"It's annoying but we don't have much choice," say one woman after French President Emmanuel Macron announces a new national lockdown starting Thursday evening.
"It's annoying but we don't have much choice," say one woman after French President Emmanuel Macron announces a new national lockdown starting Thursday evening.
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(Bloomberg) -- Global coronavirus cases topped 60 million. South Korea’s daily tally jumped to nearly 600, the most since March, raising worries that the latest spread could threatened a fine-tuned strategy to combat the pandemic.In the U.S., California and Texas broke daily records for infections, while an outbreak is accelerating in the Southwest and Rocky Mountain regions. A growing number of U.S. hospitals have canceled or delayed some planned medical procedures to preserve staff and beds, while the death toll in U.S. nursing homes and long-term care facilities topped 100,000.The White House is considering lifting entry restrictions on non-U.S. citizens arriving from Europe. German Chancellor Angela Merkel extended a partial lockdown for at least three weeks as the continent’s biggest economy struggles to regain control of the virus.Key Developments:Global Tracker: Cases pass 60.2 million; deaths top 1.4 millionBiden warns of ‘long, hard winter’ for virus in somber addressAs virus ravages U.S. jails, Korea may provide a templateAirline claims that flying is safe stir doubts among expertsThe best and the worst places to be in the coronavirus eraWorld’s biggest glove producer at risk as pandemic hits homeWhy making a Covid vaccine is only the first hurdle: QuickTakeSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on coronavirus cases and deaths.Mexico Hospital Beds Filling Up Fast (10:42 a.m. HK)Mexico reported 10,335 new Covid-19 cases Wednesday night, bringing the total to 1,070,487, according to data released by the Health Ministry. Deaths rose 858 to 103,597.In Mexico City, 61% of hospital beds with ventilators are occupied, up from 53% a week earlier. Mexico has been criticized for its lack of testing, with officials acknowledging the country’s actual virus toll is probably much higher than reported.Tokyo Joins Surge in Bond Sales to Fund Pandemic Relief (10:17 a.m. HK)The Tokyo Metropolitan Government plans to price a 60 billion yen bond ($575 million) Friday, with the proceeds used to offer small-to-mid sized companies long-term funding at low interest rates.Borrowers globally sold more than $100 billion of so-called social debt in the first 10 months of the year, much of it fueled by government demand for funds during the pandemic. This is the first such bond from a Japanese municipal government that specifies the money must be used exclusively to help with the pandemic, and comes as cases in Japan are hitting a record this month.The city’s decision to specify the use of proceeds for pandemic-related relief “resonated with a lot of investors,” according to Kosuke Suzuki, deputy director of the bond section at Tokyo Metropolitan Government’s finance bureau. The local government initially planned to sell 30 billion yen of the note, but doubled the amount due to strong demand, he said.Malaysia to Require Testing of Foreign Workers (8:59 a.m. HK)Malaysia will impose mandatory Covid-19 screening for 1.7 million foreign workers due to the high number of cases in the group, Star reports, citing Defense Minister Ismail Sabri Yaakob.Employers should get workers tested early and “pay the bill rather than waiting for the disease to spread, as factory operators will suffer greater losses when their premises are forced to shut down,” Ismail said. The government also will impose a 50,000 ringgit ($12,240) fine per worker on employers that house foreign workers in crowded spaces.Hanmi Pharm Rises on Vaccine Manufacturing Report (8:57 a.m. HK)Shares rise as much as 11% after Maeil Business Newspaper reports the Korean company is in talks with global pharmaceutical firms to make genetic vaccines for Covid-19 on contract. Hanmi Pharm can produce up to 100 million units of genetic vaccines annually, the report says, citing the firm.China Reports 21 Cases, With 9 From Inner Mongolia (8:55 a.m. HK)China reported 21 new coronavirus cases Wednesday, including 12 imported infections and nine local cases from Inner Mongolia, according to a statement from the National Health Commission.South Korea Records Most New Cases Since March (8:41 a.m. HK)South Korea’s daily Covid-19 infections jumped to nearly 600, the most since March, raising worries that the latest spread could threatened a fine-tuned strategy to combat the pandemic.The spike in cases comes days after the country imposed stricter social-distancing measures, including limiting restaurant hours and social gatherings. Korea Disease Control & Prevention Agency on Thursday reported 583 coronavirus infections in the past 24 hours, compared to 382 a day earlier.South Korea has raised the social-distancing alert level twice in the past two weeks, highlighting the challenge of containing the latest spread as the number of infections continues to rise. The country has been held up as a model for managing the virus spread without having to lock down or impose draconian measures after quelling two previous severe outbreaks in February and August.U.S. Considers Lifting European Entry Rules (5:26 p.m. NY)Several federal agencies have recommended that the White House lift an entry ban on non-U.S. citizens arriving from Europe put in place to slow the spread of Covid-19.The organizations, which participate in the White House Coronavirus Task Force, have signed off on lifting the restrictions, said two people who were briefed on the discussions. The rules were imposed by the Homeland Security Department after a presidential proclamation on March 11. It applied to 28 European nations and was expanded to Brazil on May 25.It’s unclear whether White House officials, including President Donald Trump, will go along with lifting the ban or what the timing of a decision will be, said the people, who asked not to be identified because they weren’t authorized to discuss the issue.Texas Cases Break Daily Record (5:15 p.m. NY)Texas reported 14,648 new infections, setting a record for the second straight day, according to figures from the Department of State Health Services.El Paso County has the most cases in the state, at 37,114, the figures show. That far exceeds infections in the more-populous Dallas County and Harris County, home of Houston.Biden Calls for Unity in Virus Fight (4:20 p.m. NY)President-elect Joe Biden called on Americans to unite in the face of a “long, hard winter,” using a Thanksgiving address to the nation to grieve for those lost to the coronavirus pandemic and promise that the nation would beat it in the new year.“We have fought a nearly yearlong battle with a virus in this nation. It’s brought us pain and loss and frustration, and it has cost so many lives -- 260,000 Americans -- and counting,” he said in a speech in Wilmington, Delaware.Biden went on to draw an implicit contrast with President Donald Trump by calling for a different approach to combating Covid-19. “It has divided us. Angered us. And set us against one another,” he said. “I know the country has grown weary of the fight. But we need to remember we’re at war with a virus -- not with each other.”Germany Extends Curbs at Least Three Weeks (4 p.m. NY)Chancellor Angela Merkel extended a partial lockdown for at least three weeks, to just before Christmas.Europe’s largest economy tightened limits on private gatherings but kept schools and most businesses operating under a deal hashed out Wednesday by Merkel and the leaders of Germany’s 16 states. The restrictions -- slated to expire at the end of November -- will run until Dec. 20 and will likely be extended into January unless there’s an unexpectedly rapid decline in contagion rates.With infection rates surging, German officials this month ordered the closing of restaurants, gyms and cinemas. Nations like France and Britain imposed tougher restrictions, and with outbreaks there easing, officials are cautiously moving to loosen curbs ahead of the Christmas holidays.California Shatters Daily Record (2:40 p.m. NY)California reported 18,350 new virus cases, shattering the daily record set last weekend. The 14-day average rate of positive tests climbed to 5.9%, a three-month high and up 2 percentage points in just two weeks.The most populous state is grappling with a virus resurgence spreading faster than at any point in the pandemic. Hospitalizations spiked 5.8% Tuesday to a total of 7,049, according to the state health department, and have more than