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Equity Market Consolidation Continues (Technically Speaking For 7/9)

Another iconic American retail store and brand has filed for bankruptcy protection (emphasis added): Brooks Brothers, the retailer known for dressing the great and good of the United States since 1818, filed for bankruptcy on Wednesday, buckling under the pressure from the coronavirus pandemic after years of faltering sales as customers embraced more casual apparel...

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Delta CEO cautious over adding new flights amid U.S. COVID-19 spikes

FILE PHOTO: Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus disease (COVID-19), at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama, U.S. March 25, 2020. REUTERS/Elijah Nouvelage CHICAGO (Reuters) – Delta Air Lines (DAL.N) is cautious about adding more flights to its schedule due to spikes...

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Wells Fargo considers cutting thousands of jobs

Wells Fargo is considering cutting thousands of jobs as part of a broad strategic review to restore the bank’s profits from unsustainably low levels, according to a person familiar with the situation. America’s third-biggest bank, which employs 263,000 globally, has said it will cut dividends in the third quarter because of new Fed rules capping...

US economy may be stalling out as viral outbreak worsens
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US economy may be stalling out as viral outbreak worsens

Via AP Business WASHINGTON (AP) — The U.S. economy is stumbling as the viral outbreak intensifies, threatening to slow hiring and deepening the uncertainty for employees, consumers and companies across the country. Coronavirus case counts are rising in 38 states, and the nation as a whole has been shattering single-day records for new confirmed cases....

Japanese Firm Develops Battery That’s 90% Cheaper Than Lithium-Ion
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Japanese Firm Develops Battery That’s 90% Cheaper Than Lithium-Ion

By Julianne Geiger – Jul 09, 2020, 11:00 AM CDT APB Corp founder Hideaki Horie has received backing from a swath of Japanese firms to develop a new kind of battery that would significantly decrease production costs and improve safety, Bloomberg reported on Wednesday. The battery, which would replace the intricate battery parts such as...

Sony invests $250 million in ‘Fortnite’ maker Epic Games
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Sony invests $250 million in ‘Fortnite’ maker Epic Games

Character actors from the Epic Games Fortnite video game dance during the E3 Electronic Entertainment Expo in Los Angeles, on June 12, 2019. Kyle Grillot | Bloomberg | Getty Images Sony has invested $250 million in Epic Games, the company behind the popular battle-royale video game “Fortnite.” The PlayStation console maker will take a minority...

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Banks in Hong Kong audit clients for exposure to US sanctions

US and European banks in Hong Kong are conducting emergency audits of their clients to identify Chinese and Hong Kong officials and corporates that could face possible US sanctions over a new national security law. Donald Trump, US president, is expected to sign into law as early as next week the Hong Kong autonomy act....

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LATAM Airlines adds $1.3 billion to bankruptcy financing proposal, Brazil unit seeks protection

FILE PHOTO: A passenger plane arrives during a general quarantine amid the spread of the coronavirus disease (COVID-19), at the Arturo Merino Benitez International Airport, in Santiago, Chile May 26, 2020. REUTERS/Ivan Alvarado SANTIAGO (Reuters) – LATAM Airlines, the largest airline group in Latin America, said Thursday it had secured an additional $1.3 billion for...

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Florida reports one-day record with 120 Covid-19 deaths

Florida has recorded its biggest single-day increase in coronavirus-related deaths since the start of the pandemic, sending the stock market lower on fears the latest US outbreak could lead to another surge in fatalities. The total of 120 deaths reported by Florida on Thursday was more than double the 48 recorded the day before and...

China Grants First-Ever Fuel Export License To Private Refiner
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China Grants First-Ever Fuel Export License To Private Refiner

Private Chinese refiner Zhejiang Petroleum & Chemical Co (ZPC) has received the country’s first-ever license to a private company to export refined oil products out of China, Reuters reported on Thursday, quoting sources familiar with the plan.   The Chinese government, however, has yet to set the quota of how much refined oil products ZPC can export and...

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Uber revs up for the business of ‘everything’ with Postmates

When hurried customers on Apple’s website opt for its rapid “courier delivery” service, they are often unaware that the third-party outfit that rushes to get their goods to them within just two hours is Postmates — the on-demand delivery company soon to be acquired by Uber for $2.65bn in stock. Wall St has mainly viewed...

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A space odyssey: Britain rockets into unknown with OneWeb

TOKYO (Reuters) – Britain is betting that satellite operator OneWeb will help it boldly go into a post-Brexit era. But it faces formidable challenges to complete a working constellation and rebuild a collapsed venture that has proved a money pit for investors. FILE PHOTO: A scale model of an Airbus OneWeb satellite and its solar...