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Yahoo Finance
Startup uses remittances to remove 'time and distance' from health care
Hoy Health launched less than two years ago, but sees strong growth potential in paving the way to the Latin American health care market.
Market Realist
Federal Reserve Meeting: Can the Party Continue?
The Federal Reserve meeting is scheduled for September 17-18. At its last policy meeting in July, the Fed lowered rates by 25 basis points.
Bloomberg
Attacks on Saudi Oil Risk Lowering Aramco IPO Valuation
(Bloomberg) -- As bankers discussed Saudi Aramco’s initial public offering at the Ritz Carlton hotel in Dubai last week, a drone attack was being planned to hit the heart of its operations over the weekend. It caused Saudi Arabia to halve its oil output and may cut the valuation of Aramco’s milestone deal.The giant oil producer has accelerated preparations for a share sale that could happen as soon as November in Riyadh. Dozens of bankers from Citigroup Inc. to JPMorgan Chase & Co. met last week to work on the deal, with analyst presentations initially scheduled for next week, people familiar with the matter have said.“Crown Prince Mohammed bin Salman will push the company to demonstrate that it can effectively tackle terrorism or war challenges,” analysts led by Ayham Kamel, head of Middle East and North Africa research at the Eurasia Group, said in a report. “The attacks could complicate Aramco’s IPO plans.”In an attack blamed by the U.S. on Iran, a swarm of drones laden with explosives set the world’s biggest crude-processing plant ablaze. Floating a minority stake of the oil giant, officially known as Saudi Arabian Oil Co., is part of Prince Mohammed’s efforts to modernize and diversify the economy.The attacks underscored geopolitical tensions in the region. Iran denied responsibility, which was instead claimed by Iranian-backed Houthi rebels in Yemen.The main Saudi stock index fell as much as 3.1% shortly after opening on Sunday, leading losses in the Gulf. It partially recovered and was down 1.1% as of 12:48 p.m. local time.Back in 2017, investors suspected that Saudi government-related funds swooped in to support the market after the imprisonment of local billionaires at the Ritz-Carlton in Riyadh. That also happened amid the international crisis following columnist Jamal Khashoggi’s murder at the Saudi consulate in Istanbul.Here’s more from analysts and investors:Eurasia“The latest attack on Aramco facilities will have only a limited impact on interest in Aramco shares as the first stage of the IPO will be local. The international component of the sale would be more sensitive to geopolitical risks”Current valuation estimates for Aramco and its assets might not fully account for geopolitical risksNOTE: Prince Mohammed, the architect of the IPO, has said he expects Aramco to be valued at over $2 trillion, but analysts see $1.5 trillion as more realisticAl Dhabi Capital, Mohammed Ali Yasin“I think this attack may delay the IPO even on the local exchange, and could affect the valuation negatively, as the investors have seen a live demonstration of the risk levels of the future revenues and business of the company. That was very low prior to this weekend attack”“Aramco has one main source of revenue, oil. That is its strength, but now it is becoming its biggest weakness if it gets disrupted.”United Securities, Joice MathewThis “will force investors to go back to the drawing board and re-evaluate their risk models on Aramco”“Even though this is a rare event, which could be potentially categorized as 4 or 6 sigma levels, the geopolitical risk premium on Aramco’s valuation model would show a sharp increase”“As far as the pricing is concerned, my view is that there may not be much of an impact if the government is contemplating a 1% listing on the Tadawul. I think the government has the power and ability to influence the decisions of anchor investors there.”Tellimer, Hasnain Malik“Ultimately the security risk is not so acute that it outweighs oil price, oil output and free float drivers of the valuation”This attack “also provides an opportunity for Aramco to demonstrate the redundancy and resilience of its supply chain by minimizing disruption to customers and thereby helping to mitigate the valuation impact of this risk.”Qamar Energy, Robin Mills“It will be all but impossible to proceed with the IPO if there are ongoing attacks”“Valuing Aramco like Shell or ExxonMobil gets us to about $1.2-1.4 trillion. But that would drop significantly if we apply company-specific risk factors.”Al Ramz Capital, Marwan Shurrab“I don’t see a substantial hit on valuation.”(Adds comments from Qamar Energy and updates stock performance in 6th paragraph.)\--With assistance from Mahmoud Habboush.To contact the reporters on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net;Filipe Pacheco in Dubai at fpacheco4@bloomberg.net;Sarah Algethami in Riyadh at salgethami@bloomberg.netTo contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Paul Wallace, Claudia MaedlerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Reuters
Global regulators to question Facebook's Libra amid EU concerns: paper
Officials from 26 central banks, including the U.S. Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said, citing officials. Libra's founders have also been invited to answer key questions about the currency's scope and design, FT said. Facebook did not immediately respond to Reuters' request for comment outside regular business hours.
