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Alaska’s Department of Revenue materially increased investments in Gilead Sciences and Eli Lilly stock in the third quarter.


David Paul Morris/Bloomberg

Alaska’s Department of Revenue made big changes in some of its biggest holdings in U.S.-traded equities.

The state agency, which is charged with collecting and investing funds for public purposes, materially increased investments in

Gilead Sciences

(ticker: GILD) and

Eli Lilly

(LLY), two companies working on treatments for Covid-19, in the third quarter. The Department of Revenue also bought more

Wells Fargo

(WFC) stock and cut holdings in

Bank of America

(BAC). The Alaskan agency disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.

Alaska’s Department of Revenue, which managed $8.1 billion in U.S.-traded equities as of Sept. 30, didn’t respond to a request for comment on its stock transactions.

The agency bought 253,419 more Gilead shares in the third

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Under the Small Business Administration rules, a PPP loan could be used only to meet payroll and pay mortgage interest, leases or utility bills. PPP loan recipients weren’t prohibited from paying investors with other funds, as long as the PPP funds were kept separate.

Still, some advocacy groups believe companies that had enough cash on hand to pay millions in dividends and stock purchases were unlikely to qualify for the PPP program, which was designed to assist troubled companies in keeping employees on the payroll during weeks when they were unable to do business because of pandemic-related lockdowns.

“The Trump administration wrote the PPP rules and sent billions of dollars to the well-resourced and well-connected rather than actual small businesses struggling during this public health and economic crisis,” said Kyle Herrig, president of an advocacy group called Accountable.US. “The fact that there was little transparency or accountability under this program

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Schlumberger CEO Olivier Le Peuch, a little more into a year into his tenure at the top, paid nearly half a million dollars for shares. The oil-services giant’s stock has lost more than half its value in 2020.


Courtesy of Schlumberger

As

Schlumberger

stock continues to slump, CEO Olivier Le Peuch just scooped up a large amount of shares of the oil-services giant.

Le Peuch said in April that the coronavirus pandemic and a battle for market share among oil-producing countries are “a double black swan event.” Schlumberger has slashed its dividend and laid off about a quarter of its employees in 2020. More recently, it said it would unload its North American hydraulic-fracturing unit, combining it with

Liberty Oilfield Services

(LBRT).

Schlumberger stock is down 53.4% this year through Friday’s close, compared with a 2.7% rise in the

S&P 500 index,

a broad measure of the market.

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Topline

A spike in gun purchases amid the pandemic may have allowed nearly 300,000 Americans to acquire guns without background checks, according to data obtained from the FBI by gun advocacy group Everytown for Gun Safety, as gun violence has been on the rise nationwide. 

Key Facts

The data, acquired through a Freedom of Information Act request, shows that as more Americans have purchased guns amid the pandemic, the number of background checks delayed past three days has increased by 54%. 

Under federal gun law, gun dealers are permitted to sell a firearm to a buyer if an FBI background check takes longer than three business days, which has been dubbed the Charleston Loophole as it’s how the shooter of nine at the Emanuel A.M.E. Church in Charleston, South Carolina, in 2017 obtained his gun.

More

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U.S. benchmark bond yields rise

Euro STOXX 600 gains 0.2%

Fed chair due to speak at Jackson Hole on Thursday

Markets expect clues on loose policy

Gold falls for fourth straight day

Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn

Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

By Tom Wilson

LONDON, Aug 26 (Reuters)Traders sold government bonds and bought stocks on Wednesday, placing riskier bets on optimism about U.S.-China trade and expectations of ample central bank stimulus before a key speech by the U.S. Federal Reserve chairman at Jackson Hole.

In early London trading, the yield on U.S. 10-year debt US10YT=RR rose as high as 0.7190%, close to a two-month peak, as bond traders begin to price in a return to inflation and growth for major economies.

The broad Euro STOXX 600 .STOXX turned positive in early trading to gain 0.2%, with indexes in Frankfurt .GDAXI and Paris .FCHI both

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Innovative Industrial Properties (NYSE: IIPR) offers all the positives of investing in marijuana with few of the negatives.

There are plenty of growth possibilities in cannabis. More and more U.S. states are likely to follow the 33 — plus Puerto Rico and the District of Columbia — that have legalized medical marijuana and the 11 (plus D.C., but not Puerto Rico) that have legalized it for adult recreational use.

However, there’s also plenty of competition among growers, and few cannabis companies are showing a profit. Consequently, it’s been a rough year for the shares of pot stocks. The Alternative Harvest ETF (NYSEMKT: MJ), which tracks the industry, is down more than 23% year to date.

Marijuana leaf sitting on $100 bills.

IMAGE SOURCE: GETTY IMAGES

One marijuana stock that’s up, however, is Innovative Industrial Properties (IIP), a fast-growing real estate investment trust (REIT) that was founded in 2016 and is the first company on the

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  • Google just paid $40 million to acquire a new development site in the Seattle suburb of Kirkland, according to public records.
  • Google confirmed the purchase, saying the site would “serve as additional space for long-term growth in the area.” 
  • That’s significant, as it suggests Google is moving ahead with office expansion plans despite the pandemic.
  • Got a tip? Contact this reporter via encrypted messaging app Signal (+1-425-344-8242) or email (astewart@businessinsider.com).
  • Visit Business Insider’s homepage for more stories.

The pandemic and shift to remote work aren’t slowing down Google’s office-expansion plans in the Seattle area.

Google paid $40 million on July 29 to acquire a plot of land in the Kirkland Urban development east of Seattle, according to a real-estate excise-tax affidavit the company filed in King County, Washington.

Google last year bought two buildings in Kirkland Urban with a combined 400,000 square feet, which are expected to be completed this

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This time, someone used the funds to buy a Kia Stinger.


Kia

If anyone actually believed they’d be able to siphon millions of dollars out of the Paycheck Protection Program and get away with it, they’re not bright. And if you need more evidence authorities will catch the wrongdoers, we have yet another example.

The US Department of Justice announced last week it has charged a 41-year-old man from Washington, DC after he allegedly received $2.1 million in fraudulent COVID-19 stimulus money and bought a 2020 Kia Stinger, among other luxury goods.

The $46,000 Stinger was the cheapest purchase the Justice Department listed. The man also allegedly bought a $1.13 million rowhouse and a $300,000 yacht. 

The PPP was meant to help small business owners survive the coronavirus pandemic as the economic

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