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Key Events This Busy Week: Retail Sales, Housing, Earnings And Torrent Of Fed Speakers Including Powell

Key Events This Busy Week: Retail Sales, Housing, Earnings And Torrent Of Fed Speakers Including Powell

With earnings season now having started…



Key Events This Busy Week: Retail Sales, Housing, Earnings And Torrent Of Fed Speakers Including Powell

With earnings season now having started in earnest, and with traders closely following every development in the middle east, it looks like it will be a busy week but without an obvious focal point. There is a barrage of Fed speak before their media black-out at the weekend but Powell’s speech at the Economic Club of New York on Thursday will be the highlight. DB's Jim Reid details who is speaking in the end of the day-by-day calendar below, but DB’s Brett Ryan’s week ahead gives a bit more detail of their various biases here (available to pro subs).

The key data point will likely be US retail sales (tomorrow) which we expect to decline (-0.1%) after two strong months, but we also have a lot of US housing data with the NAHB (tomorrow), starts/permits (Wednesday) and existing home sales (Thursday). US weekly jobless claims (Thursday) corresponds to payrolls survey week so will be used to fine tune estimates.

Staying with the US, earnings season will start to get into gear with the highlights being Bank of America, Goldman Sachs and Johnson and Johnson (tomorrow), Morgan Stanley, Tesla, Netflix, ASML, and Procter & Gamble (Wednesday), TSMC (Thursday) and American Express (Friday). Tesla and Netflix probably have the most ability to move macro markets given their size.

China sees its monthly activity dump on Wednesday where signs of a turnaround will be scrutinized. This is the same day as UK inflation comes out (preview here). The UK labour market data tomorrow is interesting as unemployment is now 0.8pp above the lows at 4.3% and has increased more than anywhere else in the DM world. UK retail sales is out on Friday.

In Europe we have the ZEW survey in Germany (tomorrow) and the PPI report on Friday, with retail sales for France also due that day. With regards to German PPI it's expected to hit -14.2% YoY from -12.6% the previous month so crazy numbers historically after peaking at an even more crazy +45.8% YoY just over a year ago.

In Japan the national CPI on Friday will be the last before the October 31st BoJ meeting where YCC is likely in our opinion to be abandoned. So an important print.

* * *

Courtesy of DB, here is a day-by-day preview of the week ahead

Monday October 16

  • Data: US October Empire manufacturing index, Japan August capacity utilization, Italy August general government debt, Eurozone August trade balance, Canada August manufacturing sales
  • Central banks: Fed's Harker speaks, ECB's Villeroy speaks, BoE's Pill and Woods speak, BoC business outlook, China 1-yr MLF rate

Tuesday October 17

  • Data: US October New York Fed services business activity, NAHB housing market index, September retail sales, industrial production, capacity utilization, August total net TIC flows, business inventories, UK September jobless claims change, August average weekly earnings, unemployment rate, Japan August Tertiary industry index, Germany October Zew survey, Canada September CPI, housing starts, August international securities transactions
  • Central banks: Fed's Williams, Bowman and Barkin speak, ECB's Guindos, Holzmann, Centeno and Knot speak, BoE's Dhingra speaks
  • Earnings: Johnson & Johnson, Bank of America, Lockheed Martin, Goldman Sachs, Prologis, Albertsons, United Airlines Holdings

Wednesday October 18

  • Data: US September housing starts, building permits, China Q3 GDP, September industrial production, retail sales, property investment, UK September CPI, RPI, PPI, August house price index, Italy August trade balance, Eurozone August construction output
  • Central banks: Fed's Beige Book, Waller, Williams, Bowman, Cook and Harker speak
  • Earnings: Tesla, Procter & Gamble, ASML, Netflix, Abbott Laboratories, SAP, Morgan Stanley, Lam Research, Volvo, Deutsche Boerse, Alcoa

Thursday October 19

  • Data: US October Philadelphia Fed business outlook, September leading index, existing home sales, initial jobless claims, China September new home prices, Japan September trade balance, Italy August current account balance, France October manufacturing and business confidence, ECB August current account, Canada September raw materials and industrial product price index
  • Central banks: Fed's Powell, Jefferson, Goolsbee, Barr, Bostic and Harker speak
  • Earnings: TSMC, Philip Morris, Blackstone, Union Pacific, AT&T, Intuitive Surgical, CSX, Freeport-McMoRan, Truist Financial, Nokia, American Airlines