doubled since the start of the month. Health Secretary Mark Ghaly warned Tuesday that hospitalizations and deaths, which trail infections by two to three weeks, are poised to surge further as cases accelerate.N.J. Changes Quarantine Policy (1:55 p.m. NY)New Jersey has stopped advising 14-day quarantines of visitors and residents returning from U.S. hot spots. The policy, started in June and put into effect by New York and Connecticut as well, relied on voluntary compliance. But as cases and positivity grew, all save for a few states landed on the list. By mid-October, New Jersey, amid its second wave, achieved the three states’ definition of a hot spot.Governor Phil Murphy said in a statement that New Jersey no longer will use “previously outlined metrics to inform its travel advisory.” The state continues to discourage non-essential travel and intends to issue a new policy, he said.New York on Nov. 4 started allowing people to test and isolate for just three days. Connecticut on Tuesday listed 48 states and territories still subject to the quarantine rule.France’s Pace of Cases Falls to 6-Week Low (1:50 p.m. NY)France registered 16,282 new Covid cases Wednesday, health authorities reported. The seven-day average of infections, which smooths out swings in cases over the course of a week, fell to 14,994, the lowest since Oct. 9. The share of positive tests fell to 13%, compared with close to 21% at the start of November. Both hospitalizations and the number of patients in intensive-care units continued to fall from the second wave’s peak Nov. 16. Deaths linked to the virus rose by 381 to 50,618.The report follows President Emmanuel Macron’s announcement Tuesday that France will start relaxing its lockdown measures on Saturday, and lift most of them in mid-December if numbers for cases and ICU patients continue to improve.Turkey Changes Reporting Method After Outcry (1:10 p.m. NY)Turkey changed its reporting method for Covid-19 cases after Health Minister Fahrettin Koca came under increasing criticism for not fully disclosing the number of people who test positive for the virus, much like the rest of the world does.Turkey reported 28,351 new coronavirus cases Wednesday, Koca said in televised press conference. The total death from the virus rose by 168 to 12,840.Turkey’s opposition parties and medical associations have been criticizing the minister for portraying a rosy outlook and the government for prioritizing economic gains over lives. The change also came after the surge in new symptomatic “patients” more than doubled this week compared with the previous one, to a pace not seen since the early stages of the pandemic in Turkey.N.Y. Sees Most New Cases Since April (11:45 a.m. NY)New York state had 6,265 new coronavirus cases Tuesday, the highest since April 24, according to a briefing from Governor Andrew Cuomo. The overall positive testing rate was 3.62%.In New York City, hospitalizations are on the upswing. Daily admissions for Covid-like symptoms totaled 141 on Nov. 23, the highest in weeks. Of those, 45% tested positive for coronavirus. The seven-day average of total hospitalizations is 647, up 38% from a weekly average of 469 over the last four weeks.Covid-19 “is bearing down on us, more every day,” Mayor Bill de Blasio said at a press briefing Wednesday.State data show total hospitalizations for New York City at 931 on Nov. 22, more than double the number on Nov. 1. At the height of the outbreak in April, more than 12,000 were hospitalized for Covid.U.S. Surpasses 100,000 Nursing Home Deaths (10 a.m. NY)Covid-19 has killed more than 100,000 residents and staff of nursing homes and long-term care facilities in the U.S., according to a report Wednesday from the Kaiser Family Foundation, a nonprofit that focuses on health issues.The U.S. passed the grim milestone Tuesday, based on reports from across the country, the foundation said. Deaths in long-term care facilities have accounted for 40% of all Covid-19 deaths nationwide, according to the report.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.
Police were called to Leigham Court Road in Streatham to reports of a man attacking people with a pole just before 3.30pm on Wednesday. The young victim was found with a head wound at the scene, near Dunraven School, before being rushed to hospital. A 13yo boy was found with a head injury.
