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Riverside, Carlyle drill 3.3 metres of 3.37 g/t gold at Cecilia, Mexico

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Riverside Resources Inc. [RRI-TSXV; RVSDF-OTCQB; R00-FSE] provided the second batch of results from the drilling program at the Cecilia Project in Sonora, Mexico, where work is continuing with 50% optionee partner Carlyle Commodities Corp. [CCC-CSE; DLRYF-OTC; 1OZ-FSE]. Following the first batch of results announced April 15, 2021, Riverside and Carlyle are now reporting additional anomalous…

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Riverside Resources Inc. [RRI-TSXV; RVSDF-OTCQB; R00-FSE] provided the second batch of results from the drilling program at the Cecilia Project in Sonora, Mexico, where work is continuing with 50% optionee partner Carlyle Commodities Corp. [CCC-CSE; DLRYF-OTC; 1OZ-FSE].

Following the first batch of results announced April 15, 2021, Riverside and Carlyle are now reporting additional anomalous intercepts in the last two drill holes of the Phase I drilling program, including 3.3 metres of 3.37 g/t gold, including 1.3 metres (TW) of 8.82 g/t gold at the North Breccia target (CED21-006) and 3.05 metres of 0.67 g/t gold at the Central target (CED21-007). Surface and shallow subsurface expression of the mineralization and alteration in drill holes appear to demonstrate the top of a robust hydrothermal system, which could be expanded at depth, with expectation of a more developed gold and silver system based upon the geologic modelling and logging of these core holes.

Riverside’s president and CEO, Dr. John-Mark Staude, said, “We are pleased to see this program progress with Carlyle Commodities Corp. where we are shareholders and delighted to see the exploration program return higher-grade gold. These new results continue to build upon the historical work by Cambior and others, combined with the current 2021 drill campaign, which is beginning to show new target ideas, new gold mineralization controls and widening the perspective for discoveries. We look forward to additional drilling and providing more discovery opportunities at the Cecilia project with our partner Carlyle Commodities.”

Drill hole CED21-006 is perpendicular to hole CED21-005 which was announced earlier this month with 22 metres at 1.5 g/t gold with an indication that the holes are beginning to develop different dimensions and are open for further drilling as all intercepts have been very shallow to date. The CED21-007 is the first hole by Riverside into the Central target area and further follow-up will now be warranted as gold has been found on structures and previous small-scale mining has been developed along various trends. The Riverside and Carlyle exploration program is on track and plans are to continue with more drilling and building upon these positive results from the phase I program at the Cerro Magallanes dome as well as over the broader district, which includes at least six additional regional targets.


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Singapore Closes Schools; Amazon Aids India: Virus Update

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Author of the article: Bloomberg News Bloomberg News Bloomberg News (Bloomberg) — Any mandates in the U.S. to require people to be vaccinated against Covid-19 will be set at the local level by companies and institutions such as colleges, the head of the Centers for Disease Control and Prevention said. The U.S.’s rolling one-week average…

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(Bloomberg) —

Any mandates in the U.S. to require people to be vaccinated against Covid-19 will be set at the local level by companies and institutions such as colleges, the head of the Centers for Disease Control and Prevention said. The U.S.’s rolling one-week average of new virus cases fell to the lowest level since June.

Singapore plans to close public schools this week and move to home-based learning, as a spike in unlinked cases poses the biggest challenge since last year in the city’s efforts to tackle the pandemic.

Amazon.com Inc. and one of India’s largest renewable energy companies are boosting supplies of oxygen concentrators to the country in desperate need of the life-saving medical equipment as a brutal second wave sweeps through its towns and cities.

Key Developments:

Global Tracker: Cases pass 162.6 million; deaths exceed 3.37 millionVaccine Tracker: More than 1.43 billion doses have been givenSmall town reporters reveal coronavirus carnage in IndiaCDC’s big mask change went from science to secret to surpriseThere’s no hidden U.S. vaccine stockpile ready to send abroadAsia’s Covid success stories, Taiwan and Singapore, face threats

Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on cases and deaths.

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Italy Daily Deaths Drop (12:46 p.m. NY)

Italy recorded 93 coronavirus deaths on Sunday, the lowest count since late October. New infections were 5,753, close to the seven-month low registered last week. Italy has been accelerating its vaccination campaign to over 500,000 shots per day, and infections have continued falling even with the loosening of restrictions on the economy and social life.

CDC Shuns Federal Vaccine Mandate (12:25 p.m. NY)

Any mandates in the U.S. to require people to be vaccinated against Covid-19 will be set at the local level by companies and institutions such as colleges, the head of the Centers for Disease Control and Prevention said.

