Are parts of
America undergoing a second coronavirus wave? The stock market seems to think
so. The oil market too.
After all the
recent rioting and looting there, it wouldn’t be surprising for a new round of
covid-19 cases to be surfacing in the USA about now, all the more so since a
mutation discovered in the Sars-Cov-2 virus seems to make it more infectious.
See the Covid-19 section for more on this sad development.
A good case can be
made that this isn’t a new second Covid-19 wave, but merely an extension of the
original wave, but in reality what difference does it make? Either will act as
a drag on the economy and slow down any economic recovery.
Will you willingly
fly, dine out, visit the theatre, book a cruise, if covid-19 cases are still
rising and there’s still no proven vaccine in sight?
Below, stock
markets tremble at the prospect of the end of the relief hopium rally. Tremble
too at the prospect of a high tax and redistribute President Biden and Democrat
Socialists.
Asian markets fall, following
Wall Street’s slide as hopes of quick recovery dim
Vitamin
Supplier GNC Holdings Files for Bankruptcy
Retail chain reaches deal to sell itself
for $760 million; will close up to 1,200 stores
By Colin Kellaher June 24, 2020 6:51 am ET
GNC Holdings Inc. said it has filed for
chapter 11 bankruptcy protection with plans to sell itself and close up to
1,200 stores.
The Pittsburgh-based vitamin-and-supplement retailer said
it reached an agreement with the bulk of its secured lenders and its key
shareholders to pursue a dual-path restructuring that would result in GNC
continuing as a standalone business or being sold as a going concern.
GNC said a significant majority of its supporting secured lenders and an
affiliate of Harbin Pharmaceutical Group Co., the company’s largest
shareholder, have reached an agreement for the sale of the company’s business
for $760 million, subject to a court-supervised auction process.
GNC said it will use the bankruptcy process to restructure its balance
sheet and shutter 800 to 1,200 of its roughly 7,300 locations in an
acceleration of its strategy to close underperforming stores.
The company said it has obtained about $130 million in committed
additional liquidity from some of its secured lenders in the form of new
financing and loan amendments.
GNC said it expects to confirm a standalone reorganization plan or
consummate a sale that will enable its business to exit the bankruptcy process
this fall.
MUNICH (Reuters) - Former Wirecard (WDIG.DE) CEO Markus Braun,
who was arrested on suspicion of falsifying the German payments firm’s
accounts, has been released from custody, his lawyer told Reuters on Wednesday.
Braun walked free one day after turning himself in on
Monday evening, lawyer Alfred Dierlamm said, after posting bail set by a Munich
court at 5 million euros ($5.65 million).
Although a warrant against the 50-year-old Austrian has been lifted, he
remains under investigation by Munich prosecutors who suspect him of
misrepresenting Wirecard’s accounts and falsifying income.
Dierlamm said he and Braun were not commenting on the prosecutor’s
accusations.
On Braun’s 18-year watch, Wirecard grew into a $28 billion fintech that
won a spot in 2018 in Germany’s DAX blue-chip index, only for its growth story
to fall apart last Thursday after auditor EY refused to sign off on its 2019 accounts.
----
Sources said prosecutors were also considering whether to issue an
international warrant for former chief operating officer Jan Marsalek, who was
fired on Monday and, according to the Sueddeutsche newspaper, is currently the
Philippines.
Marsalek, who is also Austrian, was responsible for Wirecard’s business
in Asia that is at the centre of suspicions the group inflated its assets and
revenue. His lawyer could not be reached for comment and local police said they
had received no information.
The Philippines do not have an extradition treaty with Germany.
Wirecard AG’s shares, which were trading at just over 100
euros a week ago, may be worth a single euro apiece, according to an analyst at
Bank of America Corp.
“Recent news flow suggests that customers may have started
to leave Wirecard and lenders may be weighing closure of credit lines,” analyst
Adithya Metuku said in a note to clients on Wednesday. “Clarity on the
underlying business is unlikely to arise for some time.”
Metuku cut his price target on the stock to 1 euro from 14
euros and reiterated an underperform rating. Several analysts have removed
their recommendations and downgraded the stock since the shares
collapsed in the last week amid an accounting scandal. The stock was down
12% to 15.1 euros at 12:32 p.m. in Frankfurt.
