MARKET REPORTS 

Vietnam Was Crushing the Coronavirus – Now It’s Got a New Outbreak

Vietnam is once again getting a report of a deadly virus; and it’s a coronavirus that’s killed some 360 people in East Asia since 2002. This time it’s a coronavirus from Saudi Arabia that scientists call “Naegleria fowleri”, meaning “water spout” in Hawaiian. Like other coronaviruses, it’s an animal reservoir, meaning this kind of virus tends to thrive in drinking water. Sadly, this is not the first time this deadly mosquito-borne virus has hit Vietnamese people in recent months. Yet despite the multiple cases that have occurred in Vietnam, scientists…

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MARKET REPORTS 

Wall Street Shrugs After Big Tech CEOs Face Congress

The Big Tech testifying CEOs must not be confused with crickets chirping. Last year, only Apple, Google, Facebook and Microsoft participated in the second year of the Congressional hearing that lawmakers mandated. What was most remarkable about the result was that even with severe questions for their businesses, all four of the executives were supported by the industry in Washington. At this year’s hearing, Intel, Apple, Google, Amazon and Microsoft, each with their own enormous revenues and lobbying strengths, could only muster five CEOs or less. Senators expressed their frustrations…

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Big Tech Painted as The Railroad Barons of the Digital Age in Antitrust Hearing

In early May, Senator Amy Klobuchar convened a Senate Judiciary Committee antitrust panel to discuss how Google and other dominant internet companies “squeeze” smaller tech competitors and take advantage of consumers in the name of profits. “These technological giants–which have vastly consolidated search, cloud computing, and social media–are abusing their power,” said Senator Klobuchar during the May 2, 2019 hearing. “Google, Facebook, and Amazon have in effect grown to be the railroad barons of our digital age–making it next to impossible for technology entrepreneurs to reach broad audiences.” The committee…

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MARKET REPORTS 

Peugeot Vows ‘Solid Rebound’ After Profit Pummeled

French carmaker PSA Group vowed to bounce back after plunging profits and warnings on 2019 sales caused an unprecedented shareholder revolt against its strategy. Under a new strategic plan unveiled last year, PSA admitted the losses it posted in 2017 were “not acceptable” and promised a return to profitability by 2020. Now, Chief Executive Carlos Tavares has spoken of a “solid recovery” and promised that two thirds of the total savings and investments will be reinvested into the business. “There is no improvement as expected in Europe for the next…

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MARKET REPORTS 

Two Automakers Are Vying for the Historic Hispano-Suiza Nameplate

This week, two automakers of Mexican heritage — Mazda and Honda — submitted names to the Mexican state government for the nation’s most famous automotive brandplate, the Hispano-Suiza or “hometown Mazda.” The Mexican Auto Registry first published the names of the two potential licensees on its website on Monday. On Tuesday, Mazda submitted its name. On Wednesday, Honda followed suit. Mexico’s Automobile Market Heritage Holder (AMHR) — a holding company for hispano-suiza brandplates such as the Mazda MX-5, Ford Mustang and Volkswagen GTI — is currently mulling the proposed licensees.…

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MARKET REPORTS 

Trump is losing big to Biden in voter polls. Here’s how this will likely play out on Election Day

The first way is what I refer to as the “Greek Option.” This is a name given to the scenario that the Trump administration will lose the House. Greece has a presidential system of government, meaning that the president is an elected leader of the United States, but their responsibility is to the body directly below him in the executive branch (whether it’s the Senate or the House). When a president is elected, some of the powers of his office are removed. If the president wins a majority of the…

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MARKET REPORTS 

American Airlines Gets an Upgrade as Carriers Cut Flight Schedules

American Airlines has announced it will be removing 259 daily departures from its schedule by the end of 2020 as it looks to reduce the size of its fleet. This is part of the “best-in-class” fleet renewal program the carrier announced in November 2018, which aims to acquire 67 new aircraft by 2023. Additionally, the airline plans to modernize its Boeing 737 aircraft by 2020 to better compete with large Gulf carriers. The new 737s will have a more efficient airframe and are expected to reduce maintenance costs. These new…

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MARKET REPORTS 

Unilever Profit Climbs in First Half

Unilever has reported a 9.7 percent jump in underlying earnings for the first half of the year, alongside a 12 percent rise in like-for-like sales. In a statement, Unilever said underlying operating profit in the six months to 30 April increased to €4.5 billion (£4.2 billion), from €4.2 billion last year. In the UK and Ireland, underlying earnings per share grew 20 percent, “helped by a strong operating performance, together with reduced taxes and share-based payments,” Unilever said. The company said that its revenue and like-for-like growth benefited from the…

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MARKET REPORTS 

New York Times to Acquire Podcaster Serial Productions

The New York Times will buy podcast production company Serial Productions, the company’s executive vice president David Pogue announced on Twitter. The acquisition comes after the New York Times published an audio app called NYT Now and is on top of NYT Co.’s recent purchase of The Daily, a daily newsletter started by David Pogue in 2014. Pogue, a technology journalist and author, confirmed the acquisition and said it would provide more support to the Post’s podcasts and news sites, including NYT Now, The Atlantic, Eater, The New Yorker, and…

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MARKET REPORTS 

The Dow’s Rally Was About More Than Pfizer’s Vaccine

On Wednesday, US stocks began to sputter amid rising global trade tensions and concerns the Federal Reserve may raise interest rates faster than investors are anticipating. A sagging oil market hurt large energy firms, with the benchmark S&P 500 suffering its biggest drop in 10 months. Investors also fretted that trade wars would depress global growth and hurt corporate profits. However, the Dow Jones Industrial Average managed to keep its momentum going as its rally lasted more than an hour, finishing the day up nearly 2%. Investors shrugged off uncertainty…

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