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Megacap Tech Disappoints Market Where Nothing’s Good Enough
Fri, 30 Oct 2020 01:26:53 -0400
(Bloomberg) -- Solid quarterly earnings from America’s biggest tech firms weren’t enough to keep investors from selling late Thursday, the latest sign sentiment is turning against ultra-expensive digital megacaps.Futures on the S&P 500 tumbled 1.5% and Nasdaq 100 contracts were down 1.9% as of 2:24 p.m. in Tokyo. Stocks had rebounded from the worst selloff in four months during the cash session ahead of the slate of megacap results.The slide follows a red-hot run this year that saw the tech giants help haul U.S. equities to new highs amid a rampant pandemic and severe economic downturn.“As we’ve seen in reactions from some of the earnings from these large companies even beats are not strong enough to satisfy this market, which I think speaks to how fully valued a lot of these stocks are,” said Evan Brown, head of multi-asset strategy at UBS Asset Management.The quartet of reports comes after a wild two days for megacap tech. The Nasdaq 100 plunged 3.5% for the biggest rout in four months Wednesday before rebounding almost 2% in Thursday’s cash session.While the companies continue to deliver strong earnings, investors have turned their focus to whether a slower-growing economy will enable profit growth that justifies sky-high valuations.Facebook was little changed even after sales topped estimates when it warned of continued uncertainty due to Covid next year and said plans to spend heavily on employees and new technology. The social network makes up more than 4% of QQQ’s holdings.Apple reported quarterly results that topped Wall Street estimates after record sales of Macs and services made up for a delayed iPhone 12 launch. But its shares dropped almost 5% after the firm revealed iPhone revenue missed the average of analysts’ estimates.Amazon lost more than 1% after it said it planned to spend more than analysts estimated related to Covid-19. Otherwise, the online retailer projected a steep jump in sales in the current quarter, topping analysts’ estimates, indicating it expects the surge in online shopping during the pandemic to extend through the holiday season.Twitter Inc. also reported Thursday and its shares got hammered on concern about its user growth. Third-quarter sales exceeded estimates and results were boosted by a return of advertisers who had fled or pulled back from the website during the early stages of the pandemic. The stock lost 14%.Alphabet was a bright spot, rallying 8% after it returned to growth in the third quarter after a decline in the previous period, fueled by digital advertising. The Google parent reported third-quarter revenue, minus the cost of distribution deals for its search engine, rose 15% to $38 billion.The results failed to soothe concern that the rally in tech shares has gone too far, too fast. Optimism that their ability to cater for stay-at-home demand would help insulate the industry from a broad profit slump during the pandemic has sent their shares up 24% as a group since the start of the year, about 10 times as big as the S&P 500.Earlier: Tech-Bubble Prophets Are Validated as Stock Rout Spares No On“It tells us that even though these stocks are below their late-summer highs, they’re still expensive,” said Matt Maley, chief market strategist at Miller Tabak + Co. “So unless they beat expectations in a significant way, investors are taking further profits. Who can blame them, given that the capital gains tax is going to rise if Biden wins next week?”This earnings season has been particularly harsh for internet and software companies. Broadly, better-than-expected results got no rewards, but tech fared the worst among major S&P 500 industries, with shares of those reported falling an average 3% the next day post results, data compiled by Bloomberg showed.Since the reporting season started two weeks ago, tech stocks in the S&P 500 have dropped more than 7%, the worst performance this far into an earnings cycle in more than a decade.“The last thing investors needed amid rising Covid cases and the upcoming election was to see weak tech earnings drain sentiment from the market’s main area of support,” said Adam Phillips, director of portfolio strategy at EP Wealth Advisors.(Updates with latest U.S. equity futures moves)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Virus second wave douses hopes of German economic recovery
Fri, 30 Oct 2020 01:24:01 -0400
Germany is expected to unveil a strong rebound in GDP for the third quarter on Friday, but relief could be short-lived as the country stands on the brink of new shutdowns to contain a second coronavirus wave.

