Thursday, August 11, 2022

Manulife’s Canadian Operations Cushion Blow From Covid-Hit Asia

ANOTHER PROVIDER OF PENSION & BENEFITS PLANS TO PRIVATE SECTOR UNIONS


Kevin Orland
Wed, August 10, 2022


(Bloomberg) -- Manulife Financial Corp.’s Canadian business boosted profit last quarter on the back of rising sales and lower-than-expected benefit use, cushioning the toll that continued Covid restrictions are taking on its Asian operations.

Core earnings in Canada rose 8.5% from a year earlier to C$345 million ($270 million) in the second quarter, the Toronto-based company said Wednesday. Overall second-quarter profit topped analysts’ estimates.

Chief Executive Officer Roy Gori said that Manulife’s home country of Canada remains a “strong growth market” for the company and one it continues to invest in as the penetration of insurance products is still relatively low. The country’s economy also has remained resilient through the turbulence of this year, he said.

“Canada does have low unemployment and has benefited from the commodities boom, and that puts Canada in quite a unique and strong position to help manage through what will be a challenging macroeconomic environment,” Gori said in an interview.

Annualized premium equivalent sales in Canada rose 32% from a year earlier, the company said. Core earnings in the operation also were helped by policy use in the group benefits business that was less than the company had expected, Gori said.

Meanwhile, Manulife’s core earnings in Asia fell 2.5% last quarter, hurt by lower sales in Hong Kong and in the Japanese corporate-owned life market. Gori said he expects the remaining restrictions in Manulife’s Asian markets to be temporary and that the company will start to resume more positive sales momentum in the coming quarters.

Manulife shares have risen 0.3% this year, compared with a 6.3% drop for the S&P/TSX Composite Index.

Also in the release:

Net income fell 59% to C$1.09 billion, or 53 cents a share.

Excluding some items, profit was 78 cents a share. Analysts estimated 76 cents, on average.

Core earnings in the global wealth and asset management business fell 14% to C$305 million.
LUNCH PAIL ECONOMICS
Finance industry urged to hire more working class managers


Wed, August 10, 2022
By Huw Jones

LONDON, Aug 11 (Reuters) - Financial services companies should set "stretching targets" for appointing people from working class backgrounds to senior positions, a UK government-sponsored report said on Thursday.

The finance industry is already making efforts to appoint more women, Black and ethnic minorities on to boards and into roles like chief executives and chairs but targets for socio-economic background have featured less in corporate diversity efforts.

A taskforce commissioned by the government and led by the City of London Corporation surveyed more than 9,000 employees across 49 financial and related professional firms and found the sector is out of kilter with society.

The taskforce said that 49% of all levels of seniority in the finance industry were from a professional background, rising to 64% for senior leaders. For the UK population as a whole, 37% of working people are from a professional background.

Socio-economic background can amplify other inequalities, particularly related to ethnicity and gender, it said.

Working class employees, who are also female or an ethnic minority, are even less likely to hold senior level positions and less likely to feel included in the workplace.

White men from a professional background account for 45% of senior roles, compared with 23% for their female counterparts while just 13% of senior roles are filled by white men from working class families.

The survey defined working class as having a parent working in a routine and manual occupation, such as receptionists, van drivers, plumbers and electricians.

The lack of inclusion of people from working class backgrounds poses a risk to employee retention and productivity in what is already a tight UK labour market, the taskforce report said.

"This data provides a robust baseline by which the sector can begin to track its progress on socio-economic diversity and address gaps," said Catherine McGuinness, who chaired the taskforce.

"We urge firms to collect data, set stretching targets and ensure they provide a level playing field for all."

The report urged firms to join, Progress https://www.progresstogether.co.uk Together, launched in May and which sets out best practice guides and benchmarking to drive changes in socio-economic diversity.

Accountants KPMG became one of Britain's first companies to set a target for staff from working class backgrounds to help close a pay gap and diversify its staff.

(Reporting by Huw Jones. Editing by Jane Merriman)



Rivian Earnings Due With EV Startup's Production Outlook Key


ADELIA CELLINI LINECKER
 08/10/2022

Rivian (RIVN) reports second-quarter earnings on Thursday after the market close, amid layoffs and supply-chain issues. RIVN stock rose on Wednesday.

Rivian has begun its restructuring plan that includes laying off about 6% of its workforce, or about 900 people, according to an Aug. 1 TechCrunch report, citing an internal email.

The layoffs are affecting every department, except manufacturing operations at its Normal, Ill., factory.

Meanwhile, Rivian is also having difficulty delivering vehicles to customers on time. Rivian Forums reported on June 11 that some Rivian SUV reservation holders had received an email indicating delayed deliveries. Some who had an April-May delivery date were told they'd have to wait until the August-September time-frame; others until October-December.

The company reportedly gave two reasons: supply-chain issues and service-infrastructure availability.

"As we've continued to navigate a tight supply chain, we've had to reduce complexity wherever possible, including prioritizing certain build combinations over others," an email provided to Rivian Forums stated. "We continue to prioritize deliveries in locations where service infrastructure is in place so that we can provide the full ownership experience to Rivian owners from day one."

