• Who wins, who loses in China's plans for a Greater Bay Area wealth management hub?
    South China Morning Post

    Who wins, who loses in China's plans for a Greater Bay Area wealth management hub?

    Banks that straddle China's borders look set to be the major beneficiaries of a new wealth management scheme catering to over 70 million people living in the Greater Bay Area.Meanwhile, private banking boutiques, brokers and insurance companies are effectively barred from selling products via the scheme, dubbed Wealth Management Connect, according to regulators and industry professionals.China's outline of the Wealth Management Connect pilot project, unveiled on June 29, was short on detail.But regulators and industry professionals' working plan is that only banks with a partner on the other side of the border will be eligible to sell wealth management products under the scheme, people familiar with the matter said.Hong Kong can benefit from the closer economic collaboration with the bay area, said Peter Wong, the deputy chairman and chief executive of Hongkong and Shanghai Banking Corporation Ltd, a unit of HSBC Plc. "We are already prepared for mainland investors to open mutual fund and investment accounts in Hong Kong," said Wong.HSBC is present in all 21 prefecture-level cities in Guangdong, and more than a third of its outlets in mainland China are located in the Guangdong Province.Financial institutions such as Bank of China, London-headquartered HSBC and Bank of East Asia (BEA) will be in a strong position as they have operations in both Hong Kong and the mainland, said Bruno Lee, chairman of the Hong Kong Investment Funds Association.For most banks, selling wealth management products in the bay area represents a growth opportunity at a time when business is flagging because of the economic fallout from the coronavirus and anti-government protests."BEA is well positioned to serve the different investment needs of our customers in the region," said Adrian Li Man-kiu, co-chief executive of BEA. BEA has 75 branches in Hong Kong and 25 branches in the nine cities in the bay area.The bay area is one of the world's largest banking clusters with revenues expected to reach US$185 billion by 2025, a 10.3 per cent compound annual growth rate, according to analysis by HSBC.Adrian Li Man-kiu, deputy chief executive, Bank of East Asia. Photo: Jonathan Wong alt=Adrian Li Man-kiu, deputy chief executive, Bank of East Asia. Photo: Jonathan WongHong Kong's investors are likely to be more active users of the Wealth Management Connect than mainlanders, at least initially, said analysts.Fixed income products are likely to be most in demand, given the widening interest rate spread versus offshore wealth management products. As the global hunt for yield accelerates with most of the developed world's interest rates around zero, mainland China's fixed-income wealth management products are looking increasingly attractive.Hong Kong investors already have access to the mainland's equity markets via a mutual recognition scheme called Stock Connect, but the fixed-income equivalent, Bond Connect is reserved for institutional investors only.This again puts banks such as HSBC and Bank of China (Hong Kong) in strong positions, as both have strong debt franchises and can work with their mainland China businesses to distribute products.Foreign banks from 13 countries and regions had established a total of 155 business institutions in Guangdong province, excluding Shenzhen, as of February.HSBC's Peter Wong sees potential in bay area. Photo: Jonathan Wong alt=HSBC's Peter Wong sees potential in bay area. Photo: Jonathan WongGoldman Sachs analysts highlighted China Merchants Bank and Ping An Bank, both headquartered in Shenzhen, as retail banks with strong networks in Guangdong. Both also have branches in Hong Kong.Privately owned banks had a 41 per cent share of mainland China's US$3 trillion market of wealth management products as of June last year, more than 37 per cent commanded by the large state-owned banks, Goldman Sachs said. The market on the mainland is heavily skewed towards fixed-income products.The financial zone in Foshan Nanhai Gaoxin district, Guangzhou. Photo: Xiaomei Chen alt=The financial zone in Foshan Nanhai Gaoxin district, Guangzhou. Photo: Xiaomei ChenThe flip side of this neat arrangement is that banks without a partner in China are at a disadvantage. Boutique private banking players with no mainland partner, for example, could struggle to capitalise on the scheme.A European private boutique bank executive, who declined to be named, said the scheme would be of little benefit to small private banks which have a limited presence in mainland cities.He also said the scheme was unappealing for his clients as it does not allow mainlanders to remit funds outside Hong Kong. Once the clients sell an investment made via the scheme, the money must return to the mainland. This also means financial firms not covered by the plan will not be able to capture any funds indirectly.Private banking and wealth management boutiques with a presence in Hong Kong include Swiss-headquartered Pictet and Lombard Odier, as well as Liechtenstein-based LGT.Smaller private banks could still seek a tie-up with a firm in the bay area, said Lee.Also, regulators' emphasis on purely plain vanilla products means the scheme is likely to be less relevant to the largest private banking firms. Swiss banks UBS and Credit Suisse serve billionaires with products at the more complex and riskier end of the range.Insurance companies are also unlikely to get a windfall from the Wealth Management Connect scheme. Savings-oriented insurance products probably won't be included in the scheme, said analysts."It's unlikely to include regular premium policies, as it would require significant annual expansion of fund flow quota," said Thomas Wang, an analyst at Goldman Sachs.The Wealth Management Connect scheme differs from the Stock and Bond Connects in that distribution is via banks only " meaning this time brokerage houses will also miss out.The more than 600 stockbrokers in Hong Kong were disappointed, according to Tom Chan Pak-lam, chairman of the Hong Kong Institute of Securities Dealers."We want to urge the Hong Kong government to urge the mainland authorities to expand the sale points to brokers," Chan said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

