Mobile payment processor Square (SQ) has acquired Stitch Labs, an operations management platform for growing commerce brands. Terms of the deal were not disclosed.Stitch Labs has a strong background in building key tools for businesses such as inventory and order management, channel management, and fulfillment solutions, says Square.“The team will join our Seller organization, where we’re eager to learn from their experience and expertise to help us better serve sellers” the statement revealed.While Stitch Labs won’t take on any new customers, Stitch Lab’s products will continue to operate for existing customers until Spring 2021.“Longer term, we plan to sunset Stitch Labs’s products so the team can focus on building out Square tools, and we’ll work with existing customers to ensure that they have the resources and options they need to be successful transitioning off the platform” the company stated.Shares in Square have now doubled year-to-date, leaving the stock with a cautiously optimistic Moderate Buy consensus. Meanwhile the average analyst price target of $95 now indicates 26% downside potential from current levels. (See SQ stock analysis on TipRanks).However, Rosenblatt Securities analyst Kenneth Hill has now upgraded SQ from Hold to Buy, writing “SQ has been one of the most divisive names in our coverage over the first half of 2020, and we’ve been content, until now, to sit on the sidelines as expectations vacillated.”So why the enthusiasm now, at these levels? According to the analyst, there is more to the long-term story than he initially anticipated. “We were forced to re-evaluate the opportunity set and our valuation methodology, leading us to a Buy recommendation as we see Cash App revenue (ex. bitcoin) increasing by more than 3x over the next 5 years” the analyst explained.While shareholders may still experience some bumps, he believes that as Square develops, rolls out, and monetizes a slew of services across the payments and financials ecosystems, it will lay the groundwork to make the company a need-to-own name for years to come. Hill has a $121 price target on Square.Related News: Amazon Delays Prime Day- This Time Until October Has Apple Surged Too Far, Too Fast? Analyst Weighs In Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 More recent articles from Smarter Analyst: * Alibaba’s CEO Sets Out Ambitious Goals; Sees 2B Customers By 2036 * Amazon Is Said To Offer $100M In Stock Awards To Keep Zoox Talent * Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 Impact * Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside U.S.
Saudi Arabia's largest telecoms operator Saudi Telecom Co (STC) said on Sunday it would need another two months to complete the purchase of Vodafone Group's 55% stake in Vodafone Egypt. STC signed a non-binding agreement in January to buy the majority stake for $2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic. Vodafone Egypt is the country's biggest mobile operator with 44 million subscribers and a 40% market share.
Jul.12 -- Michael Roth, Germany's Europe Secretary, spoke to Bloomberg News in Berlin on July 10, ahead of the European Summit next week, during which Germany will try to come to an agreement on the proposed €750 billion recovery fund for the EU. Roth also said that he thinks the Dutch would not "stand in the way of a compromise" as the member states try and agree on a stimulus package to help the regions most affected by the coronavirus pandemic and subsequent lockdown.
Thai researchers plan to begin human trials of a potential vaccine for the new coronavirus in November and are preparing 10,000 doses, a senior official said on Sunday, aiming for a vaccine that could be ready for use by late next year. Following favourable results in trials on primates, the next step is to manufacture doses for human trials, said Kiat Ruxrungtham, director of the Bangkok’s Chulalongkorn University vaccine development program. “At first we were going to send them in June, but it was not easy to plan everything,” Kiat told a news conference.
