Aggregate | Jotup

ProSomnus Sleep Technologies Takes Strategic Action to Position Company for Long-Term Success

Retrieved on:

четверг, мая 9, 2024

Aggregate, Bankruptcy, Customer, Capital, LP, Patient, OSA

PLEASANTON, Calif., May 08, 2024 (GLOBE NEWSWIRE) -- ProSomnus, Inc. (the “Company”), the leading non-CPAP Obstructive Sleep Apnea (OSA) therapy, announced it has initiated a voluntary restructuring process under Chapter 11 of the U.S. Bankruptcy Code to reorganize and strengthen its capital structure going forward, improve financial flexibility and better position the company for long-term success. In connection with this process, the Company has secured the support of multiple existing key investors and lenders under a plan that is designed to deliver an aggregate of approximately $20 million of new capital into the Company. Such Capital will support ongoing operations and the development of strategic initiatives including the company’s next generation sensor device.

Key Points:

Such Capital will support ongoing operations and the development of strategic initiatives including the company’s next generation sensor device.
“The voluntary restructuring announced today will enable us to move ahead as a stronger company,” said Len Liptak, Chief Executive Officer for ProSomnus Sleep Technologies.
This renewed foundation will place ProSomnus in a position to realize our mission and develop our next generation sensor device technology.
The completion of the restructuring plan will result in the Company becoming a private company, thereby eliminating $4 million to $6 million of annual recurring public company costs its public company obligations.

Runway Growth Finance Corp. Reports First Quarter 2024 Financial Results

Retrieved on:

вторник, мая 7, 2024

Aggregate, Total, Ecosystem, Investment

MENLO PARK, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced its financial results for the first quarter ended March 31, 2024. The Company also announced that David Spreng will resume his full responsibilities as Chairman, President and Chief Executive Officer of the Company, effective today, May 7, 2024.

Key Points:

Delivered Total and Net Investment Income of $40.0 million and $18.7 million, Respectively
MENLO PARK, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced its financial results for the first quarter ended March 31, 2024.
Total operating expenses for the quarter ended March 31, 2024 were $21.3 million, compared to $21.1 million for the quarter ended March 31, 2023.
Net realized loss on investments was $0 for the quarter ended March 31, 2024, compared to a net realized loss of $1.2 million for the quarter ended March 31, 2023.
During the first quarter of 2024, Runway Growth completed two investments in new and existing portfolio companies, representing $24.6 million in funded loans, net of upfront loan origination fees.

Inflation-Driven Price Hikes Vary Significantly Across 10 Popular U.S. Grocery Categories in Q1

Retrieved on:

четверг, апреля 25, 2024

Aggregate, Yogurt, CPI, News, Deodorant, Retail

ST. PETERSBURG, Fla., April 25, 2024 /PRNewswire/ -- Key grocery food categories remained stubbornly high in Q1 2024 while select others dipped to new lows compared to the same period in 2023. Tapping into its rich, real-time Shopper Intelligence Platform, Catalina looked at the aggregate price increase of 10 common grocery categories in the U.S.

Key Points:

Value-conscious shoppers are still grappling with significant price increases on essential items, even as the broader inflation rate cools."
"Our latest data shows grocery inflation has dropped considerably from a year ago in these 10 categories," said Wesley Bean, US Chief Revenue Officer at Catalina.
Value-conscious shoppers are still grappling with significant price increases on essential items, even as the broader inflation rate cools."
The 3% average Q1 inflation rate from Catalina's data was on par with the overall 3.5% inflation rate reported in March's US Consumer Price Index (CPI).