  • Financial Times

    Gove announces package to strengthen borders after Brexit

    Michael Gove, cabinet office minister, has announced a £705m package of measures to strengthen Britain’s borders, claiming it would help the UK “seize the opportunities” of Brexit. Mr Gove has had to delay by six months the full implementation of border controls from January 1 — when the Brexit transition period ends — after he claimed Covid-19 had held up preparations.

  • Reuters

    Hungary imposes border checks, quarantine to prevent spread of virus

    Hungary has imposed new restrictions on cross-border travel as of next Wednesday in order to prevent the spread of the coronavirus after a surge in new cases in several countries, Prime Minister Viktor Orban's chief of staff said on Sunday. Under the new rules, Hungarian nationals returning from high risk countries listed as "yellow" and "red" will have to go through health checks at the border and will have to go into quarantine.

  • Singapore Stocks Seen Helped by Election as Diversity Increases

    Singapore Stocks Seen Helped by Election as Diversity Increases

    (Bloomberg) -- Another mandate for Singapore’s ruling party -- along with the opposition winning its most seats ever -- will boost the city-state’s equities, according to analysts.Prime Minister Lee Hsien Loong’s People’s Action Party retained a firm grip on power but suffered its weakest performance in 55 years in office in an election on Friday as the opposition Workers’ Party won a record 10 seats and secured two group constituencies. A more diverse parliament could lead to better policy reforms that will help the city-state’s companies, the commentators say.“A diverse set of voices in the parliament mitigates any potential of group think,” said Justin Tang, head of Asian research at United First Partners. “Open and tough discussions will foster even better policies that will ultimately flow down to firms including government-linked companies.”The Straits Times Index has already been rebounding, rising 19% from a low in March as government stimulus and a reopening of the economy eased investors’ concerns about the impact of the coronavirus on the economy. But even after its recovery, the benchmark stock gauge is still down 18% this year.Here are some comments from analysts on Singapore’s election:Buy Any Dip“Any dip in markets due to the lower vote share of the PAP should be bought into as Singaporeans have voted for continuity as well as positive change,” said Nirgunan Tiruchelvam, head of consumer equity research at Tellimer. “The market has already seen the worst due to Covid-19 and the U.S.-China trade war.”“Singapore companies engaged in manufacturing will do better as the government is likely to pursue more reforms” focusing on the sector, Tiruchelvam said.Government-Linked CompaniesWatch government-linked companies such as Singapore Press Holdings Ltd., the Sembcorp group, Singapore Airlines group and SATS Ltd., said Tang of UFP.They are likely to become more nimble, and to adopt new solutions and new management styles as the diversity of voices in parliament leads to change at the government-linked company level, he said.Gradual Policy ChangesJoel Ng, an analyst at KGI Securities (Singapore) Pte said that “any policy shifts will be gradual, as was the case after 2011’s general elections.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • What Type Of Returns Would BAE Systems'(LON:BA.) Shareholders Have Earned If They Purchased Their SharesThree Years Ago?
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  • Financial Times

    Pharma can redeem itself through the pandemic

    A vaccine for Covid-19 may never emerge. According to the New York Times, more than 145 vaccines are in development. US drugmaker Gilead Sciences will offer its five-day course of Remdesivir, a promising treatment, at the same price for governments across advanced economies.