Friday October 20

  • Data: China 1-yr and 5-yr loan prime rates, UK October GfK consumer confidence, September retail sales, public finances, Japan September national CPI, Germany September PPI, France September retail sales, EU27 September new car registrations, Canada August retail sales
  • Central banks: Fed's Logan, Mester and Harker speak
  • Earnings: American Express, Schlumberger

* * *

Finally, looking at just the US, here is Goldman's preview noting that the key economic data releases this week are the retail sales report on Tuesday, and the jobless claims and Philadelphia Fed manufacturing index reports on Thursday. The Beige Book for the November FOMC meeting period will be released on Wednesday. There are many speaking engagements by Fed officials this week including Chair Powell, Vice Chair Jefferson, Vice Chair for Supervision Barr, Governors Bowman, Waller, and Cook, and Presidents Harker, Williams, Barkin, Goolsbee, Bostic, Logan, and Mester.

Monday, October 16

  • 10:30 AM Philadelphia Fed President Harker (FOMC voter) speaks: Philadelphia Fed President Patrick Harker will speak on the economic outlook at the Mortgage Bankers Association's Annual Convention and Expo in Philadelphia. Speech text is expected. On October 13, Harker said “absent a stark turn in what I see in the data and hear from contacts, both in one-on-one conversations and in forums like this, I believe that we are at the point where we can hold rates where they are.”
  • 04:30 PM Philadelphia Fed President Harker (FOMC voter) speaks: Philadelphia Fed President Patrick Harker will speak on the economic outlook at a virtual event hosted by the National Association of Corporate Directors. Speech text and a Q&A are expected.

Tuesday, October 17

  • 08:00 AM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will moderate a discussion with Intel CEO Pat Gelsinger at the Economic Club of New York.
  • 08:30 AM Retail sales, September (GS +0.6%, consensus +0.3%, last +0.6%); Retail sales ex-auto, September (GS +0.4%, consensus +0.2%, last +0.6%); Retail sales ex-auto & gas, September (GS +0.3%, consensus +0.1%, last +0.2%);  Core retail sales, September (GS +0.1%, consensus -0.1%, last +0.1%): We estimate core retail sales edged up 0.1% in September (ex-autos, gasoline, and building materials; mom sa). Our forecast reflects a late-month pickup in spending following sequential weakness in the first half of the month. We also estimate a 0.6% rise in headline retail sales, reflecting increases in auto, gasoline, and restaurant sales.
  • 09:15 AM Industrial production, September (GS +0.2%, consensus flat, last +0.4%); Manufacturing production, September (GS +0.2%, consensus -0.1%, last +0.1%); Capacity utilization, September (GS 79.7%, consensus 79.6%, last 79.7%): We estimate industrial production increased 0.2%, as strong motor vehicle and oil and gas production outweigh weak mining production. We estimate capacity utilization was unchanged at 79.7%.
  • 09:20 AM Fed Governor Bowman speaks: Fed Governor Michelle Bowman will speak about responsible innovation in money and payments at the Harvard Law School Program on International Financial Systems Roundtable on Central Bank Digital Currency. Speech text and audience Q&A are expected. On October 11, Governor Bowman said “inflation remains well above the FOMC’s 2 percent target. Domestic spending has continues at a strong pace, and the labor market remains tight. This suggests that the policy rate may need to rise further and stay restrictive for some time to return inflation to the FOMC’s goal.”
  • 10:45 AM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will speak on the economic outlook to the Real Estate Roundtable in Washington. An audience Q&A is expected.