“It may very well be that local businesses, local jurisdictions, will work towards vaccine mandates,” CDC Director Rochelle Walensky said on NBC’s “Meet the Press.” “That is going to be locally driven and not federally driven.”

Separately, on “Fox News Sunday,” Walensky cited colleges or universities that may enforce vaccine mandates for students, and that the cruise ship industry may also consider it for people about to embark on multiday journeys at sea.

Walensky spoke days after the CDC announced that Americans vaccinated against Covid-19 were clear to shed their face masks in public at most times.

20 Million Fully Vaccinated in U.K. (12:16 p.m. NY)

More than 20 million people, or 38% of the British adult population, are fully vaccinated against the coronavirus, the government said Sunday. Over 36.5 million, or 69%, have had one dose. The U.K. will open inoculations to everyone 35 and older this week as it combats cases of a highly transmissible variant that originated in India. The country reported another 1,926 cases and four deaths on Sunday. Both figures are up about 9% over the last seven days.

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Hong Kong Tightens Travel Rules (10:55 a.m. NY)

Hong Kong will increase restrictions on arrivals from Taiwan and Singapore, the South China Morning Post reports.

Taiwan, Singapore and Japan are to be classified high risk according to the city’s vaccine bubble travel arrangements. Unvaccinated travelers arriving from those places will have to quarantine at designated hotels for 21 days as well as present proof of a negative test.

Singapore Shuts Schools (7:59 a.m. NY)

All primary, secondary, junior college and Millennia Institute students will shift to full home-based learning from May 19 till the end of the school term on May 28, Singapore’s Ministry of Education said on Sunday. Preschools and student care centers remain open to support parents who have to work.

New Attack Hits Irish Health System (8:07 a.m. NY)

Ireland’s Department of Health has been hit by a cyber attack similar to the ransomware one carried out last week on the country’s Health Service Executive, RTE News said on Sunday.

Covid-19 vaccination appointments and testing are underway, but there may be some delays in getting results back, the HSE said. Contact tracing is also operating, though it may take longer than usual, it said.

Ireland hasn’t published national coronavirus infection case numbers since Thursday.

U.S. Cases Now Fewest Since June (7:55 a.m. NY)

The U.S. added slightly more than 30,000 cases on Saturday, sending the nation’s rolling one-week average to the lowest level since late last June, according to data compiled by Johns Hopkins University and Bloomberg.

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Even so, another 480 people died of illness related to Covid-19. That compares with peaks of more than 5,000 deaths a day in January and February.

Amazon Sends More Oxygen to India (7:33 a.m. NY)

Amazon.com Inc. and Indian renewable energy company Greenko Group are boosting supplies of oxygen concentrators to the country.

The U.S. company is working with “sellers on its marketplace to help them bring in about 9,000 oxygen concentrators for customers in India,” it wrote in a blog on Saturday. The first batch of 1,000 oxygen concentrators have landed and are available for purchase while the rest are expected in the second half of May, it said.

Hyderabad-based Greenko said on Sunday that it had airlifted the first batch of 1,000 large medical-grade concentrators.

Turkey Eases Curbs (6:51 a.m. NY)

Turkey will ease its virus restrictions from Monday as new cases of Covid-19 decline following a three-week lockdown, offering a glimmer of hope for the summer tourist season.

Infections plummeted to 11,472 on Saturday from a record high of 63,082 a month ago, though that’s still above the target of no more than 5,000 cases set by President Recep Tayyip Erdogan when he announced the national lockdown from April 29.

Most travel restrictions will be lifted but nighttime and weekend curfews will remain in place, and restaurants will only open for food deliveries, according to an Interior Ministry decree on Sunday.

German Infection Rate Continues to Fall (6 a.m. NY)

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Germany’s contagion rate fell further below a key level, a trend that could trigger a loosening of some pandemic restrictions.

Infections dropped to 83.1 per 100,000 people over the past seven days, according to the RKI public-health institute. The incidence rate dipped under 100 on Friday and regional governments can start to lift restrictions if it remains below that level for five consecutive working days.

“This is a hopeful sign but we still need to be careful,” Health Minister Jens Spahn said in a tweet.

Taiwan Local Cases Hit Record (5:38 p.m. HK)

Taiwan registered a record 206 new local cases on Sunday, after adding 180 infections the previous day. The country is racing to contain its worst outbreak of the coronavirus, while averting a full lockdown.

