The New Construction Will Provide Housing, a Grocery and a Health Clinic

Governor Tom Wolf today announced that Commonwealth Cornerstone Group has completed a New Markets Tax Credit transaction of $16.5 million to help fund construction of a new shopping complex and 98 mixed-income units of rental housing along the 2000-2200 block of Ridge Avenue in North Philadelphia.

The 231,000-square-foot commercial shopping complex already has four major tenants lined up to begin business when construction is completed. They include a Grocery Outlet Market, an Everest Urgent Care/Adult Daycare center, a Santander Bank branch office, and a Wingstop restaurant. Some square footage remains for lease by other retailers. Three apartment buildings will be constructed as part of the mixed-use center offering mixed-income housing, including 17 units at 60 percent of area median income and an additional 13 units at 80 percent of area median income.

The mix of commercial and residential tenants, paired with the improved streetscape, is part of a revitalization effort led by the Philadelphia Housing Authority to reinvigorate the Sharswood neighborhood in North Philadelphia that has seen years of disinvestment.

This new development can help revitalize the Sharswood-Blumberg area of north Philadelphia, said Gov. Wolf. The investment of New Markets Tax Credits in this mixed-use development is a good first step to bring positive change.

Mosaic Development Partners and Shift Capital, two local community impact developers, led the effort along with the Philadelphia Housing Authority, which has been heavily involved in this development and has identified it as a community anchor in the Sharswood/Blumberg Neighborhood Transformation Plan. According to the plan, the economic revitalization of the Ridge Avenue corridor will provide basic amenities like a grocery store and a health care clinic to improve the quality of life there. That part of North Philadelphia currently is described as a food desert and a medically underserved area.

Investment is sorely needed to bring improvements in that part of North Philadelphia, said PHFA Executive Director and CEO Robin Wiessmann. The goal of Commonwealth Cornerstone Group is for these tax credits to bring a project to fruition that has tremendous potential to start positive momentum in the Sharswood-Blumberg area.

This project is expected to create 109 temporary, full-time construction jobs. Following construction, all the employers at the site will create 100 full-time equivalent jobs. The weighted average wage for all tenants is anticipated to be $13.40/hour. The MIT living wage for Philadelphia County is $12.64/hour. According to economic estimates, the projects construction costs will support 27 indirect jobs, and the businesses located at the site will support 28 indirect jobs.

This development is consequential to the revitalization of the Sharswood/Blumberg community, said Greg Reaves, principal, Mosaic Development Partners. Our team is thrilled to have Commonwealth Cornerstone Group make such a significant commitment, along with the other tax credit and private investors, to bring these essential services and high-quality housing to a community in need.

The goal of CCG, through its administration of New Markets Tax Credits, is to fund projects in key areas of communities that have historic or cultural value and offer opportunities to spark economic revitalization. CCG utilizes NMTCs to provide loans and equity investments for business expansion, mixed-use development, and community facilities across Pennsylvania. Examples of past developments that have benefited from CCGs investment of tax credits include Mill 19 at Almono in Pittsburgh, the Susquehanna Health Innovation Center in Williamsport and Eastern Tower in Philadelphia. Learn more at: commonwealthcornerstone.org.

The New Markets Tax Credit Program was established by Congress in 2000 to spur new or increased investments in operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making equity investments in specialized financial institutions called community development entities, such as Commonwealth Cornerstone Group. The program is administered by the U.S. Department of the Treasury.

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Gov. Wolf Announces Investment of Tax Credits in North Philadelphia to Build Development - pa.gov

OLYMPIA, WA - Gov. Jay Inslee today announced the allocation of $24 million in Coronavirus Relief Funds to purchase approximately 64,000 computing devices for students across the state.

These devices will enable students to receive their education in the new COVID-19 remote learning environment. The first shipment of 20,000 devices is expected in the coming weeks.

Having their own device is vital to students and staff participating and succeeding in distance learning, Inslee said. The COVID-19 pandemic has thrown challenges at every Washingtonian, especially working families and students having the proper equipment to navigate their new educational reality shouldnt be one of those challenges.

At the beginning of the 20202021 school year, more than 95% of students in Washington began the year in remote learning due to the COVID-19 pandemic. However, according to the Office of the Superintendent of Public Instruction (OSPI) and the nine regional educational service districts, approximately 64,000 students and school staff statewide do not currently have their own computing device or tablet.

Due to the impacts of COVID-19, the current manufacturing and global supply chain for computing devices is limited. Many districts that have devices on order have had their delivery dates pushed to six weeks, three months or more. And some districts just simply dont have enough CARES Act or local funding to make all the purchases necessary. Bulk procurement on the part of the state will help to bring devices to Washington more quickly and at a lower rate.

Devices must meet the needs of students and local districts, provide adequate technical specifications, and be available in the near-term at a competitive price. Due to the source of funding, devices must be received before the end of the year.

