• The same short-seller that targeted Nikola in September has set his sights on a new name: Loop Industries.
  • In a report released on Tuesday, Hindenburg Research alleged that Loop Industries’ technology for recycling plastics didn’t work, describing it as “smoke and mirrors.”
  • Shares of Loop Industries fell as much as 39% on Tuesday.
  • Visit Business Insider’s homepage for more stories.

The same short-seller that targeted Nikola in September is now alleging that another company “is smoke and mirrors” and is inflating its technological capabilities.

In a report released on Tuesday, Hindenburg Research alleged that Loop Industries was peddling plastic-recycling technology that didn’t work.

Investors have taken note of what Hindenburg has to say since its September report on Nikola led to a drawdown of nearly 50% in that stock.

Loop Industries says it uses proprietary technology that can break down so-called PET plastics into

Read More

MADEIRA BEACH, Fla. — More than 40 Madeira Beach businesses are worried they’re going to lose their waterfront property if the city doesn’t step up to help with a major sand blocking and drainage issue, which they say is creating a beach, where there once was water. Now, they are begging the city to fix it.

Business owners along John’s Pass say that over the years, the water running through John’s Pass has continued to deposit sand clear up to the seawall, creating what they say is a dangerous beach area, and eliminating their waterfront property.

“Where I’m standing right now, it should be about maybe 10-12 feet deep,” said Captain Dylan Hubbard, Owner of Hubbard’s Marina.

Dylan Hubbard, Owner of Hubbard's Marina, stand on sand buildup, where there once was several feet of water

John Pellizzari

Dylan Hubbard, Owner of Hubbard’s Marina, stand on sand buildup, where there once was several feet of water

But instead, the water around one of Hubbard’s Marina’s boats is ankle deep,

Read More

A new experiment carried out by virologists from the KU Leuven Rega Institute in Belgium showed that the antimalarial drug hydroxychloroquine, that is also being given to Covid-19 patients, does not limit the virus multiplication in hamsters.

Their examination also showed that a high dose of the anti-flu drug favipiravir, by contrast, has an antiviral effect in the hamsters.

The team published their findings in the Proceedings of the National Academy of Sciences (PNAS).

The researchers were working on the two aspects of the pandemic: searching for a vaccine to stop the infection and testing the existing drugs to see their efficacy against SARS-CoV-2.

Experiments on hamsters

For this, the researchers carried a series of experiments on hamsters. They chose hamsters as the virus replicates faster in rodents. Moreover, hamsters develop a lung pathology similar to mild Covid-19 in humans. This is not the case with other rodents like mice.

Read More

Ryan Holiday and Stephen Hanselman’s new book Lives of the Stoics: The Art of Living from Zeno to Marcus Aurelius makes the argument that a humble work ethic is the key to success – or, at minimum, a decent life. Sure, the short stoic biographies apply to our modern day world. The most powerful entrepreneurial point in the book, though, is about a more recent scribe: Danish philosopher Soren Kierkegaard.

Kierkegaard would later make the distinction between a genius and an apostle. The genius brings new light and work into the world. The genius is the prophet. The creator. The apostle comes next – a mere man (or woman) who communicates and spreads this message.

Both the genius and apostle, or, in modern terms, the originator and the advocate are equally important. Unfortunately, we often view originality as power and advocating an idea as not powerful enough. Here’s why this

Read More
/quality/85/?url=http://media.beam.usnews.com/c6/a7ff0f4dbdf03424ac9d36658d9ae0/tag:reuters.com,2020:newsml_LYNXMPEG9307S:12020-10-04T091823Z_1_LYNXMPEG9307S_RTROPTP_3_HEALTH-CORONAVIRUS-BRITAIN-JOHNSON.JPG">

LONDON (Reuters) – British Prime Minister Boris Johnson does not particularly wish for the Brexit transition period to end without a new trade deal in place but believes that Britain could live with such an outcome, he said on Sunday.

With the Dec. 31 expiry of the transition period fast approaching, Johnson and the head of the EU’s executive, Ursula von der Leyen, agreed in a phone call on Saturday to step up negotiations on a post-Brexit deal.

