Latest news with #CGAM
Business Times
4 days ago
- Business
- Business Times
US dollar weakness drives UK fund out of Treasuries and into gilts
A depreciating US dollar has driven one UK asset manager to reallocate money out of inflation-protected Treasuries and into equivalent British bonds. Across three multi-asset funds worth a total of £1.8 billion (S$3.1 billion), London-based CG Asset Management (CGAM) has switched around £100 million out of US Treasury Inflation Protected Securities (Tips) and into UK inflation-linked government bonds since the end of March. The move to skirt currency risk comes as the US dollar has slumped 7 per cent against the pound this year, with US President Donald Trump's unpredictable tariff policies and a widening deficit dragging on the greenback's appeal. That depreciation now 'weighs a bit on any kind of long unhedged allocation to Tips or US conventional government bonds', portfolio manager Emma Moriarty said in an interview. She has now paused the reallocation as 70 per cent of the portfolios' exposure is sterling, a level 'at the very high end for where this would normally be'. Within CGAM's largest multi-asset fund, the Capital Gearing Trust, the gilt linker portfolio returned 1 per cent over the second quarter whereas the Tips portfolio lost 6 per cent. Since April, Moriarty has grown holdings in UK index-linked bonds from 9 per cent to 15 per cent. While longer maturity gilts have struggled this year given doubts about the UK's finances, Moriarty said so-called linkers have been closing the gap in performance with their American counterparts in their own right. Most linkers have gone from 'uninvestable' to 'good value', Moriarty said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'In relative terms, the UK is now in a much better position in that UK real yields are now quite elevated,' she added. Still, in both markets, CGAM has shifted out of the short end of the curve after heightened short-term inflation expectations, and also out of the long-end given concerns of an economic slowdown and fiscal risks. Moriarty currently favours maturities between five and 10 years. Historically, CGAM had favoured the US as the 'number one' most valuable inflation market as its outlook for outright real yields was 'really positive' due to expectations that they would track the relatively rapid growth rate of the US economy. But concerns over tariffs and the US dollar have changed that. Moriarty has shrunk holdings in Tips from 28 per cent to 22 per cent in the last three months, with inflation-linked bonds hit particularly hard in April's market turbulence. The reallocation chimes with other investors also shifting money out of US dollar assets and into Europe. 'The biggest threat to the US dollar is actually just this rotation away from US assets,' Moriarty said. BLOOMBERG
Yahoo
11-06-2025
- Health
- Yahoo
New JNCCN Study Showcases how Telehealth Helps Overcome Geographic and Resource Gaps in Cancer Care Globally
Older adults with cancer in Brazil showed better outcomes with telehealth in first-ever randomized trial of comprehensive geriatric assessment and management outside a high-income country. PLYMOUTH MEETING, Pa., June 11, 2025 /PRNewswire/ -- New research in the June 2025 issue of JNCCN—Journal of the National Comprehensive Cancer Network found that older people with cancer had better daily functioning, improved mood, stronger illness understanding, and a higher quality of life if they participated in a telehealth-based care program called Geriatric Assessment-Guided Intervention-Supportive Care (GAIN-S). GAIN-S' supportive care services included personalized fitness training, nutritional support, psychiatric care, and psychosocial assistance, all delivered remotely. The randomized clinical trial focused on 77 adults aged 65-and-older undergoing treatment for a metastatic solid tumor between June 2022 and July 2023 in Brazil. The care providers in the study were primarily located in high-population urban areas, while most patients lived in remote or underserved parts of the country. The patients who participated in the GAIN-S telehealth program demonstrated significant improvement in all measured areas after three months. "Instead of requiring older patients to travel long distances for tailored and specialized care, we brought the expertise to them—ensuring equity in access regardless of geography," said senior author William Dale, MD, PhD, City of Hope, a national U.S. cancer research and treatment organization headquartered in Los Angeles. "It was a win-win for patients, families, and providers, bringing this growing standard of care to many more people using the available resources in an efficient way." "This is especially important in countries with substantial geographic