Caddies will be allowed to use laser distance-measuring devices for the first time at a top-level tournament at this week's PGA Championship but one caddie said the introduction of the gadget will be "much ado about nothing". The devices, known as rangefinders, have been around for 25 years and are generally allowed in amateur tournaments. The PGA of America hopes it will speed up play at this week's major championship but many critics believe most caddies will continue to rely on traditional yardage books, just as they have done for decades.
(Bloomberg) -- Asian stocks opened firmer Tuesday as investors weighed a pick-up in virus cases in the region against the pace of economic growth as economies reopen. U.S. futures rose.Benchmarks climbed in Japan, Australia and South Korea. Nasdaq 100 futures outperformed. Earlier, technology and communication services stocks led the benchmark S&P 500 lower, while energy shares rose. Apple Inc. and Microsoft Corp. weighed on the tech-heavy Nasdaq 100. The dollar and Treasuries were stable after retreating. Oil held an advance to a two-year high as rising optimism around a demand recovery in regions such as the U.S. offset Covid-19 flare-ups in parts of Asia.Investors this week will parse the minutes from the Federal Open Market Committee’s latest meeting for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases.Federal Reserve Vice Chair Richard Clarida said during a webinar that the weaker-than-expected April payroll report shows “we have not made substantial further progress” on the central bank’s goals for employment and inflation laid out as thresholds to begin scaling back the central bank’s massive monthly bond purchases.“Hotter inflation has materialized and market volatility is rising as the economic restart gathers pace,” according to BlackRock Investment Institute strategists lead by Jean Boivin. “This is playing out in line with our view that the economy is in a ‘restart.’ We prefer to look through any volatility and see a later ‘lift-off’ from zero rates than markets expect. This means higher-than-expected inflation in the medium term, and underpins our pro-risk stance.”Meanwhile, Hong Kong added Singapore to its list of high-risk nations as cases rose in the city-state, with the highly transmissible strain of Covid-19 that surfaced in India becoming more prominent among the growing number of unlinked cases. The U.S. has recorded its lowest number of new coronavirus infections since the early days of the pandemic.Elsewhere, Bitcoin fluctuated following a volatile weekend that saw comments from Tesla Inc.’s Elon Musk whipsaw prices. Coinbase Global Inc. fell to a record low and below the reference price used in its April direct listing. Gold traded near its highest in almost four months.Here are some key events this week:Reserve Bank of Australia publishes minutes of its latest meeting TuesdayThe Fed publishes minutes from its April meeting Wednesday, which may provide clues to officials’ views on the recovery and how they define “transitory” when it comes to inflationThese are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 9:18 a.m. in Tokyo. The S&P 500 fell 0.3%Nasdaq 100 futures gained 0.3%. The Nasdaq 100 fell 0.6%Topix index rose 0.8%Australia’s S&P/ASX 200 Index rose 0.6%Kospi index climbed 0.8%CurrenciesThe yen traded at 109.24 per dollarThe offshore yuan was at 6.4416 per dollarThe Bloomberg Dollar Spot Index was little changedThe euro was at $1.2159BondsThe yield on 10-year Treasuries was at 1.65%Australia’s 10-year bond yield rose five basis points to 1.80%CommoditiesWest Texas Intermediate crude rose 0.3% to $66.47 a barrelGold rose 0.1% to $1,869.45 More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Michael Burry, the investor who rose to fame for making billions off bets against mortgage securities during the financial crisis, has placed a sizable wager against Elon Musk’s Tesla Inc.Burry’s Scion Asset Management owned bearish puts against 800,100 shares of the electric-car maker as of March 31, according to a regulatory filing Monday. The puts give Scion the right to sell Tesla shares on or before an unidentified date in the future.Tesla shares closed at an all-time high of $883.09 on Jan. 26, after a yearlong rally jolted the stock higher by almost 700%. It had lost a quarter of its value by the end of March, and is down 35% from its peak as of the close Monday.The bet against Tesla isn’t Burry’s first. He said in a since-deleted tweet in early December that his firm was short shares of the EV maker. The hedge fund manager also advised Musk to sell shares to raise capital while his stock, then on a torrid run from the pandemic lows, was at what Burry called “ridiculous” levels.Tesla earned record profit in the first quarter, sidestepped an industry chip shortage, improved its manufacturing and even made money off Bitcoin, its earnings results showed in late April. Yet shares fell in a sign of the lofty expectations the company now contends with. Among the quibbles from analysts: Tesla didn’t offer a specific estimate for vehicle deliveries in 2021.It’s impossible to know when Burry’s Scion made the bets against Tesla, at what price the puts are in the money and how much the firm paid for them. The filing, a quarterly rundown of holdings required of hedge funds of a certain size, said the position was worth $534 million -- an amount likely derived by multiplying Tesla’s share price on March 31 by the number of shares Scion bet against.“Tesla is down 14% since the end of the first quarter, so on balance, these puts have been profitable, though it’s impossible to know for sure,” said Steve Sosnick, chief strategist at Interactive Brokers LLC. “He’s expressing the type of skepticism that many have on Tesla. I would have to believe that he accumulated various Tesla options at various strikes, and some of them probably have expired.” Burry was played by Christian Bale in the film version of Michael Lewis’s best-selling account of the 2008 financial crisis, “The Big Short.”(Updates with quote in seventh paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The suit alleges defendants issued false statements concerning ContextLogic business and prospects, resulting in its stock trading at inflated prices.
