October 01, 2020

Business

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Tesla cuts starting price for China-made Model 3 vehicles by 8%
Business

U.S. electric vehicle maker Tesla Inc <TSLA.O> cut on Thursday the starting price for its China-made Model 3 vehicles by around 8% to 249,900 yuan ($36,805.21) after receiving Chinese subsidies for electric vehicles, according to its China website.
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H&M profit tops forecast as recovery gathers strength
Business

H&M, the world's second-biggest fashion retailer, said on Thursday sales continued to recover in September as it reported a fiscal third-quarter profit that was slightly higher than a preliminary reading and analyst expectations.
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BP sacks crude oil staff amid probe into China dealings
Business

BP <BP.L> has terminated four trading and operations staff responsible for Chinese crude oil sales as a result of an internal investigation into trades with Singapore's Hontop Energy, three people familiar with the matter said.
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China's Recovery Is 'So Much Government-Led': Natixis
Business

Sep.30 -- Alicia Garcia Herrero, chief Asia Pacific economist at Natixis, discusses the outlook for the region's economies including China and Japan. She speaks with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia."
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Filmmakers appeal to Congress to save movie theaters
Business

Industry groups in Hollywood appealed to Congress on Wednesday in hopes to help save movie theaters in the U.S. that have been crushed financially during the months-long coronavirus pandemic.DISNEY TO LAY OFF 28,000 EMPLOYEESThere are few industries that have suffered as much as movie theaters and groups representing movie studios wrote in a letter to lawmakers that these cinemas “may not survive the impact of the pandemic.”The Los Angeles Times reported that cinemas in major markets are still closed due to local restrictions.Analysts estimate that 93% of theaters saw a 75% drop in revenue. These cinemas employ 150,000 people across the country, the report said.Entertainment Weekly reported that some of the most influential players in the movie industry signed the letter appealing for financial assistance to movie theaters.
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Tokyo trading stops over system failure
Business

Trading on the Tokyo Stock Exchange came to a halt on Thursday because of a problem in the system for relaying market information.The Tokyo Stock Exchange said that all trading was stopped because of the problem, and will not resume for the rest of the day. It was unclear when it would be resolved and the system would be operating again.Details on the Tokyo trading problems were not immediately available. Japan's nationally circulated Asahi newspaper, without citing sources, said the cause was likely a mechanical failure.The Tokyo Stock Exchange is the world's third largest bourse after the New York Stock Exchange and Nasdaq, with market capitalization of nearly $6 trillion.Previous outages occurred when the “arrowhead" system created by Fujitsu to handle its electronic trading became overwhelmed with too many orders at one time.
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Vanguard to close most of its institutional business in Australia; focus on retail
Business

Vanguard Group Inc said on Wednesday it will close most of its business managing money for institutional investors and large pension funds in Australia and New Zealand, and focus on serving retail clients.
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European Banks Are Uninvestable: State Street’s Veitmane
Business

Oct.01 -- Marija Veitmane, senior multi-asset strategist at State Street Bank, discusses her investment strategy for European Banks and outlook for risk assets. She speaks on “Bloomberg Daybreak: Europe.”
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Hollywood’s Limousine businesses in limbo as pandemic causes financial hit
Business

If ridesharing wasn’t already eating into the profits of the limousine and livery car business in Los Angeles, the coronavirus pandemic has seemingly rendered such services obsolete in the new age of social distancing.“This was not on any of our business plans. Terrorist attacks, stock crashes, all that stuff, we had a backup for 90 days to 120 days for our business, but not with things like a pandemic,” KLS Worldwide Chauffeured Services founder Alex Darbahanin recently told The Hollywood Reporter. “Imagine your company making $2.5 million a month; suddenly, the next day you wake up and your company is making $340,000. That’s a huge hit,” Darbahani said of the grave downturn that has forced KLS to lay off 75% of its staff.The drastic lapse in business can be felt across the board and local limousine companies throughout the city reported their businesses have taken an 80 to 85% hit in the past six months.
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Tokyo Stock Exchange suspends day's trade after worst-ever system glitch
Business

Share trading in Japan was suspended for the entire day on Thursday after the Tokyo Stock Exchange suffered its worst technical outage in history, leaving investors unsure when trading will resume in the world's third-largest stock market.
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United Airlines said the aid impasse impacts 13,000 workers
Business

