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Hard-hit small businesses face long winter without lifeline

October 9, 2020

The struggle to reach a deal to revive the paycheck program just weeks before the election is all the more surprising because it’s one of the few issues that has had strong bipartisan support throughout the pandemic. Lawmakers overwhelmingly backed the program, which provided $525 billion to more than 5 million businesses, and employers embraced it because they could convert the loans to grants if they agreed not to fire workers.

But PPP has become hostage to bigger fights over the size of the entire rescue package, with Republicans refusing to agree to more than $2 trillion in spending sought by Democrats.

“The failure to pass continued relief should be met with far more outrage,” said John Lettieri, co-founder of the Economic Innovation Group think tank, and a former Senate aide. “It’s absolutely shameful.”

Now, restaurants, retailers and other small businesses that have been among the hardest hit face existential

Super long JGB yields rise after BOJ ops, traders await U.S. stimulus details

October 9, 2020

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TOKYO, Oct 9 (Reuters) – Japanese government bond yields at the long end of the curve rose on Friday after a Bank of Japan debt buying operation showed investors had strong interest in selling longer-dated paper.

Other sections of the yield curve were little changed as traders awaited further details on negotiations between Republicans and Democrats over additional U.S. economic stimulus.

Benchmark 10-year JGB futures 2JGBv1 rose 0.03 point to 151.91, with a trading volume of 14,143 lots.

The 10-year JGB yield JP10YTN=JBTC fell 0.5 basis point to 0.030%.

The 20-year JGB yield JP20YTN=JBTC was flat at 0.400%, and the 30-year JGB yield JP30YTN=JBTC was also unchanged at 0.630%.

The 40-year JGB yield JP40YTN=JBTC rose 0.5 basis point to 0.655%.

The five-year yield JP5YTN=JBTC rose 0.5 basis point to minus 0.100%.

At the short end of the curve, the two-year JGB yield JP2YTN=JBTC rose 0.5 basis point to minus 0.130%.

Keeping it clean: U.S. ethanol producers invest in sanitizer for long haul

October 8, 2020

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By Stephanie Kelly

NEW YORK, Oct 8 (Reuters) – Red River Biorefinery in Grand Forks, North Dakota, came online in April, arguably the worst time for an ethanol facility to begin operating as the coronavirus pandemic sank fuel demand.

Instead of shutting like many ethanol facilities, the company switched focus from producing fuel ethanol to making high-grade alcohol for hand sanitizer, where demand surged during the pandemic as Americans scrambled to protect themselves against the coronavirus.

Red River and several other companies now view the hand sanitizer market as more than a temporary salve for weak fuel demand, making permanent investments in production of high-grade alcohol that meets standards for producing sanitizer.

In recent months Pacific Ethanol PEIX.O, Green Plains GPRE.O and Highwater Ethanol HEOL.PK have said they will boost capacity for high-grade alcohol.

“Our intent when we first went live was to be purely in the fuel

World economy faces long, hard climb out of pandemic, IMF chief says

October 6, 2020

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WASHINGTON (Reuters) – The global economy is in “less dire” shape than it was in June but risks crashing again if governments end fiscal and monetary support too soon, fail to control the coronavirus and ignore emerging market debt problems, International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday.

FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva makes remarks during a closing news conference for the International Monetary Finance Committee (IMFC), during the IMF and World Bank’s 2019 Annual Meetings of finance ministers and bank governors, in Washington, U.S., October 19, 2019. REUTERS/Mike Theiler/File Photo

Georgieva told an online London School of Economics event that the IMF will make a small upward revision to its global economic output forecasts next week, adding: “My key message is this: The global economy is coming back from the depths of this crisis.”

“But this calamity is far from over. All

Patriots QB Brian Hoyer carries long personal losing streak into Chiefs game

October 5, 2020

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It’s been a long, long time since Hoyer won a game as starting QB originally appeared on NBC Sports Boston

Though the Patriots haven’t confirmed it yet, all signs are pointing to Brian Hoyer starting under center Monday night when New England faces the Chiefs.

If Hoyer earns the start, he’ll be looking to do something he hasn’t done in four years and three days, or a span of 1,465 days: win a football game as starting quarterback.

Since Hoyer’s last victory — a 17-14 Bears win over the Lions on October 2, 2016 — Hoyer has lost 10 straight games as a starter, while predominantly serving as a backup over that stretch.

