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Sunak to unveil £2bn home insulation scheme

Sunak to unveil £2bn home insulation scheme Some households could get vouchers worth up to £10,000 for energy-saving projects under the .

In Hong Kong national security law, echoes of China's own cyber crackdown

In Hong Kong national security law, echoes of China's own cyber crackdown Hong Kong's new National Security Law will shake up digital surveillance in the city, with strict new company compliance measures that echo the mainland's years-long crackdown on anti-government content. Experts on Chinese internet laws say the legislation hews closely to mainland policies on national security in cyberspace, giving hints as to what is in store for a city long accustomed to vast digital privacy rights. The mainland laws, which in some cases share similar wording to Hong Kong's, have led to sweeping restrictions since 2013 and a sharp rise in convictions for crimes in cyberspace.

Otonomy Pops 15% in Pre-Market Fueled By Otividex Data, Positive Results From Tinnitus Candidate

Otonomy Pops 15% in Pre-Market Fueled By Otividex Data, Positive Results From Tinnitus Candidate Shares in Otonomy, Inc. (OTIC) spiked 15% in pre-market trading after the biotech company disclosed statistical data on its vertigo drug Otividex and "positive" trial results from its Tinnitus candidateTh stock surged to $3.66 in Tuesday's pre-market trading. The biotech company said that statistical analysis demonstrated positive development of its ongoing Phase 3 clinical trial, which tests Otividex in patients with Meniere's disease, an inner ear disorder that can cause vertigo and hearing loss.  "We have recently completed an extensive review of the statistical analysis model that we believe best fits the Otividex clinical data, which is characterized by approximately 40% of Otividex-treated patients having no Definitive Vertigo Days (DVD's) in month 3," said Otonomy CEO David A. Weber. "The Negative Binomial model also gives us additional power to detect a treatment benefit enabling us to comfortably reduce the target patient enrollment in the ongoing trial from 160 to 142 patients while maintaining more than 90% power."Otonomy expects to complete the enrollment of this trial during the third quarter and present the results in the first quarter of 2021.The biotech company, which is primarily focused on developing treatments for disorders of the ear that disrupt hearing, balance and connection, in a separate statement reported positive top-line results from Phase 1/2 clinical trial of OTO-313 in patients with Tinnitus, which is a perception of noise or ringing in the ears.Otonomy said that the trial achieved its objectives by demonstrating a positive clinical signal with a favorable safety profile in patients. Given these results, the company intends to advance OTO-313 into full Phase 2 development which may include evaluation of a higher dose and/or retreatment with OTO-313.While COVID-19 has weighed on the company, pushing shares down 17% this year, analysts are unanimously bullish on the stock resulting in a Strong Buy consensus. The strong bullish sentiment is also reflected in the upbeat $8.8 average price target, which implies a stellar 177% upside potential in the shares in the coming year. (See OTIC stock analysis on TipRanks)Calling the trial data news "compelling", Oppenheimer analyst Francois Brisebois reiterated a Buy rating on the stock with a $8 price target, based on a valuation of $6.5/share for US Otividex sales and $1.5/share for cash and technology at end of 2020.Related News: Cellectis Sinks 13% In Extended Trading After FDA Halts Cancer Clinical Trial Chembio Gains 12% After-Hours On New Covid-19 BARDA Contract Immunomedics Pops 10% On 'Positive Results' From Breast Cancer Therapy Study More recent articles from Smarter Analyst: * Bellus Health Craters 72% On Chronic Cough Miss; Analyst Still Says Buy * Facebook Quietly Testing Instagram Reels In India- Report * Google Snaps Up Canadian Smart Glasses Startup North * AMC Delays Theatre Openings; Top Analyst Cuts Price Target

Myanmar poet accused of staging protest over internet blackout

Myanmar poet accused of staging protest over internet blackout Since June last year, authorities have shut the internet in Rakhine and neighbouring Chin states - home to about a million people. Justified on emergency grounds amid a growing insurgency, it is the longest internet blackout in the world, rights groups say. "People are in a difficult situation because the internet is being shut down and so activists are doing their duty and organizing protests," Maung Saung Kha told reporters at the end of the hearing in a court in the city of Yangon.

As FOMO drives torrid Chinese stocks rally, 2015 is a faint memory

As FOMO drives torrid Chinese stocks rally, 2015 is a faint memory A state-endorsed rally in Chinese stocks has driven share prices to five-year highs, spurred a retail investor splurge and raised concern among some market participants about a repeat of 2015's bubble-and-burst episode. Blue-chip Chinese stocks <.CSI300> have been rising for six days and rose in heavy volume to their highest since June 2015 on Tuesday. Surging volumes and a deluge of foreign money began the run-up in share prices last week.

Legaltech Startup Clara Furthers Its Capabilities by Securing Rights to Incorporate Companies in the Cayman Islands and Abu Dhabi Global Market

Legaltech Startup Clara Furthers Its Capabilities by Securing Rights to Incorporate Companies in the Cayman Islands and Abu Dhabi Global Market Clara, the London-based legaltech company, today announced that it has secured the rights to incorporate companies in two of the world's most popular jurisdictions for raising venture capital: the Cayman Islands and Abu Dhabi Global Market (ADGM). Clara's capacity to form Cayman and ADGM companies is a result of its acquisition of Foundra Corporate Services, a leading provider of company formation services in ADGM and its partnership with an affiliate in the Cayman Islands. With these deals, Clara takes another step towards providing startups with an automated, online solution for many of their legal needs.

Deutsche Bank CEO says still evaluating Wirecard Bank support

Deutsche Bank CEO says still evaluating Wirecard Bank support Deutsche Bank's chief executive said on Tuesday it was premature to say how the lender might aid the banking unit of collapsed payments service provider Wirecard . Germany's largest bank said last week that it was working with financial watchdog BaFin and Wirecard's insolvency administrator on possible support for Wirecard Bank. On Tuesday, Deutsche Bank CEO Christian Sewing said it was "too early to judge" how the bank may step in.

K Fund has another €70M to back early-stage Spanish startups and is launching a pre-seed program

K Fund has another €70M to back early-stage Spanish startups and is launching a pre-seed program K Fund is officially outing its fund II today, which sits at €70 million, up from €50 million the first time around. The remit remains the same, however: targeting Spanish startups with an international outlook, the seed-stage firm plans to invest from €200,000 to €2 million, writing first checks in 25-30 companies. "We're business model and sector agnostic, and we currently have a healthy mix of B2B and B2C companies across a wide variety of sectors, including travel, fintech, insurtech and others," says K Fund .

Deutsche Bank CEO says still evaluating Wirecard Bank support

Deutsche Bank CEO says still evaluating Wirecard Bank support Deutsche Bank's chief executive said on Tuesday it was premature to say how the lender might aid the banking unit of collapsed payments service provider Wirecard . Germany's largest bank said last week that it was working with financial watchdog BaFin and Wirecard's insolvency administrator on possible support for Wirecard Bank. On Tuesday, Deutsche Bank CEO Christian Sewing said it was "too early to judge" how the bank may step in.

German production rebounds in May, but misses expectations

German production rebounds in May, but misses expectations German industrial production picked up in May after dropping sharply in the two previous months, but the rebound fell short of expectations. Production was up 7.8% compared with the previous month, the Economy Ministry said Tuesday. The resumption of car production contributed strongly to the industrial production gain in May, though it remained well below its pre-crisis level.

Chinese Trading Apps Struggle as Millions of Investors Pile In During Rally

Chinese Trading Apps Struggle as Millions of Investors Pile In During Rally (Bloomberg) -- Several trading apps of key Chinese brokers are struggling to keep up as millions of the country's mom and pop traders race to seek a quick buck in a surging market.Users reported intermittent service connections and slowness at trading app of Huatai Securities Co. on Tuesday, while another leading broker Guotai Junan Securities Co. also had delays in real-time pricing and money transfer on Monday. Complaints also surfaced about other apps.The glitches came as trading volume in the mainland stocks boomed, hitting a five-year high and totaling 3.2 trillion yuan ($455 billion) in the first two days of the week, according to data compiled by Bloomberg.Chinese stocks have been on a tear, helped by local media boosterism as the world's second largest economy seeks to shake off the coronavirus crisis. A front-page editorial in the Securities Times on Monday said that fostering a "healthy" bull market after the pandemic is now more important than ever. It was a bit more cautious on Tuesday, urging investors to be aware of risks.The brokerage industry is surging. A Bloomberg index of Chinese brokers has climbed 17% so far this year, compared with Shanghai benchmark's 9.7% gain.Chinese investors are loading up on leverage to speculate in the stock market at the fastest pace in more than five years. They pushed outstanding margin debt on domestic exchanges to more than 1.2 trillion yuan as of Monday. The figure rose 3.2% from July 3, the biggest increase since January 2015.Stocks in brokers have jumped amid plans of a potential merger between China's biggest brokers, Citic Securities and CSC Financial. CSC Financial is up 72.6% this year, almost bringing it line with Citic Securities in terms of market cap. Both firms have denied a merger plan.Read more: China Inches Closer to Merging Top Two Brokers in Shakeup (2)China's stock market has also been helped by a drumbeat of good news, including the first revamp of the Shanghai Composite Index in three decades. The revision, which set to give more weighting to fast growing high-tech economy, is expected to boost the index in long run, people familiar with the matter told Bloomberg earlier.Read more: Shanghai Bourse Mulls First Benchmark Revamp in 30 Years (1)The Shanghai composite rose 0.4% on Tuesday, after a 5.7% surge on the first day of the week.Some users have encountered slowness in checking the pricing of their financial assets and money transfers, while other functions including online trading are operating normally, Guotai Junan said in a statement. Due to the recent trading boom, there was a surge in client views of their account balances on Huatai's trading app and some customers experienced delay in refreshing the page, Huatai said in a statement.(Updates with Huatai Securities' comment in the final 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.

How Many Beazley plc (LON:BEZ) Shares Do Institutions Own?

How Many Beazley plc (LON:BEZ) Shares Do Institutions Own? The big shareholder groups in Beazley plc (LON:BEZ) have power over the company. Insiders often own a large chunk of...

LIZHI App Teams Up with AMAP to Offer Online Audio Tour Guides

LIZHI App Teams Up with AMAP to Offer Online Audio Tour Guides LIZHI INC. ("LIZHI" or the "LIZHI App" or "the Company") (NASDAQ: LIZI), a leading online UGC audio community and interactive audio entertainment platform in China, is pleased to announce that by June 30 it had established partnerships with AMAP, a leading web mapping, navigation and location-based services provider in China, and South China magazine to create free online audio tour guides for the historically and culturally significant sites in China.

Heated Mattress Pads Market Size Worth $521.2 Million By 2027: Grand View Research, Inc.

Heated Mattress Pads Market Size Worth $521.2 Million By 2027: Grand View Research, Inc. The global heated mattress pads market size is anticipated to reach USD 521.2 million by 2027, expanding at a CAGR of 4.5%, according to a new report by Grand View Research, Inc. Growing demand for the coziness associated with heated bedding for comfortable sleep during chilled nights is driving the need for heated mattress pads among consumers. In addition, increasing movement towards therapeutic mattresses as an aid to relax muscles and pain associated with sore muscles is enhancing the growth towards adoption of heated mattress pads.

Coronavirus: Disease detectives track an invisible culprit

Coronavirus: Disease detectives track an invisible culprit They're working frantically to stop the pandemic spreading. And sometimes that means some awkward conversations.

Genesis Healthcare Co. launched 'GeneLife Generations', a New Ancestry Kit Designed for the Diversity and Richness of Asian Ethnicities and Ancestral Heritage

Genesis Healthcare Co. launched 'GeneLife Generations', a New Ancestry Kit Designed for the Diversity and Richness of Asian Ethnicities and Ancestral Heritage Genesis Healthcare Co., Japan's leading genetic testing and research company, today announced the launch of its Asian ancestry focused test kit, GeneLife Generations. The test kit will be officially available to customers from 20 July 2020.

Hong Kong steps in to weaken the local dollar, as hot money inflows defy doomsday talk of capital flight after China's security law

Hong Kong steps in to weaken the local dollar, as hot money inflows defy doomsday talk of capital flight after China's security law Hong Kong's monetary authority stepped into the financial markets to weaken the local currency on Tuesday, the 23rd time this year it's had to rein in the effects of hot money and its first intervention since last week's enactment of China's national security law.The city's de facto central bank sold HK$7.17 billion (US$925 million) of Hong Kong dollars on Monday and Tuesday, buying the equivalent amount in US dollars to weaken the local currency's exchange rate below 7.7500 per dollar, according to data released by the Hong Kong Monetary Authority (HKMA).The episode shows how the inflow of money into Hong Kong continues to defy doomsday speculations of capital flight, as global investors position themselves for up to 20 initial public offerings (IPOs) in the city this month. Some high-net-worth individuals are also switching out of their US-dollar holdings and assets to seek shelter in other currencies including the Hong Kong dollar, as the White House considers imposing financial sanctions on Hong Kong's banks and individuals in retaliation for the law."The IPO market remains piping hot, which continues to suck in hot money" in search of higher returns, compelling the HKMA to continue its interventions, said Bruce Yam, currency strategist at Everbright Sun Hung Kai Company Limited in Hong Kong. "Some of the wealthy people in town are also moving their assets away from the US," in reaction to the rising tension between the US and China over Hong Kong, he said.The Hong Kong dollar has been pegged at 7.8 to the US dollar since 1983, when the city was still a British colony. Since 2005, a trading band was established to allow the local currency to strengthen to 7.7500 per dollar at the top end, or weaken to 7.8500 at the lower end. The HKMA must buy or sell the local currency accordingly to keep the exchange rate within the trading band to maintain the currency's peg.The monetary authority has sold HK$64.81 billion of the local currency in 23 interventions this year since April, raising the HKMA's aggregate balance " which shows the banking sector's liquidity " to HK$138.7 billion. The ample liquidity in the banking system has lowered the cost of money, causing the one-month interbank offered rate, or Hibor, to drop to about 0.4 per cent from 2 per cent in the first quarter.SCMP Graphics alt=SCMP GraphicsThe lower Hibor, which is linked to mortgage loans and most of the city's corporate borrowings, would provide relief to households and businesses, giving them a helping hand to recover from Hong Kong's worst recession on record. Hong Kong's economy contracted 8.9 per cent in the first quarter, the worst slump since 1974.Hong Kong, the world's top destination for fundraising in seven of the past 11 years, is preparing for another bumper month of IPOs in July. Successful secondary listings by NetEase and JD.com last month helped the two companies raise more than US$6 billion between them, helping Hong Kong to catch up with New York and Shanghai in the global race for pole position. As many as 23 new issuers will have completed their listings on the Hong Kong bourse during the first two weeks of this month, according to data by the Hong Kong stock exchange.These include the US$1.8 billion being sought by China Bohai Bank, and several biotech and health care-related Chinese issuers. Cancer therapy developer Immunotech Biopharm launched its IPO last week to raise up to US$141 million, while ophthalmic therapy provider OcuMension Therapeutics is seeking to raise up to US$199 million. Both companies are slated to list on the main board this Friday.Others that could potentially complete their IPO and listing this month include JHBP (CY) Holdings, an oncology and autoimmune drug maker backed by Hillhouse Capital and is reportedly raising US$300 million. Mobile game developer Archosaur Games plans to raise up to US$278.7 million.Hong Kong benchmark Hang Seng Index rose almost 1,000 points on Monday with a turnover at HK$251.29 billion, the most in two years.Another source of optimism is the HK$10,000 in cash handout that every permanent resident is due to receive, starting on Monday, as the government with one of the world's largest currency reserves pries loose HK$55 billion to stimulate spending. Some residents have indicated that they would plough the money into the stock market."The sentiment is extremely strong as the mainland market rallied to the highest in recent years," said Tom Chan Pak-lam, chairman of Hong Kong Institute of Securities Dealers. "It is not going to cool down any time soon, and we are going to see more money flowing in to bet on the stock market."This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

Fluoroelastomers Market Worth $1.8 Billion by 2025 - Exclusive Report by MarketsandMarkets

Fluoroelastomers Market Worth $1.8 Billion by 2025 - Exclusive Report by MarketsandMarkets According to the new market research report "Fluoroelastomers Market by Type (FKM, FVMQ, FFKM), Application (O-rings, seals & gaskets, Hoses), End-use (Automotive, Aerospace, Chemicals, Oil & Gas, Pharmaceutical & Food, Energy & Power) and Region - Global Forecast to 2025", published by MarketsandMarkets, the global Fluoroelastomers Market size is projected to grow from USD 1.6 billion in 2020 to USD 1.8 billion by 2025, at a CAGR of 2.5%% between 2020 and 2025. The growth is attributed to increasing demand for more fuel-efficient vehicles, strict emission norms in the auto industry, and growth in major end-use industries.

How Kingold Jewelry's fake gold bars slipped through scrutiny in one of China's biggest loan scams

How Kingold Jewelry's fake gold bars slipped through scrutiny in one of China's biggest loan scams The scandal involving Nasdaq-listed Kingold Jewelry, one of China's largest jewellery makers, has raised eyebrows in China's business community as company officials and bankers feel the heat from the fallout.The company was alleged to have used 83 tonnes of fake gold bars, or gilded copper, as collateral to secure 20 billion yuan (US$2.83 billion) of loans from onshore lenders, Caixin reported on June 29, describing it as one of the largest gold loan fraud cases China has ever seen.The amount is equivalent to about 22 per cent of China's annual gold output in 2019. If they were real, they would be worth about US$4.75 billion on the market today. However, Kingold last reported it held less than the reported amount of the yellow metal in its books.The jeweller, based in Wuhan in central Hubei province, has denied any wrongdoing, according to Caixin. The company has not made any exchange filing regarding the accusation in the Caixin report. It also did not reply to emails and phone messages seeking comment.Kingold Jewelry indicated on May 14 that it would publish its 2019 annual accounts no later than June 29, citing audit delays caused by the coronavirus pandemic. The results are still not available, according to its 10-K filings in New York.Based on its most-recent unaudited balance sheet on September 30, Kingold had US$1.42 billion of short-term loans owed to 13 lenders. In terms of exposure, Minsheng Trust had the largest with US$574.4 million. The next four biggest were Sichuan Trust (US$210.1 million), Anxin Trust (US$210.1 million), Dongguan Trust (US$140.1 million) and Chang'An Trust (US$112.3 million).Its cash and long term debt were negligible at US$651,318 and US$154,098, respectively.The company had 6,256kg of gold (99.99 per cent purity) with a fair market value of about US$267.2 million pledged for long term loans, including a US$70 million loan by Wuhan Kangbo Biotech, a company controlled by its CEO and founder. The remaining investments in gold of 54,401kg worth US$2.32 billion were classified as current assets.Much likely has changed after that financial report.Real estate and publicly traded equities are common liquid assets readily accepted as collateral by Chinese financial institutions. Precious metals such as silver, gold or platinum are rarely used, except within the industry itself.Some banks do accept gold bars or bullion as collateral, because bars are tradeable on the Shanghai Gold Exchange, where Kingold is a member. Owners are required to store the bars at the exchange's warehouse beforehand, if they plan to trade them.Gold bullion or bars are supposed to go through a process of metallurgical assaying before they are moved to designated warehouses. Assaying, typically conducted by a government-certified office, is a way to ensure that the bullion or bars produced by a gold mint meet the purity standards and content.There are about a dozen such offices in China. The National Jewelry Quality Supervision and Inspection Centre is certified by the General Administration of Quality Supervision, Inspection and Quarantine to conduct metallurgical assays on precious metals and stones.Kingold's "gold bars" were examined by its lenders, as well as state-controlled PICC Property & Casualty, which insured 30 billion yuan worth of the jeweller's loans, according to the Caixin report.Kingold's assets were also said to have been inspected by the Hubei provincial assay office, and the gem certification centre of the China University of Geosciences in Wuhan, the report added.Borrowers are required by lenders to provide "fresh" or "virgin" gold directly sourced from accredited producers or refineries. The accreditation may be from authorities or statutory associations such as the Chinese Gold and Silver Exchange and the London Bullion Market Association, according to Haywood Cheung Tak-hay, president of the Chinese Gold and Silver Exchange Society.Bullion with the accredited refineries' stamp are usually then sent to designated vaults, such as the precious metals depository at Hong Kong International Airport. Vault operators and lenders will send independent assayers to inspect the bullion. The chances of receiving fake gold bars are extremely slim, Cheung says.Haywood Cheung Tak-hay, president of the Chinese Gold & Silver Exchange Society. Photo: Dickson Lee alt=Haywood Cheung Tak-hay, president of the Chinese Gold & Silver Exchange Society. Photo: Dickson LeeLenders will not accept gold bullion acquired from secondary market places, he adds. The borrower is required to sell such bullion first to an accredited refiner, who in turn will ship those with its stamp to the lenders for loan assessment.In June 2014, a private metals trading company called Decheng Mining allegedly duplicated warehouse certificates for copper and aluminium stored in Qingdao city and pledged the stock as collateral for bank loans, according to public statements by local police and an intermediate court in the city.The scam was estimated to have resulted in US$3 billion of losses for a number of Chinese banks and foreign financial institutions including Citigroup and Standard Chartered, and trading houses like Mercuria, according to court documents.Steel products were acceptable as collateral between 2009 and 2013, when China's economy was swamped by easy credit from the 4 trillion yuan of infrastructure stimulus spending after the global financial crisis.During those years, steel traders were told by loan assessment officers that they could move an encumbered batch of steel products to a different warehouse, and use the same batch as collateral against another loan from another lender.Kingold was founded in 2002 by its current chairman and chief executive officer Jia Zhihong. It is now the largest gold processor in Hubei province. The company got on the Nasdaq exchange via a "backdoor listing" process.In December 2009, Activeworlds Corp bought a company called Wuhan Vogue-Show Jewelry, which has an agreement to receive 95.8 per cent of the profits of Wuhan Kingold. Activeworlds renamed itself as Kingold Jewelry in February 2010.The 59-year-old Hubei native is well connected with local authorities and businesses, according to Caixin. The company sells both directly to retailers as well as through major distributors across China.In its latest results, Kingold posted a US$24 million loss for the three months ended September 30, 2019, compared with US$13.2 million of profit a year earlier. Sales fell 39 per cent to US$383 million in the quarter. Chief financial officer Bin Liu quit on June 1, with Yi Huang acting as his replacement.The Kingold case could be China's largest loan scandal by value and is being investigated by various authorities, according to Caixin.In a relatively smaller crime, Jiangsu Shente Steel Group was found to have falsified warehouse certificates of steel products between 2013 and 2014 to dupe five banks for 4.5 billion yuan of loans.Its finance department chief Gu Shiying was sentenced to three and a half years imprisonment by an intermediate court in Anhui province early this year. Gu was also fined 100,000 yuan.With additional reporting by Peggy SitoThis article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

Tahoe Group misses another bond repayment as liquidity crunch worries creditors and homebuyers

Tahoe Group misses another bond repayment as liquidity crunch worries creditors and homebuyers Chinese luxury villa developer Tahoe Group failed to repay investors of a domestic bond, in a sign of increasing financial strain on the mainland's aggressive home builders as the coronavirus pandemic exacerbated a liquidity crunch.The Shenzhen-listed company was unable to make payment for bond principal and interest worth 1.6 billion yuan (US$228 million) due on Monday "despite efforts to raise funds in many ways", Tahoe Group said in a stock exchange filing on Tuesday. The bond, with a face value of 1.5 billion yuan, was sold in July 2017 with an annual coupon of 7.5 per cent."Due to the impact of an overall downward-trending property sector and the coronavirus pandemic, the company's inventory sell-through rate has fallen, and the sales prospect has worsened," the Fujian-based developer said.While most of China's real estate sector has gradually recovered from the shock of the Covid-19 outbreak, some of the highly-leveraged players in and outside the industry are still struggling to restore their cash flow. The world's second-largest bond market saw a 40 per cent jump in missed corporate bond repayments totalling 64 billion yuan this year through May, according to Wind Information.Tahoe Group is facing a liquidity squeeze caused by a large amount of debt at high financing cost, with the debt load maturing in a concentrated period of time, it said. It has borrowed massively from investment trust companies and had 23.6 billion yuan in debt past due as of June 12, it said in the stock exchange filing.It is the largest Chinese developer to have defaulted on a bond repayment so far. Its ranking has slipped to 42nd in 2019 from 20th in 2018, according to industry consultancy China Real Estate Information Corporation. Its sales plunged 44 per cent in the first half this year to 25.4 billion yuan from a year earlier, CRIC estimated.The group's financial problem has not only upset creditors. Hundreds of buyers of its pre-sold flats across the nation have staged protests outside its sales centres after construction stalled, fearing that the developer will run out of cash to complete its projects.Buyers of Tahoe Group's Dacheng Xiaoyuan project in suburban Shanghai have protested at Tahoe's sales centre in recent months. Photo: Handout alt=Buyers of Tahoe Group's Dacheng Xiaoyuan project in suburban Shanghai have protested at Tahoe's sales centre in recent months. Photo: HandoutThis week's bond delinquency is likely to foreshadow more troubles later this year as the developer comes up against a wall of debt maturity.Three onshore bonds worth a combined 4.4 billion yuan will be due by early October, while a total of US$841 million of dollar-denominated debt is set to mature over the next 12 months, according to its financial reports.Meanwhile, cash and cash equivalent stood at just 5.6 billion yuan by the end of March, declining by nearly 60 per cent from the end of 2019, according to Tahoe's first-quarter earnings report.The group will continue to raise funds to repay the debt, it said. Its parent company is also planning to introduce strategic investors to help boost liquidity and ease the mounting debt pressure, according to the filing.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

Hong Kong will attract listings by international companies, not just Chinese firms, as Greater Bay Area opens up, outgoing IPO panel chief says

Hong Kong will attract listings by international companies, not just Chinese firms, as Greater Bay Area opens up, outgoing IPO panel chief says Hong Kong will continue to attract listings by international and Asian companies in the coming years, as the 2018 reforms and a soon to be launched wealth management connect scheme increase access to and capital flows from the Greater Bay Area, said Andrew Weir, who steps down as chairman of the Listing Committee this week.The 28-member committee acts as an independent administrative decision maker and an advisory body for Hong Kong Exchanges and Clearing, the local bourse operator. Weir, 55, regional senior partner of Hong Kong and vice-chairman, China at accounting firm KPMG, is retiring after serving a maximum six years with the committee, three of them as chairman.Weir maintained a positive outlook despite the fact that Hong Kong was facing its worst economic slump in decades, as well as Beijing's National Security Law for the city, which has sparked concern about Hong Kong's future as an international financial centre."The future of Hong Kong's stock market is not only to act as a fundraising hub for Chinese companies, but it will also attract international companies, including those from the Asean [Association of Southeast Asian Nations] countries," he said in an interview."They come for access to a deep pool of capital and market expertise, and Hong Kong's proven track record. The stock and bond connect schemes and the introduction of the wealth management connect under the Greater Bay Area project " all are positive in bringing major capital inflows to the market."Andrew Weir retires as chairman of the Listing Committee this week. He is regional senior partner of Hong Kong and vice-chairman, China at accounting firm KPMG. Photo: Sam Tsang alt=Andrew Weir retires as chairman of the Listing Committee this week. He is regional senior partner of Hong Kong and vice-chairman, China at accounting firm KPMG. Photo: Sam TsangAbout 80 companies from Asean countries have launched initial public offerings in Hong Kong since 2010, raising US$2.85 billion, according to Refinitiv data. The city has been the world's largest IPO market seventh times over the past 11 years, but in the first half of this year, it was behind Shanghai and Nasdaq.Weir, however, believes it can catch up. "Hong Kong will be a natural base for listings of fast-expanding companies in the Greater Bay Area looking to internationalise their brand and reputation, as the city is a capital hub with access to international investors. There are a lot of technology, health care, high-end manufacturing, property, logistics and education companies [that are] potential candidates to list in Hong Kong," he said.Beijing's National Security Law has drawn the threat of sanctions from the United States, but Weir did not think the law would significantly hurt Hong Kong's capital market. "The IPO market is currently holding up well and, unless there is a dramatic change in the landscape, I would expect this to continue," he said. HKEX kicks off trading of 10 MSCI futures contractsWeir said he expected more US-listed mainland Chinese companies to launch secondary listings, or even relocate primary flotations, to Hong Kong amid mounting tensions between Washington and Beijing.Such listings, of course, were made possible with the reforms carried out in 2018, a process the Listing Committee was heavily involved in. The reforms allow dual-class shareholdings companies and pre-revenue biotechnology firms to list in Hong Kong. They also introduced a framework for companies listed in the US and elsewhere to launch secondary listings in the city.The committee has also focused on quality during Weir's tenure. Last year, it rejected more than 20 IPO applicants. "It is important to safeguard the interests of investors and to drive the quality of companies" listing, so that international investors continue to remain confident about Hong Kong as an international fundraising hub, he said. Hong Kong to retain international financial hub crown, MSCI CEO saysA British chartered accountant, Weir has lived in Hong Kong since 1991. He is widely expected to be replaced by Peter Brien, the committee's deputy chairman. Brien is a senior partner at law firm Slaughter and May.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

After bubonic plague confirmed, Chinese officials urge precautions

After bubonic plague confirmed, Chinese officials urge precautions Chinese public health officials urged travellers to the rural areas and grassland in Inner Mongolia to step up personal protections after a city in the autonomous region reported a case of bubonic plague over the weekend.People should not get close to or eat wild animals, nor camp in the grassland overnight, said Pang Xinghuo, vice-director of the Beijing Centre for Disease Prevention and Control, told a news conference on Monday.Anyone who runs a temperature should report his or her travel history to the grassland or any contact with wild animals to doctors, Pang urged.She also reminded doctors and nurses to familiarise themselves with the symptoms of the plague and to strengthen their patient inquiries to trace any travel history for "accurate and timely diagnosis and handling".Herds foraging in a pasture in the Inner Mongolia autonomous region. Health officials have warned travellers to the region to avoid camping overnight in the grasslands. Photo: Xinhua alt=Herds foraging in a pasture in the Inner Mongolia autonomous region. Health officials have warned travellers to the region to avoid camping overnight in the grasslands. Photo: XinhuaA hospital in the city of Bayannur in Inner Mongolia on Saturday night reported a suspected case of bubonic plague, one of history's deadliest diseases. The case was confirmed on Sunday; the city health commission said that a herdsman was identified as having the bubonic plague but was in stable condition and undergoing treatment in hospital.The city issued a third-level alert, the second lowest in a four-level warning system, which will last to the end of this year.The alert bans hunting, eating or transporting animals that could carry plague. It also asks the public to report any suspected cases of plague or fever with no clear causes, as well as to report any sick or dead marmots.According to the World Health Organisation, bubonic plague, the most common form of plague, is caused by the bite of an flea infected with the Yersinia pestis bacterium; it can be treated with antibiotics. In Inner Mongolia, the hosts are often marmots in rural areas and grassland.It is one of the three strains of plague, including pneumonic and septicaemic, which wiped out at least a third of the population of Europe during the Black Death in the 14th century. An outbreak in the 19th century also caused millions of deaths in China and India.Inner Mongolia, a favourite tourist destination in Northern China and a popular destination for excursions from Beijing, also reported four cases of plague in November, two bubonic and two pneumonic. The pneumonic cases were transferred to a hospital in Beijing for better treatment.With the novel coronavirus outbreak initially under control in Beijing, the city has gradually loosened traffic and travel controls.There have been occasional outbreaks of plague in remote areas of China despite its near-eradication in most parts of the country. From 2009 to 2018, China reported 26 cases and 11 deaths.In 2014, a man died of the plague in northwestern Gansu province, sparking the quarantine of 151 people.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

European Stocks Decline From One-Month High on Weak German Data

European Stocks Decline From One-Month High on Weak German Data (Bloomberg) -- European stocks retreated from a one-month high reached on Monday after Germany reported weaker-than-expected industrial data.The Stoxx Europe 600 Index dropped 1.1% as of 10:18 a.m. in London, with all 19 industry groups lower. Technology and real estate shares led losses, while autos outperformed. Germany's DAX Index dropped 1.4% after May factory orders missed forecasts.Adding to the gloom, the European Commission forecast a deeper contraction than previously estimated for the euro area's economy this year. Although the Stoxx 600 had rallied on stimulus measures and bets of an economic recovery, rising coronavirus infections in parts of the world are casting a shadow on the rebound.Technicals are also signaling obstacles to overcome for further gains, with Euro Stoxx 50 futures testing the 200-day moving average."Data on German industrial production was disappointing and below market participants' expectations," Andreas Lipkow, a strategist at Comdirect Bank, said in an email, noting that state aid programs had not yet helped fuel a faster recovery. "The damage in the real economy is enormous and has left deep marks on several companies from almost all industries."Investors are also focusing on corporate health as the second quarter earnings season begins.Micro Focus International Plc slid 10% after writing off $922 million because of Covid-19 uncertainty. Bayer AG dropped 6.2% after a U.S. judge asked to oversee yet-to-be filed lawsuits over the company's Roundup weedkiller and expressed skepticism about the proposal's legal validity."Premature withdrawal of fiscal stimulus is one of the key risks that I see to the outlook from here, along with the fact that the virus remains a problem and isn't under control in the U.S. and parts of the emerging world," said Mike Bell, global market strategist at JPMorgan Asset Management. "I would avoid overweights to the most expensive, frothy areas of the market in terms of growth, still focusing on the quality stocks that can comfortably get through this recession even if vaccine takes longer to arrive."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.

Europe Sees Deeper Slump; Melbourne Locks Down: Virus Update

Europe Sees Deeper Slump; Melbourne Locks Down: Virus Update (Bloomberg) -- European officials expect a deeper economic slump than previously estimated this year, while German industrial production rose less than forecast in May, underscoring the challenge faced by the continent after months-long shutdowns.Melbourne will be locked down for six weeks after new cases in the Australian state of Victoria jumped by 191, the biggest daily increase since the outbreak began. In contrast, Beijing reported no new infections for the first time in nearly a month.The pace of new infections from Tokyo to Iran and Australia is raising concerns about another virus wave. U.S. cases are approaching 3 million, while deaths in India have risen above 20,000. Any vaccine would likely be limited in how long it can shield against infection, the top U.S. infectious disease expert Anthony Fauci warned.Key Developments:Global Tracker: Cases top 11.5 million; deaths exceed 537,000Beijing reported no cases. Here's how the city turned it aroundFauci says vaccines likely to offer only 'finite' protectionInside the U.S. virus bailout: Trump ties, uneven dataVulnerable workers bear brunt of the pandemicSubscribe to a daily update on the virus from Bloomberg's Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.U.K. Support Exceeds 12 Million Jobs (4:50 p.m. HK)The number of jobs supported by the U.K. government's pandemic support exceeds 12 million, highlighting the scale of the task facing Chancellor of the Exchequer Rishi Sunak as he prepares to announce his latest economic strategy on Wednesday.While the rate of increase in the use of the furloughing program and the self-employed plan has slowed since the height of the crisis, the two programs are now supporting 12.1 million jobs at a cost of more than 35 billion pounds ($44 billion). The U.K.'s already dismal productivity performance also worsened in the first quarter as the Covid-19 crisis intensified.England and Wales Weekly Covid-19 Deaths Fall (4:40 p.m. HK)Weekly Covid-19 deaths fell to their lowest in 13 weeks in England and Wales and now account for just 6.7% of total deaths in the week ended June 26, the Office for National Statistics said on Tuesday. Fatalities fell in all English regions except the North East and total U.K. coronavirus deaths were registered at now over 55,100.Heathrow Aims to Trial Virus Tests (4:30 p.m. HK)London's Heathrow airport plans to conduct trials of a coronavirus testing procedure that could allow the scrapping of quarantine rules for people arriving from territories including the U.S.The pilot program would be offered as a private service, with swabs taken by nurses from Collinson Group at a facility run by ground-handling firm Swissport International AG. Passengers would go on to their place of quarantine with the results made available within 24 hours.Hungary Posts Biggest Infection Increase in a Month (4:19 p.m. HK)Hungary's official coronavirus cases rose by 16 in a day, the biggest increase in a month, according to data from the country's pandemic task force published on Tuesday.Total cases rose to 4,205, with 589 deaths, unchanged for a third day. Hungary has so far managed to avoid a flare up of the virus with active cases, which subtracts recoveries and deaths from total infections, steadily declining to 742 on Tuesday from over 1,100 a month ago.Europe Sees Deeper Economic Slump (4:00 p.m. HK)Europe's economy will suffer more than previously estimated this year and take longer to recover because of a slow easing of coronavirus restrictions, according to the bloc's executive arm.The European Commission forecasts a contraction of 8.7% in the euro area this year, a full percentage point deeper than previously predicted. Risks remain "exceptionally high and mainly to the downside," the commission said on Tuesday.BMW's China Rebound Softens Second-Quarter Sales Slump (3:59 p.m. HK)BMW AG's second-quarter sales fell by a quarter as the German carmaker looks to China and the second half of the year to make up for shutdowns caused by the coronavirus pandemic.Deliveries of BMW brand vehicles declined 23.2% in the three months through June, the German carmaker said in a statement Tuesday. A bright spot is China, where BMW's sales rose 17.1% in the period.Russia Reports 0.9% Rise in New Infections (3:32 p.m. HK)Russia reports 6,368 new confirmed coronavirus cases in the past day. That raised total infections to 694,230, according to data from the government's virus response center, which showed 29.9% of new cases were asymptomatic and 198 people died of the disease over the period, bringing total death toll to 10,494.B&O Sales Plunge Following Store Closures (2:55 p.m. HK)Bang & Olufsen A/S said sales plummeted by more than a third last quarter, capping a "disappointing year" for the maker of luxury TVs and stereos. "The impact from the Covid-19 outbreak resulted in temporary store closures in all markets and was the reason for the decline," the company said.Shares in B&O fell as much as 6.6% after trading started in Copenhagen. Per Hansen, an investment economist at Nordnet, called the results "terrifyingly bad" in a note to clients.U.S. Bailouts for China's HNA (2:22 p.m. HK)HNA Group, the troubled conglomerate being taken over by the Chinese state, is among recipients of the billions of dollars in virus-relief loans handed out in the U.S. government's Paycheck Protection Program.Tokyo Finds 106 New Infections, NHK Says (2:16 p.m. HK)Tokyo found 106 cases of coronavirus on Tuesday, the sixth consecutive day new cases in the capital exceeded 100, NHK reported. Total infections in Tokyo are approaching 7,000.German Industry Faces Long Recovery (2 p.m. HK)Industrial production gained 7.8% in May when Germany lifted most restrictions to stop the spread of the virus, compared with an estimate of 11.1%. The increase follows a record-hit to activity in April, which was caused by factory closures and other disruptions.Manufacturing led the recovery with a jump in investment goods. At the same time, capacity remained significantly underutilized, according to the Economy Ministry.Melbourne Faces Six-Week Lockdown (1:42 p.m. HK)The state of Victoria announced a six-week lockdown across metropolitan Melbourne in a bid to quell the risk of a second wave of infections in Australia. State Premier Daniel Andrews said from midnight Wednesday, people must stay home except for work, essential services, medical treatment or school. He said "significant steps" had to be taken to suppress and contain the virus.Philippines Eases Restrictions (1:30 p.m. HK)The Philippines is further easing restrictions to allow non-essential travel to countries that permit it, as long as departing passengers have round-trip tickets, visas and health insurance. They will have to undergo quarantine upon return. Beauty salons in areas with the lowest quarantine level can also offer services including hair coloring.German Cases Steady (1:24 p.m. HK)Germany's coronavirus infection rate remained below the key threshold of 1.0 and the numbers of new cases stayed much lower than at the height of the outbreak. Germany has reported nearly 200,000 confirmed infections and 9,022 deaths.Trump Dinner Plans (10:25 a.m. HK)A Wednesday night White House event that U.S. President Donald Trump is hosting for his Mexican counterpart will be the closest thing to a state dinner that can be organized during the outbreak. Business executives from both countries will attend the event, which will be held indoors with some social distancing measures in place, according to a person familiar with the matter.In a Twitter post, the President urged the FDA to act on hydroxychloroquine.Samsung Earnings Boost (9:18 a.m. HK)Samsung Electronics reported better-than-expected quarterly earnings, indicating that the tech industry is climbing back. While the pandemic has hurt the global economy, it has also accelerated a shift toward online activity such as video conferencing and entertainment streaming.South Korea reported 44 more Covid-19 cases, taking its total to 13,181.No New Cases in Beijing (8:43 a.m. HK)There were no new infections in China's capital for the first time since an outbreak started in the city on June 11, according to the Beijing Municipal Health Commission.China reported eight new cases for Monday, all of which were imported.Brazil's President Tested (8:20 a.m. HK)Jair Bolsonaro underwent another Covid-19 test after showing virus symptoms. The Brazilian president had a light fever and could be seen coughing during a Thursday broadcast on his social networks. The presidential office said the results of the test would be available Tuesday and that he is in good health.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.

European stocks ease from one-month highs as rebound hopes dim

European stocks ease from one-month highs as rebound hopes dim The European Commission said the 19 nation single currency area would contract by a record 8.7% this year before rising by 6.1% in 2021. Several U.S. states posted record daily coronavirus case counts this month, prompting many to reverse reopening plans as U.S. death toll topped 130,000.

Deutsche Bank's positive momentum continued in second quarter, CEO says

Deutsche Bank's positive momentum continued in second quarter, CEO says Deutsche Bank Chief Executive Christian Sewing said that positive momentum continued in the second quarter but that some areas of business will slow down in the second half of the year. "The positive momentum continued, particularly in the investment bank," Sewing said at a webcast event.

Companies seen slashing capex 12% this year, deeper than in 2009 - data

Companies seen slashing capex 12% this year, deeper than in 2009 - data Big and mid-cap firms globally are expected to slash capital spending by an average 12% this year as they reel from the fallout of lockdowns and other measures imposed to rein in the coronavirus pandemic, analysts' estimates show. The predicted cut is bigger than the 11.3% decline that occurred in 2009 in the wake of the global financial crisis and would be the steepest drop in the 14 years for which data compiled by Refinitiv is available. Reuters calculated average spending cuts by looking at estimates compiled by Refinitiv for nearly 4,000 firms.

Oil Slips Near $40 With U.S. Gasoline Stockpiles Seen Expanding

Oil Slips Near $40 With U.S. Gasoline Stockpiles Seen Expanding (Bloomberg) -- Oil dropped to trade near $40 a barrel before U.S. government data that's forecast to show gasoline stockpiles increased, while rising virus infections raised concern stricter controls will be extended.U.S. gasoline supplies expanded by 1 million barrels last week, according to a Bloomberg survey, while nationwide crude stockpiles are projected to have fallen for a second week. Official data is due Wednesday with industry figures expected later Tuesday. Meanwhile, rising coronavirus cases have forced major fuel-consuming states including California, Florida and Texas to reimpose measures such as shutting bars and banning indoor dining, with lockdowns also re-emerging in other corners of the globe.Oil's recovery from its plunge below zero in April appears to have hit a wall with surging infections across major economies raising doubts about a swift demand rebound. Prices have been stuck in a narrow range over the last month, forcing measures of market volatility to their lowest levels in four months. Unprecedented supply cuts by OPEC and its allies that have supported prices so far are set to wind down next month and producers are yet to decide on whether to extend the curbs.See also: Venezuela's Fuel Shortage Returns After Iranian Cargoes Dry Up"With rising coronavirus cases reported from all over the world and with global oil production expected to rise soon one cannot help but think the medium-term peak is not far away," said PVM Oil Associates analyst Tamas Varga.Consumption of gasoline in America fell by nearly 420,000 barrels a day over the last week, RBC analysts including Mike Tran said. Nationwide stockpiles of the fuel rose for a second week, according to the Bloomberg survey, which would see inventories at the highest level in a month. Supplies of distillates, a category that includes diesel, increased by 500,000 barrels.It "certainly feels as if there is a risk that the demand recovery will be flatter," said Paul Horsnell, head of commodities research at Standard Chartered Plc. "The accumulated inventory excess is going to hang over things for a while."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.

Foreign Firms Give Up Hong Kong Office Space, Lifting Vacancies

Foreign Firms Give Up Hong Kong Office Space, Lifting Vacancies (Bloomberg) -- Multinational companies surrendered more office space in Hong Kong last quarter as the economy deteriorated amid the pandemic, pushing the city's vacancy rate to the highest in 15 years, according to Cushman & Wakefield Plc.Foreign companies made up of 61% of the total surrender of office stock in the second quarter, up from 47% in the previous quarter, the property agency said in a briefing with reporters Tuesday. Cushman didn't name any of the firms vacating space."There's no particular area or one type of industry, it's fairly widespread," said Keith Hemshall, head of office services in Hong Kong at the firm. "That really is a result of cost-cutting and retraction of head count."Tenants gave up a total of 949,000 square feet (88,165 square meters) of floor area in the first six months of 2020, almost triple the 356,000 square feet surrendered in the six months prior. The rate of surrender jumped 55% in the second quarter from the first, to 577,000 square feet.The recent introduction of the national security law has also triggered worries that the legislation will harm Hong Kong's status as an international financial hub. The government announced on Monday that it could freeze and seize property assets under the new law if the owner is suspected of being linked to an offense endangering national security.Office availability, which indicates the amount of vacant space and areas that will be available in the next 12 months -- climbed to 10.7% at the end of June, the highest in 15 years, the firm said.The surrendering trend is set to continue across the board, said John Siu, managing director in Hong Kong."A lot of companies cut jobs as the economy worsens, so firms will be cautious when it comes to office demand," said Siu. "Companies' expansion plans will be postponed or even canceled, while the chance of downsizing becomes high."In contrast, some financial companies and tech giants from mainland China have recently signed up for more floors in the city. CMB International Capital Corp., China Minsheng Banking Corp. and Orient Finance Holdings Ltd. expanded their office space in the Central hub in the past three months, while ByteDance Ltd. and Alibaba Group Holding Ltd. leased additional area to accommodate their growing business needs.The property firm expects office rents to fall by 20% in 2020 in Central as a result of diminishing demand. The district has the world's most expensive office rents, averaging $313 per square foot, topping New York's Midtown and London's West End, data from Jones Lang Lasalle showFor 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.

Ventilation Fan Market to Witness Steady Growth and Reach $3.85 Billion by 2025 Based on Increasing Demand From Commercial, Residential & Industrial Sector Projects | Million Insights

Ventilation Fan Market to Witness Steady Growth and Reach $3.85 Billion by 2025 Based on Increasing Demand From Commercial, Residential & Industrial Sector Projects | Million Insights The global ventilation fan market size is projected to attain USD 3.85 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 7.7% throughout the approximated period. The major driver for this growth is the increasing demand from the commercial, residential and industrial infrastructures. The increase in the rate of installation into kitchens, garages, bathrooms, attics and dryer rooms are some of the prime drivers for the rise in demand for the product.

U.S. firms in India not ready to pay digital tax, lobby group says

U.S. firms in India not ready to pay digital tax, lobby group says A lobby group representing U.S. technology giants has said its members are not yet ready to make the first payment of the country's digital tax due this week, urging New Delhi to defer the move. India in March said all foreign billings for digital services provided in the country would be taxed at 2% from April 1, a move that caught U.S. technology firms off guard as they were battling the coronavirus pandemic. The tax applies on e-commerce transactions on websites such as Amazon.com.

Here's What Begbies Traynor Group plc's (LON:BEG) Shareholder Ownership Structure Looks Like

Here's What Begbies Traynor Group plc's (LON:BEG) Shareholder Ownership Structure Looks Like Every investor in Begbies Traynor Group plc (LON:BEG) should be aware of the most powerful shareholder groups...

Power Tools Market Size Worth $40.9 Billion by 2027 | CAGR: 4.2%: Grand View Research, Inc.

Power Tools Market Size Worth $40.9 Billion by 2027 | CAGR: 4.2%: Grand View Research, Inc. The global power tools market size is anticipated to reach USD 40.9 billion by 2027, expanding at a CAGR of 4.2%, according to a study conducted by Grand View Research, Inc. Demand for compact, flexible, and mobile tools is increasing in the industrial as well as residential applications. Power instruments play a crucial role in reducing manual efforts, especially in heavy duty applications; this is projected to have a positive impact on the market.

Combating hate crimes, speech: More school districts push to address systemic racism

Combating hate crimes, speech: More school districts push to address systemic racism A Pennsylvania school district is pushing for a plan to make equity a key focus as a way to address systemic racism in its schools.

It was his dream job. He never thought he'd be bribing doctors and wearing a wire for the feds.

It was his dream job. He never thought he'd be bribing doctors and wearing a wire for the feds. When Oswald Bilotta landed his dream job as a sales representative for Novartis Pharmaceuticals in 1999, he thought he'd be doing good for society while doing well for himself and his family. On July 1, Ozzie Bilotta's yearslong effort to blow the whistle at Novartis paid off. The Justice Department announced a $678 million settlement with the company over improper inducements it made to doctors to prescribe 10 of the company's drugs, including the anti-hypertension drug Lotrel.

It was his dream job. He never thought he'd be bribing doctors and wearing a wire for the feds.

It was his dream job. He never thought he'd be bribing doctors and wearing a wire for the feds. In an exclusive interview, the man behind a $678 million whistleblower settlement says "drastic action" was needed to shake up the pharmaceutical industry.

CINECA Chooses IBM POWER9 with NVIDIA GPUs and InfiniBand Network for Marconi100 Accelerated Cluster

CINECA Chooses IBM POWER9 with NVIDIA GPUs and InfiniBand Network for Marconi100 Accelerated Cluster IBM [NYSE: IBM] and CINECA, Italy's national high-performance computing consortium, made up of the Ministry of Universities and Research (MIUR), 69 Italian universities and 11 national public Institutions, consolidated their long-standing collaboration with the new Marconi100 supercomputer, the 9th most powerful supercomputer in the world, and the 2nd most powerful in Europe, according to the most recent iteration of the Top500 ranking.

U.S. firms in India not ready to pay digital tax, lobby group says

U.S. firms in India not ready to pay digital tax, lobby group says A lobby group representing U.S. technology giants has said its members are not yet ready to make the first payment of the country's digital tax due this week, urging New Delhi to defer the move. India in March said all foreign billings for digital services provided in the country would be taxed at 2% from April 1, a move that caught U.S. technology firms off guard as they were battling the coronavirus pandemic. The tax applies on e-commerce transactions on websites such as Amazon.com.

Malaysia Cuts Rates to Record Low, Warns of Downside Risks

Malaysia Cuts Rates to Record Low, Warns of Downside Risks (Bloomberg) -- Malaysia's central bank cut its benchmark interest rate by 25 basis points to the lowest on record and warned of lingering downside risks to a economy reopening after months of lockdown against coronavirus.The overnight policy rate was reduced to 1.75%, the lowest in records dating back to 2004, as 14 of 25 economists surveyed by Bloomberg predicted. Four had forecast a 50 basis-point cut, while seven expected no change.The rate cut "provides additional policy stimulus to accelerate the pace of economic recovery," the central bank said in a statement. Policy makers "will continue to assess evolving conditions and their implications on the overall outlook for inflation and domestic growth."Bank Negara Malaysia's fourth straight rate cut comes hours after the finance minister alluded to fiscal and monetary policy space to continue supporting the economy amid three straight months of deflation and the worst unemployment in decades. The economy began reopening May 4 after a lockdown to contain the pandemic shuttered businesses and left nearly a million people jobless.Downside RisksRecent indicators show activity picking up, but the pace and strength of recovery "remain subject to downside risks emanating from both domestic and external factors," the central bank said. Risks include persistent weakness in the labor market and a tepid global recovery."The statement is dovish enough to expect more rate cuts but cautious enough to manage expectations, as it mentions economic recovery," said Trinh Nguyen, a senior economist at Natixis SA in Hong Kong. "That means that we likely will have another 25 basis-point cut but not much more, as the ringgit remains weak."Benchmark three-year government bonds extended gains after the decision, with yields falling seven basis points to 2.09% as of 4:37 p.m. in Kuala Lumpur. The ringgit held the bulk of its gains, rising 0.1% to 4.2760 per dollar.Malaysia's chief statistician, Mohd Uzir Mahidin, has warned the economy is headed for recession. The government has announced 295 billion ringgit ($69 billion) in stimulus to cushion the effects of the pandemic, and is drafting a bill of economic recovery measures.What Bloomberg's Economists Say:"Bank Negara Malaysia may pause its easing cycle for the remainder of 3Q, taking stock of its 125 bps of rate cuts and other measures so far this year, alongside nascent signs of recovery. Even so, the central bank sounds wary of prolonged economic weakness amid a highly uncertain recovery track. We expect another 25 bps rate cut in 4Q."Click here to read the full reportTamara Mast Henderson, Asean economistConsumer prices have been declining since March, dropping by a record-low 2.9% in both April and May on the back of falling transport costs. Bank Negara Malaysia, which previously forecast inflation in a range of -1.5% to 0.5% this year, said Tuesday full-year inflation is likely to be negative.The central bank also warned of the potential for further virus outbreaks that might force authorities to restrict movement again. Tuesday's decision came hours after a six-week lockdown was imposed in Melbourne, Australia's second-largest city, amid a fresh coronavirus outbreak, and as U.S. states consider tightening restrictions again amid a resurgence of cases.Monetary Policy Committee members "remain guarded as to what the future may hold," said Mohd Afzanizam Abdul Rashid, chief economist at Bank Islam Malaysia Bhd. "The key message from the MPC is that BNM will go the extra mile in terms of monetary policy accommodation."(Updates market reaction in seventh paragraph, adds Bloomberg economist quote after eighth 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.

Mumbai opens new hospitals as India virus deaths top 20,000

Mumbai opens new hospitals as India virus deaths top 20,000 India's financial capital Mumbai opened four new coronavirus field hospitals on Tuesday -- including one at a horseracing track -- as the nationwide death toll jumped past 20,000. Hospitals in densely populated cities such as Mumbai and Delhi are struggling to cope with the epidemic, and the country now has around 720,000 infections -- the world's third-highest. The Mumbai region, which accounts for about a quarter of India's 20,100 deaths, has suffered a new surge in infections, forcing authorities to build makeshift hospitals and quarantine facilities.

Versatility key for crude benchmarks to withstand COVID test

Versatility key for crude benchmarks to withstand COVID test S&P; Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets published a research paper under the Energy Comment series of the Oxford Institute for Energy Studies, focused on global crude oil benchmarks.

Bill Gates-Backed Company to Hunt for Cobalt Near Glencore Mine

Bill Gates-Backed Company to Hunt for Cobalt Near Glencore Mine (Bloomberg) -- A startup backed by a group of tycoons including Bill Gates plans to use data-crunching algorithms to search for cobalt near a Canadian nickel mine owned by Glencore Plc.Kobold Metals has acquired rights to an area of about 1,000 square kilometers (386 square miles) -- roughly the size of New York City -- in northern Quebec, according to Chief Executive Officer Kurt House. It's the first such foray by the company to become public.San Francisco Bay Area-based Kobold Metals is hoping to use data analytics to build a "Google Maps for the earth's crust." The company is betting it can find metals crucial to the electric-vehicle revolution, such as cobalt, that so far have eluded more traditionally-minded geologists.Read: Algorithms Join Cobalt Hunt Backed by Gates, Bezos and DalioHouse said the company's exploration activities at the site in Quebec could help prove the value of its approach."The subtleties in the geophysical signals are really only evident when you have all of the data and can evaluate it in a systematic, statistically rigorous way," he said. "It's just too much for the human brain to handle."He said that the company was likely to start collecting geophysical data in the next three to six months, and could start drilling in a couple of years. The area, just south of Glencore's Raglan nickel mine, is "highly prospective" for cobalt, nickel and platinum-group metals, House said.Shareholders of Kobold Metals include Silicon Valley venture capital firm Andreessen Horowitz, Norwegian oil major Equinor ASA and Breakthrough Energy Ventures, a fund backed by Gates and a dozen other tycoons including Jeff Bezos, Ray Dalio and Michael Bloomberg, owner of Bloomberg LP, the parent company of Bloomberg News.House said exploration in Quebec was one of a number of activities that Kobold Metals was pursuing, including forging partnerships with mining companies to help identify ways to expand their existing resources.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.

Rapid Strength Concrete Market Demand to Hit USD 424 Bn by 2026; Global Market Insights, Inc.

Rapid Strength Concrete Market Demand to Hit USD 424 Bn by 2026; Global Market Insights, Inc. Global Market Insights, Inc. has recently added a new report on the rapid strength concrete market which estimates the market valuation for rapid strength concrete will cross US$ 424 billion by 2026. Growing infrastructure projects in Asia Pacific and North America shall drive the demand for the rapid strength concrete market over the forecast period.

