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- SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Hebron Technology Co., Ltd. of Class Action Lawsuit and Upcoming Deadline - HEBT
Pomerantz LLP announces that a class action lawsuit has been filed against Hebron Technology Co., Ltd. ("Hebron" or the "Company")(NASDAQ: HEBT) and certain of its officers. The class action, filed in United States District Court for the Southern District of New York, and indexed under 20-cv-04746, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Hebron securities between April 24, 2020, and June 3, 2020, both dates inclusive (the "Class Period"). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the "Exchange Act").
- SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Carnival Corporation of Class Action Lawsuit and Upcoming Deadline - CCL
Pomerantz LLP announces that a class action lawsuit has been filed against Carnival Corporation ("Carnival" or the "Company") (NYSE: CCL) and certain of its officers. The class action, filed in United States District Court for the Southern District of Florida, and docketed under 20-cv-22202, is on behalf of a class consisting of investors who purchased or otherwise, acquired Carnival common stock and securities between January 28, 2020, and May 1, 2020, inclusive ("the "Class Period"), seeking to pursue remedies against Carnival and certain of its officers under the Securities Exchange Act of 1934 (the "Exchange Act").
- Is Weakness In Corporate Travel Management Limited (ASX:CTD) Stock A Sign That The Market Could be Wrong Given Its Strong Financial Prospects?
- China’s Trade Unexpectedly Rose in June Amid Worsening Virus
(Bloomberg) -- China’s exports and imports both rose in June, even as the pandemic continued to ravage the global economy.Exports rose 0.5% from a year ago, while imports expanded 2.7%. Both had been forecast by economists to fall.In yuan terms, exports grew 4.3% in June from a year earlier, while imports rose 6.2%, the customs administration said Tuesday.Key InsightsWith countries such as the U.S. still unable to control the outbreak, there’s no sign of when global demand for Chinese exports will recover sustainably to pre-virus levels.The deterioration of relations with the U.S. adds to the uncertainty for trade, although China has been stepping up efforts to meet the terms of the trade deal.Even with the turn up in June, trade in the first six months of the year is still well down on the same period last year. Exports through the end of June were 6.2% smaller than 2019, while imports were 7.1% lower.Positive net exports will provide some support to Chinese gross domestic product growth in the second quarter, after the historic 6.8% collapse in the first three months. The reading for GDP will be released Thursday.An increase in the trade balance “could be the major support for the second quarter’s GDP growth, but it could only help to a certain extent,” said Iris Pang, chief economist for greater China at ING Bank NV ahead of the data release.Get MoreIn the first half of the year, exports of textile products including face masks surged by 32.4% in yuan terms. Exports of medicines and pharmaceutical products and medical equipment increased by 23.6% and 46.4%, respectively.Driven by the increase of people working from home, exports of laptops increased 9.1%.(Updates with dollar values from first 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.
- SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Brookdale Senior Living, Inc. of Class Action Lawsuit and Upcoming Deadline - BKD
Pomerantz LLP announces that a class action lawsuit has been filed against Brookdale Senior Living, Inc. ("Brookdale" or the "Company")(NYSE: BKD) and certain of its officers. The class action, filed in United States District Court for the Middle District of Tennessee, Nashville Division, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise, acquired Brookdale securities between August 10, 2016, and April 29, 2020, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
- Gough Whitlam: Queen not told in advance of Australia PM's sacking, letters show
- SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Wells Fargo & Company of Class Action Lawsuit and Upcoming Deadline - WFC
Pomerantz LLP announces that a class action lawsuit has been filed against Wells Fargo & Company ("Wells Fargo" or the "Company") (NYSE: WFC) and certain of its officers. The class action, filed in United States District Court for the Northern District of California, and indexed under 20-cv-03697, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Wells Fargo securities between April 5, 2020, and May 5, 2020, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
- SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Endo International plc of Class Action Lawsuit and Upcoming Deadline - ENDP
Pomerantz LLP announces that a class action lawsuit has been filed against Endo International plc ("Endo" or the "Company") (NASDAQ: ENDP) and certain of its officers. The class action, filed in United States District Court for the District of New Jersey, and indexed under 20-cv-07536, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Endo securities between August 8, 2017, and June 10, 2020, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
- SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Sorrento Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadline - SRNE
Pomerantz LLP announces that a class action lawsuit has been filed against Sorrento Therapeutics, Inc. ("Sorrento" or the "Company") (NASDAQ: SRNE) and certain of its officers. The class action, filed in United States District Court for the Southern District of California, and indexed under 20-cv-01066, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired Sorrento securities between May 15, 2020, and May 22, 2020, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
- SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Colony Capital, Inc. of Class Action Lawsuit and Upcoming Deadline - CLNY
Pomerantz LLP announces that a class action lawsuit has been filed against Colony Capital, Inc. ("Colony" or the "Company") (NYSE: CLNY) and certain of its officers. The class action, filed in United States District Court for the Central District of California, and docketed under 20-cv-04673, is on behalf of a class consisting of investors who purchased or otherwise acquired Colony securities between August 9, 2019, and May 7, 2020, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
- Oil prices drop on demand recovery fears amid U.S. virus surge
Oil prices fell around 2% in early trade on Tuesday on worries that new clampdowns on businesses to stem surging coronavirus cases in California and other U.S. states could threaten the nascent recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude futures slid 84 cents, or 2.1%, to $39.26 a barrel at 0138 GMT, while Brent crude futures fell 77 cents, or 1.8% to $41.95 a barrel. California's governor on Monday ordered bars to shut and restaurants, movie theatres, zoos and museums in the country's most populous state to cease indoor operations as coronavirus cases and hospitalizations soared.