With most of our students learning from home right now, one critical need has been access to technology, said Superintendent of Public Instruction Chris Reykdal. Since last spring, school districts across the state have deployed hundreds of thousands of laptops and tablets to students so they can learn remotely. Im grateful to the governors office for their partnership as we continue to close the digital divide.

While having a device is necessary to participate in distance learning, connectivity to the internet also poses a barrier to participating in remote learning. To help meet this need, OSPI has allocated $8.8 million in CARES Act funds to buy internet plans for 60,000 families who cannot afford them. In addition, the state has set up more than 600 WIFI hotspots across Washington, with the governor reviewing proposals to further speed up the state path to universal broadband connection.

The governor, along with Educational Service Districts and OSPI, will work to identify which districts will receive the first shipment of devices in early November.

Read this article:
Inslee announces technology investment for Washington students and staff - NBC Right Now

The potential of 5G is already on the radar of investors around the world, with revenue from 5G wireless network infrastructure expected to reach $8.1 billion in 2020. That represents a 96% increase from 2019, according to Gartner, a research firm.

As COVID-19 continues its destructive path, many countries and regions around the world see 5G expansion as a pathway to economic recovery and growth. As a result, governments, private industry and investors are lining up to make the necessary investments to advance the infrastructure needed for 5G.

What was once seen as a longer-term play, 5G is blossoming in a period when it is needed most. So-called pioneer countries, including the United States, Japan, South Korea and China have already deployed the first high-band 5G networks in select major cities, according to a 2020 McKinsey report. Meanwhile, Apple recently unveiled its inaugural 5G phone lineup.

For these reasons, we believe the time is now to take advantage of this growing yet underappreciated trend. Across its supply chain, 5G is poised to make a significant impact, from the infrastructure powering the network to the equipment and retail service providers evolving their product suites to leverage its enhanced capabilities.

As the momentum around 5G grows, here are several ways investors can take advantage now:

Much of the current investment interest in 5G is centered on cellular communications towers. These macro towers remain the most cost-effective way to deploy wireless spectrum and they are in short supply in many areas.

In the U.S., there are about 150,000 towers, around 95% of which are owned by private operators. In Europe, there are about 350,000 towers and just 20% are privately owned. The number of towers in Europe is expected to grow to 450,000 sites by 2025, according to Morgan Stanley. Many countries, however, are starting with a much lower base. Mexico has just 33,000 while Brazil has only 61,000, according to JP Morgan research estimates.

We believe cell towers are the most attractive pure play to take advantage of 5G. For one, 5G requires more towers to operate effectively, and given the cost and complexity of siting, building and upgrading towers and other infrastructure, the barriers to entry are high. Once that infrastructure is in place, however, operating costs are relatively low, and the towers have a long operational life. We also appreciate the potential resilience of communications infrastructure given its presumed lower correlation and volatility compared with some other asset classes.

Most private cell-tower operators are traded on the stock market, and there are different ways to invest them. If youre looking for more mature, U.S.-based firms, Crown Castle International CCI, -0.95% and American Tower AMT, -0.86% generate strong dividends and stable growth, with American Tower also providing international exposure.

For a higher growth play, Spain-headquartered Cellnex Telecom CLNX, +3.02% continues to buy and consolidate tower portfolios in Europe, including recent acquisitions in Poland. Cellnex has consistently outperformed the stock market over the past two years, and given the opportunity for privatization in Europe, theres still room for growth.

Moving past cell tower companies and further down the supply chain, equipment operators and manufacturers are also poised to take advantage of the 5G boom. Semiconductors will be an integral part of the transition to 5G, and firms such as Broadcom AVGO, -1.51% and Samsung Electronics 005930, -2.58% that create chips for cell phones and other mobile devices stand to benefit as leading players in the space.

In addition to improving mobile and remote capabilities, offices, apartment buildings and public utilities such as airports and mass transit will be built and/or renovated with the latest 5G capabilities. Equipment suppliers such as Nokia NOK, +0.59% NOKIA, +3.20%, which has a strong foothold in the space, should expand its market share.

Among the largest beneficiaries of the 5G evolution will be the service providers and device manufacturers that power and create the technologies we as consumers use every day. In recent years, consumers have been less motivated to buy the latest phone models because of their high prices and limited advancements, but new models with 5G compatibility will provide companies such as Apple AAPL, -5.60% and Samsung Electronics two of the worlds largest cell phone manufacturers ample reason to entice existing customers into upgrading their devices.

At the same time, consumers will be inclined to purchase higher-priced data plans that incorporate 5G. Were already seeing this trend in Asia, where service providers have increased their average revenue per unit by 30% for high-data 5G plans.

