LUXEMBOURG

Half year reported NPATA US$2 billion¹,² Up 13% at constant currency³

Retrieved on: 
Tuesday, February 13, 2024

MELBOURNE, Australia, Feb. 13, 2024 /PRNewswire/ -- CSL Limited (ASX:CSL; USOTC:CSLLY) today announces a reported net profit after tax of $1.90 billion1 for the 6 months ended 31 December 2023, up 20% on a constant currency basis3. Underlying profit (NPATA) was $2.02 billion1,2, up 13% on a constant currency basis to $2.06 billion1,2,3.

Key Points: 
  • Underlying profit (NPATA) was $2.02 billion1,2, up 13% on a constant currency basis to $2.06 billion1,2,3.
  • Immunoglobulin (Ig) product sales of $2,757 million, increased 23%3 with strong growth recorded across all geographies driven by global plasma supply and patient demand.
  • HIZENTRA® (Immune Globulin Subcutaneous (Human), 20% Liquid) sales were up 18%3 driven by  patient diagnosis rates.
  • However, due to the seasonality of this business we anticipate it to post a loss in the second half of the fiscal year.

Half year reported NPATA US$2 billion¹,² Up 13% at constant currency³

Retrieved on: 
Tuesday, February 13, 2024

MELBOURNE, Australia, Feb. 13, 2024 /PRNewswire/ -- CSL Limited (ASX:CSL; USOTC:CSLLY) today announces a reported net profit after tax of $1.90 billion1 for the 6 months ended 31 December 2023, up 20% on a constant currency basis3. Underlying profit (NPATA) was $2.02 billion1,2, up 13% on a constant currency basis to $2.06 billion1,2,3.

Key Points: 
  • Underlying profit (NPATA) was $2.02 billion1,2, up 13% on a constant currency basis to $2.06 billion1,2,3.
  • Immunoglobulin (Ig) product sales of $2,757 million, increased 23%3 with strong growth recorded across all geographies driven by global plasma supply and patient demand.
  • HIZENTRA® (Immune Globulin Subcutaneous (Human), 20% Liquid) sales were up 18%3 driven by  patient diagnosis rates.
  • However, due to the seasonality of this business we anticipate it to post a loss in the second half of the fiscal year.

Philip R. Lane: Euro area international financial flows: analytical insights and measurement challenges

Retrieved on: 
Tuesday, February 13, 2024

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.

Key Points: 
  • We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
  • Supply shocks, moreover, are found to pass through to all components of euro area inflation – producer prices, wages and core inflation, which has implications for monetary policy.

Gas price shocks and euro area inflation

Retrieved on: 
Tuesday, February 13, 2024
Transfer, Person, Marques, OPEC, Interval (mathematics), Policy, NBER, Research Papers in Economics, The Economic Journal, Danmarks Nationalbank, Socialism, Energy transition, VIX, Canadian International Council, Paper, E30, Great, Macroeconomics, VAR, Central bank, Balke, Quarterly Journal, Q43, Census, Elasticity, USD, Projection, PMI, Social science, Hou, Bank of France, Topa, Fertilizer, Electricity, SSRN, University, A.5, Section 2, Natural gas, COVID-19, Swings, Overalls, Rotation, Journal of Monetary Economics, Harmonization, Title Transfer Facility, Pain, Ferrari, Uncertainty, Statistics, Medical classification, C50, Harper (publisher), Democracy, Shock, IMF, TTF, Fed, PPI, Power, European Central Bank, Monetary economics, Temperature, Section 3, E31, Nature, Food, Local, Joseph Schumpeter, Website, Energy economics, Speech, DeSantis, GDP, Rigidity, BVAR, Confidence interval, Money, Refinitiv, Bank, Baumeister, Pressure, Oil, Deutsche Bundesbank, International Energy Agency, Employment, Section 4, GIZ, C54, Sun, ECB, European Economic Association, Weather, A.9, Quarterly Journal of Economics, Exercise, HICP, Technical report, Attention, Literature, Journal of Applied Econometrics, Reproduction, International economics, Political economy, Absorption, Joseph Stiglitz, Unemployment, Journal, American Economic Review, Index, Section 5, Business, IP, Bachmann, Research, Federal Reserve Bank, Government, PDF, IWH, Complexity, Failure, Energy Information Administration, Explosive

