Friday, November 22, 2024

SPACE/COSMOS


Ancient hot water on Mars points to habitable past: Curtin study


Curtin University
A sample of the Martian meteorite known as 'Black Beauty' 

image: 

A sample of the Martian meteorite known as 'Black Beauty'

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Credit: Curtin University/Aaron Cavosie




New Curtin University-led research has uncovered what may be the oldest direct evidence of ancient hot water activity on Mars, revealing the planet may have been habitable at some point in its past.

 

The study analysed a 4.45 billion-year-old zircon grain from the famous Martian meteorite NWA7034, also known as Black Beauty, and found geochemical ‘fingerprints’ of water-rich fluids.

 

Study co-author Dr Aaron Cavosie from Curtin’s School of Earth and Planetary Sciences said the discovery opened up new avenues for understanding ancient Martian hydrothermal systems associated with magmatism, as well as the planet’s past habitability.

 

“We used nano-scale geochemistry to detect elemental evidence of hot water on Mars 4.45 billion years ago,” Dr Cavosie said.

 

“Hydrothermal systems were essential for the development of life on Earth and our findings suggest Mars also had water, a key ingredient for habitable environments, during the earliest history of crust formation.”

 

“Through nano-scale imaging and spectroscopy, the team identified element patterns in this unique zircon, including iron, aluminium, yttrium and sodium. These elements were added as the zircon formed 4.45 billion years ago, suggesting water was present during early Martian magmatic activity.”

 

Dr Cavosie said the research showed that even though Mars’ crust endured massive meteorite impacts that caused major surface upheaval, water was present during the early Pre-Noachian period, prior to about 4.1 billion years ago.

 

“A 2022 Curtin study of the same zircon grain found it had been ‘shocked’ by a meteorite impact, marking it as the first and only known shocked zircon from Mars,” Dr Cavosie said.

 

“This new study takes us a step further in understanding early Mars, by way of identifying tell-tale signs of water-rich fluids from when the grain formed, providing geochemical markers of water in the oldest known Martian crust.”

 

Lead author Dr Jack Gillespie from the University of Lausanne was a Postdoctoral Research Associate at Curtin’s School of Earth and Planetary Sciences at the time of the study, which was co-authored by researchers from Curtin’s Space Science and Technology Centre, the John de Laeter Centre and the University of Adelaide, with funding from the Australian Research Council, Curtin University, University of Adelaide and the Swiss National Science Foundation.

 

The full study, titled ‘Zircon evidence for early hydrothermal activity on Mars’, will be published in Science Advances.

2 MILLION mph galaxy smash-up seen in unprecedented detail



Royal Astronomical Society
WEAVE's view of Stephan's Quintet 

image: 

WEAVE data overlaid on a James Webb Space Telescope image of Stephan's Quintet, with green contours showing radio data from the Low Frequency Array (LOFAR) radio telescope. The orange and blue colours follow the brightness of Hydrogen-alpha obtained with the WEAVE LIFU, which trace where the intergalactic gas is ionised. The hexagon denotes the approximate coverage of the new WEAVE observations of the system, which is 36 kpc wide (similar in size to our own galaxy, the Milky Way).

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Credit: University of Hertfordshire





A massive collision of galaxies sparked by one travelling at a scarcely-believable 2 million mph (3.2 million km/h) has been seen in unprecedented detail by one of Earth's most powerful telescopes.

The dramatic impact was observed in Stephan's Quintet, a nearby galaxy group made up of five galaxies first sighted almost 150 years ago.

It sparked an immensely powerful shock akin to a "sonic boom from a jet fighter" – the likes of which are among the most striking phenomena in the Universe.

Stephan's Quintet represents "a galactic crossroad where past collisions between galaxies have left behind a complex field of debris", which has now been reawakened by the passage of the galaxy, NGC 7318b.

The collision was spotted by a team of scientists using the first observations from the new 20-million Euro (£16.7million) William Herschel Telescope Enhanced Area Velocity Explorer (WEAVE) wide-field spectrograph in La Palma, Spain.

This cutting-edge, next generation science facility will not only reveal how our Milky Way galaxy was built up over billions of years, but also offer new insights into millions of other galaxies across the Universe.

The discovery of NGC 7318b smashing through Stephan's Quintet was observed by a team of more than 60 astronomers and has been published today in Monthly Notices of the Royal Astronomical Society.

The system is an ideal laboratory to understand the chaotic and often violent relationship between galaxies, which is why it was the focus of the first-light observation by the WEAVE Large Integral Field Unit (LIFU).

Lead researcher Dr Marina Arnaudova, of the University of Hertfordshire, said: "Since its discovery in 1877, Stephan's Quintet has captivated astronomers, because it represents a galactic crossroad where past collisions between galaxies have left behind a complex field of debris.

"Dynamical activity in this galaxy group has now been reawakened by a galaxy smashing through it at an incredible speed of over 2 million mph (3.2 million km/h), leading to an immensely powerful shock, much like a sonic boom from a jet fighter."

The international team has uncovered a dual nature behind the shock front, previously unknown to astronomers.

"As the shock moves through pockets of cold gas, it travels at hypersonic speeds – several times the speed of sound in the intergalactic medium of Stephan’s Quintet* – powerful enough to rip apart electrons from atoms, leaving behind a glowing trail of charged gas, as seen with WEAVE," Dr Arnaudova said.

However, when the shock passes through the surrounding hot gas, it becomes much weaker, according to PhD student Soumyadeep Das, of the University of Hertfordshire.

He added: "Instead of causing significant disruption, the weak shock compresses the hot gas, resulting in radio waves that are picked up by radio telescopes like the Low Frequency Array (LOFAR)."

The new insight and unprecedented detail came from WEAVE's LIFU, combining data with other cutting-edge instruments such as the LOFAR, the Very Large Array (VLA), and the James Webb Space Telescope (JWST).

WEAVE is a state-of-the-art super-fast mapping device that has been connected to the William Herschel Telescope to analyse the composition of stars and gas both in the Milky Way and in distant galaxies.

This is done with the help of a spectroscope, which reveals the elements that stars are made of by generating a bar code-style pattern within a prism of colours that make up a source of light.

It was designed and built following a multi-lateral agreement by France, Italy and the countries of the Isaac Newton Group of Telescopes partnership (the UK, Spain and the Netherlands).

Astronomers hope that WEAVE will help reveal how our galaxy formed in unprecedented detail and revolutionise our understanding of the Universe.

Dr Daniel Smith, of the University of Hertfordshire, said: "It's really neat work that Marina has put together with this large team, but this first WEAVE science paper also represents just a taste of what is to come over the next five years now that WEAVE is becoming fully operational."

Professor Gavin Dalton, WEAVE principal investigator at RAL Space and the University of Oxford, said: "It's fantastic to see the level of detail uncovered here by WEAVE.

"As well as the details of the shock and the unfolding collision that we see in Stephan's Quintet, these observations provide a remarkable perspective on what may be happening in the formation and evolution of the barely resolved faint galaxies that we see at the limits of our current capabilities."