Decomposing systemic risk: the roles of contagion and common exposures

Retrieved on:

вторник, апреля 23, 2024

Tao, CIBC, Tax, RWA, Risk, European Systemic Risk Board, Research Papers in Economics, Contagion, RT, The Big Six, NBC, International, Shock, Observation, Bank of Canada, HTC, European Economic Association, The Washington Post, Great, JPMorgan Chase, Paper, GM, Environment, Political economy, Journal of Financial Economics, COVID-19, Perception, BNS, Website, Silicon, IAT, Cifuentes, Probability, Balance sheet, RAN, Medical classification, Algorithm, Information technology, Quarterly Journal of Economics, LN, Nature, European Journal, Royal Bank of Canada, Technical report, Journal of Political Economy, Equitable Bank, Bankruptcy, RAI, PDF, Private, ECB, Policy, CHS, Supercapacitor, Social science, Journal of Financial Stability, Intelligence (journal), Elsevier, Home, Cambridge University Press, Journal, Springer Science+Business Media, Research, Classification, Regulation, News, EQB, Credit, Literature, AIK, European Central Bank, COVID, SVAR, Section 5, Management science, DRA, M4, VL, National bank, Government, ISSN, BMO, Panel, International Financial Reporting Standards, BIS, FIS, Basel III, Commerce, Scotiabank, C32, Econometric Society, Interbank, Fraud, Section 4, Bank, Schedule, VAR, Section 3, The Journal of Finance, RBC, Volcanic explosivity index, Fire, Wassily Leontief, Financial economics, Metric, Section 2, L14, Central bank, Superintendent, Bank of Montreal, Kronecker, BOC, Lithium, BCBS, Sale, Macroeconomic Dynamics, Christophe, CWB, LBC, NHA, Imperial Bank, Private equity, Quarterly Journal, National Bank of Canada, C51, Canadian Western Bank, Currency crisis, JEL classification codes, Victor Drai, L.1, MFC, Silicon Valley Bank, EB, Laurentian Bank of Canada, Federal, RA1, Series, W0, FEVD, Journal of Econometrics, Aggregate, University, FRB, MB, Financial institution, Element, Health, Book, Angels & Airwaves, Common, OSFI, GFC, Reproduction, K L, Systematic, Housing, G21, Home Capital Group, Communications satellite

Abstract

Key Points:

Abstract
We evaluate the effects of contagion and common exposure on banks? capital through
a regression design inspired by the structural VAR literature and derived from the balance
sheet identity.
Contagion can occur through direct exposures, fire sales, and market-based
sentiment, while common exposures result from portfolio overlaps.
First, we document that contagion varies in time, with the highest levels
around the Great Financial Crisis and lowest levels during the pandemic.
Our new framework complements
traditional stress-tests focused on single institutions by providing a holistic view of systemic risk.
While existing literature presents various contagion narratives, empirical findings on
distress propagation - a precursor to defaults - remain scarce.
We decompose systemic risk into three elements: contagion, common exposures, and idiosyncratic risk, all derived from banks? balance sheet identities.
The contagion factor encompasses both sentiment- and contractual-based elements, common exposures consider systemic
aspects, while idiosyncratic risk encapsulates unique bank-specific risk sources.
Our empirical analysis of the Canadian banking system reveals the dynamic nature of contagion, with elevated levels observed during the Global Financial Crisis.
In conclusion, our model offers a comprehensive lens for policy intervention analysis and
scenario evaluations on contagion and systemic risk in banking.
This
notion of systemic risk implies two key components: first, systematic risks (e.g., risks related
to common exposures) and second, contagion (i.e., an initially idiosyncratic problem becoming
more widespread throughout the financial system) (see Caruana, 2010).
In this paper, we decompose systemic risk into three components: contagion, common exposures, and idiosyncratic risk.
First, we include contagion in three forms: sentiment-based contagion, contractual-based
contagion, and price-mediated contagion.
In this context,
portfolio overlaps create common exposures, implying that bigger overlaps make systematic
shocks more systemic.
With the COVID-19 pandemic starting
in 2020, contagion drops to all time lows, potentially related to strong fiscal and monetary
supports.
That is, our
structural model provides a framework for analyzing the impact of policy interventions and
scenarios on different levels of contagion and systemic risk in the banking system.
This provides a complementary approach to
seminal papers that took a structural approach to contagion, such as DebtRank Battiston et al.
More generally, the literature on networks and systemic risk started with Allen and Gale
(2001) and Eisenberg and Noe (2001).
The matrix is structured as follows:
1
In our model, we do not distinguish between interbank liabilities and other types of liabilities.
In other words, we can and aim to estimate different degrees
of contagion per asset class, i.e., potentially distinct parameters ?Ga .
For that, we build three major
metrics to check: average contagion, average common exposure, and average idiosyncratic risk.
N i j
et ,
Further, we define the (N ?K) common exposure matrix as Commt = [A