Market Realist
AAPL Ecosystem is Growing Fast, Growing Good
Last year, Apple (AAPL) was the first publicly listed company to be valued at a trillion dollars. The tech giant has been an innovator since its inception.
Market Realist
Is Apple Arcade a Threat to Gaming Companies?
Apple Arcade (AAPL) is a subscription gaming service that was unveiled at Apple’s annual event last week. The service will launch on September 19.
Reuters - UK Focus
Companies ask judge in U.S. opioid trial to recuse himself
Major drug wholesalers and retailers facing a massive lawsuit for allegedly fostering the nation's opioid crisis asked the judge hearing the case to recuse himself on Saturday. The companies argued in a court filing that U.S. District Judge Dan Polster, who is hearing the case in a federal court in Cleveland, Ohio, had made statements in court indicating that he was not impartial in the case and improperly pushed the companies to settle without going to trial. The companies said that Judge Polster had also made improper public comments about the case, including to reporters.
Market Realist
Google Agrees to $1 Billion Settlement with France
Google has agreed to make a one-time settlement of over $945 million euros to the French ministry. The ministry accused Google of evading taxes.
Zacks
Walmart (WMT) Up 4.2% Since Last Earnings Report: Can It Continue?
Walmart (WMT) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Bloomberg
Why Vinyl, Books and Magazines Will Never Go Away
(Bloomberg Opinion) -- Vinyl records, paper books, glossy magazines – all should be long dead, but they’re refusing to go away and even showing some surprising growth. It’s probably safe to assume that people will always consume content in some kind of physical shell – not just because we instinctively attach more value to physical goods than to digital ones, but because there’ll always be demand for independence from the huge corporations that push digital content on us.According to the Recording Industry Association of America, vinyl album sales grew 12.9% in dollar terms to $224 million and 6% in unit terms to 8.6 million in the first half of 2019, compared with the first six months of 2018. Compact disc sales held steady, and if the current dynamic holds, old-fashioned records will overtake CDs soon, offsetting the decline in other physical music sales. Streaming revenue grew faster for obvious reasons: It’s cheaper and more convenient. But people are clearly not about to give up a technology that hasn’t changed much since the 1960s.In 2018, hardcover book sales in the U.S. increased by 6.9%, paperback sales went up 1.1% and eBook sales dropped 3.6%. The number of print magazine titles published in the U.S. rose to 7,218 from 7,176, according to the Association of Magazine Media. That’s more magazines than the U.S. had in 2009. For all the havoc the digital revolution is wreaking on newsrooms, people are still starting new titles – and 96% of the magazine industry’s subscription revenue still came from the print editions, with digital providing the rest.One explanation could be that, as Ozgun Atasoy from the University of Basel and Carey Morewedge from Boston University wrote in a paper based on a series of experiments, people are more willing to buy physical goods than equivalent digital ones, and they’re likely to pay a higher price for them. Offered an easy choice, people would rather have a vinyl LP than its digital image in the cloud somewhere; it’s just that the choice isn’t there most of the time. Atasoy and Morewedge wrote that the effect is mostly explained by “psychological ownership”: It’s hard for people to feel they own something they can’t physically touch.They wrote, however, that other, unidentified factors were also at play, since psychological ownership didn’t fully explain the difference in people’s willingness to pay for the two kinds of products. I think Michael Palm from University of North Carolina-Chapel Hill put a finger on those factors in a paper published earlier this year. He suggested that physical vs. digital, or new vs. old, could be a less relevant differentiation point than corporate culture vs. independent culture.The record industry got rid of vinyl fabrication when CDs appeared. Big store chains stopped selling LPs. But small producers and record stores that also function as community centers have kept the culture and the format alive. Now, the big companies see a commercial potential again – but they’re ordering vinyl records from independent producers, who can’t always keep up with the orders, and distributing to small stores, not just to giant chains like Best Buy, which are also stocking vinyl records again.