  • Reuters

    Federer-backed sports shoe maker On preparing for IPO, Swiss paper says

    Swiss sports shoe maker On, partly owned by tennis champion Roger Federer, is in the early stages of preparing for a stock exchange listing in summer or autumn of next year, newspaper NZZ am Sonntag reported. The Zurich-based company, founded 10 years ago, says it has special sole technology https://press.on-running.com/ons-unique-technology# that is soft on impact and firm on the rebound, and it has been growing fast. It announced in November that Federer was a "co-owner" https://press.on-running.com/roger-federer-joins-swiss-running-brand-on-as-an-entrepreneur#.

  • Middle Eastern Markets Climb With Oil, Stimulus Eyed: Inside EM

    Middle Eastern Markets Climb With Oil, Stimulus Eyed: Inside EM

    (Bloomberg) -- Stocks across the Middle East advanced, taking their cue from Friday’s rally in oil prices and amid further signs that governments are ready to do more to stimulate their virus-battered economies.Israel’s TA-35 rose as much as 1.1% in Tel Aviv, heading for the first increase in four sessions. The government said after markets closed Thursday that unemployment benefits will remain in place through June 2021 while the jobless rate stays above 10%, as part of a relief program worth about 90 billion shekels ($26 billion).In Dubai, the main index climbed as much as 0.5% after a new set of economic incentives worth 1.5 billion dirhams ($408.4 million) focused on reinforcing liquidity in companies and reducing the cost of conducting business. Still, S&P Global Ratings expects the city’s gross domestic product to shrink 11% this year amid subdued demand and low oil prices.Some of Dubai’s new measures are likely to “be made permanent, because the target is to reduce the overall cost of doing business,” said Jaap Meijer, the head of equity research at Arqaam Capital in the emirate. “Even before pre-covid crisis, Dubai had realized the cost of doing business had become too high.”Shares in Bahrain, Saudi Arabia, Abu Dhabi, Kuwait and Qatar climbed as much as 1.4% after Brent crude advanced 2.1% to $43.24 per barrel on Friday.MIDDLE EASTERN MARKETS:S&P cut Dubai’s Emaar Properties and its subsidiary Emaar Malls from BBB-, the lowest investment grade, to BB+ and signaled that more downgrades may comeEmaar Properties -1.1%; Emaar Malls -0.7%Read more about Dubai’s market on SundayAdvanced Petrochem gains 0.8% even after reporting profit for the second quarter of SAR155m, 19% lower than last yearCo. got a SAR1.5b Islamic facility from three banksSaudi Telecom Co. extended a non-binding pact to buy Vodafone Group’s Egyptian business for two months, citing coronavirus logistical challengesREAD: Saudi Telecom Extends MoU to Buy Vodafone Egypt StakeAmlak International will start trading in Riyadh on July 13Co. raised about SAR435m in an IPO earlier this monthMORE: Lebanon Fences Off More of Its Economy Against Currency CrisisFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • We Wouldn't Be Too Quick To Buy Tatton Asset Management plc (LON:TAM) Before It Goes Ex-Dividend
    Simply Wall St.