Wednesday, October 18

  • 08:30 AM Housing starts, September (GS +11.0%, consensus +7.6%, last -11.3%); Building permits, September (consensus -5.9%, last +6.8%)
  • 12:00 PM Fed Governor Waller speaks: Fed Governor Christopher Waller will speak about the economic outlook at the European Economics and Financial Centre's Distinguished Speaker Seminar. Speech text and both audience and moderator Q&A are expected.
  • 12:30 PM New York Fed President Williams (FOMC voter) speaks: New York Fed President John Williams will participate in a moderated discussion at Queens College. A moderated Q&A is expected.
  • 01:00 PM Fed Governor Bowman speaks: Fed Governor Michelle Bowman will deliver welcoming remarks at a Fed Listens event at the Richmond Fed. Speech text is expected.
  • 01:00 PM Richmond Fed President Barkin (FOMC non-voter) speaks: Richmond Fed President Tom Barkin will deliver opening remarks and speak at a Fed Listens event hosted by the Richmond Fed. Speech text is expected.
  • 02:00 PM Beige Book, November FOMC meeting period: The Fed’s Beige Book is a summary of regional economic anecdotes from the 12 Federal Reserve districts. The Beige Book for the September FOMC meeting period noted that overall economic activity was modest during July and August. Consumer spending on tourism was stronger than expected, and some districts’ reports suggested that consumers may have exhausted excess savings. Manufacturing contacts in 7 districts noted improved supply chains and ability to meet existing orders. Nearly all districts reported that the inventory of homes for sale remained constrained. In this month’s Beige Book, we look for anecdotes related to growth, sentiment, and the evolution of labor market tightness and inflationary pressures.
  • 03:15 PM Philadelphia Fed President Harker (FOMC voter) speaks: Philadelphia Fed President Patrick Harker will speak about workforce challenges at an event titled "People, Possibilities, Practice: Designing a Better Future for Workers" at the Philadelphia Fed. Speech text is expected.
  • 06:55 PM Fed Governor Cook speaks: Fed Governor Lisa Cook will speak about the evolution of the Fed's mandate at the Louis E. Martin Awards Ceremony at the 2023 Future of Black Communities Summit. Speech text is expected.

Thursday, October 19

  • 08:30 AM Initial jobless claims, week ended October 14 (GS 205k, consensus 214k, last 209k); Continuing jobless claims, week ended October 7 (GS 1,725k, consensus 1,700k, last 1,702k)
  • 08:30 AM Philadelphia Fed manufacturing index, October (GS -3.5, consensus -7.0, last -13.5); We estimate that the Philadelphia Fed manufacturing index picked up by 10pt to -3.5 in October, reflecting the rebound in East Asian industrial activity and upward convergence toward other manufacturing surveys.
  • 09:00 AM Fed Vice Chair Jefferson speaks: Fed Vice Chair Philip Jefferson will deliver welcoming remarks at the Fed's 18th Central Bank Conference on the Microstructure of Financial Markets. Speech text is expected. On October 9, Vice Chair Jefferson said “my view is that the FOMC is in a position to proceed carefully in assessing the extent of any additional policy firming that may be necessary.”
  • 10:00 AM Existing home sales, September (GS -5.5%, consensus -4.0%, last -0.7%)
  • 12:00 PM Fed Chair Powell speaks: Fed Chair Jerome Powell will speak at the Economic Club of New York. Speech text and moderated Q&A are expected. On September 20, Chair Powell said “the fact that [the Committee] decided to maintain the policy rate at [the September FOMC] meeting doesn’t mean that we’ve decided that we have or have not at this time reached that stance of monetary policy that we’re seeking.”
  • 01:20 PM Chicago Fed President Goolsbee speaks: Chicago Fed President Austan Goolsbee will participate in a moderated Q&A at the Wisconsin Manufacturers & Commerce Business Day. A moderated Q&A is expected. On October 5, President Goolsbee said “on the real side I feel like nothing has happened so far that is convincing evidence that we are off the golden path. I still feel like this is our goal and it’s still possible.”
  • 01:30 PM Fed Vice Chair for Supervision Barr speaks: Fed Vice Chair for Supervision Michael Barr will speak about stress testing at the 2023 Federal Reserve Stress Testing Research Conference at the Boston Fed. The event will be livestreamed. Speech text and moderated Q&A are expected.
  • 04:00 PM Atlanta Fed President Bostic (FOMC non-voter) speaks: Atlanta Fed President Raphael Bostic will speak on the role of policy in addressing inequality at the New School University Center. Speech text and audience Q&A are expected. On October 11, President Bostic said “today, I don’t think we need to do anything more in terms of interest rates.”
  • 05:30 PM Philadelphia Fed President Harker (FOMC voter) speaks: Philadelphia Fed President Patrick Harker will speak on the economic outlook at the Chartered Financial Analyst Society Philadelphia 80th Anniversary Celebration. Speech text and audience Q&A are expected.
  • 06:30 PM Dallas Fed President Logan (FOMC voter) speaks: Dallas Fed President Lorie Logan will speak at a Money Marketeers of New York University event. Audience and moderated Q&A are expected. On October 9, President Logan said “if term premiums rise, they could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening to achieve the FOMC’s objectives.”