“To combat the corporate incursion into vinyl markets, some independent labels are vertically integrating and beginning to manufacture as well as distribute and sell their own records,” Palm wrote. “The stakes of vinyl’s future involve the viability of an independent supply chain for popular music, and these stakes are raised in a media landscape dominated by online access to content controlled by corporate gatekeepers.”A similar logic applies to books. According to the American Booksellers’ Association, independent bookstores’ sales went up about 5% in 2018. These stores are where people hang out, discuss their discoveries, receive recommendations and advice. They are also where the products of small publishing houses can get more attention than they do in major bookstores or on Amazon.The increase in the number of print magazines also isn’t occurring thanks to major launches by big industrial publishers. There’s space in this industry for niche publications that want intimate contact with readers, not a tiny share of the attention squandered on the internet. The Association of Magazine Media claims the average time to read an issue of a magazine published in the U.S. is almost 50 minutes. A magazine is the same kind of alternative to Instagram or Twitter as a vinyl record is to Spotify or Apple Music.This may be the last line of defense for old content formats – a line they could be able to hold forever: The preserve for independent creation, manufacturing and distribution in a world that belongs to giant corporations that mass-produce content and mass-distribute it through the cloud. The old-new dichotomy may well turn out to be misleading; there's nothing “old” about trying to go beyond the mass market.To contact the author of this story: Leonid Bershidsky at lbershidsky@bloomberg.netTo contact the editor responsible for this story: Tobin Harshaw at tharshaw@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Bloomberg
Goldman Is Using JPMorgan’s Own Tactics Against It in ETF Battle
(Bloomberg) -- Goldman Sachs Group Inc. is throwing everything but the kitchen sink at boosting its share of the $4 trillion U.S. market for exchange-traded funds -- even mimicking one of its Wall Street foes.The bank is adopting an approach pioneered by JPMorgan Chase & Co., filing for a line of broad-based index products that could start trading at rock-bottom prices as early as next week, regulatory records show.After getting off to a blistering start four years ago on the back of a dirt-cheap factor ETF, Goldman dropped behind its Wall Street competitor, which has ridden a strategy dubbed “bring your own assets” to a $29 billion business.Essentially cloning popular ETFs and moving client cash from those products into its own, the controversial approach may be Wall Street’s best hope for challenging the dominance of State Street Corp., BlackRock Inc. and Vanguard Group.“As we continue to grow and build out our ETF business, along with our recent acquisitions, it just makes sense in some areas for us to have the building blocks that fuel those portfolios,” said Steve Sachs, head of capital markets for ETFs at Goldman.Even before this latest chapter, the race between the Wall Street giants had enough twists and turns to power a thriller.Goldman emerged in 2015, establishing itself as a leader in factor investing with its ActiveBeta U.S. Large Cap Equity fund, ticker GSLC. The product wowed the ETF industry with a fee of just 9 basis points, unheard-of for smart beta strategies -- but newer ventures have stumbled. This year, it introduced a handful of thematic strategies, but they’ve collected less than $50 million.JPMorgan was relatively quiet until June 2018, when it kickstarted its business with a suite of vanilla ETFs called BetaBuilders. Unlike the more specialized products the bank was hawking up until then, the funds tracked broad developed-market benchmarks -- at thrift-store prices.It was an inspired play, tripling JPMorgan’s ETF assets to near $30 billion within a 14-month span and powering it ahead of Goldman.“JPMorgan saw this as a smart move ahead of anyone,” said Bloomberg Intelligence analyst Eric Balchunas. “We’ve seen how hard it is to get any assets. But bringing your own assets gets you mojo, and mojo gets people in the door and investors on the phone.”The bank made smart moves elsewhere, winning a foothold in the nascent but growing fixed-income ETF market, and planting a flag early in Europe, whose industry is around half the size of the U.S. but growing rapidly.Goldman has yet to list an ETF in the region despite some high-profile hires, though it plans to commence the business before year-end, a spokesman in London said. That puts it several years behind JPMorgan, which has $2.8 billion in assets there.Now Goldman hopes to turn the tables on its investment-banking rival by embracing the bring-your-own-assets strategy. The firm already has some experience in the area as the largest owner of GSLC, and its latest foray is fueled by a recent acquisition spree. The bank scooped up S&P’s model portfolio business and United Capital this year, giving it fresh pipelines for flows into its own funds.However, the approach isn’t without its critics, who argue there are conflicts in directing wealthy clients to a bank’s own ETFs.“We have internal affiliates in our products, but they are institutional clients and we treat them as such with their own due diligence,” said Jillian DelSignore, head of ETF distribution for JPMorgan’s asset management arm.The bank’s transfers into BetaBuilders have saved clients about $42 million a year thanks to their low price tag, according to an analysis by Bloomberg Intelligence.Ironically, if Goldman succeeds in moving wealthy clients to its in-house products, BlackRock may turn out to be the biggest loser, according to an analysis of regulatory filings.United Capital’s clients hold some $4 billion in the firm’s iShares line, which could be redeployed into Goldman’s new products. That’s especially true if the funds are cheap.“The advisers -- by being so brutal with cost obsession -- have created this monster of cost migration,” said Balchunas. “By making moves like this, the banks are able to own the end client and the flows. It’s brutal out there.”\--With assistance from Morgan Tarrant.To contact the reporters on this story: Carolina Wilson in New York City at cwilson166@bloomberg.net;Ksenia Galouchko in London at kgalouchko1@bloomberg.net;Elizabeth Rembert in New York at erembert@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Yakob Peterseil, Rachel EvansFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bloomberg