    We Wouldn't Be Too Quick To Buy Tatton Asset Management plc (LON:TAM) Before It Goes Ex-Dividend

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  • Australia Provisionally Approves Gilead’s Covid-19 Treatment

    Australia Provisionally Approves Gilead’s Covid-19 Treatment

    Australia’s Therapeutic Goods Administration (TGA) has granted provisional approval to Gilead Sciences’ (GILD) remdesivir (“Veklury”) as the first treatment option for COVID-19.It has received provisional approval for use in adults and adolescent patients with severe COVID-19 symptoms who have been hospitalized. Remdesivir will not be available to Australians unless they are severely unwell, requiring oxygen or high-level support to breathe, and in hospital care.“Remdesivir is the most promising treatment option so far to reduce hospitalisation time for those suffering from severe coronavirus infections” the TGA states, adding that remdesivir offers the potential to reduce the strain on Australia’s health care system. By reducing recovery times patients will be able to leave hospital earlier, freeing beds for those in need.While this is a major milestone in Australia’s struggle against the pandemic, the administration emphasizes that the product has not been shown to prevent coronavirus infection or relieve milder cases of infection.Australia is the one of the first regulators to authorize the use of remdesivir for the treatment of COVID-19, following on from recent approvals in the European Union, Japan, and Singapore.Provisional approval, which is limited to a maximum of six years, was granted within 2 weeks of GILD’s submission of preliminary clinical data because there is the potential for substantial benefit to Australian patients, says the TGA.GILD can apply for full registration when additional clinical data to confirm the safety and efficacy of the medicine is available.Shares in Gilead rose 2% to $76.32 at the close of trading on July 10 taking the year-to-date advance to about 18%. The $80 average price target implies 5% upside potential in the shares in the coming 12 months. (See Gilead stock analysis on TipRanks).“We believe that even in the likely case they are able to derive revenue from remdesivir, it would likely be only for the very near term, and the much more important potential value driver remains GILD’s ability to maintain their HIV leadership and revenue durability long-term” comments RBC Capital analyst Brian Abrahams. He has a buy rating on Gilead and $89 price target.Related News: Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate Gilead Reveals Covid-19 Treatment Remdesivir Reduces Mortality Risk Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside US More recent articles from Smarter Analyst: * Gilead Reveals Covid-19 Treatment Remdesivir Reduces Mortality Risk * Square Snaps Up Stitch Labs, As Analyst Finally Upgrades Stock * Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 * Has Apple Surged Too Far, Too Fast? Analyst Weighs In

  • Reuters

    Abu Dhabi fund suspends debt service repayments for countries, companies

    Abu Dhabi Fund for Development has suspended debt service repayments for some countries and companies for the year, the state-financed fund said on Sunday. The fund provides financial assistance to companies in the United Arab Emirates and to developing countries, which has included Pakistan, Egypt, Sudan and Ethiopia. Debt service repayments would be suspended for eligible countries and individual companies in the developing world from Jan. 1 until Dec. 31, the fund said in a statement.

  • It Might Not Be A Great Idea To Buy MS INTERNATIONAL plc (LON:MSI) For Its Next Dividend
    Simply Wall St.

    It Might Not Be A Great Idea To Buy MS INTERNATIONAL plc (LON:MSI) For Its Next Dividend

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  • UK£0.92 - That's What Analysts Think Premier Foods plc (LON:PFD) Is Worth After These Results
    Simply Wall St.

    UK£0.92 - That's What Analysts Think Premier Foods plc (LON:PFD) Is Worth After These Results

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  • Financial Times

    Will the ECB provide comfort to investors?

    Last month the European Central Bank expanded its emergency asset-purchase programme by €600bn to bring the total to €1.35tn. Since then, a handful of ECB policymakers have cast doubt on whether the bank will ever spend the full amount. Dutch central bank governor Klaas Knot has been among those suggesting purchases could fall short of that figure, if the bloc’s economy recovers faster than expected from the Covid-19 crisis.

  • Thai Vaccine Trials; U.K. to Tighten Mask Rules: Virus Update

    Thai Vaccine Trials; U.K. to Tighten Mask Rules: Virus Update

    (Bloomberg) -- Thailand plans to start human trials for a locally developed, potential Covid-19 vaccine as early as September, making it among the first done outside high-income countries, after encouraging results in both monkeys and mice.U.K. Prime Minister Boris Johnson is set to tell Parliament next week it will be compulsory for Britons to wear face masks in shops, according to news reports, soon after telling the country that it was only optional to do so. Infections in Germany increased by 377.Government schools in Melbourne, Australia’s second-largest city, prepared to return to remote learning as Victoria state recorded 273 new cases and one death in the past 24 hours. Mexico reported 539 fatalities linked to the virus Saturday, taking the toll to 34,730, the fifth highest in the world. China said it found seven more Covid-19 infections on July 11.Key Developments:Global Tracker: Cases top 12.7 million; deaths surpass 565,000Aversion to mask-wearing holds back U.S. economyU.K. set to tighten rules on wearing face masksWall Street forges a new relationship to data in coronavirus ageShake Shack’s Danny Meyer took PPP loans after allCovid inoculation proposal stalled by feds, pharmaWuhan shows the world how economies may recoverChina gives world first view of post-lockdown rebound: Eco WeekPoland votes in pivotal ballot as pandemic tests populist roleSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Hong Kong Outbreak Concerns (2:50 p.m. HK)The city’s top medical adviser Gabriel Leung warned on Sunday that Hong Kong is experiencing its first sustained local outbreak, and called for extensive tests at nursing homes for the elderly in East Kowloon, a high-risk area linked to many new local cases, according to Radio Television of Hong Kong. Every infected person in the territory is now expected to pass the virus on to almost four more people and the pathogen is transmitting at a faster pace, he said. Local cases in Asia’s financial hub jumped to a record last week since the outbreak started in January, and the government has tightened social distancing rules starting Saturday.German Infections Rise Steadily (2:25 p.m. HK)Germany’s coronavirus cases rose to 199,709, while deaths increased by seven to 9,070, according to data from Johns Hopkins University, both climbing at about the same rate as the previous day. The reproduction factor -- or R value -- grew slightly to 0.93, according to the latest estimate by the Robert Koch Institute, Germany’s health body. The 95% confidence interval means the number is somewhere between 0.72 and 1.13. The relatively small number of new cases means the value can fluctuate more wildly.Thailand to Begin Vaccine Trials in Humans (12:13 p.m. HK)The first stage of Thai clinical trials will enroll about 100 volunteers separated in two groups, one for people aged 18 to 60 and the other for 60- to 80-year-olds, Kiat Ruxrungtham, head researcher at Chulalongkorn University’s Center of Excellence in Vaccine Research and Development, said at a briefing on Sunday in Bangkok. The second stage, likely to begin in December, will involve 500 to 1,000 people. If the trials are successful, Thailand could have its vaccine by the second half of 2021, Kiat said. Globally, 160 vaccines are being studied for Covid-19, of which 21 are at the clinical evaluation stage, according to the World Health Organization.Toyota to Restart All Factories Globally (12:03 p.m. HK)Toyota Motor Corp. will reopen its Venezuelan plant on Monday, meaning all factories in South America will be operational, spokesman Kensuke Ko said. The auto giant had already opened all its plants in Japan, North America and Europe, he said. From February, Toyota halted production in many countries, starting with China, as the coronavirus spread rapidly across the world.Okinawa Demands Tougher Measures at U.S. Bases (11:23 a.m. HK)The governor of the Japanese island has sought tougher measures and more transparency from a top U.S. military commander after officials were told that more than 60 Marines at two American bases have been infected over the past few days, the Associated Press reported Sunday.Melbourne Students to Return to Remote Learning (11:01 a.m. HK)Most students in Australia’s second-biggest city will go back to remote learning as officials grapple with coronavirus outbreaks. All prep to year 10 students at government schools will return to learning from home starting July 20 until at least Aug. 19, Victoria’s Premier Daniel Andrews told a press conference Sunday. Melbourne is in the midst of a six-week lockdown that was imposed to help curb a growing infection count.Australia’s Victoria State Deals With Additional Cases (9:16 a.m. HK)The country’s second-most populous state, which is facing a worsening outbreak, found 273 new infections in the past 24 hours. Australia had enjoyed early success in crushing the curve of virus infections by shutting its international border, quarantining arrivals, social distancing measures and a widespread testing and tracing regime. But a mixture of complacency, easing restrictions and missteps in Victoria’s quarantine program, has seen a fresh outbreak that’s led to Melbourne being placed in a six-week lockdown.Authorities also warned of a cluster of infections linked to a hotel in Sydney’s southwest, and urged anyone who visited