In his first letter to shareholders, Alibaba’s (BABA) CEO Daniel Zhang has set out a series of ambitious goals for the Chinese e-commerce giant.BABA’s goal is to serve more than 1 billion consumers in China and facilitate more than RMB10 trillion of consumption on the company’s platforms in the next five years as ‘we continue on the path of globalization’.Longer-term, Zhang wants BABA to serve 2 billion consumers globally, create 100 million jobs and provide the necessary infrastructure to support 10 million small businesses to become profitable on the company’s platforms by 2036.“We will continue to pursue our three strategic pillars of globalization, China domestic consumption and big data powered by cloud computing” the CEO said.“Globalization is our long-term battle; Chinese domestic consumption is our cornerstone battle and big data powered by cloud computing is our battle for the future” he wrote.Zhang also pointed out that this year the company has migrated its core system onto the public cloud, paving the way to build a cloud-native infrastructure for the future, and held a secondary listing in Hong Kong.“During this past fiscal year, despite the impact of the pandemic, Alibaba still delivered on a strategic goal that we had established five years ago, which was to surpass US$1 trillion in GMV. This was an important milestone for Alibaba, especially in the context of US$6 trillion in total annual retail sales of consumer goods in China today” Zhang wrote.The SEC filing also showed that BABA revenue soared 35% over the last fiscal year, with net income up 75%. Meanwhile annual active customers surged to 140 million from 120 million previously.On July 9, RBC Capital analyst Mark Mahaney reiterated his buy rating on the stock and $235 price target. “While management continues to emphasize strategic investments to sustain long-term growth, we look to narrowing losses on this line as a signal of improved cost management and path to profitability, which we believe would be a material positive for the stock” commented Mahaney.For the June quarter, the analyst is forecasting 124.6B RMB in Core Commerce Revenue, implying 25% Y/Y growth, and 101.0B RMB in China Commerce (28% Y/Y growth), largely in line with the Street.Turning to other Wall Street analysts, the bulls have it. The Strong Buy consensus boasts 20 Buy ratings versus 1 Hold rating. The $267 average price target implies 2% upside potential in the shares in the coming 12 months. (See Alibaba stock analysis on TipRanks). Shares in Alibaba are now trading up 23% year-to-date.Related News: Amazon Delays Prime Day- This Time Until October Has Apple Surged Too Far, Too Fast? Analyst Weighs In Lookout Walmart, Amazon Is Coming for Your Grocery Customers, Says Analyst More recent articles from Smarter Analyst: * Amazon Is Said To Offer $100M In Stock Awards To Keep Zoox Talent * Walgreens Reports $1.7B Quarterly Loss, Cuts 4,000 Jobs Due To Covid-19 Impact * Moderna Inks Deal With Rovi To Supply Potential Covid-19 Vaccine Outside U.S. * Sony Invests $250M For Minority Stake In Fortnite Maker Epic Games
(Bloomberg) -- Thailand plans to start human trials for a locally developed, potential Covid-19 vaccine as early as September, after encouraging results in both monkeys and mice, making it among the first done outside high-income countries.Australia’s Victoria state recorded 273 new cases and one death in the past 24 hours, with schools in Melbourne preparing for remote learning again. Mexico reported 539 fatalities linked to the virus Saturday, taking the toll to 34,730, the fifth highest in the world. China said it found seven more Covid-19 infections on July 11.Veteran Indian actor Amitabh Bachchan was admitted to a hospital in Mumbai for Covid-19, the latest celebrity to contract the virus. The South Asian country added 27,114 new cases in the past day, highlighting the struggle to rein in a tally that is now trailing only the U.S. and Brazil.Key Developments:Global Tracker: Cases top 12.6 million; deaths surpass 564,500Aversion to mask-wearing holds back U.S. economyU.K. set to tighten rules on wearing face masksWall Street forges a new relationship to data in coronavirus ageShake Shack’s Danny Meyer took PPP loans after allCovid inoculation proposal stalled by feds, pharmaWuhan shows the world how economies may recoverChina gives world first view of post-lockdown rebound: Eco WeekSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus.Thailand to Begin Vaccine Trials in Humans (12:13 p.m. HK)The first stage of Thai clinical trials will enroll about 100 volunteers separated in two groups, one for people aged 18 to 60 and the other for 60- to 80-year-olds, Kiat Ruxrungtham, head researcher at Chulalongkorn University’s Center of Excellence in Vaccine Research