Italy Vaccination Cuts Infections (5 p.m. HK)

Covid-19 vaccines are highly effective even after the first dose, according to a large-scale study by Italy’s national health institute. Infections, hospitalizations and deaths all declined significantly about 14 days after the first shot. After 35 days, infections were 80% lower than among those who hadn’t received any dose, while hospitalizations were 90% lower and deaths 95% lower.

More than 7 million Italians who had received at least one vaccine dose between Dec. 27 and April 4 were surveyed. Two-thirds were given the BioNTech-Pfizer vaccine, while 29% received AstraZeneca Plc’s shot.

EU Travel Pass May Arrive Soon (4:50 p.m. HK)

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A health travel pass in the EU will be available from around June 20, French junior minister for European Affairs Clement Beaune said in an interview Sunday on Europe 1 radio interview. The pass will show either proof of vaccination against Covid-19, immunity due to past infection or the result of a negative PCR test.

Beaune says he’s pushing for quarantine measures to be lifted once the pass is operational. Only vaccines approved by the European Medicine Agency will be accepted as proof of vaccination. That would exclude Russian and Chinese vaccines, he said.

France will implement its own health pass from June 9 for major gatherings of more than 1,000 such as festivals and concerts, Beaune said.

Cyclone Heads to India (3:15 p.m. HK)

A cyclone is set to hit the western coast of India — the country’s industrialized belt with big refineries and ports — prompting authorities already grappling with a deadly second virus wave to start preparations for evacuating citizens.

Cyclone “Tauktae,” currently about 500 kilometers (310 miles) from the financial hub of Mumbai, is expected to make landfall Tuesday morning in the southern districts of Gujarat, with wind speeds touching 175 kilometers per hour, according to the India Meteorological Department. It has intensified into a “very severe cyclonic storm,” the national weather forecaster said in a tweet Sunday.

Local authorities in Mumbai have already moved hundreds of Covid-19 patients to other facilities. Prime Minister Narendra Modi told senior government officials to ensure “maintenance of all essential services such as power, telecommunications, health and drinking water,” according to a May 15 statement from Press Information Bureau.

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India Virus Cases Ease (1:50 p.m. HK)

India reported 311,170 new infections Sunday, continuing the downward trajectory seen in the past few days, bolstering hopes that cases may have peaked after a deadly second wave that overwhelmed hospitals and crematoriums. The case tally has crossed 24.6 million, according to the India’s health ministry. More than 182 million vaccine doses have been administered.

While the daily surge in cases is ebbing, there’s no let up in deaths with the Asian nation reporting 4,077 more casualties, pushing the total to 270,284. Those death toll numbers might be understated, according to local media reports of bodies floating along river banks in the northern states.

The Dainik Bhaskar, a Hindi newspaper popular across India’s crowded heartland, fanned 30 of its reporters along the banks of the river Ganga in Uttar Pradesh state. They found — and photographed — more than 2,000 corpses across some 1,140 kilometers (708 miles). The state government claims only about 300 are dying daily.

Their findings make grim reading: authorities are piling silt over more than 350 bodies lying in shallow graves in Kannauj, the reporters say; they see dogs gnawing at some of the 400 corpses just a short distance from a crematorium in Kanpur; they count 52 corpses floating down the river in Ghazipur, often crossing state borders.

Singapore to Vaccinate Children (11:30 a.m. HK)

Singapore plans to vaccinate under 16 year-olds after a recent rise of Covid-19 infections among students in the island state, according to Education Minister Chan Chun Sing.

The ministries of education and health are working out plans for the “vaccination of our students,” Chan wrote on his Facebook page. “Once the approval for use is granted, we will roll out vaccinations to those below 16.”

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U.S. Economic Rebound Proves More a Grind Than a Boom

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Author of the article: Bloomberg News Shawn Donnan and Cécile Daurat (Bloomberg) — The prevailing scenario for the U.S. recovery on Wall Street and in Washington has until recently focused on a boom fueled by consumers roaring back to life with a vengeance in a vaccine-induced reopening of the economy. The reality emerging from the…

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(Bloomberg) — The prevailing scenario for the U.S. recovery on Wall Street and in Washington has until recently focused on a boom fueled by consumers roaring back to life with a vengeance in a vaccine-induced reopening of the economy.

The reality emerging from the latest data is a bumpy rebound vulnerable to surprises.

Whatever your take is on whether unemployment benefits in discouraging Americans from returning to work or how worrisome recent price hikes are — not very, says the Federal Reserve — the economy is flashing messy signals.