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(Bloomberg) -- Jack Ma’s vision of the future of finance in China is being upended by regulators, along with the ambitions of conglomerates that followed his lead.Ma’s Ant Group Co. is in talks with regulators about injecting capital into its micro-lending units just weeks after its $35 billion initial public offering was halted in a sector-wide crackdown. The listing plans of e-commerce billionaire Richard Liu’s JD Digits Technology Holding Co. have also been thrown into limbo. Lufax Holding Ltd. had to renegotiate terms with some shareholders after its recent IPO valued China’s largest listed online lender at less than a previous funding round.The details come from people familiar with the discussions, who asked not to be identified speaking on private matters.It’s all part of the rapidly shifting landscape for China’s fintech leaders, which till recently offered the most compelling evidence of technology giants using their might -- and a light regulatory touch -- to rewire traditional financial services. They are now rushing to shore up capital, mulling business overhauls and bracing for more turbulence as industry watchdogs set their sights on areas spanning lending, banking partnerships and data privacy.“Financial stability is political in China,” said Sean Ding, a Washington DC-based analyst at Plenum, a research firm specializing in Chinese politics and economy. “The whole point of sending such a strong message is for future fintech companies to be more careful, understand that their products can bring about financial risk.”The call for tightened oversight comes from the very top. President Xi Jinping urged financial regulators to “dare to” master their supervisory role, according to commentary penned by an official at the banking regulator, published in the Party mouthpiece People’s Daily this month.And it’s the $1.2 trillion online lending industry that’s been first in line for a shake-up, with many companies already trying to meet stringent rules that are yet to be finalized.Ant, the biggest player in online lending, has been the most visible casualty given the abrupt halt to its record-setting IPO this month. Apart from discussions about replenishing capital, Ant is also slowing the pace at which it packages existing loans into asset-backed securities to sell to investors, a person familiar with the matter said.The company currently keeps about 2% of loans on its own balance sheet, with the rest funded by third parties or packaged as securities and sold on.“When Ant does return to the market, investor sentiment is expected to be more restrained,” Bernstein Singapore-based analyst Kevin Kwek wrote in a recent report, adding that its valuation could be cut up to 28%.Francis Chan, a senior analyst at Bloomberg Intelligence, estimates that Ant may need to inject as much as 80 billion yuan into its two consumer lending units to comply with the new regulations on funding and leverage. Ant declined to comment.The turn toward caution is hindering JD Digits, the finance affiliate of e-commerce giant JD.com Inc., which filed for an IPO with the Shanghai Star Market in September. JD Digits is weighing changes to its listing plans and discussing options with existing shareholders, people familiar said. Its previous target of debuting in the first half of 2021 now looks difficult, according to one of the people.JD Digits said in a text message that it is working with regulators, declining to comment further.Newly listed Lufax is an example of the dangers of going public when the scope of increased regulation isn’t clear.The fintech unit of Ping An Insurance Group Co., China’s biggest insurer by market value, warned investors before it listed that it planned to increase the proportion of loan risk it bears with lending partners to 20% from 2% because of regulatory trends, people familiar said.Lufax was valued at less when it listed than in a previous funding round and allowed existing shareholders to swap their stock into convertible bonds to make up for potential losses, according to people familiar. The lender has seen its stock swing violently since it recent debut as it’s become a target for short-sellers.Lufax declined to comment via email.Chinese regulators are becoming vocal about reining in the booming digital finance sector, signaling the clampdown has further to run.Liang Tao, a vice chairman of the China Banking and Insurance Regulatory Commission said this month that fintech companies don’t change the nature of the financial industry and firms should be subject to the same supervision and risk management as banks. In areas where a market monopoly can be spotted, Liang said, the regulator will step up probes to ensure fair competition and order.A Ping An unit, together with a few banks, was reprimanded by the banking watchdog this month for bundling its own insurance products when making micro loans. Ping An Puhui Financing Guarantee Co. -- part of Lufax’s loan platform -- also charged high service fees, pushing up costs, according to a statement.Lufax has already started offering credit guarantee options from multiple insurance partners so customers have more choice, a person familiar said. It also significantly lowered fees in September, reducing clients’ costs, the person said, declining to be named as the measures were not publicly announced.“In the short term, investors are likely to grow unsure about the transparency of financial regulation in China,” said Ken Peng, head of Asia investment strategy at Citigroup Inc.’s private-banking arm. “Policy makers are cautious about fintech, which is a new industry and takes time for regulation to adapt.”(Adds comment from analyst in 11th paragraph.)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.