Dr Marc Balcells, director of the Isaac Newton Group of Telescopes, said: "I'm excited to see that the data gathered at the WEAVE first light already provide a high-impact result, and I'm sure this is just an early example of the types of discoveries that will be made possible with WEAVE on the William Herschel Telescope in the coming years."

ENDS


Radio observations of Stephan's Quintet at different frequencies, taken by the Low Frequency Array (LOFAR) and the Very Large Array (VLA). The red colours indicate strong radio emission coming from the shock front, as well as from some of the galaxies in the group and beyond.

The WEAVE prime-focus corrector and positioner at the William Herschel telescope in La Palma, Spain.

Credit

ING

Images and captions

WEAVE's view of Stephan’s Quintet

Caption: WEAVE data overlaid on a James Webb Space Telescope image of Stephan's Quintet, with green contours showing radio data from the Low Frequency Array (LOFAR) radio telescope. The orange and blue colours follow the brightness of Hydrogen-alpha obtained with the WEAVE LIFU, which trace where the intergalactic gas is ionised. The hexagon denotes the approximate coverage of the new WEAVE observations of the system, which is 36 kpc wide (similar in size to our own galaxy, the Milky Way).

Credit: University of Hertfordshire

 

Radio observations

Caption: Radio observations of Stephan's Quintet at different frequencies, taken by the Low Frequency Array (LOFAR) and the Very Large Array (VLA). The red colours indicate strong radio emission coming from the shock front, as well as from some of the galaxies in the group and beyond.

Credit: University of Hertfordshire

 

High-energy plasma

Caption: An image revealing the age of high-energy plasma in Stephan's Quintet, as captured by radio observations with the VLA and LOFAR. The blue colours indicate older, low-energy plasma, while the orange and yellow areas mark regions that are being actively energised. The thin, dashed lines outline the location of the galaxies in the group, while the black solid lines trace the shock region identified with WEAVE data, which perfectly matches the areas where this plasma is being re-accelerated by the collision between NGC 7318b and the group.

Credit: University of Hertfordshire

 

Decomposition of gas

Caption: WEAVE decomposition of gas in Stephan's Quintet, overlaid on a JWST image. The red highlights gas shocked by the collision, while green and blue shows star-forming regions. The purple areas represent bubbles with an unknown origin. The black contours show neutral Hydrogen, and its location relative to the shocked gas (in red) suggests that is where it comes from.

Credit: University of Hertfordshire

 

WEAVE

Caption: The WEAVE prime-focus corrector and positioner at the William Herschel telescope in La Palma, Spain.

Credit: ING

 


 

Further information

The paper 'WEAVE First Light observations: Origin and Dynamics of the Shock Front in Stephan’s Quintet', by Dr Marina Arnaudova et al. will be published in Monthly Notices of the Royal Astronomical Society on Friday 22 November 2024. For an advance copy of the paper, email press@ras.ac.uk

 

*This is estimated to be ~440km/s.

 


 

Notes for editors

About WEAVE

In 2016, a multi-lateral agreement to design and build WEAVE was signed by the countries of the Isaac Newton Group of Telescopes (ING) partnership (the UK, Spain and the Netherlands), joined by France and Italy, with each country contributing major components as listed below, and with the ING providing auxiliary systems and overall project management.

The consortium is led by Gavin Dalton from the University of Oxford and RALSpace as Principal Investigator, Scott Trager from University of Groningen as Project Scientist, Don Carlos Abrams from ING as Project Manager, and Chris Benn from ING as Instrument Scientist.

The main components of WEAVE are:

  • Fibre positioner, developed by the University of Oxford in the UK, with support from the Instituto de Astrofísica de Canarias (IAC) in Spain.
  • Prime-focus system, designed by ING, IAC and SENER, provided by the IAC and manufactured by SENER. Support from Konkoly Observatory (HU). Lenses were polished by KiwiStar in New Zealand, funded from STFC, NOVA, INAF, IAC and ING, and mounted at SENER Aeroespacial (ES) by SENER and ING.
  • Spectrograph, built by NOVA in the Netherlands with optical design by RAL Space in the UK, optics manufactured at INAOE (MX) and with support from INAF (IT) and the IAC.
  • Field rotator, provided by IAC and manufactured by IDOM (ES). Optical fibres, provided by the Observatoire de Paris in France, manufactured in France, Canada and USA.
  • LIFU, built by NOVA (NL).
  • CCD detectors system, provided by Liverpool John Moores University in the UK. Data processing, analysis and archiving led by the University of Cambridge (UK), IAC (ES) and FGG-INAF (IT) respectively.
  • Observatory control system, built by the ING.

 

WEAVE's construction has been funded by the Science and Technology Facilities Council (STFC, UK), the Netherlands Research School for Astronomy (NOVA, NL), the Dutch Research Council (NWO, NL), the Isaac Newton Group of Telescopes (ING, UK/NL/ES), the Instituto de Astrofísica de Canarias (IAC, ES), the Ministry of Economy and Competitiveness (MINECO, ES), the Ministry of Science and Innovation (MCI, ES), the European Regional Development Fund (ERDF), the National Institute for Astrophysics (INAF, IT), the French National Centre for Scientific Research (CNRS, FR), Paris Observatory – University of Paris Science and Letters (FR), Besançon Observatory (FR), Region île de France (FR), Region Franche-Comté (FR), Instituto Nacional de Astrofísica, Óptica y Electrónica (INAOE, MX), National Council for Science and Technology (CONACYT, MX), Lund Observatory (SE), Uppsala University (SE), the Leibniz Institute for Astrophysics (AIP, DE), Max-Planck Institute for Astronomy (MPIA, DE), University of Pennsylvania (US), and Konkoly Observatory (HU).

 

About the William Herschel Telescope

The William Herschel Telescope (WHT) is operated on the island of La Palma by the Isaac Newton Group of Telescopes (ING) in the Spanish Observatorio del Roque de los Muchachos of the Instituto de Astrofísica de Canarias (IAC). The ING is funded by the Science and Technology Facilities Council (STFC-UKRI) of the United Kingdom, the Nederlandse Organisatie voor Wetenschappelijk Onderzoek (NWO) of the Netherlands, and the IAC in Spain. IAC's contribution to the ING is funded by the Spanish Ministry of Science, Innovation and Universities.

 

About the Royal Astronomical Society

The Royal Astronomical Society (RAS), founded in 1820, encourages and promotes the study of astronomy, solar-system science, geophysics and closely related branches of science.

The RAS organises scientific meetings, publishes international research and review journals, recognises outstanding achievements by the award of medals and prizes, maintains an extensive library, supports education through grants and outreach activities and represents UK astronomy nationally and internationally. Its more than 4,000 members (Fellows), a third based overseas, include scientific researchers in universities, observatories and laboratories as well as historians of astronomy and others.

The RAS accepts papers for its journals based on the principle of peer review, in which fellow experts on the editorial boards accept the paper as worth considering. The Society issues press releases based on a similar principle, but the organisations and scientists concerned have overall responsibility for their content.

Keep up with the RAS on XFacebookLinkedIn and YouTube.