and Development, said at a briefing on Sunday in Bangkok. The second stage, likely to begin in December, will involve 500 to 1,000 people. If the trials are successful, Thailand could have its vaccine by the second half of 2021, Kiat said. Globally, 160 vaccines are being studied for Covid-19, of which 21 are at the clinical evaluation stage, according to the World Health Organization.Toyota to Restart All Factories Globally (12:03 p.m. HK)Toyota Motor Corp. will reopen its Venezuelan plant on Monday, meaning all factories in South America will be operational, spokesman Kensuke Ko said. The auto giant had already opened all its plants in Japan, North America and Europe, he said. From February, Toyota halted production in many countries, starting with China, as the coronavirus spread rapidly across the world.Okinawa Governor Demands Tougher Measures After Marines Infected (11:23 a.m. HK)The governor of the Japanese island has sought tougher measures and more transparency from a top U.S. military commander after officials were told that more than 60 Marines at two American bases have been infected over the past few days, the Associated Press reported Sunday.Melbourne Students to Return to Remote Learning (11:01 a.m. HK)Most students in Australia’s second-biggest city will go back to remote learning as officials grapple with coronavirus outbreaks. All prep to year 10 students at government schools will return to learning from home starting July 20 until at least Aug. 19, Victoria’s Premier Daniel Andrews told a press conference Sunday. Melbourne is in the midst of a six-week lockdown that was imposed to help curb a growing infection count.Australia’s Victoria State Deals With Additional Cases (9:16 a.m. HK)The country’s second-most populous state, which is facing a worsening outbreak, found 273 new infections in the past 24 hours. Australia had enjoyed early success in crushing the curve of virus infections by shutting its international border, quarantining arrivals, social distancing measures and a widespread testing and tracing regime. But a mixture of complacency, easing restrictions and missteps in Victoria’s quarantine program, has seen a fresh outbreak that’s led to Melbourne being placed in a six-week lockdown.South Korea Reports More Infections (9:13 a.m HK)South Korea reported 44 more Covid-19 cases in 24 hours, raising the total tally to 13,417, according to data from Korea Centers for Disease Control & Prevention. One additional death was reported, taking the total to 289. Among the new infections, 23 were imported.Japan Virus Chief Says Country Needs to be on High Alert (8:34 a.m. HK)Japan’s virus czar Yasutoshi Nishimura, who also serves as the nation’s economy minister, said the number of cases with unclear contagion routes is increasing, straining public health care resources. He didn’t say if the current situation warrants another declaration of emergency. The country has seen a spike in cases over recent days, with Tokyo reporting more than 200 infections daily for the past three days.Mexico Cases Rise (8:23 a.m. HK)Mexico reported 6,094 new Covid-19 cases and 539 deaths Saturday, bringing the case count to 295,268 and number of deaths to 34,730, the fifth highest in the world, according to data released by the Health Ministry. New cases hit records this week, with officials reporting more than 7,000 for the first time Thursday.Brazil Reports 39,023 New Cases (6:40 a.m. HK)Total cases in Brazil, which has the highest number of infections and deaths after the U.S., reached 1,839,850, according to the Health Ministry’s press office. Another 1,071 deaths were reported, for a total of 71,469.Utah Mormons Ask Faithful to Wear Masks (6:30 a.m. HK)The Church of Jesus Christ of Latter-day Saints in Utah sent an email to worshippers asking them to wear masks as cases in the state continue to climb, the Deseret News reported.“Please join with us now in common purpose for the blessing and benefit of all,” read an email noting that the state hit a record number of daily cases on Friday of 867.As of Saturday, the state reported a total of 28,223 cases and 207 deaths, according to Bloomberg and Johns Hopkins University.Trump Wears Mask on Hospital Visit (5:45 p.m. NY)President Trump wore a mask during a scheduled visit to the Walter Reed National Military Medical Center.The event was the first public photo opportunity in which he has appeared with a mask on since the beginning of the outbreak. He was set to meet with combat veterans and health care workers.Despite repeated calls to do so, including from members of his own party, Trump has stubbornly refused to wear a mask, defying official guidelines from the Centers for Disease Control and Prevention and other health experts.U.K. Plans to Expand Mask Rules, Times