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China urges ‘basic manners’ after Philippine foreign secretary slams Beijing in blunt tweet

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China urges ‘basic manners’ after Philippine foreign secretary slams Beijing in blunt tweet


National flags of China and the Philippines.

Thomas Peter | AFP | Getty Images

China called for “basic manners” and cautioned against “megaphone diplomacy” after Philippine Secretary of Foreign Affairs Teodoro Locsin Jr. lashed out at Beijing in an offensive tweet.

On Monday, Locsin told China in a tweet to “get the f— out” as the two countries engaged in a war of words over the South China Sea. The secretary has been a vocal China critic in President Rodrigo Duterte’s government and is known for his occasional blunt remarks.

In several tweets over the subsequent days, Locsin apologized to Chinese State Councilor and Foreign Minister Wang Yi and said he was “provoked by the latest grossest territorial violation.” Meanwhile, Duterte’s spokesman Harry Roque reportedly said the Philippine president has reminded officials that profanity has no place in diplomacy.

Chinese Foreign Ministry Spokesman Wang Wenbin responded to Locsin’s outburst in a Tuesday statement, saying that “facts have proven time and time again that megaphone diplomacy can only undermine mutual trust rather than change reality.”

But Beijing also has a track record of firing insults at other countries.

Such aggressive tactics by Chinese diplomats have in recent years increasingly played out on social media platforms such as Twitter, which is blocked on the mainland. Observers dubbed those tactics “wolf warrior diplomacy,” taking after a series of hugely popular movies where Chinese fighters defeat adversaries globally.

South China Sea dispute

Beijing on Tuesday reiterated that Bajo de Masinloc — which it calls Huangyan Island — and its surrounding waters fall under China’s jurisdiction.

Bajo de Masinloc, also known as Scarborough Shoal, is a chain of reefs in the South China Sea that lies around 120 nautical miles from the nearest Philippine coast and 470 nautical miles from the nearest coast of China.

China claims most of the South China Sea, based on what it says are nine dashes that delineate Chinese territory in historic maps. An international tribunal in 2016 dismissed the so-called nine-dash line as legally baseless — a ruling ignored by Beijing.



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New York jet fuel gets pricier as Colonial Pipeline outage continues

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New York jet fuel gets pricier as Colonial Pipeline outage continues


American Airlines planes at LaGuardia Airport

Leslie Josephs | CNBC

Jet fuel is getting pricier nationwide and even more so in the New York City area as the Colonial Pipeline outage continues.

The premium on jet fuel prices in New York Harbor was going for nearly $1.87 a gallon on Tuesday, close to 9 cents more than the U.S. Gulf Coast price, the largest premium since February 2020, according to S&P Global Platts.

Airlines, including Delta Air Lines, United Airlines and JetBlue Airways, said they their operations haven’t been impacted. American Airlines, however, added temporary refueling stops this week until Thursday to two long-haul flights out of Charlotte, while Southwest Airlines is flying planes with extra fuel into Nashville International Airport and others, a measure known as tankering that carriers turn to during times of supply shortages, such as after hurricanes.

Airlines and airports this week said they were looking at alternative methods of obtaining fuel beyond the Colonial Pipeline, the country’s largest refined fuel-products pipeline.

“Since notification of the pipeline’s temporary shutdown, BWI Thurgood Marshall Airport has worked with airline partners and fueling companies to put alternate fueling measures in place,” a spokesman for the Baltimore airport told CNBC. “We continue to monitor the situation, and will adjust plans as needed until the pipeline is back online.”

The Port Authority of New York and New Jersey, which oversees the major airports serving the New York City area said it is “not experiencing any immediate impacts from the Colonial Pipeline shutdown.

“We are continuing to closely monitor the situation and remain in regular contact with gasoline and diesel fuel suppliers for the Port Authority vehicle fleet and with the airlines and other airport stakeholders about jet fuel supply,” a spokeswoman said.

Jet fuel for the Gulf Coast, an industry benchmark, on Tuesday hit $1.78 a gallon, the highest since January 2020. Prices have climbed by 33% this year as more customers return to air travel. The higher prices for fuel, generally airlines’ largest cost after labor, comes just as more customers are expected to fly during the peak summer travel months.



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U.S. CDC finds more clotting cases after J&J vaccine, sees causal link By Reuters

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U.S. CDC finds more clotting cases after J&J vaccine, sees causal link By Reuters



© Reuters. FILE PHOTO: Vials with a sticker reading, “COVID-19 / Coronavirus vaccine / Injection only” and a medical syringe are seen in front of a displayed Johnson & Johnson logo in this illustration taken October 31, 2020. REUTERS/Dado Ruvic/Illustration/File Pho

By Michael Erman and Julie Steenhuysen

CHICAGO (Reuters) -The U.S. Centers for Disease Control and Prevention said on Wednesday it had found more cases of potentially life-threatening blood clotting among people who received the Johnson & Johnson (NYSE:) COVID-19 vaccine and sees a “plausible causal association”.

