Amazon gets FCC approval for its Project Kuiper broadband satellites – Engadget

The FCC has unanimously approved Amazon’s Project Kuiper, giving the tech giant the go-ahead to deploy and operate a constellation of 3,236 satellites. Amazon asked the FCC for permission to launch thousands of Low Earth Orbit satellites in July 2019, just a few months months after announcing the project. Similar to SpaceX’s Starlink constellation, Kuiper’s purpose is to provide satellite-based broadband services. Amazon is hoping to help expand internet access to households and businesses in remote areas across the United States and around the world.

The company plans to invest over $10 billion on the project, which will be deployed in five phases. According to the FCC, Amazon must be done deploying half of Kuiper’s satellites by 2026, and the whole constellation must be in place by July 30th, 2029.

European stocks rise as investors juggle tech optimism and economic gloom – MarketWatch

European stocks climbed on the final trading day of the month, lifted by better-than-expected results and after blowout earnings for major U.S. tech companies. That cheer helped investors set aside, for now, signs of increasing global economic troubles due to the pandemic.

The Stoxx Europe 600 index
SXXP,
+0.50%

rose 0.5% to 361.06 after posting the worst one-day losses in four weeks, a drop of 2.2%. The index is looking at a 0.2% drop in July. Elsewhere, the German DAX
DAX,
+0.66%

rose 0.6%, the French CAC 40 index
PX1,
+0.27%

gained 0.6% and the FTSE 100 index
UKX,
-0.01%

added 0.3%.

Fresh data from China revealed encouraging factory data. That’s on the heels of troubling U.S. data showing persistently high worker layoffs and a record-breaking 32.9% drop in gross domestic product in the second quarter. Fresh outbreaks in Southern states and elsewhere have forced businesses to close again in some parts of the U.S.

“What is probably more worrying for investors appears to be the realization that the negative headlines with respect to a possible second wave will only make it that much more difficult to achieve any sort of prospect of a V-shaped recovery, particularly since the U.S. labor market rebound appears to have come to a halt,” said Michael Hewson, chief market analyst at CMC Markets, in a note to clients.

Meanwhile, lockdown fallout pushed French gross domestic product to a record 13.8% drop in the second quarter and Spanish GDP slumped 18.5%.

Fears of a second wave of the virus were rising in the U.K. after the government imposed fresh lockdown restrictions in northern swaths of the country late Thursday. A a surge of coronavirus cases due to people not adhering to social distancing rules were to blame for new restrictions, said health secretary Matt Hancock. Spain and Belgium are also battling outbreaks.

Europe’s technology stocks were on the rise Friday, after iPhone maker Apple
AAPL,
+1.21%

and e-commerce group Amazon.com
AMZN,
+0.60%

posted earnings Thursday afternoon that blew out analysts’ expectations. Apart from reporting more than $11 billion in profit, Apple also announced a four-to-one stock split. Social-media giant Facebook
FB,
+0.51%

and Google parent Alphabet
GOOGL,
+0.97%

posted solid, if less jaw-dropping, results.

Nasdaq-100 futures
NQ00,
+1.09%

climbed 91.75 points, or 0.9%, to 10,886, while Dow Jones Industrial Average
YM00,
+0.24%

and S&P 500 futures
ES00,
+0.24%

rose around 0.2% each.

Shares of semiconductor companies ASM International NV
ASM,
+2.76%

and Dialog Semiconductor PLC
DLG,
+3.59%

gained over 3% and 2% each.

Nokia Oyj
NOK,
+2.53%

NOKIA,
+12.35%

shares led the gainers on the Stoxx Europe 600, surging 11% after the Finnish telecoms and tech grouplifted full-year guidance on stronger profitability and cash generation. Nokia said sales took a hit of 300 million euros in the second quarter due to the pandemic.

Elsewhere, BNP Paribas SA
BNP,
+3.12%

was a top gainer, with shares up 4% after the French bank said heavy client activity boosted the performance of its markets operations, easing the pain of a €1.45 billion ($1.72 billion) provision for credit losses.

British American Tobacco PLC
BATS,
-0.28%

reported a first-half profit rise despite a fall in volume. The cigarette maker’s Kentucky BioProcessing division has applied and is awaiting U.S. Food and Drug Administration approval to start a trial of its Covid-19 vaccine, Kingsley Wheaton, the company’s chief marketing officer, told MarketWatch in an interview.

On the downside, shares of International Consolidated Airlines Group
IAG,
-6.68%

slid over 5% after the owner of British Airways and other airlines, swung to a loss of €4.21 billion and announce plans to raise €2.75 billion in a capital raise to boost the struggling company’s balance sheet. IAG also said it was discussing a potential restructuring of the Air Europa acquisition with Globalia to take into account the effect of the pandemic.

Shares of Air France-KLM SA
AF,
-1.73%

fell 2.2%. The airline announced it would cut 1,500 additional jobs.

Europe Is Building the Next Tesla. Who Knew? – Yahoo Finance

(Bloomberg Opinion) — When Nikola Corp. started trading on Nasdaq in June, the Phoenix-based clean transportation company raced quickly to a valuation of almost $30 billion.

Its market worth has since fallen to a more reasonable $10.5 billion, but that’s still pretty spicy for a business yet to generate any revenue. Its most promising products are its heavy trucks, powered by electric batteries or hydrogen fuel cells.

The rise of Nikola (whose name, cheekily, is another evocation of electrical engineer Nikola Tesla) will have reinforced a view among European auto industry executives that the U.S. stock market operates by different rules. While Tesla Inc. is only modestly profitable, it’s valued at about $275 billion, more than Europe’s five largest carmakers combined.

