Seven-Year Note Auction Attracts Below Average Demand

Finishing off this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Thursday that this month’s auction of $62 billion worth of seven-year notes attracted below average demand.

The seven-year note auction drew a high yield of 1.050 percent and a bid-to-cover ratio of 2.23

Last month, the Treasury also sold $62 billion worth of seven-year notes, drawing a high yield of 1.264 percent and a bid-to-cover ratio of 2.36.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous seven-year note auctions had an average bid-to-cover ratio of 2.30.

Earlier this week, the Treasury revealed its auction of $60 billion worth of two-year notes attracted modestly below average demand, while its auction of $61 billion worth of five-year notes attracted average demand.

Rand Paul's 2016 presidential campaign committee fined $21K

LOUISVILLE, Ky. — U.S. Sen. Rand Paul’s 2016 presidential campaign committee has been fined $21,000 by the Federal Election Commission for improperly handling contributions, according to documents obtained by a newspaper.

The penalty follows a 2016 complaint made by J. Russell Lloyd, the former chairman of the Louisville Democratic Party, according to a letter the FEC recently sent that was addressed to Lloyd, the Courier Journal reported Thursday. Lloyd died in February 2020.

The FEC said the committee didn’t refund or redesignate contributions of $165,749 within 60 days of former President Donald Trump winning the 2016 Republican nomination.

A spokesperson for Paul declined to comment to the newspaper.

The FEC action isn’t insignificant, said Adav Noti, senior director and chief of staff for the nonpartisan Washington-based Campaign Legal Center.

“In the big picture, the FEC is legendary for not really penalizing anybody, so any penalty of significance from the FEC is noteworthy,” he told the Courier Journal. “And $21,000 — although it’s not a bank-breaker for a presidential campaign, it’s not nothing, either.”

L’Oreal H1 Profit Rises

Cosmetics and beauty products giant L’Oreal Co. (LRLCY.PK), Thursday reported first-half 2021 net profit excluding non-recurring items of 2.60 billion euros or 4.63 euros per share, up from 2.14 billion euros or 3.82 euro per share last year.

Sales for the first half rose to 15.196 billion euros from 13.076 billion euros last year. On a like-for-like basis, sales of the L’Oréal group grew by 20.7%.

Commenting on the results, CEO Nicolas Hieronimus, said, “With the health situation still uncertain, the beauty market is gradually recovering and has recorded double-digit growth.”

“L’Oréal is significantly outperforming the market, with an exceptional second quarter. By the end of June, the Group posted a very strong increase and returned to its pre-Covid growth rate, up +6.6% like-for-like compared to the first half of 2019, with an acceleration of +8.4% in the second quarter compared to 2019,” he added.

Spanish judge recommends Shakira face tax fraud trial

BARCELONA, Spain — A Spanish judge investigating alleged tax fraud by Colombian musician Shakira recommended on Thursday that the case go to trial after concluding there is evidence that the pop star could have avoided her fiscal obligations to the state.

Judge Marco Juberías wrote that his three-year probe found there existed “sufficient evidence of criminality” for the case to go to a trial judge.

The decision can be appealed.

Prosecutors charged the singer in December 2019 with not paying 14.5 million euros ($16.4 million) in taxes in Spain between 2012 and 2014, when she lived mostly in the country despite having an official residence in Panama.

Shakira, 44, denied any wrongdoing when she testified in June 2019. Her public relations firm said that she had immediately paid what she owed once she was informed of the debt by the Tax Office.

Shakira faces a possible fine and even possible jail time if found guilty of tax evasion. However, a judge can waive prison time for first-time offenders if they are sentenced to less than two years behind bars.

AU Optronics Q2 Revenues Sequentially Rises

AU Optronics Corp. (AUO) reported that its revenues for the second quarter of 2021 were NT$95.66 billion, up by 15.3% quarter-over-quarter.

AUO’s net profit attributable to owners of the Company for the second quarter of 2021 was NT$19.53 billion, with a basic earnings per share of NT$2.06.

The total panel area shipment reached around 6.40 million square meters in the second quarter of 2021, up by 0.8% quarter-over-quarter and up by 0.2% year-over-year.

Looking into the third quarter, channel inventory is expected to stay at a healthy level. Brand customers are actively restocking for the year-end higher season, and orders from commercial applications also recovers with gradual easing of the pandemic, he company said.

Nikola Down 7% After Grand Jury Indicted Former Chairman Trevor Milton

Nikola Corp. (NKLA) shares are sliding on Thursday morning trade after the grand federal jury indicted Nikola founder Trevor Milton on three counts of criminal fraud. Nikola had resigned as chairman in September.

Currently, shares are at $13.22, down 6.85 percent from $14.19 on a volume of 10,917,330. For the 52-week period, the shares have traded in a range of $9.37-$54.56 on a volume of 11,024,558.

Simone Biles told her replacement to “have fun,” and she did – The Denver Post

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