Many physicists argue the universe is fine-tuned for life – findings question this idea

The Conversation
November 21, 2024

Universe (Image credit: NASA, ESA, CSA, STScICC BY)

Physicists have long grappled with the question of why the universe was able to support the evolution of intelligent life. The values of the many forces and particles, represented by some 30 so-called fundamental constants, all seem to line up perfectly to enable it.

Take gravity. If it were much weaker, matter would struggle to clump together to form stars, planets and living beings. And if it were stronger, that would also create problems. Why are we so lucky?

Research that I recently published with my colleagues John Peacock and Lucas Lombriser now suggests that our universe may not be optimally tailored for life. In fact, we may not be inhabiting the most likely of possible universes.

We particularly studied how the emergence of intelligent life is affected by the density of “dark energy” in the universe. This manifests as a mysterious force that speeds up the expansion of the universe, but we do not know what it is.

The good news is that we can still measure it. The bad news is that the observed value is way smaller than what we would expect from theory. This puzzle is one of the biggest open questions in cosmology, and was a primary motivation for our research.


























Anthropic reasoning

We tested whether “anthropic reasoning” may offer a suitable answer. Anthropic reasoning is the idea that we can infer properties of our universe from the fact that we, humans, exist. In the late 80s, physics Nobel laureate Steven Weinberg discussed a possible anthropic solution for the observed value of the dark energy density.

Weinberg reasoned that a larger dark energy density would speed up the universe’s expansion. This would counteract gravity’s effort to clump matter together and form galaxies. Fewer galaxies means fewer stars in the universe. Stars are essential for the emergence of life as we know it, so too much dark energy would suppress the odds of intelligent life such as humans appearing.

Weinberg then considered a “multiverse” of different possible universes, each with a different dark energy content. Such a scenario follows from some theories of cosmic inflation, a period of accelerated expansion occurring early in the universe’s history.


Weinberg proposed that only a tiny fraction of the universes within the multiverse, whether real or hypothetical, would have a sufficiently small dark energy density to enable galaxies, stars and, ultimately, intelligent life, to appear. This would explain why we observe a small dark energy density – despite our theories suggesting it should be much larger – we simply could not exist otherwise.



Number of stars (white) produced in universes with different dark energy densities. Clockwise from the upper-left panel: no dark energy, same dark energy density as in our universe, 30 and 10 times the dark energy density in our universe. Credit: Courtesy of Oscar Veenema, former undergraduate student at Durham University, now PhD student at Oxford University, CC BY-SA


A potential pitfall in Weinberg’s reasoning is the assumption that the fraction of matter in the universe that ends up in galaxies is proportional to the number of stars formed. Some 35 years later, we know that it is not that simple. Our research then aimed at testing Weinberg’s anthropic argument with a more realistic star formation model.
Counting stars

Our goal was to determine the number of stars formed over the entire history of a universe with a given dark energy density. This boils down to a counting exercise.


First, we picked a dark energy density between zero and 100,000 times the observed value. Depending on the amount, gravity can hold matter together more or less easily, determining how galaxies can form.

Next, we estimated the yearly amount of stars formed within galaxies over time. This followed from the balance between the amount of cool gas that can fuel star formation, and the opposing action of galactic outflows that heat up and push gas outside galaxies.

We then determined the fraction of ordinary matter that was converted into stars over the entire lifetime (past and future) of a certain universe model. This number expressed the efficiency of that universe at producing stars.



Credit: Image readapted from D. Sorini, J. A. Peacock, L. Lombriser, in Monthly Notices of the Royal Astronomical Society, Volume 535, Issue 2, Pages 1449–1474. Source: https://doi.org/10.1093/mnras/stae2236, CC BY-SA

We then assumed that the likelihood of generating intelligent life in a universe is proportional to its star formation efficiency. As the figure above shows, this suggests that the most hospitable universe contains about one-tenth of the dark energy density observed in our universe.


Our universe is thus not too far from the most favourable possible for life. But it also isn’t the most ideal.

But to validate Weinberg’s anthropic reasoning, we should imagine picking a random intelligent life form in the multiverse, and ask them what dark energy density they observe.

We found that 99.5% of them would experience a larger dark energy density than observed in our universe. In other words, it looks like we inhabit a rare and unusual universe within the multiverse.

This does not contradict the fact that universes with more dark energy would suppress star formation, hence reducing the chances of forming intelligent life.




Marbles in boxes. CC BY-SA

By analogy, suppose we want to sort 300 marbles into 100 boxes. Each box represents a universe, and each marble an intelligent observer. Let us put 100 marbles in box number one, four in box number two and then two marbles in all other boxes. Clearly, the first box contains the single largest number of marbles. But if we pick one marble at random from all boxes, it is more likely to come from a box other than number one.

Likewise, universes with little dark energy are individually more hospitable for life. But life, although more unlikely, can still spawn in the many possible universes with abundant dark energy too – there will still be a few stars in them. Our calculation finds that most observers among all universes will experience a higher dark energy density than is measured in our universe.

Also, we found that the most typical observer would measure a value about 500 times larger than in our universe.


Where does that leave us?


In conclusion, our results challenge the anthropic argument that our existence explains why we have such a low value of dark energy. We could have more easily found ourselves in a universe with a larger dark energy density.

Anthropic reasoning may still be salvaged if we adopt more complex multiverse models. For example, we could allow for the amount of both dark energy and ordinary matter to vary across different universes. Perhaps, the reduced spawning of intelligent life due to a higher dark energy density might be compensated by a higher density of ordinary matter.

In any case, our findings warn us against a simplistic application of anthropic arguments. This makes the dark energy problem even harder to grapple with.

What should we cosmologists do now? Roll up our sleeves and think harder. Only time will tell how we solve the puzzle. However we will do it, I am sure it will be incredibly exciting.

Daniele Sorini, Post Doctoral Research Associate in Cosmology, Durham University

This article is republished from The Conversation under a Creative Commons license. Read the original article.


The first ‘zoomed-in’ image of a star outside our galaxy


By AFP
November 21, 2024

The image of the massive star, which is encircled by a mysterious "egg-shaped cocoon" - Copyright AFP Andrej ISAKOVIC

Scientists said Thursday they have taken the first ever close-up image of a star outside of the Milky Way, capturing a blurry shot of a dying behemoth 2,000 times bigger than the Sun.

Roughly 160,000 light years from Earth, the star WOH G64 sits in the Large Magellanic Cloud, a satellite galaxy of our home Milky Way.

It is a red supergiant, which is the largest type of star in the universe because they expand into space as they near their explosive deaths.

The image was captured by a team of researchers using a new instrument of the European Southern Observatory’s Very Large Telescope in Chile.

Keiichi Ohnaka, an astrophysicist at Chile’s Andres Bello National University, said that “for the first time, we have succeeded in taking a zoomed-in image of a dying star”.

The image shows the bright if blurry yellow star enclosed inside an oval outline.

“We discovered an egg-shaped cocoon closely surrounding the star,” Ohnaka said in a statement.