Friday, October 20

  • 09:00 AM Philadelphia Fed President Harker (FOMC voter) speaks: Philadelphia Fed President Patrick Harker will speak on the economic outlook at the Risk Management Association Philadelphia Chapter Meeting. Speech text and audience Q&A are expected.
  • 12:15 PM Cleveland Fed President Mester (FOMC non-voter) speaks: Cleveland Fed President Loretta Mester will speak on the outlook for the economy and monetary policy at the Manhattan Institute for Policy Research. Speech text and audience Q&A are expected. On October 3, President Mester said “if the economy looks the way it did at the next meeting, similar to the way it looked at our recent meeting, I would do the further rate increase… I probably favor going again, but again, we’re going to have to wait and see how the economy evolves.”

Source: DB, Goldman, BofA

Tyler Durden Mon, 10/16/2023 - 10:15

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Four burning questions about the future of the $16.5B Novo-Catalent deal

To build or to buy? That’s a classic question for pharma boardrooms, and Novo Nordisk is going with both.
Beyond spending billions of dollars to expand…



To build or to buy? That’s a classic question for pharma boardrooms, and Novo Nordisk is going with both.

Beyond spending billions of dollars to expand its own production capacity for its weight loss drugs, the Danish drugmaker said Monday it will pay $11 billion to acquire three manufacturing plants from Catalent. It’s part of a broader $16.5 billion deal with Novo Holdings, the investment arm of the pharma’s parent group, which agreed to acquire the contract manufacturer and take it private.

It’s a big deal for all parties, with potential ripple effects across the biotech ecosystem. Here’s a look at some of the most pressing questions to watch after Monday’s announcement.

Why did Novo do this?

Novo Holdings isn’t the most obvious buyer for Catalent, particularly after last year’s on-and-off M&A interest from the serial acquirer Danaher. But the deal could benefit both Novo Holdings and Novo Nordisk.

Novo Nordisk’s biggest challenge has been simply making enough of the weight loss drug Wegovy and diabetes therapy Ozempic. On last week’s earnings call, Novo Nordisk CEO Lars Fruergaard Jørgensen said the company isn’t constrained by capital in its efforts to boost manufacturing. Rather, the main challenge is the limited amount of capabilities out there, he said.

“Most pharmaceutical companies in the world would be shopping among the same manufacturers,” he said. “There’s not an unlimited amount of machinery and people to build it.”

While Novo was already one of Catalent’s major customers, the manufacturer has been hamstrung by its own balance sheet. With roughly $5 billion in debt on its books, it’s had to juggle paying down debt with sufficiently investing in its facilities. That’s been particularly challenging in keeping pace with soaring demand for GLP-1 drugs.

Novo, on the other hand, has the balance sheet to funnel as much money as needed into the plants in Italy, Belgium, and Indiana. It’s also struggled to make enough of its popular GLP-1 drugs to meet their soaring demand, with documented shortages of both Ozempic and Wegovy.

The impact won’t be immediate. The parties expect the deal to close near the end of 2024. Novo Nordisk said it expects the three new sites to “gradually increase Novo Nordisk’s filling capacity from 2026 and onwards.”

As for the rest of Catalent — nearly 50 other sites employing thousands of workers — Novo Holdings will take control. The group previously acquired Altasciences in 2021 and Ritedose in 2022, so the Catalent deal builds on a core investing interest in biopharma services, Novo Holdings CEO Kasim Kutay told Endpoints News.

Kasim Kutay

When asked about possible site closures or layoffs, Kutay said the team hasn’t thought about that.

“That’s not our track record. Our track record is to invest in quality businesses and help them grow,” he said. “There’s always stuff to do with any asset you own, but we haven’t bought this company to do some of the stuff you’re talking about.”

What does it mean for Catalent’s customers? 

Until the deal closes, Catalent will operate as a standalone business. After it closes, Novo Nordisk said it will honor its customer obligations at the three sites, a spokesperson said. But they didn’t answer a question about what happens when those contracts expire.