the venue from July 3 to 10 to self-isolate. Nine cases have been connected to the hotel, according to New South Wales health officials.South Korea Reports More Infections (9:13 a.m HK)South Korea reported 44 more Covid-19 cases in 24 hours, raising the total tally to 13,417, according to data from Korea Centers for Disease Control & Prevention. One additional death was reported, taking the total to 289. Among the new infections, 23 were imported.Japan Virus Chief Says Country Needs to be on High Alert (8:34 a.m. HK)Japan’s virus czar Yasutoshi Nishimura, who also serves as the nation’s economy minister, said the number of cases with unclear contagion routes is increasing, straining public health care resources. He didn’t say if the current situation warrants another declaration of emergency. The country has seen a spike in cases over recent days, with Tokyo reporting more than 200 infections daily for the past three days. Tokyo found 206 new cases Sunday, TV Asahi reported, without saying where it got the information.Mexico Cases Rise (8:23 a.m. HK)Mexico reported 6,094 new Covid-19 cases and 539 deaths Saturday, bringing the case count to 295,268 and number of deaths to 34,730, the fifth highest in the world, according to data released by the Health Ministry. New cases hit records this week, with officials reporting more than 7,000 for the first time Thursday.Brazil Reports 39,023 New Cases (6:40 a.m. HK)Total cases in Brazil, which has the highest number of infections and deaths after the U.S., reached 1,839,850, according to the Health Ministry’s press office. Another 1,071 deaths were reported, for a total of 71,469.Utah Mormons Ask Faithful to Wear Masks (6:30 a.m. HK)The Church of Jesus Christ of Latter-day Saints in Utah sent an email to worshippers asking them to wear masks as cases in the state continue to climb, the Deseret News reported.“Please join with us now in common purpose for the blessing and benefit of all,” read an email noting that the state hit a record number of daily cases on Friday of 867.As of Saturday, the state reported a total of 28,223 cases and 207 deaths, according to Bloomberg and Johns Hopkins University.Trump Wears Mask on Hospital Visit (5:45 p.m. NY)President Trump wore a mask during a scheduled visit to the Walter Reed National Military Medical Center.The event was the first public photo opportunity in which he has appeared with a mask on since the beginning of the outbreak. He was set to meet with combat veterans and health care workers.Despite repeated calls to do so, including from members of his own party, Trump has stubbornly refused to wear a mask, defying official guidelines from the Centers for Disease Control and Prevention and other health experts.U.K. Plans to Expand Mask Rules, Times Reports (5:35 p.m. NY)The U.K. government is set to make wearing masks mandatory in shops and other undisclosed indoor venues, the Times reported. Masks are currently compulsory on public transport but Boris Johnson has, so far, promised only to get “stricter” on their use. Johnson’s administration has come in for steady criticism for its handling of the coronavirus pandemic, which has claimed the lives of about 45,000 people in the U.K. -- by far the highest toll in Europe.Scotland has already made it compulsory to cover faces in shops.U.S. Cases Rise 2.3% by Record (4:02 p.m. NY)New infections in the U.S. surged by a record 71,389 from a day earlier to 3,215,861 million, jumping 2.3% and exceeding the daily average of 1.9% in the previous seven days, according to data compiled by Bloomberg and Johns Hopkins University.Deadly Outbreak at L.A. Apparel (3:45 p.m. NY)A virus outbreak at Los Angeles Apparel has infected 300 people and caused four virus-related deaths, the Los Angeles Times reported, quoting county officials.County officials found “flagrant violations” in public health control, the newspaper reported. The company, started by the ousted founder of American Apparel, Dov Charney, is now making face masks to combat the virus.Disney Opens Florida Theme Parks (3:26 p.m. NY)Disney opened its Magic Kingdom and Animal Kingdom Saturday, after a four-month shutdown and despite criticism that it did so as virus cases are spiking in Florida.Josh D’Amaro, chairman of Walt Disney Co.’s theme parks, said he was pleased with booking trends. The park is opening with virus-related safety protocols, including temperature checks at gates and mandatory mask-wearing by guests and employees inside.“This is the new world that we’re operating in and we feel like we’ve got a way to operate in that new world,” D’Amaro said. Epcot and Disney’s Hollywood Studios parks will return on Wednesday.Bollywood Veteran Hospitalized (1:40 p.m. NY)Veteran Indian actor Amitabh Bachchan has been admitted to Mumbai’s Nanavati Hospital after contracting the virus.Bachchan, 77, shared the information on his social media, prompting a welter of get-well-soon wishes from fans across the world. He requested anyone who has been in his close proximity over the past 10 days to get themselves tested. The Mint newspaper said the actor’s condition is reported to be stable with mild symptoms. Bachchan’s son also tested positive and is in the hospital, the paper said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Castings P.L.C. (LON:CGS) Pays A UK£0.11 Dividend In Just Three Days
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    Castings P.L.C. (LON:CGS) Pays A UK£0.11 Dividend In Just Three Days