U.S. Stock Futures Fall on Tech Outlook Concerns: Markets Wrap
Fri, 30 Oct 2020 01:20:56 -0400
(Bloomberg) -- Fresh concerns about the outlook for technology giants dragged U.S. equity futures lower, while Asian stocks also slipped on Friday. The dollar gave back some of its advance from the prior session.Japanese shares fell over 1%, though declines were more modest in Hong Kong and Australia. Contracts on the Nasdaq 100 and S&P 500 sank following a string of reports from the likes of Inc. and Apple Inc., with the iPhone maker down more than 4% in after-hours trading.The S&P 500 had earlier bounced back a day after its biggest rout in four months, with investors encouraged by better-than-forecast economic data even as they kept a wary eye on growing coronavirus infections. This month’s sell-off in Treasuries eased but the benchmark yield remained above 0.80%. Elsewhere, China’s offshore yuan outperformed with the Australian dollar amid month-end adjustments. Crude oil declined.Weakness in technology shares is adding to volatility that’s likely to remain elevated heading into next week’s U.S. election. Global equities are on course for the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dent sentiment. New U.S. coronavirus cases topped 89,000, setting a daily record.“There is going to be more volatility ahead of the election,” Quincy Krosby, chief market strategist at Prudential Financial Inc., said on Bloomberg TV. “Over the weekend folks are going to be focused on Pennsylvania to see whether or not Biden is gaining there. The concern is if he gains a little bit, that may be one where you could actually look to a contested election.”Here are the main market moves:StocksS&P 500 Index futures fell 1.2% and Nasdaq 100 contracts were down 1.5% as of 2:12 p.m. in Tokyo. The S&P 500 rose 1.2% on Thursday.Japan’s Topix index fell 1.6%.Hong Kong’s Hang Seng slipped 0.3%.Shanghai Composite was little changed.South Korea’s Kospi lost 1.3%.Euro Stoxx 50 futures were 0.6% lower.CurrenciesThe Bloomberg Dollar Spot Index slipped less than 0.1% after increasing 0.4% Thursday.The yen was at 104.33 per dollar, up 0.3%.The offshore yuan rose 0.4% to 6.6853 per dollar.The euro bought $1.1680.BondsThe yield on 10-year Treasuries dipped one basis point to 0.81%.Australia’s 10-year yield was at 0.84%.CommoditiesWest Texas Intermediate crude fell 0.3% to $36.09 a barrel.Gold was at $1,873.17 an ounce, up 0.3%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Hitachi Elevator Secures Bid for the First Phase of Line S2 of the Wenzhou City Rail Line
Fri, 30 Oct 2020 01:20:00 -0400
On September 28, Hitachi Elevator won the bid to provide 155 elevators for the first phase of Line S2 of the Wenzhou city railway project. The bid includes the supply of 42 elevators and 113 escalators.

Asian shares fall back after Wall Street rebound
Fri, 30 Oct 2020 01:18:53 -0400
Asian stocks sank Friday as investors looked ahead to next week's U.S. presidential election and weighed the chances of economic stimulus from Washington and Europe. Benchmarks in Tokyo, Hong Kong and Seoul all retreated. Investors have been dismayed by lack of progress in talks between the White House and Congress on new U.S. stimulus.

US Masters Residential Property Fund's (ASX:URF) Shareholders Are Down 90% On Their Shares
Fri, 30 Oct 2020 01:17:12 -0400
We're definitely into long term investing, but some companies are simply bad investments over any time frame. We...

Chinese promise market opening amid technology push
Fri, 30 Oct 2020 01:12:44 -0400
China will promote “technological self-reliance” under the ruling Communist Party’s latest five-year plan but will open further to trade, officials said Friday. The comments reflect growing official urgency about nurturing Chinese producers of processor chips and other technology at a time when a tariff war with Washington and U.S. export curbs have reduced access to components needed by China's fledgling tech industries. “We will take scientific and technological self-reliance as a strategic support for national development,” Han Wenxiu, an adviser to President Xi Jinping, said at a news conference.

Coronavirus, consolidation taking toll on energy jobs
Fri, 30 Oct 2020 01:10:59 -0400
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand. Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc . All told, more than 400,000 oil and gas sector jobs have been cut this year, according to Rystad Energy, with about half of those in the United States, where several big exploration companies and most large oil service companies are headquartered.

Penny-pincher or deal king? Arnault gets his discount in Tiffany takeover
Fri, 30 Oct 2020 01:08:43 -0400
For the 71-year old Arnault, dubbed "the wolf in cashmere" for his aggressive business tactics even in his earliest deals, getting a discount in itself would have been worth it, several people who know him said, even if it amounted to less than 3% of the original price. "He doesn't overpay for things, because he is Bernard Arnault." The takeover, the luxury industry's biggest-ever deal and a major feather in LVMH's cap, was struck before the coronavirus pandemic forced the industry to temporarily shut shops and idle manufacturing sites.

Clemson University has found 604 unmarked graves on its South Carolina campus. But who were they?
Fri, 30 Oct 2020 01:07:49 -0400
They were buried more than 100 years ago, but these eternal resting spots were mostly forgotten to time. Until now.

Coronavirus, consolidation taking toll on energy jobs
Fri, 30 Oct 2020 01:06:18 -0400
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand. Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc . All told, more than 400,000 oil and gas sector jobs have been cut this year, according to Rystad Energy, with about half of those in the United States, where several big exploration companies and most large oil service companies are headquartered.

