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Human-Run Funds Beat Quant Funds in 2020 – Top 10 Global News

1. U.S. Stocks Rise on Vaccine Optimism; Dollar Falls

U.S. stocks climbed as vaccine progress boosted optimism in one of the final trading sessions of 2020. The dollar continued its slide, weakening to the lowest in 2 1/2 years. Energy shares were among the best performers in S&P 500 Index. Travel and leisure companies advanced in Europe after the U.K. approved a coronavirus shot by AstraZeneca and the University of Oxford. Volumes were light during the holiday week, with the Stoxx 600 Index seeing about half of the usual activity as it edged lower. Bitcoin extended its record-breaking rally, trading near $28,000.

The S&P 500 Index gained 0.4% as of 10 a.m. in New York.

The Stoxx Europe 600 Index slipped 0.1%.

The MSCI Emerging Market Index climbed 1.5%.

2. AstraZeneca-Oxford Covid Vaccine Gains First Clearance With U.K. Nod

AstraZeneca and the University of Oxford’s Covid-19 vaccine won U.K. clearance, marking the first approval worldwide for a shot that will be key to mass immunizations despite continuing questions over its efficacy. The vaccine will be prioritized for the country’s most vulnerable groups, with shots starting Monday, according to the government. It’s the second coronavirus injection to be cleared for emergency use in the U.K. after one from Pfizer and BioNTech was authorized in early December. The move will help the U.K. ramp up vaccinations as a surge in coronavirus infections that’s fueled by a new strain puts growing pressure on hospitals.

3. Human-Run Hedge Funds Trounce Quants in Covid Year

After years of being outgunned and outclassed by computer-driven quantitative strategies, human stock-pickers climbed back on top in 2020, helped by aggressive bets in technology and the flood of central bank money that buoyed markets. The dizzying gyrations of the pandemic-stricken year humbled even the most sophisticated of quants — notably behemoths Renaissance Technologies and Two Sigma — whose trading models were thrown off by swings their computers had never seen before. Overall, human-run funds put up some of their best numbers in a decade, with several boldfaced names, including Tiger, Coatue and D1, posting returns in excess of 35%. Whether by luck or by skill, they showed that in this most unusual of years, stock-pickers could still stand up to the seemingly inexorable rise of the machines.

4. England Faces Wider Lockdown in Race to Control New Strain

More areas of England are set to be placed under lockdown, as the new coronavirus strain puts growing pressure on hospitals. People living in London, Essex and Kent should behave as if they have Covid-19, Health Secretary Matt Hancock said in an interview with LBC radio on Wednesday. The spread of the new variant means more parts of the country will be placed under toughest tier 4 lockdown restrictions, Hancock said. He will set out details in a statement to Parliament on Wednesday afternoon. His comments come amid growing fears the National Health Service is at risk of being overwhelmed after the U.K. reported more than 50,000 new cases on Tuesday, the highest daily figure since the start of the pandemic. The number of people being treated in the hospital for coronavirus already exceeds the peak recorded during the first wave of infections in spring.

5. Republicans Rebuff Trump, Democrats by Blocking $2,000 Checks

Senate Majority Leader Mitch McConnell on Tuesday blocked an attempt by Democrats to force quick action increasing direct stimulus payments to $2,000 as President Donald Trump warned that failing to act now amounted to a “death wish” by Republicans. McConnell objected to a motion by Senate Minority Leader Chuck Schumer to approve by unanimous consent a stimulus-checks bill that passed the House on Monday. He also blocked a motion by Senator Bernie Sanders of Vermont to vote on the stimulus checks immediately after the Senate votes on overriding Trump’s veto of a key defence policy bill.

6. Johnson’s Brexit Deal Clears Its First Parliamentary Hurdle

Boris Johnson’s Brexit deal cleared the House of Commons, putting the U.K.’s trade agreement with the European Union on course to become law within hours. Members of parliament voted 521 to 73 to approve the accord after they were recalled from their Christmas break for an emergency session on Wednesday. The House of Lords, the unelected upper chamber, will vote on the legislation later in the evening. With the main opposition Labour Party backing the bill, the legislation is almost certain to become law in a single day, 24 hours before the U.K. leaves the EU’s single market and customs union.

