U.S. Leading Economic Index Suggests Rebound May Be Losing Stream
A report released by the Conference Board showed a continued increase by its reading on leading U.S. economic indicators in the month of August, although the pace of growth slowed compared to recent months.
The Conference Board said its leading economic index jumped by 1.2 percent in August after surging up by 2.0 percent in July and spiking by 3.1 percent in June. Economists had expected the index to increase by 1.3 percent.
Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board, said the slowdown in the pace of improvement “suggests that this summer’s economic rebound may be losing steam heading into the final stretch of 2020.”
“Weakening in new orders for capital goods, residential construction, consumers’ outlook, and financial conditions point to increasing downside risks to the economic recovery,” Ozyildirim said.
He added, “Looking ahead to 2021, the LEI suggests that the US economy will start the new year under substantially weakened economic conditions.”
The report said the coincident economic index also rose by 0.6 percent in August after jumping by 1.2 percent in July and soaring by 3.9 percent in June.
Meanwhile, the lagging economic index fell by 0.6 percent in August, matching the decrease seen in the previous month. The lagging index plunged by 3.5 percent in June.
Canada Aug wholesale trade rose by 0.1%: Statscan flash estimate
OTTAWA (Reuters) – Canadian wholesale trade in August edged up by 0.1% after jumping by 4.3% in July, according to a flash estimate released by Statistics Canada on Friday.
The agency said the estimate had been calculated based on responses received from 75.6% of companies surveyed. The average final response rate for the survey over the past 12 months has been 91.2%, it added.
Alexion’s Ultomiris Receives Approval In Japan For Atypical Hemolytic Uremic Syndrome
Alexion Pharmaceuticals Inc. (ALXN) said Friday that Japan has approved Ultomiris
or ravulizumab for adults and children living with atypical hemolytic uremic syndrome or aHUS.
atypical hemolytic uremic syndrome is an ultra-rare disease that can cause progressive injury to vital organs, primarily the kidneys, via damage to the walls of blood vessels and blood clots.
atypical hemolytic uremic syndrome or aHUS affects both adults and children and many patients present in critical condition in the hospital setting, often requiring supportive care, including dialysis, in an intensive care unit.
The prognosis of aHUS can be poor in many cases, with 56 percent of adults and 29 percent of children developing end-stage renal disease or dying within a year of diagnosis with supportive care alone, so a timely and accurate diagnosis in addition to treatment, is critical to improving patient outcomes, the company said in a statement.
Rwanda Court Upholds Ruling to Keep ‘Hotel Rwanda’ Hero in Jail
A Rwandan court upheld a decision to remand Paul Rusesabagina, a government critic who garnered international fame through the 2004 movie ‘Hotel Rwanda’ and faces 13 charges including terrorism following his arrest last month.
The 66-year-old was detained for at least 30 days pending a trial that will likely focus on his alleged role as one of the leaders of the armed wing of the opposition Rwanda Movement for Democratic Change. His lawyers have appealed a decision to deny him bail.
The case against Rusesabagina, who is a Belgian citizen and unexpectedly appeared in Rwanda after flying to Dubai, has drawn international attention, with critics of the Rwandan government saying he’s unlikely to get a fair trial.
Rusesabagina told the court Friday he was in charge of diplomatic activities and not involved in terrorism. The date for the final ruling on the appeal was set for Oct. 2.
Not all $200 cards for Medicare beneficiaries will go out before U.S. election
(Reuters) – U.S. President Donald Trump’s administration aims to send out $200 cards to Medicare beneficiaries over the course of the next few months, but not all will be sent out prior to the elections, an official with the U.S. Department of Health and Human Services said on Friday.
The cards were announced by Trump on Thursday as a measure to help Medicare beneficiaries pay for prescription drugs. They will be sent out as soon as mechanically possible, the health official told reporters.
Stock Alert: Altimmune Ascends 10%
Shares of clinical stage biopharmaceutical company, Altimmune, Inc. (ALT) are climbing more than 10% Friday morning at $13.33. It has traded in the range of $1.51- $35.10 in the past 52 weeks.
According to an SEC filing dated September 24, D. E. Shaw & Co., L.P. and David E. Shaw have become beneficial owners of Altimmune taking more than 5% stakes in the company.
Altimmune’s investigational therapeutic program for COVID-19 is T-COVID, an intranasal immune modulator for the treatment of outpatients with early COVID-19.
The company is also developing a vaccine for COVID-19 by the name AdCOVID, which is under preclinical studies at the University of Alabama at Birmingham (UAB).
Motor racing: Stefano Domenicali to replace Chase Carey as F1 CEO from January
LONDON (REUTERS) – Former Ferrari team boss Stefano Domenicali will replace Chase Carey as Formula One’s chief executive from January next year, the sport’s commercial rights holders Liberty Media announced on Friday (Sept 25).
Carey, who replaced Bernie Ecclestone in 2017 when US-based Liberty took over the sport, will move to the role of non-executive chairman.
Domenicali, 55, is chairman and chief executive of Italian sportscar maker Lamborghini. He also serves as head of the governing FIA’s single-seater commission.