At least Europe has a stake in the latest heavily hyped project. Founded by Trevor Milton, a 38-year-old American college dropout, Nikola is relying heavily on expertise from the old continent. Robert Bosch Gmbh, a German automotive supplier, has helped develop the U.S. company’s electric powertrain, and the first Nikola trucks will be built in a German factory belonging to Italy’s Iveco, a truck maker backed by the billionaire Agnelli family. Bosch and Iveco each own more than 6% of Nikola. CNH Industrial NV, Iveco’s parent, just recorded a $1.5 billion fair value gain on that investment.(1) 

The biggest question is whether a start-up dependent on so much external help should have a whizzy valuation like Tesla, which builds much of its technology itself. And if Europe has this expertise, why hasn’t it produced its own rival to Elon Musk’s carmaker?

Maybe it’s a lack of chutzpah. Nikola’s name isn’t the only reason it’s often compared with Tesla. Milton’s hyperactive Twitter presence makes Musk look tame by comparison. Both men’s ambitions extend beyond selling zero-emission vehicles to producing and storing clean energy. While Nikola is focused on heavy-duty trucks, it has touted a variety of consumer products including a pickup called the Badger. These are catnip for retail investors, as the excitement over Musk’s Cybertruck demonstrates.

While Tesla and Nikola are both working on electric heavy trucks, they differ in at least two important respects. The first is hydrogen: Musk is dismissive, while Milton thinks hydrogen is the perfect fuel for long truck journeys. The second is their attitude toward building stuff in-house. 

True, in its early days Tesla worked with Lotus to help make the Roadster, and Daimler AG helped develop the Model S saloon. Tesla partners with Panasonic to produce battery cells. But Musk is famous for trying to build his own technology, from electric powertrains and automated-driving software to car seats.

Nikola developed its own software, infotainment and battery management-system, as well as vehicle aerodynamics, according to Cowen analyst Jeffrey Osborne. It has outsourced or used hired help to do much of the other stuff. More than 200 Bosch employees were involved in building important parts of Nikola’s trucks, including the electric motor for the axle, the vehicle-control unit, the battery and the hydrogen fuel cell. The result is a mix of intellectual property owned either separately or jointly by Nikola and its suppliers. 

There’s no doubt, however, who has the deeper expertise. So far Nikola has been awarded 11 U.S. patents, about 1% of the total Bosch is awarded in a typical year. “Bosch gets paid to help us get to industry standards on products,” Milton told me.

Getting partners to provide the technological building blocks has some advantages. Nikola has only 300 employees and yet its first trucks should start rolling off the production line soon. Working with partners cuts the risk of the manufacturing delays and quality problems that plagued Tesla.

It’s an efficient use of capital too. Nikola’s research and development expenses were just $68 million last year. Tesla spent $1.3 billion. After going public, Nikola has about $900 million of cash, although that won’t go far in the automotive business. For the North American market, Nikola plans to handle its own manufacturing, with technical assistance from Iveco. Nikola broke ground this week on a $600 million factory in Arizona.

Whether or not you believe the extensive involvement of outside partners should have a bearing on its lofty valuation, there are other things that could upset Nikola’s plans. 

Building a refueling network is a central part of its business model, but this won’t come cheap at $17 million for each hydrogen station. The company is also entering a competitive field populated by more experienced and better capitalized rivals. Daimler’s Mercedes-Benz failed to follow through on its early experiments with electric cars and let Tesla roar past. It probably won’t make the same mistake with trucks.

Daimler is the world’s largest truck maker and it plans to start production of its electric eActros and eCascadia models next year. The German giant has also formed a joint venture with Sweden’s Volvo AB to develop hydrogen fuel cell systems for heavy vehicles. That venture is valued by the companies at just 1.2 billion euros ($1.4 billion), putting the Nikola valuation into perspective.    

Even if its share price looks overblown, Nikola’s improbable rise shows there’s investor demand for clean transportation companies that don’t still have one foot planted in the combustion-engine past. European manufacturers have the technical chops but they must find better ways to capitalize on investor excitement through new business models or spinoffs. Otherwise someone else will.

(1) This was measured on June 30 when Nikola’s stock was much higher

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.

For more articles like this, please visit us at bloomberg.com/opinion

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©2020 Bloomberg L.P.

Euro zone GDP plunged by a record 12.1% in the second quarter – CNBC

Passengers wear protective face masks as they alight a Metro train in Madrid, Spain.

Bloomberg | Bloomberg | Getty Images

The euro zone economy contracted by 12.1% in the second quarter of 2020, compared to the first three months of the year, according to preliminary data from the region’s statistics office.

Friday’s reading is the lowest since records began in 1995. The region’s largest economies contracted by two-digits during the period due to strict lockdown measures brought about by the coronavirus pandemic. German GDP (gross domestic product) contracted by 10.1%; Italy’s sank by 12.4%; France’s fell by 13.8%; and Spain’s shrank by 18.5%. The latter was the worst performing economy over the second quarter.

The 19-member bloc that shares the euro currency had experienced a fall of 3.6% in GDP during the first quarter. Spain, Italy and France’s GDP rates dropped by over 5% during that period.

The latest reading looks at the economic activity between April and June, which coincides with the period of time when many European governments had strict shutdowns that were slowly eased as the quarter progressed. There’s still a lot of uncertainty going forward, with some countries reporting an increase in Covid-19 infections in recent weeks.

“While parts of the economy have sprung back to life over the past couple of months, the damage already done combined with the current and potential future impact of the virus mean that the recovery will be painfully slow,” Andrew Kenningham, chief Europe economist at Capital Economics, said in a note.

The European Central Bank forecast in June a drop of 8.7% in GDP for the euro area in 2020. The central bank expects activity to rebound significantly in the third quarter compared to the first six months of the year.

Meanwhile, stats agency Eurostat also said Friday that inflation in the euro zone stood at 0.4% in July, according to a flash reading. This was up from 0.3% in June.

