Tuesday, 22 Sep 2020

Democrat Opponent To Republican QAnon Supporter Drops Out Of Race

Here's what happened to the stock market on Friday

The Dow rose 131.06 points, or 0.48%, to 27,665.64. The S&P 500 was flat at 3,340.97. The Nasdaq Composite dropped 0.6% to 10,853.54. Wall Street suffered through another volatile session to end the tech-heavy Nasdaq's worst week since March, down 4%. It is off by 10% from its recent record.

Tech falls again

Shares of the major tech companies fell broadly. Facebook closed 0.6% lower. Amazon slid 1.9%.Apple ended the day down 1.3%. Apple fell 7% on the week.

What happens next?

Lennar is set to report earnings on Monday. The Fed will hold its last monetary policy meeting before the election next week. 

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Trump Asks Appeals Court to Allow N.Y. Subpoena Challenge

Lawyers for President Donald Trump told an appeals court that a lower-court judge was wrong when he threw out Trump’s latest challenge to a subpoena by the Manhattan District Attorney for his tax filings and other financial documents.

Trump’s team said in a brief filed with the federal appeals court in New York Friday that the district judge should have given more consideration to the president’s objections to the subpoena, which he says is too broad and was issued in bad faith. The case is again before the appeals court after the U.S. Supreme Court rejected Trump’s claim to absolute immunity from a state criminal investigation.

U.S. District Judge Victor Marrero last month rejected Trump’s latest bid to block the subpoena, which is directed to his accountants at Mazars USA. The appeals court set a quick schedule for the appeal, which could result in a ruling before the Nov. 3 presidential election. Trump is seeking to have Marrero’s ruling thrown out and the case sent back for evidence gathering and a more detailed consideration of his objections.

District Attorney Cyrus Vance Jr. is seeking eight years of the president’s taxes and other financial records as part of a grand jury investigation looking into payments made to porn star Stormy Daniels before the 2016 election.

The case is Trump v. Vance, 19-cv-08694, U.S. District Court, Southern District of New York (Manhattan).

Tatas’ share pledge block vindictive, says SP Group

Mistry group planned to raise funds

The Shapoorji Pallonji Group that owns 18.37% in Tata Sons on Friday said the Tatas moving the apex court to block its plan to pledge shares for raising funds reeked of vindictiveness and oppression of minority shareholder rights.

On September 5, Tata Sons had moved the Supreme Court seeking to restrain the Mistry group from raising capital against their Tata Sons shares. Through the petition, the Tatas had sought to prevent the SP Group from creating any pledge of shares.

The SP Group was planning to raise ₹11,000 crore and had signed a deal with a marquee Canadian investor for ₹3,750 crore in the first tranche. The SP Group’s shareholding in Tata Sons is valued at more than ₹1 lakh crore. Tata Sons’ plea came a day after the SP Group signed an agreement with the investor. The move by Tata Sons “will jeopardise the future of 60,000 employees and over 1 lakh migrant workers of various SP Group entities,” an SP Group spokesperson said.

Gujarat emerges best for start-ups again: DPIIT

Ranking for developing ecosystem

Gujarat has again emerged as the best performer in developing start-up ecosystem for budding entrepreneurs, according to the ranking of States and Union Territories by the Department for Promotion of Industry and Internal Trade (DPIIT).

Gujarat was categorised as the best performer among all States and one Union Territory (UT) Delhi, barring north-eastern States and other UTs. A total of 22 States and 3 UTs participated in the exercise. Releasing the rankings on Friday, Commerce and Industry Minister Piyush Goyal said that it will help in further promoting the start-up ecosystem by the Centre, States and UTs.

He said for funding of start-ups, the ‘Fund of Funds’ was supporting them and many PSUs were coming forward with dedicated funds to startups. DPIIT Secretary Guruprasad Mohapatra said more than 36,000 start-ups were recognised by the department so far.

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Democrat Opponent To Republican QAnon Supporter Drops Out Of Race

ATLANTA (AP) — The Democratic candidate running against Republican Marjorie Taylor Greene, who has expressed support for the QAnon conspiracy theory and been criticized for other incendiary comments, is dropping out of their race for a U.S. House seat representing northwest Georgia.

Democrat Kevin Van Ausdal bowed out of the race on Friday. His campaign manager Vinny Olsziewski told The Associated Press that Van Ausdal was exiting the race for “personal and family reasons.”

In a series of videos unearthed in June, Greene complains of an “Islamic invasion” into government offices, claims Black and Hispanic men are held back by “gangs and dealing drugs,” and pushes an anti-Semitic conspiracy theory that billionaire philanthropist George Soros, who is Jewish, collaborated with the Nazis.

Greene also is part of a growing list of candidates who have expressed support for QAnon, the far-right U.S. conspiracy theory popular among some supporters of President Donald Trump.

Van Ausdal faced long odds in the deep-red district.

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