A flash-flood “emergency”:https://twitter.com/NWSLakeCharles/status/1394363170710380546 left Lake Charles, Louisiana, inundated with floodwater after thunderstorms swept the region on Monday, May 17.Up to nine inches of rain fell in 12 hours in the area during the flash flood emergency, according to the National Weather Service.This video posted to Instagram by James Johnson shows cars navigating flooded streets in Lake Charles. “This ain’t no joke, this s*** is real like deep man,” Johnson can be heard saying in the video. Credit: James Johnson via Storyful
(Bloomberg) -- Japan’s recovery stalled last quarter, with the economy shrinking more than analysts expected, as renewed restrictions to contain the coronavirus hit shoppers and discouraged business investment, while government outlays fell on the suspension of a travel-promotion campaign.Gross domestic product shrank an annualized 5.1% from the prior quarter in the three months through March, ending a two-quarter streak of double-digit growth, the Cabinet Office reported Tuesday. Economists had forecast an overall contraction of 4.5%.The worse-than-expected result comes at a critical time for Prime Minister Yoshihide Suga’s government as it struggles to contain virus cases with a targeted approach that limits the damage to the economy and a slow vaccine rollout.Key InsightsThe drop in businesses investment, which was unexpected, suggests companies may be more cautious about the outlook than previously thought. Still, shoppers didn’t pull back as much as economists feared, which may signal a reservoir of underlying demand that could help power the recovery ahead.“Consumption didn’t fall much, which means efforts to contain the virus are not having much of an impact,” said economist Hiroaki Muto at Sumitomo Life Insurance Co. “Companies are hesitant to invest with the outlook uncertain.”Prospects depends largely on whether Suga can lift a third virus emergency by the end of May, as planned. Three more prefectures joined the emergency at the weekend, bringing about half of the economy under restrictions that are slightly stricter than the ones called in winter, but still much less draconian than Europe’s lockdowns.Japan has had far fewer virus deaths than other G-7 economies, but a slow vaccine rollout has limited its tools for fighting the outbreak and getting the economy back into gear. So far, only about 3% of the population has received even a single dose.Still, strong exports and industrial production continue to provide a bedrock of support to the economy, even though a rise in imports caused the trade-component of the GDP to go negative in the first quarter.What Bloomberg’s Economist Says...“Looking ahead to 2Q, we see GDP resuming a slow pace of growth, assuming the latest state of emergency ends at the end of May as planned. Beyond that, the strength of the recovery will depend on how quickly vaccinations proceed and whether the Tokyo Olympics are held.”-- Yuki Masujima, economistFor the full report, click here.Get MorePrivate consumption, which accounts for more than half of the economy, fell 1.4% from the previous quarter on a non-annualized basis, compared with a 1.9% drop forecast by economists.Business investment also slid 1.4%. Analysts had predicted a 0.8% gain.Inventories added 0.3 percentage points to GDP, compared with a 0.2 percentage point boost expected by economists.Net exports of goods and services subtracted 0.2 percentage point from growth, matching the median forecast.(Adds economist’s comment.)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The Wifi-enabled machine cleans 99.97 percent of pollutants from indoor air.
FBI confirms that it has opened investigation into shocking incident
Canada's HEXO (NYSE: HEXO) is again going the acquisition route to bulk up its business. The company has signed an agreement to purchase fellow Ontario-based peer 48North Cannabis (OTC: NCNNF) in an all-stock deal valued at around 50 million Canadian dollars ($41 million) in enterprise value. Under the terms of the arrangement, 48North stockholders will receive 0.02366 of a share of HEXO common stock per each 48North share they own.