(20)

et ]diag (?C
?L

such that average common exposure reads,
average common exposure =

1 XX
Commik,t .
N i j
(22)

20

? c ),

The three metrics?average contagion, average common exposure, and average idiosyncratic risk?provide a comprehensive framework for understanding banking dynamics.
Figure 4 depicts the average level of risks per systemic risk channel: contagion risk, common exposure, and idiosyncratic risk.
Figure 4: Average levels of contagion (Equation (20)), common exposure (Equation (21)), and idiosyncratic risk
(Equation (22)).
The market-based contagion is the contagion due to
investors? sentiment, and the network is an estimate FEVD on volatility data.
For most of
the sample, we find that contagion had a bigger impact on the variance than common exposures.

Nowcasting consumer price inflation using high-frequency scanner data: evidence from Germany

Retrieved on:

вторник, апреля 23, 2024

Consensus, Online, Cream, Honey, Tax, Glass, MAPI, Consensus Economics, Journal of Economic Perspectives, Milk, Shower, Low-alcohol beer, Autoregressive–moving-average model, Infant, C3, Islam, Wine, Core inflation, Research Papers in Economics, National accounts, Kálmán, Barcode, Journal of International Economics, Communication, Royal Statistical Society, COVID19, Kohl (cosmetics), Natural disaster, Business, Observation, Paper, VAT, European Economic Review, Diebold Nixdorf, Blancmange, Calendar, Sunflower oil, Annual Review of Economics, Hand, C4, DESTATIS, NBER, Tinning, Razor, Forecasting, Gasoline, Coffee, European Economic Association, Cat, Journal of Monetary Economics, Journal of Applied Econometrics, Medeiros, Architecture, Oxford University Press, Producer, GfK, Quarterly Journal of Economics, Margarine, NCBS, Starch, Political economy, Consistency, COVID-19, Consensus decision-making, Website, MIDAS, Behavior, Deutsche Bundesbank, PPI, World Bank, Collection, Medical classification, Orange, Eurozone, Butter, FMCG, Noise, Travel, Clothing, History, Inflation, Liver, International economics, Journal of Political Economy, BSI, OLS, Statistics, Consumer, PDF, University of Chicago, Classification, ECB, Fats, Policy, Multi, WOB, Outline, C6, Mincing, Canadian International Council, Social science, Perfume, University of California, Berkeley, Journal of Forecasting, Federal Reserve Bank, JEL, L1, Journal, Research, Candle, Food, TPD, Credit, Spice, LPG, Janssen, Marmalade, Superior, Literature, Chocolate, Beef, Kiel University, European Central Bank, Natural gas, HICP, Monetary economics, Yogurt, Section 5, ILO, Bermingham, Price, GTIN, Cheese, Macroeconomics, Growth, Beck, XJ, Government, De Beer, Supermarket, Ice cream, Naturally, C53, Corn flakes, BIS, Biscuit, LASSO, Petroleum, A.2, Poultry, Accuracy and precision, Application, White, Lettuce, Risk, ESCB, University of Siegen, OECD, Chapter One, Lipstick, Sack, XT, BIC, Garlic, Consumption, Sokol, Meat, VAR, Database, Section 3, Rusk, American Economic Journal, Royal, Curd, Overalls, Lamb, Great Lockdown, Fruit, Economy, COICOP, International Journal of Forecasting, Aftershave, Section 2, Nonparametric statistics, Attention, Conference, CPI, Heat, Public economics, Common sunflower, Nowcasting, American Economic Review, Computational Statistics (journal), GFK, COVID-19 pandemic, Exercise, Shock, Running, UNECE, Edible, Gambling, Banco, Rigid transformation, European Commission, Frozen, C.2, PRISMA, Official statistics, Concept, Drink, Transaction data, Somatosensory system, Punctuality, Altbier, Food prices, Response, GDP, Index, E31, Cabinet of Germany, Holiday, Machine learning, Series, Green, Whisky, Vegetable, Cola, Journal of Econometrics, Sadik Harchaoui, University, Aggregate, World Bank Group, B.1, Use, Book, Economic statistics, Civil service commission, 1L, Apple, Bread, Filter, Central bank, Brandeis University, Economic Modelling, Bank, Barkan, Roulade, Dairy product, Neural network, Reproduction, IMF, Section, ID, Data, D4L, Cryptocurrency

