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  • Asia Today: Australian state reports record virus increase

    Asia Today: Australian state reports record virus increaseAustralia’s hot spot Victoria state announced a new record 725 COVID-19 cases and 15 deaths on Wednesday, while businesses in Melbourne city prepared to draw down their shutters as new pandemic restrictions are enforced. The new 24-hour record was marginally higher than the 723 cases and 13 deaths reported last Thursday. From late Wednesday, many non-essential businesses including most detail retailers, hair-dressers and gyms in Australia’s second-largest city will be closed for six weeks.

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  • Curious to know if Bitcoin is here to stay ?

    Read the latest developments from the cryptocurrency space, breaking news and analysis on Bitcoin and blockchain on RTTNews. Know more about altcoins, mining, ICOs, warnings and regulation. Find out how to acquire and trade digital currencies.

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  • Election 2020: Trump Flip-Flops in Florida, Encourages Mail-In Voting In Key Swing State

    President Donald Trump is suddenly singing the praises of universal mail-in or absentee voting in the 2020 general election, but only in the key swing state of Florida.
    After months of calling universal mail-in voting a “fraud” that would yield a corrupt election result, Trump abruptly flip-flopped on the issue Tuesday. Explaining his volte-face, Trump said he supports voting by mail in Florida, but not in other states.

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  • Ex-Porn Star Mia Khalifa Slammed For Playing Victim, Blaming Hezbollah Over Beirut Explosion

    Mia Khalifa was accused by Twitter users of playing the victim after sharing a video of the Beirut explosion and asking which between her and Hezbollah is more disgraceful.
    The ex-porn star has been banned in Lebanon for doing porn. On Tuesday, she blamed Hezbollah, an Islamic political party based in the country, for the massive explosion in Beirut that killed 78 people and injured 4,000 individuals.

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  • Indonesia’s GDP Shrinks 5.32%, First Contraction in Two Decades

    Indonesia’s GDP Shrinks 5.32%, First Contraction in Two Decades(Bloomberg) — Indonesia’s economy contracted in the second quarter for the first time since the Asian Financial Crisis more than two decades ago, as movement restrictions to contain the coronavirus outbreak took a toll on Southeast Asia’s largest economy.Gross domestic product contracted 5.32% from a year ago, data from the statistics bureau showed Wednesday. That was worse than the median estimate of a 4.72% contraction in a Bloomberg survey of economists. Compared to the previous quarter, GDP contracted 4.19%, worse than the 3.65% drop expected by economists.Key InsightsThe government has lowered its growth forecasts several times already and now sees GDP in a range of -0.4% to 1% for the year. The central bank has cut its own estimate to 0.9%-1.9%Retail sales in the consumption-reliant economy have taken a knock amid the pandemic, while manufacturing continues to contract, as the latest purchasing managers index shows. Indonesia’s exports, dominated by commodities such as coal and palm oil, have shown some improvement in recent monthsThe government is trying to ramp up its stimulus spending after disbursing only 141 trillion rupiah ($9.7 billion), or 20% of the 695.2 trillion rupiah it has allocated for fiscal supportGet MoreBank Indonesia has cut interest rates by 100 basis points this year and agreed to finance the widening budget deficit by buying billions of dollars worth of sovereign bonds directly from the governmentPresident Joko Widodo has said the economy is showing signs of recovery from the second-quarter slump, with household consumption, purchasing power and money circulation in rural areas rebounding. However, the virus outbreak, which shows no signs of abating, and could weigh on that outlookFor 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.

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  • Modi Enjoys Twin Triumphs For India's Hindu Nationalists

    Indian Prime Minister Narendra Modi will on Wednesday lay the foundation for a temple at a flashpoint holy site exactly a year after imposing direct rule on Muslim-majority Kashmir — twin triumphs for his Hindu nationalist government.
    The site of Ayodhya and divided Kashmir have been two of the most divisive communal issues of the past 30 years in India, and Modi has attempted to draw a line under both in his second term.

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  • Not cashing in: virus hits Iraq's Iran-US money trade

    Not cashing in: virus hits Iraq's Iran-US money tradeIn Iraq’s Kurdistan region and at the country’s Muslim Shiite holy sites, trading US dollars for rials from Iran was once big business. Traders in Sulaimaniyah, the second city of Iraqi Kurdistan and close to the border with Iran, have seen dramatic changes.

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  • Older Investors Go for Gold, Younger Ones Bitcoin, JPMorgan Says

    Older Investors Go for Gold, Younger Ones Bitcoin, JPMorgan Says(Bloomberg) — The behavior of retail investors during the pandemic varies significantly across age groups, according to JPMorgan Chase & Co.Investors generally are interested in alternative assets but older ones are buying gold while younger ones like Bitcoin, strategists led by Nikolaos Panigirtzoglou said. Millennials are embracing stocks, particularly technology shares, whereas older individuals are selling equities, they said.“The older cohorts continued to deploy their excess liquidity into bond funds, the buying of which remained strong during both June and July,” the strategists wrote in an Aug. 4 note that analyzes investment flows.Retail investor demand this year is evident in the 46% jump in stocks globally from March’s lows, the surge in worldwide holdings of gold-backed exchange-traded funds and recent rallies in cryptocurrencies. The presence of amateur traders is also being seen in everything from exuberant options to smoothed trading action, while their stock picks and market timing appeared to fare pretty well compared with institutions.Gold and Bitcoin ETFs have been experiencing strong inflows over the past five months, as both old and young see the case for an “alternative” currency, the strategists wrote. The Bloomberg Dollar Spot Index has declined about 1.7% over the same period, fueling a debate about whether a prolonged period of dollar weakness is at hand.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.

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  • Progress slow as urgency grows on virus relief legislation

    Progress slow as urgency grows on virus relief legislationFrustrated Senate Republicans re-upped their complaints that Democratic negotiators are taking too hard a line in talks on a sweeping coronavirus relief bill, but an afternoon negotiating session brought at least modest concessions from both sides, even as an agreement appears far off. Top Democrats emerged from a 90-minute meeting Tuesday with Trump administration officials to declare more progress. White House chief of staff Mark Meadows said Tuesday’s session was “probably the most productive meeting we’ve had to date.”

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  • U.S. Stocks Close Mostly Higher On Late-Day Advance

    Stocks showed a lack of direction for much of the trading session on Tuesday but managed to end the day mostly higher. The major averages benefited from a late move to the upside after spending the day bouncing back and forth across the unchanged line.

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  • U.S. Stocks May Give Back Ground In Early Trading

    Following the strong upward move seen in the previous session, stocks may give back some ground in early trading on Tuesday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 72 points.

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  • Virus Highlights Plight Of Europe's Migrant Farm Hands

    From Romania, Poland, Morocco and Thailand, thousands of people flock to Western Europe each year to help farmers harvest precious crops, often paid low wages for long, backbreaking days of work.
    The migrant labourers’ often poor work conditions are a point of recurring controversy, but the coronavirus outbreak has thrown their plight into stark relief with the added risk of contagion in overcrowded, unsanitary living quarters.

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