US regulators said Silicon Valley Bank depositors would be fully repaid as they acted to shore up the banking system after the lender’s implosion, unveiling emergency funding measures and closing down a second financial institution.
The Federal Reserve announced a new lending facility on Sunday aimed at providing extra funding to eligible institutions to ensure that “banks have the ability to meet the needs of all their depositors”. The US central bank said it was “prepared to address any liquidity pressures that may arise”.
The Fed facility is part of a broader effort by regulators, including Treasury secretary Janet Yellen, Fed chair Jay Powell and Federal Deposit Insurance Corporation chair Martin Gruenberg, to avoid spillovers across the financial system and reassure customers that their money is safe following the second- largest bank failure in US history.
The measures come after a frenzied weekend marked by a chaotic search for a potential buyer for SVB and regulators’ closure of New York-based Signature Bank.
The so-called Bank Term Funding Program will offer loans of up to one year to lenders that pledge collateral including US Treasuries and other “qualifying assets”, which will be valued at par.
The program will eliminate an institution’s “need to quickly sell those securities in times of stress” and would be enough to cover all uninsured US deposits, the Fed said. The facility is backstopped by the Treasury, which put up $25bn. The discount window, where banks can access funding at a slight penalty, remained “open and available”, the central bank added.
The regulators said all depositors of SVB would have access to their money on Monday, as would those of Signature, which was closed by the New York Department of Financial Services before being placed under FDIC control and marketed for sale.
Officials on Sunday said no losses stemming from the resolution of either SVB or Signature’s deposits would be borne by the taxpayer. Any shortfall would be funded by a levy on the rest of the banking system. They added that shareholders and certain unsecured debtholders would not be protected.
A number of venture capitalists said Signature was the most exposed lender after SVB because it also had a concentrated customer base, significant exposure to cryptocurrencies and technology companies, and a high proportion of uninsured deposits.
Of Signature’s $89bn in deposits, 90 per cent were not insured by the FDIC at the end of last year, according to a regulatory filing. Roughly a fifth of its total deposits were related to digital assets as of December 31.
Securities and Exchange Commission chair Gary Gensler vowed on Sunday to “investigate and bring enforcement actions” in the event of violations of the federal securities law.
A senior US Treasury official told reporters on Sunday that Yellen had consulted with US president Joe Biden before signing off on the plan to invoke a “systemic risk exception”, allowing all depositors of SVB and Signature to gain access to their money on Monday. In terms of SVB, there had not been enough time for a buyer to emerge and complete a successful auction.
Biden said he was pleased that his economic team “reached a prompt solution that protects American workers and small businesses, and keeps our financial system safe” while “taxpayer dollars are not put at risk”.
The senior Treasury official denied that the move represented a bailout because shareholders and bondholders of the two banks had been “wiped out”. The official said the “economy remains in good shape” and the financial system had a more solid “foundation” than in 2008.
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Anat Admati, a finance professor at Stanford University, said regulators over the past few years had allowed the banking system to become fragile again and had no choice but to bail out SVB.
“When it gets to this point and you are in a hostage situation, there is nothing else you can do,” Admati said. “But there is no other word for this other than to call it a bailout.”
The move underscored US regulators’ concerns about potential spillovers, which motivated the establishment of the Fed facility to help prevent bank runs. The senior Treasury official said they saw “similarities” in the situations at some of SVB and Signature’s peers and wanted to ensure depositors would not suddenly withdraw.
Neither SVB nor Signature — leading lenders for the start-up community and cryptocurrency industry — was likely to be acquired by a rival bank as all the potential buyers had so far walked away, said people with direct knowledge of the negotiations and who have been working with SVB and the government.
PNC, a large US bank, and Canada’s RBC were invited to buy SVB but decided against bidding, said people with direct knowledge of the matter.
America’s five largest banks, including JPMorgan and Bank of America, would also not be buyers, these people said.
For a transaction to make sense for any buyer, the US government would be required to cover part of their losses, said a person working with SVB.
Separately, New York-based investment bank Centerview Partners has been hired to sell SVB’s assets not related to customers’ deposits, including its investment bank and capital business, said people with direct knowledge of the matter.
Additional reporting by Joshua Franklin and Stephen Gandelin New York, Stefania Palma in Washington and George Hammond in San Francisco
Amidst rising energy costs, the world is turning to nuclear power for cheap, reliable, and clean electricity. The price of uranium has doubled to $54 in the last 5 years and started growing faster in spite of Covid and market conditions. Bank of America forecasted that the spot uranium price would hit $70 by the end of 2023. Investors looking to cash in on this foreseeable industry trend have been investing in up-and-coming uranium mining and exploration companies such as Kiplin Metals (TSXV: KIP | FWB: 17G1 | OTC: ALDVF) for their prime locations, findings, and leadership.
