March 1, 2023

"Havana syndrome" not caused by foreign adversary, U.S. intel finds
Reuters / 2023-03-01 18:0113
2023-03-01T17:43:59Z
An extensive U.S. intelligence community investigation has concluded it was "very unlikely" a foreign adversary was responsible for the "Havana syndrome" ailments that have afflicted U.S. diplomats and intelligence officers worldwide, according to declassified findings released on Wednesday.

The mysterious ailment, first reported among U.S. officials in the Cuban capital in 2016, has afflicted U.S. diplomats, officials and family members overseas. Symptoms have included migraines, nausea, memory lapses and dizziness.

The U.S. intelligence assessment found no credible evidence that any American adversary had a weapon or device capable of causing symptoms consistent with the syndrome.

As part of the investigation, which lasted more than six years, U.S. intelligence agencies considered the possibility that extraterrestrials were responsible for the Havana syndrome but ruled that out, a U.S. official said in a briefing to reporters.

In January, a CIA official said the agency found it was unlikely that Russia or another "foreign actor" caused most of the anomalous health incidents.

That official, describing the conclusions of an interim report on the Havana Syndrome, said a majority of 1,000 cases "can be reasonably explained by medical conditions or environmental and technical factors, including previously undiagnosed illnesses."





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Oil Demand Set To Climb As China's Economy Finally Rebounds
por Tsvetana Paraskova

Oilprice.com / 2023-03-01 18:041


China's economy appears to be leaving behind the early faltering of the reopening, with manufacturing, construction, and export orders rebounding sharply in February, in a sign that the world's top crude importer could soon start seeing a jump in oil demand.

The Chinese manufacturing purchasing managers' index (PMI) jumped to 52.6 in February from 50.1 in January, data from China's National Bureau of Statistics showed on Wednesday. The surge in factory activity was the fastest in over a decade—the highest figure since April 2012. 

The index for non-manufacturing sectors, including construction and services, also jumped, signaling an overall expansion of the Chinese economy in February and possibly a faster-than-expected rebound after the reopening from the 'zero-Covid' policies which the country ditched at the end of last year.

The Caixin China General Manufacturing PMI, compiled by S&P Global, also showed a rebound in February and signaled a return to more normal business conditions. This, in turn, raised business confidence of Chinese manufacturing firms to a 23-month high, S&P Global said.

Analysts warn that the big monthly jump in the Chinese manufacturing and non-manufacturing indicators could be the result of a low base of comparison in January and pent-up demand following the reopening. Nevertheless, some economists say the return to normal conditions could happen sooner than expected.

Last month, the International Energy Agency (IEA) said that global oil demand was set to increase by 2 million barrels per day (bpd) this year, pushed up by growth in Chinese consumption after the reopening.

In its closely-watched Oil Market Report, the IEA raised its 2023 global oil demand growth estimate by 100,000 bpd from the previous month's forecast. China's resurgent oil demand – with growth seen at 900,000 bpd this year – and the rest of the Asia-Pacific region will dominate global growth, according to the IEA.

"China accounts for nearly half the 2 mb/d projected increase this year, with neighbouring countries also set to benefit after Beijing ditched its zero-Covid policies," the IEA said.

By Tsvetana Paraskova for Oilprice.com

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Hydrogen Cars Could Soon Compete With Electric Vehicles
por Felicity Bradstock

Oilprice.com / 2023-03-01 18:041


The first mass-produced fuel cell car came to market in 2014, but a combination of high costs and a lack of funding means that hydrogen-powered cars have failed to go mainstream.
As the global hydrogen market grows, and particularly as governments pour money into green hydrogen projects, the potential for hydrogen fuel cell electric vehicles is growing.
Several of the biggest automakers have now announced new fuel cell developments and have made it clear that hydrogen cars will be a part of their offerings going forward.
While many automakers have been focused on developing battery electric vehicles (BEVs), another green alternative to traditional cars has been gaining momentum – the hydrogen-driven fuel cell electric vehicle (FCEV). Green hydrogen has been hailed as the clean fuel of the future in recent years, something that many automakers have considered while developing fuel cell cars. While there has been much talk about the rise of the FCEV, most companies are still in the early development stage. But now, some companies are ready to present their FCEV demonstration models to the public to see how they fare in comparison to the EVs on the market. 