“We are excited because this may be related to the drastic ejection of material from the dying star before a supernova explosion,” added the lead author of a study published in the journal Astronomy & Astrophysics.

– ‘Witness a star’s life in real time’ –

Ohnaka’s team has been watching the star for some time.

In 2005 and 2007 they used the Very Large Telescope’s interferometer, which combined the light from two telescopes, to learn more about the star.

But capturing an image remained out of reach until a new instrument called GRAVITY — which combines the light of four telescopes — recently came online.

When they compared all their observations, the astronomers were surprised to find that the star had dimmed over the last decade.

“The star has been experiencing a significant change in the last 10 years, providing us with a rare opportunity to witness a star’s life in real time,” said study co-author Gerd Weigelt of Germany’s Max Planck Institute for Radio Astronomy.

Red supergiants — such as Betelgeuse in the Orion constellation — are “one of the most extreme of its kind, and any drastic change may bring it closer to an explosive end,” added study co-author Jacco van Loon of Keele University in the UK.

In their final stages of life, before they go supernova, red supergiants shed their outer layers of gas and dust in a process that can last thousands of years.

It could be this expelled material that is making the star appear dimmer, the scientists said.

This could also explain the strange shape of the dust cocoon that surrounds the star.

Another explanation for the egg-shaped cocoon could be that there is another star hidden somewhere inside that has not yet been discovered.

Gaza boy dreamed of ride to Moon but Israeli missile 'tore him into pieces'

"He said to me 'I hope a rocket comes and I can go to the Moon'. He didn't realise that the rocket would come and tear him up into pieces," says mother of Abdul Aziz, 7, who was killed by Israel along with his brother Hamza, 5 and sister Laila, 3.



AA

Relatives of the Palestinians who were killed in an attack on Al Mawasi area of Khan Younis mourn as dead bodies were taken from the Nasser Hospital for burial in Khan Yunis, Gaza on November 21, 2024. / Photo: AA


As Areej al-Qadi tearfully kissed the bodies of her three young children killed by Israel in an air strike in Gaza, another mourner lashed out at the United States and Arab leaders for not ending the genocide.

Palestinians in Gaza attending one funeral after another after more than a year of Israeli genocide feel abandoned and angry that their pleas for help have gone largely unanswered.

Qadi said her son Abdul Aziz, 7, killed by Israel along with his brother Hamza, 5 and sister Laila, 3, while they played outside in the southern Gaza city of Khan Younis, had wanted to be an astronaut.

"He said to me 'I hope a rocket comes and I can go to the Moon'. He didn't realise that the rocket would come and tear him up into pieces," she said.

"What right does America have, talking about democracy, justice and equality? said displaced mourner Ra'fat al-Shaer. "Also a message to the Arab world, to the heads of the Arab nations. How long will this continue?"

Arab countries have not backed their own calls for an end to the suffering of fellow-Muslims with any threats to end diplomatic agreements with Israel despite the killings of tens of thousands of civilians.


Reuters
Mourners gather next to the bodies of Palestinian children killed by Israel in a strike, during a funeral in Khan Younis in southern Gaza, on November 21, 2024.




'They were all martyred'

Israel has killed more than 44,000 people, wounded more than 104,000 and turned Gaza, one of the world's most densely populated places, into a wasteland of crushed cement and twisted metal.


Most of Gaza's population of 2.4 million people has been displaced and the enclave is at risk of famine, more than a year into Israel's genocide.


Many analysts say the reported death toll is a conservative estimate.


A letter to US President Joe Biden from a group of almost 100 American doctors who served in Gaza estimated a death toll of more than 118,000 in October 2024. And according to the UK medical journal The Lancet, the death toll could be more than 180,000.


People like Mahmoud Bin Hassan al-Thalatha, the father of the three children he said were killed along with other innocent people by Israel on a bustling street, say their only recourse is prayer.


"My children were martyred, the people walking were martyred, and the stall vendor was martyred while he was sitting down, they were all martyred. May God have mercy on them."

SOURCE: Reuters TRT World

Fly my encrypted data to the moon — or to the Canadian Space Agency’s first quantum communication satellite anyways


By Abigail Gamble
November 21, 2024
DIGITAL JOURNAL

Katanya Kuntz is a a quantum physicist and CEO and Co-founder of Qubo Consulting Corp. — Photo by Jennifer Friesen, Digital Journal

“Imagine a rat’s maze,” says Katanya Kuntz, a quantum physicist, CEO and co-founder of Qubo Consulting Corp.

She’s explaining how quantum technology works, during an interview with Digital Journal at Calgary Innovation Week.

You’ve got a rat at one end of the maze, and cheese at the other end. A classic computer is going to test out one path at a time, to figure out which path will get them to the cheese.

“But a quantum computer can try all possibilities simultaneously at once, and then find the path,” she said.

Which means, it figures out the best path much more quickly. And that’s thanks to quantum physics.

Here’s how quantum physics and technology work:

“We’ve had quantum physics for more than 100 years,” Kuntz explains. It’s the study of the microscopic building blocks of pretty much everything in the universe — like atoms. And they have different, rather wacky rules that we’re not used to experiencing in everyday life.

Some of what we understand about these building blocks or particles (their principles or rules) has been applied to what were called Quantum 1.0 technologies for a while, says Kuntz.

Essentially, everyday tools like lasers, LED lights, electronics, MRI and x-ray machines are created by applying the foundational principles of quantum physics to a technological process.

To return to the rat maze analogy…

In quantum physics, one of the “basic” rules is that a particle can exist in multiple places, simultaneously.

A particle doesn’t have a fixed location until we look at it. This happens because particles behave like waves of probability rather than fixed objects. Until we observe or measure a particle, it’s in a state of uncertainty, where all possible outcomes coexist.

So a quantum computer can explore every different maze path that’s possible, all at the same time.

Cool, huh?

It gets cooler though, because these days, scientists are working on technologies that use the more complicated quantum principle of entanglement to create “quantum networks” or a “quantum Internet” that will enable next-level data encryption. It’s Quantum 2.0.
Photo by Jennifer Friesen, Digital Journal


How Quantum 2.0 is going to protect our data so it’s unhackable

An exciting example of Quantum 2.0 technology is Canada’s first quantum communication satellite that’s set to launch in 2025 or 2026, which will help secure our data in a whole new way, says Kuntz.

In addition to her role at Qubo, Kuntz is the science team coordinator for this mission, which is called the Quantum EncrYption and Science Satellite (QEYSSat), and is owned by the Canadian Space Agency.

What’s the satellite going to do exactly?

The QEYSSat science team is going to beam a laser up from the Earth to communicate with it.

“So there’s a ground station in Waterloo, Ontario,” Kuntz explains, “It’s literally a telescope … we’re going to shoot a laser up.” And this will be a “quantum uplink” sending particles of light — called photons — up from the ground to space.

Quantum communication systems are sent to space because satellites allow secure communication over long distances, something that’s hard to achieve on Earth due to interference and the limited range of ground-based fibre systems.

These photon signals can be used to encode and encrypt everything from online banking to sensitive transaction records to private government data, and are much, much more secure than any of the other encryption technologies we use today.