Accounting Software Market Analysis, Growth Rate, Industry Drivers & Opportunities Report, 2028: Radiant Insights, Inc.

Accounting Software Market Analysis, Growth Rate, Industry Drivers & Opportunities Report, 2028: Radiant Insights, Inc. The global Accounting Software Market has witnessed unprecedented growth over the past decade and is likely to expand further during the forecast period. Mid-sized to small businesses often face an overwhelming challenge while managing their customers, accounting systems, and finance. They advanced accounting solutions have proven to improve the workflow efficiency and they have the ability to manage account payables, receivables, and general ledger. Finance-related calculations are tedious and complex, which has implored businesses to purchase such software platforms to accurately simplify calculations without the use of human intervention. Considering the aforementioned factors, small to mid-sized businesses find it mandatory to deploy accounting software for effective resource management.

Bond Buyers Show Little Faith in BOE's Optimism for U.K. Economy

Bond Buyers Show Little Faith in BOE's Optimism for U.K. Economy (Bloomberg) -- Investors are so worried about the U.K.'s prospects that they're ignoring the recent uptick in the economy and betting on an extended period of weakness.They've piled into havens, driving government bonds to record highs. Yields on long-dated bonds dipped below those in Japan, an economy mired in low growth and high debt levels for the last two decades. And traders are again betting on negative rates in 2021, despite the Bank of England saying that officials didn't discuss the monetary policy at their meeting last month.Those market moves jar with the relative optimism expressed last week by BOE policy maker Jonathan Haskel and Chief Economist Andy Haldane that the recovery is stronger than anticipated, with the latter saying that growth is "so far, so V." It's a disconnect that has some investors puzzling over whether they are too pessimistic, or whether the central bank faces a wake-up call."It's quite a mystery," Russell Silberston, an investment strategist at Ninety One Plc, said about recent upbeat comments by BOE officials. "I guess you have to put the bank's optimism in context; so things are picking up a little more quickly, but from historic weakness."Recent data shows the economic slowdown eased after parts of the lockdown were lifted. There was a marked improvement in manufacturing and construction readings, and a rebound in retail sales and consumer confidence. But for bond investors, there are too many challenges ahead to rejoice.These include "currency debasement, economic zombification," leaving the central bank struggling to tighten policy, said James Athey, a money manager at Aberdeen Standard Investments.There's also a concern that while activity might return quickly at first, it could then flat-line, a risk flagged by International Monetary Fund's Chief Economist Gita Gopinath.Japanification of GiltsThe difference of opinion over the economy's health became evident when the BOE announced it expects to complete its 745 billion-pound ($932 billion) bond-buying program around the turn of the year. That effectively halved the amount it purchases per week, making it the only major central bank to scale back the speed of quantitative easing.Despite the tapering, speculation that the BOE will need to slash borrowing costs to kickstart growth have driven the yield on two-year bonds deeper into negative territory. Governor Andrew Bailey warned banks last month of the challenges sub-zero interest rates would bring, the Sunday Times reported.While yields on benchmark bonds in Germany, Europe's largest economy, have remained below zero for over a year, bunds broadly reflect European Central Bank monetary policy, rather than just the national economy. Not so in the U.K., where investors are instead looking to Japan for clues to the future.The Asian nation has had negative interest rates since 2016, and this, alongside quantitative easing, has helped to keep bond yields low. While the triggers are different, yields across most of the U.K.'s curve are within a few basis points of, or have dipped below Japan's, with those on 30-year bonds hovering around 0.63%. Both Athey and Silberston say gilts have become expensive.Brexit WoesIt was already looking bad for the U.K. economy, even before coronavirus hit. It entered the year having narrowly avoided a contraction in the last quarter of 2019, with the biggest current-account deficit among Group-of-20 nations. And the slump in productivity was the worst since the Industrial Revolution.They weighed on the nation's assets as market watchers fretted over the prospect of a painful severing of trade ties with the EU at the end of the year. Those fears remain, but are coupled with concerns over challenges of overcoming the havoc wrought by the lockdown on the economy."What's the economy's biggest shortcoming? It's that the U.K. has just severed its ties with its major trading partner, causing productivity damage and business uncertainty," said Simon Harvey, a currency market analyst at Monex Europe Ltd. "The economy is now more exposed to the global elements at a time when supply chains are being reassessed and production and consumption are becoming more localized."Click here to read the latest Brexit BulletinThe NumbersJob losses are a concern, with the BOE's Haldane flagging unemployment as a risk for the U.K., particularly as the government tapers its furlough program. That support is scheduled to expire in October, and firms will have to take on more of the share of the burden from August.Almost half of businesses taking part in the program expect to let go of furloughed staff when support ends, according to polling by Opinium and the think tank Bright Blue. Over 9 million workers were reliant on the scheme as of mid-June.Chancellor of the Exchequer Rishi Sunak on Wednesday is due to outline further measures to help stimulate the economy and protect jobs. He will do so against a backdrop of not only the coronavirus, but also as the country races to secure trade deals with countries outside of the EU. All the uncertainty means demand for bonds will remain strong for now, even if heavy borrowing could eventually weigh on the bond market, according to John Wraith, head of U.K. and European rates strategy at UBS Group AG.Gilt issuance in the first five months of the fiscal year is set to exceed the financial crisis record. The nation's debt-to-gross domestic product is 100% for the first time since 1963."It is clear that whatever happens, gross supply is set to stay historically very elevated for a considerable time to come," Wraith said. But "for as long as major economic risks are clear and present -- currently Covid, end of the transition period -- we expect gilts to remain fairly stable."(Updates throughout)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.

TikTok to exit Hong Kong 'within days'

TikTok to exit Hong Kong 'within days' The move by the short-form video app comes after China imposed its new security law on the city.

Bayer shares fall after judge questions part of proposed Roundup settlement

Bayer shares fall after judge questions part of proposed Roundup settlement Bayer shares fell more 6% on Tuesday after a U.S. judge questioned part of the German company's proposed settlement to deal with future claims relating to allegations that its widely used weedkiller Roundup caused cancer. Last month Bayer agreed to pay as much as $10.9 billion to settle close to 100,000 U.S. lawsuits related to Roundup. "The Court is skeptical of the propriety and fairness of the proposed settlement, and is tentatively inclined to deny the motion," Judge Vince Chhabria said in a filing with the United States District Court, Northern District of California.

Hong Kong grappling with future under national security law

Hong Kong grappling with future under national security law Hong Kong's leader Carrie Lam offered scant reassurance Tuesday over a new national security law that critics say undermines liberties and legal protections promised when China took control of the former British colony. A year ago, Hong Kong residents felt secure enough in their freedoms under the territory's "one-country, two-systems" regime to bring their children to mass protests. The legal system left in place when the British left Hong Kong on July 1, 1997, allowed the city's 7 million residents a free press and other freedoms forbidden in the communist-ruled mainland, for at least 50 years.

Diesel Generator Market to be Driven by Growing Population, Rapid Industrialization, and Infrastructure Development in Developing Nations, to Reach USD 21.37 Billion by 2022 | Million Insights

Diesel Generator Market to be Driven by Growing Population, Rapid Industrialization, and Infrastructure Development in Developing Nations, to Reach USD 21.37 Billion by 2022 | Million Insights The global diesel generator market size is projected to touch USD 21.37 billion by the end of 2022, as per the report released by Million Insights. It is estimated to grow with a CAGR of 6.8% over the forecast period. Growth of various industries such as retail, oil and gas, mining and telecom are projected to fuel the market growth over the estimated duration. Diesel generators provide a consistent and excellent power back-up, owing to which they are extensively preferred for separate power and emergency power back-ups.

Indian households shun downmarket palm oil, cutting demand in lockdown

Indian households shun downmarket palm oil, cutting demand in lockdown Palm oil demand in India, the world's top edible oil importer, is set to plunge this year as coronavirus lockdowns slash food service sector demand and households opt for alternatives at the supermarket. India's palm oil imports could plunge 20% from a year ago to 7.5 million tonnes in the 2019/20 marketing year ending on Oct. 31, said Angshu Mallick, deputy chief executive of Adani Wilmar, a leading edible oil refiner in the country. Edible oil consumption in India trebled over the past two decades as the population rose, incomes increased, and people started to eat out more.

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