- Coronavirus: California reimposes sweeping restrictions amid virus spike
- Asian markets dip as virus and Sino-U.S. tensions flare
Asian stock markets slipped on Tuesday, oil sagged and a safety bid supported the dollar as simmering Sino-U.S. tensions and fresh coronavirus restrictions in California kept a lid on investor optimism as earnings season gets underway. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2%. Japan's Nikkei retreated from a one-month high touched on Monday, dropping 0.8%.
- Japan defence review slams China's virus 'disinformation'
China has been spreading "disinformation" about the coronavirus and its naval activities are a matter of "grave" concern, Japan said in its annual defence review published Tuesday. After a period of warming relations between the two Asian powers last year, ties have cooled in recent months amid international souring of sentiment on China over the virus and Beijing's imposition of a national security law on Hong Kong. The closely watched paper on Japan's defence policy accused China of "propaganda efforts... including the spread of disinformation" over the virus, which first broke out in the Chinese city of Wuhan.
- Luckin Coffee replaces chairman Charles Lu
Luckin Coffee has replaced co-founder and (now ex-) chairman Charles Zhengyao Lu, despite his efforts to maintain control over the troubled Beijing-based coffee chain. The company disclosed in an SEC filing on Monday that Jinyi Guo, another co-founder, board member and former acting chief executive of Luckin, has been appointed as its new chairman and chief executive officer. In today’s SEC filing, Luckin also said a total of four directors have left the board (Lu, David Hui Li, Erhai Liu and Sean Shao) and two new independent directors have been appointed.
- Pandemic has silver lining for Iraq: food self-sufficiency
Unlike in years past, Iraqi farmer Ahmed Mohsen now walks past his local market with a smile on his face. The pale green melons he harvested are selling fast, thanks to the coronavirus pandemic. Iraq, in a bid to prevent the spread of the deadly COVID-19 pandemic, shut its 32 border crossings to goods and people coming from Iran, Turkey, Syria, Jordan and Saudi Arabia in mid-March.
- Free pizza and a 75-foot statue of Musk: the battle for the next Tesla plant
Austin, Texas, is a progressive city in a conservative state with a thriving software industry and a "Keep Austin Weird" counterculture image. With a decision expected within a few weeks, the Austin-versus-Tulsa contest is heating up as Tesla and its chief executive, Elon Musk, stoke a bidding war over tax breaks and other concessions that would reduce the factory's cost. Travis County, home to Austin, is expected to vote this week on a portion of ten-year tax rebates totaling more than $65 million.
- How Many Clover Corporation Limited (ASX:CLV) Shares Do Institutions Own?
- Coronavirus: HK Disneyland to close one month after reopening
- Casino Shares Surge After Easing of Macau Travel Restrictions
(Bloomberg) -- Casino stocks rallied as the easing of some Chinese travel restrictions for Macau sparked optimism of a revival in the world’s largest gambling hub.China’s Guangdong province agreed to lift quarantine requirements for travelers returning from neighboring Macau, making it easier for gamblers to cross the border. Galaxy Entertainment Group and Sands China Ltd. rose more than 4% in Hong Kong on Tuesday, leading gains on the Hang Seng Index. Wynn Macau Ltd. was up as much as 16%, set for its best day since 2011. SJM Holdings Ltd. and Melco International Development Ltd. increased at least 6% as of 10:24 a.m.JPMorgan Chase & Co. expects gross gaming revenue to improve to 20%-25% of 2019 levels following the border opening with further relaxing of travel restrictions expected. That could include allowing allowing residents to skip 14-day quarantine measures when entering borders outside of Guangdong from Macau.“We expect some pent-up demand to materialize in Macau fairly rapidly as travel restrictions come down,” Sanford C. Bernstein analyst Vitaly Umansky said in a note. While people coming from outside Guangdong will still have a hard time visiting Macau, “the overall trend is moving in the right direction.”Bloomberg Intelligence Index for Macau casinos surged as much as 12%. U.S. casino stocks rallied overnight with MGM Resorts International up as much as 6.8%, and Melco Resorts & Entertainment’s U.S. shares jumping 18%.The agreement with Guangdong, announced on Monday, will remove the 14-day quarantine requirement put in place by the province in late March to stem the coronavirus pandemic. That measure effectively cut off Chinese travel to the gambling enclave, leaving baccarat and roulette tables virtually empty.The restriction will be lifted on July 15 at 6 a.m. local time. Travelers will still need to get a virus test before they go.The easing of restrictions should provide much-needed relief to Macau’s casino industry, which saw gaming revenue plunge by more than 90% for three straight months as the highly infectious pathogen forced countries to shut borders. The lifting of quarantine requirements will now allow high-roller Chinese gamblers, the enclave’s lifeblood, to return freely.Macau’s gross domestic product, heavily reliant on the tourism and gaming industry, shrank 49% in the first quarter of this year. Even though casino operators reopened after an unprecedented 15-day shutdown in February, travel curbs meant tourists and high rollers couldn’t get there. Morgan Stanley estimated that the industry is losing $15 million daily in expenses.The casino takings could recover gradually to about 15% to 25% of the pre-Covid level in the near germ, given only Guangdong province, which accounts for about 40% travelers into Macau, will be reopened and no re-issuance of the travel visa yet, said Credit Suisse gaming analysts led by Kenneth Fong in a note Monday.“Macau government has been actively working with the Zhuhai government to resume the traffic flow,” the note said, “But the progress has been slow with the resurgence of new cases in Hong Kong.”While Macau has largely contained the coronavirus outbreak and just got good news of border relaxation, neighboring Hong Kong is tightening virus measures to limit social gathering. Schools have been ordered into an “early summer holiday,” while restaurants and bars limit the number of patrons. Events including Hong Kong’s week-long book fair and the champion awards dinner by the Jockey Club have been canceled, and Walt Disney Co. said on Monday that it was temporarily shutting down Hong Kong Disneyland on July 15.Investors and analysts are hoping China will now take further steps to ease the resumption of visitor flow, including lifting its freeze on the individual and group tourist visas that middle-class Chinese use to travel to Macau.Macau has detected only a handful of coronavirus cases since April.“We would expect that if the new policies are implemented well for some time with no contagion, the travel restrictions will continue to be loosened,” Bernstein’s Umansky said.With the border relaxation as the first positive step of easing policies, analysts now have higher hopes for the National Day Holiday in October to bring back traffic. Citigroup Inc. expects the golden week, which is still about 10 weeks away, will be a positive driver for Macau visits, as there’ll still be limited safe travel destination options for Chinese visitors at that time.“We remain hopeful that this Golden Week will be more “Golden” than usual for Macau if more non-Guangdong provinces and Hong Kong are added to the bubble before the Golden Week starts,” George Choi, a Hong Kong-based analyst at Citigroup Inc., wrote in a note after the government announcement.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.