Key Points:

Monetary asmmetries without (and with) price stickiness

Retrieved on:

пятница, апреля 19, 2024

Online, University, Public Security Section 9, Employment, Calibration, Small, Equity, Volume Ten, Research Papers in Economics, Policy, A.4, Communication, Crisis, Mass, Silvana Tenreyro, Business, Shock, Intuition, Business cycle, TFP, Volume, European Economic Review, Marginal value, SME, NBER, Forecasting, Depression, 3rd millennium, European Economic Association, Conceptual model, Journal of Monetary Economics, Insurance, Harmonization, Great Depression, CES, Economic Inquiry, Paper, Environment, Political economy, Journal of Financial Economics, MIT, University of York, COVID-19, Behavior, Review of Economic Dynamics, Rigid transformation, Website, Access to finance, Accounting, Working paper, Probability, Total, Appendix, Section 8, Quarterly Journal of Economics, Zero lower bound, Curve, Chapter, Cost, Nominal, Journal of Political Economy, Euro, PDF, ECB, Unemployment, Hoarding, STAT, Economic Policy (journal), Household, Canadian International Council, Social science, Government, Federal Reserve Bank, JEL, Journal, Textbook, Missing, Food, Private sector, A.5, Asymmetric, The Journal of Finance, Credit, Speech, Princeton University Press, Literature, NK, European Central Bank, Growth, Labour, Monetary economics, Loss aversion, Financial intermediary, Injection, Elasticity, Inventory, Subprime lending, Ben Bernanke, Finance, BIS, Phillips curve, International Economic Review, Money, London School of Economics, Marginal product of labor, Pruning, Marginal product, The Economic Journal, Rate, Aswath Damodaran, Risk, OECD, Competition (economics), Section 4, MIT Press, Consumption, Bond, Section 3, Yield curve, Loanable funds, Habit, Cobb–Douglas production function, Economy, Aarhus University, Financial economics, Section 2, Conference, Central bank, Chapter Two, Monetary policy, Capital, Hartman–Grobman theorem, CEPR, Framework, American Economic Review, Capital Markets Union, ZLB, Exercise, Liquidity, Interest, Intensive word form, Workshop, European Commission, Macroeconomic Dynamics, Population growth, B1, Response, Quarterly Journal, Community business development corporation, GDP, E31, Control, Journal of Economic Theory, Christian Social Union (UK), T2M, Hamper, Data, American Economic Journal, Aggregate, Konstantinidis, B.1, A.9, A.6, Remuneration, Civil service commission, EUR, Uncertainty, Motivation, A.7, Bank, GFC, Section 13, Motion, Reproduction, IMF, Staggers Rail Act, Abstract, Tale, Handbook, Asymmetry, Stanford University, Communications satellite

Key Points:

TRUX MARKS FIVE YEARS OF LOGISTICS MANAGEMENT

Retrieved on:

среда, февраля 28, 2024

Pain, Aggregate, Vulcan Materials Company, Warehouse

Trux™, the leader in dump truck logistics technology, marks the 5th anniversary of the launch of its flagship product.

Key Points:

Trux™, the leader in dump truck logistics technology, marks the 5th anniversary of the launch of its flagship product.
"We've worked hand in hand with our customers over the years to continue improving the Trux platform," said Donald Lee, President of Trux."
Trux Deliver is part of the Trux delivery logistics platform for dispatching haulers, monitoring material delivery, optimizing plant efficiency, E-ticketing, and customer engagement.
For more information about Trux or the company's other dump truck logistics solutions, visit www.truxnow.com .