Different governments have now said they will not close their economies in full, as they did before. But officials say they are ready to impose additional and stricter rules on gatherings and other social-distancing rules to avoid a large second wave.

The United States reported its biggest drop in quarterly growth ever on Thursday, with second quarter GDP sinking 32.9% on an annualized basis.

Dow Futures Gain As Apple Leads Big Tech Earnings Blowout; Amazon and Facebook to Power Nasdaq Near Record Highs – TheStreet

The Friday Market Minute

  • Global stocks mixed on the final trading day of the month, with Asia held down by recovery concerns and Europe and the US rising on big tech earnings.
  • Apple, Amazon, Facebook and Google all beat Wall Street forecast, with revenues rising to a collective $205.2 billion.
  • Lingering U.S. growth concerns, however, push the dollar to a fresh two-year low, and gold to a fresh all-time high, in overnight trading.
  • U.S. coronavirus cases rise by more than 68,000 Thursday, taking the overall total to 4.6 million.
  • Global oil prices rebound thanks to a weaker U.S. dollar, but demand concerns keep crude tight to its $40 per barrel trading range.
  • U.S. equity futures suggest a firmer open on Wall Street ahead of earnings from Merck, ExxonMobil, Chevron and Colgate before the start of trading and inflation and personal consumption data at 8:30 am Eastern time.

Wall Street futures extended gains Friday, powered by gains for the biggest U.S. tech stocks after blockbuster earnings after the close of trading yesterday, but lingering concerns for the fate of the global economic recovery, and rising coronavirus infection rates, continue to cloud investor sentiment. 

Apple Inc.  (AAPL) – Get Report alone will add at least 150 points to the Dow Jones Industrial Average at the start of trading, thanks to the stock’s 6% pre-market rising following last night’s blowout earnings report, which included nearly $60 billion in revenues and a better-than-expected bottom line of $2.58 per share. 

Apple’s plans to split its shares, which are current trading north of $400 each, could be holding down gains for the Dow, given the tech giant’s impact on the price-weighted average. 

Amazon Inc.  (AMZN) – Get Report, too, will provide a big boost to both the S&P 500 and the Nasdaq, with shares up 5.4% in pre-market after the online retailer posted record quarterly profits on sales on nearly $90 billion.

However, Thursday’s grim second quarter GDP reading, which showed an annualized contraction of 32.9% — the steepest since records began — as well as an uptick in weekly jobless claims, were powerful reminders for investors that any domestic recovery will be predicated on taming the spread of the cornavirus, which has infected 4.6 million Americans and killed at least 154,000. 

In fact, those concerns are being expressed far more dramatically in the value of the U.S. dollar than they are in stocks, with the greenback falling to a fresh two-year low against a basket of its global peers in overnight trading, taking its July decline to around 5%, the most in ten years.

Gold prices, too, have had their best month in nearly five years, rising nearly 11% since the end of June to a fresh record high of $1,974.00 per ounce in overnight trading as new coronavirus lockdown orders were put in place in the United Kingdom, and Japan threatened to impose new restrictions on movement and business in Tokyo amid a fresh outbreak in the capital.

Stocks, meanwhile, are set for mixed opening bell gains Friday, despite the powerhouse impact from Amazon, Apple, Facebook  (FB) – Get Report and Google  (GOOGL) – Get Report, with futures contracts tied to the Dow suggesting a 55 point advance and those linked to the S&P 500, which is up 4.7% for the month, indicating a stronger 15 point jump.

Nasdaq Composite futures, meanwhile, are guiding to a 180 point opening bell gain that would power the tech-focused index to a fresh all-time high.

European stocks booked solid early gains, as well, with the Stoxx 600 rising 0.72% in early trading, paced by a 0.8% gain for the DAX performance index in Germany and a 0.6% gain for the FTSE 100 in London.

The euro, however, is on pace for its best month against the dollar in a decade, having touched the 1.19 level in overnight trading for the first time since May 2018, with the pound rising to a four-and-a-half month high of 1.3134 against the slumping greenback.

Dollar weakness helped global oil prices bounce higher Friday, despite demand concerns linked to the COVID-19 resurgence and mixed industrial data from China.

WTI contracts for September delivery, the U.S. benchmark, 30 cents higher from their Thursday close in New York and were changing hands at $40.22 per barrel in early European dealing while Brent contracts for September, the global benchmark, were seen 30 cents higher at $43.08 per barrel.

Overnight in Asia, Japan’s Nikkei 225 slumped 2.82% on the session to push the benchmark into negative territory for the month, driven by last night’s declines on Wall Street and a stronger yen, while the region-wide MSCI ex-Japan index, the region’s broadest measure of share prices, slipped 0.31% into the final hours of trading.

France suffers record GDP plunge: Coronavirus live updates – Al Jazeera English

  • Vietnam recorded its first coronavirus death as the country battles a new outbreak of the virus, which emerged in the city of Danang.

  • Spain reported a second day of 1,000-plus coronavirus infections, the highest since the nation lifted its lockdown in June.

More than 17.2 million people around the world have been diagnosed with the new coronavirus. More than 10 million patients have recovered, and at least 673,000 have died, according to data from Johns Hopkins University.

Here are the latest updates:

11:05 GMT – Scotland warns against travel to COVID-hit areas of northern England

Scotland’s government advised against non-essential travel to Greater Manchester and other parts of northern England which faced new lockdown restrictions due to an upsurge in cases, and told people from those areas to stay away.

“I strongly advise anyone planning to travel to areas affected in the north of England, or anyone planning to travel to Scotland from those same areas, to cancel their plans,” Scotland’s First Minister Nicola Sturgeon said.

10:12 GMT – COVID infections on the rise in England, survey shows

There has likely been a slight increase in the number of people in England testing positive for coronavirus in recent weeks, Britain’s Office for National Statistics said.

The weekly infection survey said an estimated 1 in 1,500 individuals had COVID-19 in the most recent week from July 20-26, compared to 1 in 2,000 the previous week. 

09:32 GMT – There is no ‘zero risk’ in easing travel restrictions, WHO says

There is no “zero risk” strategy for countries easing international travel restrictions during the pandemic, and essential travel for emergencies should remain the priority, the World Health Organization (WHO) said.

In a long-awaited update to its guidance on travel, the United Nations global health agency said cross-border trips for emergencies, humanitarian work, the transfer of essential personnel and repatriation would constitute essential travel.

“There is no ‘zero risk’ when considering the potential importation or exportation of cases in the context of international travel,” it said in the updated guidance posted on its website.

A surge of new infections in many parts of the world has prompted some countries to reintroduce some travel restrictions, including testing and quarantining incoming passengers.

The spread of the coronavirus disease (COVID-19) in Mexico City

A passenger, wearing a protective mask, and her baby pass on a passenger checkpoint at the almost empty Benito Juarez international airport, as the spread of the coronavirus disease (COVID-19) continues in Mexico City, Mexico [File: Edgard Garrido/Reuters]

08:58 GMT – Poland reports record high virus cases for second day

Poland reported its highest number of new daily cases since the pandemic started for the second day in a row, with 657 new cases, according to the Health Ministry.

The ministry reported seven new deaths, with a total of 45,688 reported coronavirus cases and 1,716 deaths.

Of the new cases, 227 were in the Silesia region, which has been grappling with an outbreak amongst miners. 

08:55 GMT – Philippines records 4,063 new cases

The Philippine health ministry confirmed 4,063 infections, reporting the highest daily case increase in Southeast Asia for a second straight day.

In a bulletin, the ministry said total confirmed infections have risen to 93,354, while deaths increased by 40 to 2,023.

08:53 GMT – Germany puts three virus-hit Spanish regions on high-risk list

Germany’s Robert Koch Institute (RKI) for infectious diseases put three Spanish regions, including Catalonia, home to Barcelona, on its list of countries designated high-risk for the coronavirus.

The three regions are Catalonia, Aragon and Navarre in northern Spain, RKI said.

The summer holiday season has prompted fears that tourists returning from destinations experiencing a surge in new cases like Spain could sow the seeds of a second wave.

On Monday, Germany said it would make coronavirus tests mandatory at airports for all returning holidaymakers from high-risk areas. 

08:52 GMT – Hong Kong reports 121 new cases as local transmissions stay high

Hong Kong reported 121 new cases, including 118 that were locally transmitted, as authorities said the global financial hub faced a critical period to battle a third wave of the virus which has seen a resurgence this month.

The Chinese territory reported a daily record of 149 new cases on Thursday. Since late January, over 3,100 people have been infected in Hong Kong, 27 of whom have died. 

08:27 GMT – Indonesia reports 2,040 new cases, 73 deaths 

Indonesia reported 2,040 new infections and 73 additional deaths, according to data published on the country’s COVID-19 task force website.

This brought Indonesia’s total number of confirmed infections to 108,376 and deaths to 5,131. 

Eid al-Adha prayer amid coronavirus outbreak in Surabaya, Indonesia

People attend Eid al-Adha prayer by implementing social distancing and health protocol during coronavirus outbreak (COVID-19) at Al Akbar Mosque in Surabaya, East Java, Indonesia [Suryanto/Anadolu]

08:26 GMT – Italy’s GDP plunges 12.4 percent in second quarter     

Italy’s gross domestic product (GDP) fell by 12.4 percent in the second quarter, Italy’s national statistics bureau Istat said, plunging the country into recession.     

GDP fell by 17.3 percent compared with the year-ago second quarter, Istat said, as the coronavirus lockdown took a dramatic toll on the eurozone’s third-largest economy. 

07:49 GMT – Vietnam records first COVID-19 death after virus re-emerges 

Vietnam confirmed its first coronavirus fatality, state media reported, after the death of an elderly man who had tested positive in Danang, the city where the virus re-emerged in the country last week after 100 days.

Vietnam is battling a new outbreak of the virus following months of successful countermeasures which saw the country keep its coronavirus tally to just a few hundred cases.

The man, 70, died early on Friday, state media said.

Authorities on Friday reported 45 new coronavirus cases, marking the biggest daily jump in the country, bringing the total cases in the country to 509.

Vietnam Imposes Restrictions As Coronavirus Cases Rise

Medical specialists in protective suits collect blood samples for a coronavirus (COVID-19) rapid test from people who recently returned from Da Nang City on July 31, 2020 in Hanoi, Vietnam [Linh Pham/Getty Images]

07:43 GMT – Russia’s case tally nears 840,000

Russia reported 5,482 new cases, pushing its national tally to 839,981, the world’s fourth largest caseload.

Officials said 161 people had died in the last 24 hours, bringing the official death toll to 13,963. 

07:12 GMT – France sees record 13.8 percent GDP plunge in second quarter

France’s economy contracted by a record 13.8 percent in the second quarter under the impact of coronavirus lockdowns, the national statistics institute INSEE said.     

The seasonally-adjusted quarter-on-quarter drop in gross domestic product (GDP) was better than forecast but worse than the performance of most of its eurozone peers.     

“GDP’s negative developments in first half of 2020 is linked to the shut-down of ‘non-essential’ activities in the context of the implementation of the lockdown between mid-March and the beginning of May,” INSEE said in a statement.

INSEE also updated the figure for the first quarter to a 5.9 percent contraction, from the 5.3 percent it had previously estimated.     

The second quarter figure means the French economy has been shrinking for three consecutive quarters and continues to be in recession. 

France requires masks inside public places

People, wearing protective face masks, walk in a street in Paris as France enforces mask-wearing in enclosed public spaces as part of efforts to curb a resurgence of the coronavirus disease (COVID-19) across the country [Gonzalo Fuentes/Reuters]   

07:03 GMT – Germany reports 870 new cases

Germany reported 870 new cases, according to a tally from the Robert Koch Institute for infectious diseases.

That brought the total number to 208,698 while 9,141 deaths have been recorded. 

06:55 GMT – Fiji records first COVID-19 death      

Fiji announced its first coronavirus death but health officials assured people in the Pacific island nation that it was not the precursor to a major outbreak.

Health Minister Ifereimi Waqainabete said the victim was a 66-year-old man who tested positive after returning from India, where he had undergone surgery for a long-standing heart condition.     

“Sadly, despite the best efforts of our health-care professionals, this gentleman passed away yesterday in the isolation ward at Lautoka hospital due to complications from COVID-19,” Waqainabete told reporters.     

He said the man was one of nine active cases who had been held in quarantine since they were repatriated from India on July 1.

Before then, Fiji had enjoyed a spell of four weeks virus-free, after the 18 cases it had previously recorded all recovered. 

06:40 GMT – UK tightens lockdown in northern England

Britain imposed a tougher lockdown in swathes of northern England after a rise in the rate of coronavirus transmission, raising concerns that a second wave of the deadly virus could sow yet more turmoil.

Around 4 million people were ordered not to mix with other households in Greater Manchester, the biggest city in northern England, parts of West Yorkshire and East Lancashire, though they can still go to the pub and to work.

The measures come after Britain reported its highest number of new infections in more than a month.

06:15 GMT – KLM says 1,500 new job cuts will bring total reduction to 20 percent

KLM, the Dutch arm of Air France-KLM, said it would cut 1,500 additional jobs as part of a restructuring in which it needs to cut emissions by 50 percent by 2030 as well as prepare for recovering traffic after the coronavirus outbreak.

Parent company Air France-KLM on Thursday reported a 1.55bn euro ($1.8bn) operating loss for the second quarter, with traffic down 95 percent from a year earlier.

KLM said the new cuts would mean its workforce, 33,000 before the pandemic, would be reduced by 20 percent in all by 2022. It did not rule out further cuts. 

06:04 GMT – India’s cases rise by a daily record of 55,078 

India reported another record surge in daily infections, taking the total to 1.64 million, as the government further eases virus curbs in a bid to resuscitate the economy, while also trying to increase testing.

Infections jumped by 55,078 in the past 24 hours, while the death toll rose by 779 to 35,747, the Ministry of Health and Family Welfare said on its website.

The ministry also said it aimed to raise the country’s capacity to 1 million coronavirus tests per day in the medium term, from a record 600,000 on Friday.

The federal government this week announced the reopening of yoga institutes and gymnasiums, and removed restrictions on the movement of people and goods.

Hello, this is Farah Najjar taking over from my colleague Zaheena Rasheed.

04:51 GMT – Southeast Asia poverty to surge in ‘socio-economic crisis’

Southeast Asia is on the brink of a “socio-economic crisis” caused by the COVID-19 pandemic that could reverse decades of poverty reduction, the United Nations has warned.

“The crisis threatens to destroy the livelihoods of Southeast Asia’s 218 million informal workers,” a UN policy brief released on Thursday said. “Without alternative income, formal social protection systems or savings to buffer these shocks, workers and their families will be pushed into poverty, reversing decades of poverty reduction.”

The region-wide economy was expected to contract by 0.4 per cent in 2020, it said, while remittances from Southeast Asians working abroad were likely to fall by 13 per cent or $10bn.

UN proposes economic lifeline for poor amid pandemic (4:56)

The paper urged nations to fix “fiscal termites”: budget-sapping problems like tax evasion, transfer pricing and fossil fuel subsidies so they can deliver large stimulus packages to help vulnerable populations and boost their economies.

Current low oil prices provided an ideal opportunity to reverse fossil fuel subsidies, it added.

04:46 GMT – Bali welcomes visitors after four-month lockdown

Indonesia’s resort island of Bali has reopened to domestic tourists after an almost four-month lockdown for the coronavirus pandemic.

Under the easing that took effect on Friday, Indonesians visiting Bali will face stringent rules at hotels, restaurants and beaches. Foreign tourists will be allowed on the island beginning September 11.

04:35 GMT – Philippines extends restrictions

Philippine President Rodrigo Duterte extended quarantine restrictions in the capital Manila, limiting movements of the elderly and children, and the operations of businesses from restaurants to gyms, until mid-August.

“My plea is to endure some more. Many have been infected,” Duterte said in a televised address.

Duterte promised free vaccines if they became available by late this year, prioritising first the poor and then the middle class, police and military personnel. The Philippines will be given precedence by China in vaccine distribution, he said.

VIRUS OUTBREAK PHILIPPINES

People wearing face masks wait to have their coronavirus rapid tests at a stadium in Manila, Philippines [Aaron Favila/AP Photo]

04:03 GMT – Australia’s Victoria flags new steps to control surge in cases

Australia’s Victoria state recorded its second-highest day of new coronavirus infections, as the state’s Premier Daniel Andrews flagged the prospect of more rigorous steps to contain the spread of the disease.

Victoria reported 627 new infections on Friday, down from a record of 723 new infections on Thursday.

“It is clear to all of us that these numbers are still far too high,” Andrews told reporters. “It may well be the case … that we need to take further steps. The data will tell us, the experts will tell us, what and if any next steps need to be.”

03:20 GMT – Hong Kong logs new high of 149 cases

Hong Kong reported a new daily record of coronavirus cases, logging 149 more infections by Thursday end.