7. U.S.’s First Case of U.K. Mutation Sparks Search for Source

A 20-something man from Colorado is the first American known to be infected with a new variant of coronavirus that emerged this fall in the U.K., raising concern that a more transmissible strain could spread widely across the country. The Colorado State Laboratory confirmed the patient had the mutated form of the virus, known as B.1.1.7, and informed the U.S. Centers for Disease Control and Prevention. The infected man has no recent travel history, challenging health officials to find the possible source of infection and identify others who may be at risk. He is currently in isolation in Elbert County, located halfway between Denver and Colorado Springs.

8. EU, China Give Political Nod to Market-Opening Investment Pact

The European Union and China announced the political approval of an agreement to open the Chinese market further to EU investors, marking a major step in talks that began in 2013. The breakthrough in negotiations on an EU-China investment deal signals the bloc’s determination to focus on economic opportunities in Asia even amid criticism of Beijing’s record on human rights. The accord could enter into force in early 2022. For the EU, the deal risks irking the incoming U.S. administration, which has urged the Europeans to consult with them over China’s economic practices. Failure by the U.S. and EU to forge a common position would give Beijing an advantage as western leaders reassess geopolitical relations in the wake of Donald Trump’s presidency.

9. Pending Sales of U.S. Existing Homes Decline for a Third Month

A gauge of U.S. pending home sales fell for the third consecutive month in November, suggesting higher prices and limited inventory are slowing momentum in the housing market despite record-low borrowing costs. The National Association of Realtors’ index of contract signings to purchase previously owned homes declined 2.6% from the prior month to 125.7, according to data released Tuesday. The drop in the index from the prior month shows more tempered activity in the housing market as prices continue to climb amid lean inventory. Still, the pending sales gauge remains well above pre-pandemic levels, indicating still-elevated demand as buyers seek more space.

10. Qatar Wealth Fund Invests $125 Million in Battery Firm Fluence

Fluence, a global battery storage joint venture of Siemens AG and AES Corp., said it reached an agreement with the sovereign wealth fund of Qatar for a $125 million investment. The funding will give the Qatar Investment Authority a 12% stake in Fluence and values the battery company at more than $1 billion. Siemens and AES will retain a 44% stake each following completion of the deal, the companies said. The global energy storage business is expected to boom in the coming decades as utilities will look to batteries to backstop an increasing amount of intermittent solar and wind power.

Readers!
Thank you for reading the article. Apologies on the slight delay in posting today as I was travelling in the evening with no access to the internet.
Happy New Year!

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Disney Cuts 32,000 Jobs this year – Top 10 Global News

1. Stock Rally Pauses as European Cyclicals Retreat

European stocks dipped and U.S. futures were mixed as sobering economic data deflated a spirited rally in global risk assets. Bitcoin tumbled 8%. Cyclical companies including banks and energy firms that had led the post-vaccine surge retreated while more defensive tech shares gained. That was mirrored by equity futures in the U.S., where contracts on the main gauge were flat while those on the tech-heavy Nasdaq 100 rose. Even with three successful vaccines on the table, sentiment turned cautious Thursday as the virus toll continued to rise in Europe and the U.S. The task of vaccinating the world’s population is rife with logistical problems, all while the virus gains ground and economic recoveries wobble.

Futures on the S&P 500 Index were unchanged as of early morning New York time.

The Stoxx Europe 600 Index dipped 0.1%.

The MSCI Asia Pacific Index gained 0.7%.

The MSCI Emerging Market Index rose 0.8%.

2. Bitcoin Plunges Along With Other Coins

Bitcoin plunged on Thursday in a sell-off that saw other digital assets fall as much as 27%, a slide likely to stoke speculation about the durability of the latest boom in cryptocurrencies. The largest token slumped as much as 13%, potentially heading for its worst day since the pandemic was declared in March, ending the culmination of a 250% surge in the past nine months. Fears over tighter crypto regulation and profit-taking after a massive rally were among the reasons cited for the sudden drop. The sell-off gathered pace after Coinbase Inc. Chief Executive Officer Brian Armstrong tweeted about speculation the U.S. is considering new rules that would undermine anonymity in digital transactions.

3. Disney Cuts 4,000 More Jobs, Blaming Virus Hit to Theme Parks

Walt Disney Co. announced another 4,000 job cuts after virus lockdowns forced the closure of its theme parks. It takes the number of layoffs in the first half of 2021, mostly at Disney’s parks, experiences and products divisions to 32,000 — more than 10% of its total workforce. The company’s parks in California remain closed due to a standoff with the state over lockdown measures. Results earlier this month revealed how the coronavirus pandemic has hammered Disney’s traditional businesses like studios, parks and cruises while accelerating a pivot to streaming. The theme parks showed a loss of $1.1 billion in quarterly results this month.

