February 25, 2020

Business

DailyHum News
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Pandemic fears jolt stock markets, bonds rally
Business

TOKYO (Reuters) - Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a coronavirus pandemic jolted Wall Street yet again and pushed yields on safe-haven Treasuries to record lows. The S&P 500 and the Dow Jones Industrial Average both shed more than 3% on Tuesday in their fourth straight session of losses. That led MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.1%. Japan was among the worst-performing market in the region, weighed by growing concerns the virus could force the cancellation of the Tokyo Olympics. Euro Stoxx 50 futures were down 0.36%, German DAX futures fell 0.53%, while FTSE futures were off 0.4%. Yields on 10-year and 30-year U.S. Treasuries teetered near record lows and gold rose as worries about the economic impact of the virus outbreak boosted safe-haven assets.
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Democrats have become socialists: Sen. Rick Scott
Business

Sen. Rick Scott, R-Fla., explains why socialism is a failed system and says President Trump will have 'a big win' in his state.
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Why Japanese baseball fans are as riveting as the game itself
Business

Baseball, known locally as yakyuu (or literally "field ball"), is a national phenomenon in Japan. Masaoka Shiki, one of Japan's four great haiku masters, wrote several poems praising it. Osaka's most infamous urban legend centers around it. It's even more popular than the nation's native sumo.According to data published by Japan's Central Research Services in 2018, 48% of respondents cited baseball as their favorite sport. Sumo wrestling and soccer were well behind, tied for second place at around 25% each.Baseball was introduced to Japan in 1872 by an American English teacher named Horace Wilson who taught at Tokyo's Kaisei Academy. This was at the start of the Meiji era (1868-1912), a period during which adopting customs and practices from the West was highly in vogue.
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Asian markets continue to pull back on fears of growing global outbreak
Business

Asian markets declined in early trading Wednesday following another sharp selloff on Wall Street as the global spread of the coronavirus outbreak continued to rattle traders.Japan’s Nikkei NIK, -0.90%   sank 0.7%, and Hong Kong’s Hang Seng Index HSI, -0.49%   dipped 0.5%. The Shanghai Composite SHCOMP, +0.30%   edged up 0.3%, while the smaller-cap Shenzhen Composite 399106, -0.79%   fell 0.8%. South Korea’s Kospi 180721, -0.78%   retreated 1%. Stocks ticked up in Malaysia FBMKLCI, +0.38%  , but fell in Taiwan Y9999, -0.55%  , Singapore STI, -0.94%   and Indonesia JAKIDX, -0.84%  . Australia’s S&P/ASX 200 XJO, -2.39%   tumbled 2.3%. Among individual stocks, SoftBank 9984, -1.19%  , Sony 6758, -2.16%  and Inpex 1605, -3.35%  dropped in Tokyo trading. In Hong Kong, AAC 2018, -2.63%   and Sunny Optical 2382, -1.95%   fell, along with China Mobile 941, -2.17%  . Samsung 005930, -1.73%   declined in South Korea, while Beach Energy BPT, -3.89%   and Rio Tinto RIO, -1.79%   fell in Australia.
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First U.S. soldier in South Korea tests positive for coronavirus; towns sealed off in northern Italy
Business

SEOUL, South Korea — South Korea has reported 169 more cases of a new virus, mostly in the southeast city of Daegu and nearby areas, bringing its total number of infections to 1,146.South Korea’s Centers for Disease Control and Prevention said Wednesday that 134 of the new cases were confirmed in Daegu, where the government has been mobilizing public health tools to contain the virus. Another 19 cases came from the neighboring North Gyeongsang Province towns.The country has also reported 11 fatalities from the virus, mostly at a hospital in the county of Cheongdo, near Daegu. Many of the cases have been tied to a Daegu church and authorities were tested its local members.The U.S. Centers for Disease Control and Prevention earlier called for Americans to be prepared for the illness to spread there, adding new urgency to response efforts that had long focused on China and its Asian neighbors.
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Democrats find common ground at debate — bashing Bernie Sanders
Business

CHARLESTON, S.C. — Democrats unleashed a roaring assault against Bernie Sanders and seized on Mike Bloomberg’s past with women in the workplace during a contentious debate Tuesday night that tested the strength of the two men at the center of the party’s presidential nomination fight. As the undeniable Democratic front-runner, Sanders faced the brunt of the attacks for much of the night, and for one of the few times, fellow progressive Elizabeth Warren was among the critics. The Massachusetts senator pressed the case that she could execute ideas that the Vermont senator could only talk about.“Bernie and I agree on a lot of things,” she said. “But I think I would make a better president than Bernie.”
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Sanders blasts Trump’s coronavirus response: ‘This great genius’ says it’s ‘going to end in two months’
Business

