Aurelia Butler

UK councils have called on the government and companies to help pay for millions of pounds of upgrades to equipment for their most vulnerable residents ahead of the telecoms industry’s transition to a digital telephone system.Local government officials said the migration away from analogue products had not been well communicated, and that the high costs for social care users and social housing were hitting other services at a time of severe budget pressures.The public switched telephone network will be turned off by the end of 2025, with landline calls to be routed over the internet. The shift will also affect devices such as personal, lift and burglar alarms, door entry systems and CCTV. The PSTN switch-off, an industry-led initiative, comes as local government budgets contend with straitened finances. Three councils in England declared de facto bankruptcy last year and almost 20 per cent have said they are at risk, according to the Local Government Association. Theo Blackwell, chief digital officer for London in the Mayor of London’s office, said local authorities would feel the “biggest impact” from the transition “because they have the biggest range of systems” and that the UK government’s consideration of how it would affect councils had been “woefully inadequate”.Greater London Authority Economics, a research arm of the GLA, has estimated that upgrading telecare services for 63,000 adult social care users living at home across the capital’s 32 boroughs will cost £31mn. In a paper in August 2023, the Department of Health and Social Care estimated that 1.8mn people used telecare services in the UK, some of whom are self-funded. Such services include personal alarms for the elderly, which could help in the event of a fall.In addition to paying for telecare, councils are also facing upgrade costs for people in supported accommodation and for social housing. Blackwell estimated that, altogether, local authorities in London could be hit with a bill of between £45mn and £70mn for these upgrades, adding that money spent on the switch-off would “take away resource from adult social care services and other council services”.The UK government’s consideration of how the transition would affect councils had been ‘woefully inadequate’, says Theo Blackwell, chief digital officer for London in the Mayor of London’s office More

ZYNRELEF® is a non-opioid extended-release solution combining bupivacaine and meloxicam, which has demonstrated effectiveness in reducing postoperative pain in Phase 3 studies. The partnership with CrossLink, a leading orthopedic device distributor in the United States, aims to broaden the accessibility of this analgesic for patients undergoing orthopedic surgeries.Under the agreement, CrossLink will receive a fixed compensation per vial of ZYNRELEF® sold, contingent on sales growth over a predetermined baseline. The collaboration is expected to kick off with CrossLink spearheading the promotion of ZYNRELEF® for orthopedic applications across the U.S.Craig Collard, CEO of Heron, expressed optimism about the partnership’s potential to increase ZYNRELEF® adoption in surgical procedures and enhance patient care. Thomas Fleetwood, CEO of CrossLink, also conveyed enthusiasm for the collaboration, citing the significant impact of ZYNRELEF® on post-operative pain management and the opportunity to make it more widely available.ZYNRELEF® was first approved by the FDA in May 2021 for use in specific types of surgeries and has since expanded its indications. However, its safety and efficacy in highly vascular surgeries remain unestablished. Notably, Heron has withdrawn ZYNRELEF®’s marketing authorization in the U.K. and E.U. as it has no plans for a commercial launch in these regions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The company’s Screening revenue, which includes services like the Cologuard test, is estimated to be between $486.0 million and $487.0 million, marking a 21% increase. Precision Oncology revenue is expected to be between $159.5 million and $160.5 million, up by 12%. Excluding COVID-19 testing, the growth rates would be slightly higher.For the full year of 2023, Exact Sciences projects total revenue to be between $2.498 billion and $2.500 billion, a 20% increase from the previous year. The company also anticipates $2.83 billion in revenue for 2024.In addition to financial updates, the company announced that Jeff Elliott plans to resign as Chief Financial Officer in 2024 for personal reasons. Elliott will remain in his role until a successor is named and will then serve as a special advisor to the CEO. A national executive search firm has been engaged to find the next CFO.Exact Sciences submitted the final module of its next-generation Cologuard test for FDA approval, furthering its commitment to cancer prevention and early detection.The company’s financial results for Q4 and the full year are preliminary and unaudited, and final results will be shared during the February 2024 earnings call. This press release contains forward-looking statements, and actual results may differ materially from these preliminary estimates.Exact Sciences emphasizes its dedication to providing cancer screening and diagnostic tests that offer clarity for early action. The company’s product portfolio, including Cologuard and Oncotype DX tests, is part of its broader mission to innovate in cancer diagnostics.The information in this article is based on a press release statement. Exact Sciences will continue to focus on impacting lives with its cancer diagnostics as it transitions to new financial leadership.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

