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That Recession Everyone Was Scared of Just Got Priced Out By a Record Stock Rally

(Bloomberg) — Should American investors, $6 trillion richer after the stock market’s best year in six, take shelter now, convinced a reckoning is at hand and the good times won’t last? As far as earnings, the economy and equities themselves are concerned, the answer is no.Or at least, not necessarily. Past performance isn’t always indicative of future results. But if you’re looking at the size of this year’s gains and deciding they somehow doom 2020 to being a disaster, history suggests a more nuanced approach is called for.Good stretches in stocks are not usually followed by bad ones. When the …read more […]

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Turkey Tweaks Rules for Banks in Boost for Official Reserves

(Bloomberg) — The Turkish central bank raised reserve requirement ratios for foreign currency deposits and participation funds by 200 basis points in a step that will mop up foreign currency liquidity from the market.Reserve requirement ratios for foreign currency deposits at notice, with no fixed term and for maturities ranging from one month to a year, were raised to 19% from 17%, according to a ruling published by the nation’s official gazette on Saturday. Ratios were raised to 15% from 13% for foreign currency deposits dated more than a year.Treasury and Finance Minister Berat Albayrak previously hinted that policy makers …read more […]

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Australia Hit by Extreme Heatwave, Escalating Wildfire Threat

(Bloomberg) — Australia is in the grip of another heatwave with temperatures forecast to soar over the weekend, exacerbating deadly wildfires that have ravaged the nation for months.Severe heat will spread across the southeast of the country over the next few days, building to “extreme” conditions in some areas, according to the Bureau of Meteorology. Parts of western Sydney are expected to reach 45 degrees Celsius (113 degrees Fahrenheit) by New Year’s Eve.The intense weather could worsen blazes that have already burnt out more than 6 million acres of forest and bush land — and area larger than New Jersey …read more […]

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Don Imus, U.S. Radio-Show Host Who Thrived on Shock, Dies at 79

(Bloomberg) — Don Imus, a U.S. talk-radio host famed for his verbal grenades and jocular interviews with prominent figures in the media, politics and sports, has died. He was 79.Imus died Friday morning at the Baylor Scott & White Medical Center in College Station, Texas, according to a statement from publicist Matthew Hiltzik. With a weekday morning show on radio and cable television for more than 40 years, Imus had a career that spanned generations of on-air formats.From his early days in New York as a song-spinning disc jockey who often asked female callers if they were naked, Imus thrived …read more […]

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Apple Sued by New York Doctor Over Watch’s Heart Technology

(Bloomberg) — A New York University cardiologist claims Apple Inc.’s Watch uses his patented heartbeat-monitoring invention and he wants compensation.Dr. Joseph Wiesel, who teaches at NYU School of Medicine, filed a suit Friday against the tech giant, in federal court in Brooklyn. Wiesel claims the Apple Watch infringes his patent for a method to detect an irregular heartbeat.Apple promotes a feature in the watch that can measure the wearer’s heart rate and can provide notifications of an irregular pulse. The Wearables segment, which includes the Apple Watch, Apple TV and Beats headphones, is the company’s fastest-growing category and generated more …read more […]

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Tesla Set to Deliver First China-Built Car in Milestone for Musk

(Bloomberg) — Tesla Inc. will start delivering China-built cars on Monday, a major milestone for Elon Musk’s company as it expands in the world’s largest electric-vehicle market.The first 15 units of Model 3 sedans assembled at Tesla’s new multi-billion-dollar Shanghai plant — its first outside the U.S. — will be delivered to company employees on Dec. 30, capping several months of wins for Musk. The latest came Friday, when the locally built car was included on a list of vehicles qualifying for an exemption from a 10% purchase tax in China.The shares closed little changed at $430.38 on Friday. The …read more […]