U.S. Government Bond Yields Slip Ahead of Fed Decision | Sidnaz Blog


The Federal Reserve’s policy meeting could feature discussion on when and how to scale back bond purchases.



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olivier douliery/Agence France-Presse/Getty Images

U.S. government bond yields edged lower Wednesday, with investors awaiting details from the Federal Reserve’s policy meeting.

The yield on the benchmark 10-year Treasury note recently traded at 1.490%, according to Tradeweb, down from 1.498% at Thursday’s close. The 30-year bond yield traded at 2.182%, down from 2.199%.

Yields, which rise when bond prices fall, slipped before the 2 p.m. release of details from the central bank’s meeting. Analysts and investors generally expect the Fed to hold short-term interest rates near zero and keep buying at least $120 billion a month of Treasury and mortgage bonds, policies implemented over a year ago to help ease trading conditions and fuel the U.S. economic recovery after last year’s market turmoil

Chairman

Jerome Powell

has reiterated his belief that the U.S. economy hasn’t recovered sufficiently for the central bank to tighten monetary policy. Investors are watching the meeting for new forecasts, which could show officials expect to raise interest rates sooner than anticipated in March. Some analysts believe that officials may begin discussing when and how to scale back the pace of bond purchases.

Write to Sebastian Pellejero at [email protected]

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Telangana minister’s brother arrested in gambling case | | Live Newspaper Hyderabad


HYDERABAD: Telangana state labour minister Ch Malla Reddy’s younger brother was arrested by police for indulging in gambling near their house in Bowenpally on Wednesday. Apart from the gaming act, the accused was also charged with Epidemic Diseases Act and Disaster Management Act.
Acting on specific information that a group of people were indulging in three cards gambling in a private property near Malla Reddy Gardens in Bowenpally, Task force sleuths raided the place on Wednesday afternoon.
We found 13 persons sitting in a room in the private land and indulging in gambling, Task force inspector K Nageshwar Rao said. Cops seized Rs 1.4 lakh cash and arrested the 13 accused including the minister’s brother, Ch Narasimha Reddy, 66, a businessman. The accused along with the seized material were handed over to Bowenpally police for further investigation.
“We have registered a case under sections 3, 5 of TS Gaming Act, section 3 of Epidemic Diseases Act and section 51-B of the Disaster Management Act against the 13 offenders and arrested them. The accused were released on station bail,” Bowenpally inspector K Ravi Kumar said.



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Latest News Today – Covishield Single Dose 61% Effective Against Delta:


Dr NK Arora sais the 12-16 gap between the Covishield doses made medical sense.

New Delhi:
Amid a heated debate over the required gap between the first and second doses of Covishield vaccine, the Covid Working Group chief Dr NK Arora has said that according to research in India, a single shot had up to 61 per cent effectiveness.

Here are the top 10 things you must know about the Covishield dosage gap:

  1. The national Covid immunisation programme began with an interval of four weeks. The immune response is very good, data showed, according to Dr NK Arora. The UK, by that time, had already increased the interval to 12 weeks.

  2. Six weeks later the WHO also suggested that 6-8 weeks interval may be a good idea. The working group, however, decided to look at the real-life data coming in from the UK, Dr Arora said.

  3. In April, Public Health England suggested that with a 12-week interval the vaccine efficacy was varying between 65 per cent and 80 per cent. A few days later, Public Health England decided that with one Covishield dose, the protection was 33 per cent, the Working Group chairperson noted. But the number of individuals who had received the AstraZeneca vaccine’s single dose was very small.

  4. The Union Ministry of Health, on May 13, announced the decision to change the gap from 6-8 weeks to 12-16 weeks. This came at a time when supplies of the shot were falling short of demand and infections were surging across the country.

  5. That was the second time in three months that the gap was widened. It triggered speculation it was to compensate for a shortfall in production.