We're Hopeful That Universal Biosensors (ASX:UBI) Will Use Its Cash Wisely
Fri, 30 Oct 2020 01:03:25 -0400
We can readily understand why investors are attracted to unprofitable companies. For example, although...

Oil Set for Worst Month Since March as Virus Revival Cuts Travel
Fri, 30 Oct 2020 01:03:05 -0400
(Bloomberg) -- Oil is poised for the biggest monthly slide since March on concern a resurgent pandemic in the U.S. and Europe will keep people hunkered down, crimping demand for auto and aviation fuel.Futures have tumbled 9.8% this month in New York and they’re near the lowest since late May in London. Infections surged to a record in the U.S. Midwest, while parts of Europe tightened restrictions to stem second waves. Meanwhile, the return of Libyan supplies added to concerns of a crude glut.Road fuel sales in the U.K. slid for a fifth week to the lowest since July. Most European airlines trimmed regional capacity for November and December, while rising infections in the U.S. may thwart plans to increase capacity through year-end, according to Bloomberg Intelligence analysts George Ferguson and Francois Duflot.“It’s all about Covid-19 now and its impact on consumption,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific. “There is a realization, now that Covid-19 is headed well into the second wave in Europe, that the recovery won’t be as linear as the market has been pricing in. There will be a consumption hit from Europe for sure as we head into the winter.”Next week’s U.S. election promises more volatility before an OPEC+ meeting at the end of November, when members will decide whether to delay the planned easing of output cuts. The head of Saudi Aramco’s trading arm said demand may be insufficient to absorb more OPEC+ crude.“The market may move lower again next week,” Oanda’s Halley said. “Any action to support oil has to come on the supply side from OPEC+.”The growing nervousness over supplies is being reflected in oil’s market structure. Brent’s three-month timespread was $1.46 a barrel in contango -- where prompt prices are cheaper than later-dated ones. The widest contango in a month indicates rising fears of a glut.The European Central Bank is gearing up for a new stimulus package in December as renewed lockdowns threaten a double-dip recession, but an aid package in the U.S. will likely to have to wait until after the Nov. 3 election, with prolonged negotiations failing to break an impasse.Exxon Mobil Corp. became the latest company to succumb to the virus-driven demand crash. The oil major plans to slash its global workforce by 15% by the end of 2022 as it struggles to preserve dividends.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

As final weekend looms, Trump and Biden to barnstorm across Midwest
Fri, 30 Oct 2020 01:02:38 -0400
Trump, a Republican, is scheduled to campaign on Friday in Michigan, Wisconsin and Minnesota, while Biden has planned stops in Wisconsin and Minnesota as well as Iowa. Michigan and Wisconsin were two of the three historically Democratic industrial states, along with Pennsylvania, that narrowly voted for Trump in 2016, delivering him an upset victory.

Penny-pincher or deal king? Arnault gets his discount in Tiffany takeover
Fri, 30 Oct 2020 01:02:30 -0400
For the 71-year old Arnault, dubbed "the wolf in cashmere" for his aggressive business tactics even in his earliest deals, getting a discount in itself would have been worth it, several people who know him said, even if it amounted to less than 3% of the original price. "He doesn't overpay for things, because he is Bernard Arnault." The takeover, the luxury industry's biggest-ever deal and a major feather in LVMH's cap, was struck before the coronavirus pandemic forced the industry to temporarily shut shops and idle manufacturing sites.

Pasternack Releases New Line of High-Performance RF Circulators/Isolators
Fri, 30 Oct 2020 01:00:00 -0400
Pasternack, an Infinite Electronics brand and a leading provider of RF, microwave and millimeter wave products, has just expanded its line of high-performance circulators/isolators that are ideal for 5G telecommunication, automotive radars, satellite communication, point-to-point radios and aerospace applications.

Richmond VA Acrylic Displays Custom Sanitation Sneeze Guards Launched
Fri, 30 Oct 2020 01:00:00 -0400
Virginia acrylic display company Acrylic Design Company now offers custom safety sneeze guard design services.

Caspar.AI Ranked Among The Fastest Growing Private Companies In The Bay Area By The San Francisco Business Times
Fri, 30 Oct 2020 01:00:00 -0400
Caspar.AI announced today that it has been ranked no. 24 by the San Francisco Business Times on the 29th annual Fastest Growing Private Companies in the Bay Area list, an exclusive ranking of the region's fastest growing private companies; one of the most important segments of the local economy. The winners were unveiled at a virtual awards ceremony on October 29, 2020.