Eco-Friendly Phone Companies Brace for 5G’s Energy Bill
(Bloomberg) -- The next generation of telecommunications technology could be the key to ending years of stagnation in the industry. But it’s also set to create a difficult dilemma for European phone companies.Carriers shelled out $80 billion to power the world’s antennas last year, according to Nokia Oyj. The prospect of having to raise spending on electricity – energy demand could triple with the introduction of 5G equipment, according to industry body GSMA – won’t sit well with phone companies that are already struggling to pay their dividends. At the same time, firms such as BT Group Plc and Vodafone Group Plc have pledged to slash emissions, and that will require a rapid shift to renewable energy.Just as carriers are about to roll out vast quantities of power-hungry gear, they’re also promising to save the planet. And funds are tight. Accomplishing everything at the same time could be a tall order.“If they have set up ambitious targets for overall power consumption and CO2 emissions, those could potentially be in conflict when they start to roll out 5G,” said Jerker Berglund, industry consultant at JB Sustainable Approach AB. “Reducing total power consumption is going to be a challenge.”5G could unleash a 1,000-fold jump in data demand for connecting factories and cars and supercharging mobile devices, according to the GSMA. That’s an irresistible sales prospect for a telecom industry whose revenues have yet to recover from a slump that started in 2015.Next-generation antennas and masts can be 10 times more energy efficient than 4G’s. However, these power savings could get swamped by the surge in demand for new applications. 5G will link up billions of things that have never been connected before. To accommodate all these new connections, masts might have as many as 128 antennas, versus just four or eight on a typical 4G mast. Bouncing signals through cities may require thousands of transmitters and receivers to be bolted onto rooftops and street furniture. This looks like it will all require a lot more bandwidth, and a lot more power.What’s more, carriers can’t afford the cost of swapping out all their equipment at once, Berglund said. The rollout will have to happen gradually, so many masts will still carry less efficient 4G, 3G and 2G antennas alongside 5G ones. This situation could last for years – some 3G kit is still in place 18 years after that technology was introduced.This article is part of Covering Climate Now, a global collaboration of more than 250 news outlets to highlight the climate change story.Electricity already makes up about a third of carriers’ average operational costs, according to Nokia, and raising this will pressure balance sheets when the industry isn’t in a good place to cope. Vodafone has cut its dividend to conserve cash to pay for spectrum and capital investment. Bank of America Merrill Lynch analysts said Monday they expect BT to slash its dividend by as much as 40% to fund capital expenditure and price cuts.“As we consume more, power’s going up, and the industry is trying to bring that down as much as possible,” said Henry Calvert, head of future networks at the GSMA, the mobile industry trade body. “There’s a lot of activity in the industry about making the power we use more efficient.”But whatever fixes carriers make to lower energy bills – sharing networks, getting masts to autonomously power down at times of low data demand, introducing “beam-forming’’ so smart antennas can pinpoint devices instead of pumping out data indiscriminately – the surge in power usage creates a challenge for meeting emissions goals.Deutsche Telekom AG, for example, pledged a 90% reduction in carbon emissions between 2017 and 2030. In total, European carriers will have to reduce carbon dioxide emissions by 6 million metric tons within 11 years to achieve their carbon targets, BloombergNEF analyst Kyle Harrison said in a research note.One solution is for the telecom companies to shift their power supply to renewables, but this can’t be done at the flick of a switch. Clean-energy contracts are complicated and can take years to negotiate.Carriers will be under pressure to sign new ones quickly to cope with 5G’s power demands, Harrison said. They’ll be vulnerable to striking bad deals, and price fluctuations in energy markets can turn some arrangements that initially look good into losers in the longer term. “The switch to 5G is going to put more pressure on telecoms to purchase clean energy and reduce their emissions,” he said. “Many clean energy deals can result in losses for corporations. Telecoms will need to put extra consideration into this as their power demand goes up, especially if losses will impact their investments into 5G.”To contact the author of this story: Thomas Seal in London at tseal@bloomberg.netTo contact the editor responsible for this story: Jennifer Ryan at jryan13@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investing.com