Rivian's R1T all-electric pickup truck was the first of its kind to hit the market in July 2021, beating out the Tesla (TSLA) Cybertruck, which has yet to enter production, and the Ford (F) F-150 Lightning.

Rivian Earnings

Estimate: FactSet analysts expect the company to post a loss of $1.63 a share vs. a 66-cent loss in the year-ago quarter. Sales are seen coming in at $335.4 million. There is no year-ago revenue figure.

Results: Check back Thursday.

Rivian has already said it produced 4,401 EVs in Q2, for a first-half total of 6,954.

Investors will want to know if Rivian still expects to produce 25,000 vehicles in 2022, which would require a continued ramp up.
Rivian Stock

Shares rose 1.9% to 37.40 on the stock market today. RIVN stock is well off its all-time high of 179.47, according to MarketSmith. But it's nearly doubled from its record low of 19.25 on May 11.

Rivian stock has an RS Rating of 41 out of a best-possible 99. Its Accumulation/Distribution Rating is B+, indicating a moderate amount of buying of its shares among institutional investors.

Tesla stock rose 3.9% on Wednesday. CEO Elon Musk sold $6.9 billion worth of TSLA stock in recent days in preparation to pay for the Twitter deal he is currently fighting in court.

EV startup Lucid[ticker symb=LCID rose 4.35% on Wednesday, after sinking 6.7% the day before to a one-month low. LCID stock tumbled Aug. 4 after the luxury EV sedan maker halved 2022 production targets, its latest output cut.

Ford, which raised the price of the F-150 Lightning by $6,000-$8,500 on Tuesday, retreated 3.7% Tuesday but rebounded to gain 3.1% on Wednesday.
Tax Credits Coming, But Rivian Won't Benefit Much

Rivian is prioritizing production of electric vans for Amazon. On July 21, Amazon rolled out its first Rivian electric delivery vans.

The EV startup has more than 90,000 R1 EV preorders as of May 9, including more than 10,000 new orders since a March price increase.

Rivian hiked the price of its R1T electric pickup around 17% in March, which increased the base cost to about $78,975 from $67,500. The price of the R1S SUV jumped about 20%, bringing the new base price to about $84,000 from $70,000. All prices are before federal tax credits.

Congress is on the verge of approving new EV tax credits. But Rivian won't qualify for most of them.

The new $7,500 incentive includes new price limits. The price limits are $80,000 for zero-emission vans, SUVs, and trucks. Electric sedans up to $55,000 qualify.

Meanwhile, few electric vehicles will qualify for the new EV credits' requirements on local vehicle assembly and rules on sourcing for battery minerals and materials.
For Older Americans, Health Bill Will Bring Savings and 'Peace of Mind'

“Here seniors are in their golden years, and the only people seeing gold are the pharmaceutical companies.”

Sheryl Gay Stolberg and Noah Weiland
Wed, August 10, 2022 

Bob Miller was prescribed Betaseron, a brand-name drug that cost more than $10,000 a year. He said he stopped taking it in 2016, citing the high expense. (Jenn Ackerman/The New York Times)

WASHINGTON — After Pete Spring was diagnosed with dementia in 2016, he and his wife emptied their checking account in part to pay for his prescription drugs, then ran through $60,000 in pension payments before resorting to a charge card to help make sure Spring had the heart and Alzheimer’s medications he needed to survive — just two of the 11 drugs he took.

Spring, of Marietta, Georgia, died in April, before the unveiling of the tax, climate and health bill that the Senate passed over the weekend. The measure aims to lower the cost of prescription drugs for people on Medicare, like Spring; his wife, Gretchen Van Zile, has been left to look back on what felt like an outrageous injustice.

“Here seniors are in their golden years,” said Van Zile, 74, “and the only people seeing gold are the pharmaceutical companies.”

Nearly 49 million people, most of them older Americans, get prescription drug coverage through Medicare, yet many find that it does not go very far. Low-income people qualify for government subsidies, so those in the middle class — people Spring and Van Zile — are hit hardest by high drug costs.

The Senate bill, which the House is expected to pass Friday, then send to President Joe Biden’s desk, could save many Medicare beneficiaries hundreds, if not thousands of dollars a year. Its best-known provision would empower Medicare to negotiate prices with drugmakers with the goal of driving down costs — a move the pharmaceutical industry has fought for years, and one that experts said would help lower costs for beneficiaries.

But the legislation would also take more direct steps to keep money in people’s pocketbooks, although they would be phased in over time.

Beginning next year, insulin co-payments for Medicare recipients would be capped at $35 a month. As of 2024, those with costs high enough to qualify for the program’s “catastrophic coverage” benefit would no longer have to pick up 5% of the cost of every prescription. And starting in 2025, out-of-pocket costs for prescription medicines would be capped at $2,000 annually.

“This a huge policy change and one that has been a long time coming,” said Stacie Dusetzina, an associate professor of health policy at Vanderbilt University. “For people needing high-cost drugs, this will provide significant financial relief.”

Between 2009 and 2018, the average price more than doubled for brand-name prescription drugs in Medicare Part D, the program that covers products dispensed by pharmacies, the Congressional Budget Office found. Between 2019 and 2020, price increases outpaced inflation for half of all drugs covered by Medicare, according to an analysis from the Kaiser Family Foundation.