  6. The UK results, meanwhile, did not convince Dr Arora and his team. Later, statistically significant data from Christian Medical College Vellore’s research, based on a sample size of several thousand during the peak Delta variant outbreak, showed that a single dose had a 61 per cent vaccine effectiveness which increased to 65 per cent with two.

  7. In the short run, the protection from serious disease, hospitalisation, and death is similar whether one has received one dose or two doses of Covishield and Covaxin, Dr Arora said.

  8. Dr Arora’s clarification follows a Reuters report that said the Centre had doubled the gap between the two doses of Covishield without a nod from the National Technical Advisory Group on Immunisation (NTAGI) that, the government claimed, had recommended the increase.

  9. The Reuters report quoted three scientists, including the former chief of the government-run National Institute of Epidemiology, as saying that they had only discussed increasing the interval to eight-12 weeks and not 12-16 weeks.

  10. Union Home Minister Dr Harsh Vardhan has said the decision to increase the gap was taken in a transparent manner based on scientific data.



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Latest News Today – Apple Music Lossless Audio, Dolby Atmos, and Spatial


Apple Music Lossless Audio streaming, Spatial Audio, along with Dolby Atmos will finally be available to all its subscribers in India using the app on iOS, Android, and desktop. The high-quality audio formats for Apple Music were announced globally last week. But these new features are yet to arrive on the Apple Music app in India. Apple is making these audio formats available free of cost to Apple Music subscribers. And as per a report, the features have now been rolled out to Apple Music for Android beta.

The new audio formats for Apple Music — Spatial Audio, Dolby Atmos, and Lossless Audio streaming — are expected to arrive for Indian customers soon. The Apple Music India website mentions that the features will be “coming soon” to India. Apple, however, has not committed to a release date yet.

Ever since the new features were announced last week, many users claim to have seen the support for them come and go on the Apple Music app. A user (@varunkrish) tweeted that they lost access to the new formats on Apple Music after it appeared initially. User (@kashyap_DL) said that they were able to view the Spatial Audio feature on the app, while another user (@Shaileshhari03) tweeted they were able to access Lossless Audio and Dolby Atmos on the app.

Looking at how some users were able to view while some weren’t, it can be speculated that the new audio formats will arrive sooner than later for Apple Music subscribers in India.

Apple Music subscribers on Android will also be able to experience Dolby Atmos, Spatial Audio, and Lossless Audio streaming. The features, as reported by 9to5Google, have already arrived on Apple Music Beta 3.6.0 Beta. Users who want to use the new features would need to sign up to the beta channel on the Google Play store.

Additionally, Android users would be able to access Lossless audio — as ‘Lossless’ and ‘High Res Lossless’ — in addition to the high-quality and low-data usage audio options. ‘High Res Lossless’ will stream audio at up to 24-bit/ 192kHz, while the standard ‘Lossless’ format will stream audio at 24-bit/ 48kHz, using Apple’s ALAC (Apple Lossless Audio Codec) codec instead of the AAC codec.






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Use Magic Erasers to Clean Sneakers, Grout, and Keyboards | Sidnaz Blog


We know Mr. Clean “Magic Erasers” as the white pads with a shiny bald man telling you to remove scuff marks from walls.

But these little scrubbers—known generically as “melamine foam sponges”—can clean so much more than walls and baseboards.

The first and most important hack we learned when working with the sponges: buy them in bulk under their generic name online. You’ll pay less than half price per eraser. If you buy a big block of foam and cut off your own erasers, you’ll save even more.

Once you wet the melamine foam and squeeze off the excess water, you can clean all sorts of surfaces. We removed ink from white fabric, cleaned canvas sneakers, whitened bathroom grout, freshened the office coffee pot, and rid a keyboard of any lingering marks. Just be sure to dry any surface that should not stay wet, and do not use it on your computer screen. These erasers also have a tendency to whiten, which is great for things like white fabric, walls, and shoes, but always test a small area first to make sure nothing gets discolored.