- Ohio SEO & Digital Marketing company 38 Digital Market Acquires New Client Booze-Up, Founders of On-Demand Alcohol Delivery
Reputed Chagrin Falls Digital Marketing Agency to Help the New Client Expand its Alcohol Delivery Service in London London based booze-up-late-night delivcery service.jpg Booze Up | London's No.1 Alcohol & Drinks Delivery Co. is a premier alcohol delivery service for customers in London, Surrey, Kent, Middlesex & Essex. They are known for their fast, same day drinks delivery along with snacks, cigarettes, and various other products. Currently featuring are beers, ciders, wines, champagnes, soft drinks, and more. Ohio, July 13, 2020 (GLOBE NEWSWIRE) -- Cleveland, OH – 14th July 2020 – 38 Digital Market, Cleveland’s Digital Marketing Agency is known for its customized SEO and content marketing solutions is pleased to announce that they have acquired a new marketing client Booze-Up. They are the founders of on-demand alcohol delivery services in London who deliver premier liquor, cigarettes, soft drinks, snacks, and extras to customers ordering from London, Surrey, Kent, and Middlesex. The Chagrin Falls SEO agency has partnered with Booze-Up to help them expand their alcohol delivery services in London. The team here consists of SEO specialists, talented and experienced content creators, and videographers with over 50 years of combined experience. New clients can benefit from the Free SEO Analysis offered here. The team understands what sort of services the website would need to grow the business and attract targeted visitors. With the help of Local SEO services, websites such as Booze-Up can maximize their online presence by achieving top results on search engines and local maps. The clients can also benefit from social media marketing services that make people aware of the brand and create a positive image of the company. 38 Digital Market has worked with all sorts of small and medium-sized businesses, entrepreneurs, and large industrial corporations. They provide services and solutions backed by up-to-date technologies aimed to help create new business opportunities for their clients. To learn more about leading Chagrin Falls Digital Marketing agency visit https://38digitalmarket.com/ About 38 Digital Market 38 Digital Market, reputed Chagrin Falls Digital Marketing and SEO Agency offers effective content marketing strategies with proven methods for increasing search engine rankings. This Cleveland based company helps its clients with topnotch social media services, engaging content, and video productions. About Booze-UpBooze Up | London's No.1 Alcohol & Drinks Delivery Co. is a premier alcohol delivery service for customers in London, Surrey, Kent, Middlesex & Essex. They are known for their fast, same day drinks delivery along with snacks, cigarettes, and various other products. Currently featuring are beers, ciders, wines, champagnes, soft drinks, and more. Contact38 Digital Market 1188 Bell Rd Suite 206Chagrin Falls, OH 44022(216) 577-8452Website: https://38DigitalMarket.com/ ContactBooze-UpAddress: 141-157 Acre Lane London SW2 5UAPhone: 0842-289-2930Email: Submit@booze-up.com Website: https://www.booze-up.com/Attachment * London based booze-up-late-night delivcery service.jpg
- Roger Stone: President Trump's clemency wipes fine and supervised release
- The Ford Bronco is back: Ford reveals 2021 Bronco SUV, Bronco Sport
- Oil prices drop on demand recovery fears amid U.S. virus surge
Oil prices fell around 2% in early trade on Tuesday on worries that new clampdowns on businesses to stem surging coronavirus cases in California and other U.S. states could threaten the nascent recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude
futures slid 84 cents, or 2.1%, to $39.26 a barrel at 0138 GMT, while Brent crude futures fell 77 cents, or 1.8% to $41.95 a barrel. California's governor on Monday ordered bars to shut and restaurants, movie theatres, zoos and museums in the country's most populous state to cease indoor operations as coronavirus cases and hospitalizations soared.
- Asian Stocks Follow U.S. Shares Lower; Oil Slides: Markets Wrap
(Bloomberg) -- Asian stocks slipped Tuesday, following their U.S. peers lower amid fresh Sino-American tensions and concern over the economic impact of rising coronavirus cases. Crude oil fell.Shares retreated across the region with Hong Kong stocks faring worst. S&P 500 Index futures fluctuated after the benchmark briefly touched its highest since the pandemic sell-off in March, before closing lower. The Nasdaq hit another record before finishing in the red. Treasuries were steady and the dollar nudged higher.Sentiment has taken a hit from signs the virus is throttling reopening plans in states like California, and news the Trump administration rejected China’s expansive claims in the South China Sea. A report Tuesday showed Singapore’s economy plunged into recession last quarter amid an extended lockdown. Traders are braced for earnings reports this week that will provides clues on the outlook for corporate profits.“There is a risk that the divergence between a gloomy economic outlook and unexpectedly strong returns from equity markets is reconciled by some pull-back in asset prices rather than a surge in economic optimism,” Chris Iggo, chief investment officer for core investments at AXA Investment Managers, said in a note. “There is a case for caution.”Meanwhile, relations between the U.S. and China were further strained with Washington rejecting Beijing’s claims in the South China Sea. That reversed a previous policy of not taking sides in territorial disputes in the region and escalated tensions on yet another front.On the economic front, China’s exports and imports rose in yuan terms in June, even as the pandemic continued to ravage the global economy. The country reports gross domestic product data on Thursday.Elsewhere, oil declined below $40 a barrel before an OPEC+ meeting at which the group may announce plans to start tapering historic production cuts. Gold was steady.Here are some key events coming up:JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, BNY Mellon and Citigroup start the U.S. earnings season for banks.Wednesday brings the Bank of Japan’s policy decision and a Governor Haruhiko Kuroda briefing.The EIA crude oil inventory report is due Wednesday.China releases second-quarter GDP on Thursday as well as key economic indicators for June.The European Central Bank meets to set monetary policy on Thursday, with President Christine Lagarde holding a virtual press conference afterward.These are the main moves in markets:StocksS&P 500 futures rose 0.2% as of 11:10 a.m. in Tokyo. The S&P 500 Index dipped 0.9%.Topix index fell 0.4%.Australia’s S&P/ASX 200 Index declined 0.6%.Kospi index fell 0.4%.Hong Kong’s Hang Seng Index fell 0.8%.Shanghai Composite Index fell 0.3%.CurrenciesThe yen was trading at 107.19 per dollar, little changed.The offshore yuan was at 7.0121 per dollar, down 0.2%.The euro was at $1.1342.The Bloomberg Dollar Spot Index rose 0.1%.BondsThe yield on 10-year Treasuries dipped to 0.61%.Australia’s 10-year bond yield slipped one basis point to 0.89%.CommoditiesWest Texas Intermediate crude decreased 2.2% to $39.20 a barrel.Gold slipped 0.2% to $1,798.94 an ounce.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.
- What Do The Returns At Cokal (ASX:CKA) Mean Going Forward?
- Tesla taps brake on massive stock rally
Shares of Tesla surged 16% early in the session before joining a sell-off along with other big-name Nasdaq stocks, including Amazon , Microsoft and Nvidia , that have outperformed in recent months. With investors betting Tesla could show a quarterly profit in its July 22 report and potentially join the S&P 500 index, traders at one point on Monday paid $1,794.99 per share, a premium of almost $300 over Tesla's previous closing price. Only the second daily decline for Tesla in 10 sessions came after the company on Saturday cut the price of its Model Y sport utility vehicle by $3,000, just four months after its launch, as it tries to maintain sales momentum in the COVID-19 pandemic.
- Shell Makes Bet on Digital LNG Trading With GLX Investment
(Bloomberg) -- Royal Dutch Shell Plc, the world’s biggest liquefied natural gas merchant, is making a bet on the trade’s digital future by taking a minority investment in the online platform developer GLX Digital.GLX is among a handful of companies using web-based trading to modernize the world of physical commodities and help deepen liquidity. Since creating its online LNG auction hub, the Perth, Australia-based company has shifted toward helping customers create their own digital trading systems.Shell is the highest profile investor in GLX, which also include Australia’s Woodside Petroleum Ltd. and Malaysia’s Petroliam Nasional Bhd. It dominates global LNG trade, handling about 22% of the world’s volume, according to Bloomberg Intelligence. Neither Shell nor GLX would disclose the value of the investment or size of the stake.“This digital platform is a natural step in the continued evolution of the global LNG market and as a leading LNG player, we are keen to be part of this,” Steve Hill, an executive vice president for Shell, said in a statement. “The sophistication of the GLX software in combination with the high caliber and quality of the management team gives GLX a strong base for the future.”Founded in 2015, closely held GLX has about 23 employees and is trying to grow to 40 in the next year, Chief Executive Officer Damien Criddle said by phone. It has about 75 companies signed up, and revenue from subscriptions is up approximately 600% year-on-year and is “in the seven figures,” he said, without providing further details. The company isn’t profitable yet as it focuses on growing and eventually expanding into other commodity sectors.Criddle said the company’s shift away from controlling its own online LNG marketplace and toward helping companies build their own has resonated with traders, who prize the privacy of their deals.“We’re digitalizing the LNG chain, but we’re not standing in the middle collecting data,” Criddle said. “What became clear to us is that while our customers like data, they don’t like sharing their own data, and we respect that.”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.
- Chipmaker Analog Devices to buy rival Maxim for about $21 billion
The deal, which is also ADI's biggest, will create a chipmaking force with a combined enterprise value of about $68 billion that will compete with larger rivals including Texas Instruments. ADI Chief Executive Vincent Roche told Reuters in an interview the combined engineering teams would help the resulting company design more specialized, higher-margin chips for customers such as automakers.
- Stout Announces Intellectual Property Advisory & Transactions Services
Stout is pleased to announce its new Intellectual Property Advisory & Transactions practice, expanding the firm's current Transaction Advisory and IP capabilities. This practice positions Stout as the only fully integrated team of investment bankers, valuation and dispute experts, attorneys, and technical experts with the ability to execute a full spectrum of IP services required by IP-rich technology companies and special situations investors.
- Exclusive: Google offers data pledge in bid to win EU okay for Fitbit buy
Alphabet Inc's Google has offered not to use health data of fitness tracker company Fitbit to help it target ads in an attempt to address EU antitrust concerns about its proposed $2.1 billion acquisition, the U.S. tech company said late on Monday. The bid, announced in November last year, would help Google take on market leader Apple and Samsung in the fitness-tracking and smart-watch market, alongside others including Huawei and Xiaomi.