Several Democratic White House hopefuls at Tuesday night’s debate criticized how President Donald Trump is handling the coronavirus outbreak, with Sen. Bernie Sanders making fun of Trump’s statement two weeks ago that it could go away in April.Sanders, the Democratic front-runner, offered the following sarcastic comment:In talking about dealing with the virus, the veteran Vermont lawmaker called for expanding the World Health Organization and fully funding the Centers for Disease Control and Prevention and the National Institutes of Health.His comments came as seven Democratic presidential hopefuls debated in South Carolina ahead of the state’s primary on Saturday. The clash took place after the Dow Jones Industrial Average DJIA, -3.15%plunged in Tuesday’s session as U.S. health officials warned Americans to prepare for a coronavirus outbreak.
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Ahead of Super Tuesday, Hunter Biden seeks to delay child support deposition
Business

Hunter Biden asked an Arkansas court Tuesday to postpone his deposition in an ongoing child support dispute until April 1, a date that falls after Super Tuesday and other key primaries for his father Joe Biden’s presidential campaign.A court filing from Hunter Biden’s attorney detailed correspondence between his legal team and that of Lunden Roberts, the mother of Hunter Biden’s child. Roberts’ representative sought to hold the court-ordered deposition on either March 3rd, the same date as the Super Tuesday slate of primaries, or on March 5 in Little Rock, Arkansas. Roberts’ attorney said she would pick the date if Biden didn’t decide by Feb. 18.Biden’s legal team responded shortly before the Feb. 18 deadline, noting that his client “cannot be available” prior to April 1. Roberts’ attorney followed up with a filing on Monday calling for Biden to appear for the deposition on March 5, despite his team’s protest.
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China factories struggle to get back online amid virus outbreak
Business

BEIJING — Factories that make the world’s smartphones, toys and other goods are struggling to reopen after a virus outbreak idled China’s economy. But even with the ruling Communist Party promising help, companies and economists say it may be months before production is back to normal. The problem is supply chains — the thousands of companies that provide components, from auto parts to zippers to microchips. China’s are famously nimble and resourceful, but they lack raw materials and workers after the most intensive anti-disease measures ever imposed closed factories, cut off most access to cities with more than 60 million people and imposed travel curbs.In smartphones, an industry that relies on China to assemble almost all its handsets, some components suppliers say production is as low as 10% of normal levels, according to Nicole Peng of Canalys, a research firm.
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Bloomberg Money Undercover (02/25/2020) - Full Show
Business

Feb.25 -- Alternative investments is where the big money is being made. "Bloomberg Money Undercover" puts the spotlight on the world of private debt, equity and real estate. Host Lisa Abramowicz takes you inside the industry where investors are pouring money into the private market at an unprecedented level.
DailyHum News
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Disney's Iger, Chapek Discuss Management Change, Strategy
Business

Feb.25 -- Walt Disney Co.'s Bob Iger and Bob Chapek talk about the management change and the company's strategy. Disney named Chapek as its new chief executive officer, abruptly ending years of speculation over who would succeed Iger atop the world’s largest entertainment company. They speak with Emily Chang on "Bloomberg Markets."
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Study Finds Breast Cancer Risk Can Rise by 50% for Women Who Drink a Cup of Milk Every Day
Business

A new study released this month in the International Journal of Epidemiology has found that women who drink milk every day may be at an elevated risk of developing breast cancer. The observational study followed 52,795 women in North America over a period of 7.9 years, and one of the key findings, according to the study's author, Dr. Gary Fraser, was that "by drinking up to one cup per day, the associated risk went up to 50 percent, and for those drinking two to three cups per day, the risk increased further to 70 percent to 80 percent."Researchers found that soy products, however, weren't associated with a higher risk of breast cancer.By the end of the study, there were 1,057 women diagnosed with breast cancer, or about 2% of the total women in the study. Currently, there's about a 13% risk that an American woman will develop breast cancer at some point during her life.  
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Panasonic poised to withdraw from solar cell production at Tesla's NY plant: sources
Business