Amid the rise in cases, authorities reversed a ban on indoor dining, along restaurants to operate under limited hours and with limited capacity. Businesses such as bars, karaoke bars and amusement parks remain temporarily closed, and public gatherings are restricted to two people.

People have lunch at a mall after the government banned dine-in services, following the coronavirus disease (COVID-19) outbreak in Hong Kong

People have lunch at a mall in Hong Kong after the government banned dine-in services [Tyrone Siu/Reuters]

03:01 GMT – China tightens travel rules for Xinjiang capital

China tightened travel restrictions in Urumqi, the capital of Xinjiang province, requiring people arriving in the city from regions deemed to have high infection risks to undergo a two-week quarantine.

Others arriving from less risky areas must show proof of good health. Locals “in principle” must stay in the city or show proof of health to be allowed to leave.

Since mid-July, the Xinjiang outbreak centred in Urumqi has seen more than 600 cases of illness, including 112 new ones reported on Friday.

2:49 GMT – Brazil first lady tests positive

Brazil’s first lady Michelle Bolsonaro tested positive for the new coronavirus, the government announced on Thursday, five days after her husband Jair Bolsonaro said he had recovered from his COVID-19 infection.

The 38-year-old first lady “is in good health and will follow all established protocols”, the president’s office said.

The coronavirus disease (COVID-19) outbreak in Brasilia

Brazil’s President Jair Bolsonaro with his wife Michelle Bolsonaro in Brasilia, on March 6, 2020 [File: Adriano Machado/Reuters]

2:42 GMT – China’s factory recovery accelerates in July

China’s factory activity expanded in July for the fifth month in a row and at a faster pace, beating analyst expectations despite disruptions from floods and a resurgence in coronavirus cases around the world.

The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.1 in July from June’s 50.9, official data showed on Friday, marking the highest reading since March.

Analysts had expected it to slow to 50.7. The 50-point mark separates growth from contraction on a monthly basis.

02:14 GMT – More than three million Chileans seek to withdraw pensions

Long lines formed outside Pension Fund Administrators offices in Chile’s capital, Santiago, and the websites of several fund managers collapsed as Chileans sought to take advantage of a new law allowing citizens to tap into retirement savings amid the coronavirus pandemic.

The emergency measure, which came into effect on Thursday, allows those with savings to withdraw up to 10 percent of their pensions.

In a statement, Chile’s superintendent of pensions said 3,024,347 people had asked to withdraw their share by 5pm local time.

Opinion polls indicate nearly nine out of every 10 Chileans planned to tap their funds, with most saying they would use the money to pay for basic goods and services.

CHILE - HEALTH - VIRUS - PENSIONS

People wear face masks while queueing to enter a branch of the pension funds office to start the procedure to withdraw up to 10 percent of their deposits in Santiago, on July 30, 2020 [Martin Bernetti/AFP]

01:53 GMT – US epicentre of pandemic shifts towards Midwest

Coronavirus infections appear to be picking up in the Midwestern United States, the coordinator of the White House Coronavirus Task Force said, as the state of Ohio reported a record day of cases and Wisconsin’s governor mandated the use of masks.

The coronavirus outbreak is “moving up” into Ohio, Kentucky, Tennessee, Missouri, Kansas and Nebraska from the south “because of vacations and other reasons of travel”, Deborah Birx told Fox News.

01:19 GMT – Iran prison officials’ pleas for virus help ‘ignored’  

Iran’s government ignored repeated requests from senior prison officials for help in containing coronavirus in the country’s overcrowded jails, according to Amnesty International.

The rights group said it reviewed copies of four letters to the health ministry signed by officials at Iran’s Prisons Organization, “raising the alarm over serious shortages of protective equipment, disinfectant products, and essential medical devices”.

The ministry “failed to respond, and Iran’s prisons remain catastrophically unequipped for outbreaks”, Amnesty said. 

00:50 GMT – Vietnam reports 45 new cases

Vietnam’s health ministry reported 45 new coronavirus infections linked to a recent outbreak in the central city of Da Nang, marking the highest daily increase since the first cases emerged in the country in late January.

The new patients, with ages ranging from 27 to 87, are linked to four hospitals and a hotel in Da Nang. Total infections since the virus resurfaced have reached 93, the ministry said in a statement.

Vietnam has registered 509 cases of the virus in total, with no deaths. The country had recorded 100 days without a locally transmitted case before the re-emergence of the virus.

00:42 GMT – Brazil’s Bolsonaro says he has ‘mould’ in lungs

Brazilian President Jair Bolsonaro said he was taking antibiotics for an infection that left him feeling weak, chuckling in an online video about “mould” in his lungs, having spent weeks in isolation after catching the new coronavirus.

“I just did a blood test. I was feeling kind of weak yesterday. They found a bit of infection also. Now I’m on antibiotics,” Bolsonaro said in a livestream video, without elaborating on the infection.

“After 20 days indoors, I have other problems. I have mould in my lungs,” he said, referring to nearly three weeks he spent at the official presidential residence.

He tested positive for the coronavirus on July 7 and then negative last Saturday.

00:05 GMT – Botswana reinstates lockdown in capital

Botswana’s capital city Gaborone has returned to a two-week lockdown to stem its latest surge in coronavirus infections.

Under new rules for the capital and surrounding areas, only essential workers would be able to leave home for work, with others only able to leave the house to buy groceries. All gatherings will be banned and hotels, restaurants, gyms and schools will close.

“During the course of the week, the disease has taken an unprecedented turn, which now required we place the greater Gaborone region under lockdown to enable our containment measures to take hold,” Kereng Masupu, coordinator of the COVID-19 task force team, said in a televised briefing.


Hello and welcome to Al Jazeera’s continuing coverage of the coronavirus pandemic. I’m Zaheena Rasheed in Male, Maldives. 

You can find all the key developments from yesterday, July 30, here.