And a quick note about using one of these on your skin: Some places suggest Magic Erasers remove ink from skin. Melamine can cause a reaction in children and people with sensitive skin, so please don’t go rubbing these all over your hands with wild abandon.

This article was originally published on June 3, 2019, and updated on June 16, 2021.



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Latest News Today – Covid Second Wave Has Hit Domestic Demand, Says RBI


RBI has noted that second wave of pandemic has hit domestic demand the most

The Reserve Bank of India (RBI) has observed that the Indian economy continues to wrestle with the second wave of Coronavirus pandemic even though cautious optimism is returning. It has assessed that the second wave has basically hit domestic demand hard.

In its monthly bulletin for June 2021, the central bank has focussed on the overall state of the economy, India’s sovereign yield curve and the fiscal framework of the country, in the form of three articles.

Commenting on the state of the economy, the central bank has said that while the second wave has hit domestic demand, on the brighter side, several aspects of aggregate supply conditions – agriculture and contactless services are holding up, while industrial production and exports have surged compared to last year amidst pandemic protocols.

“Going forward, the speed and scale of vaccination will shape the path of recovery. The economy has the resilience and the fundamentals to bounce back from the pandemic and unshackle itself from pre-existing cyclical and structural hindrances,” it said.

In the macroeconomic view of India’s sovereign yield curve, RBI found that the level of the yield curve has undergone a downward shift from the second quarter of 2019, reflecting the ultra-accommodative stance of monetary policy.

On the fiscal framework and quality of expenditure in India, the RBI noted in its study that the Coronavirus pandemic necessitated an overwhelming fiscal response from governments across the world.

“As India unwinds the fiscal stimulus and embarks on the path of fiscal adjustment, it is necessary to emphasise on ‘how’ over ‘how much’. This article proposes a few quantifiable indicators, i.e. ratios of revenue expenditure to capital outlay and revenue deficit to gross fiscal deficit along with threshold levels for them, that can be suitably blended into the fiscal fabric for a sustainable growth trajectory,” the RBI bulletin has noted.



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Morgan Stanley Hires Greg Weinberger Away From Credit Suisse | Sidnaz Blog


Greg Weinberger most recently oversaw Credit Suisse’s global mergers and acquisitions practice.



Photo:

Patrick T. Fallon/Bloomberg News

BREAKING NEWS

Morgan Stanley


MS -0.74%

has hired longtime investment banker

Greg Weinberger

away from

Credit Suisse


CS -0.98%

Group AG, according to people familiar with the matter, the Swiss bank’s highest-profile departure yet as it deals with losses tied to the meltdown of Archegos Capital Management.

Mr. Weinberger, a Credit Suisse veteran, has most recently overseen its global mergers and acquisitions practice.

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Latest News Today – Chirag Paswan Says He’s Playing For Keeps


Chirag Paswan said today that he was ready for a legal fight against the rebel group.

Highlights

  • Chirag Paswan said he is ready for a legal fight against the rebel group
  • The leader also defended his decision to contest Bihar polls without NDA
  • We may have to fight a long legal battle, Chirag Paswan said

New Delhi:

Chirag Paswan, fighting for survival after a coup in the Lok Janshakti Party (LJP) led by his uncle, said today that he was ready for a legal fight against the rebel group, declaring that he was “the son of Ram Vilas Paswan, a sher ka bachcha“.

Addressing his first press conference since the crisis exploded, the sidelined LJP leader also defended decisions like contesting the Bihar election separately from the BJP-led National Democratic Alliance, which was one of the reasons for his feud with his uncle Pashupati Kumar Paras.

“Today I have become an orphan after my uncle left me. Not when I lost my father,” said Paswan Junior, in comments that oscillated between tough and emotional.

“When I was ill, the plan (coup) was made and executed by others.”

Pashupati Paras and four other MPs on Monday broke away and asked the Speaker to recognize them as a separate group, leaving Chirag Paswan, their leader, alone in what was a group of six MPs in the Lok Sabha.