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  • PR Newswire

    Dinosaurs Roaring, Carousel Spinning as World's Largest Children's Museum Re-opens to the Public

    We missed you, the dinosaurs missed you, the animals on the Carousel missed you and we can't wait to welcome you back for a smart restart of the world's biggest and best children's museum. When the time is right for your family, we want you to know that The Children's Museum of Indianapolis is excited to welcome the public back on July 11, 2020 with limited capacity. It is important to point out that capacity remains limited. Every visitor—including members and donors—needs to reserve an advance ticket.

  • Gilead Reveals Covid-19 Treatment Remdesivir Reduces Mortality Risk

    Gilead Reveals Covid-19 Treatment Remdesivir Reduces Mortality Risk

    Gilead Sciences (GILD) has announced encouraging additional data on remdesivir, the company’s investigational antiviral for the treatment of COVID-19.The data includes a comparative analysis of the Phase 3 SIMPLE-Severe trial and a real-world retrospective cohort of patients with severe COVID-19.“In this analysis, remdesivir was associated with an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard of care – an important finding that requires confirmation in prospective clinical trials” the company stated.Separate subgroup analyses from the Phase 3 SIMPLE-Severe trial, including an evaluation of the safety and efficacy of remdesivir across different racial and ethnic patient subgroups in the US, found that traditionally marginalized racial or ethnic groups treated with remdesivir experienced similar clinical outcomes as the overall patient population in the study.Gilead also showed additional data on the company’s compassionate use program, which demonstrated that 83% of pediatric patients (n=77) and 92% of pregnant and postpartum women (n=86) with a broad spectrum of disease severity recovered by Day 28. No new safety signals were identified with remdesivir across these populations.To further the understanding of these results in individual patient cases, Gilead has initiated a global, open-label Phase 2/3 trial to evaluate the safety, tolerability and pharmacokinetics of remdesivir in pediatric patients from birth to less than 18 years of age. Gilead is also collaborating on a study for pregnant women.“We are working to broaden our understanding of the full utility of remdesivir. To address the urgency of the continuing pandemic, we are sharing data with the research community as quickly as possible with the goal of providing transparent and timely updates on new developments with remdesivir,” said Merdad Parsey, CMO of Gilead.“These data presented at the Virtual COVID-19 Conference shed additional light on the use of remdesivir in specific patient populations, including those that may be susceptible to higher rates of COVID-19 infection, as well as others that are particularly vulnerable, including children and pregnant and postpartum women” he added.Due to the current public health emergency, the U.S. Food and Drug Administration (FDA) has issued an Emergency Use Authorization for remdesivir for the treatment of hospitalized patients with severe COVID-19.Five-star analyst Jim Birchenough at Wells Fargo recently reiterated a Hold rating on Gilead saying that he remains skeptical on the longer-term commercial opportunity in view of emerging competition and potential vaccine progress. Indeed, the Street is cautiously optimistic on the stock with a Moderate Buy  consensus based on 10 Buy ratings, 12 Holds and 3 Sells.Shares in Gilead rose 2% to $76.32 at the close of trading on July 10 taking the year-to-date advance to about 18%. The $80 average price target implies 5% upside potential in the shares in the coming 12 months. (See Gilead stock analysis on TipRanks).Related News: Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate Gilead’s Covid-19 Remdesivir Therapy Gets Conditional European Nod Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside US More recent articles from Smarter Analyst: * Square Snaps Up Stitch Labs, As Analyst Finally Upgrades Stock * Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 * Has Apple Surged Too Far, Too Fast? Analyst Weighs In * Aurora Cannabis (ACB): Transformation on Track

