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[ad_1] Icra wrote in a note earlier this week: “The net state development loan (SDL) issuance rose by 91.4% in H1FY21 to Rs 3.03 lakh crore from Rs 1.58 lakh crore in H1FY20.” [ad_2] Source link

[ad_1] Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors. The markets and the not-so-presidential presidential debate Last Tuesday’s U.S. presidential debate was certainly the political and perhaps stock market news event of the week. Problem was, the debate was not presidential. In fact it was more of a verbal brawl than a political debate. President Donald Trump and Democratic nominee Joe Biden argued and yelled and talked over each other, relentlessly. No one won, in my opinion. In anticipation of the debate, stock markets were quite nervous. U.S. futures were down Monday night. Some investors are concerned that President Trump will not recognize or accept an election defeat, and stock markets do not like uncertainty.  Adding to the drama, on Friday morning it was announced that President Trump and the first lady had tested positive for COVID-19, ramping up the uncertainty exponentially.  Source: Twitter But then, the markets found something else shiny to look at: the prospect of another stimulus package in the U.S. Stocks were up modestly (.77%) on Wednesday following the debate.. Stocks were also positive on Thursday as well.  This is a good time to remind investors to focus on what we can control. We certainly can’t control the U.S. Presidential election. And perhaps, over time, the stock markets won’t care, either. Twitter friend and financial advisor Markus Muhs shared this meme to honour the occasion (of the debate and election): Source: Twitter As investors, our success will largely be determined by the success of the companies we own. We invest in companies and economies, not presidents.  Checking in on the Canadian economy The economic recovery continues in Canada. Statistics Canada released sector and GDP numbers for July 2020. They also gave us a hint of what went on in the Canadian economy in August.  Real gross domestic product (GDP) increased 3.0% in July, following a 6.5% increase in June. The third consecutive monthly gain continued to offset the steepest drops experienced by Canadian economic activity in March and April. That said, economic activity was still about 6% below February’s pre-pandemic level.  Source: Statistics Canada We have the beginnings of a robust V-shaped economic recovery, but it appears that we are stopping short of full recovery, for now. Statistics Canada reported that preliminary information indicates an approximate 1% increase in real GDP for August. The pace of recovery is slowing. There are many signs and projections suggesting that full recovery could take many years.  Statistics Canada also reported that all 20 sectors of the economy grew as businesses continued to reopen and tried to get back to some sense of normal after lockdowns in March and April. The sectors to fight back the most were hotels/restaurants (up 20.1%) and arts/entertainment/recreation (up 14%). That said, those sectors were the hardest hit in the pandemic.  Here’s a tweet from Bloomberg Canada looking at sector performance:  Source: Twitter The Financial Post (citing the Canadian Conference Board) offered that Canadian unemployment will not return to pre-pandemic levels until 2025.  From that Post article …  “The pace of growth in the economy is clearly slowing,” Nathan Janzen, senior economist at Royal Bank of Canada said in a note. “A lot of the early recovery has come from re-opening from spring containment measures. And with most COVID-19 containment measures already eased, that boost won’t be repeated going forward. The latest bout of virus spread in Canada has just reinforced that there are probably limits to how much the economy can recover as long as that threat remains.” Industries like restaurants, airlines, theatres, tourism, face many tough months and years ahead.  The Wealthsimple story Wealthsimple is a leading robo-advisor in Canada. I have often penned that Wealthsimple is Canada’s most famous robo. They are known for their well-crafted television ads, and other marketing and social media efforts promoting sensible, low-fee investing. The firm also offers an online brokerage service, Wealthsimple Trade, and in January 2020 began offering a hybrid savings/chequing account called Wealthsimple Cash. Late in September, the Globe and Mail reported that Wealthsimple is in talks with several U.S. Venture Capital firms to raise another $100 million in financing. A venture capital firm will invest in a company in exchange for partial ownership. That article also suggests Wealthsimple is setting the table for an eventual initial public offering (IPO). With an IPO, a company will then trade on stock markets. It’s another way for a company to raise money, but of course it will dilute the current company ownership. Ownership will then be split with the new investors who buy the stock.  Wealthsimple has $8.4 billion in assets under management and its growth record is impressive. But what will likely grab the attention of the venture capitalist is the growth within their Wealthsimple Trade platform launched in March of 2019. According to that Globe article Wealthsimple accounted for 18% of trading accounts opening in Canada in the second quarter. And they doubled the total Wealthsimple client base from 250,000 to 500,000 in the first six months of 2020.   Those are some great growth numbers. But Wealthsimple and their backers have spent heavily to acquire those clients and assets under management. Power Financial Corp., wealth management firm IGM Financial Inc. and VC firm Portag3 Ventures have collectively invested $315 million in Wealthsimple.  If they are looking to go to the stock markets with an IPO, the numbers will be on display, so that investors can evaluate the financial health of the company. Apparently, the company is going to be valued at $1 billion. I’m not a stock analyst, but I think that might be a stretch. Robo-advisors are known for their low fees. While that can be great for clients, it makes it more difficult to create the revenues required to generate profits. Wealthsimple charges just .40% to .50% on assets for their robo accounts, and they offer free trades on Wealthsimple Trade. With Wealthsimple Trade, they make monies from the currency conversion

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[ad_1] U.S. Vice President Pence, next in line behind Trump, tests negative for COVID-19 [ad_2] Source link

[ad_1] NBA Finals: Bam Adebayo, Goran Dragic miss Game 2 against Lakers  Silver Screen and Roll LeBron James says success with Anthony Davis attributable to no jealousy  ESPN NBA Finals picks and predictions: Heat vs Lakers Game 2  Covers Golden State Warriors: Steve Kerr believes LeBron is at his peak  Blue Man Hoop Sources – Miami Heat’s Bam Adebayo (shoulder) out for Game 2 of NBA Finals against Los Angeles Lakers  ESPN View Full Coverage on Google News [ad_2]

[ad_1] Meanwhile, contingent liabilities, legacy issues at ECL and BCCL, and diversification into unrelated fields are key overhangs. [ad_2] Source link

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[ad_1] Special Report: How U.S. Justice Department disarmed its police reform effort [ad_2] Source link