Fuel cell electric vehicles work much in the same way as traditional BEVs, running on an electric motor instead of an internal combustion engine (ICE). However, BEVs rely on a battery that needs to be plugged in to recharge, using electricity from the grid. Meanwhile, FCEVs can produce electricity onboard, without the need for charging. This is extremely attractive to car manufacturers looking to increase the range their cars can go without the need to charge, making it easier for consumers to shift from ICE vehicles to green alternatives. 

One of the major benefits of hydrogen is that it emits only water and heat, rather than greenhouse gases, into the atmosphere. With governments and energy firms worldwide pumping funds into green hydrogen projects, automakers are increasingly seeing the potential for cars to run on this clean fuel. To make climate-friendly FCEVs, automakers must ensure that the hydrogen they are sourcing is green, rather than grey – derived from natural gas. At present, the cost of green hydrogen is far higher than carbon-emitting alternatives. But as companies invest more in research and development, the price of green hydrogen is expected to fall, much in the same way as was seen in the cost of wind and solar energy as operations expanded. 

Despite the significant potential of FCEVs running on green hydrogen, the concept of a fuel cell is still relatively unknown in the consumer market. While most people have heard of BEVs by now, particularly since the Tesla boom, automakers have shared little information about the development of an HFCV fleet with consumers. This is likely due to the multitude of hurdles that still need to be overcome before HFCVs hit the market. For example, the size and weight of a fuel cell that can generate enough electricity to run a car or larger vehicle continue to be an issue. 

But some automakers are now taking their innovations to the public, demonstrating that they expect the future of transportation to be broader than just BEVs. In February, Honda announced it would be manufacturing a new hydrogen fuel cell system that it co-developed with GM. This is expected to support the growth of its hydrogen business, with aims of selling 2,000 units of the new system annually by the middle of the decade, and over 60,000 units a year by 2030. Honda expects its "next-generation system" to be more durable than previous fuel cells, and around two-thirds cheaper than existing options. 

Meanwhile, BMW has launched a demonstration fleet of hydrogen cars that use fuel cells from Toyota. Last month, the German automaker unveiled its BMW iX5 Hydrogen, with a top speed of over 112 miles per hour, which is currently being assembled in Munich. The company's CEO believes this is "the missing piece in the jigsaw when it comes to emission-free mobility."

Hydrogen is stored in two tanks, which can be refueled in three to four minutes, just like when pumping petrol. This provides the iX5 with a much greater range than most BEVs, at around 313 miles. BMW is planning for the launch of a small initial fleet in 2023 – fewer than 100 vehicles, mainly to be "employed internationally for demonstration and trial purposes for various target groups." 

In addition to Honda and BMW, Toyota and Hyundai are two other major automakers looking to develop their FCEV capabilities to compete with car manufacturers focusing solely on BEVs. While the technology may be lagging behind that of electric batteries, the potential is significant. 

Toyota has been investing in its fuel cell technology for over 30 years and introduced its first FCEV to the market in 2014, the Mirai sedan. The new version of the Mirai, launched in 2021, provides an extended driving range of around 650 km, and uses green hydrogen, meaning no polluting emissions. And Hyundai outlined its 'FCEV Vision 2030' in 2018, aimed at acceleratingthe development of a hydrogen society. Hyundai hopes to produce 700,000 fuel-cell systems annually by 2030, including 500,000 units for FCEVs, creating 51,000 jobs in the industry. 