On Friday, stalling retail sales and rising inflation expectations capped a volatile week after major misses in the April consumer price and job reports.

At the heart of the grind is the labor market: getting about 10 million people back to work after a third of the workforce changed or lost their jobs during the Covid-19 pandemic is going to take time, leaving some employers scrambling to fill positions amid brisk demand.

“This will be a chaotic recovery,” said Wendy Edelberg, former chief economist at the non-partisan Congressional Budget Office who now directs the Hamilton Project at the Brookings Institution.

Layered onto the data has been a cyberattack that caused gasoline shortages on the East Coast and prompted Republicans to invoke memories of the 1970s energy crisis.

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Added to supply chain bottlenecks that have been a drag on automakers and other manufacturers, the hack has provided evidence of how vulnerable the U.S. recovery remains to unanticipated shocks. And President Joe Biden’s ambitious plans to create millions of good-paying jobs as part of a $4 trillion package face massive barriers at both the federal and state level before they can materialize.

There is no doubt the U.S. economy is rebounding. But the K-shaped bounce predicted by many is turning into a multi-headed monster.

Dog Walker

In Ann Arbor, Michigan, you can see it in the business of dog-walker Christina Lirones.

Before the pandemic, she walked eight to ten dogs a day at $20 a walk and often spent weekends house-sitting for pet owners. Wednesday “was a stellar day for post-pandemic and I walked three dogs,” she said in an interview.The worst is behind her. But demand is still slow. Plus Lirones, 60, has a daunting mountain of credit-card debt she built up during the pandemic by taking up zero-interest credit card offers rather than applying for unemployment benefits.

Lirones has a spreadsheet and a plan to pay off her cards before she has to start paying interest. While stimulus checks she and her husband have received this year went mostly to doing exactly that, she still has a ways to go.

“Tens of thousands is 100% correct,” she texted on Friday. “Yikes. I try not to think about it.”

Economist Edelberg, like many of her peers, remains an optimist about what lies ahead. She expects amassed household savings and pent-up demand to be unleashed in the coming months as the pandemic is brought under control in the U.S. The strongest sign yet of a return to everyday life came Thursday when the Centers for Disease Control and Prevention said vaccinated people can drop masks in most situations.

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With the anticipated surge in demand for services such as travel, though, will come yet more mismatches with supply. They will lead to price spikes like the 10% surge in a month in used-car prices — the largest recorded since 1953 — reflected in Wednesday’s consumer price data.

“I fully expect airline prices to go through the roof,” Edelberg said.

Layoffs

Other data indicators point to the patchiness of the recovery.

The surge in job openings to a record high of 8.1 million in March underscored the fast-paced reopening of many businesses in the country but masked job reductions that have continued elsewhere.

In Burlington, Wisconsin, Swiss food giant Nestle SA on Wednesday notified authorities that it would be laying off almost three dozen workers at a factory that has for years made the chocolate “morsels” that many home bakers rely on. A spokeswoman for the company said Friday the cuts were related to the 2018 sale of its U.S. confectionary business to Italy’s Ferrero-SpA/Alba.

In the past two weeks in Ohio, officials have received notices of layoffs from Sunbeam Products and engineering company OPW Engineered Systems.”It is expected that this closure will be permanent,” an OPW official wrote in his letter to state officials announcing 103 job cuts due to take place over the summer.Meanwhile, small businesses, which employed almost half the private workforce before the pandemic, have been rebounding more slowly than bigger counterparts.

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By many accounts, business is on fire for some restaurants, hotels and hair salons, especially in the South, which reopened early. But an April survey by the National Federation of Independent Business also found a deterioration in the outlook for business conditions, partly because companies are struggling to find workers.

And data from Opportunity Insights, a research group based at Harvard University, show that total revenue at small firms is down about 29% compared with pre-pandemic January 2020 as of May 5.

Unemployment Benefits

Even the ideological battle over jobs and unemployment benefits is becoming more complicated. Several Republican-run states have announced that they will be pulling out of federal programs in the coming weeks.Such a move, officials in those states said, will spur a new wave of people into the workforce. It will also cut the fiscal stimulus going into the economy in those states. According to the Labor Department, more than 12 million people nationally were receiving those federal benefits in April — and these people are consumers.

The dearth of workers in certain sectors and pockets of the country has led corporate giants such as Amazon.com Inc to announce increases in wages. At the same time, small businesses are trying to make sure the debate over a federal minimum wage doesn’t come back on the agenda, and many are offering one-time cash incentives to lure workers.

