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Articles by Christine Jenkins
Can we cure asthma? Yes, and we have a plan
Asthma is conventionally viewed as “treatable but incurable”. In other words, we can manage its symptoms but not reverse the underlying condition. But advances in science are challenging this view and we think a cure may be within reach. So what might a cure for asthma actually mean for the nearly 2.8 million Australians and an estimated 363 million people globally with asthma? And how could we get there?
Can we cure asthma? Yes, and we have a plan
Credit: Cnordic Nordic from Pexels Asthma is conventionally viewed as "treatable but incurable." In other words, we can manage its symptoms but not reverse the underlying condition. But advances in science are challenging this view, and we think a cure may be within reach. So what might a cure for asthma actually mean for the nearly 2.8 million Australians and an estimated 363 million people globally with asthma? And how could we get there?
Can we cure asthma? Yes, and we have a plan
Asthma is conventionally viewed as “treatable but incurable”. In other words, we can manage its symptoms but not reverse the underlying condition. But advances in science are challenging this view and we think a cure may be within reach. So what might a cure for asthma actually mean for the nearly 2.8 million Australians and an estimated 363 million people globally with asthma? And how could we get there?
Nicaraguan activists flee their country, but not the fight
Clara and Jorge met manning community-run barricades in Nicaragua last spring, at the onset of anti-government protests. They had fled bullets from armed forces and jumped from one safe-house to the next, but neither imagined that just three months later they’d find themselves sitting in a fluorescent-lit food court in neighboring Costa Rica, waiting for refugee work permits.
Nicaraguan activists flee their country, but not the fight
Clara’s first night in Costa Rica was spent in a makeshift shelter, sleeping on the floor next to 10 people she’d never met. All were Nicaraguan, and all were fleeing a government crackdown that has killed more than 400 people since April, when protests began over a proposed change to the country’s pension system. President Daniel Ortega was a Sandinista revolutionary who helped unseat dictator Anastasio Somoza in 1979.
The Christian Science Monitor Daily for August 28, 2018
A new United States-Mexico deal could end up doing something novel for an international trade agreement: putting concerns of workers near the center of the accord. President Trump touted this promise in announcing the tentative agreement. And Mexico’s labor-oriented president-elect is backing the deal alongside the nation’s current president.
World’s Best Stock Market This Year Comes With a Huge Asterisk
At the black-market rate that most Venezuelans use to access hard currency, stocks have gained a respectable but much less impressive 18 percent. That allowed local investors -- and they’re almost all local, since it’s so difficult to get money in and out of the country -- to partially protect their savings from the economic chaos that’s engulfed the nation.
Rohatyn Sees Opportunity in Emerging Markets After Bottoming Out
Emerging-market assets have reached their bottom over the past year and offer great opportunities in private equity as well as fixed income, said Nicolas Rohatyn, chief executive officer of New York-based Rohatyn Group.
World-Beating Currency Has RenCap Double-Checking Its Math
Even so it’s almost 40 percent undervalued in a real effective exchange rate model, according to Charles Robertson, the global chief economist at RenCap in London, who said the dramatic difference had him double-checking his worksheets. According to his calculations, the peso should have ended last year near 1,780 per dollar, a level it last traded at in early 2013 before selling off amid the decline in oil prices.
World-Beating Currency Has RenCap Double-Checking Its Math
Colombia’s currency is the world’s top performer in the early days of 2018, and Renaissance Capital is forecasting more gains ahead for what it sees as one of the best bets in emerging markets.
World's Best Stock Market This Year Comes With a Huge Asterisk
At the black-market rate that most Venezuelans use to access hard currency, stocks have gained a respectable but much less impressive 18 percent. That allowed local investors -- and they’re almost all local, since it’s so difficult to get money in and out of the country -- to partially protect their savings from the economic chaos that’s engulfed the nation.
World's Best Stock Market This Year Comes With a Huge Asterisk
The world’s best-performing stock market returned an astounding 3,883 percent this year. The surge in Venezuelan equities mostly reflects a 97 percent currency devaluation on the black market and runaway inflation.
