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Asian markets fall after grim U.S. GDP data

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Asian markets fall after grim U.S. GDP data

Asian shares tumbled Friday as reports showed layoffs of American workers are persisting at high levels after the U.S. economy contracted at a nearly 33% annual pace in the spring, the worst quarter on record.

Earnings reports, a gauge of how well businesses are managing the fallout from the coronavirus pandemic, added to the gloom. Some technology companies have bucked the trend and are showing positive results. But many companies are hurting.

Japan’s Nikkei 225
NIK,
-2.31%

tumbled 2.3% while Hong Kong’s Hang Seng index
HSI,
+0.08%

rose 0.2%. The Shanghai Composite
SHCOMP,
+0.21%

was about flat while the smaller-cap Shenzhen Composite
399106,
+0.71%

gained 0.3%. South Korea’s Kospi
180721,
-0.11%

slipped 0.2%, Taiwan’s Taiex
Y9999,
+0.00%

declined 0.3%, and Australia’s S&P/ASX 200
XJO,
-1.77%

fell 1.6%. Markets in Singapore, Malaysia and Indonesia were closed for holidays.

August tends to be a lousy month for stocks, noted Stephen Innes of AxiTrader Corp.

“Stock markets are looking extraordinarily corrective to the extent that we could be entering a pullback phase as we head into August, most commonly referred to as the summer swoon,” Innes said in a commentary.

In one positive signal, China reported its manufacturing activity edged up in July and export orders strengthened despite weak U.S. and European demand. The monthly survey released Friday was another sign the world’s second-largest economy is gradually recovering from the coronavirus pandemic.

Central bank meetings for various countries are on the agenda for the coming week.

“Second-quarter GDP for Indonesia and the Philippines will also draw scrutiny, highlighting the impact of the pandemic,” said Bernard Aw, principal economist for IHS Markit in Singapore.

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The Japanese government said late Thursday the nation’s economy was likely to sink 4.5% for the fiscal year ending in March 2021. It forecasts a return to growth in the following fiscal year.

Among the Japanese companies reporting earnings next week are Sony Corp.
6758,
-0.92%

, Honda Motor Co.
7267,
-4.46%

, Toyota Motor Corp.
7203,
-2.54%

and Nintendo Co.
7203,
-2.54%
.

Some companies are holding up better than others.

Japanese media reports said Toyota was on course to become the No. 1 automaker in the world again, overtaking Volkswagen, now the top manufacturer in global vehicle sales. Toyota’s sales were already recovering in markets like China, which is recovering from its early outbreaks of COVID-19, according to the company.

Overnight, the U.S. reported the economy contracted at a record-shattering 32.9% annual rate in April-June as pandemic shutdowns expanded.

News of the deep, steep collapse came as a resurgence of outbreaks has pushed businesses in many areas to close for a second time. The government’s estimate of the second-quarter fall in the gross domestic product has no comparison since records began in 1947. The previous worst quarterly contraction — at 10%, less than a third of what was reported Thursday — occurred in 1958 during the Eisenhower administration.

The bad news was no big surprise, and on Wall Street, the S&P 500
SPX,
-0.37%

dropped 0.4% to 3,246.22. Nearly three out of four stocks in the index declined. Among the hardest-hit were oil producers, banks and other companies that most need the economy to escape recession.

The Dow Jones Industrial Average
DJIA,
-0.85%

lost 0.9% to 26,313.65.

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Stocks seemed set for a much steeper fall earlier in the day but stronger-than-expected profits reported by UPS and other companies helped the market trim its losses. So did steadying prices for Amazon and other big tech-oriented stocks, which reported their own results after the day’s trading ended.

Anticipation of their reports, which proved to be even better than Wall Street expected, helped the Nasdaq composite
COMP,
+0.42%

completely erase its early loss and climb 0.4% to 10,587.81.

But overall, earnings reports have been far below year-ago levels, before the pandemic struck. The big companies in the S&P 500 are on track to report a nearly 38% drop for the second quarter from a year earlier, according to FactSet.