In the U.S., the big three U.S. providers Verizon VZ, +0.40%, T-Mobile TMUS, +0.05% and AT&T T, +0.97% are racing to secure the fastest and most reliable networks.

We think T-Mobile is the most attractively valued and in the best position to gain market share. Following its merger with Sprint, T-Mobile has a vast wireless spectrum and is poised to have a strong 5G network.

Now read: Here are five stocks to own for the 5G network buildout

Josh Duitz is a senior portfolio manager at Aberdeen Standard Investments and the co-manager of the Aberdeen Standard Global Infrastructure Income Fund ASGI, -1.73%. Across his funds, he holds shares in Apple, Crown Castle International, Cellnex Telecom, American Tower, Broadcom, Samsung Electronics, Nokia and T-Mobile.

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The best 5G pure-play investment is in cellphone-tower operators - MarketWatch

Etsy is doubling down on its marketing campaign as the online store looks to retain the customers it gained during the pandemic.

CEO Josh Silverman told CNBC's Jim Cramer on Thursday he is pleased with the returns he's seen from its marketing spending in recent years and that the company is dialed in to continue the strategic investments.

"We're going to keep being super disciplined about our investment," he said in a "Mad Money" interview. "This is a moment when Etsy is really top of mind for millions of consumers and it's the perfect moment for Etsy to be leaning in and really investing in marketing."

The comments came one day after the online platform, which specializes in selling handmadeand personalized items, topped Wall Streets' estimates in its third-quarter report. Despite bringing in $451 million in revenue, more than double from the year-ago quarter, the stock sold off 5% in Thursday's session.

Etsy tallied $127 million in marketing expenses in the July-to-September quarter, which made up a large part of its roughly 86% year-over-year increase in operating expenses, and the e-retailer plans to continue spending big on its strategy in the current quarter. The company is expecting a lower return on investment, however, and says it will impact margins.

Etsy has focused on television, digital and performance marketing, the company said.

Silverman pointed out that Etsy, which was added to the S&P 500 in September, is now mentioned alongside other big players in the e-commerce space like Amazon, Walmart and Target. At $132.42 per share at Thursday's close, the market values the company at $15.8 billion.

"We're suddenly in the same breath as brands that are 50 or 100 times bigger than Etsy, and we have the potential to be so much bigger than we are today," he said. "It's just being about top of mind."

Etsy's gross merchandise value, which retailers use to measure growth, was up 119% to $2.6 billion in the third quarter, the company said. The company grew revenue by 128% during the period to $451 million and produced 70 cents in earnings per share, beating estimates by 10 cents per share.

The stock is up nearly 200% year to date.

Read more from the original source:
Etsy CEO calls this is the 'perfect moment' to invest in marketing - CNBC

DUBLIN, Oct. 30, 2020 /PRNewswire/ -- The "United States Plant Protein Business and Investment Opportunities (2018-2027) Insight Series - White Space/Gap Analysis, Product Strategy, Innovation and Brand Share Analysis, Competitive Landscape, Market Size Across 50+ Segments - Updated in Q3, 2020" report has been added to ResearchAndMarkets.com's offering.

The plant protein market in United States is estimated to record a steady growth with a CAGR of 19.6% during 2018-2020. Plant protein industry is expected to continue to grow in United States over the forecast period and is expected to record a CAGR of 17.3% during 2021-2027. The plant protein consumption in the country will increase from US$ 4706.2 million in 2019 to reach US$ 17326.9 million by 2027.

The US food industry has noticed a paramount shift when it comes to the adoption of plant-based proteins in the last decade. Poultry and beef protein consumption still holds the majority percentage in the country. However, consumers particularly, the millennials and Gen Z population are leaning towards plant-based protein products. Future growth prospect of the market is attracting startups to participate in the market. It is expected that innovative products using new ingredients will drive the future growth of the market.

Moreover, COVID-19 has reinforced the demand for plant-based products especially, plant-based meats, thereby inducing competition in the market. The sector has recorded a significant increase in the number of new product launches. Similarly, the number of food tech companies is increasing and expected to increase rivalry in the market in the short term.

Scope

This research report provides in-depth analysis of plant protein industry in United States, providing white space/gap analysis, product innovation, product claims analysis, and brand share analysis, competitive landscape, market size across 50+ segments. Below is the taxonomy, providing detailed scope of coverage.

United States Plant Protein Market Dynamics - Strategy & Innovation

United States Plant Protein Market Size by Ingredients

United States Plant Protein Market Size by Product Categories

United States Plant Protein Market Size by Functional Segments

United States Plant Protein Market Share Analysis by Sales Channels

United States Plant Protein Market Share Analysis by Type of Retail Outlet

United States Plant Protein Market Size by Retail Sales Pricing

United States Plant Protein Market Size by Cities

United States Plant Protein Consumption by Demographics

Reasons to Buy

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/dfe2zy

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets Laura Wood, Senior Manager [emailprotected]

For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907 Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets

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United States Plant Protein Market and Investment Opportunities Report 2020: Consumption in the Country will Increase from US$ 4706.2 Million in 2019...