3 Things Under the Radar This Week
1\. Shale Production Momentum to Continue
Reuters - UK Focus
UPDATE 1-Facebook fact-checker finds UK Conservatives ran ads with altered BBC headline
One of Facebook's third-party fact-checkers accused Britain's governing Conservative Party on Friday of misrepresenting a BBC News article in its ads on the social media platform. Full Fact, which is part of the third-party fact-checking program created by Facebook to fight misinformation on the platform, said it had been scrutinizing online advertising ahead of a possible snap election in the country. The charity said it had raised its concerns with Facebook.
Bloomberg
Stanford University Accepted $50,000 Gift From Jeffrey Epstein
(Bloomberg) -- Stanford University received a $50,000 donation from a foundation funded by deceased sex offender Jeffrey Epstein, a spokesman said Friday.The donation came in 2004, two years before allegations involving Epstein’s sexual conduct with young girls started making news. The gift went to the university’s physics department. “The funds were expended shortly thereafter and we have no record of any other gifts to the university from him or his foundations,” a Stanford University spokesman said in an email. News of the donation emerges as educational institutions are coming to grips with their relationship with the disgraced financier, who committed suicide last month in a Manhattan jail while awaiting trial on sex trafficking and conspiracy charges. Epstein, who was 66, cultivated relationships with scientists and technologists, holding conferences and attending events with leading thinkers such as the late cosmologist Stephen Hawking and LinkedIn co-founder Reid Hoffman. Last month, Stanford was among institutions that told BuzzFeed that they had searched financial records and couldn’t find evidence of an Epstein donation. A Stanford spokesman said BuzzFeed had requested information about gifts after 2006, when Epstein was charged for the first time. The school said it also told the reporter of the 2004 donation.On Thursday, Harvard University President Lawrence Bacow said the university was reviewing millions of dollars in Epstein donations, all of which came before his 2008 guilty plea in Florida. Also on Thursday, Massachusetts Institute of Technology President Rafael Reif said he signed a 2012 thank-you letter to Epstein for a donation, but has no memory of it. MIT launched its own review into Epstein donations last month.Joi Ito, the director of the MIT Media Lab, resigned from his post on Sept. 7 after the New Yorker reported that the Media Lab’s ties to Epstein ran deeper than Ito had disclosed. In August, Reif said MIT had received $800,000 from Epstein-linked foundations. In early September Ito said he had also received $1.2 million from Epstein for outside investment funds he controlled. In an email to Axios on Thursday, Hoffman said he last interacted with Epstein in 2015, and that all his few interactions came at the request of Ito, with the goal of fundraising for the Media Lab. Hoffman said Ito had told him that MIT had vetted Epstein.“By agreeing to participate in any fundraising activity where Epstein was present, I helped to repair his reputation and perpetuate injustice,” Hoffman told Axios. “For this, I am deeply regretful.”Since Epstein’s arrest in July, many technology figures have rushed to distance themselves from the financier. Stanford, in the heart of Silicon Valley, has become the breeding ground for tech titans from Hewlett-Packard to Google. This year, it was caught up in a bribery scandal alleging rich parents could pay a middleman for admission to a handful of elite schools. Federal prosecutors alleged that a now-fired sailing coach accepted donations for the sailing program in exchange for smoothing the application process for some students.Epstein’s COUQ Foundation Inc. made the donation to Stanford. The same charity gave to a wide variety of causes, including the Clinton Foundation, the Martha Graham Dance Company and the Save Darfur Coalition, according to filings.To contact the author of this story: Sarah McBride in San Francisco at smcbride24@bloomberg.netTo contact the editor responsible for this story: Anne VanderMey at avandermey@bloomberg.net, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Reuters
Apple has sour reaction to Goldman Sachs' analyst note
Apple Inc struck out at a Goldman Sachs Group Inc analyst on Friday in a relatively rare public dust-up between a blue chip Wall Street firm and its client. The disagreement came after Goldman Sachs analyst Rod Hall criticized Apple's accounting methods for the tech giant's new TV+ product, saying in a research note that it may result in lower gross margins and profits. A Goldman spokeswoman declined to comment or to make the analyst available for interview.