Shortly after trading ended for the day, Amazon
AMZN,
+0.60%

, Apple
AAPL,
+1.21%

, Facebook
FB,
+0.51%

and Google’s parent company Alphabet
GOOGL,
+0.97%

GOOG,
+0.62%

all reported bigger profits for the latest quarter than Wall Street had forecast. Investors have continued to flock to them expecting they will thrive as the pandemic accelerates a shift toward online commerce.

Benchmark U.S. crude
CLU20,
+0.52%

gained 14 cents to $40.06 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude
BRNU20,
+0.46%

, the international standard, rose 37 cents to $43.31 a barrel.

The dollar
USDJPY,
-0.43%

slipped to 104.22 Japanese yen from 104.73 yen.

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Luis Figo is the first Portuguese to star in a Netflix documentary. Here comes the controversy – Culture

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Luis Figo is the first Portuguese to star in a Netflix documentary.  Here comes the controversy - Culture

Before the footballing world surrendered to Cristiano Ronaldo, another Portuguese had reached sky-high levels of popularity in the sport. The importance of Luis Figo in the football market will be analyzed in the documentary About Caso Figo: The Transfer That Changed Football, which will be released on Netflix on August 25.

Created by David Tryhorn and Ben Nicholas, the format focuses on what is to this day one of the most controversial transfers of all time: In 2000, Luis Figo leaves Barcelona for rival club Real Madrid. From the pesetero to being targeted by pig heads thrown on the turf, during his first classic game as a merengue player, the 49-year-old Portuguese became the most contested man in the Spanish league at the time.

The Figo Affair: The Transfer That Changed Football revisits that era with the testimonies of the main characters 22 years after the transfer: Luis Figo himself, José Veigi (the agent of the footballer who made the deal at the time) and Florentino Pérez. then president of Real Madrid.

Luis Fig case

credits: Netflix

data-title=”Luis Figo case – Luis Figo is the first Portuguese to star in a Netflix documentary. And here comes the controversy – IGG”>

credits: Netflix

This format is the first Netflix documentary to feature a Portuguese as the protagonist. Among the various figures associated with the world of football who talk about that time, there are names such as Paulo Futre, Roberto Carlos or Jorge Valdano. The documentary will also show previously unseen footage from Figo’s personal collection during his stay in Barcelona and his holiday in Sardinia in the summer of 2000.

watch the trailer

“Focusing on the transfer rather than on Figo’s career, the film tells us about truth, greed, morality and the whole sport in the process – this is the birth of football as a big immoral business with romantic notions of loyalty; not to mention Florentino. History of the origin of Perez. I was honored to direct this film and after the release of Pele last year, we are thrilled to be working with Netflix again on another major sports story.” from Netflix.

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Ambassador of Portugal to Venezuela praised the local community

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Ambassador of Portugal to Venezuela praised the local community

“This (RUS) is important for the Portuguese community, and it is also important, as an example of solidarity, that the Portuguese give to those who live here in Caracas and beyond,” said Joao Pedro Vasconcelos Fins do Lago in an interview with Lusa. the end of a visit to an NGO supporting needy Portuguese and homeless Venezuelans.

It was a visit that I wanted to make from the first day I was here, because this is an organization that works with very difficult situations, situations of deep social need, people who have many needs in terms of housing, health and food for people. of all ages, with a special focus on the elderly, the most needy and the most helpless, in a range that deserves all the attention“, these.

The diplomat stressed that “Regala una Sonrisa is exemplary and does a wonderful job,” given that the visit served as an introduction to the ongoing work, the difficulties and proposals that it presents.

“This is an institution that the Portuguese state pays full attention to. In fact, it receives financial support from the Portuguese state in the form of support that has increased over the years and has led to results,” he said.

João Pedro Vasconcelos Fins do Lago said that “there is a beneficial effect of meeting people on the street, where they have to feed them, give them medical care, and also give them shelter.”

Regarding the proposals made by the president of the NGO, Francisco Soares, the ambassador said that “they are aimed at making it easier and more flexible to help people,” without specifying the content.

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“Obviously, we know that we have come out of a very difficult two-year period, a pandemic in which the bureaucratic part of the case was also difficult, and there are several ways to make some situations more flexible and remove the bureaucratic burden. very specific in the sense that a hand that helps those in need can get to those people faster,” he concluded.

For more than seven years, Regala Una Sonrisa has been organizing homeless awareness days every month and promoting the weekly “Sopa Sorriso” initiative for more than 200 people in need in the center of Caracas.