While the development of hydrogen fuel cell vehicles has lagged behind battery EVs, greater investment in the industry has supported the innovations needed to get HFCVs to the market. With more and more automakers broadening their vision beyond BEVs and investing in hydrogen, we can expect to see several HFCVs within the next decade, offering an attractive alternative to the battery EV. 

By Felicity Bradstock for Oilprice.com

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3M's stock surges after company says DOD data show 90% of earplug plaintiffs had 'normal' hearing
Yahoo! Finance: Top Stories / 2023-03-01 18:323


Shares of 3M Co. surged Wednesday after the maker of consumer, industrial and healthcare products said the U.S. Department of Defense's records show that the "vast majority" of claimants in litigation over the company's Combat Arms earplugs have normal hearing under medically accepted standards.

The company, which also makes Post-it Notes, N95 masks and Scotch tape, said the DOD data show that almost 90% of the 175,000 plaintiffs in the earplug litigation have "no hearing impairment" under American Medical Association standards.

Under World Health Organization and National Institutes of Health standards, 3M said, the data show that more than 85% of plaintiffs have "normal" hearing.

3M added that for nearly a quarter of the plaintiffs who do have hearing impairment under either AMA or WHO standards, the DOD data show that they reported their condition in hearing tests before they used the Combat Arms earplugs.

The stock MMM, +2.29% rallied 3.5% in midday trading after closing at a five-month low in the previous session. The $3.73 stock-price gain added about 25 points to the Dow Jones Industrial Average DJIA, +0.02%, while the Dow gained 45 points, or 0.1%.

3M has been facing litigation related to the Combat Arms earplugs for the past year, resulting from allegations of "fraudulent misrepresentation and concealment." Some on Wall Street estimated potential liabilities of about $14 billion.

Bryan Aylstock and Chris Seeger, co-lead counsels for the plaintiffs, who are service members and veterans, said in an emailed statement to MarketWatch on Wednesday that 3M's announcement was another attempt by the company to mislead the public. They said the DOD data in fact show that about 85% of the plaintiffs suffer from hearing loss or tinnitus.

"The standards relied upon by 3M in their estimation motion were not even used by their own experts in any of the 16 bellwether trials," Aylstock and Seeger stated. "Of the 13 jury verdicts in favor of plaintiffs totaling nearly $300 million, 11 [plaintiffs] under 3M's scheme would be considered 'unimpaired' — even those who were wearing hearing aids."

In July 2022, 3M said its Aearo Technologies subsidiary, which it acquired in 2008 and which made the earplugs, had voluntarily filed for bankruptcy to help establish a trust as it looked to resolve all claims "determined to be entitled to compensation." 3M has committed $1 billion to the trust and an additional $200 million to fund expenses related to the case and has said it will provide additional funding if required.

In 3M's annual report filed in early February, the company said the bankruptcy and funding of the trust reflected a "change in strategy" for managing the alleged litigation liabilities.

"On February 3, we filed a motion to dismiss 3M's contrived bankruptcy," Aylstock and Seeger said. "3M is a multibillion-dollar corporate enterprise that is not remotely in financial distress, and therefore should not be able to use the bankruptcy system against the service members and veterans it injured."

3M's stock has tumbled 23% over the past 12 months, while the Dow has slipped 1.8%.

Enclosures

b82fba32ec8d0cd498f3020feb182b44




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3M's stock surges after company says DOD data show 90% of earplug plaintiffs had 'normal' hearing
Yahoo! Finance: Top Stories / 2023-03-01 18:323


Shares of 3M Co. surged Wednesday after the maker of consumer, industrial and healthcare products said the U.S. Department of Defense's records show that the "vast majority" of claimants in litigation over the company's Combat Arms earplugs have normal hearing under medically accepted standards.

The company, which also makes Post-it Notes, N95 masks and Scotch tape, said the DOD data show that almost 90% of the 175,000 plaintiffs in the earplug litigation have "no hearing impairment" under American Medical Association standards.