While gold prices continue to grow from anticipated inflation, the perfect storm of market conditions is causing uranium mining stocks to soar. Newly planned and constructed power plants, uranium supply shortages, the shift to green energy, breakthroughs in reactor technology, Russia, and inflation are all independently pushing up the value of Canadian mining stocks.
Media outlets like Yahoo Finance, Financial Times and CNN have recently reported on Kiplin’s strategic mining location next to Cluff Lake, a known vein of uranium that has historically produced more than 62,000,000 lbs of yellowcake uranium.
Our analysts continue to recommend Kiplin Metals as the uranium mining stock that has the greatest potential during this market upswing, all signs point to a 700% stock price rise as a result of its upcoming summer exploration program.
The Uranium-Powered Bull Market & The Rising Demand for Nuclear Power
The world is witnessing a 13% increase in nuclear plants worldwide, with over 60 reactors under construction as of 2023, as governments push for nuclear energy to power the world’s clean energy grid.
France hosted a pro-nuclear meeting to push for the EU to recognize nuclear power’s role in meeting climate goals for 2050. Additionally, Japan is extending the lifespan of nuclear power plants, and even oil-producing nations like the UAE have kickstarted reactor operations in recent years.
Numerous countries have also invested in new reactor technology, exemplified by the collaborative US$275 million funding from the US, Japan, the Republic of Korea, and the UAE. This investment is directed toward a Small Modular Reactor (SMR) project in Romania.
As more nuclear reactors continue to be built, the demand for uranium is projected to surge, leading to a twofold benefit for the market price. Early recognition of this trend can potentially result in substantial gains for investors.
After decades of stagnation, the U3O8 spot uranium price has more than doubled in the last 5 years, boasting a total gain of 137%, exceeding that of other asset classes. In 2023, the U3O8 spot uranium price rose from $47.34 per pound in January to $54.60 in May, an increase of 15.33%.
With the increasing demand for uranium coupled with a shift away from Russian suppliers, the U3O8 spot uranium price is expected to continue its upward trajectory, ultimately supporting the uranium mining industry.
Uranium Spot Price (USD/Lbs)
Source: Trading Economics – Uranium Spot Price
At present, the global demand for uranium stands at approximately 60,000 tonnes per year, as necessary to fuel the world’s 440 operational nuclear power reactors, according to the 29th edition of the Red Booka publication on uranium resources, production and demand by the IAEA and the Nuclear Energy Agency.
Additional research also points to uranium supply and demand scenarios turning bullish over the next two decades. The World Nuclear Association released The Nuclear Fuel Report: Global Scenarios for Demand and Supply Availability 2021–2040 in September last year.
The report estimated that nuclear reactors would require 112,400 metric tons of uranium (MTU) by 2040. In comparison, the global uranium demand for nuclear reactors in 2021 was estimated at 62,500 MTU.
WNA Upper Scenario for Uranium Demand, in MTU
Source: World Nuclear Assn. The Nuclear Fuel Report: Expanded Summary
As nuclear energy adoption looms on the horizon and the demand for uranium surges, the U3O8 uranium spot price points towards a bullish market outlook for uranium producers. In response to this industry trend, investors are flocking towards emerging uranium mining and exploration companies like Kiplin Metalsdrawn to their strategic locations, promising discoveries, strong leadership, and rewarding returns.
The Stock Primed for an 800% Bull Run
Kiplin Metals (TSXV: KIP | FWB: 17G1 | OTC: ALDVF) owns a diversified mining portfolio which includes uranium, copper and gold mines in Canada. Their Cluff Lake Road (CLR) Project in Saskatchewan’s prolific Athabasca Basin is 5 km east of the Cluff Lake Road (Hwy 955) leading to the famous Cluff Lake Mine, which historically produced more than 62,000,000 lbs of yellowcake uranium.
Source: Kiplin Metals Inc.
Kiplin, along with other mining enterprises in the region like Cameco (NYSE: CCJ) and F3 Uranium Corp (TSXV: FUU, formerly Fission 3.0 Corp), operate on top of proven reserves of the mineral. The most recent uranium find was made on F3’s property in November 2022, an event that caused a surge in the company’s stock by over 540% within a span of two months.
