Biden Maintains National Lead Over Trump in Post-ABC Poll

Nuggets vs. Lakers live blog: Real-time updates from Game 5 of the Western Conference Finals – The Denver Post

Live updates, tweets, photos, analysis and more from the Nuggets game against the Los Angeles Lakers in Lake Buena Vista, Fla., on Sept. 26, 2020.

Mobile users, if you can’t see the live blog, tap here.

China’s August Industrial Companies’ Profit Rises 19% on Year

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August profit was 612.8 billion yuan ($89.8 billion), China’s National Bureau of Statistics said on website.

  • Industrial companies’ profit in the first eight months were 3.72 trillion yuan, a drop of 4.4% from same period last year
  • NOTE: Last month,Chinese Industrial Firms’ Profits Grow Fastest Since 2018 (1)

— With assistance by John Liu, and Lucille Liu

Chinese Industrial Companies’ Profit Grows for Fourth Month

Profits at Chinese industrial enterprises grew for a fourth consecutive month, as the country’s factories maintained momentum following the pandemic shutdown.

Industrial profits rose 19% in August, after July’s 19.6% increase, data from the National Bureau of Statistics showed Sunday. For the first eight months of the year, it was still down 4.4% from a year earlier.

The increase was due to factors including the continued recovery of production and demand as well as falling costs and fees for companies, the bureau said in astatement accompanying the data release. The bureau also pointed to a recovery in mining industry profitability and rapid growth in profits for equipment manufacturers.

The continued growth in profits was accompanied by a recovery in industrial output and slowing producer price deflation. However, that momentum could fade if the surprisingly strong export growth slows or domestic consumer demand doesn’t rebound strongly.

“Sustained and stable growth of corporate profits continues to be under pressure in the face of a complex and changing domestic and international environment,” Zhu Hong, a government economist, said in the statement.

— With assistance by Sharon Chen, and Lin Zhu

Two dead in motorcycle-car crash in Thornton – The Denver Post

Two people died in a crash between a motorcycle and a car Saturday night in the 800 block of 104th Avenue, Thornton police reported.

Police have eastbound 104th closed at north Washington Street and are advising motorists to use alternate routes.

This story is will continue to be updated.

— Thornton Police Dept (@ThorntonPolice) September 27, 2020

Kioxia to Cancel IPO Plan on U.S.-China Tension: Nikkei Business

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Kioxia Holdings Corp., the memory chipmaker spun out of Toshiba Corp. in 2018, will cancel its current initial public offering plan to list its shares on the Tokyo Stock Exchange, the Nikkei Business magazine reported.

The chipmaker decided not to go ahead as of now because a deepening of political tensions between the U.S. and China is expected to sharply weigh on its profitability, the report said, without saying where it got the information.

A Kioxia spokesperson couldn’t immediately comment on the Nikkei report.

Kioxiapriced its initial public offering on Sept. 17 to raise as much as 306.7 billion yen ($2.9 billion). The company had planned to sell 87.63 million new and existing shares at 2,800 yen to 3,500 yen apiece in what would be the country’s biggest IPO this year. That was down sharply from an initial price of 3,960 yen proposed in August.

— With assistance by Komaki Ito, and Yuki Furukawa

China Keeps Benchmark Rates On Hold

China retained its benchmark rates for the fifth straight month as the economy continued to log robust recovery from the downturn caused by the coronavirus pandemic.

The one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent.

The one-year and five-year loan prime rates were last reduced in April. The one-year loan prime rate was lowered by 20 basis points and five-year rate by 10 basis points in April.

The interest rates were expected to be retained today as the rate on its medium-term lending facility or MLF, which serves as a guide for the LPR, was maintained early this month.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank’s traditional benchmark lending rate in August 2019.

With the economy now largely back to its pre-virus path and the People’s Bank of China appearing reluctant to keep monetary policy loose for longer than needed, the next move in the LPR is likely to be an increase early next year, Julian Evans-Pritchard, an economist at Capital Economics said.

With fiscal policy to remain supportive for the remainder of the year, the PBOC appears to see little need for further rate declines and has instead shifted its focus back to containing financial risks, the economist noted.

Biden Maintains National Lead Over Trump in Post-ABC Poll

Former Vice President Joe Biden held a 10 percentage point lead over President Donald Trump among registered voters nationally, according to apoll conducted by the Washington Post and ABC News.

Biden and his running mate Kamala Harris had 53% support compared with Trump and Vice President Mike Pence at 43%, the poll showed. The margin is statistically unchanged from the 12-point gap in the Washington Post and ABC’s August survey which was taken before both parties held their conventions.

Biden had a 54% to 44% lead among likely voters. He is ahead of Trump by 65% to 34% among women surveyed, while 55% of men polled supported Trump compared with 42% for Biden, according to the report.

The poll was conducted after the death of Supreme Court Justice Ruth Bader Ginsburg but before Trump’s nomination of federal Judge Amy Coney Barrett on Saturday. Biden led Trump by eight points on the question of who was more trusted to handle the next appointment to the Supreme Court.

The poll was conducted by telephone Monday through Thursday among a random national sample of 1,008 U.S. adults. The margin of error is plus or minus 3.5 percentage points.