DUBAI (Reuters) – Dubai’s non-oil private sector expanded for a third consecutive month in September as it continued to see a modest improvement in business conditions, a survey showed on Sunday.

FILE PHOTO: A general view shows the area outside the Burj Khalifa, the world’s tallest building, mostly deserted, after a curfew was imposed to prevent the spread of the coronavirus disease (COVID-19), in Dubai, United Arab Emirates March 25, 2020. REUTERS/Tarek Fahmy/File Photo

The seasonally adjusted IHS Markit Dubai Purchasing Managers’ Index (PMI) rose to 51.5 in September from 50.9 in August.

The sector emerged from three months of contraction in June, when it settled at the 50.0 mark that represents no change.

The coronavirus crisis has badly hit vital economic sectors of Dubai, the Middle East trade and tourism hub.

While the data was below July’s reading and markedly below the series average of 54.7, it “indicated stronger increases in both output and new business across the private sector in September,” the report said.

“September PMI data finalised a third-quarter period of modest economic recovery in Dubai,” said David Owen, economist at survey complier IHS Markit.

The output sub-index rose to 53.8 in September from 52.7 in August. It peaked at 56.1 this year in July.

“On the downside, the PMI has failed to lift off or signal any strong rebounds in output so far, with firms often initiating price cuts in order to drive sales higher. Meanwhile, employment data signalled a cautious outlook as firms often shed workers to manage cost pressures and enable discounting,” Owen said.

The United Arab Emirates, with a tally at more than 105,000 infections and 443 deaths, has seen the number of daily new coronavirus cases surge over the past two months.

Business sentiment for the next six months improved slightly in

Today’s Big Picture

Equities in Asia finished mostly higher today, capping off a positive week in full. Japan’s Nikkei traded off modestly today as did Hong Kong’s Hang Seng while China’s Shanghai Composite climbed 1.7% after reopening following the conclusion of the Golden Week holiday. Data from China’s Ministry of Culture and Tourism showed 637 million trips in China over the eight-day holiday, which generated revenue of $69.5 billion – now to wait and see what if any fall out there is on the COVID-19 front. 

By mid-day trading, European equities were mostly higher and U.S. futures point to a continuation of the week’s move higher for all of the U.S. equity indices. Spurring them on this morning is the continuation of what we can only call fiscal stimulus headline roulette as President Trump says he wants a “big deal” before the election that includes more comprehensive relief. With 24 days until the 2020 presidential election, barring a quick compromise between the two sides, the probability of a fiscal stimulus deal before the election looks increasingly less likely as each day ticks by. Weekend news-watching will be a must as any developments good or bad will set the tone for how global equity markets start next week.

Because a global pandemic, record-destroying fires in the west, and a few hurricanes already under the south’s belt this year just aren’t nearly enough for the joy that is 2020, Hurricane Delta has strengthened to a Category 3 as it churns toward storm-weary Louisiana. It is expected to make landfall as Category 2 or 3 late Friday, battering some of the same areas ravaged by Hurricane Laura.

Data Download

International Economy

August Household Spending in Japan fell 6.9% YoY, matching expectations for the month and compared to the 7.6% drop in July. On

Riot Continues Its Second Phase of Transformation with New Purchase of 2,500 S19 Pro Antminers from Bitmain for December 2020 delivery, Announces Receipt and Deployment of Previously Ordered S19 Pro miners

CASTLE ROCK, Colo., Oct. 6, 2020 /PRNewswire/ — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot”, “Riot Blockchain” or the “Company”), continues its operational expansion with the purchase of an additional 2,500 next generation S19 Pro Antminer (110 TH/s) cryptocurrency miners for USD $6.1 million from BitmainTech PTE. LTD. (“Bitmain”), scheduled for receipt and deployment delivery in December 2020. 

As part of Riot’s focus on the transformational expansion of its mining operations, it has opted to take advantage of new S19 Pro production capacity from its partner Bitmain by purchasing these 2,500 additional S19 Pro miners, with delivery scheduled to occur before the end of the year. With this purchase, the Company expects to reach 842 PH/s in operational hash rate with 9,540 miners deployed by late December 2020. This represents an increase of approximately 50% over Riot’s previous estimate of its deployed hash rate as of the end of 2020.

Combined with the previously disclosed purchases of Bitmain S19 Pro Antminers, the Company now expects to achieve a total hash rate capacity of 2.3 EH/s by June 2021, with 22,640 total miners deployed. As far as the Company is aware, no other publicly traded bitcoin mining company has disclosed a hashing capacity exceeding 2 EH/s.

Hash Rate Growth

In line with the Company’s previously announced purchase of 13,100 S19 Pro Antminers from Bitmain, Riot expects to receive and deploy new miners every month starting this month and continuing through June 2021. When completed and combined with the Company’s existing fleet, the Company expects to have 22,640 miners deployed, the vast majority being the next-generation S19 Pro

a group of people in a store: Joe Raedle/Getty Images

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Joe Raedle/Getty Images

  • Business Insider looked at the job losses and gains from February to September among industries.
  • Industries with the biggest drops in employment from February to September tended to pay lower wages, while high-wage industries were close to their pre-pandemic employment levels. 
  • This change in employment is similar to changes between February and July and February and August, showing that recovery has been slow for many industries.
  • Visit Business Insider’s homepage for more stories.

The US Bureau of Labor Statistics released its September employment figures on Friday. Although 661,000 jobs were added last month, many industries are still below their pre-pandemic employment levels.


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The recovery since major drops in the spring has not been equal across sectors. The economic recovery in the US instead seems to look more like a K, where more affluent Americans are recovering faster than others. The Washington Post wrote that white-collar jobs have mainly rebounded from their job losses.

To get a sense of the unequal recovery in the summer, Business Insider looked at the percent change in employment in detailed industries from February 2020 to September 2020, along with pre-pandemic wages from the Bureau of Labor Statistics’ May 2019 estimates. 

The following chart highlights the differences in industries returning to pre-pandemic employment levels. Based on the chart, a few subsectors that typically pay more are already back or close to their pre-pandemic levels, such as securities and other financial investments. Low-paying jobs tend to still be below their pre-pandemic levels. 

Jay Denton, senior vice president of business intelligence and chief innovation officer at ThinkWhy, told Business Insider that although retail overall seems to be one of the industries recovering well, the subsectors show that recovery is unequal. For instance, employment in clothing and clothing accessory

NEW YORK, Oct. 2, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, continues its investigation of potential securities claims on behalf of shareholders of Encore Capital Group (NASDAQ: ECPG) resulting from allegations that Encore Capital may have issued materially misleading business information to the investing public.

Rosen Law Firm, P.A. Logo
Rosen Law Firm, P.A. Logo

On September 8, 2020, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint alleging that Encore and its subsidiaries violated a consent order “by suing consumers without possessing required documentation, using law firms and an internal legal department to engage in collection efforts without providing required disclosures, and failing to provide consumers with required loan documentation after consumers requested it.”

On this news, shares of Encore fell $3.59 per share, or nearly 10%, to close at $42.29 on September 9, 2020, damaging investors.

Rosen Law Firm is preparing a securities lawsuit on behalf of Encore Capital shareholders. If you purchased securities of Encore Capital please visit the firm’s website at to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected]

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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds