Late News This information from last news on the day

Australia’s second-biggest city enters strict new coronavirus lockdown By Reuters

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© Reuters. FILE PHOTO: People are seen on the ground floor of an office building in Sydney

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By Colin Packham

SYDNEY (Reuters) – Australia’s second-biggest city Melbourne began the first day of a six-week total lockdown on Thursday with the closure of most shops and businesses raising new fears of food shortages, as authorities battle a second wave of coronavirus infections.

Shops were shut and streets were deserted in the city of about 5 million people, the capital of Victoria state, which reported 471 new COVID-19 cases and eight deaths in the past 24 hours.

Australia has now recorded about 20,000 COVID-19 cases and 255 fatalities, still far fewer than many other developed nations.

But the Victorian outbreak threatens to spill into other states. New South Wales reported 12 new coronavirus cases on Wednesday, taking the national tally to 483. There were no cases reported in other states

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The biggest threat to your portfolio right now is you

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In the face of all of this negativity, I’m often asked which factor poses the biggest threat to an investor’s portfolio. My response to this question is always unequivocal — the biggest threat is you, the investor. I would argue this is more the case now than ever: If an investor is not cognizant of the effect this negativity is having on their thought patterns, it can lead to dangerous and costly decisions.

The good news is there is a solution. It begins by trying to become a clear thinker by separating out the noise from what’s really important. The tough part though is it means unplugging from society’s daily programming, which can be very difficult to do.

Naval Ravikant, chairman of AngelList, offered some great insight on this challenge when he was interviewed recently by Joe Rogan on his podcast.

“Now it’s all diseases of abundance.

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How to get started if you’re opening your first bank account

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Managing your money without a bank account is doable. But it can pose challenges — and the COVID-19 pandemic has only added more.

Your economic impact payment might’ve arrived weeks or months after others’ did, in the form of a check or prepaid debit card, because you couldn’t choose the faster delivery option of direct deposit into a bank account. And if you’ve gone to the store lately, you may have been asked to pay with a debit or credit card or in exact change due to a nationwide shortage of coins and concerns over germ transmission.

A bank account can make life easier in these situations, among others. To avoid future issues, consider opening one — or try again if you’ve been rejected in the past. … Read More

Britain’s banks brace for $22 billion loan losses as outlook darkens By Reuters

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© Reuters. FILE PHOTO: HSBC and Barclay’s buildings are lit up at dusk in the Canary Wharf financial district of London

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By Iain Withers and Lawrence White

LONDON (Reuters) – Britain’s banks took a gloomier view than almost all their European peers in their second quarter earnings, as coronavirus fears, Brexit and low interest rates caused them to bake tougher “worst-case” scenarios into their risk models.   

Investors had expected a torrid set of half-year results, but Barclays (L:), Standard Chartered (L:), Lloyds (L:), NatWest Group (L:) and HSBC (L:) fell short of these low expectations.

Provisions for potential loan losses across the five banks topped $22 billion, blowing past analyst forecasts and increasing selling pressure on shares already hammered by the pandemic this year.

By contrast, France’s BNP Paribas (PA:) and Credit Suisse (S:) beat analyst forecasts, benefiting from bumper trading volumes as well as relatively modest provisions.

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Sell U.S. equities, buy gold

Richardson GMP portfolio manager Chris Kerlow speaks with Financial Post’s Larysa Harapyn about the company’s outlook on gold, equities, and other sectors, as the market starts its recovery.

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Congress still ‘a long ways away’ from deal on bill that would include more stimulus checks

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An overwhelming majority of Americans want Congress to put political divides aside and send out a second round of stimulus checks.

A Fortune-SurveyMonkey poll* of 2,802 U.S. adults between July 17 and 21 finds 80% of U.S. adults support the federal government issuing a second round of stimulus checks. That’s up from 54% of U.S. adults who supported a second of stimulus checks back when Fortune-SurveyMonkey polled U.S. adults between May 20 and 26.

Both Democratic and Republican leaders support sending another round of $1,200 stimulus checks to Americans, however, any such proposal would be passed as part of a more expansion stimulus package. And the other items of such a bill, like state funding and expired enhanced unemployment benefits, are what the … Read More