and resource gaps, like Brazil and remote areas in any country," said lead author Cristiane Decat Bergerot, PhD, Oncoclinicas&Co of Sao Paulo. "By bringing supportive care approaches to patients at the beginning of their cancer care journey, we can significantly improve the experience, communication, and outcomes of patients' lives." WhatsApp was used for scheduling appointments and obtaining informed consent for the GAIN-S group. This enabled the team to automatically encrypt messages and have the option to make them disappear after 24 hours for added security. "Social media can be used for anything, including now Comprehensive Geriatric Assessment and Management (CGAM)," commented Martine Extermann, MD, PhD, Moffitt Cancer Center, who was not involved with this research. "Randomized clinical trials have established CGAM as the standard of care approach for optimal outcomes in older patients with cancer and are recommended in the NCCN Guidelines® and others. But CGAM has long been considered a 'niche' activity limited to large academic cancer centers. An increasing number of studies show it can be implemented in a broader practice setting, and now in low- and middle-Income countries as well. Let us spread the benefits of it!" Dr. Extermann wrote a full response to this study, which is also running in the June issue of JNCCN. To read the entire study "Telehealth Geriatric Assessment and Supportive Care Intervention (GAIN-S) Program: A Randomized Clinical Trial" and the corresponding "The Last Word" commentary, visit About JNCCN—Journal of the National Comprehensive Cancer NetworkMore than 25,000 oncologists and other cancer care professionals across the United States read JNCCN—Journal of the National Comprehensive Cancer Network. This peer-reviewed, indexed medical journal provides the latest information about innovation in translational medicine, and scientific studies related to oncology health services research, including quality care and value, bioethics, comparative and cost effectiveness, public policy, and interventional research on supportive care and survivorship. JNCCN features updates on the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®), review articles elaborating on guidelines recommendations, health services research, and case reports highlighting molecular insights in patient care. JNCCN is published by Harborside/BroadcastMed. Visit To inquire if you are eligible for a FREE subscription to JNCCN, visit Follow JNCCN at About the National Comprehensive Cancer NetworkThe National Comprehensive Cancer Network® (NCCN®) is marking 30 years as a not-for-profit alliance of leading cancer centers devoted to patient care, research, and education. NCCN is dedicated to defining and advancing quality, effective, equitable, and accessible cancer care and prevention so all people can live better lives. The NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) provide transparent, evidence-based, expert consensus-driven recommendations for cancer treatment, prevention, and supportive services; they are the recognized standard for clinical direction and policy in cancer management and the most thorough and frequently-updated clinical practice guidelines available in any area of medicine. The NCCN Guidelines for Patients® provide expert cancer treatment information to inform and empower patients and caregivers, through support from the NCCN Foundation®. NCCN also advances continuing education, global initiatives, policy, and research collaboration and publication in oncology. Visit for more information. Media Contact:Rachel Darwin267-622-6624darwin@ View original content to download multimedia: SOURCE National Comprehensive Cancer Network Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
25-03-2025
- Business
- Reuters
Exclusive: Aunt of Trafigura's Mongolia boss ran main partner firm
LONDON, March 25 (Reuters) - Trafigura's top executive in Mongolia, who has been suspended while a billion-dollar fraud scheme at the Swiss trading house is investigated, loaned over $500 million of Trafigura's money to a firm owned by his aunt, Reuters has found. The firm, called Lex Oil, is Trafigura's principal counterparty in Mongolia. It belonged to Erdenetuul, the aunt of Trafigura's suspended local boss, Jononbayar Erdenesuren, according to three sources close to Trafigura and an ownership document. Trafigura said last October that it had recorded a $1.1 billion loss after an internal review found that some employees in its Mongolian petroleum products supply business engaged in "serious misconduct", including manipulating data and documents to inflate sums being paid by Trafigura and to conceal overdue receivables. here. The company said its principal counterparty owed Trafigura "a substantial portion" of the money, but