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Updated: 2 hours 54 min ago

Roche Boosts Outlook for Third Time as New Drugs Gain Traction

Tue, 10/15/2019 - 22:20

(Bloomberg) -- Roche Holding AG for the third time this year said sales and profit may be better than expected as its push outside cancer pays off.Sales and core earnings per share will rise by a percentage in the high-single digits this year, the Basel, Switzerland-based drugmaker said in a statement. It previously expected growth in the mid- to high-single-digits.Key InsightsGrowth drivers Ocrevus for multiple sclerosis and Hemlibra for blood clotting continued to perform last quarter, with sales of the latter gaining after U.S. regulators cleared it for use in the largest group of hemophilia patients.Roche says planned acquisition of Spark Therapeutics still expected to close by year-end despite delays.The erosion in sales for aging blockbuster cancer drugs Avastin and Herceptin wasn’t as bad as some feared in the third quarter after rivals Amgen Inc. and Allergan Plc introduced biosimilar versions of the medicines in the U.S. in July. New competition for another older drug, Rituxan, is expected to pick up in the fourth quarter.Market ReactionRoche’s stock has climbed about 16% so far this year, roughly in line with its Basel, Switzerland-based neighbor Novartis AG and the Bloomberg European pharma index.Get MoreFor more details on the news, click here.To read the statement, click here.To contact the reporter on this story: Tim Loh in Munich at tloh16@bloomberg.netTo contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, Marthe FourcadeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


UPDATE 1-Chevron starts maintenance at Gorgon LNG export plant in Australia

Tue, 10/15/2019 - 21:46

The company planned to shut more than half an LNG train at the facility from Oct. 11 to Nov. 29, and more than 1 LNG train over May 23-July 11, next year, according to the notice. A company spokesman confirmed that Gorgon Train 1 was currently under maintenance, and said the work had been scheduled into customer cargo deliveries. The three-train Gorgon project, one of the world's largest natural gas projects, can produce 15.6 million tonnes of LNG annually, according to Chevron's website.


Some SJVN (NSE:SJVN) Shareholders Are Down 15%

Tue, 10/15/2019 - 20:15

For many investors, the main point of stock picking is to generate higher returns than the overall market. But in any...


Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 16/10/19

Tue, 10/15/2019 - 18:42

The majors find early support but will need to avoid a pullback to early lows to deliver a reversal of Tuesday’s sell-off.


Gold Prices Edge Up as Traders Weigh Brexit Optimism, Sino-U.S. Trade Worries

Tue, 10/15/2019 - 18:37

Investing.com - Gold prices edged up on Wednesday in Asia as traders digested the latest news on Brexit and the Sino-U.S. trade front.