LONDON (Reuters) -U.S. manufacturers are still struggling to emerge from the prolonged slump that began in the middle of 2022 as the pandemic-driven surge in merchandise buying subsided and consumers reverted to spending on services.Merchandise inventories have begun to normalise but companies making expensive business equipment and consumer durables are being hit by the high borrowing costs resulting from the biggest increases to interest rates for four decades.U.S. manufacturers reported a decline in business activity for a 14th month in a row in December, the longest business cycle slowdown since the recessions in 2001 and early Nineties.The Institute for Supply Management’s (ISM) purchasing managers index increased marginally to 47.4 (17th percentile for all months since 1980) from 46.7 (14th percentile) in October.But the index has been below the 50-point threshold that divides expansion from contraction since November 2022.The number of months below the threshold has had more in common with a cycle-ending recession (generally 11 months or more) than a mid-cycle slowdown (typically 10 months or fewer).Chartbook: U.S. manufacturing activityThe slowdown appears to be prolonged but unusually shallow. Manufacturing output has been essentially flat for about a year, according to separate data compiled by the Federal Reserve.Flat-lining manufacturing is confirmed by data on sales of diesel and other distillate fuel oils used by manufacturers and freight hauliers, which have also been flat or marginally lower for a year.Distillate fuel oil consumption was level or slightly lower throughout the first 10 months of 2023 whether biofuels are included or not.However, in a sign the trough has passed and renewed growth is imminent, the ISM production sub-index has been above 50 points in three of the most recent four months.The new orders sub-index remains in negative territory but has been edging up towards 50 as excess inventory liquidation is completed and customers start confirming new business.MANUFACTURERS LEAD DISINFLATIONThe industrial recession has been significantly longer and deeper in Europe and China.In the eurozone, the manufacturing purchasing managers index (PMI) has been below 50 points for 18 months running and finished the year at only 44.4 (8th percentile for all months since 2006) in December.In China, the official manufacturing purchasing index has been below 50 points for 16 of the past 22 months and finished the year at 49.0 (5th percentile for all months since 2011).The global industrial recession has depressed cross-border merchandise trade and taken much of the heat out of freight rates (until recent attacks on shipping in the Red Sea).But it has also stifled growth in oil, gas and electricity consumption, relieving some of the pressure on stretched energy systems.Downward pressure on prices for merchandise, freight and energy have driven most of the deceleration in inflation across major economies over the past year.Higher interest rates have had a differential effect, with a greater and more immediate impact on the merchandise side of the economy than with services.If the industrial slowdown persists, decelerating inflation should eventually create space for the U.S. central bank and its counterparts to start cutting interest rates over the course of 2024.The major sources of uncertainty are what happens if lower rates cause merchandise spending to recover and tighten supply chains again, and what happens if the much stickier service sector inflation persists.There is not much spare capacity in the energy system to facilitate faster growth (diesel inventories are low across all major consuming economies and the United States in particular).Increases to labour market turnover and pay have decelerated but unemployment remains unusually low, suggesting there is not much slack if hiring picks up.The challenge for major central banks is how far and how fast to cut interest rates without rekindling inflation.Interest rate traders expect the Fed to cut rates by a quarter of a point at its March 19-20 meeting and then reduce them by five more quarter-points by the end of the year.Such aggressive easing will only be possible if economic growth and goods sector growth are sluggish.The dour outlook for manufacturing explains why oil prices have continued to slide even as traders bet on earlier, more aggressive rate cuts and Saudi Arabia and its OPEC+ allies try to support them by trimming output.Related columns:- U.S. manufacturing slowdown long but shallow (December 5, 2023)- U.S. manufacturing has plateaued after post-pandemic rebound (November 13, 2023)- Prolonged U.S. manufacturing slowdown barely dents energy use (September 5, 2023)John Kemp is a Reuters market analyst. The views expressed are his own. Follow his analysis on X https://twitter.com/JKempEnergy More