“With quantum, you can actually encrypt the information securely. So it’s theoretically 100% secure,” explains Kuntz.

And this level of encryption is increasingly necessary as hacking and ransomware threats become a bigger concern, she says.

“Calgary’s Public Library system got hacked about a month ago and was held hostage, and they still don’t have internet, computers, printers, anything electronic. There’s literally a sign when you walk into the public libraries here that says, ‘no technology.’ And you can take out books, but you can’t return books because they can’t check anything.”

How and why we need quantum satellite encryption:

When you encode information on the individual photons, if a hacker is trying to access your data, it will affect the light stream, and you’ll know because you’re monitoring that channel, says Kuntz.

“This is to everyone’s benefit,” she says and is part of the Canadian government’s quantum strategy, prepping for the day when the first quantum computers come online. This could happen in the next five to 15 years, says Kuntz.

“There’s around 20 countries already that have quantum satellite missions, so we’re not the first,” she says. But the value of having our own in Canada is to establish our own secure quantum network.

“So it’s our national sovereignty to have our own quantum Internet. It protects our own public information.”

Katanya Kuntz spoke with Abigail Gamble for Digital Journal during Calgary Innovation Week. Photo by Jennifer Friesen, Digital Journal


Everyone else needs to prepare for our quantum future too

It’s not just governments who need to prepare for the quantum future, says Kuntz. Businesses and organizations can (and probably should) start looking now for quantum solutions to their problems.

And by problems, she means almost any challenge that includes a lot of complex variables.

For instance: “There are cities that are using quantum optimization algorithms, like Tokyo, to improve their transportation and waste management,” Kuntz says.

Some of the complex challenges quantum can help navigate include:

“If there’s events in the city, how is that going to affect the waste management? If there’s [extra] traffic flow, if there’s [unexpected] weather events, if there’s suddenly a snow dump, that’s going to really affect your routes, and maybe your garbage trucks won’t get to all their stops.”

Quantum tools can help provide solutions in situations like these, that are faster (like our rat to cheese scenario) and ensure the data involved is more secure (with next-level encryptions).

The speed and security of quantum can be used to improve the efficiency of every sector from finance, to aviation to agriculture and manufacturing, Kuntz says. “It’s not just one industry. This is touching every single industry in the world.”

She also notes that companies and organizations alike need to be prepared for when quantum computers come online, because they’ll be able to hack anything that isn’t quantum encrypted.

“Elect somebody in your company to be your technology evangelist, and have a small budget for their training.” Once they understand quantum a little better, Kuntz recommends sending them off to find people and tools who can help do a “cryptographic inventory” of your assets.

“Engage with a quantum company and start exploring,” she says.



Written By Abigail Gamble
Abigail is a writer, editor, journalist and content strategist based in Toronto and El Salvador.

 

Less than 50% of many prenatal supplements have the adequate amount of choline and iodine



Researchers at the University of Colorado Anschutz Medical Campus are one of the first to test for choline and iodine, essential ingredients for fetal development


University of Colorado Anschutz Medical Campus





New research reveals many prenatal vitamins don’t contain enough of the nutrients that are essential for a healthy pregnancy, while others contain harmful levels of toxic metals.

The study published in The American Journal of Clinical Nutrition checked the amounts of choline and iodine in nonprescription and prescription prenatal vitamins. The research also checked for toxic metals like arsenic, lead and cadmium.

“During pregnancy, many women rely on prenatal vitamins and minerals to support their health and their baby’s development. Among the most crucial nutrients for fetal development are choline and iodine. However, some prenatal vitamins may not contain the exact amounts listed on the label and some may not contain any choline or iodine,” said the study’s first author Laura Borgelt, PharmD, MBA, professor at the University of Colorado Skaggs School of Pharmacy and Pharmaceutical Sciences at CU Anschutz. “Our study aims to help women better understand the nutrient content in prenatal supplements, empowering them to make more informed choices and select the best options for their health and their baby's well-being.”

The researchers tested a sample of 47 different prenatal vitamins (32 nonprescription and 15 prescription products) bought from online and local stores where people commonly shop. They then measured the actual amounts of choline and iodine in their lab versus what was on the label and also checked for arsenic, lead and cadmium. They compared their findings with official safety standards within 20% of the claimed amount.

The Food and Nutrition Board of the Institute of Medicine recommends dietary reference intakes for choline at 450 mg/day during pregnancy and 550 mg/day during lactation, with a tolerable upper limit of 3,500 mg/day. For iodine, the recommended dietary reference intake for females aged 19 and older is 150 mcg/day, increasing to 220 mcg/day during pregnancy and 290 mcg/day during lactation. The tolerable upper limit for iodine is 1,100 mcg/day.

Additionally, the United States Pharmacopeia has established purity standards for pharmaceuticals, including limits for harmful substances: arsenic (2.5 mcg per oral daily dose), cadmium (0.5 mcg per oral daily dose) and lead (0.5 mcg per oral daily dose).

The researchers found most prenatal vitamins do not list choline, and many of those that do, don’t contain the correct amount. Only 12 listed the choline content, which is about 26% and only five products (42%) had the right amount of choline as promised on the label.

When checking for iodine, they found most prenatal vitamins contain less than advertised, and very few provided the correct amount, with 53% of products listing iodine content, but only four (16%) products contained the claimed amount of iodine on the label.

They also found some products contained levels of heavy metals that were higher than expected. Specifically, seven products had too much arsenic, two had too much lead and 13 had too much cadmium, all above the purity limits set by the U.S. Pharmacopeia. Exposure to these heavy metals in pregnancy has been associated with adverse birth outcomes.

“We're one of the first studies to measure the actual amounts of choline and iodine in a large sample of prenatal supplements. The presence of contaminants, especially cadmium, was also concerning. Our findings highlight a significant gap between what's listed on the labels and what’s actually in the products, underscoring the urgent need for stronger regulatory oversight in this area,” Borgelt adds.

The authors mention that although there's a need for more oversight in ensuring supplements have enough of each ingredient, prenatal supplements are still important to take during pregnancy. They recommend double-checking ingredients or working with a doctor or healthcare professional to choose the prenatal supplement.

This study was funded by the Center for Science in the Public Interest via a grant by the John Sperling Foundation.

About the University of Colorado Anschutz Medical Campus

The University of Colorado Anschutz Medical Campus is a world-class medical destination at the forefront of transformative science, medicine, education and patient care. The campus encompasses the University of Colorado health professional schools, more than 60 centers and institutes and two nationally ranked independent hospitals - UCHealth University of Colorado Hospital and Children's Hospital Colorado – which see more than two million adult and pediatric patient visits yearly. Innovative, interconnected and highly collaborative, the CU Anschutz Medical Campus delivers life-changing treatments, patient care and professional training and conducts world-renowned research fueled by $910 million in annual research funding, including $757 million in sponsored awards and $153 million in philanthropic gifts. 

