Malaysia’s ex-finance minister charged again in graft case | AP International

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PENANG, Malaysia (AP) — Malaysia’s former finance minister pleaded not guilty Monday to a second corruption charge related to a $1.5 billion undersea tunnel project and slammed the case as a trumped-up charge by the new government.

Lim Guan Eng, 59, was first charged Friday with soliciting 10% of potential profits in 2011 as a bribe for the project planned in northern Penang state. On Monday, he was accused of abusing his power as Penang chief minister to obtain 3.3 million ringgit ($786,182) as inducement to help a local company secure the construction contract.

The project was approved during Lim’s tenure as Penang chief minister from 2008-2018, before he became Malaysia’s finance minister.

Lim, who was part of a reformist government ousted in March, said anti-graft officials had never questioned him on the 3.3 million ringgit he allegedly received nor was there any evidence he had the money. He also

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Gold Accelerates Higher on Fragile Economic Recovery Hopes | Investing News

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(Reuters) – Gold extended its record-breaking run on Thursday, driven by expectations of more monetary response as surging virus cases continue to pummel the U.S. economy.

Spot gold

hit an all-time high of $2,069.21 per ounce and was up 1% at $2,059.45 at 11:02 am EDT (1502 GMT). U.S. gold futures

also rose 1%, to $2,069.40.
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“There are mixed signals that the economy is recovering and some of the signs of recovery are relatively superficial as they show aggregate figures and not how medium and small enterprises continue to suffer,” said Jeffrey Christian, managing partner of CPM Group.

“We have a very long way to go before we see a proper economic recovery.”

Data showed U.S. jobless claims fell last week, but a staggering 31.3 million people were receiving unemployment checks in mid-July, as new infections battered the economy.

Gold has rallied more than 35% this year as it

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Trending Market News Friday: Biogen, Mortgage Rates

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Stocks were showing a bit of volatility Friday with the Dow threatening to break into the green several times during the session before turning definitively south as the trading day went on. 

The Nasdaq was less volatile, dropping consistently and declining 1.8% on the day while the S&P 500 fell 0.5%. 

U.S. Household Debt Falls Most in 7 Years

American consumer debt fell for the first time in six years, the Federal Reserve Bank of New York said, falling 0.2% to about $34 billion. 

The decline in the second quarter was the first since 2014 and the drop is the largest since 2013 as credit card balances alone fell by $76 billion in the quarter, the steepest decline in the history of the data. 

Biogen Jumps as FDA Accepts Alzheimer’s Treatment Application

Shares of drugmaker Biogen  (BIIB) – Get Report jumped more than 8% Friday after the Food

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Harmon Brothers Disrupt the Historically Dry Finance World With Sardonic Office Takeover Guy

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As the U.S. continues to struggle with Covid-19, some Americans have used these uncertain times as an opportunity to scale their financial portfolio. Per a Fidelity Investments Market Sentiment Study released in May, 15% of Americans have been investing more into the stock market during the pandemic.
But what about the everyday Americans who want to start building their portfolios, but don’t know where to start? In comes investment system and weekly tech stock newsletter Profits Unlimited, edited by a team of advisers led by Paul Mampilly, a 30-year Wall Street veteran.
While the concept sounds intriguing, investment ads aren’t known for being exciting. Harmon Brothers, the Utah-based social media ad agency behind viral commercial blockbuster hits for Chatbooks, FiberFix, Poo-Pourri, Purple and Squatty Potty, aims to put the fun in finances with their campaign for Profits Unlimited.
“Office Takeover” stars Corey Landis, who balances sardonic quips about making regrettable

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The previous all time high of $1920.94 will be in focus

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  • Gold is trading nearly 4% lower on Tuesday despite USD weakness. 
  • The gold bugs will be looking at technical support zones and the previous all-time high is next.

Gold 4-hour chart

Gold seems to be losing some of it shine this week. Now the bulls will be looking for support zones and some of the long term holders could have been profit-taking after the record-breaking rally. Now the new all-time high stands at USD 2075.14 per troy ounce. If there is to be another turn higher then that will surely be the target.

Looking closer at the chart, the black horizontal support line at USD 1920.94 per troy ounce is the next support. This was also the previous all-time high from September 2011. Below that, there is also a red upward sloping trendline, it has only had two touches as of yet but it could be significant in the future. 

