Virus surges in U.S. South, West; Pence cancels campaign events By Reuters

© Reuters. FILE PHOTO: Texas faces rising coronavirus cases

By Gary McWilliams and James Oliphant

HOUSTON/WASHINGTON (Reuters) – Five states hit record daily highs for coronavirus cases on Saturday, and Vice President Mike Pence canceled planned campaign events in hard-hit areas as the virus surged in the U.S. South and West, halting economic reopening plans.

The number of confirmed U.S. cases of the virus rose to more than 2.5 million on Saturday, according to a Reuters tally. Over 125,000 Americans have died of COVID-19, the illness caused by the virus, the highest known death toll of any country in the world.

Florida on Saturday morning reported 9,585 new infections in the last 24 hours, a record for a second day, while Arizona recorded 3,591 new cases of COVID-19, matching its prior record on Tuesday.

Pence canceled planned events to campaign for President Donald Trump’s re-election next week in Florida and

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Luckin shares to be delisted from Nasdaq next week

Luckin Coffee Inc. said on Friday its shares would be suspended from trading on the Nasdaq from next week as it withdrew a request for a hearing with the U.S. stock exchange on the delisting notice.

Shares of the Chinese company, which was served with two de-listing notices over the last two months, tumbled 35 per cent.

They have already lost nearly 90 per cent of their value since Luckin disclosed an internal probe against the chief operating officer for overestimating as much as 2.2 billion yuan in 2019 sales.

The Nasdaq’s reasons for delisting include public concerns raised by the fabricated transactions, company’s failure to disclose material information and to file its annual report.

The stock exchange will file a Form 25 notification of delisting, when all appeal periods have expired, Luckin said in a statement.

© Thomson Reuters 2020

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Mark Zuckerberg sheds $7 billion as Facebook shares plunge amid growing advertiser boycott

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Mark Zuckerberg just became $7.2 billion poorer after a flurry of companies pulled advertising from Facebook Inc.’s network.

Shares of the social media company fell 8.3% on Friday, the most in three months, after Unilever, one of the world’s largest advertisers, joined other brands in boycotting ads on the social network. Unilever said it would stop spending money with Facebook’s properties this year.

The share-price drop eliminated $56 billion from Facebook’s market value and pushed Zuckerberg’s net worth down to $82.3 billion, according to the Bloomberg Billionaires Index. That also moved the Facebook chief executive officer down one notch to fourth place, overtaken by Louis Vuitton boss Bernard Arnault, who was elevated to one of the world’s three richest people along with Jeff Bezos and … Read More