3 Stocks to Buy and Hold for the Next 50 Years – Motley Fool

When it comes to holding a stock for the next 50 years, I look for a company with a strong brand — a favorite that’s an important part of consumers’ lives. The company may be doing well today. Or, the company may have struggled recently after many years of success. In that case, it might be ready for a rebound after the current coronavirus health crisis subsides.

Here are three popular consumer companies — and ones that are likely to be around and healthy a half century from now.

Goofy waves from a float in the Magic Kingdom.

Image source: Disney.

Walt Disney

Walt Disney (NYSE:DIS) is having a rough time these days. Its parks, part of its biggest revenue-driving business, were closed for months due to the coronavirus outbreak. Now, with most reopened, attendance is below usual levels due to social distancing measures. At the same time, Disney faces the costs of running the parks and implementing new safety measures such as cleaning processes. And the media giant has postponed big-screen debuts like the live-action film Mulan as the health crisis continues in the U.S.

In spite of this grim near-term situation, the long-term picture for Disney still has plenty of sparkle. The Magic Kingdom in Florida is the world’s most-visited theme park, with Disneyland in California a close second. Some may prefer to postpone Disney trips amid the current pandemic. But once the crisis abates, it’s likely consumers will return to much-loved activities they were forced to put on hold — such as visiting Disney.

In the meantime, Disney’s new streaming service, Disney+, is gaining ground. The company said it had about 54.5 million subscribers as of May 4. This puts growth way ahead of schedule. Disney, which predicted Disney+ profitability in 2024, initially set a goal for 60 million to 90 million subscribers by that time.

Disney’s stock is down 20% this year through Thursday’s close. It may not really gain momentum anytime soon. But an investment at today’s prices has potential to pay off in the long term.

McDonald’s

McDonald’s (NYSE:MCD) is another brand that’s strong enough to weather the coronavirus storm. The fast food giant once again came in No. 1 in the Restaurant Business and Technomic report on the top 500 highest-grossing restaurant chains last year. Though McDonald’s strength in drive-thru helped compensate for recent distancing measures, the coronavirus outbreak still weighed on business. In the second quarter, global comparable sales slid 23.9%. That’s compared with a 6.5% gain in the year earlier period. But the good news is, as restaurants reopened, sales improved from month to month. Comparable sales fell 39% in April but by June were only down 12.3%.

While we don’t know the duration of the current health crisis, it is likely a temporary situation. So, let’s look to pre-outbreak numbers as a guide to McDonald’s future prospects. Comparable sales in the two months ending Feb. 29 gained 7.2% from the prior year. And in 2019, full-year global comparable sales rose 5.9% for the biggest gain in more than 10 years. McDonald’s also is a good buy for investors seeking dividends. The restaurant chain has lifted its dividend every year in the 43 years it’s been paying a dividend. The company last year reached its goal of paying out $25 billion to shareholders in the three-year period ending 2019.

McDonald’s shares have rebounded more than 40% since their market crash lows, erasing losses for the year. Even so, the stock is a bargain for the long-term investor.

Nike

Nike (NYSE:NKE) shares have rebounded 54% since the market crash, paring this year’s decline to only 4.4%. Nike temporarily closed most of its shops in key areas like China and the U.S. during the earlier stages of the coronavirus outbreak, and sales slid 38% in the fiscal fourth quarter. Still, online sales boosted investor optimism. The company reported a 75% increase in digital sales in Q4.

Digital sales growth may not continue at the same pace with most Nike stores now reopened. But it is likely that gains in digital sales will remain significant. Here’s why: Nike has been ramping up its digital platform since 2017. That’s when it launched an effort to sell directly to consumers through its website and stores in a seamless manner. That’s already started to bear fruit. In the quarter prior to the health crisis, the company posted a 38% increase in digital revenue.

Now, backed by recent e-commerce momentum, Nike is reinforcing its initiative with a new plan called “Consumer Direct Acceleration.” Part of that includes connecting data, inventory, and membership to offer consumers swift access to products.

Brand strength also is driving revenue at Nike. The company’s Jordan brand is a good example of Nike’s staying power. The Jordan brand posted its first $1 billion quarter late last year — 17 years after basketball legend Michael Jordan retired.

It’s too soon to predict what will happen in 50 years. But so far, Nike has shown its strength and ability to adapt to a changing market. Those qualities make this consumer discretionary stock a great long-term buy.

Eurozone GDP shrinks at the fastest rate in history, losing 12.1% in the second quarter – Business Insider

FILE PHOTO: European Central Bank President Christine Lagarde attends an Eurozone Finance Ministers meeting in Brussels, Belgium, February 17, 2020. REUTERS/Francois Lenoir/File PhotoReuters

  • Eurozone GDP fell by 12.1% in the second quarter, its biggest decline in history.
  • This is significantly higher than the Eurozone’s Q1’s GDP contraction of 3.6%
  • Spain was the worst hit country, suffering an 18.5% decline compared to the previous quarter. 
  • The European Union clinched a historic deal last week on an $860 billion recovery fund aimed at the reconstruction of the 27-member bloc.
  • Visit Business Insider’s homepage for more stories.

Eurozone GDP fell by 12.1% in the second quarter of the year, its biggest single quarter drop in history as the coronavirus’ true impact on the continent’s economy emerges.

GDP fell by 12.1% in the euro area and 11.9% in the wider EU in the second quarter of the year, data by Eurostat showed Friday. 

This is significantly higher than Q1 contraction figures, where GDP fell by 3.6% in the euro area and by 3.2% in the EU.

Read moreHere are the 8 ‘long-lasting implications’ of the pandemic hedge-fund billionaire Seth Klarman lays out to investors in a new letter 

GDP levels were also 15% lower in the euro area compared to Q2 2019, and 14.4% lower in the EU. 