'China is angry': Taiwan anxiety rises as sabre-rattling grows
Fri, 30 Oct 2020 00:56:06 -0400
The tank traps on the beaches of Kinmen Island are a stark reminder that Taiwan lives under the constant threat of a Chinese invasion -- and fears of a conflict breaking out are now at their highest in decades.

Bangladeshi floating hospital treats flood-ravaged community
Fri, 30 Oct 2020 00:50:22 -0400
In late July, volunteers from a Bangladeshi charity started getting calls seeking support from people from the country’s vast coastal region that had been flooded for months during this year’s monsoon. As the floodwaters started receding, the Bidyanondo Foundation quickly decided to hire a tourist boat to provide basic health care for those seeking aid. The country’s coast guards came forward with a route plan for the boat that was eventually turned into a floating hospital called "Jibon Kheya,” or lifeboat.

Gold Trims Monthly Decline as Investors Await U.S. Elections
Fri, 30 Oct 2020 00:48:13 -0400
(Bloomberg) -- Gold climbed to trim a third monthly drop, the longest run since 2019, as investors awaited next week’s presidential election amid the threat of rising coronavirus cases and lack of agreement on a U.S. stimulus plan.Uncertainty remains high before the pivotal Nov. 3 vote, lifting the dollar’s appeal as a haven asset over bullion. The spread of Covid-19 is intensifying in the U.S. where new cases topped 86,000, setting a fresh daily record, and the pandemic is resurgent right across Europe’s major economies.Since hitting a record around $2,075 an ounce in August, gold’s advance has faltered, with prices losing their upward momentum as investors questioned whether bullion had risen too far, too fast. Still, holdings in exchange-traded funds remain close to an all-time high. The macro backdrop for gold remains favorable, and there could be more upside if Joe Biden wins the presidency and Democrats take control of the Senate, Standard Chartered Bank has said.“From now to the election, we suspect the precious metals will be highly volatile,” James Steel, chief precious metals analyst at HSBC Securities (USA) Inc., said in a note. “Increases in risk-off sentiment tend to buoy USD, which weakens gold and silver. But we think this will only go so far. With Covid-19 concerns rising and the election coming, we think gold and silver will remain volatile, but will garner more support from safe-haven demand.”Spot gold climbed 0.5% to $1,877.23 an ounce at 11:46 a.m. in Singapore, after posting the lowest close since Sept. 25 on Thursday. So far this month, it’s lost 0.5%. Silver rose 1.2%, platinum added 1.2% and palladium advanced 1%. The Bloomberg Dollar Spot Index fell 0.1% from a three-week high.On stimulus, there’s deadlock in the U.S. but the prospect of more action in Europe. Treasury Secretary Steven Mnuchin accused House Speaker Nancy Pelosi of pulling a “political stunt” by refusing to offer compromises. Meanwhile, European Central Bank President Christine Lagarde said there is “little doubt” policy makers will agree on a new package in December.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

How Much Is Todd River Resources Limited (ASX:TRT) Paying Its CEO?
Fri, 30 Oct 2020 00:34:38 -0400
Will Dix became the CEO of Todd River Resources Limited (ASX:TRT) in 2018, and we think it's a good time to look at...

Bushfire inquiry says Australia must prepare for 'alarming outlook'
Fri, 30 Oct 2020 00:24:44 -0400
A long-awaited report into Australia's bushfires warns of an "alarming" outlook in future decades.

New Zealand euthanasia: Assisted dying to be legal for terminally ill people
Fri, 30 Oct 2020 00:17:02 -0400
Matt Vickers, whose late wife fought for the law, calls it "a victory for compassion and kindness".