The CDC said in a presentation the agency has now identified 28 cases of thrombosis with thrombocytopenia syndrome (TTS) among the more than 8.7 million people who had received the J&J vaccine. TTS involves blood clots accompanied by a low level of platelets – the cells in the blood that help it to clot.

So far, three of the 28 have died. Previously, as of April 25, the CDC had reported 17 cases of clotting among nearly 8 million people given vaccines.

The Advisory Committee on Immunization Practices or ACIP, which advises the U.S. CDC, recommended on April 23 that the U.S. lift a 10-day pause on the J&J vaccinations imposed to review safety data on the clotting issue. The panel will review the new data later on Wednesday.

The CDC said on Wednesday the events appear similar to what is being observed following administration of the AstraZeneca (NASDAQ:) COVID-19 vaccine in Europe.

Both vaccines are based on a new technology using adenoviruses, which cause the common cold, that have been modified to essentially render them harmless. The viruses are used to carry instructions into the body to make specific coronavirus proteins, priming the immune system to make antibodies that fight off the actual virus.

Scientists are working to find the potential mechanism that would explain the blood clots. A leading hypothesis appears to be that the vaccines are triggering a rare immune response that could be related to these viral vectors.

The syndrome does not appear to be associated with either of the COVID-19 vaccines produce by Pfizer Inc (NYSE:) and BioNTech SA or Moderna (NASDAQ:) Inc.

Most of the cases were among women aged 18 to 49, the CDC said, with rates among women aged 30-39 at 12.4 cases per million and those aged 40-49 at 9.4 cases per million.

Only six of the clotting events identified were in men.

Symptoms typically occur several days after vaccination to up to 2 weeks.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Exclusive-ValueAct takes stake in 7-Eleven owner, says changes could boost share price By Reuters

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Exclusive-ValueAct takes stake in 7-Eleven owner, says changes could boost share price By Reuters



© Reuters. FILE PHOTO: A man uses a mobile phone outside a 7-Eleven convenience store in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai

By Svea Herbst-Bayliss

(Reuters) -Activist investor ValueAct Capital has amassed a $1.53 billion stake in Seven & i Holdings and would like the Japanese owner of the 7-Eleven convenience store chain to consider changes, including a potential break-up.

ValueAct told its investors on Wednesday in a letter seen by Reuters that it built a 4.4% stake in Seven & i and believes that the sum of its parts is worth much more than its current market value.

The hedge fund said the 7-Eleven business could be worth more than double what its parent is currently valued at if the company restructures itself to focus on the convenience stores or if 7-Eleven is spun out.

The new stake in Seven & i marks a return to Japan for ValueAct, where shareholder activism is gaining traction and the firm has considerable experience, having made an investment in Nintendo last year and having previously bet on Olympus Corp and JSR Corp.

Seven & i last year spent $21 billion to buy the Speedway convenience stores.

7-Eleven’s convenience stores are a consistent, high-return business, while Seven & i’s other retail and financial assets, such as real estate have not contributed to cash flow of late even though they are backed by valuable assets, the investment firm noted.

“We invested in Seven & i Holdings at an estimated P/E ratio of 11 times, while global peers trade at 15 times to 25 times,” ValueAct said in the letter.

The company’s shares that are traded in the United States climbed 4% on a day the broader market is down. Seven & i did not immediately respond to a request seeking comment.

ValueAct declined to comment. The investment firm, run by Mason Morfit, is up 18% since January after returning 12.5% last year, an investor in the firm said.

ValueAct underscored the role 7-Eleven could play for Japan in the letter, arguing it could become what McDonald’s Corp (NYSE:) and Starbucks Corp (NASDAQ:) are to the United States, what Inditex (MC:) is to Spain and Aldi is to Germany.

But work is necessary to achieve these goals, ValueAct said noting that 7-Eleven would need to speed up its global digitalization strategy. In the United States it could focus more on food, which can be quickly tailored to tastes, and cut corporate costs.

Over the last months, ValueAct has engaged with Seven & i’s board directors and management and is optimistic that it can continue to build trust and alignment with the company, it said in the letter.

The letter reflects ValueAct’s style of collaborating with management by making suggestions instead of dictating terms to management and the board.

Over decades ValueAct has distinguished itself from other activist investors. While rivals often publicly demand board seats and push management to accept their plans quickly, ValueAct prefers to work behind the scenes, making few public statements or releasing detailed plans for change.

In the letter ValueAct also said that this new investment echoes the firm’s previous investments in Japan.

“The challenges and opportunities facing Seven & i—strategy, organizational design, digitalization and ESG—are very familiar to us,” the letter said. ValueAct has helped facilitate sales of businesses at Olympus and JSR.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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