Economists may have underestimated how a pandemic that upended personal lives and brought trillions of dollars in relief aid into the economy caused many people to recalibrate.

Dog walker Lirones, who lives with her husband and adult daughter outside of Ann Arbor on a 40-acre farm they bought in the 1990s, said she has come to think that having less work than she used to might fit with her desire to slow things down.

“It may be back to roughly what I want to do,” she said.

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No Pipeline, No Problem as Energy Leads the Stock Market Higher

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Author of the article: Bloomberg News Michael Bellusci (Bloomberg) — It’s going to take more than a pesky pipeline shutdown to knock energy stocks off their pedestal as this year’s best performing group in the S&P 500. Indeed, while the market focuses on popular meme stocks, alternative energy plays, tech and Tesla, the best place…

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(Bloomberg) — It’s going to take more than a pesky pipeline shutdown to knock energy stocks off their pedestal as this year’s best performing group in the S&P 500. Indeed, while the market focuses on popular meme stocks, alternative energy plays, tech and Tesla, the best place to make money in 2021 has been that old warhorse, the crude patch.

Oil & gas shares are up 40% this year compared with a 11% gain in the broad equities benchmark. Despite headwinds from regulatory concerns and the popularity of ESG investing, the group has continued to surge higher on rising oil prices, improving earnings and a market-wide rotation into value stocks. The mantra of limited capital spending and low growth appears to be working. Even the hacking of the largest fuel pipeline in the U.S. last week couldn’t halt the gains.

Macro dynamics are favorable, and share prices remain wildly undervalued as the broader investment community continues to ignore the space, according to New York-based Goehring & Rozencwajg Associates LLC. That probably won’t last with these returns, considering Marathon Oil Corp. is up a whopping 77% this year, while Devon Energy Corp,. EOG Resources Inc. and Diamondback Energy Inc. have all soared more than 60% since the start of 2021. But so far, investors appear to be staying away.

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“To date, we have not seen any material flow of funds from generalist investors” or institutional money, says managing partner Adam Rozencwajg. “The move will be violent when it happens.”

Shrinking Presence

Part of this may come down to simple index weightings, where energy has become just a tiny slice of the stock market. The group accounts for less than 3% of the S&P 500 after being in the double digits 10 years ago.

Energy bulls got a little encouragement in February when Warren Buffett’s Berkshire Hathaway Inc. disclosed a stake in Chevron Corp., according to Bank of Montreal capital markets. Berkshire’s ownership stole headlines, though BMO’s scan of 13F filings also showed broad-based increases in active long-only ownership across E&P stocks after steady declines in recent years, analyst Phillip Jungwirth told clients in a February note.

Shale drillers also offer hope about the macro environment, as they’re generating cash and giving back to investors without increasing supply. EOG Resources Inc. reiterated a no-growth outlook for this year at Citi’s global energy conference earlier this week, according to the bank. The company also declared a surprise special dividend after generating record cash in the first quarter.

See more: Exxon, Chevron Preach Prudence Even as Cash Waterfall Returns

Earnings Encouragement

Meanwhile, first-quarter earnings from 40 U.S. shale drillers were generally positive, according to KeyBanc Capital Markets. Almost 80% of the group beat cash flow per share/Ebitda estimates, analyst Leo Mariani wrote in a note to clients.

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The cyberattack on Colonial Pipeline Co.’s fuel distribution line along the U.S. Eastern Seaboard didn’t do much damage to refining stocks, as a prolonged shutdown was avoided. The approaching summer driving season and the lifting Covid-19 restrictions are keeping analysts bullish.

“What we’re calling the ‘summer of YOLO’ should drive a large-scale recovery in gasoline/jet demand this summer as the U.S. (and hopefully the world) returns to normal,” according to Raymond James. “This narrative will be very hard to fight,” analyst Justin Jenkins wrote in a note to clients.

One cause for concern is inflation. While oil’s generally thought to benefit from rising prices, in this case it raises the specter of a less accommodative U.S. Federal Reserve, which could hurt crude. That, however, isn’t bothering Leigh Goehring. “Inflation is a massive, massive positive tailwind” for oil & gas companies, which are “asset-heavy,” he said.

While rising oil prices have fueled the early stages of an earnings recovery for energy firms, the longer-term outlook is murkier, BMO’s chief investment strategist Brian Belski said earlier this week as he upgraded the sector to market weight from underweight.

“Secular supply and demand dynamics for oil will likely make it difficult for the energy sector to sustain any type of outperformance over the longer-term,” he concluded.

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