The wrinkle is the long-term future of the three plants that Novo Nordisk is paying for. Those sites don’t exclusively pump out Wegovy, but that could be the logical long-term aim for the Danish drugmaker.

The ideal scenario is that pricing and timelines remain the same for customers, said Nicole Paulk, CEO of the gene therapy startup Siren Biotechnology.

Nicole Paulk

“The name of the group that you’re going to send your check to is now going to be Novo Holdings instead of Catalent, but otherwise everything remains the same,” Paulk told Endpoints. “That’s the best-case scenario.”

In a worst case, Paulk said she feared the new owners could wind up closing sites or laying off Catalent groups. That could create some uncertainty for customers looking for a long-term manufacturing partner.

Are shareholders and regulators happy? 

The pandemic was a wild ride for Catalent’s stock, with shares surging from about $40 to $140 and then crashing back to earth. The $63.50 share price for the takeover is a happy ending depending on the investor.

On that point, the investing giant Elliott Investment Management is satisfied. Marc Steinberg, a partner at Elliott, called the agreement “an outstanding outcome” that “clearly maximizes value for Catalent stockholders” in a statement.

Elliott helped kick off a strategic review last August that culminated in the sale agreement. Compared to Catalent’s stock price before that review started, the deal pays a nearly 40% premium.

Alessandro Maselli

But this is hardly a victory lap for CEO Alessandro Maselli, who took over in July 2022 when Catalent’s stock price was north of $100. Novo’s takeover is a tacit acknowledgment that Maselli could never fully right the ship, as operational problems plagued the company throughout 2023 while it was limited by its debt.

Additional regulatory filings in the next few weeks could give insight into just how competitive the sale process was. William Blair analysts said they don’t expect a competing bidder “given the organic investments already being pursued at other leading CDMOs and the breadth and scale of Catalent’s operations.”

The Blair analysts also noted the companies likely “expect to spend some time educating relevant government agencies” about the deal, given the lengthy closing timeline. Given Novo Nordisk’s ascent — it’s now one of Europe’s most valuable companies — paired with the limited number of large contract manufacturers, antitrust regulators could be interested in taking a close look.

Are Catalent’s problems finally a thing of the past?

Catalent ran into a mix of financial and operational problems over the past year that played no small part in attracting the interest of an activist like Elliott.

Now with a deal in place, how quickly can Novo rectify those problems? Some of the challenges were driven by the demands of being a publicly traded company, like failing to meet investors’ revenue expectations or even filing earnings reports on time.

But Catalent also struggled with its business at times, with a range of manufacturing delays, inspection reports and occasionally writing down acquisitions that didn’t pan out. Novo’s deep pockets will go a long way to a turnaround, but only the future will tell if all these issues are fixed.

Kutay said his team is excited by the opportunity and was satisfied with the due diligence it did on the company.

“We believe we’re buying a strong company with a good management team and good prospects,” Kutay said. “If that wasn’t the case, I don’t think we’d be here.”

Amber Tong and Reynald Castañeda contributed reporting.

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Petrina Kamya, Ph.D., Head of AI Platforms at Insilico Medicine, presents at BIO CEO & Investor Conference

Petrina Kamya, PhD, Head of AI Platforms and President of Insilico Medicine Canada, will present at the BIO CEO & Investor Conference happening Feb….



Petrina Kamya, PhD, Head of AI Platforms and President of Insilico Medicine Canada, will present at the BIO CEO & Investor Conference happening Feb. 26-27 at the New York Marriott Marquis in New York City. Dr. Kamya will speak as part of the panel “AI within Biopharma: Separating Value from Hype,” on Feb. 27, 1pm ET along with Michael Nally, CEO of Generate: Biomedicines and Liz Schwarzbach, PhD, CBO of BigHat Biosciences.

Credit: Insilico Medicine

Petrina Kamya, PhD, Head of AI Platforms and President of Insilico Medicine Canada, will present at the BIO CEO & Investor Conference happening Feb. 26-27 at the New York Marriott Marquis in New York City. Dr. Kamya will speak as part of the panel “AI within Biopharma: Separating Value from Hype,” on Feb. 27, 1pm ET along with Michael Nally, CEO of Generate: Biomedicines and Liz Schwarzbach, PhD, CBO of BigHat Biosciences.