Volvo-Backed Polestar in Talks to Raise $500 Million
Fri, 30 Oct 2020 00:13:01 -0400
(Bloomberg) -- Polestar, the electric-car maker controlled by Volvo Car AB and its owner Zhejiang Geely Holding Group Co., is in talks with investors to raise at least $500 million, according to people with knowledge of the matter.The automaker is seeking a valuation of about $6 billion, said one of the people, who requested anonymity because the discussions are private. A funding round hasn’t been finalized, and terms could still change.A representative for Geely in China wasn’t immediately able to comment. A China-based Polestar spokesman declined to comment, as did a Volvo China-based representative. Volvo representatives in Europe and the U.S. weren’t immediately responsive outside of regular business hours.Gothenburg, Sweden-based Polestar, led by Chief Executive Officer Thomas Ingenlath, has been touted as a potentially fierce rival to Tesla Inc., currently the world’s No. 1 manufacturer of electric vehicles. Sales of the cleaner, more intelligent cars have been soaring in Europe and recovering in China as consumers opt for vehicles that are better for the environment.Volvo Chief Executive Officer Hakan Samuelsson said last year that Volvo is seeking a valuation for Polestar that’s comparable with peers NIO Inc. of China and Tesla.Polestar’s second vehicle, the Polestar 2, its first all-electric car, started production in March at Zhejiang Geely’s plant in Luqiao, China. In September, the automaker said it would put another car, the Polestar Precept, into production. That vehicle’s interiors will be made out of recycled PET bottles and cork vinyl as well as reclaimed fishing nets.Safety RecallElectric cars release about 40% less carbon dioxide than an average internal combustion engine during operation, according to analysis by BloombergNEF.Separately, Polestar said in a statement dated Oct. 29 on its website that it has initiated a voluntary safety recall for some of its Polestar 2 cars. An official communication will be sent to affected customers from Nov. 2.The recall involves the replacement of faulty inverters, and some 4,586 vehicles are impacted. The inverters transform the stored energy in the battery into the power required by the electric motors.A second service campaign, also outlined in the Oct. 29 notice, relates to the car’s high voltage coolant heater, which needs to be replaced in some early production models. The affected vehicles that involves number 3,150.Volvo Cars and Geely both form part of the stable of Chinese billionaire Li Shufu, who has a net worth of about $20.2 billion, according to the Bloomberg Billionaires Index.Li, who also is also Daimler AG’s largest shareholder, has championed consolidation as a way for automakers to pool resources for initiatives like self-driving cars and electrification. He’s built a global carmaking empire over the past two decades, securing stakes in European legacy brands such as Lotus as well as investing in Malaysian auto company Proton.(Updates with recall statement from 8th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Estimating The Fair Value Of Timah Resources Limited (ASX:TML)
Fri, 30 Oct 2020 00:05:29 -0400
Does the October share price for Timah Resources Limited (ASX:TML) reflect what it's really worth? Today, we will...

Macron vows defiance after 'Islamist' knife attack in church kills three
Fri, 30 Oct 2020 00:04:31 -0400
French president Emmanuel Macron vowed his country would stand firm against religious extremists after a knife-wielding man killed three people at a church, in the country's second attack blamed on Islamist terrorism this month.

How Potential Changes to LGBTQ Rights Could Impact Fashion
Fri, 30 Oct 2020 00:01:49 -0400
An increasingly conservative Supreme Court could reshape LGBTQ rights, with implications for the fashion industry.

Car prices keep climbing: $100,000 vehicles hitting the road in droves
Fri, 30 Oct 2020 00:01:11 -0400
Luxury and mainstream automotive brands have more than doubled the number of vehicles with a starting price of $100,000 in the last decade.

Black Friday 2020: The best deals to to shop from Home Depot, Amazon and more
Thu, 29 Oct 2020 23:59:56 -0400
We've rounded up the best Black Friday 2020 deals from Home Depot, Amazon, Macy's, Kohl's and more top retailers—shop our top picks.

Indian brands reckon with a new challenge: hate
Thu, 29 Oct 2020 23:58:22 -0400
It's an unusual moment for India's corporate culture, which has shied away from political activism.

