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    In poor countries, statistics are both undersupplied and underused

    IN THE RICH world, people worry that prying governments know too much about them. Popular culture valorises characters who go off the grid, like Jack Reacher (the hero of 25 novels by Lee Child and two films starring Tom Cruise). He drifts around America on Greyhound buses, eschewing a driving licence, credit cards and email. Why does he make himself so hard to find? “It started out as an exercise and became an addiction,” he says.Listen to this storyYour browser does not support the element.Enjoy more audio and podcasts on More

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    Robert Mundell, an influential international economist, has died

    AFTER ACCEPTING the Nobel prize in economics in 1999, Robert Mundell crooned “My Way”, the song by Frank Sinatra, to guests at the banquet. His way, as he put it, involved falling in love with economic theory, obtaining a PhD at the Massachusetts Institute of Technology, and spending time in London writing his thesis. It also involved crafting foundational ideas in the field of international economics, including one that earned him the title of a father of the euro. He died on April 4th at the age of 88.Listen to this storyYour browser does not support the element.Enjoy more audio and podcasts on More

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    As China’s stockmarket corrects, regulators try doing less

    THE JOB of China’s top securities cop is a precarious one. Its fortunes are closely linked with the vagaries of the country’s stockmarket. A crash can mean the sack or worse for the man in charge. Xiao Gang, who headed the China Securities Regulatory Commission (CSRC) during the spectacular boom and bust of 2015, was fired and has become an object of scorn among investors. Liu Shiyu, who took over from Mr Xiao and saw China rank among the world’s worst-performing markets in 2018, later faced corruption charges (which might have been overlooked had the market done better). As China’s CSI 300 index of blue-chip stocks tumbled by 14% in late February and early March this year, attention turned to their successor, Yi Huiman. Listen to this storyYour browser does not support the element.Enjoy more audio and podcasts on More

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    Bitcoin exchange Kraken considers going public after record trading volumes in the first quarter

    Jesse Powell, CEO of cryptocurrency exchange Kraken, sits for a photograph at the company’s San Francisco office in 2014.David Paul Morris | Bloomberg via Getty ImagesCryptocurrency exchange Kraken is considering going public through a direct listing in 2022, after seeing record trading volumes and new clients amid a surge in the price of bitcoin.Founded in 2011, Kraken is one the world’s biggest crypto exchanges. It has more than 6 million clients and is the fourth-largest exchange by trading volume, according to CoinMarketCap data.Jesse Powell, Kraken’s CEO and co-founder, said in an interview that the firm had benefited significantly from the bitcoin rally. Bitcoin hit a record high price of over $60,000 mid-March, with traders attributing the move to institutional investors jumping into the market.”For us, any volatility is good but it’s always better when it’s on the way up,” Powell told CNBC. “The first quarter just completely blew away the entirety of last year. We beat last year’s numbers by the end of February. The whole market has really just exploded.”Kraken saw four times as many new users sign up to its platform in the first quarter of this year than it did in the second half of 2020. Spot trading volumes in the first quarter were 1.5 times higher than in all of last year, reaching a record level of $160 billion.Coinbase listingCoinbase, Kraken’s main rival in the U.S., posted record quarterly revenue of $1.8 billion in the first quarter, which is more than it made for the whole of 2020. The company is set to go public in a blockbuster direct listing next week which could value it at as much as $100 billion.Kraken is also weighing a stock market debut for 2022, Powell said.”We’re looking at being able to go public sometime next year,” he said. “It would probably be a direct listing, similar to Coinbase.”Direct listings — which see firms list without issuing any new shares — have become a popular route among valuable tech companies looking to go public through an alternative to initial public offerings. IPOs have long faced criticism from tech investors for mispricing shares, resulting in issuing companies sometimes leaving piles of cash on the table.Kraken is currently in talks with investors for a new round of funding, which could reportedly value it at as much as $20 billion.”We have been in some talks to do another round,” Powell said. “We’ve kind of been delaying a bit to see where the Coinbase valuation comes in at. I suspect that the price is gonna pump much higher than it has been trading at.””We’re not in a rush to raise capital,” he said, adding the firm has a strong balance sheet. “The reason to do it would just be to bring on some more strategic investors who can help us with geographic expansion and growth.”NFT boomPowell said the rise of NFTs, or non-fungible tokens, led to frenzied interest in alternative digital coins, such as ether. NFTs are a type of digital asset that represent ownership of unique collector’s items, and they’ve exploded in popularity this year.Ether, the digital currency of the Ethereum blockchain, notched a fresh all-time high of more than $2,100 on Tuesday, helping to lift the market value of all cryptocurrencies above $2 trillion for the first time.”Ethereum is a big part of this,” Powell said. “A lot of NFTs are created on Ethereum, a lot of these platforms operate on Ethereum.”Kraken’s boss added that people are also turning to other digital currencies like flow and filecoin, as ether transaction fees spike due to the level of congestion on the Ethereum network. Ethereum is undergoing an ambitious upgrade aimed at making it faster and more secure. More