TOKYO/LOS ANGELES (Reuters) - Japan’s Panasonic Corp (6752.T) is considering pulling out of solar cell production at Tesla Inc’s (TSLA.O) plant in New York, said people with direct knowledge of the matter, raising uncertainty over the U.S. firm’s struggling solar business. The move would come as the Japanese electronics company scrambles to divest of unprofitable businesses as its strategic shift to components from consumer electronics struggles to drive profit growth. Panasonic will retain its automotive battery joint venture with the U.S. electric vehicle maker in the U.S. state of Nevada, which just reported its first quarterly profit after years of production troubles and delays, one of the people said.
DailyHum News
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Asian shares slump, bonds rally as virus fears grow
Business

TOKYO (Reuters) - Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows. The S&P 500 .SPX and the Dow Jones Industrial Average .DJI both shed more than 3% on Tuesday in their fourth straight session of losses. That led MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS down 1.28%. Japan was among the worst-performing market in the region, weighed by growing concerns the virus could cancel the Tokyo Olympics. Yields on 10-year and 30-year U.S. Treasuries teetered near record lows and gold rose as worries about the economic impact of the virus outbreak boosted safe-haven assets.
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Why the Democratic debate sounded like a WWE match
Business

The monumental impact of Mike Bloomberg’s wallet has completely upended the Democratic primary in recent weeks, spending over half a billion dollars to blanket the country with ads on TV, online, and billboards. And tonight, the former NYC mayor was able to jolt the Democratic debate in South Carolina, where the audience at Gaillard Center Performance Hall was made up of quite a few loud and boisterous Bloomberg supporters who cheered almost every policy or accomplishment touted by their candidate and vigorously booed even the most anodyne comments made by his progressive rivals Bernie Sanders and Elizabeth Warren.Questions about whether the Bloomberg campaign paid supporters to fill the audience dominated Twitter all night, though the campaign insisted that wasn’t the case:Voters who wanted a guaranteed ticket to the debate had to pay thousands of dollars as a sponsor—the prices of which range from $1,750 to $3,200 each to attend multiple “First in the South” events, according to WCSC. Tickets are first distributed to organizers, which were the Democratic National Committee, the Black Caucus Institute, CBS, and Twitter, and then to the campaigns.
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Toyota leads latest round of funding for autonomous driving startup Pony.ai
Business

The autonomous driving firm Pony.ai pulled in a large amount of cash in its latest funding round, helped by Toyota.The company raised $462 million, with Toyota investing around $400 million, according to Reuters.The latest round values the three-year-old Silicon Valley-based firm at slightly more than $3 billion.Other investors include Sequoia Capital China and Beijing Kunlun Tech Co.Reuters reported the funding earlier on Wednesday, citing people familiar with the matter.GM DEBUTS AUTONOMOUS CAR WITHOUT A STEERING WHEELToyota is just one of the latest automakers to pour money into developing self-driving vehicles.The latest funding will support Pony.ai's future robotaxi operations and technology development, according to Reuters.CLICK HERE TO READ MORE ON FOX BUSINESS
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Opinion: SmileDirectClub pokes a hole in its growth bubble
Business

Executives at the controversial SmileDirectClub Inc. lowered the outlook for the company’s future revenue-growth rate Tuesday, letting even more air out of the company’s once bubble-like stock price.Earlier on Tuesday, David Katzman, chief executive of the lower-cost, mail-order teeth-aligner company said in SmileDirectClub’s SDC, -4.06%  fourth-quarter earnings statement that he had made a decision to “control the company’s growth rate,” in order to provide the best consumer experience and to become profitable, on an adjusted basis, in 2020. For the fourth quarter, SDC’s results came in slightly below expectations, and combined with its outlook, fueled a 20% plunge in its shares in after-hours trading.
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Trump, Modi hope talks lead to phase one of U.S.-India trade deal: White House
Business

(Reuters) - U.S. President Donald Trump and Indian Prime Minister Narendra Modi have agreed to “promptly” conclude ongoing trade talks that they hope can lead to the first phase of a bilateral U.S.-India trade deal, the White House said. "They (Trump and Modi) agreed to promptly conclude the ongoing negotiations, which they hope can become phase one of a comprehensive bilateral trade agreement that reflects the true ambition and full potential of the bilateral commercial relations", the White House said bit.ly/37YDP4q late on Tuesday, giving no details on what would be included in the deal. The statement follows Trump’s visit to India on Feb. 24-25. Reporting by Kanishka Singh in Bengaluru
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The IPO Market is 'Shutting Down' Due to the Virus: Renaissance Capital's Smith
Business

