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Carnival's AIDA Cruises to set sail in August after long hiatus - Thu, 09 Jul 2020 06:53:01 -0400
German prosecutors probe Wirecard for money laundering -

German prosecutors probe Wirecard for money launderingGerman state prosecutors are investigating Wirecard for suspected money laundering, a spokeswoman for the Munich prosecutor's office said on Thursday. "We are investigating suspected money laundering," the spokeswoman told Reuters, saying the inquiry was directed at individuals from Wirecard. Wirecard declined to comment.

Thu, 09 Jul 2020 06:33:04 -0400

Aston Martin's first SUV rolls off production line -

Aston Martin's first SUV rolls off production lineAston Martin's first sport utility vehicle rolled off the production line on Thursday, key to hopes of a turnaround at the luxury carmaker which has seen changes in management and ownership over the last few months amid a torrid performance. Popular for being James Bond's carmaker of choice, the firm has had a difficult time since it floated in 2018 as sales disappointed and it burnt through cash, prompting it to seek fresh investment from billionaire Lawrence Stroll. The DBX vehicle is the company’s first foray into the lucrative sport utility vehicle market, a late entrant compared to many rivals such as Volkswagen-owned Bentley and BMW’s Rolls-Royce.

Thu, 09 Jul 2020 06:09:18 -0400

The case for more fiscal stimulus is clearer than ever: Morning Brief -

The case for more fiscal stimulus is clearer than ever: Morning BriefTop news and what to watch in the markets on Thursday, July 9, 2020.

Thu, 09 Jul 2020 06:07:51 -0400

Trade Alert: The Chairman of the Board Of BELLUS Health Inc. (TSE:BLU), Francesco Bellini, Has Just Spent US$390k Buying 31% More Shares -

Trade Alert: The Chairman of the Board Of BELLUS Health Inc. (TSE:BLU), Francesco Bellini, Has Just Spent US$390k Buying 31% More SharesInvestors who take an interest in BELLUS Health Inc. (TSE:BLU) should definitely note that the Chairman of the Board...