Perhaps no drug has been talked about as much as insulin, a diabetes medication that is more than 100 years old. Prices for insulin and its analogues have risen so fast that many diabetes patients who rely on the drug put themselves at risk by taking less than is prescribed to cut costs.

A 2020 commentary in the medical journal Mayo Clinic Proceedings reported that one vial of Humalog, a commonly prescribed insulin analogue, cost $21 in 1999 and $332 in 2019 — an increase of well over 1,000%. (Amid congressional scrutiny, the drug’s maker, Eli Lilly, promised in 2019 to market a lower-cost generic version.)

More than 3 million Medicare beneficiaries take one of the 42 different types of insulin that are covered by Medicare, according to an estimate by the Kaiser Family Foundation, which found that the average out-of-pocket cost is $54 a month. But for some people, the costs are much higher.

Evelyn Polay, 82, of Merrick, New York, spends more than $1,200 every three months on four diabetes medicines, including Humalog and another type of injectable insulin, which she has been taking for about 30 years.

She still works as a part-time bookkeeper and counts herself as fortunate. “It’s not a question of do I eat or do I take my medicine,” she said.

But she worries about other people, including her grandchildren, three of whom also have diabetes. Democrats tried to apply the bill’s proposed $35 co-payment to all insulin prescriptions, including those covered by private insurers. But Republican senators forced the removal of that language — even though seven of them wanted to keep it in the bill.

To hear the voices of older Americans who confront high drug costs month in and month out is to hear fear and worry, anger and stress. Many say they are figuring out how to get by, skipping vacations and other niceties for which they saved.

For Kim Armbruster, 65, who recently retired after a 40-year nursing career, keeping down the costs of her medications for diabetes, psoriatic arthritis and Graves’ disease, an autoimmune disorder affecting the thyroid, has been a scramble since she started on Medicare in March.

Armbruster, of Cary, Illinois, said she had saved extra insulin from prescriptions filled when she had commercial insurance, enough to keep costs down before a monthly cap kicks in. But her other conditions have caused immense financial strain.

By June, she had reached Medicare’s threshold for catastrophic coverage after paying more than $7,000 for Enbrel, a drug she takes for arthritis; Synthroid, which she takes for Graves’ disease; Eliquis, for atrial fibrillation, insulin and her insulin pump.

“It’s all about thinking ahead, looking for alternatives and strategizing the home budget to be able to take the necessary meds,” she said. Learning to keep up with costs, she added, had been like “baptism by fire, to learn everything I can possibly learn about it to maneuver drug costs and stay healthy without complications.”

The carousel of medications taken by Spring, the dementia patient who died in April, included eye-popping price tags for drugs including Eliquis, for a heart condition, and Namenda, an Alzheimer’s drug. Spring also took an antidepressant and medications to dull the side effects from Namenda.

Those drugs ran the couple around $1,000 a month. Had the $2,000 annual out-of-pocket cap been in place when her husband was alive, Van Zile said, they would have reached it by March every year. Van Zile retired from her job working for Fulton County in Georgia so that she could take care of her husband, further cramping their savings.

“His sense of humor put a smile on my face every day,” she said. “The bitter aspect of it was the financial stress.”

Democrats have been promising for years to lower the cost of prescription drugs. So have some Republicans, including former President Donald Trump. But the Senate bill passed along party lines, without any Republican votes. In the 50-50 Senate, Vice President Kamala Harris broke the tie with her vote.

Republicans, and the pharmaceutical industry, insist that the measure will stifle innovation and reverse progress on therapies and treatments, including those for cancer care — a high priority for Biden. The industry’s main trade group, PhRMA, says the bill, which imposes stiff penalties on companies that refuse to negotiate, amounts to government price setting — not negotiation.

At a media briefing last month, Stephen J. Ubl, CEO of PhRMA, warned that Democrats were “about to make a historic mistake that will devastate patients desperate for new cures.”

Supporters of the measure say new treatments are meaningless if patients can’t afford them. The promise of Medicare, enacted in 1965, has always been that it would take care of older Americans. The prescription drug benefit was not added until 2003.

It includes the provision for catastrophic coverage, in which the government picks up the full cost of medicines — except for 5%, paid by the patient — after an individual spends $7,050 a year out of pocket. The Kaiser Family Foundation says that 1.3 million Medicare beneficiaries hit the catastrophic threshold each year; 1.4 million have out-of-pocket costs of $2,000 or more.

“You rarely hear people complain about turning age 65 and going on Medicare; it’s often a relief,” said Larry Levitt, the foundation’s executive vice president for health policy. “But the way Medicare now works, there can be some nasty surprises for people with very high drug expenses, and this bill will provide a lot of relief.”

A study conducted by Dusetzina highlighted how the middle class gets squeezed. She examined 17,076 new prescriptions issued between 2012 and 2018 for Part D beneficiaries, and found that those receiving subsidies were nearly twice as likely to obtain the prescribed drug within 90 days as those without subsidies.