Venezuela, the world’s best performing stockmarket in 2017, requires an asterisk
Bogota — The world’s best-performing stockmarket returned an astounding 3,883% this year. Sort of. The surge in Venezuelan equities mostly reflects a 97% currency devaluation on the black market and runaway inflation. But an official government exchange rate stayed fixed at 10 bolivars to the dollar, creating the illusion of astronomical returns and distorting valuations to the point that some Venezuelan companies had market capitalisations that exceeded behemoths such as Apple.
Venezuela Bulls Say Market Rushing to Judgment on Eve of Default
“The savings of default would be meager over a five-month horizon, the costs incalculable and the political benefits questionable,” said Patrick Esteruelas, head of research at Emso, which oversees $5.2 billion. “I don’t think they have a restructuring strategy, and I certainly don’t think they’ve reached the conclusion that a default or selective default is an effective strategy that will serve them well politically.”
Venezuela's PDVSA Said to Make $1.1 Billion Overdue Bond Payment
Multiple banks with clients who hold the Petroleos de Venezuela notes, which came due Nov. 2, were told by the Depository Trust Company that the bonds were paid Thursday, according to people with knowledge of the matter. Two investors, who also asked not to be identified, said they received the funds. PDVSA didn’t pay the interest that was also due on the notes, the people said. A spokesman for DTC declined to comment.
Venezuela’s Debt Problems Are About to Get Even Worse
Venezuela is set to fall even further behind on its debt.
Venezuela's PDVSA Makes $1.1 Billion Overdue Bond Payment
Venezuela’s state oil company came through with an overdue $1.1 billion principal payment, sending another signal to investors that the cash-strapped country intends to stay current on its obligations even as it seeks debt relief.
Venezuela Up Against Critical Bond Payments as Grace Periods End
With the national oil company already at risk of triggering default-insurance contracts because bondholders haven’t received a $1.1 billion principal payment that was due last week, the state electricity utility now faces the end of a 30-day grace period for $28 million in interest that it owes. To make matters worse, buffers for an additional $280 million of obligations from the government and Petroleos de Venezuela expire over the weekend.
Venezuela Is Seeking Debt Relief and Confusing Its Bondholders
Maduro seemed confused by the bond market’s terminology and, in turn, wound up leaving traders perplexed as to his exact intent. One second, he was calling for a “refinancing,” a word that implies a routine, market-friendly transaction, and the very next for a “restructuring,” a term more generally associated with coercive government action that imposes losses on creditors and is typically labeled a default.
Venezuela Is Seeking Debt Relief and Confusing Its Bondholders
On Thursday, at a raucous gathering of loyal supporters in Caracas, President Nicolas Maduro made official what the bond market had been anticipating for years: cash-strapped Venezuela is going to seek debt relief.
Venezuela will seek to restructure debt, blaming sanctions
NEW YORK, WASHINGTON, LIMA and BOGOTA (Bloomberg) -- President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment, blaming U.S. sanctions for making it impossible to find new financing. The government will transfer funds for a $1.1 billion principal payment on Petroleos de Venezuela bonds that came due Thursday, Maduro said from Caracas.
Venezuela Bondholders Confront Day of Reckoning With Payment Due
State-owned oil company Petroleos de Venezuela SA has $842 million in principal due Friday, and skepticism abounds that it’ll be paid on time.
Venezuela Bondholders Confront Day of Reckoning With Payment Due
This seems the most likely outcome. PDVSA or the government could put out a statement saying they’ve sent the money, but it may not arrive in bondholders’ accounts right away because of hangups in the payment process. It’s not that the oil company doesn’t want to pay its debt, it’s just that they’re going to blame U.S. sanctions for making the process of getting the money where it needs to be so convoluted.
Venezuela Oil Bonds Plunge With 24 Hours to Go Until Payment Is Due
Venezuela’s state oil company has a hefty payment due Friday and the lack of any signs or comments about the funds being transferred has the market in a late stage of panic.