Reports (5:35 p.m. NY)The U.K. government is set to make wearing masks mandatory in shops and other undisclosed indoor venues, the Times reported. Masks are currently compulsory on public transport but Boris Johnson has, so far, promised only to get “stricter” on their use.Scotland has already made it compulsory to cover faces in shops.U.S. Cases Rise 2.3% by Record (4:02 p.m. NY)New infections in the U.S. surged by a record 71,389 from a day earlier to 3,215,861 million, jumping 2.3% and exceeding the daily average of 1.9% in the previous seven days, according to data compiled by Bloomberg and Johns Hopkins University.Deadly Outbreak at L.A. Apparel (3:45 p.m. NY)A virus outbreak at Los Angeles Apparel has infected 300 people and caused four virus-related deaths, the Los Angeles Times reported, quoting county officials.County officials found “flagrant violations” in public health control, the newspaper reported. The company, started by the ousted founder of American Apparel, Dov Charney, is now making face masks to combat the virus.Disney Opens Florida Theme Parks (3:26 p.m. NY)Disney opened its Magic Kingdom and Animal Kingdom Saturday, after a four-month shutdown and despite criticism that it did so as virus cases are spiking in Florida.Josh D’Amaro, chairman of Walt Disney Co.’s theme parks, said he was pleased with booking trends. The park is opening with virus-related safety protocols, including temperature checks at gates and mandatory mask-wearing by guests and employees inside.“This is the new world that we’re operating in and we feel like we’ve got a way to operate in that new world,” D’Amaro said. Epcot and Disney’s Hollywood Studios parks will return on Wednesday.U.K. Cases and Deaths Rise (3:20 p.m. NY)The U.K. reported 820 new virus cases, up from 512 the day before. Deaths rose by 148, up 48 from the day before. The nation now has 289,678 total cases and 44,883 deaths, according to data from Johns Hopkins.Bollywood Veteran Hospitalized (1:40 p.m. NY)Veteran Indian actor Amitabh Bachchan has been admitted to Mumbai’s Nanavati Hospital after contracting the virus.Bachchan, 77, shared the information on his social media, prompting a welter of get-well-soon wishes from fans across the world. He requested anyone who has been in his close proximity over the past 10 days to get themselves tested. The Mint newspaper said the actor’s condition is reported to be stable with mild symptoms. Bachchan’s son also tested positive and is in the hospital, the paper said.Italy Reports Fewer Deaths, Cases (11:15 a.m. NY)Italy, which has the European Union’s deadliest Covid-19 outbreak, reported 188 new cases Saturday, down from 276 the previous day and in line with the seven-day average, Health Ministry data showed. New deaths declined to seven from 12 on Friday, raising the total to 34,945. Italy had a one-day peak of 6,557 new infections on March 21.Plasma Shot Stymied, Scientists Tell LA Times (10 a.m. NY)Scientists say an upper-arm shot using the antibody-rich blood plasma of Covid-19 survivors could inoculate people against the virus for months, but federal officials and companies aren’t enthusiastic about the proposal, according to the Los Angeles Times.The dispute is over the timing, rather than the promise of the idea. Plasma-based therapies should focus on treating people who are already sick, not on prevention, federal health officials and industry groups told the newspaper.Anthony Fauci said the idea is an “attractive concept” but scientists need to first prove it’s effective for current patients. Companies are reluctant to invest in a product that could soon be replaced by a vaccine, advocates for the immunity shots told the LAT.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- China said a handful of packaging samples of imported shrimp tested positive for the coronavirus, raising questions again over whether the pathogen can spread through food or frozen products.The virus tested positive on the outside of about five shrimp packages and the inside of one shipping container, said China’s General Administration of Customs. The samples were from three Ecuadorian plants, and imports from those processors will be halted, it said. A leading Ecuadorian shrimp exporter disputed the findings.“The test result doesn’t mean the virus is contagious, but reflects the loopholes in companies’ food safety regulations,” said Bi Kexin, director of the food import and export safety bureau in the customs department. “Customs will further strengthen control of the origins of imported cold-chain food.”China last month pointed to imported salmon as a possible culprit for Beijing’s fresh Covid-19 outbreak, sparking a boycott of the fish as supermarkets took the produce off their shelves. China also began mass testing of cold food imports at ports, and blocked shipments from meat plants abroad that reported infections among workers.Evidence suggests that it’s extremely unlikely for the virus to be transmitted through food, said Gorjan Nikolik, associate director of seafood at Rabobank.