Given the Biden – Harris tickets previous statements regarding fracking and the fossil fuel industry combined with current poll numbers that indicate they have a solid lead, it seems prudent to consider what effects their win might have on our energy investments.

In doing so however we need to keep in mind that stock prices and underlying cash flows are not necessarily always well correlated, with a significant dichotomy between the two being a potential opportunity. At Cash Flow Kingdom, we attempt to take advantage of such dichotomies. Particularly when current investor sentiment differs from the expected longer-term underlying cash flows.

For instance, despite these previous statements to the contrary, I take Biden’s current statement that there will be no ban on fracking at face value. This is because a complete ban on fracking would almost certainly become a political disaster for the Democratic Party. Pennsylvania, Ohio, and other Midwestern Rust Belt swing states in the Marcellus and Utica regions would almost assuredly turn ‘Republican Red’ in response. An outright fracking ban could thus single handedly deliver to the Republicans both houses in the next midterm election and eliminate any chance of a second term in the White House for Biden or Harris.

Source: The New York Times, Upfront

Nevertheless, lip service is likely to be paid to such an idea to appease those on the left side of the party, and maybe even some sort of tax might be proposed or imposed. This could drive investor sentiment toward the energy sector even more negative than it already is. However, an outright ban, or even a tax substantial enough to prevent significant fracking, is a non-starter. The Democratic Party is not that stupid.

Likewise, retracting existing permits and stopping existing drilling on federal lands is a no-go. This would not

WASHINGTON (Reuters) – The U.S. government said in a court filing on Thursday it was appealing a judge’s ruling that prevented it from prohibiting new downloads of the Chinese-owned short video-sharing app TikTok.

The Justice Department said it appealed the order to the U.S. Court of Appeals for the D.C. Circuit.

In late September, a U.S. judge temporarily blocked a Trump administration order that was set to bar Apple Inc and Alphabet Inc’s Google from offering new TikTok downloads.

China’s ByteDance, which owns TikTok, has been under pressure to sell the popular app. The White House contends that TikTok poses national security concerns as personal data collected on 100 million Americans who use the app could be obtained by China’s government. Any deal will also still need to be reviewed by the U.S. government’s Committee on Foreign Investment in the United States (CFIUS).

Negotiations are under way for Walmart Inc and Oracle Corp to take stakes in a new company, TikTok Global, that would oversee U.S. operations.

But key terms of the deal – including who will have majority ownership – are in dispute. ByteDance has also said any deal will need to be approved by China. Beijing has revised its list of technologies subject to export bans in a way that gives it a say over any TikTok deal.

(Reporting by Diane Bartz in Washington; Editing by Matthew Lewis)

Copyright 2020 Thomson Reuters.

Source Article

Supporters and opponents of Colorado’s statewide ballot measures have pumped $41.7 million just this year toward swaying public opinion on issues that could have far-reaching implications if passed in November.

During a presidential election year in which issues such as abortion access hang in the balance, and at a time when many families are struggling to make ends financially, Colorado’s ballot questions are taking on heightened importance. Measures such as a 22-week ban on abortions and having Colorado support the national popular vote for president are receiving attention — and contributions — from across the state and country. With less than a month to go, advocates are making their final pushes to Election Day — including in the money race.

The committee fighting the proposed ban on abortions after 22 weeks has brought in the most contributions of any issue committee at almost $6.5 million in 2019 and 2020, while proponents of Proposition 115 have raised a fraction of that, according to filings with the Colorado Secretary of State’s Office by Tuesday’s deadline. Three committees supporting the measure raised about $369,000.

Opposition to the abortion measure is being led by women’s reproductive rights groups and progressive allies such as ProgressNow Colorado, Colorado Organization for Latina Opportunity and Reproductive Rights, and Cobalt. Supporters of Proposition 115 include Catholic Charities and citizen advocates.

Although Colorado voters have rejected abortion bans three times before at the ballot box, the vote comes at a critical time with the U.S. Supreme Court vacancy left after the death of Justice Ruth Bader Ginsburg. President Donald Trump has nominated conservative Judge Amy Coney Barrett to replace her, leaving advocates worried about the potential of Roe v. Wade getting overturned.

Colorado is one of only seven states that doesn’t have gestational limits on when an abortion can take

Despite being given the OK to reopen their doors, San Francisco movie theaters will remain closed.

In a statement to The Hollywood Reporter, the California and Nevada chapter of the National Association of Theatre Owners (NATO CV/NV) said San Francisco theaters have elected to remain closed due to a ban on the sale of concessions.

Additionally, limits on seating capacity also are a concern for theaters in the area, one of the nation’s largest moviegoing markets.

“While NATO of CA/NV and its members are grateful that San Francisco city officials are reopening theaters in the city, their proposed solution makes it economically impossible for our members to reopen and significantly limits the moviegoing experience for our audiences,” the chapter said in a statement.


San Francisco movie theaters have elected to remain closed due to the ban on the sale of concessions. (Getty Images)

Of course, the announcement is a blow to the box office as studios hope business bounces back by the end of the year, in time for potentially lucrative properties such as “Death on the Nile” and “Wonder Woman 1984.”

“While we respect and thank [San Francisco] Mayor [London] Breed for her decision to allow movie theaters to reopen, the restrictions in place present an insurmountable financial challenge for our members to do so and are preventing thousands of workers from returning to work,” NATO CA/NV’s Milton Moritz said in a statement.


He added: “Our members have taken the steps to meet or exceed expert-backed health and safety measures, and we

(Bloomberg) —

James Packer wearing a suit and tie

© Getty Images
James Packer

Crown Resorts Ltd.’s billionaire shareholder James Packer pushed for a tie-up last year between Australia’s biggest casino operator and Hong Kong-based Melco Resorts & Entertainment Ltd.


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This was despite prohibitions levied by an Australian regulator against associates of Macau casino tycoon Stanley Ho — whose son Lawrence is Melco’s CEO — from owning a stake in Crown.

Packer on Wednesday said that he had “forgotten” about the conditions on Crown’s license to operate a casino in Sydney. Pressed further, Packer conceded it was probable that his mind didn’t turn to the prohibition.

The acknowledgment came during Packer’s second day of testimony in a probe of alleged money-laundering activities at Crown. Among other issues, the inquiry is assessing whether Crown’s Melco links breached terms of its license to operate a casino in Sydney.

Packer and Lawrence Ho briefly considered a full merger between their two companies in April 2019, before agreeing on Melco buying a 20% stake in Crown from Packer’s private investment company, said the Australian billionaire on Thursday. Melco scrapped the investment deal earlier this year, citing the impact of the coronavirus, though the transaction was already in doubt after it was sucked into the regulatory probe.

Stanley Ho, who faced allegations of being connected to organized crime, died in May. Dozens of entities and individuals deemed associates of his were barred by the New South Wales casino regulator from owning an interest in Crown, directly or indirectly.

Read More: Billionaire Packer Acknowledges ‘Shameful’ Email Threat

Packer’s testimony, which continues on Thursday, forms part of a probe being overseen by retired Supreme Court Judge Patricia Bergin that was set up last year following media reports gangs laundered money at Crown’s casinos, and the company used junket operators with links to