4. London Avoids Toughest Covid Curbs After England Lockdown

London will avoid the toughest coronavirus restrictions when England’s partial lockdown ends next week, Boris Johnson’s government announced. The U.K. capital has been placed into tier 2 — which means pubs, restaurants and bars can open for business, but alcohol can only be served as part of a meal. Households will not be allowed to mix indoors. The regional three-tier system is tougher than earlier lockdowns because ministers want to make sure they get a grip of the virus before people are allowed a five-day relaxation of the rules during the Christmas holidays.

5. IBM Planning 10,000 Job Cuts in Europe Ahead of Unit Sale

International Business Machines Corp. is planning to cut about 10,000 jobs in Europe in an attempt to lower costs at its slow-growth services unit and prepare the business for a spinoff. The wide-ranging losses will affect about 20% of staff in the region. The U.K. and Germany are set to be most impacted, with cuts also planned in Poland, Slovakia, Italy and Belgium. IBM announced the job cuts in Europe earlier in November during a meeting with European labour representatives. Hardest hit will be IBM’s legacy IT services business, which handles day-to-day infrastructure operations, such as managing client data centres and traditional IT support for installing, operating and repairing equipment.

6. AstraZeneca Faces More Vaccine Questions After Manufacturing Error

AstraZeneca and the University of Oxford, in the quest to deliver a Covid-19 vaccine, face mounting questions about their trial results after acknowledging a manufacturing error. Astra and Oxford said their vaccine was 90% effective when a half-dose was given before a full-dose booster, and that two full doses showed an efficacy of 62%. But the head of the U.S. vaccine program known as Operation Warp Speed said the next day that the dose showing the higher level of effectiveness was tested in a younger population and that the half-dose was given to some people because of an error in the quantity of vaccine put into some vials. None of this was disclosed in Astra’s original statement.

7. UAE Halts New Visas for Citizens of 13 Mostly Muslim Countries

The United Arab Emirates has stopped issuing new employment and tourist visas for citizens of 13 mostly Muslim-majority nations. The broad suspension, which covers visa applications made outside the country, took effect on Nov. 18 and would run until further notice. Reuters reported the step was triggered by security concerns without giving details. Countries included in the ban are Yemen, Syria, Iraq, Libya, Afghanistan, Pakistan, Somalia, Lebanon, Kenya, Tunisia, Algeria, Turkey and Iran. The restrictions will be another blow for the country’s aviation industry, which is only beginning to emerge from Covid-induced hibernation that starved airlines of revenue.

8. U.K. to End Lockdown; Merkel’s Skiing Warning

Global coronavirus cases topped 60 million. German Chancellor Angela Merkel urged Germans to do more to rein in the pandemic as the nation saw a record daily jump in new cases and virus-related deaths reached a seven-month high. Merkel also called on Europe’s ski resorts to close this winter to halt the spread of the illness. In the U.S., the Supreme Court blocked New York Governor Andrew Cuomo from imposing attendance caps at synagogues and Roman Catholic churches in Covid hotspots. California and Texas broke daily infection records. Meanwhile, the White House is considering lifting entry restrictions on non-U.S. citizens arriving from Europe.

9. Foxconn to Move Some Production of iPads and MacBooks to Vietnam

Foxconn will move the manufacturing of some Apple iPads and MacBooks to Vietnam from China, as the company aims to mitigate the risk that a trade war with the U.S. could continue after the U.S. President Donald Trump leaves the White House. The company is building assembly lines for Apple’s tablet and notebook products at its plant in the northern Vietnamese province of Bac Giang, which will come online in the first half of 2021. During the Trump era, many manufacturers have been shifting production capacity from China to countries including Vietnam, Mexico and India to avoid being slapped with punitive tariffs and to hedge against geopolitical risks.

10. Netanyahu, UAE Leader Nominated for Nobel Peace Prize

Israeli Prime Minister Benjamin Netanyahu and Abu Dhabi Crown Prince Mohammed bin Zayed have been nominated for the Nobel Peace Prize by laureate Lord David Trimble. Under the rules of the Nobel Prize Committee, a nomination made by a recipient must be discussed. Trimble, the former First Minister of Northern Ireland, won the prize in 1998 for his efforts to find a peaceful solution to the conflict in Northern Ireland. Israel and the United Arab Emirates agreed in September to normalize relations after decades of conflict in the Middle East.

