Stock Markets
China says it will not join Swiss peace conference on Ukraine
By Laurie Chen and Liz Lee
BEIJING (Reuters) – China will not attend a Ukraine peace conference in Switzerland next month because it does not meet its expectations, which include both Russia and Ukraine taking part, the Chinese Foreign Ministry said on Friday, confirming an exclusive Reuters report.
Switzerland is seeking broad-based turnout from different parts of the world for the summit in mid-June, which Bern hopes will lay the groundwork for a peace process in Ukraine.
Moscow was not invited and dismisses the talks as meaningless without its participation.
“The arrangements for the meeting still fall far short of China’s requests and the general expectations of the international community, making it difficult for China to participate,” Chinese Foreign Ministry spokesperson Mao Ning said at a routine briefing.
“China has always insisted that an international peace conference should be endorsed by both Russia and Ukraine, with the equal participation of all parties, and that all peace proposals should be discussed in a fair and equal manner. Otherwise it will be difficult for it to play a substantive role in restoring peace.”
China briefed some diplomats this week that it had declined the invitation, saying its conditions had not been met, four sources told Reuters earlier.
The conditions included that the conference should be recognised by both Russia and Ukraine, there should be equal participation by all parties, and there should be fair discussion of all proposals, one of the sources said.
“We are very sorry that the Chinese side does not use the opportunity to present its position on the platform of the Summit in Switzerland,” a spokesperson for the Ukrainian embassy in Beijing said in a statement to Reuters.
Russian Foreign Minister Sergei Lavrov suggested on Thursday that China could arrange a peace conference in which Russia and Ukraine take part.
During a visit to China this month, Russian President Vladimir Putin said Ukraine may use the Swiss talks to try to get a broader group of countries to back Ukrainian President Volodymyr Zelenskiy’s demand for a total Russian withdrawal.
Putin also expressed backing for China’s plan for a peaceful settlement of the crisis, saying that Beijing had a full understanding of what lay behind the crisis.
The Swiss foreign ministry said it noted the conditions for China’s participation have not yet been met, particularly as Russia is “currently not involved” in the peace conference.
“For Switzerland, Russia’s involvement in the peace process is also essential. The (ministry) it is working actively to involve Russia in the peace process,” it added.
The Swiss ministry, which has previously underlined its desire to involve Russia in the peace process, said over 80 countries had confirmed attendance for the conference.
CHINA’S 12-POINT PLAN
Russia and China proclaimed a “no limits” relationship just days before Moscow launched its invasion of Ukraine in February 2022, but Beijing has so far avoided providing actual weapons and ammunition for Russia’s war effort.
Beijing put forward a 12-point paper more than a year ago that set out general principles for ending the war, but did not get into specifics. China and Brazil last week signed a joint statement calling for Russia-Ukraine peace talks.
Ukraine in January invited Chinese President Xi Jinping to participate in the planned summit of world leaders in Switzerland. Zelenskiy this week urged U.S. President Joe Biden to attend, but Washington has not confirmed who it will send.
China’s ambassador to Switzerland in March said Beijing would consider taking part in the conference. Chinese representatives attended one preparatory meeting for the summit last summer in Jeddah, Saudi Arabia.
China’s special envoy for Eurasian affairs, Li Hui, has carried out three rounds of shuttle diplomacy between various European and Middle Eastern countries, Ukraine and Russia since the invasion began.
In the latest round this month, Beijing put forward proposals on supporting the exchange of prisoners of war, opposing the use of nuclear and biological weapons and opposing armed attacks on civilian nuclear facilities, according to a Chinese foreign ministry readout.
But several European leaders and the United States have repeatedly urged China to do more to curb exports of dual-use items and critical components propping up Russia’s industrial defence base, which U.S. Secretary of State Antony Blinken has called “the biggest threat to European security since the end of the Cold War”.
China insists that its dual-use exports are subject to oversight and that it maintains normal trade relations with Russia.
The Russian embassy did not immediately respond to requests for comment.
Switzerland has been seeking to persuade more Global South countries, as well as China, to attend the conference.
In a turbulent market environment, Five9 (NASDAQ:) Inc’s stock has touched a 52-week low, reaching a price level of $28.74. This significant downturn reflects a broader trend for the cloud software company, which has seen its shares plummet by -58.79% over the past year. Investors are closely monitoring Five9’s performance as it navigates through a period of heightened volatility and shifting industry dynamics, which have contributed to the stock’s current valuation at this low point. The company’s efforts to rebound from this position will be under scrutiny in the coming quarters as market participants look for signs of a strategic turnaround or further indications of market pressures.
In other recent news, Five9 Inc . has achieved an annual revenue run rate exceeding $1 billion in Q2, a significant milestone despite lowering its annual revenue guidance by 3.8% due to customer budget constraints. The company’s adjusted EBITDA margin rose to 17% of revenue, contributing to a strong operating cash flow of $126 million. The company also confirmed plans to reduce its global workforce by approximately 7% by the end of 2024, a strategic move projected to cost between $12 million and $15 million.
Five9’s recent acquisition of Acqueon, a firm specializing in proactive outbound omnichannel customer engagement, aims to expand its AI offerings and bolster its growth. This move is in line with the company’s focus on managing expenses and improving profitability, with initiatives like FedRAMP and expansion into India anticipated to improve gross margins.
In their analysis, Piper Sandler maintained an Overweight rating for Five9, with a steady price target of $47.00, while Needham and BTIG both maintained a Buy rating with price targets of $48.00 and $45.00 respectively. These ratings reflect the firms’ confidence in Five9’s strategic positioning and potential for growth, despite the current challenges and workforce reduction.