SYDNEY (Reuters) – Asian shares started in a muted mood on Monday after Wall Street snapped its winning streak, while investors braced for U.S. inflation data and a corporate reporting season where good results are needed to justify high stock valuations.Geopolitical tensions were also on the radar as disruptions in the Red Sea raised oil prices and shipping costs in Europe, while the Israeli conflict with Hamas threatened to spread to Lebanon.There was more promising news from Washington where U.S. congressional leaders agreed on a $1.6 trillion spending deal aimed at averting a partial government shutdown.The early action was cautious with MSCI’s broadest index of Asia-Pacific shares outside Japan barely changed, having retreated 2.5% last week.Japan’s Nikkei was closed for a holiday, though futures were trading up at 33,490 compared to Friday’s cash close of 33,377. The index has been underpinned by a drop in the yen as the dollar enjoyed a broad bounce.S&P 500 futures and Nasdaq futures were both up 0.1% in early trade. The S&P 500 lost 1.5% last week to break a nine-week winning stretch, which had been its longest since 1989. The index’s 24% rally last year means valuations are looking a little stretched so much is riding on the results season.Major banks including JPMorgan Chase (NYSE:JPM) and Citigroup start the reporting rush on Friday with hopes high for upbeat profits. Consensus forecasts are that S&P 500 profits rose 3% on the year, and Goldman Sachs sees risks of an even higher outcome.”The bar ahead of 4Q results is higher than in recent quarters, but we expect S&P 500 firms in aggregate will beat analyst forecasts,” Goldman said in a note.”Our baseline 2024 forecast is S&P 500 EPS rises by 5% year/year, and we see potential upside from stronger U.S. economic growth, lower interest rates, and a weaker USD.”EYEING THE CPIFutures are pricing in around 134 basis points of U.S. rate cuts next year, compared to the Federal Reserve’s dot plot of 75 basis points.The probability of a move as early as March has been pared somewhat to a still-high 69%, and that will likely shift again depending on Thursday’s U.S. consumer price report.Forecasts are for core CPI to rise 0.2% in December, pulling annual inflation down to 3.8% and its lowest since mid-2021.Analysts at TD Securities are tipping an increase of just 0.1% thanks to a large drag from used car prices and slowing rents. There are at least four Fed speakers on the docket this week to offer their outlooks, with New York Fed President John Williams likely to be the most influential. Inflation data from China and Tokyo are also due this week, with analysts looking for deflation to ease a touch in China. In currency markets, the dollar was building on its recent bounce to reach 144.77 yen having climbed 2.5% last week from 140.80.The euro was a fraction lower at $1.0934, after slipping 0.9% last week. The dollar’s rally was a headwind for gold, which was flat at $2,043 an ounce. Oil prices edged higher as the troubles in the Red Sea threatened to disrupt supplies and add to shipping costs. Brent added 19 cents to $78.95 a barrel, while U.S. crude rose 12 cents to $73.93 per barrel. More

WASHINGTON (Reuters) -The top Democrat and Republican in the U.S. Congress on Sunday agreed on a $1.59 trillion spending deal, setting up a race for bitterly divided lawmakers to pass the bills that would appropriate the money before the government begins to shut down this month.Since early last year, House of Representatives and Senate appropriations committees had been unable to agree on the 12 annual bills needed to fund the government for the fiscal year that began Oct. 1 because of disagreements over the total amount of money to be spent. When lawmakers return on Monday from a holiday break, those panels will launch intensive negotiations over how much various agencies, from the Agriculture and Transportation departments to Homeland Security and Health and Human Services, get to spend in the fiscal year that runs through Sept. 30.They face a Jan. 19 deadline for the first set of bills to move through Congress and a Feb. 2 deadline for the remainder of them.There were already some disagreements between the two parties as to what they had agreed to. Republican House Speaker Mike Johnson said in a statement that the top-line figure includes $886 billion for defense and $704 billion for non-defense spending. But Democratic Senate Majority Leader Chuck Schumer, in a separate statement, said the non-defense spending figure will be $772.7 billion.Last month, Congress authorized $886 billion for the Department of Defense this fiscal year which Democratic President Joe Biden signed into law. Appropriators will also now fill in the details on how that will be parceled out.The non-defense discretionary funding will “protect key domestic priorities like veterans benefits, healthcare and nutrition assistance” from cuts sought by some Republicans, Schumer and House Democratic Leader Hakeem Jeffries said in a joint statement.Last spring, Biden and then-House Speaker Kevin McCarthy reached a deal on the $1.59 trillion in fiscal 2024 spending, along with an increase in borrowing authority to avoid a historic U.S. debt default.But immediately after that was enacted, a fight broke out over a separate, private agreement by the two men over additional non-defense spending of around $69 billion.One Democratic aide on Sunday said that $69 billion in “adjustments” are part of the deal announced on Sunday.Another source briefed on the agreement said Republicans won a $6.1 billion “recission” in unspent COVID aid money. FALSE DAWN?The agreement on a top line spending number could amount to little more than a false dawn, if hardline House Republicans make good on threats to block spending legislation unless Democrats agree to restrict the flow of migrants across the U.S.