access by some Russian creditors to the international payment system SWIFT.

“Investors are swimming in fear and don’t know how to incorporate geopolitical news into their pricing,” said Mike Sigmont, head of research and marketing at Harvest Volatility Management in New York. “We’re dealing with a purely emotional reaction from the investor.”

The decline was 1.76% to 33,294.95 points, while the S&P 500 lost 1.55% to 4,306.24 points.

It fell by 1.59% to 13,532.46.

The Philadelphia Semiconductor index fell 3.6% and Advanced Micro Devices (NASDAQ 🙂 fell 7.7%.

The trade was busy. The volume of stock exchanges in the United States is 14.9 billion shares, compared to an average of 12.3 billion for the entire session over the past 20 trading days.

On the positive side, data show that manufacturing activity in the United States rose more than expected in February as COVID-19 infections declined while construction costs rose in January.

“Given the fact that the US economy is accelerating, uncertainty will be relatively short and it will come as no surprise if the market finds its basis sometime in the next few weeks when clarity is restored,” said Jeff Schulze, investment strategist at ClearBridge. Investments.

Purpose Corp. (NYSE 🙂 jumped 9.9% after the big retailer forecast sales and profits for 2022 above analysts’ expectations.

Defense stocks added to recent gains, with Lockheed Martin Corp (NYSE 🙂 and Northrop Gruman (NYSE 🙂 is gaining over 3%.

The CBOE’s volatility index, also known as the Wall Street Fear Indicator, rose to its highest level since Feb. 24.

Zoom video communication (NASDAQ 🙂 Inc fell 7.4% after forecasting lower revenue and profit for the full year, signaling a blow from strong competition and lower registrations for its main meeting platform.

The S&P 500 fell about 10% in 2022, and the Nasdaq lost about 13%.

Emission reductions outnumber the advanced NYSE by 1.55 to 1; of the Nasdaq, a ratio of 1.80 to 1 favors declines.

The S&P 500 publishes 26 new 52-week highs and 16 new lows; Nasdaq Composite recorded 40 new highs and 150 new lows.

It’s just a good business decision to keep raising hourly wages for workers, as it will help keep the best talent that leads to strong sales and profits, explains Target CFO Michael Fidelke.

Target said this week that it will raise hourly wages for workers in distribution centers, stores, etc. up to $ 15 to $ 24 per hour depending on location and position. The total investment will amount to $ 300 million. In 2017, the dissenter revealed a desire to increase his minimum wage to $ 15 per hour by 2020, which he achieved.

“It’s all an investment in the team to provide an exceptional growth-enhancing experience. And right now, that’s good for us,” Fidelke told Yahoo Finance Live. “We track things like the performance of our ability to attract and retain a great team. And these indicators are looking for us stronger today than before the pandemic. And so those investments pay off, and the team pays for that investment with their support for the growth we see. “

This virtuous circle of happy, well-compensated retail employees – unlike the model that Costco has long pioneered – leading to strong financial results seems to exist at Target.

The company said on Tuesday that in the fourth quarter, comparable in-store sales and online comparable sales rose 8.9% and 9.2%, respectively. Earnings of $ 3.19 per share exceeded analysts’ estimates of $ 2.88 per share.

Shares of Target jumped 12% during the session.

“The quarter was driven by traffic. This means that users voted with their feet and clicks and chose Target more often. So this is an incredibly healthy sign for our business, “Fidelke added.

The company also outlined a “long-term” high single-digit growth rate for EPS. The Street was a model for about 8% growth in EPS over each of the next three years.

Brian Sosie is the editor – in – chief and a leader in Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and so on LinkedIn.

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTubeand reddit

MIT and Harvard’s Broad Institute were the first to apply the CRISPR gene editing tool to human cells, the U.S. Patent and Trademark Office said Monday. The decision halted years of efforts by the University of California, Berkeley, to obtain lucrative technology patent rights. The University of California, Berkeley is home to Jennifer Dudna, who won the 2020 Nobel Prize with Emmanuel Charpentier for discovering the CRISPR-Cas9 gene editing technique.

This also complicates the work of some biotechnology companies to develop CRISPR-based gene editing therapies: many, including companies such as Caribou Biosciences (co-founder of Doudna) and Intellia Therapeutics, which licensed CRISPR technology from the UC Berkeley Group.

“This decision reaffirmed that Broad’s patents were properly granted,” the Broad Institute said in a statement. “Brod believes that all institutions must work together to ensure wide, open access to this transformative technology.