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    Norway's huge oil-backed wealth fund invests in an offshore wind farm

    In this articleORSTED-DKSGRE-ESOwaki/Kulla | The Image Bank | Getty ImagesNorway’s sovereign wealth fund has agreed to pay around 1.375 billion euros ($1.63 billion) for a 50% stake in one of the world’s biggest offshore wind farms, Orsted’s 752 megawatt (MW) Borssele 1 & 2 facility.Managed by Norges Bank Investment Management, the fund — whose wealth stems from Norway’s vast North Sea oil and gas reserves — is the world’s largest and worth more than $1.3 trillion. In an announcement Wednesday, NBIM described the deal as its “first investment in renewable energy infrastructure.”The transaction is set to complete in the second or third quarter of 2021. Under the terms of the deal, Orsted will retain its position as co-owner of the wind farm and handle operations and maintenance.”We are excited to have made our first unlisted investment in renewable energy infrastructure, and we look forward to working alongside Ørsted on delivering green energy to Dutch households,” Mie Holstad, who is chief real assets officer at Norges Bank Investment Management, said in a statement.Located 23 kilometers off the Dutch coast, Borssele 1 & 2 uses 94 wind turbines from Siemens Gamesa. According to Orsted, it is the world’s second-largest operational offshore wind farm and “supplies renewable energy equivalent to the annual power consumption of one million Dutch households.”Europe is a major player in offshore wind power and home to a number of large-scale facilities.The world’s first offshore wind farm, in waters near the Danish island of Lolland, was commissioned in 1991.In 2020, the sector attracted over 26 billion euros of investment, a record amount, according to recent figures from industry body WindEurope.The U.S. offshore wind sector, by contrast, is still small but could be set for a significant expansion in the coming years under new plans announced by the Biden administration at the end of March.Norway’s strategyNorway’s fund has what NBIM describes as “a small stake” in over 9,000 companies globally, with its investment strategy based on guidelines set out by the country’s ministry of finance.”The fund must not be invested in companies that produce certain types of weapons, base its operations on coal, or produce tobacco,” NBIM says.”The fund must also not be invested in companies that through their conduct contribute to violations of fundamental ethical norms,” it adds.As of March 3, 2021, companies excluded from what NBIM describes as “the fund’s investment universe” include: German utility RWE; tobacco giant Philip Morris International; and BAE Systems. More

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    GM cutting production at several North American plants due to chip shortage

    Engines assembled as they make their way through the assembly line at the General Motors (GM) manufacturing plant in Spring Hill, Tennessee, August 22, 2019.Harrison McClary | ReutersDETROIT – General Motors is temporarily idling or extending shutdowns at several plants in North America due to an ongoing semiconductor chip shortage impacting the global automotive industry.The temporary plant closures range from a week or two to several additional weeks for plants that have already been idled due to the parts shortage.The cost of the closures have been factored into the company’s earnings forecast for the year, according to GM. The automaker expects the problem will reduce its operating profit by $1.5 billion to $2 billion this year.”We continue to work closely with our supply base to find solutions for our suppliers’ semiconductor requirements and to mitigate impact on GM,” GM said in an emailed statement. “Our intent is to make up as much production lost at these plants as possible.”The automaker’s plant in Spring Hill, Tennessee will close beginning Saturday through April 23, according to a message from the United Auto Workers union to workers obtained by CNBC. The plant builds the GMC Acadia and Cadillac XT5 and XT6 crossovers. GM confirmed the shutdown.In addition to that, GM said another crossover plant that produces the Chevrolet Traverse and Buick Enclave in Lansing, Michigan will be idled the week of April 19 and production of the Chevrolet Blazer at a plant in Mexico will also be canceled that week.The company also is extending downtime at plants in Kansas and Canada that produce cars and crossovers through mid-May. They produce the Chevrolet Malibu sedan and Equinox and Cadillac XT4 crossover. Another plant in Lansing that produces the Chevrolet Camaro and Cadillac CT4 and CT5 also had its downtime extended by two weeks to the first week of May.For months, GM has been prioritizing assembly of high-margin vehicles such as full-size pickups by cutting production of cars and crossovers. The company is even partially building pickups to complete and ship at a later date.Semiconductors are key components used in the infotainment, power steering and braking systems of new vehicles, among other things. As multiple plants shut down last year due to Covid, suppliers directed semiconductors away from automakers to other industries, creating a shortage after consumer demand snapped back stronger than expected.Consulting firm AlixPartners estimates the chip shortage will cut $60.6 billion in revenue from the global automotive industry this year.The company said it expects to earn $10 billion to $11 billion, or $4.50 to $5.25 per share, in adjusted pretax profits this year. It projects adjusted free cash flow of $1 billion to $2 billion for its automotive division in 2021. The forecasts factor in the potential impact of the chip shortage, including a hit of $1.5 billion to $2.5 billion to its free cash flow. More