- Huawei faces ban in Britain, uncertainty swirls over timing, extent
Prime Minister Boris Johnson is set to ban Huawei from Britain's 5G network on Tuesday in a momentous decision that will delight Washington, dismay Beijing and signal the end of a two-decade long partnership with the country's biggest mobile operator. The United States has pushed Johnson to reverse his January decision to grant Huawei a limited role in 5G, saying the Chinese company is a security risk. The debate has played out against a backdrop of a crackdown in Hong Kong and questions about China's handling of coronavirus, damaging relations between London and Beijing.
- China’s Stock Market Closes In on $10 Trillion Milestone After Its Biggest Crash
(Bloomberg) -- China’s investors have waited five years for stock values to return to $10 trillion, a milestone that would seal the market’s recovery from its biggest crash in history.The good news is that it could happen as soon as this week, and even a slower pace of gains -- which is favored by Beijing -- would do it. China’s domestic equities are worth about $9.7 trillion after this month’s rally, according to data compiled by Bloomberg as of July 13. The advance has taken two of its indexes to 2015 levels and made virtually all of the country’s stock benchmarks overheat. In local currency terms, China’s market cap is already at a record 68 trillion yuan.But the $10 trillion level also marked the top of the bubble five years ago, a memory that’s still fresh in investors’ minds. Similarities between now and then have started to displease policy makers, who have taken steps to rein in stocks: Shanghai’s large caps slumped Friday after two government funds said they plan to sell shares. And while state media are still championing the bull run, a front-page commentary Monday underlined the importance of a “healthy” stock market. Despite the warnings, investor interest remains high. The CSI 300 Index fluctuated early Tuesday, at one point climbing as much as 0.2%. Hao Hong of Bocom International Holdings Co., one of the few who predicted the start and peak of China’s last equity boom, says stocks are unlikely to stop at the $10 trillion mark this time. China International Capital Corp. analysts went as far as predicting the market will double in as little as five years.“The upward trend remains intact,” Hong, Bocom’s head of research, wrote in a note. “The general mantra from the top remains supportive of the market. It helps the domestic sentiment, strengthens the national resolve, and finances capital investment into new and innovative industries.”The value of Chinese stocks rose above $10 trillion for the first time in June 2015, as investors piled into the nation’s equities using borrowed funds. A tumble over the next three months erased more than $5.2 trillion in value as sellers scrambled to liquidate margin trades.This time around authorities appear keen to engineer a steady bull market. At 1.33 trillion yuan as of Monday, leverage is barely half the level of its 2015 peak while valuations are still relatively cheap compared to other stocks globally.China’s domestic brokers, whose businesses stand to benefit significantly from a boom in trading and margin financing, have every interest in being bullish on stocks. But that sentiment is also becoming consensus on Wall Street, with Goldman Sachs Group Inc. and Morgan Stanley predicting that the bull market can last for the next few months at least.The rally has coincided with China’s efforts to accelerate market reforms, such as plans to include stocks listed on the tech-focused Star board on the Shanghai Composite Index. Combined with a market that is poised to push past a highly symbolic level, such moves are set to support further gains, according to Steven Leung, executive director at UOB Kay Hian (Hong Kong) Ltd.“Passing the $10 trillion mark would be the beginning of a huge bull market,” he said.(Updates with Tuesday market, outstanding margin debt)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.
- Emirati 'Hope' probe heads for Mars
The first Arab space mission to Mars is scheduled to blast off Wednesday on a mission to unravel from above the weather dynamics in the Red Planet's atmosphere. The unmanned probe named Al-Amal -- Arabic for Hope -- is to take off from a Japanese space centre, marking the next step in the United Arab Emirates' ambitious space programme. The UAE, made up of seven emirates including the capital Abu Dhabi and freewheeling Dubai, has nine functioning satellites in orbit with plans to launch another eight in coming years.
- Philippines Central Bank to Keep Easy Policy Over Next Two Years
(Bloomberg) -- The Philippine central bank will likely keep policy accommodative over the next two years to deal with lingering economic damage from the coronavirus pandemic, Governor Benjamin Diokno said Tuesday.“We know that this crisis may be protracted,” Diokno said when asked how long the central bank will continue its bond-buying and liquidity support programs. “At least for the next maybe two years, we’ll be willing to accommodate the economy.”Policy makers will likely wait a few more quarters before adjusting the benchmark rate again, the governor said in an interview with Bloomberg TV’s David Ingles and Tom Mackenzie. The interview came several weeks after Diokno said there’s space to adjust monetary policy further, but no need to cut the key rate in coming quarters.Bangko Sentral ng Pilipinas has been among Asia’s most aggressive central banks in easing policy this year, and has been at the forefront of local virus-relief efforts with the Philippine government mired in debate over fiscal stimulus. The central bank has cut its benchmark interest rate by 175 basis points this year to 2.25%, lowered banks’ reserve requirement ratios by 2 percentage points, bought government securities and eased lending rules to boost liquidity.These steps aim to boost an economy expected to contract by the most in more than three decades this year. Business activity has been slow to recover since a two-month lockdown of the country’s main island was eased, with fresh coronavirus cases spiking alongside the reopening.READ: President Rodrigo Duterte Is Wary of Total Economic Reopening as Virus Cases RiseDiokno said inflation will remain benign in the next two years, while there are early indications that bank lending -- especially to small businesses -- has started to pick up.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.