While the opportunity to massively profit from F3 may have passed, analyst projections indicate a more substantial surge for Kiplin Metals. Industry geologists anticipate a significant discovery in the company’s CLR property adjacent to F3’s find. Savvy investors have the potential to reap substantial returns with an anticipated 800% upswing as Kiplin Metals advances its summer exploration program.
Source: Kiplin Metals Inc.
Kiplin Metals’ leadership has expertly slashed liabilities post-COVID-19, steering the company toward debt-free waters and better positioning it to invest heavily in equipment to ramp up its exploration project. The company’s strategic location, surrounded by proven deposits, further strengthens its industry standing.
With the global uranium demand fueling its growth and a diversified mining portfolio, Kiplin Metals is poised for impressive expansion. This presents a prime opportunity for investors to capitalize on and generate substantial profits.
Proper diet undoubtedly promotes healthier aging and longevity. But what’s the right diet? A meta-analysis of diet studies proposes an answer. or more accurately, answers, based on diet-related biomarkers linked to disease and aging. Half of the studies were done in Europe, the rest from North America and Asia. The February, 2023, article was published in Nutrients. You can read the entire article online.
“….the main goal of this systematic review was to perceive the quantity and quality of different diets or aspects in nutrition, how they could modulate biomarkers and prevent aging-related diseases, in order to enlighten new intervention strategies. Biomarkers that are linked to aging-associated metabolism, inflammation processes, cognitive decline, and telomere attrition were scrutinized in order to understand how these mechanisms could actually influence healthy aging. Moreover, it could provide information to future health professionals.”
The researchers conclusions:
“In conclusion, this systematic review demonstrated the necessity for individuals to improve their diets, to reduce the emergence and development of several comorbidities and promote healthy aging. Diets rich in vegetables, fruits, nuts, cereals, fiber, fish, unsaturated fats, containing antioxidants, vitamins, potassium, omega-3—and reducing red meat and ultra-processed food intake—could prevent obesity, CVD [cardiovascular disease], and inflammation, and promote favorable glycemic, insulinemic, and lipidemic responses. Moreover, the Mediterranean diet and ketogenic diet, or a combination of these diets (MMKD), and increasing consumption of vegetables and green tea catechins, could improve one’s working memory and decrease destabilization of the brain network and the attention domain, preventing cognitive decline. Finally, the Mediterranean diet, supplemented with CoQ or virgin olive oil, or a low-fat diet, also rich in antioxidants, can help reduce the prevalence of atherothrombosis [arterial blood clots], hepatic steatosis, diabetes, and telomere attrition, as well as preventing oxidative and DNA damage. These diets can improve one’s quality of life and increase life expectancy. Moreover, a putative panel of molecular markers would follow the impact of diet/nutrition alterations during aging.”
The biomarkers tested included C-reactive protein, telomere length, HOMA-IR (insulin resistance), cholesterols, fibrinogen, platelet activating factor acetylhydrolase in HDLs, glucose, white blood cells, apolipoproteins, adiponectin, leptin, visceral adiposity index, etc.
Diets mentioned in the article include DASH, modified Alternative Healthy Eating Index, Southern European Atlantic (SEAD), Baltic Sea (a Nordic alternative to the Mediterranean diet), Mediterranean, and ketogenic Mediterranean.
This article is pretty dense reading. For science nerds only!
I was gratified to see several mentions of the ketogenic Mediterranean diet. It deserves more attention from the general public.
Steve Parker, M.D
PS: If you have my Advanced Mediterranean Diet (2nd edition), you already have the Ketogenic Mediterranean Diet. It’s there in addition to the traditional Mediterranean diet.
Dr. Howard J. Luks is an orthopedist who published a reasonable and fairly comprehensive article on knee osteoarthritis management. Thankfully, knee replacement surgery is the last resort for this surgeon. He discusses exercise, tai chi, diet, yoga, knee injections, NSAIDs, ice, heat, etc.
Osteoarthritis of the knee is a prevalent health issue. Despite a diagnosis of arthritis of the knee, the majority of you can live an active, happy life. But you’ve heard awful phrases used to describe your Xrays– phrases like Bone on Bone, bone spurs, degeneration, wearing away, etc. Those phrases scare you. I got that!
Life does not stop after a diagnosis of arthritis. Exercise is perhaps the best medicine for your arthritis. Exercising a joint that you’ve been told is wearing out may seem counterintuitive. Exercise is essential if your goal is to avoid surgery for as long as possible. Being active will not cause your arthritis to worsen. Not all pain implies harm
Click for dr. Luks’ exercise recommendations for stronger legs.