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    Expedia Group debuts online Covid info search for 7 travel brands

    In this articleEXPEWestend61 | Westend61 | Getty ImagesMany people are itching to book a trip to their favorite summer getaway spot but are not sure about Covid outbreaks or vaccination, testing or quarantine requirements.Online travel shopping company Expedia Group Thursday launched COVID-19 Travel Advisor, an online tool that provides information about current travel restrictions to potential and existing customers across seven of the company’s brands.”Right now, many people are considering booking trips as the Covid-19 vaccine rollout continues, but at the same time, they’re inundated with conflicting information about where and how they can safely travel,” said Stacey Symonds, senior director of experience insights at Expedia Group, in a statement.More from Personal Finance:Top-rated frequent flyer programs can cut travel costsHere’s what post-pandemic travel might look likeHow travelers could benefit from hotel industry struggles”It can prove challenging to find these details from a reliable source, so we teamed up with Sherpa to seamlessly integrate a solution into our apps, websites, and customer communications,” she added. “Our goal is to reduce friction for travelers during a time when they need extra support and empower them to make responsible decisions.”Expedia Group is partnering with Sherpa, a global provider of travel identification requirements for the travel industry, to offer the tool. Sherpa’s technology has also been deployed in similar joint efforts with air carriers American Airlines and Caribbean Airlines, the OneWorld airline alliance and guided vacation company The Travel Corp.Expedia Group on April 8, 2021 introduced the COVID-19 Travel Advisor, a tech-enabled tool that provides consumers with current details about travel restrictions worldwide.Expedia Group”Travel is critical to our world economy and an important part of human connection,” said Max Tremaine, co-founder and CEO of Sherpa, in a statement. “Since the pandemic started, our focus has remained firmly on helping our travel partners restore consumer confidence and trust in travel.”A pilot phase of COVID-19 Travel Advisor that began in late November attracted 1.6 million users, and in March alone Expedia Group registered 1.8 million visits to the tool across its brands, a 97% jump from February — signifying “many repeat uses as travelers plan various upcoming trips,” according to the company.Online travel agencies like Expedia, Orbitz, Travelocity and other Expedia Group brands such as online vacation home rental site Vrbo are seeing a jump in business, with consumer trip planning online at such sites up nearly 25% compared to the pre-pandemic period, according to a recent Expedia Group Media Solutions study.”At Vrbo, we’ve experienced record-breaking demand for vacation rentals in the first few months of the year, and we’re encouraged to see fellow Expedia Group brands on a path towards strong recovery,” Jeff Hurst, president of Vrbo and marketing co-lead at Expedia Group, told CNBC.com. “People are eager to safely reconnect with family, friends, and colleagues but navigating evolving travel restrictions can prove difficult.”With the COVID-19 Travel Advisor, we’re breaking down that barrier, so travelers can easily access reliable information to unlock their next trip,” he added. “So far, we’ve seen success with this tool, and we continue to advance our technology to support the needs of travelers, hosts and industry partners.”The brands incorporating Expedia Group’s new COVID-19 Travel Advisor are Ebookers, Expedia, Hotels.com, Orbitz, Travelocity, Vrbo and Wotif.   More

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    Officials rush to defend AstraZeneca Covid vaccine after UK, EU blood clot guidance