Courtney Ramey had 20 points and six assists and No. 19 Texas opened the season with a 91-55 victory over Texas-Rio Grande Valley on Wednesday night. Several Texas players made significant contributions on offense and the Longhorns shot 57.4%. Matt Coleman scored 17 points, and Kai Jones had 14.
Playing off of one of the Foo Fighters' most beloved hit songs, the band members came together to reflect on their 25-year music journey in "Times Like Those," a new video uploaded to the band's YouTube channel. Beginning with a "Star Wars"-inspired title screen, the video explains its premise from the jump: a look back […]
Ladies and gentlemen, thank you for standing by, and welcome to the UP Fintech Holdings Limited third-quarter 2020 earnings conference call. Hello, everyone, and thank you very much for attending our Q3 2020 earnings conference call.
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Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2020 Frontline Ltd. earnings conference call. Whereas $725 million after that was done to refinance four existing loan facilities, which were due in December 2020 and the first half of 2021.
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(Bloomberg) -- Nintendo Co. has added Sharp Corp. as an assembler of its Switch console, according to people directly involved in the matter, as it works to stabilize production and hedge against U.S.-China trade tensions.The video game giant has struggled to produce enough units for most of this year as the hit game Animal Crossing: New Horizons and stuck-at-home consumers fueled demand. While the coronavirus outbreak hurt production early on, Nintendo President Shuntaro Furukawa said this month that output has returned to normal and the Switch is now made in Malaysia, in addition to existing China and Vietnam locations.Read More: Nintendo Climbs After Boosting Forecast by 50% on Gaming DemandThat Malaysia factory is owned by Sharp, said the people, who asked not to be identified because the information isn’t public. Nintendo’s main assembly partner Foxconn Technology Co., a key unit of Foxconn Technology Group, owns a Sharp stake and helped connect the two Japanese companies, they added. Sharp continues to operate separately from its Taiwanese owner and its stock will be added to the Nikkei 225 Stock Average next week after a four-year absence.Sharp shares were up as much as 2.8% Thursday, outperforming the benchmark TOPIX and reaching their highest point since February, while Nintendo rose as much as 3.5%.Nintendo asked Foxconn Tech during the Trump era to provide alternative manufacturing sites outside of China to hedge against the trade war, according to one of the people, and the company ended up directing some Switch orders to Sharp as the Japanese company had extra capacity in Malaysia. The production volume in the Southeast Asia site is limited, the person said.Nintendo’s Furukawa has said those assembly lines aren’t yet running at full capacity and the first batch from them is about to hit store shelves soon.A Sharp representative declined to comment, while a Nintendo spokesman declined to confirm any details beyond the president’s earlier public comments.Switch assemblers plan to operate at maximum capacity through the end of this year, eschewing the typical December lull that follows the fulfillment of holiday demand. That suggests Nintendo, in the current quarter, may end up shipping more than the 10.8 million Switch units it managed in the October-December period last year.Read More: Nintendo Said to Boost Switch Production by Another 20%Nintendo has been diversifying its supply chain since before the Covid-19 era and its chief said at this month’s press conference that the Malaysia addition is part of the effort. Osaka-based Sharp has a history of working with Nintendo, having once assembled the Famicom console and later provided key components for the 3DS handheld device. The bulk of Switch production continues to be handled by Foxconn Tech in China.Switch sales momentum kept up in October, according to the Nintendo president, and the hotly anticipated debuts of new consoles from Sony Corp. and Microsoft Corp. in November were marred by severely limited launch-day supplies. Nintendo is expected to raise its fiscal-year sales target from the current 24 million when it next reports quarterly results, with David Gibson, chief investment adviser at Astris Advisory Japan, forecasting 26.4 million total sales for the period ending March 31.Read More: Sony, Microsoft Consoles Struggle With Thin Launch-Day StockReleased in 2017, the Switch has sold 68.3 million units as of Sept. 30 and its lifetime sales are on track to exceed 100 million units. The company has expressed confidence in the beefed-up games lineup it has in store for 2021. Bloomberg News has also reported Nintendo plans an upgraded hardware revision, likely with 4K graphics support, to help extend the Switch’s life cycle.Read More: Nintendo Plans New Switch Games, Extending Console’s Life Cycle(Updates with market reaction in fourth paragraph)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.