Among those who did not qualify for subsidies, 30% of all prescriptions for cancer drugs went unfilled, as did more than 50% of prescriptions to treat immune system disorders or high cholesterol.

Patti Kellerhouse, a 64-year-old in Henderson, Nevada, was diagnosed with metastatic breast cancer in 2017 that had spread to her liver. On long-term disability through her employer, she had paid $10 a month out of pocket for the oral cancer treatment she needed. But when she transitioned to a Medicare Advantage plan, the medication cost more than $3,100 for the first month.

While she has been able to afford the price jump, it has stressed her financial planning. She is saving money for a new car, among other things. She said she has daughters and grandchildren whom she would like to continue supporting.

“I worked hard my whole life,” she said. “These are high co-payments. They shouldn’t happen when you’re at retirement age.”

Many Americans make tough choices about whether to continue taking drugs they need. Bob Miller, a 71-year-old multiple sclerosis patient in Prior Lake, Minnesota, is among them.

Every other day for 12 years, Miller took Betaseron, a brand-name prescription drug that can delay the progression of his disease by staving off flare-ups of numbness, muscle stiffness and other symptoms that can leave patients worse off than they were before. But the drug was expensive; even with his Medicare insurance, it cost more than $10,000 a year.

So he quit taking the drug in 2016 after consulting with his doctors, who told him he could “roll the dice” and survive without it — at least for the time being. Since then, he has lived with the unsettling worry that he is gambling with his own health.

“In the background, you don’t know what’s going on,” Miller said. “There might still be some damage being done to my nerve fibers.”

When a neurologist recently told him it might help to go back on a disease-modifying drug, Miller told him he would like to, if not for the prohibitive cost. The new legislation, he said, will deliver something he has been longing for: “Peace of mind.”

© 2022 The New York Times Company
The GOP’s False, Fearmongering
Claims About the IRS’s New Funding

Yuval Rosenberg

Democrats’ big climate, health care and tax plan provides $79.6 billion in additional funding over 10 years for the Internal Revenue Service. That money includes about $45.6 billion for stepped-up tax enforcement — a crackdown that is projected to raise $124 billion in net revenue.

Republicans have honed in on that funding and revenue in scaremongering messaging that warns that an army of IRS agents will be coming for middle-class taxpayers.

  • “Democrats are making the IRS bigger than the Pentagon, the Department of State, the FBI, and the Border Patrol COMBINED! Those IRS agents will come after you, not billionaires and big corporations!” Sen. Ted Cruz (R-TX) tweeted Sunday.

  • “Value shoppers at Walmart and other retailers, already struggling with higher prices and more expensive fuel to drive to the store, will get hit with 710,000 additional audits thanks to the Manchin-Biden Democrat bill,” Rep. Kevin Brady of Texas, the top Republican on the House Ways and Means Committee said in a statement this weekend.

  • “Do you make $75,000 or less? Democrats' new army of 87,000 IRS agents will be coming for you—with 710,000 new audits for Americans who earn less than $75k,” House Minority Leader Kevin McCarthy (R-CA) tweeted Tuesday.

  • “If you think the federal government is out of control now, God help us when you get 87,000 new IRS agents who are looking under every rock and stone to get money out of your pocket,” Sen. Lindsey Graham (R-SC) tweeted Wednesday.

Those warnings ignore assurances to the contrary from the IRS itself. IRS Commissioner Chuck Rettig said in a letter to Congress last week that the agency did not plan to increase audit rates for middle-class and low-income households. “These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans,” Rettig wrote. “As we have been planning, our investment of these enforcement resources is designed around Treasury’s directive that audit rates will not rise relative to recent years for households making under $400,000.”

The facts: Josh Kelety and Ali Swenson of the Associated Press write that Republicans are distorting the effects of the Democratic bill. Yes, it would add to the number of IRS employees — currently about 80,000 — “but it would not create a mob of armed auditors looking to harass middle-class taxpayers.”

The IRS will be releasing its hiring plans in the coming months, Kelety and Swenson report, but the new employees will be brought on over time, with many replacing workers who quit or retire. The agency has lost about 50,000 employees to attrition over the last five years, and it expects those losses to continue.

“There’s a big wave of attrition that’s coming and a lot of these resources are just about filling those positions,” Natasha Sarin, an economist who now serves as a counselor for tax policy and implementation at the Treasury Department, told Time.

Enforcement staff specifically has dropped by 30% since 2010, but the new hires won’t all be auditors.

“In all, the IRS might net roughly 20,000 to 30,000 more employees from the new funding, enough to restore the tax-collecting agency’s staff to where it was roughly a decade ago, Time’s Eric Cortellessa reports.

Most voters aren’t concerned, poll finds: Despite the GOP messaging, a new Politico-Morning Consult survey finds that most voters aren’t worried about being audited. More than three-quarters of voters said they aren’t concerned about being audited, with the results consistent among Democrats, Republicans and independents. More than half of those surveyed, 56%, said that they are “not at all concerned” or “not too concerned” about an increased number of audits. A plurality of voters (48%) said that they believe higher income Americans would be subject to the greatest increase in audits, though 44% pointed to the middle class.

The survey of 2,005 registered voters was conducted August 5-7 and has a margin of error of plus or minus 2 percentage points.