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Economic Data and the U.S Stimulus Bill in Focus

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Monday, 3rd August

Spanish Manufacturing PMI (Jul)

Italian Manufacturing PMI (Jul)

French Manufacturing PMI (Jul) Final

German Manufacturing PMI (Jul) Final

Eurozone Manufacturing PMI (Jul) Final

Wednesday, 5th August

Spanish Services PMI (Jul)

Italian Services PMI (Jul)

French Services PMI (Jul) Final

German Services PMI (Jul) Final

Eurozone Markit Composite PMI (Jul) Final

Eurozone Services PMI (Jul) Final

Eurozone Retail Sales (MoM) (Jun)

Thursday, 6th August

German Factory Orders (MoM) (Jun)

IHS Markit Construction PMI (Jul)

Friday, 7th August

German Industrial Production (MoM) (Jun)

German Trade Balance (Jun)

French Non-Farm Payrolls (QoQ) (Q2)

The Majors

It was another bearish day for the European majors on Friday, with the CAC40 sliding by 1.43% to lead the way. The DAX30 and EuroStoxx600 weren’t far behind, with losses of 0.54% and 0.89% respectively.

Negative sentiment towards the economic outlook weighed as the markets responded further to dire 2nd

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Avacta Appoints COVID-19 Rapid Antigen Test Manufacturing Partner

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Avacta appoints BBI Solutions as manufacturing partner for the rapid SARS-CoV-2 antigen test being developed with Cytiva

Avacta Group plc (AIM: AVCT), the developer of Affimer® biotherapeutics and reagents, is pleased to announce that it has appointed BBI Solutions, part of BBI Group (“BBI”), to manufacture the saliva-based rapid SARS-CoV-2 antigen test that is being developed with Cytiva.

BBI Solutions is a leading global developer and manufacturer of raw materials and finished test products for the in-vitro diagnostics market, with manufacturing sites in five different countries, spanning four continents.

The manufacturing agreement between Avacta and BBI comprises the accelerated development and validation of a scaled-up manufacturing process that has the potential to ramp up to a production capacity of millions of tests per month. Avacta, Cytiva and BBI are in the process of the technology transfer of the prototype and related manufacturing procedures for the saliva-based rapid SARS-CoV-2 antigen

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World Insurance Associates Acquires Airways International Insurance Services

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World Insurance Associates LLC (WIA) acquired Airways International Insurance Services LLC (AIIS) of Mickelton, N.J., on May 1, 2020. Terms of the transaction were not disclosed.

Alex Morris founded Airways International Insurance Services in 2006 after more than 30 years of experience in the aerospace Industry. AIIS offers a range of products and services for the aviation and marine industries, in addition to sound professional advice and contract reviews. Alex and the AIIS team are licensed pilots with more than 65 combined years of industry and professional underwriting experience.

WIA is headquartered in Tinton Falls, N.J., and is a full-service insurance brokerage providing asset and lifestyle protection with risk management, insurance and benefit consulting services for individuals and businesses. Since its founding in 2012, WIA has completed 64 acquisitions and serves its customers from 46 offices in 12 states.

Giordano, Haleran & Ciesla provided legal counsel to WIA, and legal

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Millennials Slammed by Second Financial Crisis Fall Even Further Behind

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By Janet Adamy 

The economic hit of the coronavirus pandemic is emerging as particularly bad for millennials, born between 1981 and 1996, who as a group hadn’t recovered from the experience of entering the workforce during the previous financial crisis.

For this cohort, already indebted and a step behind on the career ladder, this second pummeling could keep them from accruing the wealth of older generations.

Jaclyn Jimenez put herself through college working for her father’s manufacturing company, but couldn’t find anything comparable when she graduated amid the economic slump of 2008. Even though she lowered her sights, she was turned down for roles from office assistant to drugstore worker. As credit-card debt piled up, she took a job selling wedding gowns at a bridal salon, then leveraged that experience to land a sales position at Nordstrom. She was finally gaining traction, she says, having worked her way up to

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Cuba to Scrap ‘Too Restrictive’ Private-Sector Activities List as Economic Pressures Grow | Investing News

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HAVANA (Reuters) – Cuba’s Communist government said late on Thursday it would scrap a list that sets out a tight definition of business activities permitted in the island nation’s fledgling private sector, a move seen boosting self-employment, small firms and start-ups.

The move follows a string of measures loosening restrictions on the private sector over the past month as the government turns to limited reforms to tackle an economic crisis in the wake of key ally Venezuela’s implosion, increased U.S. sanctions and the coronavirus pandemic.

Labor Minister Marta Elena Feito said during a televised roundtable that the pandemic had proven the list was too restrictive, citing unauthorized production of personal protective equipment by private sector workers.

Cuban economists and private sector backers welcomed the move, but said much would depend on implementation. Cubans must still apply for a license to work in the private sector, giving authorities a high degree

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