America’s Streets Are Getting Rougher

Kamala Harris – the Democrats’ safe choice or their secret weapon?

The Democrats have 75 days to convert 2016 Republican voters, mobilise non-voters, rebuild the blue wall and win the election.

Joe Biden has formally been elected as their nominee and his running mate in the race for the White House is Kamala Harris.

Harris is a senator from California, former presidential candidate, San Francisco state attorney general and one of the best-known black women in American politics.

Twitter Users Mock ‘Seriously Triggered’ Trump After All-Caps Obama Meltdown

President Donald Trump seemed to have his caps-lock stuck as former President Barack Obama spoke in support of Joe Biden at the Democratic National Convention on Wednesday.

Obama, who has rarely used Trump’s name in public, took on his successor directly, saying he “hasn’t grown into the job because he can’t.”

Then Obama urged Americans to vote. 

“This president and those in power, those who benefit from keeping things the way they are, they are counting on your cynicism,” he said. “Do not let them take away your power. Don’t let them take away your democracy.”

Trump threw a fit on social media.

The president fired off two all-caps tweets attacking the former president for “spying” and not endorsing Biden during the primaries. For good measure, Trump also fired off an all-caps tweet attacking Sen. Kamala Harris (D-Calif.), Biden’s running mate, as she spoke. 

Twitter users couldn’t help but notice that Trump seemed more upset than usual. Some mocked his caps. Other took a phrase he used against Obama ― saying he spied “AND GOT CAUGHT” ― and turned it against Trump:  

Gold Rebounds As Growth Worries Resurface

Gold held steady on Thursday after suffering hefty losses in the previous session on the back of a strengthening dollar.

Spot gold edged down 0.1 percent to $1,926.02 per ounce, after having fallen mover 3.5 percent to a near one-week low on Wednesday. U.S. gold futures for December delivery were down nearly 2 percent at $1,931.60.

The dollar inched up against rival currencies after the U.S. Federal Reserve minutes highlighted the uncertainties surrounding economic recovery from a pandemic-induced slump.

The minutes of the Fed’s July meeting noted that the coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world, and that economic activity as well employment remain well below their levels at the beginning of the year.

The lack of inflationary comments from the Fed, downbeat economic outlook and negative comments about yield curve control triggered a retreat in global equities.

Alibaba Q1 Profit Rises; Domestic Core Commerce Business Recovers To Pre-COVID-19 Levels

Alibaba Group Holding Limited (BABA) said the company has delivered a very strong start to its new fiscal year, with revenue growing 34% year-over-year and adjusted EBITDA growing 30% year-over-year.

For the quarter ended June 30, 2020: non-GAAP earnings per ADS was RMB 14.82 or $2.10, an increase of 18% year-over-year. Non-GAAP earnings per share was RMB 1.85 or $0.26, an increase of 18%. Adjusted EBITDA rose 30% $7.22 billion.

For the period, revenue was $21.76 billion, up 34% from a year ago. Annual active consumers on the company’s China retail marketplaces were 742 million, an increase of 16 million from the 12-month period ended March 31, 2020.

Maggie Wu, Chief Financial Officer of Alibaba Group, said: “Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board, while cloud computing revenue grew 59% year-over-year.”

Alibaba Group Holding Ltd Q1 adjusted earnings of RMB14.82 per share

Alibaba Group Holding Ltd (BABA) revealed earnings for its first quarter that increased from the same period last year.

The company’s bottom line came in at RMB47.59 billion, or RMB17.36 per share. This compares with RMB21.25 billion, or RMB8.06 per share, in last year’s first quarter.

Excluding items, Alibaba Group Holding Ltd reported adjusted earnings of RMB39.47 billion or RMB14.82 per share for the period.

The company’s revenue for the quarter rose 33.8% to RMB153.75 billion from RMB114.92 billion last year.

Alibaba Group Holding Ltd earnings at a glance:

-Earnings (Q1): RMB39.47 Bln. vs. RMB30.95 Bln. last year.
-EPS (Q1): RMB14.82 vs. RMB12.55 last year.
-Revenue (Q1): RMB153.75 Bln vs. RMB114.92 Bln last year.

America’s Streets Are Getting Rougher

When it comes to road conditions, drivers in some areas of the U.S. have it far rougher than others. Pandemic-punched budget holes may mean they won’t get smoothed out anytime soon. 

Many cities have used lockdown-induced empty streets as an opportunity to make repairs without disrupting traffic. But more than 700 U.S. cities have said they may cut infrastructure spending because of budget shortfalls, and more states are pushing off construction projects. Funding sources for roads vary by state.

For drivers, roads can be bumpy for their wallets, too. Potholes caused an estimated $15 billion in damage to American cars over the course of five years, according to a 2016 report by the American Automobile Association. The average bill for repairs caused by hitting a hole was about $300. 

Three of the large U.S. cities with a high percentages of run-down roads are in California, according to a new analysis of 2018Federal Highway Administration data published by car-buying app CoPilot. San Francisco isn’t new to road ridicule:a 2016 report also found it was the worst in the country, costing local drivers about $1,000 per year.

At the state level, bad roads range from Georgia with only 6% of large urban roads in rough shape  to Rhode Island, with almost half.