Feb.25 -- On "Bloomberg Money Undercover", Bloomberg's Lisa Abramowicz talks with Kathleen Smith, founding principal at Renaissance Capital. They discuss private company valuations, and the IPO market in the wake of coronavirus volatility.
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Coinbase Releases its Plan for the Coronavirus Spread
Business

Every day there are new stories of travel disruptions and public gatherings in Asia being cancelled due to the threat of the COVID-19 virus, AKA the coronavirus. Cryptocurrency and traditional markets have also been affected, with Bitcoin dropping 3% in value due to the virus being detected in Italy. When it comes to crypto exchanges handling the spread of the virus, Coinbase is preparing for the worst case scenario. According to a document shared publicly by CEO Brian Armstrong, Coinbase is preparing a four-tier escalation response to COVID-19. Each phase of the plan will be triggered by an increase in the number of people infected with the coronavirus or local governments responding with quarantines in close proximity to Coinbase offices. Three phases of Coinbase’s responseOnce there have been more than 100 cases of “in-the-wild person-to-person virus transmission”, Phase 1 will take effect. Coinbase’s plan includes minor measures like increasing the frequency of cleaning their offices and restricting “office visitors to essential personnel only.” However, it also gives employees the option of working from home.
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Outdoor Voices founder Tyler Haney resigns after being forced out as CEO
Business

Outdoor Voices founder Tyler Haney is leaving her company just days after its board reportedly forced her to step down as CEO. The 31-year-old was widely considered to be the public face of the direct-to-consumer athleisure brand, which she launched in 2013. Haney combined entrepreneurial hustle with social media prowess to build Outdoor Voices into a major player in the sports apparel space, becoming a minor celebrity in her own right. Behind the scenes, however, reports indicated the startup was burning through cash at an astonishing rate—and struggling to raise more.Haney submitted her resignation Tuesday morning on Slack, BuzzFeed News reports. “You all know how much I value and I am incredibly proud of the brand community and team we have built together to get the world moving over the last six years,” she wrote. “This has been one of the most rewarding experiences of my life and I am so grateful to each and every one of you. THANK YOU. Sending all of my love. The future is bright and it’s yours for the taking.”
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AI computing startup SambaNova raises $250 million in BlackRock-led funding
Business

(Reuters) - Artificial intelligence computing firm SambaNova Systems said on Tuesday it has raised $250 million in a funding round led by BlackRock Inc to expand its customer base, reflecting investors’ appetite for the market. Investors in the Series C funding round included the venture capital arms of both Intel Corp and Alphabet Inc, Walden International, WRVI Capital and Redline Capital. The Palo Alto, California-based company, which was launched in 2017, said it is building an advanced systems platform to run AI and data-intensive applications. Reporting by Sanjana Shivdas in Bengaluru; Editing by Sherry Jacob-Phillips
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Hong Kong plans $15 billion spending to support its economy amid coronavirus outbreak
Business

The Hong Kong government has announced 120 billion Hong Kong dollars ($15.4 billion) worth of measures to support its economy, which has been dragged down by pro-democracy protests and the new coronavirus outbreak.That planned spending would result in "a record high deficit" for the coming financial year, Hong Kong's Financial Secretary Paul Chan said in his budget speech on Wednesday."Since January 2020, Hong Kong has come under the threat posed by the novel coronavirus outbreak, which further dealt a blow to the economy. We must take decisive measures to tackle the situation," he said.Chan outlined measures to help businesses, workers and households weather additional economic challenges posed by the virus outbreak. They include:
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Majority of people find air travel more stressful than work
Business

More than half of recent flyers who have journeyed on a commercial airline in the last two years, think the process of air travel is more stressful than going to work, according to a new study from the online travel resource The Points Guy. This included a combination of ticket bookings, packing, commute to the airport, the flight itself and more.Only 17 percent of the study’s respondents said they found work more stressful than air travel instead.HERE ARE THE CHEAPEST DAYS TO FLY"More than half of recent flyers think air travel is more stressful than going to work — but getting on a plane shouldn't feel like an inconvenience,” said Melanie Lieberman, a senior travel editor at The Points Guy. “Fortunately, there are a ton of tools travelers can use to improve the air travel experience. You might even have a credit card in your wallet that gets you early boarding or a better seat.”
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