The macroeconomic effects of global supply chain reorientation

Retrieved on:

суббота, февраля 10, 2024

Bank, Control, Quarterly Journal of Economics, Literature, Deutsche Bundesbank, Reconstruction, COVID-19, Monetary policy, Medical classification, Aggregate, Interest, Hail, Motion, Organization, WT, Policy, Smith, Elasticity, American Economic Review, Information, CHiPs, Journal of Economic Perspectives, Reproduction, Tagliapietra, Culture, Journal of International Economics, Section 3, European Commission, Communication, B16, Shock, NTM, European Chips Act, SSC, PHT, B17, Classification, Common, Tradability, Bank of Italy, Congressional Research Service, NT, Central bank, Private, Exercise, NIU, Labour, PDF, Website, European Parliament, Terrorism, Employment, B10, SUBST, Agricultural economics, F62, RTK, Bank of England, European Central Bank, Calibration, Agriculture, Foreign policy, Semiconductor, International Monetary Fund, Research Papers in Economics, Outline, Council, Openness, Bias, Economic system, European Council, Public policy, Deutsch, Statistics, GDP, Real, American Economic Journal, Table, Journal, YT, EAGLE, Household, Grossman, Science, Conference, Journal of Comparative Economics, Horse, SSRN, TC, Consumption, REA, F13, Section 2, University, Section 5, Legislation, Money, NTD, Central Bank of Ireland, Language, Capital, University of Limerick, Intermediate, CBI, Caselli, Macroeconomics, Crowding, Technical report, B14, Tax, Civil service commission, Growth, Commission, UNCTAD, Optimism, Politics, PIM, PX, Work, Social science, JEL, Government, Automation, HTT, Quarterly Journal, Canadian International Council, ECB, XT, METRO, ELAS, Credit, Bolt, Research, European Communities, American Journal, ArXiv, Unilateralism, Lerner, Motivation, International, C6, Committee, Security (finance)

We analyse the macroeconomic

Key Points:

We analyse the macroeconomic
effects of supply chain reorientation through localisation policies, using a global dynamic
general equilibrium model.
While arguments about comparative advantage, the potential forgone benefits of international specialisation and industry- and product-specific disruptions are familiar, there is less
analysis on the macroeconomic effects of supply chain changes resulting from localisation policies.
The large sensitivity of the global economy to the recent supply chain shocks suggests that
the international trade reconfiguration implied by localisation policies could also have sizable
impacts on key macroeconomic variables such as output, employment and inflation.
Thus, localisation focuses on the
goods in our model most closely related to global supply chains.
Retaliation also attenuates any positive effects from
reshoring on output and implies a reduction in the volume of overall international trade.
This finding calls for limiting the scope of reshoring, such as by focusing on vital goods that are
most susceptible to supply chain disruptions.
Either that, or the economic costs are considered a worthwhile trade-off for an increase
in security of supply, for example.
While arguments about comparative advantage, the potential forgone benefits of international specialisation and industry- and product-specific disruptions are familiar, there is less
analysis on the macroeconomic effects of supply chain changes resulting from localisation policies.
Recent supply chain shocks have had large effects, with disruptions in 2021 estimated
to have reduced euro area GDP by around two percent and doubled the rate of manufacturing producer inflation (Celasun et al., 2022).
To analyse this issue, we simulate a (partial) reshoring of production back to Europe in
a global dynamic general equilibrium framework.
Thus,
localisation focuses on the goods in our model most closely related to global supply chains.3 We
model reshoring through a direct change to the export goods? production-function parameters.
Since reshoring
effectively shortens the supply chain, the sum of markups along the chain falls.
This means that imports that are at the end of the supply chain (i.e.
In particular, our work relates to papers examining the potential for countries to reduce
their exposure to global supply chains.
(2021) demonstrate that reduced reliance on foreign inputs does not mitigate pandemicinduced contractions in labour supply.
(2021) find no evidence of a relationship
between global value chain integration and macroeconomic volatility.
This dynamic, along with factors such as natural disasters, climate-change
induced volatility and terrorism mean that supply chain disruptions could be a new normal
(Grossman et al., 2021).
Our work contributes to the literature providing dynamic general equilibrium analyses of
protectionist policies, in particular those using global macroeconomic models to quantify trade
policy changes.
(2008) analyse the effect of a rise in protectionism in response
to rising global trade imbalances.
Linde? and Pescatori (2019) find that although the macroeconomic costs of a
trade war are substantial, a fully symmetric retaliation is the best response.
(2020) consider a rich input-output structure and demonstrate that closer integration amplifies
the adverse effects of protectionist trade policies.
Several recent studies have also examined the economic effects of a global trade fragmentation.
First, we modify a dynamic general
equilibrium model of the global economy in order to analyse the transmission of localisation
policies.
This allows for a comprehensive treatment of cross-border macroeconomic interdependences and spillovers between the different regions.
4
There is, however, substantial cross-country heterogeneity in terms of impact, with small open economies
(SOEs) reliant on global supply chains more affected.
ECB Working Paper Series No 2903
7