BP Pulls Plug on Australia Refinery as Asian Competition Bites
Thu, 29 Oct 2020 23:57:54 -0400
(Bloomberg) -- BP Plc will cease fuel production at its 65-year-old Kwinana refinery in Western Australia, citing low margins and tough competition from Asia, and will transition the facility into an import terminal.The U.K. company’s move will leave Australia with just three remaining refineries, with the future of those also in doubt after the demand destruction caused by Covid-19 hit an industry already struggling to stay profitable. The government in September announced a package of measures to support the refiners, including a potential production payment to recognize their strategic role in supporting the nation’s fuel security.“The continued growth of large-scale, export-oriented refineries throughout Asia and the Middle East has structurally changed the Australian market,” said BP’s Australia country head Frédéric Baudry in a media statement. “Regional oversupply and sustained low refining margins mean the Kwinana refinery is no longer economically viable.”Converting to an import terminal would help to ensure ongoing security of fuel supply for Western Australia, Baudry said, although the transition will come at a cost to the local workforce. Kwinana employs around 650 permanent staff and contractors, while the import facility is expected to support about 60 jobs.Refining activities will wind down over the next six months, while construction work on the import terminal is expected to go to 2022. BP is exploring further options for the site including a clean energy hub that could produce and store lower carbon fuels.Ampol Ltd.’s Lytton refinery in Queensland and Viva Energy Group Ltd.’s Geelong facility are on review for potential closure, while Viva is also exploring options to locate an import terminal at the Geelong site. Meanwhile, Exxon Mobil Corp. said in September that market over-supply exacerbated by the pandemic has seen its Altona refinery operate at a loss, according to a report in the Australian newspaper.Energy Minister Angus Taylor said in a statement that he was “deeply disappointed” by BP’s decision, adding that its closure would not negatively impact Australia’s fuel supplies.“We will ensure Australia maintains a sovereign refining capability to support local industry,” Taylor said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Virus Surge Steepens Malaysian Yield Curve Before Rate Decision
Thu, 29 Oct 2020 23:53:04 -0400
(Bloomberg) -- Malaysia’s yield curve reached the steepest in almost four years amid a surge in virus cases. Two local events next week -- a policy meeting and budget announcement -- may hasten the spread-widening trend.Another potential risk leading to further spread widening is from the U.S. presidential election, where an unexpected outcome could sap demand for the Asian nation’s longer-maturity debt.Malaysia’s longer-dated yields have been climbing since August on concern the need for additional government spending to counter the pandemic will require greater issuance of longer-dated debt. At the same time, shorter-term yields are being pushed lower by expectations the central bank will cut interest rates again to support economic growth.The spread between three- and 10-year yields widened to 88 basis points this week, the most since January 2017. The gap had been as narrow as 17 basis points in February before the global outbreak of the virus lead to a sell-off in risk assets.The latest spike up in the spread came after new virus cases jumped to a record of more than 1,000 a day, leading the government to tighten its partial lockdown -- known as a conditional movement control order -- on Oct. 26. This entailed extending the partial lockdown by an additional two weeks to Nov. 9 in Kuala Lumpur, Selangor and Putrajaya, following a similar decision in Sabah a few days before.These areas contribute close to 50% of the nation’s gross domestic product, and every two weeks of the conditional movement control order are projected to shave 0.2 to 0.3 percentage points from baseline annual economic growth, according to Citigroup Global Markets. Slower growth means additional need for stimulus and a greater prospect of lower interest rates.Key Local EventsThe central bank will announce its next policy decision on Tuesday. While economists surveyed by Bloomberg predict it will stay on hold, the latest virus tally may policy makers to signal the prospect for further easing.This will be followed three days later by the release of the government’s 2021 budget, which will include its latest target for next year’s budget deficit. The current projection for this year is 5.8% to 6% of gross domestic product, already the highest in more than a decade.“We expect the government’s fiscal deficit this year to hit 6% of GDP, and any overshooting will mainly stem from GDP coming in lower than expected,” said Wellian Wiranto, an economist at Oversea-Chinese Banking Corp. in Singapore. “We are forecasting a fiscal deficit of 5.5% of GDP next year,” which would be a balance between a gesture toward fiscal consolidation, and the need to offer fiscal support to help the still-fragile economic recovery, he said.The budget may also reignite political tensions. Although the position of Prime Minister Muhyiddin Yassin has become more assured in recent days after the largest partner in his ruling coalition voiced support for him, he faces another key test when he presents the budget in parliament. Failing to pass the resolution may count as losing a no-confidence vote, which could unleash another outbreak of political uncertainty and push long-term yields even higher.A previous Southeast Asia rates column in July carried the headline: “Shorter is better is the mantra for Malaysia bonds.” If anything, the prospect of further curve steepening is even stronger now than it was then.What to WatchIndonesia will publish inflation data on Monday and is targeting to sell 20 trillion rupiah ($1.4 billion) of conventional bonds on Tuesday. Third-quarter GDP figures will be released ThursdayThe Philippines will report export numbers Wednesday and inflation data the following dayThailand will publish inflation figures Thursday after seven consecutive months of deflationNote: Marcus Wong is an EM macro strategist who writes for Bloomberg. The observations he makes are his own and not intended as investment advice.(An earlier version of this story was corrected to say next week in first deck headline.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Millennials Favour Interest-Free BNPL Services Over Credit Cards by
Thu, 29 Oct 2020 23:53:00 -0400
SYDNEY, AUSTRALIA / ACCESSWIRE / October 29, 2020 / ​​​​​The credit card has long been one of the banking industry's most lucrative products, but it now seems to be in long-term decline.