China Threatens to Retaliate If U.S. Enacts Hong Kong Bill

Tue, 10/15/2019 - 18:24

(Bloomberg) -- China threatened to retaliate if the U.S. Congress follows through with enacting legislation that would require an annual review of whether Hong Kong is sufficiently autonomous from Beijing to justify its special trading status.The Chinese Ministry of Foreign Affairs said in a statement on Wednesday that it would take strong measures if the bill passed. The Hong Kong Human Rights and Democracy Act is one of four measures passed by the U.S. House in unanimous voice votes Tuesday.The bill provides for sanctions against officials “responsible for undermining fundamental freedoms and autonomy in Hong Kong.” A similar bill is also pending before the Senate, where the legislation has strong bipartisan support. The legislation must pass both houses and be signed by President Donald Trump to become law.China’s threat dented investor appetite for risk, with S&P 500 Index futures slipping 0.2% and the offshore yuan weakening slightly.The offshore yuan extended losses after the statement, weakening as much as 0.13% versus the dollar.“Basically traders are not buying this trade deal and think the yuan is unlikely to strengthen,” says Stephen Chiu, Asia currency and rates strategist at Bloomberg Intelligence. The yuan will likely range around 7.1 “until we get more concrete details regarding the trade agreement. Even so, the market could still doubt Trump will return with another hit.”A spokesman for the Hong Kong government separately “expressed regret” over the House action, urging foreign legislatures not to interfere in the city’s affairs. Thousands of protesters gathered in Hong Kong’s central district on Monday calling for the legislation’s passage, many of them waving American flags.The House passed H.Res. 543, a resolution reaffirming the relationship between the U.S. and Hong Kong, condemning Chinese interference in the region and voicing support for protesters, some of whom have visited Capitol Hill in recent weeks.“Retaliation, that’s all they ever talk,” Representative Chris Smith, a New Jersey Republican and a sponsor of the bill, told Bloomberg Television. “And they try to browbeat and cower people, countries, presidents, prime ministers and the like all over in order to get them to back off. We believe that human rights are so elemental, and so in need of protection, and that’s why the students and the young people are out in the streets in Hong Kong virtually every day.”Lawmakers also passed the Protect Hong Kong Act, H.R. 4270, which would halt the export to Hong Kong of crowd-control devices such as tear gas and rubber bullets. The bill is intended to prevent police in Hong Kong from using those non-lethal weapons on protesters.In addition, the House adopted a resolution introduced by Foreign Affairs Committee Chairman Eliot Engel of New York and the panel’s top Republican, Michael McCaul of Texas, which commends the Canadian government for starting extradition proceedings in the U.S. case against Huawei executive Meng Wanzhou.The resolution, H.Res. 521, also calls for the release of two Canadian nationals detained in China and due process for a third sentenced to death for drug smuggling.Republican Senators Rick Scott of Florida, Ted Cruz of Texas and Josh Hawley of Missouri visited Hong Kong over the two-week congressional recess that ended Tuesday. Hawley met with local pro-democracy activist Joshua Wong and got into a back-and-forth with Hong Kong Chief Executive Carrie Lam.Hawley said on Twitter that he called Hong Kong a “police state” on purpose “because that is exactly what Hong Kong is becoming.”(Updates with market reaction in fourth paragraph.)\--With assistance from Li Liu.To contact the reporters on this story: Iain Marlow in Hong Kong at imarlow1@bloomberg.net;Daniel Flatley in Washington at dflatley1@bloomberg.netTo contact the editors responsible for this story: Brendan Scott at bscott66@bloomberg.net, ;Joe Sobczyk at jsobczyk@bloomberg.net, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


The Crypto Daily – Movers and Shakers -16/10/19

Tue, 10/15/2019 - 17:48

It’s a mixed start to the day following Tuesday’s sell-off. A Bitcoin move back to $8,300 levels would signal a rebound…