- Oil Extends Drop on OPEC+ Taper Jitters and U.S.-China Tension
(Bloomberg) -- Oil dropped for a second day on expectations that OPEC+ will start winding down production cuts next month and as escalating tension between Washington and Beijing worsened sentiment across financial markets.Futures in New York fell toward $39 a barrel after retreating 1.1% on Monday. OPEC+’s Joint Ministerial Monitoring Committee meets Wednesday and the group is expected to stick to its plan of tapering the cuts from August even as the coronavirus rages unabated in many parts of the world, particularly the U.S.See also: U.S. Economic Recovery Loses Momentum With Virus Cases SurgingCrude was also caught up in a broad downward move in markets late on Monday after the White House rejected Beijing’s expansive maritime claims in the South China Sea. While the immediate impact wasn’t clear, it was the latest in a series of disputes between the world’s two largest economies that threaten to complicate the global recovery from the pandemic.An increase in supply from OPEC+ would hit a global economy that’s still far from pre-virus levels of activity, with a range of indicators in the U.S. suggesting the recovery has slowed in the past few weeks. The contango in Brent crude’s three-month timespread has widened this month, showing that concerns about a potential supply glut are starting to resurface.If OPEC+ does taper its cuts as expected, it will have only a “limited impact” as the global market is likely to remain in deficit, said Warren Patterson, head of commodities strategy at ING Bank NV. A surprise extension of the current levels would give the market a short-term boost, he said.West Texas Intermediate for August delivery fell 2.1% to $39.27 a barrel on the New York Mercantile Exchange as of 9:42 a.m in Singapore. Brent for September settlement dropped 1.7% to $42.01 on the ICE Futures Europe exchange after declining 1.2% on Monday.The global benchmark’s three-month timespread was 76 cents in contango -- where prompt prices are cheaper than later-dated contracts -- widening from 41 cents at the end of June.The OPEC+ committee will consider whether the alliance should keep 9.6 million barrels of daily output off the market for another month, or taper the cutback to 7.7 million barrels as originally planned. Members are leaning toward the latter, according to several national delegates who asked not to be identified.Meanwhile, compliance with the existing agreement seems to be improving. Saudi Arabia commended Iraq for implementing almost all of its oil production cuts last month, according to the state-run Saudi Press Agency.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.
- Singapore economy enters recession, second-quarter GDP plunges record 41.2%
Singapore's economy slipped into recession in the second quarter, contracting by a record 41.2% from the previous three months and is facing its biggest slump ever this year as coronavirus lockdown steps hammer the trade-reliant city-state. Economists polled by Reuters had expected a 37.4% slump, but the pandemic took a heavy toll on the construction sector, which plunged 95.6%. Economists had forecast a 10.5% contraction.
- Deadly border clashes reignite Armenia-Azerbaijan conflict
Deadly border clashes between arch-foes Armenia and Azerbaijan entered a second day on Monday, as the EU, US and regional power broker Moscow urged restraint. The Armenian foreign ministry said the artillery fire from Azerbaijan "receded" later on Monday, claiming Yerevan was "fully controlling" the situation. The two former Soviet republics have been locked in a simmering conflict for decades over Azerbaijan's separatist region of Nagorny Karabakh, which was seized by ethnic-Armenian separatists in a 1990s war that claimed 30,000 lives.
- Fact check: Trump campaign accused of T-shirt design with similarity to Nazi eagle
- International students denied U.S. entry under new visa rules - court documents
International students have already been denied entry to the United States under new Trump administration rules that bar them from the country if their schools hold all classes online amid the coronavirus pandemic, according to a court document filed on Sunday. The "friend of the court" brief, written by dozens of universities and colleges, was filed in support of a lawsuit brought by Harvard University and the Massachusetts Institute of Technology (MIT) seeking to block immigration rules issued on July 6 that blindsided academic institutions across the country. The brief said U.S. immigration authorities were "already preventing returning students from re-entering the country" and cited the case of a DePaul University student returning from South Korea who was denied at San Francisco International Airport.
- Calculating The Intrinsic Value Of City Chic Collective Limited (ASX:CCX)
- Is Alibaba Stock a Buy Right Now? This Is What You Need To Know
Not to be outdone by its other mega-cap brethren, shares of Chinese internet giant Alibaba (BABA) reached an all-time high on July 9, closing at the price of $261.58 per share.Amid the rise of new coronavirus cases, the stock market, and tech stocks in particular, have surged and are now dangerously close to bubble territory. With this in mind, is now the time to reduce exposure to another high-flying tech stock?Not if that stock is Alibaba, says Needham analyst Vincent Yu. In fact, the analyst just added BABA to his conviction list and initiated coverage with a Buy rating. Yu’s price target is $275, implying another all-time high and a 9% uptick are in the cards. (To watch Yu’s track record, click here)So, what’s driving Yu’s bullish thesis? “We think the company's well-established ecosystem, strategic position in the e-commerce value chain, and deep understanding of China's retail environment are not only competitive strengths in its primary business, but also keys to expanding its presence in adjacent industries such as offline retail, food delivery, and cloud computing,” the analyst said.And that is basically the gist of it. Like Amazon, BABA has its fingers in all of the pies, and has the appetite to take a bigger slice out of each one.Let’s start with the e-commerce market pie. Here, Alibaba boasts flash sales platform Juhuasuan, in addition to the world’s biggest e-commerce website, Taobao (which offers Taobao Deals). Both offer value-for-money products and should further deepen Alibaba’s appeal within the fast-growing market of consumers from “low tier cities.” This is a market that has made up 70% of the 72 million new annual active users in FY2020.The next slice is from the live streaming shopping pie. Alibaba owns the “best-in-class e-commerce live-streaming platform on the market,” Taobao Live. Offering consumers an “interactive shopping experience,” its industry leading market position has “helped grow GMV (gross merchandise value) up by more than 100% in FY2020,” in Yu’s opinion.Let’s get the cloud services pie on the table, too. Alibaba’s cloud service, Alicloud, is a market leader. With the shift from traditional IT infrastructure to the cloud already in motion, Alibaba’s 46% market share means, as the decade progresses, this secular trend is another one that Alibaba stands to benefit from.Looking at the consensus breakdown, the rest of the Street agrees with Yu’s assessment. 1 lone Hold rating is trounced by 18 Buys, positioning BABA as the owner of a Strong Buy consensus rating. The recent surge, though, has left room for only a 6% uptick, should the $266.90 average price target be met. (See Alibaba stock-price forecast 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. More recent articles from Smarter Analyst: * Alibaba Co-Founder Jack Ma Reduces Stake To 4.8% * Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 * Amazon, Alibaba Get Green Light To Deliver Alcohol In West Bengal * Alibaba Rolls Out Online Business Services As Covid-19 Boosts Digitalization Need
- Foreign powers in Libya: who wants what?
