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Chinese factories to face headwinds in next phase of post-lockdown recovery By Reuters

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© Reuters. FILE PHOTO: Employee works on a production line inside a Dongfeng Honda factory in Wuhan

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By Stella Qiu and Ryan Woo

BEIJING (Reuters) – Orders for infrastructure materials and equipment have helped industrial output recover faster in China than most places emerging from COVID-19 lockdowns, but further expansion will be hard to attain without stronger broad-based demand and exports.

Prices of and steel have surged and share prices for Chinese blue chips struck five-year highs, as state-funded infrastructure projects drove up production of cement, steel and non-ferrous metals.

Railway investment, for example, soared 11.4% in April-June from a year earlier versus a 21% drop in the first quarter.

Industries also gained from pent-up demand for autos and electronics. The property sector, a pillar of growth, also showed signs of rebounding, with real estate investment expanding and sales quickening.

China’s factory-gate prices, still in deflation territory this

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Upset that you missed the rally? Trying to play catch-up could be worse

The first half of 2020 has been the most volatile period for investors since the 2008 financial crisis. Having just passed the halfway mark, many investors will be reviewing their portfolios’ performance, trying to gauge just how well they survived the turbulence. But in doing so, it’s important to remember that how you conduct such an evaluation can have significant consequences: the traditional use of a static benchmark may not tell you very much at all, and in fact may lead to some bad decisions going forward.

This is because your portfolio can underperform or outperform depending on what weightings and components of the benchmark are chosen in its construction.

For example, during the resource run from 2000 through to 2008, Canadian equity markets and emerging markets were the place to be, and outperformed U.S. equities still reeling from the bursting of the tech bubble.

However, over the past decade

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Shares of obscure biotech firm Novavax soar 32% on coronavirus vaccine funding

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Investors rushed to embrace Novavax, a little known Maryland drug company, after the U.S. government awarded it $1.6 billion to produce 100 million doses of a covid vaccine.

Novamax shares closed closed near $105 on Tuesday, a 32% increase from their opening price. This latest rally caps a remarkable 2020 for the company, whose stock traded near $5 at the start of the year, and which had been dogged with rumors of an impending bankruptcy.

The government’s decision to grant Novavax such a large contract is remarkable given that Novavax has never brought a drug to market, and because other firms that received money under the same program—known as Operation Warp Speed—include drug industry titans like Johnson & Johnson and Astra Zeneca.

In a statement, Novavax said it will use … Read More

SEC Votes on Expedited Review Process — Shorter Wait Times for EFTs? By Cointelegraph

SEC Votes on Expedited Review Process — Shorter Wait Times for EFTs?

The United States Securities and Exchange Commission (SEC) announced it would be streamlining the application process for investment companies, potentially resulting in expedited crypto and blockchain firms operating in a “more efficient and less costly manner.”

In a July 6 announcement on the SEC website, the Commission said it had voted to adopt rule amendments for an expedited review process for companies under the Investment Company Act. In addition, the SEC referred to a “new informal internal procedure” for any other applications that did not qualify for this expedited process.

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Lift & Co. offloading assets as COVID-19 shakes the cannabis sector

Cannabis events and data insights company Lift & Co. has laid off nearly all of its staff and is seeking an “asset-light” strategy amid what it described as pressure from the COVID-19 pandemic. But sources said it began winding down operations before the pandemic, after funding fell through late last year. Lift’s struggles are in part a reflection of the cannabis sector as a whole, which, now in its second year of legalization in Canada, has failed to meet investors’ expectations.

The Logic spoke with four people with direct knowledge of the company, who asked not to be named out of concern for their job prospects in the tight-knit cannabis industry. They said Lift has since laid off nearly all of its staff; the few who have stayed to help it through its transition, including CEO Matei Olaru, are forgoing wages in exchange for stock options. The company’s founder, Tyler

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These congressional districts saw the highest number of PPP loans over $150,000

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Where did the money land?

After a long wait and plenty of hounding from Congress, oversight agencies, and outside groups, a deluge of Paycheck Protection Program loan data was released Monday.

Though there are may ways to slice the data, one interesting window is to look at the number of loans by congressional district. As Fortune‘s analysis shows, the districts that saw the most loans tended to be in the wealthiest enclaves in California, New York and Texas. The 10 districts receiving the most PPP loans over $150,000 are represented in the chart below.

The highest number of loans were awarded in Jerry Nadler’s New York 10th congressional district (6,976). The 10th district includes parts of upper and lower Manhattan (including the Financial District) and Brooklyn. … Read More