The UC Berkeley group, collectively called CVC, said in a statement that it intended to challenge the decision. The group holds dozens of other patents related to CRISPR.

The decision is likely to end a long struggle for ownership of the gene editing technique that has revolutionized genetic research and biotechnology. It allows scientists to easily and accurately cut and rearrange bits of DNA, changing the way it encodes different functions. Dudna and her colleagues published the first article on the CRISPR system in 2012, showing how it works in a test tube. Then, in 2013, researchers at the Broad Institute published an article on the use of CRISPR in cell types found in animals and humans.

Both institutions filed patent applications, and the U.S. Patent and Trademark Office (PTO) initially granted patents to the Broad Institute’s CRISPR in 2014. UC Berkeley challenged the decision, and the PTO ruled in 2017 that patents from both institutions were different enough that they could both stand – and that the Broad Institute has retained patents, potentially worth billions, for the use of CRISPR in complex human and animal cells. UC Berkeley appealed to the U.S. Court of Appeals in Washington, D.C., and lost that appeal.

Monday’s decision is the result of another challenge posed by UC Berkeley to the Patent Examination and Appeals Board in 2019, pitting various CVC patents against Broad Institute patents. Again, the PTO sided with the Broad Institute.

Biotech companies that originally licensed the technology from CVC will likely have to renegotiate with the Broad Institute. Companies licensed by the Broad Institute, such as the genome editing company Editas Medicine, are safer. “The decision reaffirms the strength of our fundamental intellectual property as we continue to develop life-changing drugs for people living with serious illnesses,” Editas CEO James Mullen said in a statement.

Air India was recently privatized after being state-owned and losing money for years. The airline was acquired by Tata Group, which also holds majority stakes in Vistara and AirAsia India. A few weeks ago, the airline announced its new CEO, and he has already resigned … before even starting work.

Turkey’s new CEO of Air India will not take office, however

In mid-February, Ilkey Ayci was appointed Chief Executive Officer of Air India, with plans to take office in April 2022. He was Chairman of Turkish Airlines from 2015 to 2022, having previously held several senior roles in The Turkish government, including the chairman of the Turkish Prime Minister’s Investment Support and Promotion Agency.

Now Aichi has announced that he does not intend to become CEO of Air India. As he explained:

“I came to the conclusion that it would not be a feasible or respectable decision to take a position in the shadow of such a narrative. My appointment with Air India within the Tata Group was announced earlier in February, starting on April 1. Following the announcement, I followed the news in some parts of the Indian media closely, trying to color my appointment with unwanted colors.

So what exactly is going on here? There have been allegations in the media that Aichi’s appointment to this position is a matter of “national security”. His appointment is subject to regulatory approval, including scrutiny by the Interior Ministry.

There were apparently concerns about Aiji’s close relationship with Turkish President Recep Tayyip Erdogan, given that he has acted as Erdogan’s advisory role in the past.

Okay, I can fully appreciate the challenge there and I’m not a fan of Erdogan. But exactly how much research is Tata Group doing before appointing a new CEO? You don’t have to browse Aichi’s Wikipedia page to see these close links to Erdogan. You would think that this would be determined before he gave up his old job and was offered a new job.

Anyone can guess whether Aichi has actually decided that he doesn’t want the job because of some media reports (which seems suspicious, since I imagine he has thicker skin), or he has been asked to retire.

The role of CEO of Air India is difficult to fulfill

I would like to see Air India turn around and become a great airline, but there is no denying that this is a huge task. There is so much to do and in many ways Air India would be better off just shutting down and starting over. The airline has an outdated fleet, obsolete flight products, labor problems and a non-competitive cost structure.

I can’t help but wonder who will be appointed next to this position. Will Air India try to hire another foreigner or will the airline look for local talent this time? The problem here is that even if someone is a very capable leader, the success of Air India is far from a sure bet. Accepting this job is a gamble in terms of reputation and future career prospects, assuming that this is not your last planned concert in the industry. Speaking of which, I think Doug Parker has some free time now?

Eventually

The newly appointed CEO of Air India has already resigned before even taking office. There were clearly concerns about the former Turkish Airlines chairman’s close ties to the Turkish presidentErdogan. At first glance, this is fair enough, although I’m not sure why this came about only after he was hired for the role and left his job at Turkish Airlines?

Who do you think Air India should appoint as CEO?