Oil-rich Libya has been torn by violence since the 2011 toppling and killing of longtime dictator Moamer Khadafi in an uprising backed by a NATO bombing campaign. Since 2015, the UN-recognised, Tripoli-based Government of National Accord (GNA) has battled against strongman Khalifa Haftar, based in the eastern city of Benghazi. Turkey's military support for the GNA has recently tipped the balance and allowed its forces in June to repel Haftar's 14-month advance on Tripoli and launch a counteroffensive.
- Arctic Vision Announces US$32MN in Series A to Expand and Develop Innovative Therapies Pipeline in Ophthalmology
Arctic Vision, a clinical-stage biotechnology company incubated by Nan Fung Life Sciences and Pivotal BioVenture Partners China in 2019, today announced its $32mn Series A financing led by Morningside Ventures, together with its existing investors. Arctic Vision focuses on the development and commercialization of innovative ophthalmology therapies in China and Asia. The three investment institutions are actively investing in leading life science companies in the world with long term commitment.
- World can win war against coronavirus if leaders do their part, WHO director says
The coronavirus pandemic is worsening, due largely to failures outside of Europe and parts of Asia. But World Health Organization director Dr. Tedros Adhanom Ghebreyesus says it's not too late to get in the fight. Without calling out anyone or any place by name, Ghebreyesus said some countries were responsible in their handling of the outbreak and are getting back to business safely. He also ...
- A Top Fund Manager Keeps Faith in Health Stocks in Second Half
(Bloomberg) -- Sean Lo isn’t worried that health-care stocks have lost some steam recently.The manager of the Sectoral Emerging Markets Healthcare Fund, which has about $16 million in assets, believes longer-than-expected economic disruptions caused by the coronavirus pandemic will prompt investors to return to health-care stocks for their defensiveness and criticality. A revival in earnings will be one of several key catalysts to boost the shares in the second half, he said.An MSCI health-care index for global emerging markets has gained 34% year-to-date, beating all other industries. The outperformance started to fade, however, as hopes for a faster economic recovery led to a recent sectoral rotation into laggards, like consumer discretionary stocks.“Our outlook for the sector remains favorable,” said Lo, whose fund beat 99% of its peers in the past year. “We are encouraged by containment efforts in major emerging markets and expect health-care companies in those geographies to return to normalcy in the second half, which will be supportive for share prices.”The global economy will remain largely constrained until a clear solution for Covid-19 -- either a vaccine or a drug that would make a meaningful difference -- is found, Lo said, adding that even in the most optimistic of assumptions, it may take two or three more quarters to identify what that containment is and a few more years to make it widely available.Lo sees China’s health-care companies facing the best prospects, with short-term opportunities arising from stocks that provide solutions to fight the pandemic and longer-term opportunities emerging from policy changes that encourage improved quality and greater innovation.The MSCI Emerging Market Health Care Index trades at about 31 times 12-month positive earnings per share, 108% higher than the level for the broader EM benchmark, according to data compiled by Bloomberg. That premium is still within 1 standard deviation of the historical mean of 82%, Lo said, adding that the valuation is still within a “reasonable” range.Shares of South Korea’s Celltrion Inc. and Celltrion Healthcare Co. were added to the fund’s top-10 stocks in June, according to its latest fact sheet. WuXi Biologics (Cayman) Inc., Alibaba Health Information Technology Ltd. and Sino Biopharmaceutical Ltd, are its three biggest holdings.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.