Countries that were most hard hit were Spain, whic hsuffered an 18.5% decline in Q2 compared to the previous quarter, and Portugal which contracted by 14.1%. 

Lithuania recorded the lowest decline of 5.1% compared to the previous quarter. 

Read moreKewsong Lee just took full control of Carlyle. 20 insiders reveal how he’s already put his mark on the $221 billion private-equity giant – and what it means for the future of the firm.

Spain was one of the countries to be first be severely hit by the coronavirus pandemic in Europe, and was one of the first economies to be placed under a lockdown. Spain had a more stringent lockdown compared to other European counterparts, meaning even lower economic activity.

Commenting on the latest figures, las Akincilar, heads of trading at the online trading platform, INFINOX, said: “The fallout from the virus now poses a major challenge not just to the healthcare systems and the economies of the EU member states – it’s also a threat to the bloc’s integrity.”

“Against all the odds, European leaders agreed a colossal €750 billion rescue fund at a marathon summit this month. That deal gave Eurowatchers cause to hope, but with unemployment figures rocketing and growth stuck firmly in reverse, the single currency is coming under sustained pressure,” he added. 

Leaders of the European Union reached a historic deal last week on an $860 billion recovery fund aimed at the reconstruction of the 27-member bloc.

The euro to dollar exchange didn’t react much to the news and is trading at 1.18 euros per dollar. 

Why America is so conflicted over the pandemic: A fascinating explanation and a life-changing privilege

Adobe Stock

Why are Americans so conflicted over the coronavirus pandemic?

Many school boards across the nation are debating with local health officials and parents over opening school this fall. Some universities are planning to reopen in-person classes, while others are not. 

Some churches are holding in-person worship services while others are not. Some ministers see restrictions on such worship services as an infringement of our religious freedom while others do not. Debates are raging over various therapies and the propriety of receiving an eventual vaccine for COVID-19. 

Meanwhile, bad news continues to mount. More than 1,400 coronavirus-related deaths were reported nationwide Wednesday, roughly one fatality for every minute of the day. The total number of confirmed cases has passed seventeen million as of this morning. 

The US economy contracted by 9.5 percent last quarter in a record decline. The stock market fell more than two hundred points yesterday in response. The chair of the Federal Reserve has warned that the path of the economy depends on the path of the pandemic. And stimulus payments run out today as Congress cannot agree on next steps to provide economic assistance. 

We might think that the worst pandemic and recession in a century would unite us in response, but the opposite seems to be the case. Why? 

Explaining our “loose” culture 

In an article for the Boston Globe, cultural psychologist and author Michele Gelfand writes: “The decentralized, defiant, do-it-your-own-way norms that make our country so entrepreneurial and creative also deepen our danger during the coronavirus pandemic. To fight this pandemic, we can’t just shift our resources; we have to shift our cultural patterns as well.” 

In her view, our nation’s conflicted responses to the pandemic “reflect a broader cultural phenomenon. In a loose culture like the United States’s, people are simply not used to tightly…

… Read More



Click Read More to read the rest of the story from our content source/partners – Denison Forum.

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Gilead raises sales outlook to include COVID-19 treatment remdesivir – Yahoo Finance

By Deena Beasley and Michael Erman

(Reuters) – Gilead Sciences Inc on Thursday posted worse-than-expected quarterly results, but raised its 2020 sales forecast to include revenue from its antiviral drug remdesivir, one of the only treatments shown to help COVID-19 patients.

Gilead said it expects total 2020 sales of $23 billion to $25 billion, up from its previous range of $21.8 billion to $22.2 billion.

“We think this implies up to $1 billion to $3 billion of remdesivir, … a positive that was not expected at the start of the year,” said Jefferies analyst Michael Yee.

Gilead’s second-quarter sales fell nearly 10% from a year earlier to $5.1 billion, short of the average analyst estimate of $5.3 billion, according to Refinitiv.

The results reflected weak sales of Gilead’s hepatitis C drugs and flagship HIV treatments during coronavirus pandemic lockdowns. The company said it expects its HIV drugs and hepatitis C sales to begin regaining momentum in the current third quarter.

Adjusted earnings for the second quarter of $1.11 per share fell short of analysts’ average estimate by 34 cents.

Shares of Gilead, which closed up about 1% in regular trading, were down 3.5% at $69.80 in extended trading.

Second-quarter sales of Gilead’s HIV drugs fell 1% from a year earlier to $4 billion, while sales of drugs to cure hepatitis C fell 47% to $448 million due to fewer new patients and competition from rival drugs.

Gilead this month began commercial sales of remdesivir, which is given to hospitalized patients by infusion. The drug was granted emergency use authorization by the U.S. Food and Drug Administration in May after it demonstrated an ability to shorten hospital stays for COVID-19 patients, but does not yet have full U.S. approval. It was approved in Japan.

Demand for remdesivir continues to outstrip supply in many parts of the world.

Gilead’s chief executive, Daniel O’Day, on a conference call, said the company expects by the end of September to be producing enough remdesivir to meet real-time global demand.

Gilead said it still expects to manufacturer 2 million or more remdesivir treatment courses cumulatively in 2020, and its revenue outlook reflects expected sales of up to 1.5 million courses this year.

The company said it has launched a clinical trial of an inhaled formulation of remdesivir, with the aim of more effectively delivering the drug to lung tissue. Gilead also plans to study the drug in patients with earlier-stage COVID-19.

The U.S. National Institute of Allergy and Infectious Diseases is currently conducting a trial of remdesivir in combination with Olumiant, an arthritis drug from Eli Lilly & Co, and those results are expected next month.

So far, only remdesivir and the generic steroid dexamethasone have been shown in rigorous clinical trials to help patients with COVID-19.

(Reporting By Deena Beasley and Michael Erman; Editing by Bill Berkrot and Leslie Adler)