Chinese leaders met Monday to formulate an economic blueprint for the next five years that is expected to emphasize development of semiconductors and other technology at a time when Washington is cutting off access to U.S. technology.
President Xi Jinping’s government is working to promote self-sustaining growth supported by domestic consumer spending and technology development as tensions with trading partners hamper access to export markets and technology.
Curaleaf, headquartered in the Bay State town of Wakefield, is already the world’s largest cannabis company by sales, with expected annual revenue this year of roughly $1 billion. That valuation is driven mostly by its high-profile acquisitions of Chicago cannabis cultivator and retailer Grassroots for $830 million in July, and of Oregon’s Cura Partners for about $400 million in February.
In March, Curaleaf acquired three Arrow Alternative Care dispensaries in Connecticut, including the one at 814 E. Main St. in Stamford, for an undisclosed amount. On Oct. 12 it announced it was rebranding the Arrow facilities – as well as the Grassroots Herbology dispensary in Groton – as Curaleaf dispensaries.
On October 20, Sweden became the latest country to ban Huawei, China’s telecommunications giant, from participating in its 5G networks.
PTS, the Swedish telecom regulator, said that companies supplying 5G services in the country will have until 2025 to remove any equipment from Chinese firms Huawei and ZTE from their infrastructure networks. PTS added that the decision was based on the advice of Sweden’s military and security services, which apparently described China as “one of the biggest threats against Sweden.”
U.S. stocks turned lower as investors remained on edge with aid talks showing little progress and data signaling coronavirus cases on the rise. The dollar strengthened.
Technology shares led the S&P 500 Index’s retreat. AT&T Inc. advanced after the phone giant added more wireless subscribers than analysts estimated. Luxury handbags and scarves house Hermes International rose after surpassing analysts’ sales estimates on a rebound in demand from Asia.
Democratic presidential nominee Joe Biden may be against the further proliferation of fossil fuels, but observers have said a different part of the natural resource economy could get a lift if he bests President Donald Trump in the U.S. election in November: the metals and mining sector.
Trump ran for president in 2016 on a populist economic message that promised the return of a diminished U.S. industrial workforce, including the mining sector. While his government slashed environmental rules in the name of saving U.S. jobs, it was not a saving grace for the mining industry. U.S. coal mining jobs sunk to record lows, and the mining sector in general has hemorrhaged jobs since the start of the coronavirus pandemic. Meanwhile, Trump administration policy objectives that could fuel domestic demand for metals, such as an infrastructure program, have yet to manifest.
Covid-19 will permanently wipe out between 6.2 million and 8.7 million jobs in the U.S. by the end of the year. In my home country of Canada, we are still 1 million jobs short of our pre-Covid employment levels. Due to this grim outlook, many are asking: Who’s hiring and what are they looking for? Some innovation-driven sectors are adapting and actually growing a lot during this time which provides signs of hope.
Facebook has just leased enough new office space in Manhattan to nearly triple its current local work force, including at one of the city’s most iconic buildings, the 107-year-old former main post office complex near Pennsylvania Station.
Apple, which set up its first office in New York a decade ago, is expanding to another building in Manhattan. And Google and Amazon are stitching together corporate campuses in the city more quickly than anywhere else in the world. Amazon paid roughly $1 billion in March for the iconic Lord & Taylor building on Fifth Avenue.
Aphria to report Q1 results early Thursday, analysts expect $159.6M in sales
Aphria kicks off another period of pot industry quarterly results with its fiscal first-quarter report out early Thursday. Analysts expect the Canadian cannabis producer to report $159.6 million in revenue while booking a net loss of $9.5 million. The company is also expected to report $11.9 million in positive EBITDA. In addition to the top and bottom line expectations, analysts will likely be looking for signs of whether Aphria has been able to expand its market share lead in the still-burgeoning Canadian recreational cannabis market. Canaccord Genuity analyst Matt Bottomley said in a report that he expects Aphria to show about 16 per cent quarterly growth in its recreational cannabis sales while medical revenues stay flat. However, Stifel analyst Andrew Carter notes that Aphria is siginificantly underutilizing its production capacity and that this may “remain a point of controversy” for the company’s stock.