“It’s a typical food scare,” he said. “I expect them to be very short-lived.”The U.S. Food and Drug Administration issued a fresh statement on the matter, saying there’s no evidence that Covid-19 is transmitted through food or food packaging.Ecuadorian shrimp exporter Santa Priscila questioned the findings and lamented the blow to the industry’s reputation, saying Chinese officials had refused to provide information on the testing in recent weeks.“They found one positive non-contagious test ‘inside the wall of the container’ as a result of 227,934 samples taken from the containers, that is 0.0000043%,” Santa Priscila President and founder Santiago Salem said in a statement.Low RiskChinese officials have also agreed with global experts that imported food poses a low risk of transmitting the virus. That’s led to confusion overseas over why China is continuing to test and halt shipments.The tests are “an important measure to prevent the risk of the virus being transmitted from imported cold chain food channels,” Bi said. “This is a necessary measure taken to protect the health of the people and does not interrupt normal international trade.”Employees in some countries are still working even after becoming infected with the virus, raising the risk of food contamination, Bi said. Because there are epidemic clusters at some overseas facilities, China halted meat imports from a total of 23 plants, including Brazil, the U.K., the U.S. and Germany, he said.For shrimp, China is a much bigger buyer than it is for salmon, Rabobank’s Nikolik said. Chinese purchases are on the same scale as the U.S. and Europe, and Ecuador is a leading supplier, he said.Last year, Ecuador exported $3.2 billion of shrimp, including about $1.4 billion to China in shipments that take about three weeks to arrive.China’s customs authorities also tested a total of 227,934 samples and the rest of the samples were negative, it said. The samples which tested positive had been delivered to ports in Dalian and Xiamen.(Corrects subhead, lead, second and last paragraph to specify samples from outside of packaging tested positive for the coronavirus)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
PETAH TIKVA, Israel, July 12, 2020 -- Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services,.
Japanese online fashion retailer Zozo Inc and apparel group Onward Holdings Co plan to tie up in custom-made clothing to help each other survive a sales slump caused by the COVID-19 pandemic, the Nikkei said on Sunday. Zozo, Japan's biggest online fashion mall, will offer Onward body-size data on a million customers, the business daily reported, without citing sources. Apparel makers such as Onward are struggling with poor sales from pandemic-related store closures and weak consumer spending.
(Bloomberg) -- Poland votes in a high-stakes presidential election as the coronavirus pandemic tests the populists’ grip on power and threatens one of the biggest nationalist makeovers in the heart of Europe.In what may be the closest ballot in Poland’s post-communist history, incumbent Andrzej Duda is battling Warsaw Mayor Rafal Trzaskowski for the presidency in a runoff ballot on Sunday. More than 30 million eligible voters can cast their ballots until 9pm CET (3pm EST), when an exit poll will be published by the country’s three main television stations.Duda’s presidential victory in 2015, a month before Donald Trump launched his election campaign, marked the start of a series of events that would sweep the Law & Justice party into power with its promise to kick out the “elites” and stand up to the European Union.But in a warning sign for populists across the EU and the Atlantic, the pandemic and its economic fallout are changing the political calculus.“The pandemic showed that simple answers by populists are lacking credibility,” said Piotr Buras, head of the Warsaw bureau of the European Council on Foreign Relations, or ECFR. “At first it seemed the pandemic would blow wind in the sails of populists, but the reality turned out to be reverse.”Trump’s FriendBefore the outbreak, Duda was cruising for re-election, with record low unemployment and Law & Justice in control of the public narrative after winning a second term in parliamentary elections in October. After a visit to the White House, the incumbent came out on top in the first round on June 28, though without the majority needed to avoid another ballot.In Poland, as in the U.S., the leadership has doubled down on its culture war, and Duda has the support