The NGO is also responsible for the Anjos Lusitanos program for Portuguese people living in isolation and in dangerous situations.


 


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Portuguese traveling the world on a minimoto will meet Ramos Horta on Timor – Observer

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Portuguese traveling the world on a minimoto will meet Ramos Horta on Timor – Observer

The young Portuguese, who has been traveling the world on a mini-motorcycle since 2020, will arrive in Timor-Leste on Monday and meet with the country’s president, the motorcyclist said on Wednesday.

With a residence in Oliveira de Azemeis, in the Aveiro region, and starting his journey in Avis, in Portalegre, André Souza left Portugal on July 12, 2020 to try for a world record, and since then he has driven over 55,000 kilometers through 40 countries, always on a Honda Monkey 125 with nine horses and a height of 70 centimeters.

The 26-year-old is currently based in Darwin, Australia, and it was there that he met two United Nations lawyers who, after working for several years in Timor and personal with Jose Ramos Hortarecognized in the Portuguese trip the type of gamble that would have interested the current president of Timor, the 1996 Nobel Peace Prize laureate.

This friendly couple took care of everything, connected us, and now it was agreed with Ramos Horta’s adviser that I would meet with the president on August 23, although without a motorcycle, which leaves Australia only by boat on the 24th and will not be. arrive on time to appear in the photo,” says Andre Souza Luce from Darwin.

THE PUB • CONTINUE TO READ BELOW

The absence of a car at an official meeting does not prevent the motorcyclist from admitting with satisfaction: “Once I realized that I could drive Timor, it became a dream. I wanted to get to know the country that was a former Portuguese colony, and especially I wanted to get to know Ramos Horta for everything he did for the independence of this land.”

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Initiallypassage through Timor was not planned in the Ride That Monkey project, but became part of the scenario when the direction of the trip had to be changed to get around the fact that in mid-2020 most international borders were still closed or severe mobility restrictions were imposed due to Covid-19.

The idea was to go directly from Europe to Asia, but I had to change the direction of travel and start from America. That is why now, being in Australia and so close to Timor, I decided to go there and through Indonesia before heading to Malaysia and Thailand, ”explains the Portuguese.

Myanmar, India, Pakistan, Iran, Turkey and “some countries in North Africa” ​​are the next destinations, so travel effectively cross “all the continents of the globe” before returning to Portugal scheduled for May or June 2023.

Meanwhile in Darwin, Andre Sousa continues to recover from injuries sustained in his back after he was hit by a truck in California, USA, which left him there for two months. The problem was alleviated with physical therapy and required regular medication, but the pain worsened in Australia after several days of consecutive desert crossings between Cairns and Darwin, covering a total of 2,500 kilometers.

A young Portuguese man traveling the world on a mini-motorcycle is injured in the US.

I had to lie in bed for a week, completely motionless, and now I am accompanied by a chiropractor who has already offered me three consultations for $ 110 each as support for the project,” emphasizes Andre Souza.

The motorcyclist also notes that the trip turned out to be “much more expensive than expected”, due to the difficulties associated with the pandemic and unforeseen health problems. The accident in the United States, for example, involved two months of commercial residence in the Beverly Hills area, where “the simplest hamburger cost at least 10 euros” and, just to transport a motorcycle and driver from Santiago de Chile to Sydney, “the cost was 6000”, in addition to the cost of “a number of documents” that the Australian authorities require when crossing from Darwin to Timor.

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Facing these and other budget changes was only possible thanks to the sponsors of the project and the “donations and support of many different people from all over the world” – as in the case of a Portuguese family that this week welcomes André Sousa to Darwin and 40 subscribers from different countries who donated 50 or 100 euros in exchange for having their name engraved on the minimoto’s fuel tank.

In the next stages of the journey through Asia and Africa, “there will be even more bureaucracy”, but in order to reduce the cost of accommodation and food, the young man will strive to circulate through areas where Portuguese emigrants live what they can get. André Sousa admits that he was welcomed mostly by foreigners, but he does not hide his preference: “I always like to stay with the Portuguese. They do everything they can to help me and make my life easier, and when we’re together, it’s like coming home for a while.”

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