Venezuela's Behind on Its Debt and Facing Two Huge Bond Payments
Increasingly isolated by U.S. financial sanctions that have spooked banks and other intermediaries in the bond payment chain, Venezuela has already fallen behind on interest payments worth $350 million that were due earlier this month. Those payments had a grace period -- a buffer of sorts that gives the country an additional 30 days to work out the technical glitches and deliver the cash. The principal portions of the payments owed over the next two weeks contain no such language.
Venezuela’s Behind on Its Debt and Facing Two Huge Bond Payments
Ever since the price of oil collapsed in mid-2014, there’s been a broad consensus among the bond-market crowd that Venezuela was going to default. Not immediately, they said, but at some point down the road. Three years on, that time may have arrived.
Fears of a Big Venezuela Default Subside
Investors are gaining confidence that Venezuela will make its next big bond payments.
Venezuela Default Fears Subside as Shortest PDVSA Bonds Climb
Notes from the state oil company that mature in November climbed to 94.5 cents on the dollar Wednesday, a three-year high, while amortizing bonds due in 2020 rose to their highest price since they were issued last year. There’s a $985 million payment due Oct. 27 for the 2020 bonds, and $1.2 billion due Nov. 2 on the securities maturing next month.
Colombia Travel Chaos to Continue Amid Avianca-Pilot Standoff
Avianca didn’t reply to request for comment. The airline said it had presented its "final proposal" on Tuesday to end a walkout that it considers illegal. The union said the offer was pulled just hours after it was made, before members could consider the terms. Workers made a counter proposal and say they’re still waiting for a response.
Colombia Travel Chaos to Continue Amid Avianca-Pilot Standoff
Colombian pilots said they’d continue their strike, dashing hopes of an early end to the disruption at Avianca SA that has grounded 250 flights a day by the nation’s biggest airline.
Avianca Pulls Deal at Midnight as Colombia Strike Drags On
Avianca SA ended talks with Colombian pilots after withdrawing a new wage proposal just hours after it was made, leaving the courts to decide on the legality of a weeklong strike that has grounded 250 flights a day.
Bond Investors Go Unpaid as Venezuela Cites 'Operational' Issues
Venezuela, one of the world’s riskiest debtors, acknowledged it was having problems wiring bondholders a $185 million interest payment that was due last week and said it was committed to paying the debt.
Colombian Pilots Vote to Organize Strike That Avianca Says Is Illegal
Avianca says strike is illegal, will take action if it starts A Colombian pilots union voted in favor of a strike at Avianca Holdings SA, which the company argues is illegal.
Latin American Wings Says It's Seeing Success From Caracas Routes That Other Airlines Abandoned
Newbie airline Latin American Wings is going where others fear to tread: crisis-ridden Caracas. Even more remarkable, it’s making money. The Santiago-based carrier has been turning a profit by flying immigrants to Chile from Venezuela and Haiti since it started operating early last year, Chief Executive Officer Andres Dulcinelli said. Flights arrive in Santiago full and leave half empty as immigration to South America’s wealthiest nation soars.
Venezuelan Bonds Get Harder to Trade as Sanctions Spur Caution
Depository Trust Company, a custodian for more than $35 trillion of securities, temporarily put a block on services for Venezuelan bond trades, and some dealers have also stopped buying and selling the debt. Meanwhile, prices have fallen to near the lowest in a year and rating agencies are cutting the credit ever deeper into junk territory. The CC grade for Venezuela at Fitch Ratings is the worst in the world for any country that isn’t in default.
Venezuelan Bonds Get Harder to Trade Thanks to Sanctions
U.S. sanctions imposed on Venezuela last week put limits on new debt from the country. But the Treasury Department’s move is having broader consequences in the bond market, where brokers taking a cautious stance are limiting trades in existing notes.
Colombia Cuts Key Rate to 5.25% in Three-Way Split Decision
The economy, which is still adjusting to the 2014-15 drop in oil prices, reached its lowest ebb in the first two quarters and is set to pick up in the second half of the year, Echavarria said. The annual inflation rate fell to 3.4 percent in July, its lowest level since since 2014, while core inflation, which excludes the most volatile products, also dropped.