That losing skid involves three starts with the Bears in 2016, six starts with the 49ers in 2017, and one start with the Colts a season ago. Overall, Hoyer has completed 58.8 percent of his passes during

long days, late nights and years away from home

October 5, 2020

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Sometimes the pressure of Li Ping’s job is so great that he can’t sleep at night.

Li was transferred to a remote, mountainous corner of southwestern China in 2016 with a mission to help raise the community out of poverty.

Today, Xide county in Sichuan province – the area under Li’s jurisdiction – is on the verge of officially reaching the goal.

Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.

Xide is one of seven counties in the western part of Sichuan that is still under the poverty line and the community is waiting to hear back from higher levels of government to know if it met the target.

But that does not mean the worry is over.

“I am just anxious whether we have used all the poverty alleviation funds efficiently and wisely,” Li said.

Li Ping’s job in Xide county has kept him up at night over the years. Photo: Simon Song — Li Ping’s job in

Keep Calm and Stay Long: This Gold Price Correction Is Normal and Healthy

October 3, 2020

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In the nearly six years since Greg Abbott has been governor of Texas, the Lone Star State has been the number one destination for U.S. businesses looking to relocate.

That includes California businesses. In 2018 and 2019, as many as 660 California-based companies pulled their stakes up and moved to greener pastures in Texas, where the cost of doing business is roughly 10 percent below the national average.

Next up is Tesla. The electric vehicle (EV) company is currently in the process of building its fourth factory in the Texas capital of Austin, a growing tech hub with a young, highly educated population.

A city in Texas may also be named headquarters to TikTok, the popular video-sharing app whose fate is still in limbo after Oracle and Walmart struck a deal to jointly buy the U.S. service from TikTok’s Chinese parent company, ByteDance. This could bring as many as 25,000

2 Top Marijuana Stocks to Buy for the Long Term

October 3, 2020

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Even before the legalization of marijuana in Canada in 2018, cannabis companies were busy investing billions of dollars in facilities to meet implausible demand projections, as well as acquiring their competitors at inflated prices. Looking back, the entire series of events placed the foundation for a catastrophe in the sector. Indeed, the Horizons Marijuana Life Sciences ETFÂ (TSX: HMMJ), an index that tracks the performance of sector constituents, is now down nearly 80% from all-time highs.Â

Now that the bubble has burst, investors have opportunities to do the previously unthinkable — buy top marijuana stocks at a great value. Today, let us look at two companies in this category and how they can reignite their momentum for long-term growth.Â

Image source: Getty Images.

1. HEXO

HEXO (NYSE: HEXO) is a weed producer that grossly miscalculated the demand for marijuana but quickly improvised to overcome its headwinds. The company

We’re a Long, Long Way From Running Out of Gold

October 1, 2020

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With the metal hitting a record $2,075 a troy ounce in August, the concern we’re heading toward peak gold has reared its head again. The industry needs to commission 8 million ounces of projects by 2025 to maintain last year’s production levels, consultants Wood Mackenzie wrote in June, requiring some $37 billion of capital investment. Mine production fell last year for the first time in more than a decade. Even the British Broadcasting Corp. has been asking whether we’re at risk of running out.

At the core of the concern is a longstanding trend in the gold mining industry: The percentage of gold in ore reserves is falling, from more than 10 grams per ton in the late 1960s to barely more than 1 gram per ton nowadays. Those concentrations are extraordinarily low — equivalent to grinding up and separating a Statue of Liberty’s-worth of ore to recover a teaspoon

‘You need to be long’

September 30, 2020

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CNBC’s Scott Wapner talks to Chamath Palihapitiya, Social Capital Founder and Chief Executive Officer during the 2020 Delivering Alpha conference on Sept. 30th, 2020.

CNBC

Outspoken technology investor Chamath Palihapitiya said Wednesday that the Federal Reserve will have more influence over the markets in the next four years than whomever takes the White House in November.

“Irrespective of whether the Democrats or Republicans are in office, if you’re trying to generate returns you need to be long and you will probably get rewarded,” Social Capital Founder and Chief Executive Officer Chamath Palihapitiya said at the Delivering Alpha conference presented by CNBC and Institutional Investor.

“I think the markets are going higher,” Palihapitiya, an early Facebook executive, added. “I think the markets are going higher because I think the presidency and the impact of the presidency is being divorced from the economic future prosperity of America.”

While many investors are focusing