(The tip of the hat to Niraj)

Money, money, money – and even more money: this is what Biglaw companies give out to their employees thanks to Cravath’s pay scale, which is quickly compared to the masses. The last company to adopt the Kravat scale was the one that matched the Davis Polk scale less than a week ago.

The company we are talking about is Debevoise, a company ranked 31st in the last Am Law 100, with $ 1,224,942,000 gross revenue in 2020. On February 23, the company paid salaries up to $ 406,500, and today , on March 1, the company pays salaries that are much, much higher.

Here’s what the Cravath scale in Debevoise will look like:

2021: $ 215,000

2020: $ 225,000

2019: $ 250,000

2018: $ 295,000

2017: $ 345,000

2016: $ 370,000

2015: $ 400,000

2014: $ 415,000

2013 and older: $ 425,000

Keep in mind that Debevoise again offers more money to its most experienced employees. Nine-year-olds and older will receive salaries of $ 425,000.

The reraise of the company is retroactive until January 1. Congratulations for the second time!

(Refer to the next page to read the full note from Debevoise.)

Remember everyone, we rely on your advice to keep up with these things. So when your business matches, please send us an SMS (646-820-8477) or an email (subject: “[Firm Name] Coincidences ”). Please include the note, if available. You can take a photo of the note and send it via text or email if you do not want to forward the original PDF or Word file.

And if you want to sign up for the ATL bonuses (which is the list of alerts we’ll also use for payroll announcements), please scroll down and enter your email address in the box below this post. If you have previously signed up for bonus alerts, you do not need to do anything. You will receive an email notification within minutes of each bonus message we post.

Stacey Zaretsky is a senior editor at Above the Law, where she has worked since 2011. She would love to hear from you, so feel free to email her with any advice, questions, comments or criticisms. You can follow her Twitter or contact her on LinkedIn.

Enter your email address for ATL Signals for bonuses and salary increases.

Intellia Therapeutics (NTLA) used CRISPR gene editing to reduce the problem protein in patients, but NTLA shares withdrew on Tuesday over patent and competition issues.

x

Treatment with the CRISPR gene editing company reduces the protein transthyretin in patients with a disease that causes it to build up on nerves. This leads to systemic problems. The results lasted from 2 to 12 months in 15 patients and proved to be relatively safe.

But the results came when the U.S. Patent and Trademark Office said a team led by Feng Zhang of the Broad Institute had actually invented the technology. The institute has exclusively licensed its technology for Editas Medicine (EDITING). Intellia uses patents held by the University of California, the University of Vienna and CRISPR pioneer Emmanuel Charpentier, also known as CVC. Charpentier and Jennifer Dudna won the 2020 Nobel Prize in Chemistry for their work at CRISPR.

“Intellia is carefully reviewing the decision and we are confident that CVC will find a way forward to confirm its rights (intellectual property), including the possibility to appeal to the Federal Circuit,” an Intellia spokesman said in an email to Investor’s Business Daily.

In addition, analysts noted that Intellia’s results are not much better than Alnylam Pharmaceuticals“(ALNY) Onpattro. Onpattro treats patients with related heart disease.

Shares of NTLA fell 20.1% to 79 in lunchtime trading on the stock market today. Shares of Crispr Therapeutics (CRSP) also fell 5.8% to close to 57.80. Shares of Editas rose 5% to 18. Shares of Alnylam also rose 3.2% to 162.90. Shares of Intellia partner, Regeneron Pharmaceuticals (REGN) fell 1.8% to 607.30.

NTLA shares dives while racing sets

Intellia is testing four doses of its single drug. The best response comes from the highest dose, resulting in a 93% average reduction in transthyretin protein. Protein levels remained low during the follow-up period, which ranged from two to 12 months.

Patients who received lower doses showed an average reduction of 52% -87%.

But Alnylam’s Onpattro – which treats patients with the same disease that causes protein to build up in the heart – leads to an 89% reduction in protein at six months and an 84% reduction at 18 months.

(Of course, (Intellia medicine) has the advantage of being a potential single-dose treatment, but we see additional competition from Alnylam (the drug called vutrisiran), which demonstrates similar levels of (transthyretin) reduction and is dosed in a relatively convenient format for subcutaneous injection every three months, ”said Wedbush analyst David Nirengarten in a report to clients.

It has a neutral rating and a 108 price target for NTLA shares.