did not name the counterparty or any individuals as the investigation is ongoing. According to the sources, Jononbayar sold fuel and loaned hundreds of millions of dollars to his aunt's company. The sources interviewed by Reuters said Trafigura's risk department should have assessed family connections for possible conflicts of interest, casting doubts on the rigour of oversight at one of the world's largest energy and commodity traders. Two banking sources briefed by the company said their main concern regarding the matter was that Trafigura would uncover more fraud. Reuters' reporting is based on three sources close to Trafigura familiar with the details of its Mongolia operations, the two banking sources, as well as an undated document from Mongolia's Department of State Registration showing Lex's ownership details. A Trafigura spokesperson said an external investigation was ongoing. The company declined to answer questions posed by Reuters on the status of the investigation, on which, if any, staff have been suspended or terminated, or on whether it was aware of Jononbayar's links to its main trading partner. Jononbayar has been with Trafigura since 2012, the three sources close to Trafigura said, and his LinkedIn profile shows. He is among a small, unspecified number of employees who were suspended last year, according to people familiar with the matter. Jononbayar, his aunt, Lex Oil, and a lawyer for the firm did not reply to requests for comment via LinkedIn or email. Reuters was unable to identify a lawyer representing Jononbayar. CUSTOMS LINK In addition to his business dealings with his aunt's firm, Jononbayar's mother, Erdenesuren, Erdenetuul's sister, worked in the Customs General Administration of Mongolia (CGAM), which oversees fuel imports, the three sources said. Trafigura became Mongolia's key fuel supplier around 2014, according to the same sources. Erdenesuren worked in the CGAM's risk department for several years until 2018, the sources said. Erdenesuren and CGAM did not respond to Reuters' requests for comment on LinkedIn or by email. Trafigura has not named any employees in its statements on the matter, saying in a statement in October only that it was taking "appropriate disciplinary action". An internal investigation by Trafigura found no evidence that Lex or Trafigura received preferential treatment from the CGAM, the three sources said. In October, Trafigura said it had performed a risk review of its global network, identified higher-risk locations which it did not name, and that the review of those places resulted in no significant findings. EARLIER SCANDAL Suffering a $1.1 billion hit in one of its smallest markets has rattled Trafigura's bank trade financiers, the banking sources said, especially as it followed an unconnected nickel fraud in Singapore that cost the company almost $600 million. Trafigura has released few details about the latest incident, but has determined the serious misconduct by individuals in its Mongolian business took place between 2019 and 2023. Lex Oil was set up in 2019, according to its website, and forged a partnership with Trafigura, the three trading sources said. Lex received credit from Trafigura with which it provided credit to local fuel users so they could buy diesel, which Lex and Trafigura were importing from Russia and Singapore, according to two trading sources. Reuters was unable to find documents showing that Trafigura loaned funds to Lex. The business was jolted by the onset of the COVID pandemic in 2020, which halted Mongolia's coal exports to China and therefore hit its mining activity and the sector's demand for fuel. Yet Lex Oil continued to import and blend fuel, and to lend to local firms, building up debt to Trafigura, according to the trading sources. In its annual report in December Trafigura said it had found evidence of "deliberate manipulation of data and documents and concealment of overdue receivables". It booked a $358 million loss related to Mongolia for 2024. Erdenetuul sold Lex Oil in 2022 to her husband, Dashnyam Chinbat, according to a screenshot of the ownership document. He did not respond to a Reuters request for comment. These records have since been deleted from the government website, however, the ownership change still features on Mongolian non-profit database OpenDataLab, which tracks disclosures by the government. A Mongolian government source said the country's new government, elected last year, had launched an investigation into the case, but that it was too early to disclose findings. In its annual report Trafigura said the wrongdoing in Mongolia had been detected due to the company's 'increased scrutiny' in recent years. 'We are significantly building on and extending this work as a matter of urgency,' it said.