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China to take Oil-Refining Crown from U.S. – Top 10 Global News

1. U.S. Futures Rise on Vaccine Hopes

U.S. equity futures rose and the dollar weakened on signs of progress toward a Covid-19 vaccine, with AstraZeneca saying its shot prevented illnesses in most people. Pfizer Inc. and Moderna Inc. climbed in pre-market trading after a U.S. government official said immunizations may start soon. Vaccine successes lately have added to a risk-on mood in markets and investors have snapped up assets that could benefit from the end of lockdowns and travel restrictions. Energy companies posted the biggest gain among European stock sectors.

Futures on the S&P 500 Index increased 0.4% as of early morning New York time.

The Stoxx Europe 600 Index rose 0.7%.

The MSCI Asia Pacific Index gained 0.6%.

The MSCI Emerging Market Index increased 1.7%.

2. U.S. Cases Rise 110,000 a Day Since Last Month

The U.S., which recorded 177,552 new infections yesterday, is now averaging almost 110,000 more daily cases than a month ago. Vaccinations against Covid-19 in the U.S. will “hopefully” start in less than three weeks, according to the head of the federal government’s program to accelerate a vaccine. “We have patients gasping for breath, needing a ventilator to survive and too often dying,” some 2,000 employees of the University of Wisconsin health system wrote in an open letter pleading for residents to help stop the virus’s spread. British ministers will weigh the next round of pandemic restrictions on Sunday, while the French government plans a three-phase easing of lockdown measures from December. Italy is also considering a pre-holiday easing.

3. China to Take Oil-Refining Crown Held by U.S. Since 19th Century

America has been top of the refining pack since the start of the oil age in the mid-nineteenth century, but China will dethrone the U.S. as early as next year, according to the International Energy Agency. In 1967, the U.S. had 35 times the refining capacity of China. The rise of China’s refining industry is reverberating through the global energy system. Oil exporters are selling more crude to Asia and less to long-standing customers in North America and Europe. And as they add capacity, China’s refiners are becoming a growing force in international markets for gasoline, diesel and other fuels. The Covid crisis has hastened a seismic shift in the global refining industry as demand for plastics and fuels grows in China and the rest of Asia, where economies are quickly rebounding from the pandemic. In contrast, refineries in the U.S and Europe are grappling with a deeper economic crisis while the transition away from fossil fuels dims the long-term outlook for oil demand. 

4. JPMorgan Sees Possible $300 Billion Rebalancing Flow Out of Stocks

Rebalancing flows may lead to an exodus of around $300 billion (INR 22.2 lakh cr) from global stocks by the end of the year, according to JPMorgan Chase & Co. Large multi-asset investors may need to rotate money into bonds from stocks after strong equity performance so far this month.  If the stock market rallies into December, there could be an additional $150 billion of equity selling into the end of the month pension funds that tend to rebalance on a quarterly basis.

5. Dollar Falls to 2018 Lows

The dollar dropped to a two-and-a-half-year low as the prospect of vaccine roll-outs added to headwinds for the world’s reserve currency. A vaccine that offers adequate protection against infection could help power a rebound in global growth and add momentum to a rally in equities and other riskier investments. That outlook is undermining the dollar, which tends to benefit in times of heightened uncertainty. According to Citigroup Inc., the dollar is likely to drop as much as 20% in 2021 should Covid-19 vaccines become widely distributed and help revive global trade and economic growth. Morgan Stanley recommends selling the dollar in favor of stocks and credit.

6. U.S. Moves to Ban Tech Exports to 89 Chinese Firms

The Trump administration is close to issuing a list of 89 Chinese aerospace and other companies that would be unable to access U.S. technology exports due to their military ties, a move that could escalate tensions as the Biden administration prepares to take over. Such a declaration would restrict the companies from buying American goods and technology. The move could fuel already-heightened tensions between the U.S. and China on fronts ranging from trade and Taiwan to the handling of the coronavirus as President-elect Joe Biden prepares to take over from Donald Trump.

7. Europe’s Virus Lockdowns Push Economy Into Another Contraction

The widespread imposition of curbs across the 19-nation bloc means the economy is set to shrink for a third-quarter this year. The situation could worsen, and even push the region into a double-dip recession if governments are forced to extend or expand the clampdown on businesses and movement. Governments have kept up financial aid to help companies and workers, and the European Central Bank has said it’s ready to do more.  The latest lockdowns aren’t as severe as those implemented during the first wave of the pandemic, which means the contraction this quarter is expected to be limited to 1.7%. That compares with a drop of almost 12% in the three months through June. However, employment fell for a ninth straight month in November, with the services sector the worst hit.