Second, we are able to assess both long-run effects and the transition dynamics of localisation
policies.
Our model contains a detailed monetary block and captures inflation dynamics, which is a key
concern for supply chain reorientation.
Overall, our paper contains a careful analysis of the key aspects of the localisation debate,
including effects of localisation on domestic competition and efficiency.
Section 2 provides a brief overview of the model, the modifications to examine
global supply chain reorientation, some key details on the calibration and a brief discussion of
the nature of our exercise.
(2020) for discussions of the relative strengths and weaknesses of
trade and macroeconomic models in assessing large economic shocks.
2.1
Supply chain reorientation

Our analysis focuses on imported inputs used to produce goods for export, as the introduction
of localisation policies is in response to recent disruptions to global supply chains.
Since reshoring
effectively shortens the supply chain, the sum of markups along the chain falls.
Further to
these effects, engagement with global firms provides an opportunity for knowledge spillovers to
local firms (Criscuolo et al., 2017).
This finding calls for limiting the scope of reshoring, such as by focusing on vital goods that are
most susceptible to supply chain disruptions.
(B12)
Adjusting the share of local inputs in export goods, of course, affects prices and quantities all
along the supply chain.

Outlook Therapeutics® Receives FDA Agreement Under Special Protocol Assessment (SPA) for 90 Day Non-Inferiority Study, NORSE EIGHT, and Announces Private Placement of Up to $172 Million to Advance ONS-5010

Retrieved on:

вторник, января 23, 2024

Additionally, Outlook Therapeutics entered into securities purchase agreements with certain institutional and accredited investors for up to $172 million in gross proceeds to fund the advancement of ONS-5010.

Key Points:

Additionally, Outlook Therapeutics entered into securities purchase agreements with certain institutional and accredited investors for up to $172 million in gross proceeds to fund the advancement of ONS-5010.
Outlook Therapeutics expects NORSE EIGHT topline results and resubmission of the ONS-5010 BLA by the end of calendar year 2024.
Outlook Therapeutics is working to address the open items and expects to resolve these comments prior to the expected completion of NORSE EIGHT.
The private placement is expected to provide up to $60 million in gross proceeds at closing, before deducting placement agent fees and offering expenses.

Best’s Market Segment Report: Farm Bureau Insurers Navigate Underwriting Challenges, Geographic and Business Concentration Issues

Retrieved on:

четверг, января 18, 2024

Insurance, Professional Services, Aggregate, ALL, Policy, DPW, Organization, Marketing, News, AM Best, Growth

Most farm bureau exposures are centered on short- to medium-tailed personal lines business.

Key Points:

Most farm bureau exposures are centered on short- to medium-tailed personal lines business.
The report notes that despite overall premium growth, farm bureaus have displayed a trend of decreased market share in their primary lines of business.
One-third of the single-state farm bureaus have double-digit market shares in their top lines of business; just two have double-digit market shares in both of their two primary lines of business.
“Given these considerations, some farm bureaus achieve premium diversification by acquiring smaller insurers outside of their home territory,” Lewis said.