‘Massive’ forgery helped hide $3
billion hole in energy trader’s books
Published: June 24, 2020 at 7:31
a.m. ET
A distressed energy-trading company overstated its assets
by more than $3 billion using “routine and pervasive” forgery, while its
founder oversaw years of disastrous bets on oil derivatives, a report filed
with a Singapore court said.
The study by interim judicial managers, or court-appointed
independent administrators, offers the first detailed account of the implosion
of Hin Leong Trading Pte. Ltd., a closely held Singapore
company that owes $3.5 billion—mostly to banks, including HSBC Holdings PLC.
The administrators, from PricewaterhouseCoopers Advisory
Services Pte. Ltd., estimated Hin Leong’s true assets at just $257 million, or
about 7% of liabilities, raising the prospect of steep losses for creditors.
They recommended a merger with other companies owned by the controlling Lim
family.
The two-month investigation found serious irregularities
and convoluted accounting. It found the group overstated assets by an
“astonishing amount,” pointing to a $2.23 billion shortfall in accounts
receivables—payments due from customers—and inventory stockpiles apparently
inflated by $812 million.
Diogenes was a controversial figure. His father minted coins for
a living, and Diogenes was banished from Sinope when he took to debasement of currency.[1]
After being exiled, he moved to Athens
and criticized many cultural conventions of the city.
---- Diogenes made a virtue of poverty. He begged for a living
and often slept in a large ceramic jar, or pithos,
in the marketplace.[4]
He became notorious for his philosophical stunts, such as carrying a lamp
during the day, claiming to be looking for an honest man.
Though
hopefully, we are passing/have passed the peak of new cases, at least of the
first SARS-CoV-2 outbreak, this section will continue until it becomes
unneeded.
Is a second wave starting from
a more infectious mutant version of Sars-Cov-2? If it is, will our lock down
release bet go horribly wrong?
Mutation of Coronavirus Is
Significantly Increasing Its Ability To Infect
A tiny genetic mutation in the SARS coronavirus 2 variant circulating
throughout Europe and the United States significantly increases the virus’
ability to infect cells, lab experiments performed at Scripps Research show.
“Viruses with this mutation were much more infectious than those without the
mutation in the cell culture system we used,” says Scripps Research virologist
Hyeryun Choe, PhD, senior author of the study.
The mutation had the effect of markedly increasing the number of
functional spikes on the viral surface, she adds. Those spikes are what allow
the virus to bind to and infect cells.
“The number—or density—of functional spikes on the virus is 4 or 5 times
greater due to this mutation,” Choe says.
The spikes give the coronavirus its crown-like appearance and enable it
to latch onto target cell receptors called ACE2. The mutation, called D614G,
provides greater flexibility to the spike’s “backbone,” explains co-author
Michael Farzan, PhD, co-chairman of the Scripps Research Department of
Immunology and Microbiology.
More flexible spikes allow newly made viral particles to navigate the
journey from producer cell to target cell fully intact, with less tendency to
fall apart prematurely, he explains.
“Our data are very clear, the virus becomes much more stable with the
mutation,” Choe says.
There has been much debate about why COVID-19 outbreaks in Italy and New
York have so quickly overwhelmed health systems, while early outbreaks in
places like San Francisco and Washington state proved more readily managed, at
least initially. Was it something about those communities and their response, or
had the virus somehow changed?
All viruses acquire minute genetic changes as they reproduce and spread.
Those changes rarely impact fitness or ability to compete. The SARS-CoV-2
variant that circulated in the earliest regional outbreaks lacked the D614G mutation
now dominating in much of the world.
But was that because of the so-called “founder effect,” seen when a
small number of variants fan out into a wide population, by chance? Choe and
Farzan believe their biochemical experiments settle the question.
This
would have implications for countries like Japan, South Korea, most of the
South-east Asian countries and even China itself as most of the individuals
infected in the early parts of the crisis were infected with the middle
strains.
The Chinese researchers say that the antibodies found in blood of individuals
who have fought disease previously failed to stop D614G strain.
The mutant form was identified in genetic data of samples collected at Xinfadi
food market in Beijing where latest outbreak began.
Chinese authorities are saying that previously recovered Covid-19 patients
in China may still be vulnerable to a mutant form of the pathogen spreading
overseas.
Professor Dr Huang Ailong from Chongqing Medical University said that there is
an urgent need to determine what threat the mutation, known as D614G, poses to
people who have recovered from a different form of the virus. Also worrisome is
that the new strain could actually be more worse the second time round in
patients who were previously infected with the milder strains and had recovered
but there is no clinical proof of this yet.