8. India Flags Investment From Hong Kong Amid China Border Row

India is subjecting foreign investment proposals from Hong Kong at par with China as part of a new policy that makes approval mandatory for plans from countries that share a land border. Nearly 140 investment proposals valued at over $1.75 billion, mostly from China and Hong Kong — China’s special administrative region — have been put on hold pending scrutiny. Amid a border stand-off with China, the Indian government tightened rules for foreign direct investment from all nations sharing a land border, making scrutiny mandatory for such investments — a restriction that was earlier applicable only to Pakistan and Bangladesh. The delays may complicate deal-making and impact the flow of capital from private equity firms and hedge funds, which often include investors domiciled in China or Hong Kong. This may starve Indian companies of investment in the midst of the pandemic-induced economic contraction.

9. World’s Supplier of Nurses to Limit Sending New Hires Abroad

The Philippines will cap the number of newly-hired nurses and other health professionals it annually sends abroad to 5,000 starting in 2021, President Rodrigo Duterte’s spokesman said. Duterte has approved the limit, taking into account the demand for nurses and doctors in the Philippines and abroad. The Philippines is battling the second-worst coronavirus outbreak in Southeast Asia. The Philippines, which sends thousands of medical practitioners to work overseas, has lifted a ban on deployment of health workers imposed earlier this year. About 13,000 nurses leave the Philippines for work abroad annually.

10. Visa Stalls Plans to Raise Fees for Some In-Store Retailers

Visa Inc. is delaying plans to raise the swipe fees paid by certain U.S. merchants each time a customer uses a credit card in-store as the coronavirus pandemic continues to crimp commerce across the country. The network told merchants this month it will leave consumer credit card-present retail rates unchanged, citing the pandemic’s effects on in-store shopping. Visa had planned to make the biggest changes to swipe fees in a decade this year, with higher rates planned for transactions on e-commerce sites. Some retailers, such as those in real estate or education were set to see such fees decline. The network opted to delay the changes as the pandemic took hold across the U.S., forcing consumers to stay inside and crimping transactions on the firm’s network. The planned changes will now happen in April 2021.

Curated from Bloomberg.com

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U.S. Jobless Claims Rise for First Time in 5 Weeks – Top 10 Global News

1. S&P 500 Futures Edge Lower as European Stocks Fall

U.S. equity futures edged lower after a sharp retreat yesterday, while global stocks slumped on worries that tougher virus restrictions will take an economic toll. Contracts on the S&P 500 dipped after U.S. weekly jobless claims came in higher than forecast. In Europe, cyclical shares taking the brunt of the retreat. Norwegian Air plunged 12% after seeking protection from creditors. Germany’s ThyssenKrupp tumbled after saying it would slash 11,000 jobs amid a cash burn at its steel business. Gold dropped for a fourth day amid a drawdown in bullion-backed exchange-traded funds.

Futures on the S&P 500 Index fell 0.3% at early morning New York time.

The Stoxx Europe 600 Index fell 0.6%.

The MSCI Asia Pacific Index declined 0.5%.

The MSCI Emerging Market Index dipped 0.9%.

2. U.S. Initial Jobless Claims Rise for First Time in Five Weeks

Applications for U.S. state unemployment benefits rose for the first time in five weeks, suggesting the labour-market recovery is slowing amid a surging pandemic and fresh business restrictions. Initial jobless claims in regular state programs totalled 742,000 in the week ended Nov. 14, up 31,000 from the prior week, Labor Department data showed Thursday. Continuing claims — the total pool of Americans on ongoing state unemployment benefits –fell 429,000 to 6.37 million in the week ended Nov. 7. The number of Americans claiming extended assistance continued to rise as many unemployed exhausted regular state benefits.

3. Dollar Loses to Euro as Payment Currency for First Time in Years

The euro was the most used currency for global payments last month, the first time it has outpaced the dollar since February 2013. Data from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries, showed the European Union’s single currency and the greenback were followed by the British pound and the Japanese yen. The Canadian dollar overtook China’s yuan for the fifth spot, Swift said. Trade upheaval, a pandemic-induced recession and political disharmony renewed pressure to reduce the share of international payments in dollars. The U.S. currency has weakened more than 11% from its March peak.