    In this articleAZN-GBUK Prime Minister Boris Johnson poses for a photograph with a vial of the AstraZeneca/Oxford University Covid-19 candidate vaccine.WPA Pool | Getty Images News | Getty ImagesThe British government and health experts in the country have rushed to defend the coronavirus vaccine developed by AstraZeneca and the University of Oxford following concerns over a possible link to blood clots.On Wednesday, the U.K.’s health and vaccine regulators issued a change of guidance over who should receive the shot. They now recommend that anyone under the age of 30 should receive an alternative vaccine amid concerns that it could, in rare circumstances, lead to a serious blood clot.Following a safety review of the AstraZeneca vaccine, sparked by concerns over reports of rare blood clotting disorders in a small number of vaccinated individuals, both the U.K. and European medicines regulators (the MHRA and EMA, respectively) stressed that the benefits of the jab still outweighed the risks.However, amid concerns that the reputation of the vaccine could be damaged further, experts have rushed to defend it – and one Twitter user commented that officials appeared to have gone into “damage limitation” mode.On Thursday, the U.K. health secretary stressed that the risk of a blood clot after receiving the AstraZeneca Covid vaccination is about the same as on a long-haul flight. He said the safety measures surrounding the vaccine were robust and enabled regulators to “spot this extremely rare event.”On the chances of developing a blood clot, Matt Hancock told BBC Breakfast: “The safety system that we have around this vaccine is so sensitive that it can pick up events that are four in a million – I’m told this is about the equivalent risk of taking a long-haul flight.”Meanwhile, U.K. Prime Minister Boris Johnson, who has received a first shot of the vaccine himself, said that “the best thing people should do is look at what the MHRA say, our independent regulator – that’s why we have them, that’s why they are independent.”Their advice to people is to keep going out there, get your jab, get your second jab,” he added on Thursday.It comes amid growing concerns that Wednesday’s announcement could lead to vaccine hesitancy in Britain, where the immunization program has gone well so far, with over 31.7 million adults having received a first dose of a vaccine, to date. The U.K. has been working through priority groups for a vaccine, with the under-50s (without underlying health conditions) next in line for a shot.England’s Deputy Chief Medical Officer Jonathan Van-Tam also sought to downplay concerns on Wednesday, saying that the reports of blood clots were “vanishingly rare.” He also noted that “changes in preference for vaccines are business as usual and this is a course correction.””If you sail a massive liner across the Atlantic, then it’s not really reasonable that you aren’t going to have to make at least one course correction during that voyage,” he said at a press briefing, adding that the vaccines were be kept under “very careful review.”Vaccine hesitancy ‘clearly a concern’Andrew Freedman, reader in infectious diseases at Cardiff University School of Medicine, was among the experts saying the move by the U.K. to restrict the use of the AstraZeneca vaccine was sensible.”It does sound like a sensible decision based on the evidence we have so far of a probable causal link between the AZ vaccine and these very rare thrombotic side effects that have been noted,” he told CNBC Thursday. However he noted that vaccine hesitancy was now “clearly a concern.””It’s going to be important to keep on emphasizing the message that vaccination is saving lives and has already saved thousands of lives in the U.K. already,” he added.Meanwhile, Andrew Pollard, professor of pediatric infection and immunity at the University of Oxford, which developed the shot along with AstraZeneca, said in a statement Wednesday that “safety has been our priority throughout the development of the vaccine … and we are reassured to see that safety monitoring continues under the close scrutiny of regulators and public health authorities as the vaccine is rolled out around the world.”EU uncertaintyCountries in mainland Europe are likely to have a harder time convincing their citizens that the AstraZeneca vaccine is safe, given the numerous doubts and disputes over the shot and supplies to date.After a second review into the shot, the European Medicines Agency also ruled on Wednesday that the vaccine was safe, but said it found a “possible link” between the jab and very rare cases of blood clots. The EMA did not place any age restrictions on recipients, however.The agency’s Executive Director Emer Cooke looked to reassure the public, noting that researchers were still trying to find out what has been causing a small number of rare but serious clots, including cerebral venous sinus thrombosis (CVST).The issue, “clearly demonstrates one of the challenges posed by large scale vaccination campaigns when millions of people receive these vaccines, very rare events can occur that were not identified during the clinical trials,” she said.EU leaders met on Wednesday night but were unable to agree on a coordinated strategy regarding the AstraZeneca vaccine.To date, four European countries have stopped using the AstraZeneca vaccine altogether, including Denmark and the Netherlands, while a raft of others, including Germany, France and Spain, have put age restrictions on the shot.Most of the cases of blood clots identified by the regulators occurred in women under 60 within two weeks of the shot. Officials are still looking into specific risk factors that could have contributed to the phenomenon, however.Unusual blood clotting with low blood platelets will be added as a “very rare” side effect to the vaccine’s product information, the EMA added. More