Pictures Raise Specter of Fake Evidence in 737 Max Crash Probe

Tue, 10/15/2019 - 14:52

(Bloomberg) -- Weeks after a Lion Air jet crashed in the Java Sea, killing all 189 aboard, an airline employee gave investigators photographs meant to show that a crucial repair had been properly performed the day before the disaster.Yet the pictures may not show what was claimed.The time displayed in photos of a computer screen in the cockpit of the Boeing Co. 737 Max indicated they had actually been taken before the repair was performed, according to a draft of the final crash report being prepared by Indonesia’s National Transportation Safety Committee, portions of which were reviewed by Bloomberg News.Investigators were similarly unable to confirm the authenticity of other pictures in the packet, which were supposed to show how a piece of equipment near the jet’s nose had been calibrated, according to the report. There were indications that the pictures depicted a different plane, according to two people familiar with the investigation.The draft report doesn’t say whether anyone falsified or misrepresented the pictures -- which would be considered a serious breach of protocol -- but concludes that they may not be valid evidence. The incident injected additional tension into the already fraught international investigation in which billions of dollars and the reputations of airlines, manufacturers and entire nations are on the line.According to one person briefed on the matter, the Indonesia-based airline has told investigators that the allegations about the photos are unsubstantiated and shouldn’t be mentioned in the final report of the October 2018 crash. But to others involved in one of the most significant accident probes in decades, it could represent an attempt to mislead investigators about a critical aspect of the case and needs to be documented, said two other people who were briefed about the existence of the photos.Lion Air spokesman Danang Prihantoro said that he could not comment on the investigation. Representatives of the U.S. Federal Aviation Administration, Boeing and National Transportation Safety Board declined to comment on the existence of the photos.“We extend our deepest condolences to the families and loved ones” of those who died in the Lion Air crash and a second one less than five months later in Ethiopia, said Charles Bickers, a spokesman for Chicago-based Boeing. “We continue to provide support to and cooperate fully with the investigating authorities as they complete the final reports on the accidents.”Indonesia’s NTSC, which is overseeing the investigation, is finalizing the report and expects to release it by early November. Anggo Anurogo, a spokesman for the investigation agency, said it wouldn’t comment on the report prior to its release.“We have obtained plenty of documents,” NTSC Chairman Soerjanto Tjahjono said in an earlier interview. “Anything that is relevant to the investigation will be included in the final report.”Portions of the draft reviewed by Bloomberg News say an engineer gave the photos to investigators to show that the replacement of a sensor on the plane on Oct. 28 had been done properly. The sensor, known as an “angle-of-attack” vane, was malfunctioning on the very next flight as well as the one the next day that crashed and is at the heart of the investigation, according to an NTSC preliminary report released last November.Some of the images were taken of the inside of an equipment compartment where the faulty sensor was attached, according to the people familiar with the investigation. Part of the calibration process occurs in that location.Visible in the background of these photos was other equipment with identification marks, the people said. Officials at Boeing were able to trace at least one of the devices to a different 737 Max jet operated by Lion Air, they said.Other photos were shot in a 737 Max cockpit, where mechanics check to see that the sensor is providing accurate readings, the people said. Those photos showed the captain’s flight display, but the time shown on its digital clock was prior to the repair being performed, according to the draft report.Lion Air, which was already pushing back on preliminary conclusions by investigators, has challenged assertions that the photos were falsified and asked the NTSC not to include the pictures and any reference to them in its final report, according to one person familiar with the airline’s view of the matter.The airline further said the photos didn’t come from the carrier, the person said. The pictures were blurry and the airline couldn’t understand how equipment markings could have been identified, the person said.Investigative reports of crashes often contain hundreds of pages and document evidence collected and significant issues faced during the probe.The repair depicted by the photos is central to the investigation. A malfunction of the angle-of-attack sensor is believed to have triggered an automated system on the plane to repeatedly force its nose down, eventually causing the pilots to lose control and crash at high speed into the ocean.Documents reviewed by Bloomberg News show the repair station XTRA Aerospace Inc. in Miramar, Florida, had worked on the sensor. It was installed on the Lion Air plane on Oct. 28 in Denpasar, Indonesia, after pilots on earlier flights had reported problems with instruments displaying speed and altitude. XTRA has said it is cooperating with the investigation.For months, examinations of the Lion Air crash and the second, similar accident March 10 of a 737 Max operated by Ethiopian Airlines have focused on the angle-of-attack sensors and their role in the functioning of a feature built into the jet known as Maneuvering Characteristics Augmentation System.MCAS, designed to keep the nose of the plane from drifting too far up in flight, was fed data from one of the plane’s two angle-of-attack sensors, devices that protrude from the jet’s nose and resemble a weather vane.When it senses the nose has risen too far, it automatically pushes it back down, reducing the risk of an aerodynamic stall. Investigators believe a malfunction of the sensor on board the Lion Air flight mistakenly forced the nose of the plane down repeatedly until the pilots lost control.The same failure occurred on Oct. 28 immediately after the repair on the Lion Air jet, but pilots on that flight were able to recover and fly to their destination. Not so on the final flight of the jet, when the pilots began fighting for control shortly after takeoff.The plane hit the water in a high-speed dive, shattering into pieces. While investigators haven’t said whether they’ve recovered the angle-of-attack sensor from the bottom of the sea, the plane’s black-box flight recorder was brought up and confirmed the sensor was malfunctioning.The crash, and the Ethiopian Airlines disaster months later, prompted a worldwide grounding of Boeing’s best-selling jet, leading to billions of dollars in losses and international investigations into how the system was designed and approved.The mechanic who worked on the Lion Air jet prior to the crash reported the new device was installed according to the maintenance procedure, the November 2018 preliminary report said.“Installation test and heater system test result good,” said an entry in the plane’s maintenance log included in the report. The mechanic also told a pilot about to fly the plane that the sensor “had been tested accordingly,” the report said.However, data in the report suggest the calibration wasn’t done properly or at all, said John Goglia, a former airline mechanic who formerly served on the NTSB.Such processes are routine and relatively simple, Goglia said. The procedure is designed as a fail-safe to ensure that a mechanic can quickly determine whether a newly installed sensor isn’t working.“They were given an unairworthy airplane because the maintenance was incomplete and didn’t correct the problem,” he said.To contact the reporters on this story: Harry Suhartono in Jakarta at hsuhartono@bloomberg.net;Alan Levin in Washington at alevin24@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Flynn McRobertsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Seniors will get more money from Social Security in 2020, but is it enough?