The average life expectancy for Americans is shortened by over seven months [in 2021]according to new data from the Centers for Disease Control and Prevention.
That decrease follows an already big decline of 1.8 years in 2020. As a result, the expected life span of someone born in the US is now 76.4 years — the shortest it has been in nearly two decades.
But we still have the best healthcare system in the world, right? Not if you judge it by life expectancy. From Health System Tracker:
Life expectancy in the US and peer countries generally increased from 1980-2019, but decreased in most countries in 2020 due to COVID-19. From 2020 to 2021, life expectancy at birth began to rebound in most comparable countries while it continued to decline in the US The CDC estimates life expectancy at birth in the US decreased to 76.1 years in 2021, down 2.7 years from 78.8 years in 2019 and down 0.9 years from 2020. The average life expectancy at birth among comparable countries was 82.4 years in 2021, down 0.2 years from 2019 and up 0.4 years from 2020.
Click the article links for potential explanations.
Steve Parker, M.D
PS: Healthy diet, exercise, and weight management improve longevity. Let me help.
Last year, more than 10,000 people in Canada – surprisingly that’s over three percent of all deaths there – ended their lives via euthanasia, an increase of a third in the previous year. And it’s likely to keep rising: next year, Canada is set to allow people to die exclusively for mental health reasons.
Only last week, a jaw-dropping story emerged of how, five years into an infuriating battle to obtain a stairlift for her home, Canadian army veteran and Paralympian Christine Gauthier was offered an extraordinary alternative.
A Canadian official told her in 2019 that if her life was so difficult and she was so ‘desperate’, the government would help her to kill herself. ‘I have a letter saying that if you’re so desperate, madam, we can offer you MAiD, medical assistance in dying,’ the paraplegic ex-army corporal testified to Canadian MP
God gave me life. It’s up to God, not me, when it’s over. Over 40 years of practicing medicine, I’ve never had a patient ask me to “put them down,” as we would have cherished a pet that was suffering during impending death.
At the close of a successful 2019 RoSPA Health and Safety Awards, 20% of entries received were from international organizations… that’s more than ever before! From Mauritius to Hong Kong, our community awards continue to grow year after year.
Based at their head office in Shenzhen, China, we spoke to Huang Yuan Zheng, President of China General Nuclear Europe Energy (CGN EE), about their awards journey towards their first RoSPA Health and Safety Award…
What motivated you/your organization to enter the RoSPA Awards?
RoSPA is an international organization for the prevention of accidents, it is an honor for CGN EE to receive recognition from this institution.
What benefits does winning a RoSPA Award have for you/your organization?
The Awards help us to demonstrate our commitment to excellent standards. In addition, it contributes to motivating our workforce to become better and better in that field. We are always looking for ways to improve our organization.
Which innovative approaches, risk assessment practices and/or control measures to manage health and safety are you particularly proud of from your most recent RoSPA Awards submission?
At CGN EE we have adopted a range of tools which help us in many ways to standardize practices, be more efficient and communicate in advance of upcoming dangerous weather conditions during maintenance work.
Five HSE tools have been acquired:
Software managing all statutory checks of our assets and helps us to manage training, all safety equipment and HSE documents
Software dedicated to regulatory analysis in all the countries where CGN EE is located
Software for the HSE induction of our contractors
A system for the forecast of lightning in order to keep our contractors informed about dangerous weather conditions
HSE audit software.
What outcomes have come from your organization’s approach to health and safety management (eg fewer accidents, reduced absence/lost working days, greater feelings of staff wellbeing etc.)?
We are able to communicate and share a range of indicators via monthly SHE reports and as part of our management reviews. The indicators include, but are not limited to, the following:
Status of the current construction site
Accidents and near-miss
Incidents and hazards
safety observations
Initiatives
Training/inductions
current issues
Environmental management
Behavioral safety observations and performance
Audits and inspections
Safety actions required to be flagged.
What do you enjoy most about the RoSPA Awards process?
It takes time, effort and hard work to improve HSE within a company. CGN EE has always placed this field as a critical business operation on a day to day basis. This recognition confirms that we are working in the right direction since the beginning of our activities in 2014, but it is just the beginning…
What do you think entrants could do over the year to keep drafting an award submission simple?
To keep drafting an award submission simple, entrants should keep track and proof of the efficiency of their system throughout the year. They also need to think about continuous improvement and how to improve HSE performance.
What advice would you give to organizations considering entering the RoSPA Awards for the first time?