- Singapore Slumps Into Recession With Record 41.2% GDP Plunge
(Bloomberg) -- Singapore’s economy plunged into recession last quarter as an extended lockdown shuttered businesses and decimated retail spending.Gross domestic product declined an annualized 41.2% from the previous three months, the Ministry of Trade and Industry said in a statement Tuesday, the biggest quarterly contraction on record and worse than the Bloomberg survey median of a 35.9% drop. Compared with a year earlier, GDP fell 12.6% in the second quarter, versus a survey median of -10.5%.The deep slump shows the blow Singapore’s economy is taking from all sides amid the pandemic. A plunge in global trade has hit the export-reliant manufacturing industry, while retailers have seen a record decline in sales after partial lockdown measures were imposed for several weeks last quarter. The government, which has projected a full-year economic contraction of 4%-7%, didn’t provide a new forecast Tuesday.Singapore is one of the first countries to report quarterly GDP data, and the figures show it’s taking a bigger hit than many others in Asia. Japan’s GDP is seen declining more than 20% on an annualized basis in the second quarter from the previous three months, while data this week will probably show China’s economy returned to growth. The dismal outlook in Singapore is pressuring the ruling People’s Action Party, which had its weakest performance ever in last week’s election. The government has already pledged about S$93 billion ($67 billion) in stimulus to shore up troubled businesses and households and to prevent a surge in retrenchments.“The road to recovery in the months ahead will be challenging,” Trade and Industry Minister Chan Chun Sing said in a Facebook post. “We expect the recovery to be a slow and uneven journey, as external demand continues to be weak and countries battle the second and third waves of outbreaks by reinstating localized lockdowns or stricter safe-distancing measures.”Other key details of Singapore’s GDP report, based on annualized quarter-on-quarter data:Manufacturing plunged 23.1%, compared with growth of 45.5% in the previous three monthsConstruction plummeted 95.6%Services shrank 37.7% with airlines, hotels and restaurants restricted during the partial lockdown, when “circuit breaker” measures were imposed from April 7 to June 1Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore, said last quarter’s drop was probably the bottom of the cycle “unless Singapore is forced to regress to the harsher iteration of circuit-breaker measures.” Additional stimulus isn’t ruled out, though “the four fiscal packages need time to permeate and cascade,” he said.Singapore’s dollar slipped 0.1% to S$1.3920 against the U.S. dollar as of 9:05 a.m. local time. The Straits Times Index dropped as much as 0.6% on Tuesday, set for a third day of declines, its biggest losing streak since June 22.Factory purchasing managers indexes show that manufacturing across Asia started to pick up at the end of the second quarter, as early phases of re-opening in many countries begin to revive demand.What Bloomberg Economists SayThough there have been signs of a substantial pickup in activity in 3Q, we don’t expect a return to positive growth until 1Q 2021. A full recovery for this transport hub will require the normalization of global travel and trade.Click here to read the full report.Tamara Mast Henderson, Asean economistHo Meng Kit, head of the Singapore Business Federation, said the following two quarters will likely be better than the second quarter.“Even as the economy has opened up since early June, for example small businesses in domestic retail, they are not at the previous levels because there’s still no tourism in Singapore,” he said in an interview on Bloomberg Television. “So, there will be an impact on demand and these sectors will continue to be weak.”Singapore’s advance GDP estimates are computed largely from data in the first two months of the quarter, and often are revised once the full quarter’s data are available.“The question is if the second-half recovery will materialize, which will also depend on private consumption coming back,” said Selena Ling, head of treasury research and strategy at Oversea-Chinese Banking Corp. She expects the economy will contract 5.5% for the full year.(Updates with comments from minister and business association head, and stock levels)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.
- Coronavirus: How did Florida get so badly hit by Covid-19?
- Libya small businesses struggle to rebuild after waves of unrest
The Ain Zara district on the southern edges of Tripoli, where the factory lies, became a battleground in April last year as the forces of eastern-based strongman Khalifa Haftar tried to seize the capital from the UN-recognised administration. The battle was the latest blow to small businesses in Libya, which plunged into violence after the 2011 NATO-backed uprising that toppled and killed veteran dictator Moamer Kadhafi. After Kadhafi took power in a 1969 coup he had practically scrapped the private sector, sweeping away schools, factories, businesses, libraries and hotels and replacing them with state-run enterprises.
- Pro Asian Gold Extends Top Mining Company Offer to Allow Satisfaction of Investment
All of the directors and senior officers of the company have tendered their shares to the offer Pro Asian Gold, China George Hu Gexin, Chairman and Chief Executive Officer Gold, said, "When we entered into our agreement with the top mining company, we carefully examined the opportunity that it represents. We continue to believe that our offer remains competitive with other development opportunities available to us, while providing full and fair value to its shareholders."Zhengzhou, China, July 13, 2020 (GLOBE NEWSWIRE) -- Pro Asian Gold, a leading, growth-focussed gold mining company that is consistently generating superior returns, dedicated to delivering on its values and promises, and always focused on improving its environmental, social and governance performance, today announced that a top Mining Corporation announced today that Pro Asian Gold has extended the period for acceptance of its offer to purchase its common shares. Pro Asian Gold expects to mail a formal notice of extension to all shareholders. The name of the top Mining Corporation will be released after all the regulatory approvals. The offer is being extended to accommodate a condition of the offer requiring approval of the acquisition under the Chinese Investment Rules that has not yet been satisfied. The initial review period under the Chinese Investment Rules will expire at the end of the year.Separately, an advance ruling certificate was received from the Competition Committee Board which permits Pro Asian Gold to proceed with the transaction under the Chinese Investment Rules and Competition Board.The board of directors of the mining company continues its unanimous determination that the offer is fair, from a financial point of view, to the mining company shareholders and continues to unanimously recommend that the mining company shareholders accept the price offered, all cash offer and tender all of their shares. George Hu Gexin, Chairman and Chief Executive Officer Gold, said, "When we entered into our agreement with the top mining company, we carefully examined the opportunity that it represents. We continue to believe that our offer remains competitive with other development opportunities available to us, while providing full and fair value to its shareholders."About Pro Asian GoldPro Asian Gold is a leading, growth-focussed gold mining company that has a reputation for consistency and reliability. The company’s operations deliver superior operational execution by managing safety risks to reach zero harm, continually improving operational performance and meeting commitments without fail. Pro Asian Gold is sustaining a global portfolio of long-life assets by executing profitable expansions and investing in early stage prospects with a goal to grow margins, reserves and resources. The company’s business model is a leading one in the industry, delivering profitability and responsibility through consistently generating superior returns, dedicated to delivering on its values and promises, and always focused on improving its environmental, social and governance performance. George Hu Gexin +86 377 6391 9470http://proasiangold.com/ Pro Asian Gold, ChinaAttachment * Pro Asian Gold, China CONTACT: firstname.lastname@example.org