Thu, 09 Jul 2020 06:01:18 -0400

Rolls-Royce Experiences a Unique Kind of Hell -

Rolls-Royce Experiences a Unique Kind of Hell(Bloomberg Opinion) -- Few aerospace companies have been left unscarred by Covid-19, but those that were struggling even before the pandemic are experiencing a unique kind of hell.Boeing Co. was already up against it after grounding its 737 Max jets and it’s expected to burn through as much as $16 billion of cash this year. Among suppliers, few were as vulnerable going into the crisis as Rolls-Royce Holdings Plc, the British jet engine manufacturer. It invested billions of pounds in several new engine designs, only to discover that one — the Trent 1000 — isn’t totally reliable. Fixing this will cost 2.4 billion pounds ($3 billion), and now the collapse in air travel has taken its own toll on Rolls-Royce’s finances.On Thursday, a trading update laid bare just how devastating the virus has been for a company whose propulsion systems power 38% of the world’s wide-body passenger jets, including the Boeing 787 and Airbus A380. The group expects to consume about 4 billion pounds of cash this year. Like Boeing, Rolls-Royce’s liabilities now far exceed its balance-sheet assets.Even in normal times the company loses more than 1 million pounds on each large jet engine it sells, and makes most of its commercial aviation revenue from maintenance contracts. When planes are grounded, precious little cash comes in to cover the company’s high fixed costs. The number of hours Rolls-Royce engines were in flight fell by 75% in the second quarter; they’re expected to more than halve this year. With intercontinental flying likely to remain subdued, many of the twin-aisled jets that Rolls-Royce powers will remain underutilized. A strategic decision to focus on the wide-body aircraft market is coming back to haunt the company.  Bloomberg reported last week that Rolls-Royce was considering raising up to 2 billion pounds in equity capital. But, for now, it has announced only a new 2 billion-pound government-guaranteed loan.A large capital increase would heavily dilute shareholders that don’t participate but Rolls-Royce has surely run out of other options, having already scrapped its dividend and announced 9,000 job cuts. The shares have declined by more than 60% this year, valuing the business at just 5.1 billion pounds. At its 2013 peak, Rolls-Royce was worth more than 4 times that.The company still has 4.2 billion pounds of cash and 8.1 billion pounds of total available liquidity, a decent cushion considering the scale of the ongoing cash burn. But its finances are in a worse state than those numbers suggest, something Rolls-Royce’s complex accounting, large working capital swings and invoice-financing arrangements (since discontinued) helped paper over.Rolls-Royce’s net indebtedness could rise to as much as 16.6 billion pounds, according to an estimate from JPMorgan analyst David Perry that preceded Thursday’s trading update. That’s when you include the cash that customers have advanced Rolls-Royce ahead of the maintenance work it must still carry out, as well as its operating leases, provisions for fixing faulty engines and other liabilities.About half of Rolls-Royce’s revenue comes from making power-generation and defense equipment, businesses that haven’t been as badly affected by coronavirus. Power-generation sales fell but defense is holding steady. A group target to achieve 750 million pounds of free cash flow in 2022 gives investors something to cling to. Chief Executive Officer Warren East believes the company has an attractive and independent future.And yet, Rolls-Royce will emerge from this crisis as a smaller group with less cash-flow potential and more debt. As a key military supplier to Britain and one of the country’s last truly world-class manufacturers, the government will be keeping a close eye on its financial health. The state had to rescue the company when it went bust in the early 1970s, and it still holds a so-called “golden share,” allowing it to block a foreign takeover.Investors seem to think more state assistance will be forthcoming if needed.(2) The company’s 550 million euros of senior unsecured 1.625% coupon bonds, which mature in 2028, trade at 90 cents on the euro. That’s not great, but it’s not disastrous either. Standard & Poor’s has already cut the credit rating to junk. If Rolls-Royce does prove too fragile to stand alone, the idea of merging it with BAE Systems Plc could be revived. It’s too important to fail.(1) So far Rolls-Royce has tapped 300 million pounds from the U.K.’s Covid Corporate Financing Facility and now has another 2 billion pound government-guaranteed loan available to it.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Thu, 09 Jul 2020 05:47:05 -0400

Biogen Files FDA Application For Potential Alzheimer Treatment -

Biogen Files FDA Application For Potential Alzheimer TreatmentBiogen Inc. (BIIB) announced that it has finally submitted the Biologics License Application (BLA) seeking approval by the Food and Drug Administration (FDA) for aducanumab, its investigational treatment for Alzheimer’s disease.If approved, aducanumab would become the first therapy to reduce the clinical decline of Alzheimer’s disease, the company said. The FDA application submission had been delayed since early 2020. Aducanumab is a human monoclonal antibody designed to treat early Alzheimer’s disease.Biogen said that the completed submission followed ongoing collaboration with the FDA and includes clinical data from the Phase 3 studies, as well as the Phase 1b study.“Alzheimer’s disease remains one of the greatest public health challenges of our time,” said Biogen CEO Michel Vounatsos. “The aducanumab BLA is the first filing for FDA approval of a treatment that addresses the clinical decline associated with this devastating condition, as well as the pathology of the disease.”Biogen reported that clinical studies showed that patients who received aducanumab experienced significant slowing of decline on measures of cognition and function such as memory, orientation and language. Patients also experienced slowing of decline on activities of daily living including conducting personal finances, performing household chores, such as cleaning, shopping and doing laundry, and independently traveling out of the home.The FDA now has up to 60 days to decide whether to accept the application for review. As part of the submission, Biogen requested to get priority review.The stock rose 4.4% on the news and closed at $280.19 on Wednesday trimming this year’s decline to 5.6%. Meanwhile some analysts are skeptical about the likelihood of the drug approval. Although, Goldman Sachs analyst Terence Flynn called Biogen's submission “an important first step and incremental positive," he seeks risk to its approval.“The central question is how the FDA will interpret the aducanumab Phase 3 data given a single positive trial, weighed against the unmet need in Alzheimer's”, Flynn wrote in a note to investors adding that he sees a 20% probability of success.The analyst maintained a Hold rating on the stock with a $300 price target (7.1% upside potential).In line with Flynn’s outlook, Wall Street analysts have a Hold consensus on Biogen with a $312.16 average price target (11% upside potential). In the last three months, the stock has received 13 Hold ratings and 4 Sell ratings versus 8 Buy ratings. (See BIIB stock analysis on TipRanks).Related News: Novavax Spikes 42% Pre-Market On $1.6B U.S. Funding For Covid-19 Candidate Corvus Shoots Up 115% On Start Of Novel Immunotherapy Study In Covid-19 Patients GenMark Soaring In Pre-Market On 118% Revenue Explosion More recent articles from Smarter Analyst: * Airbus First-Half Deliveries Drop 49% Amid Covid-19 Aviation Crisis * Google Stops Project For Cloud Services In China   * Square (SQ): One Analyst Finally Got off the Fence -- but for What? * Google Vulnerable to Reduced Ad Spend, Says 5-Star Analyst

