Month: October 2020

As big U.S. commercial banks close their books on the third quarter, analysts expect them to report a 30% to 60% plunge in profits on the year-ago period due to the pandemic-induced recession and near record low interest rates. Citigroup Inc and Wells Fargo & Co, the third- and fourth-biggest U.S. banks by assets respectively, will report net income down by about 60%, according to I/B/E/S analyst survey data from Refinitiv. Investment banks Goldman Sachs Group Inc and Morgan Stanley, which are benefitting from being more concentrated in the busy capital markets, are expected to report more modest …read more […]

SMITHS FALLS, ON and NEW YORK, Oct. 1, 2020 /CNW/ – Canopy Growth Corporation (“Canopy Growth”) (TSX:WEED) (NYSE:CGC) and Acreage Holdings, Inc. …read more […]

We looked at his chest. It was the best thing we ever saw.
It was moving.
A few seconds later, his eyes came back to life – first looking to the right and then coming around and locking in on our own.
It’s as if his big, wide eyes were asking the biggest question of their life.
“What happened?”
We went fly-fishing with a good pal and got much more than we expected. In one instant we were casting and chatting. In the next, we watched as he splashed lifeless into the water – one half of his face on the river’s muddy edge… the …read more […]

Palantir has attracted criticism for how it seeks to use its data-mining technology, but it’s not a new issue, says Jon Lonsdale, the company’s co-founder. …read more […]

When you buy shares in a company, it’s worth keeping in mind the possibility that it could fail, and you could lose… …read more […]

(Bloomberg) — The pound tumbled after a report that Brexit talks were failing to close differences and as the European Union planned legal action against the U.K., dashing hopes the two sides could move toward a trade deal this week.Sterling snapped a three-day winning streak after news that the U.K. and EU remain split on the issue of state aid, a sticking point in the negotiations. The currency deepened losses after a report that the EU would take the first step in a legal process against the U.K. for breaching the terms of its withdrawal agreement from the bloc.The impasse …read more […]

The US economy likely saw yet another historically high number of first-time unemployment insurance claims filed last week, as the coronavirus pandemic continues to strain the labor market. …read more […]

(Bloomberg) — Rolls-Royce Holdings Plc unveiled a long-awaited financing plan, targeting up to 5 billion pounds ($6.5 billion) of fresh capital to buttress the U.K. jet-engine-maker against an historic aerospace downturn that still has years to go.The London-based company will tap existing shareholders for 2 billion pounds in a rights issue, and is seeking to borrow a further 3 billion pounds in bonds and loans, it said in a statement Thursday. Rolls-Royce shares fell as much 11%, extending a months-long decline, while its euro bonds jumped by the most since they were issued.The funding is aimed at seeing Rolls-Royce through …read more […]

Delta Air Lines is among airlines Boeing Co has approached to buy dozens of 737 MAX jets built for clients that have since scrapped their orders or gone bust, two people familiar with the matter said. As the 737 MAX edges closer to commercial flight after an 18-month grounding, Boeing is scrambling to find buyers for the so-called “white tails” – jets painted white, awaiting an airline livery, or whose color schemes need to be swapped. The 737 MAX’s ban following two fatal crashes had already caused some carriers to walk and the number of unsold jets has …read more […]

(Bloomberg) — Manufacturing in the euro zone expanded at the fastest pace in more than two years thanks to a strong upturn in Germany, with a sharp pickup in trade helping to pull the economy out of the coronavirus recession.While Asia’s factories displayed fitful progress in September, the euro area saw output, new orders and confidence in business prospects all improve, according to an IHS Markit survey. At the same time, companies in the region continued to cut jobs — the latest sign that they remain skeptical that the current pace of recovery can be maintained.After a sharp initial rebound …read more […]

The Tesla Model 3’s Autopilot scored just 36 when assessed on its ability to maintain a driver’s focus on the road. In contrast, the Mercedes GLE’s system, which had the highest overall score of 174 and received the top rating of ‘very good’, received a score of 85 for driver engagement. The European New Car Assessment Program (NCAP), which worked with UK insurance group Thatcham Research, called the assessments the first consumer ratings specifically focused on driver assistance systems – technology that automates some tasks, including acceleration, braking and steering support. …read more […]

Shares in Bayer plunged 11% after it flagged that adjusted profit may slip next year and it may have to write down the value of agriculture assets by close to 10 billion euros ($11.7 billion). Bayer, which acquired seed maker Monsanto in 2018, said late on Wednesday that the impact of the coronavirus on the agriculture business will be more severe than originally expected because of competition in soy, lower biofuel demand and negative currency effects. The company now expects 2021 sales to come in at around the 2020 levels, with 2021 core earnings per share …read more […]

U.S. electric car maker Tesla cut the starting price of its Chinese-made Model 3 sedans on Thursday by about 8% to 249,900 yuan ($36,805), once Chinese subsidies for electric vehicles are taken into account, according to its China website. Previously, the starting price for Model 3 sedans made in Tesla’s Shanghai factory with a standard driving range was 271,550 yuan, after state purchase subsidies. …read more […]

(Bloomberg) — Bayer AG slumped after the agriculture and pharma giant said it would have to slash costs as the pandemic’s impact on farm commodities extends into next year, further undermining the rationale for its $63 billion purchase of Monsanto Co.The stock fell as much as 13% in German trading. Bayer, already reeling from a legal battle over its herbicide Roundup, late Wednesday said it would cut 1.5 billion euros ($1.8 billion) of annual costs and may also eliminate jobs and sell businesses.Chief Executive Officer Werner Baumann is confronting multiple challenges after getting his contract extended earlier this month. Besides …read more […]

After weeks of speculation, the plane engine maker will tap investors for money and issue new bonds. …read more […]