of public broadcasters. He hurled insults at Germany, the gay community, independent journalists, took a swipe at mandatory vaccinations and promised not to give in to Jewish demands for compensation for property lost during World War II.But the coronavirus is proving to be a game-changer. While the Polish economy is forecast to shrink the least among the European Union’s 27 countries, the crisis is making Polish citizens more skeptical of its own government and more pro EU, according to a survey by the ECFR.That’s bad news for Law & Justice, whose government has been repeatedly sued by the EU for undermining judicial independence and the rule of law. Coal-reliant Poland is also the bloc’s only nation not to sign up for its goal of carbon neutrality by the middle of this century.Should Trzaskowski, also 48, prevail this weekend, it would send a message to Brussels and Berlin that Poland still has one foot in the European mainstream at the critical time for the continent.Poland’s president oversees the military, co-decides on foreign policy and can veto bills, while the prime minister -- who’s appointed by lawmakers -- runs the economy and government. Law & Justice doesn’t have a big enough majority in parliament to override a veto, meaning that Trzaskowski’s victory could halt the party’s makeover.‘Enough’Trzaskowski has tapped into voter anger with his “We’ve had enough” slogan. For the first time in years, Law & Justice’s message wavered.When Law & Justice leader Jaroslaw Kaczynski visited a family grave during the brunt of the lockdown in April, at a time Poles were barred from non-essential travel, a satirical song titled “Your Pain Is Better Than Mine” topped local charts. Public radio accused the disc jockey running the countdown of manipulation, and he quit in protest.As the election race tightened, state-controlled media has painted the president as the savior of Poland and the sole guarantor of social benefits. At the same time, Trzaskowski was depicted as close to “foreign financial circles” and eager to sell out to the Germans, Jewish groups and “radical” LGBT activists.Election monitors at the OSCE, a multinational pro-democracy and human rights group, said the state broadcaster “failed in its legal duty to provide balanced and impartial coverage,” while its reports played on xenophobic and anti-Semitic themes.“It’s a shame that this hostility is entering the mainstream,” said Rafal Pankowski, a sociology professor and co-founder of the “Never Again” Association that fights racism. “In the heart of Europe, in the 21st century, we have an election campaign that focuses so much on attacking and humiliating minorities.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Khalifa Haftar's Libyan National Army (LNA) said on Saturday it would maintain a blockade on oil production and exports that the National Oil Corp (NOC) says has cost the country $6.5 billion in lost revenue. Friday's loading of a first tanker since January with oil from storage had led NOC to lift force majeure on all exports, though it warned that damage to fields meant it would take a long time to fully restore production. Libya has been split since 2014 between the Turkey-backed, Government of National Accord (GNA) in Tripoli, which is recognised by the United Nations, and the LNA in the east of the country supported by the United Arab Emirates, Russia and Egypt.
Former Nissan Motor chairman Carlos Ghosn is helping everyone who stood by him, he said in an interview broadcast on Saturday, though he declined to comment on cases of people accused of helping him flee to Lebanon from Japan. Ghosn, the ex-chairman of an automaking alliance of Renault SA, Nissan Motor Co and Mitsubishi Motors Corp was arrested in Japan in late 2018 on charges of underreporting his salary and using company funds for personal purpose - charges he denies. In late December, he made a dramatic escape from house arrest in Japan, where he was awaiting trial, and fled to Beirut, his childhood home.
The changes were initiated to improve "workplace culture", the company said. The group's chief creative officer, managing director of its Canadian studios and global head of human resources have resigned from their positions, effective immediately, the company said. "Departures come following the initiation of a rigorous review that the Company initiated in response to recent allegations and accusations of misconduct and inappropriate behavior," the company said in a statement.
The reduction follows price cuts in May on Tesla's Model 3, Model X and Model S. The company headed by Elon Musk this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry. The Model Y now starts at $49,990, down nearly 6% from its previous price of $52,990, according to the carmaker's website.