The high price of a Sri Lankan family's bid to flee crisis






Wed, August 10, 2022
By Alasdair Pal and Santhush Fernando

KUDAMADUWELLA, Sri Lanka (Reuters) - As anarchy gripped the Sri Lankan city of Colombo in May, Meenu Mekala and Nirosh Ravindra gambled their family's life savings on a two-week, 4,700-km voyage aboard a rusting trawler with their two young sons. The decision ended in ruin.

Meenu, a Buddhist, and Nirosh, a Christian, met and fell in love as migrant labourers in Dubai, despite opposition from their families. They married in 2005 in Nirosh's home village of Kudamaduwella, two hours' drive north of Colombo.

They are among hundreds of Sri Lankans who have attempted to escape an unprecedented economic meltdown by boarding fishing boats bound for Australia.

Data from Sri Lanka's navy shows almost 1,000 people, many of them children, have been intercepted in Sri Lankan waters attempting to flee the country in the last three months. Exiting the country unofficially is considered an offence.

Some, like Meenu and Nirosh, made it to Australian waters, where they were caught, deported and then prosecuted by Sri Lankan authorities.

Meenu faces the charge of leaving the country from an unauthorised port, according to legal documents from the Criminal Investigation Department of Sri Lanka's police seen by Reuters.

Nirosh, accused of an additional charge of assisting in the logistics of the journey, was denied bail and awaits trial.

He denies the additional charge against him, Meenu said.

Nirosh's lawyer did not respond to requests for comment on his case. Sri Lanka's police and navy declined to comment on the couple's case, citing the ongoing legal proceedings.

"I was heartbroken," Meenu said, recalling the flight back to Sri Lanka on June 18 with one guard for every two passengers.

A spokesperson for the Australian Border Force declined to comment on the family's case, citing confidentiality.

Hit hard by the pandemic, which decimated tourism, and by tax cuts pushed through by the government of then-President Gotabaya Rajapaksa, Sri Lanka is experiencing its worst economic crisis since independence from Britain in 1948.

Fuel queues and soaring inflation have become the norm for Sri Lankans. Months of unrest toppled Rajapaksa in July, after protesters occupied government buildings in the commercial capital Colombo.

On May 9, after deadly violence flared between pro- and anti-government demonstrators, Meenu and Nirosh made the decision to leave.

Meenu, 44, and Nirosh, 46, paid 500,000 Sri Lankan rupees ($1,400) in total to unidentified smugglers for themselves and their two sons, aged 13 and 11.

NAVY PATROLS

Aboard Sri Lankan navy Fast Attack Craft P 4446, a lookout above deck sights a fishing boat sitting low in the water – a tell-tale sign of a boat loaded with migrants.

"Starboard, two nautical miles, one ship sighted sir," a voice on the radio crackled on the ship's bridge. Officer-in-command PRPD Dayarathne gently eased the throttle forward.

The daily patrol is one of around 50 along Sri Lanka's coastline, according to the navy, as authorities attempt to intercept migrants before they make it out of Sri Lankan waters.

Bare-chested fishermen stared as a five-man detail boarded the boat, armed with machine guns and batons. They searched the men and the boat, but it was carrying little more than nets and fish.

The Sri Lankan navy intercepted one boat smuggling would-be migrants in 2021, and none in 2020. In the three months to July, that number rose to 15.

A total of 911 people have been arrested attempting to leave Sri Lanka illegally in 2022, putting it on course to surpass 2013, the year the navy began keeping detailed records. Almost all were bound for Australia.

"We have seen these boats carrying nearly 100 people," Dayarathne said. "It's very dangerous."

If caught by Australian or Sri Lankan authorities, passengers face having passports cancelled for up to five years. Suspected organisers are denied bail and put on trial in Sri Lanka, with the prospect of jail terms.

In contrast to previous waves of attempted migration by Tamil groups persecuted during the country's civil war, many are now from the majority Sinhala community.

"Every Sri Lankan thinks if you have a chance, you leave." said Lakshan Dias, a lawyer who has represented would-be migrants. "It is pure desperation."

ROUGH JOURNEY

Some, like Meenu's vessel, make it through, slipping past patrols under cover of darkness.

For the first two nights, the seas off Sri Lanka's southern coast were rough. Crammed onto the 30-foot boat, 41 passengers battled nausea and hunger as waves pounded the hull.

The family slept in the open air to escape the stench of vomit in the hold. By day, the harsh sun and salt water spraying over the deck burnt their skin. Meenu said she wanted to turn back, but it was too late.

By June 9, and suffering a fuel problem, the boat neared the Cocos Islands, a remote Australian coral atoll off the southern coast of Indonesia.

It wasn't long before they were intercepted by the Australian coast guard - one of four vessels that made it from Sri Lanka that month, according to the Australian Border Force.

After around a week on a series of Australian coast guard vessels, they disembarked and were told they would be sent back to Sri Lanka, Meenu said.

Nirosh's arrest has left the family without any source of income, as well as mounting legal fees.

Meenu visits him twice a week, taking an hour-long bus ride to the prison in Negombo and bringing him home-cooked food to share with other prisoners.