The strain with the D614G mutation began spreading in Europe in early February
and by May was the dominant strain around the world, presenting in 70 per cent
of sequenced samples in Europe and North America. It is now present in India,
Iran, Middle-East and Brazil as well.
Scientists estimate the speed and
distance of coronavirus transmission when people cough, sneeze, speak — and run
Published: June 24, 2020 at 7:59 a.m. ET
There’s a lot scientists know — and a lot they don’t.
In “Coughs and Sneezes: Their Role in Transmission of Respiratory Viral
Infections, Including SARS-CoV-2,” released Tuesday, researchers describe the
various types and sizes of virus-containing droplets present in sneezes and
coughs, and how some medical procedures and devices may spread these droplets.
“Coughs and sneezes create respiratory droplets of variable size that spread
respiratory viral infections,” according to the article, which was published
online in the American Thoracic Society’s American Journal of Respiratory and
Critical Care Medicine.
“Because these droplets are forcefully expelled, they are dispersed in
the environment and can be exhaled by a susceptible host. While most
respiratory droplets are filtered by the nose or deposit in the oropharynx, the
smaller droplet nuclei become suspended in room air and individuals farther
away from the patient may inhale them,” said Rajiv Dhand, professor and chair
of the Department of Medicine and associate dean of clinical affairs at
University of Tennessee Graduate School of Medicine, and co-author of the
paper.
Among the researchers’ recommendations: “Health care providers should
stay six feet away from infected patients, especially when the patient is
coughing or sneezing. For spontaneously breathing patients, placing a surgical
mask on the patient’s face or using tissue to cover his or her mouth,
especially during coughing, sneezing or talking, may reduce the dispersion
distance or viral load.
While ideally, infected patients should be in single
rooms to prevent droplet dispersion, it is acceptable for two patients with the
same infection that is spread by respiratory droplets to be in the same room.”
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Updates as they get reported. Is converting sunlight to usable cheap AC or DC
energy mankind’s future from the 21st century onwards.
Scientists confirm 50-year-old
theory that aliens could exploit a black hole for energy
June 23, 2020 /
4:08 PM
June 23 (UPI) -- Lab experiments have confirmed the 50-year-old theory
that an alien civilization could exploit a black hole for energy.
More than a half-century ago, British physicist Roger Penrose surmised
that energy could be harvested from a black hole by dropping an object into
it's ergosphere, the outer layer of the black hole's event horizon.
The object would need to be quickly split in two, allowing
half to fall into the black hole and the other half recovered. According to
Penrose's theory, the recoil action would provide the recovered half of the object
a loss of negative energy. It would, in effect, gain energy.
Not just any aliens could carry out such a complex
engineering feat, Penrose acknowledged. If aliens were to harvest energy from a
black hole, they'd need to be highly advanced.
In 1971, two years after Penrose published his theory,
another physicist, Yakov Zel'dovich, claimed the idea could be put to the test
on Earth using twisted light waves bounced off the surface of a cylinder spun
at just the right speed. Zel'dovich claimed a phenomenon known as the
rotational doppler effect would cause the reflected light waves to bounce back
with surplus energy.
Zel'dovich's proposal has gone untested, in part due to the
need for the cylinder to rotate at speeds in excess of a billion revolutions per
second -- a technological impossibility.
To finally put Penrose's original theory to the test,
researchers at the University of Glasgow, in Scotland, developed an alternative
experiment using sound waves instead of light waves. By using waves with lower frequencies,
the test wouldn't require the cylinder to spin so fast.
Researchers at the University of Glasgow's School of
Physics and Astronomy set up a unique combination of speakers to create a twist
in the sound waves. Scientists directed the twisting sound waves toward a foam
disc. Behind the disk, the team positioned a microphone.
Instead of bouncing off the foam disk, the sound waves
traveled through and were picked up by the microphone on the other side.
Recordings of the altered sound waves revealed changes in frequency and
amplitude consistent with the doppler effect predicted by Zel'dovich.
Following the markets on both sides of the Atlantic since 1968. A dinosaur, who evolved with the financial system as it was perverted from capitalism to banksterism after the great Nixonian error of abandoning the dollar's link to gold instead of simply revaluing gold. Our money is too important to be left to probity challenged central banksters and crooked politicians.
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