Under World Health Organization and National Institutes of Health standards, 3M said, the data show that more than 85% of plaintiffs have "normal" hearing.

3M added that for nearly a quarter of the plaintiffs who do have hearing impairment under either AMA or WHO standards, the DOD data show that they reported their condition in hearing tests before they used the Combat Arms earplugs.

The stock MMM, +2.29% rallied 3.5% in midday trading after closing at a five-month low in the previous session. The $3.73 stock-price gain added about 25 points to the Dow Jones Industrial Average DJIA, +0.02%, while the Dow gained 45 points, or 0.1%.

3M has been facing litigation related to the Combat Arms earplugs for the past year, resulting from allegations of "fraudulent misrepresentation and concealment." Some on Wall Street estimated potential liabilities of about $14 billion.

Bryan Aylstock and Chris Seeger, co-lead counsels for the plaintiffs, who are service members and veterans, said in an emailed statement to MarketWatch on Wednesday that 3M's announcement was another attempt by the company to mislead the public. They said the DOD data in fact show that about 85% of the plaintiffs suffer from hearing loss or tinnitus.

"The standards relied upon by 3M in their estimation motion were not even used by their own experts in any of the 16 bellwether trials," Aylstock and Seeger stated. "Of the 13 jury verdicts in favor of plaintiffs totaling nearly $300 million, 11 [plaintiffs] under 3M's scheme would be considered 'unimpaired' — even those who were wearing hearing aids."

In July 2022, 3M said its Aearo Technologies subsidiary, which it acquired in 2008 and which made the earplugs, had voluntarily filed for bankruptcy to help establish a trust as it looked to resolve all claims "determined to be entitled to compensation." 3M has committed $1 billion to the trust and an additional $200 million to fund expenses related to the case and has said it will provide additional funding if required.

In 3M's annual report filed in early February, the company said the bankruptcy and funding of the trust reflected a "change in strategy" for managing the alleged litigation liabilities.

"On February 3, we filed a motion to dismiss 3M's contrived bankruptcy," Aylstock and Seeger said. "3M is a multibillion-dollar corporate enterprise that is not remotely in financial distress, and therefore should not be able to use the bankruptcy system against the service members and veterans it injured."

3M's stock has tumbled 23% over the past 12 months, while the Dow has slipped 1.8%.

Enclosures

b82fba32ec8d0cd498f3020feb182b44




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UniCredit plans to increase CEO Orcel's pay by 30%, source says
por Reuters

Investing.com: Stock Market News / 2023-03-01 18:34



© Reuters. FILE PHOTO: Andrea Orcel, then UBS chief executive, leaves after attending a UK parliamentary inquiry into Libor interest rates in London January 9, 2013. REUTERS/Olivia Harris/File Photo
By Valentina Za

MILAN (Reuters) -UniCredit will ask shareholders to approve a new pay structure for Chief Executive Andrea Orcel which offers a 30% rise if the Italian bank beats a wide set of targets this year, a document showed on Wednesday.

Orcel's current pay package of up to 7.5 million euros ($8 million) a year makes the former head of investment banking at Swiss lender UBS one of Europe's best paid bank executives.

UniCredit had said its board would review the CEO's pay based on 2022 earnings, noting that European Union rules capping variable compensation at up to twice the fixed salary made it impossible to reward outperformance.

Starting from a higher fixed salary of 3.25 million euros versus 2.5 million previously, the new system ties a higher overall pay of up to 9.75 million euros to the bank's ability to beat targets set for 2023, the document showed, confirming what sources had told Reuters.

But a lower variable component than last year, ensures that in hitting the targets Orcel would get in 2023 the same compensation as in 2022.

The variable component will be paid all in shares and deferred to 2030, UniCredit said.

"The salary increase is not immaterial but it was necessary to create a proper system of incentives in the 'pay-for-performance' spirit driving other changes within the bank," UniCredit said.

Underperformance curtails the pay package more than in the past.