Mr Paras has rebuffed all attempts at a rapprochement and has been cold to Chirag Paswan’s reported compromise formula, to install his mother as LJP president in his place.

“Till yesterday afternoon my mother and I tried to establish contact with my uncle. If you had asked me, I would have made you party’s parliamentary board chief,” Chirag Paswan told reporters.

“We may have to fight a long legal battle on how the rebel group elected someone as its chairman.”

Pashupati Paras had been ranged against his nephew ever since he announced a solo fight. The 71-year-old first-time MP and six-term MLA had been strongly opposed to breaking away from the NDA, but Chirag Paswan had been firm on pitching Nitish Kumar as the enemy.

The disenchantment within the party grew when LJP ended up with just one seat out of 243. But the LJP did make a bigger impact on the tally of Nitish Kumar’s Janata Dal United, which finished third and lost its pole position in the state compared to ally BJP.

Many believe Chief Minister Nitish Kumar got payback by helping LJP rebels bring down Chirag Paswan.

Chirag Paswan reiterated today that he considered it a win.

“We got huge support of people in the Bihar election, we got six per cent votes,” he said.

“There were several reports of JDU trying to break the party. We saw that it was not possible for us to continue in an alliance with JDU. There were some people who wanted to live in the comfort zone. I agree and accept, if LJP would have gone with the JDU and NDA in Bihar, we would have swept the Bihar polls,” he added, accusing his uncle of not making enough effort.

While blaming the JDU for the split, however, Mr Paswan dodged questions on the role of the BJP and added that what was happening in his party was an “internal matter” for which he would not target others.



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Meet the New Chinese Economy, Same as the Old Chinese Economy | Sidnaz Blog


The moving parts in China’s latest growth figures are very similar to those in place before the pandemic. Firing up the old industrial model helped the country return to 2019 levels of output while the global economy was still depressed, but it also shows off long-festering fragilities.

Chinese economic data for May came in slightly weaker than economists expected, but still seem strong by Western standards. It is best to compare the numbers released on Wednesday to their equivalents from 2019 for a clear picture, since those aren’t distorted by the extremely unusual economic conditions of early 2020. Industrial production is up 13.6% for the first five months of the year, compared with the same period in 2019. On the same basis, retail sales have risen by 9.3%, fixed-asset investment by 8.5%, and real-estate investment by 17.9%.

Investment in industrial production has led China’s economic recovery, along with real estate.



Photo:

str/Agence France-Presse/Getty Images

If a recovery led by investment in real estate and industrial production, with consumption lagging behind, sounds familiar, it may be because the same could be said of the makeup of China’s growth before Covid-19. Unlike the U.S., where there are many questions around how the huge stimulus might change the shape of the economy, China has followed a well-established script in its pandemic response.

Even the lagging retail-growth figures may exaggerate the underlying strength of the consumer economy relative to previous years. Before the pandemic China typically ran a large travel deficit in its balance of payments, meaning that Chinese travelers spend more outside of the country than visitors to China spend domestically. With the pandemic limiting foreign travel, some portion of that consumption now likely happens at home. That could be true for some time, but presumably won’t be forever.

Two concerns with the shape of the recovery are immediately noteworthy. The first, as Julian Evans-Pritchard at Capital Economics points out, is that growth in industrial-export sales has slowed. Since the industrial expansion has been driven in large part by exports, a slowdown even from very rapid growth levels might have a material impact.

The second is what precisely is fueling real-estate investment. Buyer deposits are up by almost 42% relative to their level in the first five months of 2019, and have become the dominant source of developer funding. Buyers are now the main creditors to the country’s fragile real-estate industry, although they may not be entirely aware of it. Any disruption there could have financial implications, and even the potential to create a significant social shock too.

China’s recovery has been impressive, but the pandemic hasn’t changed the structural flaws that most concerned economists before Covid-19—and may even have compounded them.

Write to Mike Bird at [email protected]

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