The White House failed to agree on a broad pandemic relief package that includes more federal aid for airlines as a deadline loomed.That means airlines will begin furloughing employees as early as Thursday.United Airlines said the impasse forced it to furlough 13,000 workers.Airline employees and executives made 11th-hour appeals this week to Congress and the Trump administration to avert furloughs when a federal prohibition on layoffs — a condition of an earlier round of federal aid — expires Thursday.The passenger airlines and their labor unions are lobbying for taxpayer money to pay workers for six more months, through next March. Their request is tied up in stalled negotiations over a larger pandemic relief measure.MNUCHIN, PELOSI MAKE LAST-DITCH PUSH FOR CORONAVIRUS RELIEF DEAL AHEAD OF NOVEMBER ELECTION
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Despite AOC call for probe, Peter Thiel-backed tech firm goes public, hits $22B valuation
Business

Palantir Technologies, a data analytics firm co-founded by billionaire entrepreneur Peter Thiel, reached a valuation of $22 billion Wednesday after debuting on the New York Stock Exchange, according to reports.The milestone for the Denver-based company came despite a call from U.S. Rep. Alexandria Ocasio-Cortez earlier this month for the company to be investigated over the handling of data it collects about private citizens, and for its dealings with some foreign governments, including that of Qatar.The New York Democrat spelled out her concerns Sept. 17 in a letter to the Securities and Exchange Commission – then reiterated her call late Wednesday in a one-sentence Twitter message.“Palantir needs to be investigated,” she wrote.PALANTIR CEO RIPS SILICON VALLEY'S VALUES AS THE PETER THIEL-BACKED COMPANY PREPARES TO GO PUBLIC
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Chrissy Teigen suffers miscarriage after being hospitalized
Business

Chrissy Teigen announced Tuesday night that complications resulted in the loss of her pregnancy in a heartbreaking post on social media.The cookbook author, 34, was expecting a baby boy with husband John Legend and was hospitalized over the weekend due to constant bleeding.Teigen shared the devastating news on Instagram on Wednesday, alongside a black-and-white photo of herself sitting on a hospital bed, crying.CHRISSY TEIGEN HOSPITALIZED, UPDATES FANS ABOUT 'SCARY' PREGNANCY ISSUES"We are shocked and in the kind of deep pain you only hear about, the kind of pain we’ve never felt before. We were never able to stop the bleeding and give our baby the fluids he needed, despite bags and bags of blood transfusions. It just wasn’t enough," she began."We never decide on our babies’ names until the last possible moment after they’re born, just before we leave the hospital," added the former model. "But we, for some reason, had started to call this little guy in my belly Jack. So he will always be Jack to us. Jack worked so hard to be a part of our little family, and he will be, forever."
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Oil prices gain on renewed U.S. stimulus hopes
Business

Oil prices rose on Thursday as renewed hopes for U.S. fiscal stimulus provided support but worries over rising infections hampering fuel demand could cap gains.
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How Sovereign Funds Are Reshaping Investment in Digital Economy
Business

Sep.30 -- Winston Ma, adjunct professor at New York University School of Law, discusses sovereign wealth funds and their importance in today’s markets. He speaks on “Bloomberg Markets: China Open.”
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Trading halted on Tokyo Stock Exchange after system error
Business

A spokesman for the exchange’s operator, Japan Exchange Group Inc., said that there were no signs of hacking and that the issue involved the system that...
DailyHum News
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Hyundai's U.S. sales rise 5% in September
Business

South Korean automaker Hyundai Motor Co <005380.KS> said on Thursday its U.S. sales rose 5% in September, led by a quick recovery in demand for its high-profit SUVs.
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Oil stable on U.S. stimulus hopes but demand fears linger
Business

Oil prices were steady on Thursday as renewed hopes for U.S. fiscal stimulus provided support but concerns over rising infections hampering fuel demand capped gains.
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China’s Golden Week Consumer Test
Business

Sep.30 -- Deborah Weinswig, chief executive officer at Coresight Research, discusses China’s Golden Week, the Chinese consumer and how the pandemic may impact the holiday. She speaks on “Bloomberg Daybreak: Asia.”
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