“I think it’s there to be done,” Johnson said during an interview on BBC television.

“Alas, there are some difficult issues that need to be fixed, and there’s no question that the EU needs to understand that we’re utterly serious about needing to control our own laws and our own regulations, and similarly they need to understand that the repatriation of the UK’s fisheries … is very important.”

Asked whether he was

Read More

Tesla Inc.’s plan to build a $25,000 car within the next three years doesn’t seem to have fazed China’s most-promising electric vehicle startups, with executives at the Beijing Auto Show saying Elon Musk can bring it on.

“It’s a good thing for us,” WM Motor Co. founder and Chief Executive Officer Freeman Shen said. “We are very happy Tesla came to China because Tesla is just like Apple in the early days, they educate the whole market.”

Just as Apple Inc.’s share in the mobile-phone market has been eroded by local players like Xiaomi Corp., Oppo and Huawei Technologies Co., so too will Tesla’s, however over a longer time horizon, Shen said. Tesla’s slice of the “mainstream” electric vehicle market will significantly decrease in five to 10 years, he said.

Where WM Motor will be by 2030 isn’t certain either. The company earlier this month raised $1.5 billion in a

Read More

Dear Moneyist,

My husband and I recently bought a home and some furniture on “easy monthly installments.” My husband is the breadwinner, but I contribute as I work part time. My in-laws live overseas and have a large property; they are building a home for us to live in. For the last two and a half years, my husband has contributed more to his parents’ property development than what he pays for our home in the U.S.

I asked him why he did that. He said that I would not have permitted him to give that kind of money to his parents. I said, “Probably not, but I would have probably agreed to a smaller amount.” I told him that I too have desires to make investments, plan for our future and wear nice jewelry. He said it’s his duty to contribute.

Should my husband’s contribution be compulsory? And should

Read More

For months, President Trump and his allies laid out quite clear provisions for what they said was needed to be in any Tiktok deal.

“We want no security problems with China, it’s got to be an American company,” Trump said on Aug. 3, adding that “it’s got to be owned here.”

Over the weekend, Trump announced he had approved the deal and claimed that the new company “will have nothing to do with China.”

But as more details emerge, that just doesn’t appear to be the case.

“TikTok will run on the Oracle Cloud and Oracle will become a minority investor in TikTok Global,” is how Oracle (ORCL) CEO Safra Catz described her company’s role in a statement.

Oracle will take a 12.5% stake in the new company, TikTok Global, and Walmart (WMT) is taking another 7.5%, for a combined 20% stake. 

That leaves 80% – for now – in

Read More

(Bloomberg) — It sounded a bit like a broken record.

Confronted by a pandemic that has devastated the economy, Federal Reserve Chair Jerome Powell declared no less than 10 times last week that the central bank has a “powerful” new monetary policy road map for returning the U.S. to full employment and lifting inflation temporarily above 2%.

“It was powerful,” Mellon chief economist Vincent Reinhart said wryly of the central bank’s plan for continued rock-bottom interest rates. “If you say it 10 times it must be so.”

Such skepticism, which was partly reflected in falling stock prices toward the end of last week, could prove to be a headwind for the Fed. If consumers and companies doubt its ability to achieve its aims, they’re likely to be more risk averse, holding back the economy in the process.

To counteract that, more specific policy commitments by the Fed, including when it

Read More

“We also have to give people a reason to vote for Joe Biden,” said Sanders (I-Vt.). “And Joe has some pretty strong positions on the economy, and I think we should be talking about that more than we have.”

Democrats across the ideological spectrum — Biden’s campaign included — indicated they agree. 

“We know that we have work to do,” Biden senior campaign adviser Symone Sanders said on ABC’s “This Week.” She said the campaign is “going to continue to do that work.”

The critique from the party’s far left also drew a cosign from its center. Former congressman John Delaney (D-Md.), arguably the only Democratic presidential contender more moderate than Biden, tweeted that Sanders is “right about this … We have to campaign on specific plans for jobs, pay, healthcare, education — the things that matter to working families.”

Sanders’s public warning — in a Friday interview with PBS,

Read More