On a recent visit, he complained about the poor quality of the drinking water, and pleaded with her to get him out, she said.

With the family's passports cancelled for five years, their dream of returning to Dubai is on hold and Meenu is left to care for the children at home, where icons of Buddha and Jesus adorn the walls.

(Reporting by Alasdair Pal and Santhush Fernando in Kadumaduwella; additional reporting by Uditha Jayasinghe and Kirsty Needham in Sydney; Editing by Mike Collett-White and Alexandra Hudson)

Native Americans urge boycott of 'tone deaf' Pilgrim museum

PLYMOUTH, Mass. (AP) — Native Americans in Massachusetts are calling for a boycott of a popular living history museum featuring Colonial reenactors portraying life in Plymouth, the famous English settlement founded by the Pilgrims who arrived on the Mayflower.

Members of the state’s Wampanoag community and their supporters say Plimoth Patuxet Museums has not lived up to its promise of creating a “bi-cultural museum” that equally tells the story of the European and Indigenous peoples that lived there.

They say the “ Historic Patuxet Homesite,” the portion of the mostly outdoor museum focused on traditional Indigenous life, is inadequately small, in need of repairs and staffed by workers who aren’t from local tribes.

"We’re saying don’t patronize them, don’t work over there," said Camille Madison, a member of the Aquinnah Wampanoag Tribe on Martha’s Vineyard, who was among those recently venting their frustrations on social media. "We don’t want to engage with them until they can find a way to respect Indigenous knowledge and experience.”

The concerns come just two years after the museum changed its name from Plimoth Plantation to Plimoth Patuxet as part of a yearlong celebration of the 400th anniversary of the Mayflower landing.

At the time, the museum declared the “new, more balanced” moniker reflected the importance of the Indigenous perspective to the 75-year-old institution's educational mission.

“Patuxet” was an Indigenous community near “Plimoth,” as the Pilgrim colony was known before becoming modern day Plymouth. It was badly decimated by European diseases by the time the Mayflower arrived, but one of its survivors, Tisquantum, commonly known as Squanto, famously helped the English colonists survive their first winter.

“They’ve changed the name but haven’t changed the attitude,” said Paula Peters, a member of the Mashpee Wampanoag Tribe who worked for nearly 20 years at the museum, most recently as marketing director. “They’ve done nothing to ingratiate themselves with tribes. Every step they take is tone deaf.”

Museum spokesperson Rob Kluin, in a statement emailed to The Associated Press, said the museum has expanded the outdoor Wampanoag exhibit, raised more than $2 million towards a new Indigenous programs building and has “several initiatives in place” to recruit and retain staff from Native communities. He declined to elaborate.

The statement also cited a pair of grants the museum received to boost its Native American education programming. That included more than $160,000 from the National Endowment for the Humanities to host a workshop this summer for teachers on how to incorporate Indigenous voices into their history lessons.

The museum also noted that its new director of Algonquian Exhibits and Interpretation is an Aquinnah Wampanoag who serves on his tribe’s education committee.

Carol Pollard, whose late brother Anthony “Nanepashemet” Pollard played a key role in the development of the museum’s Indigenous programming as a leading Wampanoag historian, was among those dismayed at the state of the site.

Last week, large gaps were evident in the battered tree bark roof of the large wetu, or traditional Wampanoag dwelling, that is a focal point of the Indigenous exhibit. Neither of the two museum interpreters on site was wearing traditional tribal attire. Meanwhile, on the Pilgrim settlement part of the museum, thatched roofs on the Colonial homes had been recently repaired, and numerous reenactors milled about in detailed period outfits.

“I know my brother would be very disappointed,” said Pollard, who also worked as a gardener at the museum until last summer. “I guarantee you, people dressed in khakis and navy blue tops was not my brother’s vision.”

Former museum staffers say museum officials for years ignored their suggestions for modernizing and expanding the outdoor exhibit, which marks its 50th anniversary next year.

That, coupled with low pay and poor working conditions, led to the departure of many long-standing Native staffers who built the program into a must-see attraction by showcasing authentic Indigenous farming, cooking, canoe building and other cultural practices, they say.

“For more than a decade now, the museum has systematically dismantled the outdoor exhibit,” the Wampanoag Consulting Alliance, a Native group that includes Peters and other former museum staffers, said in a statement late last month. “Many steps taken to provide equal representation to Wampanoag programming have been removed, and the physical exhibit is in deplorable condition. The result has been the virtually complete alienation of the Wampanoag communities.”

Kitty Hendricks-Miller, a Mashpee Wampanoag who was a supervisor at the Wampanoag exhibit in the 1990s and early 2000s, says she worries about what non-Indigenous families and students are taking away from their visits to the museum, which remains a school field trip rite of passage for many in New England.

As Indian education coordinator for her tribe, she’s been encouraging teachers to reach out to Native communities directly if they’re seeking culturally and historically accurate programs.

“There’s this unwillingness to acknowledge that times have changed,” said Casey Figueroa, who worked for years as an interpreter at the museum until 2015. “The Native side of the Plymouth story has so much more to offer in terms of the issues we’re facing today, from immigration to racism and climate change, but they went backwards instead. They totally blew it.”