InvestingPro Insights
Amid the current market conditions, Five9 Inc’s recent performance can be put into perspective with select data from InvestingPro. The company’s market capitalization stands at roughly $2.15 billion, indicating the size and scale of the business amidst its challenges. Despite the stock’s decline, analysts are showing a hint of optimism, with 20 analysts having revised their earnings estimates upwards for the upcoming period. This could signal a potential turnaround in sentiment or underlying business performance.
Importantly, Five9’s liquid assets are reported to surpass short-term obligations, suggesting that the company maintains a degree of financial flexibility to navigate its current difficulties. Furthermore, while the stock is trading near its 52-week low, it’s worth noting that the relative strength index (RSI) suggests the stock is in oversold territory, which can sometimes precede a rebound in share price. Investors looking for comprehensive analysis and additional InvestingPro Tips on Five9 can find more insights, including 14 other tips, at https://www.investing.com/pro/FIVN.
In terms of financial health, the company operates with a moderate level of debt and is expected to become profitable this year, according to analysts’ predictions. These elements may offer some solace to investors considering the stock’s substantial price fall over the last year. For those seeking a deeper dive into Five9’s valuation and future prospects, the InvestingPro platform provides a fair value estimate of $45.04, which is considerably higher than the current trading price, suggesting potential undervaluation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
TD Cowen reiterated its Buy rating on shares of Terns Pharmaceuticals (NASDAQ:TERN), following the company’s investor call. The call was held to manage expectations for the upcoming Phase 1/2 CARDINAL study data for chronic myeloid leukemia (CML). The firm noted the challenges in measuring the efficacy endpoint (EP) due to disease progression and the absence of treatment switch guidelines, which makes major molecular response (MMR) a challenging efficacy endpoint for Phase 1/2 trials.
The interim Phase 1/2 data aims to evaluate descriptive efficacy signals, considering patients’ baseline BCR-ABL levels and treatment history. The analyst highlighted that the once-daily (QD) dosing and the lack of food effect could potentially enhance the quality of life for patients compared to other allosteric tyrosine kinase inhibitors (TKIs).
Terns Pharmaceuticals has been focusing on the development of improved treatment options for CML. The company’s approach to dosing, which does not require food intake, may offer a more convenient alternative for patients, potentially leading to better adherence and outcomes.
The topline data from the 6-month Phase 1/2 CARDINAL study is anticipated to be available in 2025. This data will provide further insights into the treatment’s efficacy and safety, which are critical factors in the ongoing development and potential approval process.
Investors and stakeholders in Terns Pharmaceuticals are expected to closely monitor the progress of the CARDINAL study, as it could have a significant impact on the company’s future prospects and position in the CML treatment landscape.
In other recent news, Terns Pharmaceuticals has experienced significant developments. The biopharmaceutical company reported robust earnings and revenue results, with Mizuho Securities maintaining an Outperform rating on Terns shares, citing strong enthusiasm for the company’s drug, TERN-701, a potential treatment for chronic myeloid leukemia.
The firm expects the first interim Phase 1 CARDINAL study data for TERN-701 in December.
Terns also announced the appointment of Elona Kogan as its new chief legal officer, a move that underscores the company’s strategic development and pipeline advancement.
The company also secured an extension of its office lease in Foster City, California, through 2027, reflecting Terns Pharmaceuticals’ operational stability and long-term planning.
In terms of clinical trials, Terns has made progress in its ongoing Phase 1 study of TERN-701, with interim findings suggesting the drug can be administered once daily with or without food.
This development, coupled with the forthcoming Phase 1 data for another of Terns’ drugs, TERN-601—an oral GLP-1 receptor agonist for obesity—expected next month, underscores the company’s commitment to innovative therapies.
These recent developments, from financial performance to executive appointments and clinical trials, highlight Terns Pharmaceuticals’ ongoing efforts to advance its strategic objectives and deliver on its mission. The company’s activities are closely watched by investors and industry analysts, including those from Mizuho Securities, who continue to support the company’s potential.
InvestingPro Insights
As Terns Pharmaceuticals (NASDAQ:TERN) navigates the complexities of its Phase 1/2 CARDINAL study, investors are keeping a keen eye on the company’s financial health and stock performance. According to InvestingPro, Terns holds more cash than debt, which is a positive signal for financial stability. Additionally, with five analysts revising their earnings upwards for the upcoming period, there is a sense of optimism about the company’s potential performance.
However, it’s important to note that Terns is not currently profitable and has been quickly burning through cash, which may raise concerns about long-term sustainability. The company’s P/E Ratio stands at -5.71, reflecting these profitability challenges. Despite these hurdles, Terns has managed a 1 Year Price Total Return of 45.42%, indicating some investor confidence in the company’s growth prospects. The anticipated fair value from analysts stands at 15 USD, while the InvestingPro Fair Value is calculated at 5.8 USD, highlighting a divergence in valuation perspectives.
For those looking for more in-depth analysis, additional InvestingPro Tips on Terns Pharmaceuticals can be found at https://www.investing.com/pro/TERN, offering a comprehensive look at the company’s financial details and stock performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
PARIS (Reuters) – French President Emmanuel Macron discussed the importance of maintaining support for Ukraine and the need for a ceasefire in Gaza during talks on Friday with German Chancellor Olaf Scholz, said the French presidency.
Regarding Ukraine, the two leaders expressed their determination to support the country “for as long and as intensively as necessary” in its war against Russia, the Elysee said.
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