-Mexico border — or if they balk at the deal hammered out by Johnson and Schumer.Hardline conservative House Freedom Caucus criticized the spending deal reached on Sunday, describing it as a “total failure” in a statement on social media platform X.Biden said on Sunday the deal moved the country one step closer to “preventing a needless government shutdown and protecting important national priorities.””It reflects the funding levels that I negotiated with both parties,” Biden said in a statement after the deal was announced.Top Senate Republican Mitch McConnell said he was encouraged by the agreement.”America faces serious national security challenges, and Congress must act quickly to deliver the full-year resources this moment requires,” he said in a statement.Unless both chambers of Congress – the Republican-controlled House and the Democratic-majority Senate – succeed in passing the 12 bills needed to fully fund the government, money will expire on Jan. 19 for federal programs involving transportation, housing, agriculture, energy, veterans and military construction. Funding for other government areas, including defense, will continue through Feb. 2.House Republican hardliner Chip Roy said the top line spending figure agreed on Sunday was “terrible.”In his letter, Johnson said the “final spending levels will not satisfy everyone, and they do not cut as much spending as many of us would like.”The past year has been chaotic for Congress, where Republicans pushed Washington to the brink of default and then paralyzed the body for weeks as they deposed one House speaker and struggled to find a replacement. Congress also came within hours of a government shutdown in September.Johnson’s narrow 220-213 majority has been reduced by one since No. 2 Republican Steve Scalise will not be casting votes as he undergoes cancer treatment. Johnson’s predecessor, McCarthy, was ousted by his own party after passing a bill averting a government shutdown that required Democratic votes to pass. More

Genting Singapore reported substantial growth in its mid-year financials, with a significant rise in both revenue and adjusted EBITDA. This improvement has been largely attributed to the return of Chinese tourists, a trend which is anticipated to persist into FY24 as flight options from China expand.Similarly, Malaysia’s gaming sector, represented by Genting Malaysia, is also experiencing a positive shift. Maybank has forecasted a considerable earnings growth for Genting Malaysia in FY24. This projection is based on the expectation that the tourism recovery will continue, with visitor numbers likely to return to pre-pandemic levels.The optimism surrounding the gaming sector is further reinforced by the strong net profit recorded by Genting Malaysia in Q3 FY23, marking a reversal from the loss experienced in the previous year. This financial turnaround is indicative of the sector’s resilience and its potential for sustained growth in the wake of increasing tourist arrivals.As the gaming industries in Malaysia and Singapore flourish, with a particular boost from the influx of Chinese tourists, it’s worth noting the performance of key players in the sector. For instance, W. P. Carey Inc. (NYSE:WPC), while not directly mentioned in the article, provides a relevant comparison as a company with significant real estate assets, including in the leisure sector which encompasses gaming properties.InvestingPro data highlights WPC’s robust financial health, with a market cap of $14.18 billion and a P/E ratio standing at 17.84. The company’s revenue has grown by an impressive 22.15% over the last twelve months as of Q3 2023, pointing to strong operational performance. Moreover, the gross profit margin during the same period was a remarkable 92.39%, underscoring the company’s efficiency and profitability.InvestingPro Tips for WPC emphasize the company’s high earnings quality, as its free cash flow exceeds net income, and its consistent increase in earnings per share. These factors are particularly relevant for investors considering the gaming sector’s potential for sustained growth, as indicated by the positive trends in Malaysia and Singapore. Additionally, WPC has maintained dividend payments for 26 consecutive years, which may interest income-focused investors.For those seeking more insights, there are over 10 additional InvestingPro Tips available for WPC at https://www.investing.com/pro/WPC. With the InvestingPro subscription now on a special New Year sale with discounts of up to 50%, it’s an opportune time to access in-depth analysis and data. Plus, use coupon code sfy24 to get an additional 15% off a 2-year InvestingPro+ subscription, enhancing your investment research at an even greater value.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More