Asian traders took a breather Thursday after this month's vaccine-fuelled markets rally, with profit-takers moving in while keeping an eye on virus infections across the globe that are forcing governments to impose containment measures.
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(Bloomberg) -- Indonesia’s lenders are pushing back against central bank pressure to further lower interest rates for their customers, a step policy makers believe can help pull the economy out of recession.The banks say the real problem is that people don’t want to borrow in the first place. Loans shrank in October for the first time on record, down 0.47% from the year-earlier period. Bank Indonesia Governor Perry Warjiyo said the contraction was due to lenders’ risk-averse attitude and could have been avoided if they had lowered rates for customers in line with central bank easing.“At a time like now, people just aren’t looking to obtain loans because their activities are limited anyway,” said Haru Koesmahargyo, finance director at state-owned PT Bank Rakyat Indonesia, which has the biggest credit portfolio among Indonesian banks at 935.3 trillion rupiah ($66 billion).Banks’ reluctance to cut borrowing costs poses a hurdle for President Joko Widodo’s plan to lift Southeast Asia’s largest economy out of its first recession in more than two decades. People are limiting their spending as unemployment surges to a nine-year high and businesses are delaying investments as the country grapples with Southeast Asia’s worst coronavirus outbreak, at more than 500,000 total cases.While the central bank has cut its key rate by 225 basis points since June 2019 to a record-low 3.75%, PT Bank Central Asia, the largest lender by market value, has eased rates for customers by only about 100 basis points during the same period. Bank Rakyat has cut borrowing costs by 25 to 50 basis points this year, short of the 125 basis points the monetary authority has cut policy rates in 2020.“Why haven’t loan rates declined yet? Because of risk perception by banks,” Warjiyo said at a Nov. 19 monetary policy briefing. The central bank is meeting with lenders and businesses to boost lending, with sectors including food and beverages, telecommunications and basic minerals likely to drive the demand, he said Tuesday.Bank Rakyat shares were among the biggest laggard in Indonesia’s stock benchmark on Thursday, declining 0.7% as of 10:05 a.m. local time while the Jakarta Composite Index surged 0.7%. BCA gained 0.1%.Loan RestructuringBanks have reason for being hesitant to lend: Non-performing loans have stayed above 3% since May as individuals and companies struggle to repay debts, which could put pressure on banks’ balance sheets.The Financial Services Authority said it’s only a matter of time until lending rates drop; the main issue holding banks back is ongoing loan restructuring, according to Chairman Wimboh Santoso. More than 932 trillion rupiah of loans had been restructured this year as of Oct. 26, equivalent to about 17% of total borrowing.Bank Rakyat is putting loan growth on the back burner to focus on improving the quality of current loans, Koesmahargyo said. It’s targeting loan growth of 4%-5% this year, compared with 8.3% in 2019.“Credit and rates aren’t the key issue now,” according to BCA President Director Jahja Setiaatmadja, who expects the bank’s loans in 2020 to remain the same as 2019. “If we want to boost the economy, just use government subsidies to directly support the industries, instead of relying on loans.”(Updates with market movement in seventh paragraph.)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.
Charlie Hurt and former White House Chief of Staff Reince Priebus discuss the president's claims on 'Hannity'