After Spain's Santander (BME:) withdrew its offer to make him CEO, Orcel in Aprile 2021 took the reins of Italy's second-biggest bank, which had been through years of restructuring to clean up its balance sheet and rebuild capital reserves.

A hard-charging executive, he vowed to end an era of "active retrenchment" and went on to de-centralise decision making to speed up the response to clients' needs.

Helped like other lenders by higher interest rates but also able to grow net fees slightly despite tough markets, UniCredit posted its best net profit in a decade in 2022.

UniCredit shares have gained 42% this year, against a 19% rise in Europe's banking index.

Orcel, who forfeited millions of euros in deferred compensation from UBS in joining UniCredit, narrowly dodged a shareholder revolt on his arrival over his pay, which was double that of his predecessor and included a 4.8 million euro sign-on bonus unrelated to performance.

Since then, UniCredit's share price has more than doubled, adding nearly 20 billion euros to the bank's market value and ensuring its return this week into the euro zone's blue-chip index after seven years.

UniCredit has also increased capital distribution to shareholders by 40% in 2022 and is paying out 5.25 billion euros as dividends and, mainly, share buybacks. ($1 = 0.9369 euros)





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UniCredit plans to increase CEO Orcel's pay by 30%, source says
por Reuters

Investing.com: Stock Market News / 2023-03-01 18:34



© Reuters. FILE PHOTO: Andrea Orcel, then UBS chief executive, leaves after attending a UK parliamentary inquiry into Libor interest rates in London January 9, 2013. REUTERS/Olivia Harris/File Photo
By Valentina Za

MILAN (Reuters) -UniCredit will ask shareholders to approve a new pay structure for Chief Executive Andrea Orcel which offers a 30% rise if the Italian bank beats a wide set of targets this year, a document showed on Wednesday.

Orcel's current pay package of up to 7.5 million euros ($8 million) a year makes the former head of investment banking at Swiss lender UBS one of Europe's best paid bank executives.

UniCredit had said its board would review the CEO's pay based on 2022 earnings, noting that European Union rules capping variable compensation at up to twice the fixed salary made it impossible to reward outperformance.

Starting from a higher fixed salary of 3.25 million euros versus 2.5 million previously, the new system ties a higher overall pay of up to 9.75 million euros to the bank's ability to beat targets set for 2023, the document showed, confirming what sources had told Reuters.

But a lower variable component than last year, ensures that in hitting the targets Orcel would get in 2023 the same compensation as in 2022.

The variable component will be paid all in shares and deferred to 2030, UniCredit said.

"The salary increase is not immaterial but it was necessary to create a proper system of incentives in the 'pay-for-performance' spirit driving other changes within the bank," UniCredit said.

Underperformance curtails the pay package more than in the past.

After Spain's Santander (BME:) withdrew its offer to make him CEO, Orcel in Aprile 2021 took the reins of Italy's second-biggest bank, which had been through years of restructuring to clean up its balance sheet and rebuild capital reserves.

A hard-charging executive, he vowed to end an era of "active retrenchment" and went on to de-centralise decision making to speed up the response to clients' needs.

Helped like other lenders by higher interest rates but also able to grow net fees slightly despite tough markets, UniCredit posted its best net profit in a decade in 2022.

UniCredit shares have gained 42% this year, against a 19% rise in Europe's banking index.

Orcel, who forfeited millions of euros in deferred compensation from UBS in joining UniCredit, narrowly dodged a shareholder revolt on his arrival over his pay, which was double that of his predecessor and included a 4.8 million euro sign-on bonus unrelated to performance.

Since then, UniCredit's share price has more than doubled, adding nearly 20 billion euros to the bank's market value and ensuring its return this week into the euro zone's blue-chip index after seven years.

UniCredit has also increased capital distribution to shareholders by 40% in 2022 and is paying out 5.25 billion euros as dividends and, mainly, share buybacks. ($1 = 0.9369 euros)





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