4. Oxford Study Confirms Astra Covid Shot’s Response in Elderly

The University of Oxford confirmed that the Covid-19 vaccine it’s developing with AstraZeneca produced strong immune responses in older adults in an early study, with key findings from the last phase of tests expected in the coming weeks. The results, published Thursday in The Lancet medical journal, shed more light on preliminary data released in recent months showing the experimental shot generated an immune response in the elderly, who are at highest risk of severe illness.

5. IMF Says Global Recovery May Be Fading, Risks Still Very High

The International Monetary Fund warned the world economy’s recovery may be fading as the resurgence of the coronavirus forces fresh restrictions to be imposed on households and companies. The IMF sounded the alert as leaders of the Group of 20 countries prepare for a virtual summit this weekend, hosted by Saudi Arabia. It noted progress on a vaccine, but also said elevated asset prices point to a disconnect from the real economy and a potential threat to financial stability. “While global economic activity has picked up since June, there are signs that the recovery may be losing momentum, and the crisis is likely to leave deep, unequal scars,” officials at the Washington-based fund said in a report published Thursday. “Uncertainty and risks are exceptionally high.”

6. New York MTA Warns of 40% Subway Cut, Shedding 9,300 Jobs

As the economic fallout from the coronavirus deepens and no federal aid in sight, the U.S.’s largest mass-transport system says it has no choice. On Wednesday, New York’s Metropolitan Transportation Authority (MTA) said it will have to slash subways and buses by 40% and chop commuter rail service by half if aid doesn’t come from Washington. Fares and tolls will increase and roughly 9,300 jobs will also be eliminated. For everyday New Yorkers, who rely on mass transit as a way of life, the consequences are hard to overstate. The scale of the cuts threatens major disruptions for commuters and could exert a drag on the city’s economic recovery even after the pandemic recedes. 

7. India’s Economy to Struggle With Effects of Virus Through 2025

India will be worst-affected among the world’s major economies even after the pandemic wanes, with output 12% below pre-virus levels through the middle of the decade. Balance sheet stress that had been building before the coronavirus outbreak will probably worsen. The projected potential growth for India is at 4.5% over the next five years, lower than 6.5% before the virus. While the government has announced a slew of measures to support growth, they have fallen well short of expectations to boost demand, leaving the central bank to do much of the heavy-lifting. A paper published by the Reserve Bank of India last week predicted Asia’s third-largest economy has entered a historic technical recession.

8. South Africa Central Bank Holds Rate and Signals Next Move Is Up

South Africa’s central bank held its benchmark interest rate for a second straight meeting and signalled increases next year, even as its forecasts for the economy and inflation remain muted. The monetary policy committee held the repurchase rate at 3.5%, Governor Lesetja Kganyago said Thursday in an online briefing. Of the five members on the panel, three favoured an unchanged stance and two preferred a 25 basis-point cut, the same vote split as in September. The key rate remains at the lowest level since it was introduced in 1998 after a total easing of 300 basis points this year.

9. Russia COVID Cases Top 2 Million; Tokyo on Highest Alert

Russia surpassed 2 million Covid-19 infections, pushing its hospital system to the brink. The country has the fifth-most cases globally after the U.S., Brazil, India and France and has so far steered clear of a full lockdown during the second wave of the pandemic. In the U.S., deaths from the virus passed the grim milestone of 250,000 and New York City’s public school shutdown and the prospect of a crippled mass transit agency brought a new sense of vulnerability to the city. Tokyo is raising its virus alert to the highest level following a new record of daily cases, while South Australia began one of the world’s toughest lockdowns to contain a cluster of infections.

10. China Power Giant Makes Foray Into Mexican Renewables With Zuma

China’s State Power Investment Corp. is expanding in Latin America’s clean-energy market by acquiring Mexico’s largest independent renewables company. The energy giant known as SPIC bought Zuma Energia through its Hong Kong-based unit China Power International Holding. SPIC has more than $170 billion in assets across 41 countries, including wind, solar and hydropower projects in Brazil and Chile. The deal marks SPIC’s first move into Mexico and comes at a complicated time for the country’s renewable energy industry. Under the administration of President Andres Manuel Lopez Obrador, the nation has stepped up its defense of state energy producers Petroleos Mexicanos and Comision Federal de Electricidad by attempting to crack down on private competition. Still, SPIC is bullish on Mexico’s prospects.

Curated from Bloomberg.com