 

Design and imagination as essential tools during the climate crisis



In Nature Partner Journals, ten researchers advocate the use of imagination in tackling the climate crisis



Delft University of Technology

A vision for the future 

image: 

Professor Chris Zevenbergen: "Create a vision for people to believe in and work towards."

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Credit: Credits: LOLA Landscape Architects and De Urbanisten, in collaboration with the TU Delft group Redesigning Deltas




In Nature Partner Journals, ten researchers advocate the use of imagination in tackling the climate crisis. They focus specifically on urbanising river deltas, which are of great social and economic importance and highly vulnerable to climate change. "We scientists should not merely outline doomsday scenarios," says Professor Chris Zevenbergen. "Create a vision for people to believe in and work towards.”

From doomscenarios to desired outcomes
Due to the climate crisis, urban river deltas are facing hazards such as rising sea levels, extreme weather events, and soil subsidence. Prosperous regions like the Netherlands are facing increasing costs and complexity for improving systems. Deltas in low- and middle-income countries additionally struggle with rapid urbanisation and limited resources. Traditional models are often insufficient to prepare deltas for our unpredictable future, necessitating more flexible approaches.

"Fortunately, the scientific community is already showing a greater focus on optimism and visions of the future, which helps to inspire and motivate people." According to Chris and his co-authors, scientists should more often use imagination and ‘design-based research’. "Ask the wider society: what do we want our country to look like in 100 years? What do we really care about? And then visualise possible futures." In this way, we encourage civic engagement and make climate adaptation both tangible and motivating.

"Ask the wider society: what do we want our country to look like in 100 years? What do we really care about?"

Inspiration from the Netherlands
Netherlands can serve as a role model for deltas worldwide, according to the authors. ‘’Take for instance Johan van Veen, visionary designer of the Delta Works," says Chris. "Johan was not thinking in years, but in generations. He had deep knowledge of natural processes such as sedimentation. And when the 1953 North Sea Flood struck, he had an appealing vision of the future ready at hand." Or consider the recent Room for the River programme, which applies natural solutions to increase the capacity of rivers while simultaneously improving biodiversity.

These words of praise must come with a caveat. Chris: “Many Dutch people considered the Delta Works a permanent solution, but according to Johan they were always meant as a necessary step in a process. Today, we need a new long-term vision.” Fortunately, work is underway on new visions for our coastal areas, including three scenarios for 2100. “Do we want to preserve our current coasts, flexibly adapt to change, or give way completely to the rising sea? This is how we use the power of design and imagination!”

"Johan van Veen did not think in years, but in generations; he had deep knowledge of natural processes; and he had an appealing vision for the future."

Measures for science, policy, and education
The authors offer clear advice to scientists, policymakers, and universities: strengthen the role of design in delta management. Scientists should integrate imagination and interdisciplinary approaches into climate adaptation research. Chris: “Be like Johan van Veen. Unite professional knowledge with long-term thinking, visualisation, and an understanding of nature." Policymakers should invest in vision and creative research, because “after all, these plans will amount to billions of euros when implemented!” And universities should fuel creativity and include ‘design thinking’ in the curriculum. “We want students with the ability to create and the motivation to realise visions of the future: who seek large-scale and unique solutions."

New resources for year-round activism to end gender-based violence and strengthen bodily autonomy for all




CUNY Graduate School of Public Health and Health Policy
16 to 365 logo 

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#16to365

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Credit: CUNY SPH




New York, NY | November 22, 2024 - On Friday the Sexual and Reproductive Justice Hub (SRJ Hub) at the CUNY Graduate School of Public Health and Health Policy (CUNY SPH) launched the newest iteration of the civil society-led Global 16 Days of Activism to End Gender-based Violence campaign. 

For more than 30 years, feminist activists and movements around the world have used the 16 days between the International Day for the Elimination of Violence Against Women (November 25) and Human Rights Day (December 10) to advocate for an end to gender-based violence. With the help of the SRJ Hub, the campaign now will transition into a year-round initiative, reflecting the 365-days-a-year efforts of feminist activists to shift norms, secure accountability, and transform power structures that oppress women, girls, and gender-diverse people. 

The 2024 campaign responds to requests from grassroots organizers who asked for more flexible and diverse campaign messages, illustrations, and resources. Their perspectives are complemented by insights from the campaign's Advisory Council composed of scholars and organizers with deep experience in gender, economic, racial, reproductive, and environmental justice.

Bodily autonomy, the 2024 campaign theme, makes visible the ways different causes and manifestations of gender-based violence are linked. By avoiding a uniform, standardized approach, the campaign will enable local partners to adapt materials according to their unique needs, prioritizing authenticity and safety in local activism.

“Women’s and feminist gender justice organizations and movements have always been at the forefront of the push for bodily autonomy, and now more than ever we need to support the efforts of grassroots organizers who know what works in their contexts,” said CUNY SPH Senior Associate Dean for Academic and Student Affairs Terry McGovern. “The campaign materials will allow organizers to mix and match sample images and messages or use their own.”

The SRJ Hub continues to encourage funders to support the requests of grassroots organizers for multi-year, trust-based core funding that advances their efforts to promote bodily autonomy and end gender-based violence. This includes support for local events and strategic resources or organizers in restrictive environments.

Addressing Urgent Global Trends

A confluence of global trends threaten previously enshrined protections and push equality farther out of reach for far too many women, girls, and gender-diverse people across the globe. These include femicide and restrictions on abortion access; exclusion and marginalization of LGBTQI+ people; growing gender inequality as debt crises, austerity measures, and corruption crowd out social expenditures; conflict and occupation enabled by disregard for international law; increasingly frequent and devastating climate crises; and failure to fully engage with patriarchal practices driving the popularity of anti-gender movements.

Bodily Autonomy Theme Connects Movements

At a time when equality remains out of reach for far too many women, girls, and gender-diverse people across the globe and many previously enshrined protections are being rolled back, the 2024 campaign theme will amplify the efforts of feminist grassroots groups to resist and counter the impacts of gender-based violence by framing bodily autonomy as a fundamental human right. The campaign defines bodily autonomy as the freedom to express every thought, feeling, need, and desire through our bodies, each uniquely shaping who we are.

“Too often campaigns focus on suffering and victimization,” said SRJ Hub consultant Oriana López Uribe, who led the campaign strategy design process. “We want people to imagine what life could be like if everyone had the power and right to make choices about our physical selves, and to feel empathy and solidarity with others who want the same thing.”

This approach is reflected in the campaign’s principles, which emphasize positivity, bravery, and collective care for all.

Grassroots organizers who reviewed and contributed to the sample messages told us, “I like the different levels of messaging, the intentional counter-messaging for some of the more dominant narratives, and some really simple questions that can lead to rich conversations. Many messages were a refreshing change from NGO comms which I appreciate,” and “I appreciate the nuances in the design of the framework and in the messaging. It has been a long time since I encountered those layers in a global campaign. And I love that the messaging is evoking emotions and not dictating policy solutions. I think this is a tactic that progressive movements have abandoned and that anti-rights groups are good at.”