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    Simply Wall St.

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  • Europe Looks to ‘Messy’ Earnings That May Test Market’s Optimism

    Europe Looks to ‘Messy’ Earnings That May Test Market’s Optimism

    (Bloomberg) -- Investors are gearing up for a potentially tumultuous European earnings season that may offer clues on whether the stock market’s rapid rebound since the start of the Covid-19 pandemic has been wise or foolish.The second-quarter reporting season kicks off this week with the likes of Volvo AB, Electrolux AB and Nordea Bank set to shed light on the virus’s profit impact. And with the region’s stock market having rallied 30% from March lows on bets that companies will start recovering in the second half of 2020, investors will be hungry for guidance that shows whether such optimism is well founded.“Our focus for the quarterly results will not be the backward-looking damage in the second quarter, but more the forward guidance as economies start to reopen,” said Edward Park, deputy chief investment officer at Brooks Macdonald Asset Management. “The key for the second-quarter European earnings will be the corporate narrative for the recovery and guidance in a world less impacted by the daily swings of new case growth.”With the virus having already wreaked havoc with business, much is riding on how companies see the future. Current forecasts are for a 36% rebound in the earnings of Stoxx 600 companies in 2021, after a 32% contraction this year, according to data compiled by Bloomberg. However, with the pandemic still posing risks and the timing of a vaccine unclear, analysts are having a tougher time than usual estimating future profits or losses.“It’s going to be a very messy quarter,” Roger Jones, the head of equities at London & Capital, said in a phone interview. “That is due to the very limited visibility that companies have had, and the difficulties in making any sensible financial predictions in the short period of time given the uncertainty.”Brooks Macdonald’s Park expects the upcoming earnings season to feature many large expectation misses and beats because of how complicated forecasting profits has been during the Covid-19 uncertainty. At the start of the year, strategists were forecasting 8.2% profit growth for 2020, yet just three months later that expectation had changed to a 6% drop.The technology and healthcare sectors are seen as two big winners during this reporting season, having benefited from a switch to remote-working during lockdowns and the race to develop treatments for Covid-19. Since the Stoxx 600 Index started rebounding in March, technology has gained 60%, the most among all the sectors, while healthcare has added 24%.“Many technology companies are clearly benefiting from the acceleration of recent disruptive trends, which are widening their addressable market at a greater speed than many thought previously possible,” said Marcus Morris-Eyton, a fund manager at Allianz Global Investors.First-half results due on Tuesday from Ocado Group Plc should shine a light on the extent to which online grocers benefited from lockdowns, and any comments on the longer-term market implications will be closely watched.Both Morris-Eyton and Park expect energy and cyclical consumer industries such as travel and leisure to post the biggest slumps in earnings. Oil stocks have suffered from dividend cuts in light of the falling price of the commodity and travel firms have seen business plunge during lockdowns.“The key debate will be how quickly these earnings are able to rebound,” said Morris-Eyton.Looking ahead, while European earnings are expected to contract more this year than the 22% slump at S&P 500 companies, the recovery in 2021 is supposed to beat the 26% growth in the U.S. This could bode well for the region’s stock market, which in June outperformed the U.S. on bets of a quicker economic comeback and swift policy support measures.“As long as the European recovery from Covid-19 continues, equity markets will be happy to look through the near-term effects of lockdown on corporate profitability as long as guidance points to sunnier pastures,” Park said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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