The RoSPA Awards is a long term process, it reflects the effectiveness and commitment of an organization in terms of HSE. My advice is to focus on improving the HSE performance of your organization and the Awards process will be naturally delivered to those who can demonstrate this efficiency.
How would you convince organizations not entering the RoSPA Awards to start entering?
RoSPA is a well-known organization for the prevention of accidents, it helps companies to improve their HSE performance based on the continuous improvement approach. Following RoSPA guidelines is a guarantee to work in the right direction for the management of HSE. In addition, the achieved internal and external recognition will be motivating for all interested parties.
Has your organization got what it takes to achieve a RoSPA Award? Our internationally-renowned RoSPA Health and Safety Awards provide the perfect opportunity to globally benchmark your organization. Click here to read how winning a RoSPA Award has benefited other organizations…
2019 was a spectacular year for Wills Bros Civil Engineering Ltd. at the RoSPA Health & Safety Awards. As well as being Highly Commended in the Health & Safety Team of the Year, they also achieved a RoSPA Gold Achievement Award.
Wills Bros Civil Engineering Ltd. first entered the RoSPA Awards back in 2017, winning a Silver RoSPA Award. Since then, they’ve continued to enter, pushing themselves to win a Gold Award in 2018 and then again in 2019. We spoke to Kieran Doona, Health and Safety Manager at Wills Bros Civil Engineering Ltd. to find out more about their awards journey over the last three years…
What benefits does winning a RoSPA Award have for your organization?
Being recognized as a winner at the RoSPA Awards is hugely beneficial for our company’s reputation and profile, both with clients, the wider public and our own employees. Benchmarking ourselves against the Awards annually is a great way of reflecting on our performance over the previous year and focusing on all the things we’ve done well. Recognition as a Gold Award winner also sends out a strong signal that we are a high performing organization that is massively passionate about safety and really cares for the wellbeing of our workers. Achieving Gold didn’t happen overnight. We put a lot of work into our submissions over a number of years and the feedback from RoSPA was really helpful on how we could tweak and improve year-on-year.
Which innovative approaches, risk assessment practices and/or control measures to manage health and safety are you particularly proud of?
Over the past number of years, we’ve been particularly proud of our focus on the physical and mental health of our employees, which is so important in the modern high-pressure work environment. the the best thing about it is that we’ve had a lot of fun doing it. You can be really creative in coming up with ways to promote better health for staff. For example, we’ve held 5-side football matches, walk at work schemes, healthy lunch days, staff bowling nights, awareness workshops and staff health screening days. These have been great for morale and provide an ideal opportunity for staff to get to know one another better.
Are you able to share any outcomes from your organization’s approach to health and safety management?
Our approach to health and safety management is highly focused towards continuous improvement, changing attitudes and improving our culture. Whilst focus on lagging indicators (accidents, incidents) are important, we try to keep a balanced approach by putting equal emphasis on leading indicators (training, inspections, good practices, awards etc). We have found that competing in the RoSPA Awards has been really good for nurturing this balanced approach over the years. The questions are always updated to reflect the ever-changing nature of health and safety, so it keeps us aligned with best practice.
How have the RoSPA Awards inspired you/your organization to continuously improve health and safety management?
When we first entered a couple of years back, we were really happy to win a Silver Award. After a couple of years, we got more ambitious and really wanted to win Gold, which we achieved with some invaluable feedback and support from RoSPA. In 2019, we pushed ourselves again and decided to enter two award categories. We were delighted to win a Gold Achievement Award and a highly recommended award in the Health & Safety Team of the Year category. We’ve already registered for the 2020 Awards and have decided to push ourselves to win a Construction Sector Award next year. That’s the great thing about the RoSPA Awards, there’s something for everyone and the positive reinforcement of success really drives you to continuously improve year-on-year.
What do you enjoy most about the RoSPA Awards?
The anticipation of waiting for the Award result to come through is really exhilarating, particularly when you’ve put a lot of effort into the submission. It’s also a lot of fun sharing the the result for staff and Directors as the submission is really a team effort. I get a great buzz out of that every year. The Awards ceremony itself is also a fantastic occasion with companies from all over the world present to collect their trophies and certificates. It’s clear when a representative goes up to collect their award that the acknowledgment means a lot to them. I know that means a lot to us.
Could your organization go for Gold in 2020? Registrations are currently open for the 2020 RoSPA Health & Safety Awards. Simply visit the website to find out more. Want to hear more about the RoSPA Awards? Catch up on all our posts in the ‘Meet the Winner’ series and find out how entering the awards has benefitted other organisations.