COLOMBIA

Ecopetrol Committed to Long-term $2.5 Billion Hydrogen Strategy



Pietro Pitts

Colombia’s state-owned Ecopetrol is committed to estimated investments of nearly $2.5 billion to produce 1 million tonnes per annum of green, blue and white low-carbon hydrogen over the next several decades as part of its decarbonization push.

By 2040, Ecopetrol expects its hydrogen production to be 40% green, 30% blue and 30% white compared to current smaller-scale production of 90% gray and 10% blue. Once at full tilt, Ecopetrol expects its hydrogen production destined for export and domestic consumption will generate over $400 million per year in additional EBITDA.

By 2050, Ecopetrol projects hydrogen production to contribute between 9%-11% of its goal to reduce 50% of its total carbon emissions for Scopes 1, 2 and 3, the company revealed Aug. 4 during its second-quarter webcast.

Ecopetrol’s hydrogen targets in particular and emissions targets, in general, align with sustainable development goals and the Paris Agreement’s aim of curtailing global warming. Looking inward, the commitments are in line with Ecopetrol’s commitment to mitigate climate change and advance the energy transition and its technology, environmental, social and governance agenda, commonly referred to within the company as TESG.

“The hydrogen strategic plan is a real and ambitious commitment by Ecopetrol within the framework of its low carbon emissions business portfolio,” the Bogotá-based national oil company said.

Hydrogen Pilots

Ecopetrol, Colombia’s largest oil and gas producer, has two refineries in Cartagena and Barrancabermeja that are advancing pilot developments related to green and blue hydrogen.

Ecopetrol initiated green hydrogen production in March with a 50 KW pilot electrolyzer powered by solar energy at the company’s Cartagena refinery. The electrolyzer is producing around 20 km/d of hydrogen with an estimated investment of nearly $1 million.

Additionally, in the first six months of 2022, the maturation phase 1 was completed related to the construction of two low-carbon hydrogen plants at Ecopetrol’s refineries with capacities of up to 9 kton/year or higher each, with estimated investments of $200 million. Ecopetrol also commenced the maturation process to assess the feasibility of developing a bottom gasification project to produce blue hydrogen at its Barrancabermeja refinery with a capacity between 150 kton/year-180 kton/year.

Ecopetrol continues with work related to two sustainable mobility pilots, which consisted in the purchase of two hydrogen generators or stations for the generation and recharging of hydrogen for vehicles. The first is in Bogotá, where infrastructure will recharge a bus with a hydrogen fuel cell to operate within the city’s integrated public transport system. The second is in Cartagena within the Innovation and Technology Center, where different mobility applications will be developed.

Net-zero Ecopetrol

Ecopetrol’s hydrogen plans align with its aim to achieve net-zero Scope 1 and 2 emissions by 2050, according to a road map the oil giant initially laid out in March 2021.

Ecopetrol’s mid-century goal has an intermediate goal to reduce its carbon emissions by 25% for Scopes 1 and 2 by 2030 compared to a 2019 baseline. Ecopetrol’s emissions goal would contribute nearly 50% of the combined reduction goal set by Colombia’s energy and mining sector by 2030.

Ecopetrol’s emissions target also contributes greatly to commitments revealed by the government of former president Ivan Duque to reduce greenhouse gas emissions by 51% by 2030.

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Colombia’s Presidential Election Creates Uncertainties for US Oil Sector

Ecopetrol’s estimated emissions reductions projected by 2030 would represent between 5 million tons to 6 million tons of carbon emissions in this decade, equivalent to the restoration of an area over 13 times the size of the urban area of Colombia’s capital city Bogotá.

Mexico's indigenous groups celebrate their heritage

Wed, August 10, 2022 

Some participants in the march donned colourful masks

Members of Mexico's indigenous communities took to the streets of the capital on Tuesday to celebrate their heritage and demand more rights.

Their Mexico City march marked the United Nation's Day of the World Indigenous Peoples.

A spokesman for the march said 18 indigenous communities took part in the celebration.

They wore traditional clothing as they marched down Reforma Avenue in the city's centre.

Women from the Triqui indigenous group wearing their traditional embroidered clothes

Among those taking part were indigenous groups from the south-western state of Oaxaca such as Triqui, Mazatec and Zapotec, as well as groups from southern Chiapas state, such as the Tzetal.

Some participants turned out in elaborate headgear

Spokesman Pascual de Jesús said the idea behind the parade was to give visibility to the many indigenous people living in the capital and to combat discrimination.

The participants said it was important to give their beliefs and traditions more visibility

The Diablos of Juxtlahuaca (Devils of Juxtlahuaca) in their elaborate horned masks were among the highlights of the parade.

The Devils of Juxtlahuaca danced through the streets wearing their goatskin chaps

The Devils of Juxtlahuaca traditionally perform their dance on 25 July, the feast day of Santiago (Saint James), the patron saint of Juxtlahuaca.


But as the Devils have tried to expand knowledge of their traditions, the dance is now performed on other occasions, too.

The masks are handmade by artisans

The dance dates back to the times of the Spanish conquest of Mexico, when Spanish priests tried to convert the indigenous Mixtec people to Catholicism.