Authorities did not identify the suspect or give details on what led to the arrest
The Israeli army said it launched artillery towards Lebanon on Monday in response to rocket fire from the neighbouring country that failed to hit the Jewish state. "Six failed launch attempts were identified from Lebanon that did not cross into Israeli territory," the army said in a statement. "Artillery forces fired toward the sources of the launches."A Lebanese military source told AFP three rockets had been fired from Southern Lebanon towards Israel. "Three Grad-type rockets were fired from the Shebaa Farms area," not far from the Israeli border, the Lebanese military source said."The situation in the area is now calm," tweeted the UN peacekeeping mission in southern Lebanon, which is in contact with both countries, several hours after the rocket fire.It is the second time rockets have been launched from Lebanese territory towards Israel since hostilities flared between the Jewish state and armed Palestinian groups in the Gaza Strip last week. Last Thursday, three rockets were fired from southern Lebanon near the Palestinian refugee camp of Rashidiyeh toward Israel, a Lebanese military source said. Israel's army said those rockets had landed in the sea.A source close to Israel's arch-enemy Hezbollah said the Lebanese Shiite group had no link to the incident.Protests have also been held against Israel's air campaign on Gaza, with a Lebanese demonstrator killed by Israeli fire last week during a rally in the border area.That came after a number of young demonstrators had tried to cross into the northern Israeli border town of Metula, according to Lebanese state media.The Israeli army said Monday that in recent days it had "spotted a number of Lebanese suspects approaching the security fence" and damaging it. "The IDF views any attempt to breach Israel's sovereignty with great severity, and will continue to operate in both overt and covert ways in the area," it said in a statement.Over 200 people have been killed in the exchange of fire between Israel and armed groups in the Gaza Strip, a Palestinian enclave controlled by Islamists Hamas.Israel launched air strikes last Monday in response to rocket fire from Hamas towards Jerusalem.That was in response to bloody Israeli police action at the flashpoint Al-Aqsa mosque compound in Jerusalem, as well as a crackdown on protests against the planned Israeli expulsion of Palestinians from their homes in the Sheikh Jarrah neighbourhood in annexed east Jerusalem.(AFP)
Three people have been hospitalised after the crash in Pembrokeshire
The validity of horse Medina Spirit and trainer Bob Baffert's victory at the 2021 Kentucky Derby depends on the results of a second drug test
NBCUniversal brought out the stars to its Upfront show off how the company’s new content strategy might work in practice. The company, which has decentralized its buying across linear broadcast, cable and streaming, relied on the likes of Will Smith, Kelly Clarkson, Kevin Hart and Renee Zellweger to help promote its message to advertisers. They […]
The Kings' 15-season playoff drought is tied for the longest in NBA history.
More than a week of fighting between Israel and Hamas showed few signs of abating on Tuesday despite intense U.S. and global diplomacy to stop the region's fiercest hostilities in years. The Israeli military said late on Monday that Hamas and other Palestinian groups had fired about 3,350 rockets from Gaza - 200 of them on Monday alone - and that Israeli air and artillery strikes had killed at least 130 militants. Gaza health officials put the Palestinian death toll at 212, including 61 children and 36 women, since hostilities began last week.
(Bloomberg) -- Oil held gains near a two-year high with optimism building about the demand outlook in key regions such as the U.S., even as the coronavirus makes a comeback in parts of Asia.Futures in New York traded near $66 a barrel after rising almost 4% over the previous two sessions. The number of passengers at U.S. airports jumped to the highest since the pandemic began, a sign of the domestic travel revival that’s boosting fuel consumption. The rebound in America along with China and parts of Europe is offsetting concerns around weaker consumption in India.Oil is up more than 35% this year amid optimism fuel demand will increase as the vaccination drive accelerates across major economies and boosts mobility. The devastating resurgence in India and new outbreaks in regions that had largely contained the virus such as Taiwan, however, is a reminder that the recovery is going to be uneven and bumpy.The prompt timespread for Brent was 32 cents a barrel in backwardation -- a bullish structure were near-dated contracts are more expensive than later-dated ones. That compares with 18 cents a week earlier.Passengers checking in through security at U.S. airports surged to 1.85 million on Sunday, the highest since early March 2020, according to Transportation Security Administration data. The flurry of travelers making their way through terminals has steadily climbed for the past month and is now only about 30% lower than levels the TSA saw at the same time in 2019.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The court, which now has a solid majority of conservative justices, could decide to wipe out abortion access in nearly half of U.S. states.
On Friday ABC opted not to renew five titles, but the most unexpected was Katey Sagal-starrer Rebel from Grey’s Anatomy showrunner Krista Vernoff. Now somewhat distanced from the news, Sagal and Vernoff broke their silence on the sudden cancellation, which came five episodes into Rebel‘s freshman run. “The abrupt announcement that there would be no […]
The front pages focus on the relaxing of pandemic measures as the Indian mutation continues to spread throughout the UK.