Market Realist
Is Tesla Bear Jim Chanos Buying Something New?
Jim Chanos, the founder and president of Kynikos Associates, is a long-time short-seller of Tesla stock. Tesla stock has fallen 17.5% in the last year.
Bloomberg
Disney's Iger Quits Apple Board as Streaming Rivalry Heats Up
(Bloomberg) -- Walt Disney Co. Chief Executive Officer Bob Iger resigned from Apple Inc.’s board, a sign of increased competition between the entertainment and technology giants.Apple said in a Friday regulatory filing that Iger quit on Tuesday. He had served as a director since 2011 and was a friend of Steve Jobs. The Apple co-founder was also a Disney board member until he died in 2011. The duo appeared on stage more than a decade ago to announce an iTunes partnership.The relationship between the two companies became more fraught after Apple expanded into original TV shows and movies, making the Cupertino, California-based company a potent new rival for Disney. That had put Iger’s role on Apple’s board in doubt.On Tuesday -- the same day Iger resigned from the board -- Apple CEO Tim Cook said the company’s TV+ service would launch Nov. 1 for $4.99 a month, undercutting the upcoming Disney+ offering. The announcement dented Disney shares.In an April interview with Bloomberg TV, Iger said he was careful to recuse himself at Apple board meetings whenever the topic of streaming video came up. He added that the topic “has not been discussed all that much” by the Apple directors, because it was relatively small and nascent. “So far it’s been OK,” he said. “I’m in constant discussion about it.”“It has been an extraordinary privilege to have served on the Apple board for eight years, and I have the utmost respect for Tim Cook, his team at Apple and for my fellow board members,” Iger said in an emailed statement.His departure leaves Apple with seven board members. The average board has 10.8 directors, according to a 2018 analysis of companies in the S&P 500 index by Spencer Stuart, a consulting firm that provides executive search and board-related services.\--With assistance from Christopher Palmeri.To contact the reporter on this story: Mark Gurman in San Francisco at mgurman1@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Alistair Barr, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Reuters - UK Focus
EXPLAINER-One possible culprit in vaping lung illnesses: 'Dank Vapes'
A study published last week in the New England Journal of Medicine found that more than half of patients with the lung illness - 24 of 41 - who were extensively interviewed in Wisconsin and Illinois reported having used the "Dank Vapes" brand. The New York State Department of Health identified "Dank Vapes" and "Chronic Carts" as products containing Vitamin E acetate, a thickening agent in THC oil that has been a key focus in its investigation into the illnesses. While Vitamin E acetate is often applied to skin or used as a dietary supplement, the U.S. Food and Drug Administration has warned against inhalation because "data is limited about its effects" on the lungs.
Reuters
Disney CEO Bob Iger resigns from Apple board as TV battle looms
Iger departed Apple's board the same day the company revealed new details about Apple TV+, a $4.99-per-month service that will launch on Nov. 1. Apple is spending billions in Hollywood to secure original programming for the service. The monthly subscription price for Apple TV+ undercuts Disney, which earlier this year announced its own streaming service that will feature its iconic children's content and cost $6.99 per month.

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