The campaign is on Instagram, ‘X’ and TikTok as @365toEndGBV and campaign materials are available for download after submitting individual or collective information in this form. The campaign materials include sample templates, illustrations, and messages in Arabic, English, French, Spanish, Portuguese, and Russian, as well as tips for designing campaigns and activities, and examples from other campaigns. The SRJ Hub plans to update and expand materials throughout the year based on user feedback. 

Media contact:

Clarisa Bencomo

Clarisa.Bencomo@sph.cuny.edu

917-702-0998

About the Sexual and Reproductive Justice Hub 

In 2024, the City University of New York Graduate School of Public Health and Health Policy (CUNY SPH) began hosting the Global 16 Days Against Gender-Based Violence campaign following the closure of its founding host, the Center for Women’s Global Leadership at Rutgers University. The campaign is housed at the Sexual & Reproductive Justice Hub (SRJ Hub) at CUNY SPH, which coordinates solutions-oriented scholarship, training, and advocacy, centering the lived experiences of women of color and funding their and other marginalized people’s work. Our work is informed by our experience as part of the United States’ largest, oldest, and most diverse urban public university system, with faculty, staff, and students connected to communities and populations around the world. 

Origin of the Global 16 Days Campaign

The Global Campaign was launched in 1991 at the first Women’s Global Leadership Institute held by the Center for Global Women’s Leadership (CGWL), with the goal of raising awareness of GBV as a human rights violation. From the beginning, the Campaign brought together a diverse group of activists and researchers working at all levels from grassroots to international, and united in their belief that ending GBV requires local and global work to change the norms and systems that drive GBV in all its manifestations.

Under CGWL’s stewardship the Global Campaign gained traction in more than 187 countries, with participation from over 6,000 organizations and a reach of over 300 million. It played a pivotal role in gaining recognition of GBV as a human rights violation in the 1993 Vienna Declaration and Program of Action and the 1995 Beijing Declaration and Platform for Action. Early campaign themes addressed health impacts of GBV, cultural drivers, racism, sexism, and militarism, among others. More recent campaign themes have included femicide (2021-2022), violence against women working in the informal economy (2020), and violence and harassment in the world of work (2018 – 2019). The latter included advocacy in support of the adoption of the historic International Labor Organization (ILO) Convention 190, concerning the elimination of violence and harassment in the world of work (2019). In August 2022, CWGL sadly closed its doors after 31 years of collaborative and transformative global work. The 16 Days Campaign is now housed at CUNY SPH, ensuring that the important work of CWGL will continue going forward.

About CUNY SPH

The CUNY Graduate School of Public Health and Health Policy (CUNY SPH) is committed to promoting and sustaining healthier populations in New York City and around the world through excellence in education, research, and service in public health and by advocating for sound policy and practice to advance social justice and improve health outcomes for all.

Pot shares fall after efforts to legalize recreational cannabis in U.S. fall short

By The Canadian Press

Bruce Campbell, president and portfolio manager at StoneCastle Investment Management, joins BNN Bloomberg to discuss the cannabis sector outlook amid U.S. regul

TORONTO — Shares in Canada's major cannabis companies fell in early trading after the U.S. election, which saw efforts to legalize recreational cannabis in several states fail.

Shares of Canopy Growth Corp. were down $1.61 or about 21 per cent at $6.16 in early trading on the Toronto Stock Exchange, while shares of Organigram Holdings Inc. fell 28 cents or about 11 per cent to $2.28.

Aurora Cannabis Inc. shares were down $1.52 or about 18 per cent at $6.94.

A Florida amendment fell short of the 60 per cent supermajority needed to approve constitutional amendments.

It would have allowed recreational sales of marijuana to people over 21 from existing medical marijuana dispensaries, with the potential for the legislature to license additional retailers.

Measures to legalize recreational marijuana were also trailing in North Dakota and South Dakota.

— With files from The Associated Press

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:WEED, TSX:ACB, TSX:OGI)


Legal Weed Fails in Florida in Victory for DeSantis, Griffin

By Anna J Kaiser and Michael Smith,
Bloomberg NewsNovember 05, 2024 

Frederico Gomes, director of institutional research in life sciences at ATB Capital Markets, joins BNN Bloomberg to share his top picks in cannabis stocks.

(Bloomberg) -- Florida voters rejected a ballot measure to legalize recreational marijuana, dealing a blow to the cannabis industry and a giving a big win to the leading opponents: Governor Ron DeSantis and the billionaire financier of his anti-weed campaign, Ken Griffin.

The measure, known as Amendment 3, got 55.9% support — or almost 6 million votes — with 44.1% opposed with 99% of the vote counted, according the Associated Press. But that failed to clear the 60% threshold for approval required by Florida law.

Legalizing recreational marijuana for Florida’s 23 million residents — plus millions of tourists annually — would have been a huge win for the cannabis industry, especially Trulieve Cannabis Corp. The Quincy, Florida-based company contributed about $145 million to the campaign and forecast that as many as 2.7 million people would have moved into the legal weed market.

With Florida on board, about 60% of the US population would have had access to recreational weed, which advocates said would have made national legalization more likely. The cannabis industry invested hundreds of millions of dollars on expanding weed farms, processing plants and dispensary networks in Florida ahead of the vote, betting on soaring demand and profit from legalization.

The massive influx of cash wasn’t enough to offset efforts by DeSantis to defeat the measure. The Republican governor went on a crusade against it, diverting millions in state funds to the effort. He and his wife, Casey, held news conferences with law enforcement officials where they decried the smell of marijuana and what they said was the drug’s potential to increase crime.

The governor’s campaign went beyond weed, said Nick Iarossi, a Tallahassee lobbyist and longtime DeSantis fundraiser and supporter. Fighting legal weed was the centerpiece of DeSantis’ push to bolster his political mandate in Florida after Donald Trump crushed his run for president early this year.

“A lot of people were saying he was in the sunset of his career, but this shows that’s not the case,” Iarossi said in an interview.

The governor found an ally in Griffin, the finance titan and transplant from Chicago. Griffin donated $12 million to the anti-pot cause and was the only large individual donor. All told, DeSantis and anti-weed advocates drummed up $26 million to fight the measure.

The fight over recreational marijuana created some odd bedfellows. Donald Trump, a Florida resident, said he would be voting yes and his ally Roger Stone advocated for the measure. John Morgan, a celebrity personal injury lawyer and longtime Democratic donor, created an alter-ego to promote marijuana in Florida, branding himself as “Pot Daddy.”

(Updates with latest tally, investments by weed industry, details of governor’s campaign starting in second paragraph.)

©2024 Bloomberg L.P.
Manulife’s Gori Seized Retirement Before Anyone Asked Him to Go

By Christine Dobby,
 Bloomberg News
November 22, 2024 

Manulife beats profit estimates on Asia and wealth management strength

Manulife’s Chief Financial Officer, Colin Simpson joins BNN Bloomberg to discuss the company's latest earnings and his outlook for their Asia business.


Manulife’s Chief Financial Officer, Colin Simpson joins BNN Bloomberg to discuss the company's latest earnings and his outlook for their Asia business.