Square: More Upside on the Horizon, Says Analyst
Thu, 29 Oct 2020 23:46:17 -0400
One of 2020’s most prominent trends has been the rise of digital payments. Driven by the continued success of it Cash App, Square (SQ) has made the most of this opportunity. The fintech player has experienced strong growth and as a result the stock has accumulated year-to-date gains of a massive 171%.Heading into next week’s Q3 earnings (Nov 5 AMC), Deutsche Bank analyst Bryan Keane anticipates another strong showing from the payments industry disruptor."We expect SQ to continue executing with improving Seller trends and Cash App strength from stimulus and increased demand for the company's digital solutions driving stronger long term growth rates than before the pandemic,” Keane noted.In Q3, Keane expects Square to report revenue of $1.913 billion, a 51% year-over-year uptick, and adj. EPS of $0.15 (Street has $0.16) “driven by strong Gross Profit growth of ~33% Y/Y from continued improvement in Seller volumes.”Keane expects Seller Gross Profit growth to be up 3.8% year-over-year, a “conservative estimate” which he potentially sees rising to 7.2%.Moreover, the US Census Bureau’s latest data displayed a 77.4% year-over-year increase in 3Q20 business applications - a promising sign for future Seller growth potential.“Seller should also continue to benefit from strong growth in online channels and international strength as well as improving retention and consumer spend over time,” Keane added.However, Seller numbers pale in comparison to Square’s rising star – the peer-to-peer Cash App.In July, Cash App Gross Profit growth cannonballed to 200% year-over-year. Although Keane doesn’t expect the same amount of acceleration in Q3, the analyst calls for 119% year-over-year growth with the possibility of “upside potential to +189% Y/Y.”“Importantly,” the 5-star analyst notes, “Digital banking adoption and Cash App use for small businesses through Business Accounts has taken off accelerating through the pandemic which we expect to continue.”Cash App adoption has been helped by the fed’s stimulus efforts and Keane expects the one-time benefits will result in “significant long-term engagement expansion and accelerated lifetime value.“Furthermore, another round of stimulus could potentially increase Cash App growth.All in all, Keane reiterated a Buy on SQ shares and with Cash App “driving significant outperformance and the Seller recovery looking more likely to become the next leg of growth,” bumped the price target from $180 to $215. What’s in it for investors? Upside of 26.5%. (To watch Keane’s track record, click here)Square has decent support amongst Keane’s colleagues with 16 Buys, 6 Holds and 2 Sells all coalescing to a Moderate Buy Consensus rating. However, most feel Square has rallied enough for now. The $170.55 average price target indicates shares will remain range bound for the foreseeable future. (See Square stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

Thwart U.S. veto or await new president? WTO has leadership dilemma
Thu, 29 Oct 2020 23:42:21 -0400
Faced with a veto from the United States, the World Trade Organization has two unpalatable options for selecting its next leader - override its biggest paymaster with a vote or hope for a change of U.S. president and wait until he takes charge. With just days to go before the U.S. election, President Donald Trump's administration struck another blow to the global trade watchdog on Wednesday by rejecting Nigeria's Ngozi Okonjo-Iweala, the woman proposed by a nomination "troika" to be the WTO's next director-general. Okonjo-Iweala, who would be the first African WTO leader, is also a U.S. citizen.

Asia Today: Japan crosses 100,000 cases, 9 months after 1st
Thu, 29 Oct 2020 23:42:18 -0400
Japan’s coronavirus cases have topped 100,000, nine months after the first case was found in mid-January, the health ministry said Friday. The country confirmed 808 new cases on Thursday, bringing the cumulative COVID-19 cases to 100,334, including 712 people who were on a cruise ship that was docked off a Japanese port earlier this year. About one-third of the cases come from Tokyo, where 221 cases were confirmed Thursday, bringing a prefectural total to 30,677, with 453 deaths.

Shareholders Of Stride Stapled Group (NZSE:SPG) Must Be Happy With Their 61% Return
Thu, 29 Oct 2020 23:40:19 -0400
By buying an index fund, investors can approximate the average market return. But many of us dare to dream of bigger...

Asian markets drop again as election jitters set in
Thu, 29 Oct 2020 23:40:14 -0400
Asian markets suffered further losses Friday as investors were spooked by soaring virus cases in Europe and the United States that have forced fresh lockdowns, while uncertainty ahead of next week's US election was also dampening sentiment.

Calling the White House home: two contrasting 'first families'
Thu, 29 Oct 2020 23:38:20 -0400
As men in their 70s, both Donald Trump and Joe Biden have large extended families -- some members of which are the subject of scalding controversy, while others live less in the spotlight.

Capital Drawn to the Science City, CIVC 2020 Brought to a Successful Close
Thu, 29 Oct 2020 23:38:00 -0400
The past three days have witnessed one opening ceremony and main forum, one closed-door meeting, five thematic forums, one project roadshow, exhibitions and demonstrations through the whole event, nearly a hundred VC industry leaders from China and other countries, delegates from 500 enterprises of different industries and sectors, an online audience of nearly 10 million professionals, 15 VC projects signed with a total contract value of up to RMB 67.555 million, and 118 enterprise projects with financing needs matched with investment institutions. On October 24, Chongqing International Venture Conference (CIVC) 2020 came to a successful close at Western (Chongqing) Science City.

