Monday morning briefing: Industrial profits surge in China

Elon Musk recently overtook Microsoft co-founder, Bill Gates, for second spot on the Bloomberg Billionaires Index. Mr. Musk now trails only Amazon founder, Jeff Bezos, for richest person in the world. Elon Musk is now worth approximately US$127.9 billion. Most of his net worth has been derived from Tesla Inc., which will soon be joining the S&P 500 Index, along with PayPal Holdings Inc., which Mr. Musk co-founded. There is clearly a changing of the guard occurring on the list, with the Gates and Buffetts being replaced with more “new economy” entrepreneurs like Bezos and Musk. The question now is, who might be next?

Economic/industry news

U.S. GDP growth unchanged in Q3, according to second estimate: Real U.S. GDP up 33.1% in 3Q according to ‘second’ estimate

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Could the U.S. be headed for another recession?: Picture of U.S. economy is worrisome as virus inflicts damage

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Reasons for hope

AstraZeneca and the University of Oxford find positive results in COVID-19 vaccine trials: AstraZeneca’s Oxford coronavirus vaccine is 70% effective on average, data shows, with no safety concerns

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Looking to cap delivery fees: Ontario government moves to cap delivery app fees in regions where indoor dining banned

Adapting your business

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Some potential changes to the advisory business:4 advisory changes that go beyond Zoom

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Chart of the week: Industrial profits surge in China

In October, industrial profits in China rose at their fastest pace since March 2012, surging 28.2% year-over-year. October was also the first month that year-to-date profits were ahead of the same period in 2019. Both private- and state-owned industrial companies have experienced a rise in profits in recent months, after falling substantially during the COVID-19 lockdowns. Stronger exports, along with robust local and global consumer demand, are bolstering the sector. The strength of the industrials sector has helped China avoid a technical recession thus far in 2020. Can the industrials sector now help push the Chinese economy back to being one of the fastest growers in the world? Let us know what you think.
Used with permission of Bloomberg Finance L.P.

News and notes (U.S.)

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News and notes (Canada)

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