China’s Exports Growth Tops Expectations

Bernie Sanders Said to Have Concerns on State of Biden Campaign

Senator Bernie Sanders has privately worried that Joe Biden’s presidential campaign isn’t focused enough on the left wing of the Democratic Party, the Washington Postreported.

Sanders, who competed against Biden for the Democratic presidential nomination, is concerned Biden will lose to President Donald Trump if he continues to campaign on a centrist approach, the Post reported.

The Vermont independent thinks Biden should focus more on pocketbook issues such as health care and his plans for the economy, and campaign more with popular liberal figures like Representative Alexandria Ocasio-Cortez of New York.

A representative for Sanders told the Post the senator is working as hard as he can to get Biden elected, and has suggested some strategic adjustments.

“He has been in direct contact with the Biden team and has urged them to put more emphasis on how they will raise wages, create millions of good paying jobs, lower the cost of prescription drugs and expand health care,” said Faiz Shakir, Sanders’ former campaign manager.

Shakir also said Sanders has suggested Biden reach out more to young people, the Latino community and progressives.

MFIs must build capital buffers, says RBI article

As COVID-19 is likely to pose financial risks for microfinance institutions (MFIs), there is a need to build capital buffers and manage cash positions for microlenders to protect their balance sheets from any disruptions, according to an article published in RBI’s monthly bulletin.

The article, prepared by Snimardeep Singh of Department of Supervision, Reserve Bank of India, said though COVID-19 presents new challenges and significant financial risks for the microfinance sector, it also presents an opportunity to build long-term resilience.

“Going forward, building capital buffers and managing liquidity would be crucial for MFIs in fortifying their balance sheets against COVID-19 led disruptions,” it said.

The article termed COVID-19 as the biggest tail risk event in a long time.

Owing to disruptions in supply chain and business operations, the likelihood of loss of livelihoods and consequent drop in household incomes is high, it said. “Non-banking financial company microfinance institutions, being specialised institutions extending collateral-free loans to low-income groups, are particularly exposed to credit risks in this scenario,” it said. The article said the repayment rates have dropped significantly, posing liquidity risks to MFIs.

One dead after two-car crash in southwest Denver

One person died Saturday after a two-vehicle crash in southwest Denver, police tweeted.

The crash occurred in the 2800 block of South Federal Boulevard. One of the drivers was transported to the hospital, where he later died, police said.

Anyone with information is asked to call Crime Stoppers: 720-913-7867.

— Denver Police Dept. (@DenverPolice) September 12, 2020

Naomi Osaka Wins Second U.S. Open Title

New York (AP) — Naomi Osaka beats Victoria Azarenka 1-6, 6-3, 6-3 in U.S. Open final.

Los Angeles County Coronavirus Update: Public Health Confirms 29 New Deaths, Over 1,170 Positive Cases

The Los Angeles County Department of Public Health confirmed a decrease in new coronavirus-related deaths, but an increase in new cases on Saturday.

Public Health’s latest count shows a total of 29 new deaths and 1,177 positive cases. Saturday’s update brings Los Angeles County numbers back to around those confirmed before the Labor Day Weekend. During the holiday weekend, L.A. County saw a major decrease in in new cases. The low numbers were a result of reports delayed by the long holiday weekend.

The number of new deaths, however, is still in the same low range as the holiday weekend’s. At 29 new deaths, Saturday’s number shows a decrease from Friday’s, which confirmed 43 new deaths.The county also has a total of 877 hospitalizations, a minor decrease from Friday’s count.

According to Public Health, people aged 50 years or older made up the majority of new cases, with the 30 to 49 year-old age range trailing behind.

Along with Saturday’s updated statistics Public Health said that on-site eating and drinking is one of the riskiest activities for COVID-19 transmission. The announcement also urged Los Angeles County residents to reduce non-essential activities when possible.

Los Angeles County has identified a total of 253,176 positive COVID-19 cases and 6,197 deaths to date.

China’s Exports Growth Tops Expectations

China’s exports grew more than expected in August mainly due to base effects, while imports dropped unexpectedly from last year, data from the General Administration of Customs showed Monday.

Exports grew 9.5 percent on a yearly basis in August, faster than the expected increase of 7.1 percent.

At the same time, imports were down 2.1 percent annually, in contrast to the expected rise of 0.1 percent. Imports had dropped 1.4 percent in July.

As a result, the trade surplus totaled $58.9 billion versus the expected level of $50.5 billion in August. However, the surplus declined from July’s $62.3 billion.

China’s export data still looks good, Iris Pang, an ING economist said. But there are risks of lower growth in the coming months, mainly from the technology war.

Julian Evans-Pritchard, an economist at Capital Economics, said while exports will continue to benefit from the recovery in global demand, the forthcoming slowdown in shipments of Covid-19 related goods means that further upside is probably limited.

With credit growth still accelerating and infrastructure-led stimulus still ramping up, import volumes should remain strong in the coming months, Evans-Pritchard noted. Coupled with a further gradual recovery in commodity prices, growth in import values should therefore return to positive territory again before long.