The results reinforce Intellia’s leadership with the systemic in vivo CRISPR gene editing drug. In vivo means that the editing of genes takes place inside the body. Systemic means that the drug enters intravenously and must find its way to the right organ – in this case the liver.

Crispr works on ex vivo treatment, which means that it edits cells outside the body and then infuses them into patients. Editas is an in vivo treatment, but patients receive treatment directly in the eye.

The CRISPR-based medicine seems safe

CRISPR gene editing treatment seems safe. Only one patient experienced a severe side effect – vomiting. This patient had a history of gastroparesis, a condition in which the stomach cannot be emptied properly.

At all four dose levels, the most common side effects are headache, infusion reactions, back pain, rash and nausea, said SVB Leerink analyst Manny Foruhar in a note to clients. The company has not reached the maximum tolerated dose, which means that it has the potential to deliver higher doses safely.

Foroohar kept its rating outperforming NTLA shares.

Follow Alison Gatlin on Twitter at @IBD_AGatlin.

YOU MAY ALSO LIKE:

Shares of Viatris fell after gains, selling assets of $ 3 billion plus

Why Aurinia Pharmaceuticals fell despite the “aggressive” outlook for 2022

Want to make quick profits and avoid big losses? Try SwingTrader

Find the best long-term investments with long-term IBD leaders

Want more information about IBD? Subscribe to our investment podcast!

The United States and other major energy-intensive countries have agreed to extract 60 million barrels of oil from their emergency reserves to address fears of supply depletion after Russia invaded Ukraine, concerns highlighted by the huge rise in crude oil prices. in Tuesday.

The International Energy Agency said the coordinated release, the fourth in its history, would send a “united and strong message to global oil markets that there will be no shortage” due to the invasion. The body will consider “possible additional emergency oil stocks if necessary,” he added.

But instead of calm prices, the announcement sparked additional gains, with crude Brent, international oil, rising nearly 10 percent to a new eight-year high above $ 107 a barrel before retiring. West Texas Intermediate, U.S. oil, rose more than 10 percent to $ 105 a barrel.

As European refineries refrain from buying their oil, Russia’s leading Urals oil is trading at a record discount of more than $ 11 a barrel against Brent.

Amrita Sen, of the consulting firm Energy Aspects, said the market was “overwhelmed” by the release of reserves and that traders expected more due to the disruption of Russian energy exports caused by the broad side of Western sanctions against Moscow.

She said as much as 70 per cent of the country’s oil exports “do not find a home at the moment”. According to traders, many Western banks and shipowners are refusing to process Russian crude oil to reduce legal or reputational risk.

Russia is the world’s third-largest crude producer and second-largest exporter, sending about 5 million barrels a day to world markets.

Biden officials said they wanted to try to ensure that Russian energy continued to flow to minimize domestic economic damage from the sanctions. Half of the IEA’s coordinated oil spill, or 30 million barrels, will come from the US strategic oil reserves, said Jennifer Granholm, the US Secretary of Energy.

Earlier, the United States announced the release of 50 million barrels of oil from its strategic reserve to try to ease rising oil prices late last year, along with a smaller group of other countries.

However, as oil passes through the U.S. system, there is only limited spare capacity – approximately 150,000 barrels per day – to move more volumes, the senator said. This will remain the case until the previous release of the strategic reserve is completed in June.

The IEA’s announcement Tuesday came on the same day that members of the OPEC + alliance of oil exporters, which includes Russia, met for the first time since Moscow launched its invasion of Ukraine last week. But the group, which is struggling to maintain its own production targets, has signaled that it does not intend to accelerate the planned increase in production in response to higher prices.

“Global energy security is under threat, putting the global economy at risk during a fragile recovery phase,” said Fatih Birol, IEA’s chief executive.

The release of 60 million barrels by the IEA represents about 4% of members’ 1.5 billion barrels of total emergency supplies, the group said. Global oil demand is about 100 million barrels per day.

Founded after the Arab oil embargo in 1973-74, the IEA consists of 31 member states in Europe, North America and Asia and represents the interests of major energy consumers. The group’s previous coordinated edition was in 2011, when supplies were cut off by the Libyan civil war.

The agency said its board “encourages each member state to do everything possible to support Ukraine in the supply of petroleum products, urging governments and consumers to maintain and step up conservation efforts.”

IEA members also discussed Europe’s dependence on natural gas from Russia. On Thursday, the agency said it would launch a “10-point plan on how European countries can reduce their dependence on Russian gas supplies by next winter.”