In California, the ballot is long... and hard work
Thu, 29 Oct 2020 23:32:18 -0400
Voting in California is not just a matter of plumping for Trump or Biden -- residents are confronted with scores of other decisions in a bewildering array of referendums and for officials ranging from judges to school boards.

JinkoSolar's Principal Operating Subsidiary Jinko Solar Co., Ltd Raises approximately US$ 458 Million in Preparation for its Listing on the STAR Market
Thu, 29 Oct 2020 23:28:00 -0400
JinkoSolar Holding Co., Ltd. ("JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced the completion of a RMB 3.1 billion (approximately US$ 458 million) equity financing by its principal operating subsidiary Jinko Solar Co., Ltd. ("Jiangxi Jinko").

Jill Biden: a chance to transform the role of first lady
Thu, 29 Oct 2020 23:25:01 -0400
Jill Biden is no stranger to the glare of the political spotlight. Her husband has been a Washington insider since they wed in 1977, and she was America's second lady for eight years.

Melania Trump: the reluctant first lady
Thu, 29 Oct 2020 23:24:22 -0400
Melania Trump has been at the receiving end of criticism about everything from her words to her clothes. At times, she has seemed less than enthralled with life in the White House.

Brazil prosecutors file appeal against BHP, Vale dam compensation deal
Thu, 29 Oct 2020 23:23:23 -0400
Brazilian federal prosecutors on Thursday filed a lawsuit contesting a compensation package for victims from a 2015 collapsed dam jointly owned by mining giants BHP and Vale , arguing that the package is far too low. The move comes after prosecutors earlier this month accused the two companies of colluding with a lawyer to reduce compensation for the victims and interfere with a landmark lawsuit against BHP in the UK. At a news conference on Thursday, the federal prosecutors said the package being offered was far too low given the scale of the tragedy.

CF Energy Reports Voting Results from 2020 Annual Meeting of Shareholders
Thu, 29 Oct 2020 23:20:00 -0400
TORONTO, Oct. 29, 2020 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) (“CF Energy” or the “Company”) is pleased to announce that each of the director nominees listed in the management proxy circular dated September 25, 2020 (the “Circular”) for the annual meeting of shareholders of the Company (the “Meeting”) held earlier today was elected as a director of the Company. Each of the directors was re-elected with a clear majority of votes cast at the Meeting, reflecting strong support from shareholders for the current board of directors. Voting results for the individual directors of the Company are 84.56% for each of the directors, and 15.44% withheld for each of the directors.All other matters set out in the Circular were approved by the requisite majority of the shareholders or disinterested shareholders, as applicable, at the Meeting.Ms. Lin, the Chief Executive Officer and Chairperson of the Company commented, “We wish to thank our shareholders for their overwhelming support of the current directors and management of the Company. We expect challenges in our path, but we remain fully confident that we are capable of working together to resolve any issues presented to us. Our focus remains clear; we will build a stronger company and improve shareholders’ value moving forward.”About CF Energy Corp.CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange under the stock symbol “CFY”. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC.Contact InformationCorporate Investment Relations investor.relations@changfengenergy.cnCharles Wang Executive Assistant to CEO & Chair of the Board Wong Director of the Board

Be Wary Of Telstra (ASX:TLS) And Its Returns On Capital
Thu, 29 Oct 2020 23:14:39 -0400
What financial metrics can indicate to us that a company is maturing or even in decline? When we see a declining...

Getting too many texts? Blame the election
Thu, 29 Oct 2020 23:07:02 -0400
Every election campaign uses more sophisticated tech, but the text message still cuts through.

Notice Of Data Security Incident
Thu, 29 Oct 2020 22:58:00 -0400
Rady Children's recently learned of an incident that one of our third-party service providers, Blackbaud, experienced, which involved information about members of the Rady Children's Hospital-San Diego community. Blackbaud is a company that supplies fundraising and donor management software to Rady Children's. Upon learning of the incident, we immediately launched an investigation to determine what happened and whether any personal information was impacted. According to Blackbaud, between Feb. 7, 2020 and June 4, 2020, an unauthorized party had access to backup files for the Blackbaud fundraising software. We also retained outside cybersecurity experts, including a vendor to review the data at issue. On Oct. 7, 2020, we determined that personal information for members of our community was contained in the backup files. Although the information may differ for individuals, the incident may have involved the following information: names, addresses, physician, date of admission, department of service, and date of birth. In a minority of instances, procedure name was also involved. Finally, a single financial account number for one individual also was involved. Blackbaud has informed us that it has no indication that any of the information actually was viewed, and that it has no reason to believe that any of this information has been or will be misused, or will otherwise be made available publicly. Rady Children's nonetheless has notified the affected individuals of the incident and provided them with steps they can take to protect their personal information.


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