Thu, 09 Jul 2020 05:06:59 -0400

Gilead to deliver more remdesivir to Europe from autumn - WiWo -

Gilead to deliver more remdesivir to Europe from autumn - WiWoGilead Sciences Inc plans to make more of its drug remdesivir available for Germany and Europe from autumn and will decide how much each country gets based on the rate of infection, the drugmaker's Germany boss told a German magazine. Bettina Bauer, managing director of Gilead in Germany, told WirtschaftsWoche the U.S. drugmaker can increase its worldwide monthly production from currently 190,000 treatment cycles to 2 million treatment cycles in December.

Thu, 09 Jul 2020 03:38:40 -0400

‘No Way I Can Lose’: Inside China’s Stock-Market Frenzy -

‘No Way I Can Lose’: Inside China’s Stock-Market Frenzy(Bloomberg) -- Like millions of amateur investors across China, Min Hang has become infatuated with the country’s surging stock market.“There’s no way I can lose,” said the 36-year-old, who works at a technology startup and opened her first trading account in Beijing on Tuesday. “Right now, I’m feeling invincible.”Five years after China’s last big equity boom ended in tears, signs of euphoria among the nation’s investing masses are popping up everywhere. Turnover has soared, margin debt has risen at the fastest pace since 2015 and online trading platforms have struggled to keep up. Over the past eight days alone, Chinese stocks have added more than $1 trillion of value -- far outpacing gains in every other market worldwide.While it would be easy to dismiss as a replay of this year’s Robinhood rally in the U.S., China’s budding equity mania could in many ways be more consequential. Unlike in most major markets, the nation’s individual investors account for the lion’s share of local stock trading and have been prone to extreme swings in sentiment that can have ripple effects on the economy and monetary policy.For now, indicators of market overheating are still comfortably below levels reached during the height of equity bubbles in 2007 and 2015. The risk is that breakneck gains -- stoked in recent days by bullish articles in state-run media -- could eventually result in a destabilizing crash.There are key differences between now and the start of the melt-up in 2014 for investors to consider, including a lower starting point for equity valuations. And while more traders are taking on debt to buy shares, leverage in the stock market is about 50% of what it was at its peak five years ago. Some investors say they are more cautious this year because of what happened before.Regulators are keeping a close eye. The China Securities Regulatory Commission on Wednesday cracked down on hundreds of illegal margin financing platforms, some of which it said had provided leverage as high as 10 times. Stocks extended gains Thursday, with the CSI 300 Index closing 1.4% higher. Morgan Stanley analysts this week raised their target for the gauge by 29% to a level above its 2015 closing peak, citing factors including “rising retail investor account openings.” In another sign of euphoria in China’s $9.3 trillion stock market, information security product developer QuantumCTek Co. soared by 924% on its first trading day Thursday, the strongest ever debut on Shanghai’s Star board. Leo Li, a 28-year-old freelance screenwriter in the southern city of Kunming, says he’s “pretty much all-in” on stocks but isn’t borrowing to maximize returns -- yet.“With leverage, it only makes sense to add it when you can be 100% certain of gains,” said Li, adding that his family sold property last year to buy stocks. “That usually happens when the old grannies start rushing in during the mid-to late stage of a rally. We are not there yet, but when the time comes I will be ready.”In 2014, encouraging words by state media helped revive interest in what had been a dull equity market. The result was a debt-fueled speculative bubble that burst five years ago, wiping out $5 trillion of value. The fall-out triggered regulatory clampdowns on speculative and insider trading.Tim Zhao said he learned his lesson in 2015 after losing an “astronomical” figure in the stock crash. He is back in the market for a rally he sees lasting as long as five years. “Everything is different this time,” said the 44-year-old from his office in Beijing, where he runs a movie equipment business. “It’s a lot more complicated.”He started to build positions in February after stocks plunged at the height of China’s coronavirus outbreak, focusing on chipmakers and health-care names. He declined to say how much he has invested this time around, but said he won’t be using leverage. “I want to make money, but I’m not desperate,” he said.Others don’t see a repeat of 2015.“Regulators will keep things in check to maintain a slow bull market,” said Roger Lin, a 45-year-old entrepreneur who runs a trading company in the southeast port city of Xiamen. He invested about 200,000 yuan in the market at the start of the year and added another 50,000 yuan last week, using part of a three-year credit loan.“I’m confident that I’ll be able to exit just before the market slump,” he said. “You can do that as long as you’re not too greedy.”(Updates Thursday trading in paragraph 7, adds debut in paragraph 8)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.