The session will look at how the latest artificial intelligence (AI) tools – including generative AI and large language models – are currently being used to advance the discovery and design of new drugs, and which technologies are still in development. 

The BIO CEO & Investor Conference brings together over 1,000 attendees and more than 700 companies across industry and institutional investment to discuss the future investment landscape of biotechnology. Sessions focus on topics such as therapeutic advancements, market outlook, and policy priorities.

Insilico Medicine is a leading, clinical stage AI-driven drug discovery company that has raised over $400m in investments since it was founded in 2014. Dr. Kamya leads the development of the Company’s end-to-end generative AI platform, Pharma.AI from Insilico’s AI R&D Center in Montreal. Using modern machine learning techniques in the context of chemistry and biology, the platform has driven the discovery and design of 30+ new therapies, with five in clinical stages – for cancer, fibrosis, inflammatory bowel disease (IBD), and COVID-19. The Company’s lead drug, for the chronic, rare lung condition idiopathic pulmonary fibrosis, is the first AI-designed drug for an AI-discovered target to reach Phase II clinical trials with patients. Nine of the top 20 pharmaceutical companies have used Insilico’s AI platform to advance their programs, and the Company has a number of major strategic licensing deals around its AI-designed therapeutic assets, including with Sanofi, Exelixis and Menarini. 


About Insilico Medicine

Insilico Medicine, a global clinical stage biotechnology company powered by generative AI, is connecting biology, chemistry, and clinical trials analysis using next-generation AI systems. The company has developed AI platforms that utilize deep generative models, reinforcement learning, transformers, and other modern machine learning techniques for novel target discovery and the generation of novel molecular structures with desired properties. Insilico Medicine is developing breakthrough solutions to discover and develop innovative drugs for cancer, fibrosis, immunity, central nervous system diseases, infectious diseases, autoimmune diseases, and aging-related diseases. 

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Another country is getting ready to launch a visa for digital nomads

Early reports are saying Japan will soon have a digital nomad visa for high-earning foreigners.



Over the last decade, the explosion of remote work that came as a result of improved technology and the pandemic has allowed an increasing number of people to become digital nomads. 

When looked at more broadly as anyone not required to come into a fixed office but instead moves between different locations such as the home and the coffee shop, the latest estimate shows that there were more than 35 million such workers in the world by the end of 2023 while over half of those come from the United States.

Related: There is a new list of cities that are best for digital nomads

While remote work has also allowed many to move to cheaper places and travel around the world while still bringing in income, working outside of one's home country requires either dual citizenship or work authorization — the global shift toward remote work has pushed many countries to launch specific digital nomad visas to boost their economies and bring in new residents.

Japan is a very popular destination for U.S. tourists. 


This popular vacation destination will soon have a nomad visa

Spain, Portugal, Indonesia, Malaysia, Costa Rica, Brazil, Latvia and Malta are some of the countries currently offering specific visas for foreigners who want to live there while bringing in income from abroad.

More Travel:

With the exception of a few, Asian countries generally have stricter immigration laws and were much slower to launch these types of visas that some of the countries with weaker economies had as far back as 2015. As first reported by the Japan Times, the country's Immigration Services Agency ended up making the leap toward a visa for those who can earn more than ¥10 million ($68,300 USD) with income from another country.

The Japanese government has not yet worked out the specifics of how long the visa will be valid for or how much it will cost — public comment on the proposal is being accepted throughout next week. 

That said, early reports say the visa will be shorter than the typical digital nomad option that allows foreigners to live in a country for several years. The visa will reportedly be valid for six months or slightly longer but still no more than a year — along with the ability to work, this allows some to stay beyond the 90-day tourist period typically afforded to those from countries with visa-free agreements.

'Not be given a residence card of residence certificate'

While one will be able to reapply for the visa after the time runs out, this can only be done by exiting the country and being away for six months before coming back again — becoming a permanent resident on the pathway to citizenship is an entirely different process with much more strict requirements.

"Those living in Japan with the digital nomad visa will not be given a residence card or a residence certificate, which provide access to certain government benefits," reports the news outlet. "The visa cannot be renewed and must be reapplied for, with this only possible six months after leaving the countr

The visa will reportedly start in March and also allow holders to bring their spouses and families with them. To start using the visa, holders will also need to purchase private health insurance from their home country while taxes on any money one earns will also need to be paid through one's home country.

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