(Bloomberg) -- Manulife Financial Corp.’s Chief Executive Officer Roy Gori, who surprised some investors with an earlier-than-expected retirement announcement this week, says he never wanted to stay in the job so long that people started wondering why he just wouldn’t leave.

Australian-born Gori, 56, who has led the Toronto-based insurer and asset manager since 2017, said in an interview Thursday he looked to the famous Indian cricketer Vijay Merchant for inspiration on this front.

“He once said, ‘Retire when they ask you, Why?, not Why not?’” Gori said. “I’m humbly hoping that more people are asking ‘Why?’ for me.”

The conditions were right, he said, because Manulife has a strong successor lined up to take over in May — Phil Witherington, 47, currently head of the Asia division. The firm also has “great business momentum,” in part from a series of deals to de-risk its balance sheet, Gori said.

Manulife just signed a third such accord in the span of less than a year, it said Wednesday, with Reinsurance Group of America agreeing to reinsure C$5.4 billion ($3.9 billion) of reserves.


Capital Release

The transaction, which includes C$2.4 billion in long-term care reserves, will allow Manulife to release C$800 million in capital, which it plans to return to shareholders through buybacks, according to a statement.

“I sort of take a step back and look at what we’ve actually achieved over the last 12 months,” Gori said, listing off the transactions. Those began with a record deal to reinsure C$13 billion of reserves with KKR & Co.’s Global Atlantic Financial Group, followed in March by plans to reinsure C$5.8 billion of Canadian policies with RGA Life Reinsurance Co. of Canada.

“When you take all of those three combined, we reinsured C$24 billion worth of reserves,” he said. In the process, Gori said, Manulife cut its long-term care reserves by about 20%, freed up about C$3 billion in capital and improved its return on equity.

Reinsurance deals lead to lower core earnings, as the insurer no longer books revenue from the policies. But offloading assets with a low return on equity improves overall profitability and cuts the amount of capital Manulife must hold under regulatory rules.

Stock Boost

Manulife shares gained 1.4% to C$45.66 on Thursday, bringing its total return this year including dividends to more than 60%.

“This follow-on transaction was well-telegraphed, but there were still lingering doubts on management’s ability to get it done,” Scotiabank analyst Meny Grauman wrote in a report. It’s significant that they succeeded, he wrote, and that the move involved a younger cohort of long-term care reserves than last year’s deal, which means it will cover a longer period of liability.

“While we don’t see Manulife shares reacting as dramatically to this deal as it did after December’s announcement, we think that it will still help drive Manulife’s valuation higher, and further validates our still-bullish thesis on this name,” Grauman said.

©2024 Bloomberg L.P.

Canary Wharf Owners Offer Cash Injection To Help Refinance Debt


(Bloomberg, CBBT)

(Bloomberg) -- Canary Wharf Group’s owners are offering to provide £900 million ($1.1 billion) of new equity to help the property company repay debt — on the condition that bondholders agree to a new layer of secured borrowing.

The company, co-owned by the Qatar Investment Authority and Brookfield Corp., is asking holders of its €300 million bonds due 2026 and its £300 million bonds due 2028 for permission to incur new debt secured on certain assets, according to a statement issued today. 

The aim of the new financing, which will be backed by some of Canary Wharf’s retail assets, is to refinance the 2026 notes as well as £350 million of bonds maturing in April. Canary Wharf has said it would roll over the 2028 notes “in due course.”

Canary Wharf to Use Retail Assets to Refinance £350 Million Bond

If investors agree to the new debt, Brookfield will commit in a letter to providing equity funding of £900 million to repay Canary Wharf’s high-yield bonds maturing in 2025, 2026 and 2028, as well as any loans outstanding under its revolving credit facility. 


QIA, owned by the Qatar sovereign wealth fund, may sign the equity commitment letter at a later stage, said the statement. If that happens, Brookfield and QIA will commit to provide equity funding of £450 million each. 

Moody’s Ratings called the plans “materially credit-positive” because of the “significantly reduced refinancing risk and the new shareholder commitment.” Moody’s anticipates the new £610 million debt facility will fully repay the notes due in April 2025 and 2026 when they mature.

However, the credit rating agency also said that the arrangement means the last remaining note, due in April 2028, “faces refinancing execution risk with a weaker unencumbered asset pool.” 

Canary Wharf’s bonds due 2026 led gains, as markets priced in the plans to refinance the notes with the new debt. The notes are set for their biggest rise in a year, quoted 2.9 cents on the day higher at 97.2 cents on the euro, according to data compiled by Bloomberg. 

The developer of London’s dockland district has come under pressure from falling property prices as tenants including HSBC Holdings Plc and Clifford Chance LLP are moving to new offices in the City. Job cuts in the financial industry and the shift to more flexible working have added to the uncertainty over long-term demand for office space in the east London outpost.  

The debt-consent solicitation expires at 4 p.m. London time on December 3. Solicitation agents are Citigroup Inc. and Deutsche Bank AG.

©2024 Bloomberg L.P.

Gunvor’s Rotterdam Oil Refinery Joins List of European Shutdowns


By Jack Wittels and Alex Longley
November 22, 2024 
The Gunvor Group refinery at the Port of Rotterdam in Rotterdam, Netherlands.
 (Peter Boer/Bloomberg)

(Bloomberg) -- Gunvor Group is temporarily halting its Rotterdam oil refinery because it’s not making enough money, the latest sign that the continent’s plants are struggling to compete with upstarts in other parts of the world.

Effective Nov. 25, the so-called economic halt is due to a lack of prompt availability of commercially viable feedstock, the company said in a statement. Gunvor said it will “continue to monitor the situation and assess future resupply for the refinery in due course.”

With a processing capacity of 75,000 barrels a day, the plant is relatively tiny. Still, it joins a growing list of European refineries with plans to either halt or downsize, including the Wesseling and Gelsenkirchen plants in Germany and the Grangemouth facility in Scotland.

Europe’s refineries are under pressure from large, new plants, including in the Middle East and Africa, such as Nigeria’s giant new Dangote refinery. The rival fuelmakers can send what they make to Europe, and also compete for market share elsewhere in the world.

©2024 Bloomberg L.P.
Argentina’s Economy Unexpectedly Shrank Amid Austerity Push

By Manuela Tobias
November 22, 2024 

(National statistics agency, Bloo)

(Bloomberg) -- Argentina’s economy unexpectedly shrank in September, as President Javier Milei fights to restart an ailing economy amid an aggressive austerity push.

Economic activity fell 0.3% from August, compared with the median estimate for 0.9% growth of economists surveyed by Bloomberg. From a year ago, activity fell 3.3%, according to government data published Friday.

South America’s second-biggest economy is showing incipient signs of recovery, with wage growth outpacing inflation for the sixth consecutive month in September and consumer spending and manufacturing showing gains in recent months. Inflation has been slowing consistently and monthly poverty data Milei’s team tracks closely shows poverty is shrinking from a two-decade peak, too.

Economists surveyed by Argentina’s central bank estimate gross domestic product will contract 3.6% this year, reversed by 3.6% growth in 2025.

©2024 Bloomberg L.P.