Thu, 09 Jul 2020 03:33:55 -0400

Record-High Gold Prices Are in Sight -

Record-High Gold Prices Are in Sight(Bloomberg) -- Gold prices could be set to take out their long-standing record as mounting concerns about the global economy fuel gains above $1,800 an ounce.Spot bullion extended its advance into a sixth day as the resurgence of the coronavirus in some parts of the world adds to concerns about a protracted global downturn. Demand for havens has surged, with inflows into gold-backed exchange-traded funds this year already topping the record full-year total set more than a decade ago, and some market watchers are forecasting prices could hit all-time highs as the health crisis drags on.Even after governments and central banks unleashed vast amounts of stimulus to prop up economic growth, helping drive real yields below zero and making bullion more attractive, there’s speculation that more policy action may be needed. Investors should favor stocks and gold over bonds and cash because the latter offer a negative rate of return and central banks will print more money, according to Bridgewater Associates’s Ray Dalio, founder of the world’s largest hedge fund.Further bolstering gold has been a surge in virus cases, with the number of U.S. infections topping 3 million to account for more than a quarter of the global total. Federal Reserve Bank of Cleveland President Loretta Mester said recent data on its spread in the U.S. raised additional downside risks for the economic recovery. Her Atlanta Fed colleague Raphael Bostic made a similar point, telling reporters that the economy seems to be leveling off, which would potentially warrant more action by the central bank or fiscal authorities.“The case for gold holding above $1,800 is pretty strong, with the weaker U.S. dollar, surging Covid-19 cases, and some Fed officials questioning the U.S. recovery,” said Warren Patterson, head of commodities strategy at ING Groep NV in Singapore. “It does seem as though it is only a matter of time before we test the all-time highs.”Spot gold rose 0.1% to $1,810.15 an ounce at 7:24 a.m. in London. Prices climbed to $1,818.02 on Wednesday, the highest since September 2011, the same month that bullion reached a record $1,921.17. Holdings in gold-backed ETFs are the highest ever.While profit-taking as prices near the previous record will likely offer some resistance, “in the current environment, it just does not seem as though it will be enough to stop it,” Patterson said.A technical reading may also be flashing a warning sign that the rally could lose steam. Gold’s 14-day relative strength index held above 70, a signal for some investors that an asset may be overbought and set to drop.“We now think that it is a matter of when, not if, gold may set a new record high,” Oversea-Chinese Banking Corp. economist Howie Lee said in a note. “The previous record close of $1,900 is now in plain sight and we suspect gold might even attempt $2,000 before the end of 2020 if the number of U.S. cases does not abate.”In other precious metals, silver gained 0.4%, platinum steadied, and palladium rose 0.7%.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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