We document

Key Points: 
    • We document
      how gas price fluctuations have a heterogeneous pass-through to euro area prices
      depending on the underlying shock driving them.
    • How do gas price shocks feed through to euro area
      inflation, and is the pass-through shock-dependent?
    • We analyse the importance of gas price shocks
      for euro area inflation in two steps.
    • We identify three structural shocks driving European gas prices,
      inspired by the literature on oil but tailored to the European gas market: (i) a gas supply
      shock, which reduces the supply of natural gas to the European market, increases the
      gas price and lowers gas inventories; (ii) an economic activity shock, which lifts demand
      for gas due to higher economic production, and finally (iii) a shock to gas inventories,
      when gas prices are driven by precautionary demand by gas companies.
    • First, all three identified shocks are
      important drivers of gas price dynamics, but they differ in how persistently they push

      ECB Working Paper Series No 2905

      2

      up gas prices.

    • The effect on euro area HICP of a shock to gas supply is more
      persistent and somewhat higher than when gas prices are driven by economic activity
      shocks.
    • A final key finding is that the pass-through of gas market shocks to euro area inflation
      appears non-linear.
    • The unprecedented volatility of gas prices
      contributed to the inflation problem in the euro area, with the gas price shocks feeding
      through producer prices, wages and persistently lifting core inflation.
    • More expensive
      energy contributed substantially to the rise in inflation in Europe during 2022.2

      Figure 1: Gas price and euro area Harmonized Index of Consumer Prices.

    • How do gas price shocks feed through to euro area
      inflation, and is the pass-through shock-dependent?
    • For instance, about 75% of gas imports to the euro area arrives
      through pipelines, making gas imports difficult to substitute and gas markets subject to
      3

      See for example the evidence by Rubaszek and Uddin (2020) for the US economy.

    • We analyse the importance of gas price shocks for
      euro area inflation in two steps.
    • We identify three structural shocks driving European gas prices,
      inspired by the literature on oil but tailored to the European gas market: (i) a gas supply
      shock, which reduces the supply of natural gas to the European market, increases the
      gas price and lowers gas inventories; (ii) an economic activity shock, which lifts demand
      for gas due to higher economic production, and finally (iii) a shock to gas inventories,
      when gas prices are driven by precautionary demand by gas companies.
    • First, all three identified shocks are
      important drivers of gas price dynamics, but they differ in how persistently they push
      up gas prices.
    • But when gas prices are driven by
      inventory demand shocks, the price effect typically dies out within one quarter.
    • A final key finding is that the pass-through of gas market shocks to euro area inflation appears non-linear.
    • The unprecedented volatility of gas prices
      contributed to the inflation problem in the euro area, with the gas price shocks feeding
      through producer prices, wages and persistently lifting core inflation.
    • (2022) and Alessandri and Gazzani (2023) identify gas supply shocks using VAR models,
      finding that gas price shocks lead to persistent increases in headline inflation.14 Ba?bura
      et al.
    • (2023) find positive effects of gas price shocks on core inflation in a BVAR for
      the euro area that includes one type of gas shock along a longer list of macroeconomic
      shocks.
    • 3.1

      Data

      For the gas market BVAR model, we use gas quantities, gas prices, gas inventories and
      euro area industrial production, as displayed in Figure 2.

    • (2015) to optimize

      ECB Working Paper Series No 2905

      13

      the posterior distribution.16 The vector Y includes the European gas quantity proxy, gas
      inventories, the European gas price benchmark and euro area industrial production.

    • As demand for gas increases, the gas price also rises
      while inventories fall as agents use gas in storage to partially satisfy higher demand.
    • Shocks to gas
      quantities driven by gas supply or inventory shocks tend to revert to pre-shock levels after
      around five to seven months, while economic activity shocks lead to a more long-lived
      increase in gas demand.19 Dynamics in gas inventories are more similar across shocks.
    • 3.4

      Historical events in the European gas market

      Before analysing the transmission of the different types of gas shocks to euro area prices,
      we show how the model interprets the unprecedented gas price rise in 2022 in terms of
      driving factors, and compare it with previous historical episodes of heightened gas price
      volatility as a way of validating the model.

    • Inventory shocks play a
      slightly smaller role, accounting for 17% of gas quantity and 23% of gas price fluctuations
      while the residual component (i.e.
    • 4

      Pass-through of gas price shocks to consumer prices

      The pass-through of gas price shocks to inflation is likely to be multi-faceted.

    • We first consider four outcome variables y: the European gas price, euro area HICP,
      core HICP and energy HICP.
    • Third, depending on the driving factor, gas price increases can pass through to core
      inflation in the euro area.
    • The results underline that gas price shocks can have important implications for inflation in the euro area ? depending on the driving factor of higher gas prices.
    • Casoli, C., Manera, M., and Valenti, D. ?Energy shocks in the euro area: disentangling
      the pass-through from oil and gas prices to inflation?.