Goldman's Hunger Bonds Dodge U.S. Sanctions That Bypass Traders
The U.S. levied additional sanctions on Venezuela on Friday, but one of the nation’s largest bondholders may be breathing a sigh of relief.
Goldman Dodges U.S. Sanctions as Venezuela Hunger Bonds Excluded
Remember those controversial bonds issued by Venezuela’s state-run oil company that Goldman Sachs Asset Management bought at a discount?
Colombian TV Networks Pulled Off the Air in Venezuela
In February, Venezuela suspended the transmission of CNN en Espanol after the government accused the channel of trying to stoke unrest in the South American nation. CNN refuted the decision and allegation. In 2014, when protests against the Maduro government took off across the country, authorities pulled the plug on Colombia’s NTN24 after it aired footage of anti-government protests, claiming the channel was working to help destabilize the country.
Colombian Television Networks Pulled Off Air in Venezuela
Reports on ousted prosecutor may be the trigger, Caracol says Venezuela tightened control over the news media overnight by blocking the transmission of Colombian networks Caracol and RCN.
Avianca Hopes a Stronger Partnership With United Will Help It Dominate Latin America
Latin America’s airline industry is moving toward having just two dominant players serving the region and the world. Avianca Holdings SA says it can be one of these, boosted by its alliance with United Continental Holdings Inc. and a merger with a Brazilian airline.
Avianca's Talks With United Continue in Bid for Latam Dominance
Latin America’s airline industry is moving toward having just two dominant players serving the region and the world. Avianca Holdings SA says it can be one of these, boosted by its alliance with United Continental Holdings Inc.
Ex-Pemex CEO Lozoya Denies Receiving $10 Million Odebrecht Bribe
Former Petroleos Mexicanos Chief Executive Officer Emilio Lozoya denied media reports that he received $10 million in an alleged bribery scheme involving Brazilian construction company Odebrecht SA in Mexico.
Venezuelan Currency Madness Valued Local Bank More Than Apple
What does it take to surpass Apple Inc. as the world’s most valuable traded company? One way is to be listed in Venezuela, with its massively overvalued currency. Venezuelan stocks are ascending the ranks of the most valuable companies on Earth, with lender Mercantil Servicios Financieros CA briefly topping Apple’s market capitalization last week, and now back in the No.2 spot.
Venezuelan Currency Madness Valued Local Bank More Than Apple
Most of the lender’s theoretical $775 billion market capitalization evaporates if you stop using the official exchange rate of 10 bolivars to the dollar. The value would be 0.1 percent of that at the black-market rate that most Venezuelans have to use if they want hard currency.
Roubos e combustível ruim dificultam operação aérea na Venezuela
A United Airlines, a Avianca e a Delta Air Lines deixaram de voar ou anunciaram sua saída da Venezuela, enquanto outras três empresas cancelaram voos em dias específicos em meio ao caos no país. A associação de pilotos da Colômbia afirma que seus membros que têm voado para a Venezuela estão enfrentando combustível contaminado e atrasos de horas porque a Guarda Nacional está retirando malas dos voos para saqueá-las.
Airlines Hate Flying to Venezuela Because of Stickups and Dirty Fuel
Airlines are continuing to pull out of Venezuela, and they have a whole series of grievances including staff held up at gun point, luggage theft, poor runway maintenance and low quality jet fuel. United Airlines, Avianca and Delta Air Lines have either stopped flying to Venezuela or said they would leave the country, while three others canceled flights on specific days as the nation descends into chaos.
Stickups and Dirty Fuel Mean Airlines Hate Flying to Venezuela
The official reasons for leaving have been varied. United said its Venezuela route wasn’t meeting financial expectations, while Avianca cited operational issues without providing too many details. Aerolineas Argentinas said it wants to continue flying to Caracas, but first needs reassurance that it would be viable and secure. After dropping off passengers from its its weekly Buenos Aires to Caracas flight, the airline takes its crew on to Bogota, rather than have them spend the night in Caracas.
Why Airlines Hate Flying to Venezuela
Airlines are continuing to pull out of Venezuela, and they have a whole series of grievances including staff held up at gun point, luggage theft, poor runway maintenance and low quality jet fuel.
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