Tue, 10/15/2019 - 14:43

Next year, seniors will be getting a modest cost of living increase from Social Security. The 1.6% increase translates to about 24 dollars a month for an average retiree. Congressman John Larson, a Democrat from Connecticut who is chair of the House Ways and Means Social Security subcommittee, joins Yahoo Finance's Myles Udland and Heidi Chung to talk about the future of Social Security and proposals to change it.


U.S. prosecutors accuse Turkey's Halkbank of scheme to evade Iran sanctions

Tue, 10/15/2019 - 14:11

U.S. prosecutors on Tuesday charged Turkey's majority state-owned Halkbank with taking part in a multibillion-dollar scheme to evade U.S. sanctions against Iran - an indictment that may complicate tension between NATO allies Washington and Ankara. The charges unsealed in federal court in Manhattan mirror those against one of Halkbank's former executives, Mehmet Hakan Atilla, who was found guilty and sentenced to prison after a trial in the same court last year. Halkbank could not immediately be reached for comment after business hours in Turkey.


UPDATE 1-Drug distributors in talks to settle opioid litigation for $18 bln -WSJ

Tue, 10/15/2019 - 14:08

Three drug distributors are in talks with state and local governments to settle opioid litigation for $18 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the discussions. McKesson Corp, AmerisourceBergen Corp and Cardinal Health would collectively pay the amount over 18 years under the deal currently on the table, according to the Journal. Around 2,600 lawsuits by state and local governments are pending nationally, accusing drug manufacturers of deceptively marketing opioids in ways that downplayed their risks, and drug distributors of failing to detect and halt suspicious orders.


The Pipeline Lifeline For Texas Oil

Tue, 10/15/2019 - 14:00

Thanks to the addition of new pipelines, crude exports from a key port in Texas has surged, marking record highs in September


Plant-based burger battle royale: Beyond vs. Impossible

Tue, 10/15/2019 - 13:22

Veggie burgers are buzzy, from the Impossible Whopper to Beyond Meat's stock surge. But which tastes the best? We assembled an all-star team to find out.


Bulls And Bud Of The Week: Preparing For A Cannabis Stock Rebound And Getting Creative With A gen!us Jack Herer

Tue, 10/15/2019 - 13:02

It’s been a while since I posted a Bulls and Bud piece. And I’m not certain it’s even a good time to post one now. After all, are there any bulls left in the cannabis space? It’s been an absolute brutal ...


What’s Really Driving Oil Prices?

Tue, 10/15/2019 - 13:00

With all of the daily news within oil markets it is easy to forget to keep an eye on the macro-factors, and currently there are only two worth watching


Is Deutsche Bank Aktiengesellschaft (DB) A Good Stock To Buy?

Tue, 10/15/2019 - 12:58

While the market driven by short-term sentiment influenced by the accomodative interest rate environment in the US, increasing oil prices and deteriorating expectations towards the resolution of the trade war with China, many smart money investors kept their cautious approach regarding the current bull run in the second quarter and hedging or reducing many of […]


Hedge Funds Have Never Been This Bullish On Snap Inc. (SNAP)

Tue, 10/15/2019 - 12:45

World-class money managers like Ken Griffin and Barry Rosenstein only invest their wealthy clients' money after undertaking a rigorous examination of any potential stock. They are particularly successful in this regard when it comes to small-cap stocks, which their peerless research gives them a big information advantage on when it comes to judging their worth. […]


Despite Its High P/E Ratio, Is Xcel Energy Inc. (NASDAQ:XEL) Still Undervalued?

Tue, 10/15/2019 - 12:20

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). We'll look at Xcel Energy...


Does Willis Towers Watson Public Limited Company (NASDAQ:WLTW) Create Value For Shareholders?

Tue, 10/15/2019 - 12:01

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...


Is Cannabis The Liquor Industry's Worst Nightmare?

Tue, 10/15/2019 - 11:36

A new study by Syracuse University and the University of Georgia suggests cannabis legalization has a significant negative impact on online searches for alcohol and online alcohol advertising effectiveness. Surprisingly, the study found that tobacco interest is not negatively impacted by marijuana legalization. “The alcohol industry, by contrast, has valid reasons to be concerned about legal cannabis and may need creative strategies to avoid market decline if recreational cannabis legalization passes,” the researchers concluded.


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