They organised dances representing events in Spanish history which had a strong religious significance, such as the battles to regain control of Spain from the Moors and impose Christianity.

The mock battle showed the fighters for Christianity, led by Saint James, defeating their Muslim rivals.

Some carried whips as well as masks

The dances are performed to this day: at one point, a dancer representing an injured Moor is given the choice to convert to Christianity.

He refuses, saying he would rather be taken away by devils than betray his religion. It is then the dancers dressed as devils enter the stage and drag him away.

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Exclusive-Indian companies swapping dollar for Asian currencies to buy Russian coal


Illustration picture of U.S. Dollar and Chinese Yuan banknotes

Wed, August 10, 2022
By Sudarshan Varadhan

NEW DELHI (Reuters) - Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoiding the U.S. dollar and cutting the risk of breaching Western sanctions against Moscow.

Reuters previously reported on a large Indian coal deal involving the Chinese yuan, but the customs data underline how non-dollar settlements are becoming commonplace.

India has aggressively stepped up purchases of Russian oil and coal since the war in Ukraine began, helping to cushion Moscow from the effects of sanctions and allowing New Delhi to secure raw materials at discounts compared to supplies from other countries.

Russia became India's third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes.

In June, Indian buyers paid for at least 742,000 tonnes of Russian coal using currencies other than the U.S. dollar, according to a summary of deals compiled by a trade source based in India using customs documents and shared with Reuters, equal to 44% of the 1.7 million of tonnes of Russian imports that month.

Graphic: India coal imports from Russia vs rest of World, https://fingfx.thomsonreuters.com/gfx/ce/gkplgodklvb/IndiaCoalImportsRussiaRow.png Indian steelmakers and cement manufacturers have bought Russian coal using the United Arab Emirates dirham, Hong Kong dollar, yuan and euro in recent weeks, according to customs documents separately reviewed by Reuters.

The yuan accounted for 31% of the non-U.S. dollar payments for Russian coal in June and the Hong Kong dollar for 28%. The euro made up under a quarter and the Emirati dirham around one-sixth, the data from the trade source showed.

India's Ministry of Finance, which administers the customs board, did not respond to emails seeking comment confirming the documents. The Ministry of Commerce and Industry declined to comment.

The Reserve Bank of India also did not respond to requests for comment.

The RBI has approved payments for commodities in the Indian rupee, a move it expects to boost bilateral trade with Russia in its own currency.

The U.S. dollar has been the dominant currency for Indian commodity imports, traders said, and the greenback makes up most of the country's foreign exchange reserves.

For deals in a currency other than the dollar, lenders would potentially have to send dollars to bank branches in the country of the original currency, or banks they have tie-ups with, in exchange for that currency to settle the trade.

KEEPING DOLLAR AT A DISTANCE

Two traders based in India that purchase coal for domestic customers and a trader based in Europe that deals with Russian coal said they expected the share of non-dollar transactions for Russian coal to increase as banks and other parties explore ways of cushioning themselves against any further tightening of sanctions.

Buying Russian coal using the U.S. dollar is not illegal for Indian firms.

Reuters was able to corroborate customs documents for four of the 11 vessels in the summary of Russian coal trades in June provided by the trade source, which showed payments made using the yuan, euro and the Emirati dirham, using shiptracking data and by speaking to a private customs agent based in India.

Another three vessels in the 11 deals in the trader's summary were paid for using the Hong Kong dollar and the yuan, two trade sources familiar with the transactions confirmed.

In one of those three deals, Jindal Steel and Power Ltd (JSPL) imported 79,721 tonnes of so-called PCI coal in the vessel Zheng Kai from Russia's Ust-Luga port using yuan, according to the two sources.

Rival steelmaker Arcelormittal Nippon Steel India shipped in 35,000 tonnes of Russian anthracite coal using euros, a customs document dated June 15 showed.

JSPL and Arcelormittal Nippon declined to comment.

Non-dollar imports continued into July.

Two Indian customs documents from last month reviewed by Reuters showed that Indian companies agreed to pay for Russian coal using Hong Kong dollars and Emirati dirhams.

India's JK Lakshmi Cement imported 10,000 tonnes of Russian thermal coal in the bulk vessel Ada, according to a customs document dated July 20. The invoice was valued at 14.62 million Emirati dirhams ($3.98 million), and trader Swiss Singapore facilitated the deal.

JK Lakshmi did not respond to calls or emails requesting a comment. Swiss Singapore, owned by Indian conglomerate Aditya Birla Group, did not respond to requests seeking comment.

Indian coal trader Chettinad Logistics imported 25,000 tonnes of Russian thermal coal from Singapore-based trader Avani Resources and paid in Hong Kong dollars, another customs document dated July 20 showed.

Reuters was unable to contact Chettinad Logistics. Avani did not respond to an email seeking comment.

($1 = 0.9764 euros)($1 = 7.8497 Hong Kong dollars)

($1 = 3.6729 UAE dirham)

(Reporting by Sudarshan Varadhan; Additional reporting by Swati Bhat in Mumbai; Editing by Mike Collett-White and Christian Schmollinger)