Category Archives: Uncategorized

The number of workers receiving and applying for unemployment benefits declined significantly last week, according to Labor Department figures issued Thursday. That’s good news for workers and the U.S. economy — thousands of people are returning to work and coming off unemployment rolls. But the headline numbers don’t give the full picture. Some labor-market dynamics mask concerning trends under the surface. “It’s absolutely true the job market and economy are strengthening,” said Heidi Shierholz, director of policy at think tank the Economic Policy Institute and former chief economist at the Labor Department during the Obama administration. “But these numbers represent an enormous amount of suffering,” she added. “The levels are devastating.” Unemployment claims There was a drop of more than 1 million people who filed a continuing claim for state unemployment insurance during the week ended Oct. 10, according to the Labor Department. Continuing claims are a rough measure of…

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China’s Huawei Technologies Co Ltd reported a 9.9% rise in nine-month revenue on Friday, as U.S. export restrictions and the global COVID-19 pandemic weakened sales growth in products such as smartphones and telecoms equipment. Revenue reached 671.3 billion yuan ($100.44 billion) over January-September, it said in a statement, without providing a segment breakdown. Revenue grew 13% in the January-June period. Net profit margin for the nine months was 8.0%, versus 8.7% over the same period a year earlier. Consumer Business Group Chief Executive Richard Yu earlier this year said Huawei would soon stop making high-end Kirin chips as U.S. restrictions on supplying the firm take effect. Analysts expect its stockpile of the chips to run out next year. Domestically, consumers have rushed to buy Huawei smartphones on concerns over the availability of newer models. Overseas, however, Huawei has faced sluggish sales, due in part to its lack of access to…

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Jakarta. Indonesia officially launches its first Esports Association on Saturday to nurture professional gamers and introduce regulations for a potential domestic league.  The newly-established board of executives is chaired by National Intelligence Agency head Budi Gunawan, who immediately expressed his goal to set up a world-class training center. “We have a lot of works to do, one of them is to build an esports training center conforming to the international standard,” Budi said after the inauguration of the board of executives in Jakarta. The governing body will soon meet to draft esports regulations and guidelines that will help local players and teams compete at the international level, he said. The 2018 Asian Games in Jakarta saw the inaugural esports competition. A year later, esports became a medal event at the Southeast Asian (SEA) Games in Manila, where Indonesian players managed to bring home two silver medals. Budi said esports will…

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BEIJING — Demand for luxury electric sedans is on the rise in China. In just over two months, orders for the “Han” line of electric cars from BYD — a Chinese automaker backed by billionaire Warren Buffett — have topped 40,000, the company disclosed at the Beijing auto show this past weekend.  The luxury sedan was announced on July 12 and will initially be sold in China. The vehicle maker said 4,000 vehicles were delivered in August. The new Han model has a single-charge range of 605 kilometers (375.93 miles) with prices ranging from 229,800 yuan to 279,500 yuan, or roughly $33,000 to about $40,000. BYD is also selling a plug-in hybrid version for slightly less, at 219,800 yuan. That price range is slightly lower than that of Tesla’s China-made Model 3 sedan. Elon Musk’s company does not break out China unit sales, although nearly one-fourth of its revenue in the second quarter…

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For the 55 calendar years from 1965 through 2019, Berkshire Hathaway’s stock rose at an 18.6% annualized pace, versus 11.8% for the S&P 500 SPX, -1.15%  . (Both returns reflect reinvested dividends.) Warren Buffett can take credit for this, and he appears to be very much in charge of Berkshire. But, given that he just celebrated his 90th birthday, it’s clear that Buffett won’t be at the helm forever. But if you invest in Berkshire B, -6.09% BRK.B, -2.37%  or by following Buffett’s well-known investing principles, your portfolio returns likely won’t suffer after Buffett stops analyzing the markets and offering his insights. How can I be so certain? Because some years ago a group of researchers broke the Buffett Code. They devised a mechanical investing strategy that would have done every bit as well as Buffett over the long term. It is testament to Buffett’s accomplishments that it took many…

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Investment heavyweights have warned that international investors will continue to shun the U.K. until the dual threat of a hard Brexit and a Labour government led by Jeremy Corbyn can be completely discounted. Investors have avoided the U.K. amid uncertainty over the country’s future relationship with the European Union. Net outflows since the referendum vote in June 2016 from funds which invest specifically in U.K. companies reached $29.8bn, according to data from EPFR. Lucy Macdonald, chief investment officer for global equities at Allianz Global Investors, said in addition to uncertainty surrounding the Brexit outcome, the policy proposals of the opposition Labour Party under leader Jeremy Corbyn have also affected sentiment. “Another reason why global investors have been nervous about the U.K. has been the threat of an extreme left-wing government. Although that looks a lower risk because of where the polls are, it is still a risk,” said Macdonald. According…

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How can you pinpoint compelling investing opportunities in the current environment? Stocks tumbled for the week in a tech-led selloff after reaching record highs. However, even after the pullback, the S&P 500 has still surged almost 15% on a one-year basis. That means there’s still room to fall. Indeed as IHT Wealth Management’s Yussef Gheriani told CNBC’s Trading Nation recently: “There’s just a lot of uncertainty out there both between Covid, the stimulus packages, the election itself and there’s also still significant trade uncertainty between us and China.” In short, it’s best to pick your stocks wisely in case further volatility lies ahead. One way to go about this is to follow the latest stock recommendations from analysts with a proven track record of success. TipRanks analyst forecasting service attempts to pinpoint Wall Street’s best-performing analysts. These are the analysts with the highest success rate and average return measured on a one-year basis…

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Most unemployed workers will get up to $1,800 in extra jobless benefits through the Lost Wages Assistance program created last month by the Trump administration. The program pays a $300-a-week federal subsidy on top of the unemployment benefits workers currently receive. It follows the lapse of a $600 weekly supplement in late July. States, which had to apply and be approved for the Lost Wages aid, will issue up to six weeks of payments to eligible workers, a spokeswoman for the Federal Emergency Management Agency, which is overseeing the program, said Thursday. “States should plan to make payments to eligible claimants for no more than six weeks from the week ending Aug. 1, 2020,” according to the spokeswoman. $2,400 in some states That equates to a maximum $1,800 — or three weeks’ worth of the prior $600-a-week subsidy, which was enacted by the CARES Act coronavirus relief law in March. Some…

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JPMorgan Chase thinks it’s found the next hot market for investors:  Taking stakes in giant, pre-IPO start-ups from SpaceX to Airbnb. The investment bank is launching a new team to connect sellers and buyers in the burgeoning market for private company shares, according to Chris Berthe, JPMorgan’s global co-head of cash equities trading. He’s lured Andrew Tuthill, a senior VP from trading platform Forge Global, to head up the new team. “Many of our clients are looking at this as the next frontier,” Berthe said. “What do you do when markets get so high? You’re going to keep looking at value down the chain, and maybe that means getting involved in companies at earlier stages of their lifecycle.” More than a decade ago, it was much more common for companies to go public earlier in their development, allowing investors to participate in the rise of winners like Amazon and Google.…

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China’s five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic. The five lenders — Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications — released their latest financial report cards last week. All five posted at least 10% year-on-year declines in profit for the first half of 2020 as they set aside more funds for potential loan losses in the coming months — much like many banks around the world. “The banks have been asked to …perform ‘national service.’ They’ve been asked to support the economy at the expense of their own operational strength,” said Jason Tan, research analyst at CreditSights, told CNBC’s “Squawk Box Asia” on Monday. Chinese banks, among the world’s largest by assets, have been placed at the front…

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