AHF Rolls Out Condom Extravaganza for Sexy Holiday

Retrieved on: 
Monday, February 12, 2024

AIDS Healthcare Foundation (AHF) is celebrating International Condom Day – the day before Valentine’s Day – with worldwide activities highlighting the importance of using condoms to practice safer sex.

Key Points: 
  • AIDS Healthcare Foundation (AHF) is celebrating International Condom Day – the day before Valentine’s Day – with worldwide activities highlighting the importance of using condoms to practice safer sex.
  • AHF teams in more than 40 countries will hold events to educate on condom use, distribute free condoms, and encourage everyone to start or continue using condoms regularly.
  • In the U.S., AHF is staging its wildly popular, sold-out “ A Westside Story Burlesque Show ” in New York City, Chicago, and Washington, DC.
  • View the full release here: https://www.businesswire.com/news/home/20240212959442/en/
    AIDS Healthcare Foundation is putting a provocative spin on this timeless love story in celebration of safer sex.

European High Growth Opportunities Securitization Fund Comments on Press Release Issued by Tony G Co-Investment Holdings Ltd.

Retrieved on: 
Monday, February 12, 2024

The Fund would like to notify shareholders of the Company that the Fund rejects the purported share issuance and continues to allege that the Company is bound by, and in breach of, its obligations under the Debenture.

Key Points: 
  • The Fund would like to notify shareholders of the Company that the Fund rejects the purported share issuance and continues to allege that the Company is bound by, and in breach of, its obligations under the Debenture.
  • The Fund continues to pursue its claim against the Company which will be heard by the Ontario Superior Court of Justice (the “Court”) on November 22, 2024.
  • The Fund reminds both management and the board of directors of the Company that they are bound by their fiduciary obligations to the Company and all stakeholders.
  • The Fund denies the validity of the share issuance to the Fund and will continue to seek recourse against the Company through its litigation in the Court.

Millicom (Tigo) share repurchase activity

Retrieved on: 
Friday, February 9, 2024

All purchases were carried out on Nasdaq Stockholm by Citigroup Global Markets Limited on behalf of Millicom.

Key Points: 
  • All purchases were carried out on Nasdaq Stockholm by Citigroup Global Markets Limited on behalf of Millicom.
  • Following the purchases, Millicom holds 1,559,120 treasury shares as of February 9, 2024.
  • The repurchase program is being executed consistent with the provisions of Article 5 of MAR and the Commission Delegated Regulation No 2016/1052 (“Safe Harbour Regulation”).
  • For information about all transactions carried out under the repurchase program, refer to Nasdaq Stockholm’s website: http://www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/s...

GOODYEAR TO PARTICIPATE IN WOLFE RESEARCH GLOBAL AUTO AND AUTO TECH CONFERENCE

Retrieved on: 
Friday, February 9, 2024

AKRON, Ohio, Feb. 9, 2024 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) said today it will participate in a fireside chat during Wolfe Research's Global Auto and Auto Tech Conference on Feb. 15, 2024, at 1:40 p.m. EST.

Key Points: 
  • AKRON, Ohio, Feb. 9, 2024 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) said today it will participate in a fireside chat during Wolfe Research's Global Auto and Auto Tech Conference on Feb. 15, 2024, at 1:40 p.m. EST.
  • Rod Lache, managing director at Wolfe Research, will host Christina L. Zamarro, executive vice president and chief financial officer, in a fireside chat.
  • A live webcast of the event will be available on the company's investor relations website: http://investor.goodyear.com .
  • It employs about 71,000 people and manufactures its products in 55 facilities in 22 countries around the world.

M2M Satellite Communication Market worth $28.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

Retrieved on: 
Friday, February 9, 2024

The M2M Satellite Communication Market offers a diverse array of services tailored to connect and manage devices across industries.

Key Points: 
  • The M2M Satellite Communication Market offers a diverse array of services tailored to connect and manage devices across industries.
  • The M2M Satellite Communication Market in Europe is characterized by the collaborative efforts of major countries such as Germany, France, Italy, Spain, and others.
  • M2M Satellite Communication Market Advantages:
    M2M satellite communication enables connectivity in geographically diverse and difficult contexts by offering coverage in remote and rural locations where terrestrial networks are absent or unreliable.
  • To analyze the impact of recession across all the regions across the M2M Satellite Communication Market.