A commentary published last week in The Salt Lake Tribune advocated for Utahs return to the ill-advised war on drugs approach to low-level crime which wasted a fortune in incarceration costs and ruined countless lives. The commentary by U.S. Attorney John W. Huber attacked Utahs innovative Justice Reinvestment Initiative and made dubious claims supported neither by data nor research.

JRI was passed by the Utah Legislature in 2014 with a phased implementation beginning in 2015 and 2016. The goal of JRI is to keep low-level offenders from clogging up our jails and prisons; get them into behavioral treatment for mental illness and/or addiction disorders; provide enhanced supervision to ensure compliance to treatment regimens and to keep Utah communities safe. The net effect moves limited public funds from the back-end approach of incarceration to the front-end approach of treatment.

Research supports justice reform. The Vera Institute of Justice as well as the Pew Charitable Trust have both reported that states that have adopted more thoughtful criminal justice policies have reduced their incarceration rates and their crime rates.

The Pew Charitable Trust also evaluated Utahs planned JRI approach and found the states criminal-justice reform law successfully kept people out of expensive prison cells who dont represent a threat to public safety. Reforms also reduces the number of individuals tagged with felony convictions that create a significant barrier to future employment opportunities, housing and self-sufficiency.

Since its phased implementation beginning in 2015, several significant challenges have faced the full implementation of the JRI. With its passage came revised sentencing criteria that allowed prosecutors and judges to divert drug offenders into community-based residential programs.

While the Legislature did provide funding, it was nowhere near the amount necessary to build up the treatment capacity necessary to serve those who were now being diverted from incarceration. Additionally, the implementation coincided with the opioid crisis which increased the number of persons needing addiction treatment alternatives in an already stressed treatment capacity system.

Consequently, low-level drug offenders who were then being released under new sentencing criteria did not have treatment beds available in which to be placed, and were more likely to, once again, be arrested, jailed, and sent through the court system.

The major challenge facing the implementation of the JRI was one of adequate funding. Finally, in 2017, the Legislature passed the Targeted Adult Medicaid (TAM) program sponsored by Rep. James Dunnigan. The legislation included a federal waiver request to allow for the expansion of residential treatment capacity within existing treatment centers statewide. With the federal governments approval of TAM and the waiver request to increase capacity, Medicaid funds could now be used to increase treatment capacity to the level necessary to fully implement the goals of JRI. This legislation was a major game changer.

In 2017, there were 170 residential addiction treatment beds within Salt Lake County. At the beginning of 2019, there were 550. And now with the full Medicaid expansion in Utah, we are very close to eliminating the treatment capacity gap altogether.

So, is JRI working? We believe it will now, so Iet us take a deep breath and allow JRI do what it was designed to do.

Finally, we must address the question of behavioral health disorders (mental illnesses and addictions) and how they should be dealt with in Utah and within the United States. Behavioral health disorders are health problems, not criminal justice problems. In the past, due to a lack of affordable treatment for most Utahns dealing with behavioral health problems, it has fallen on our courts and law enforcement systems to deal with those behavioral health disorders. This is a waste of precious resources.

It is time to integrate behavioral health treatment into our primary health care system. This will allow earlier preventive care, intervention and early treatment to take place just as it does with any other disease it is time to treat behavioral health disease like any other disease and not as a crime.

In the long run, earlier access to health care is the right thing to do and it saves lives, families and the Utah taxpayer.

Jim Bradley is an at-large member of the Salt Lake County Council.

Patrick Fleming is chair of the Utah State Substance Use and Mental Health Advisory Council.

Link:
Jim Bradley and Patrick Fleming: Put 'investment' into Justice Reinvestment Initiative - Salt Lake Tribune

October 30, 2020 06:14 ET | Source: Research and Markets

Dublin, Oct. 30, 2020 (GLOBE NEWSWIRE) -- The "Investment Funds and Asset Management Market in Poland, 2020-2022" report has been added to ResearchAndMarkets.com's offering.

"Investment Funds and Asset Management Market in Poland 2020-2022" provides a comprehensive overview of investment funds and asset management sector in Poland. The analysis covers three main pillars of the market including mutual funds, insurance, and pension assets. The report also includes a mid-term forecast of key volumes for the period 2020-2022.

In line with trends observed in previous years, assets under management in Poland remained very volatile in 2019 and in the 1st half of 2020. Total assets went down to PLN 588 billion in H1 2020 and this drop could be attributed to a very weak performance of equity markets impacted by accelerating Covid-19. The extraordinary situation has negatively affected all segments of the AM sector, although this was not equally visible across particular segments, in particular in the case of the 3rd pillar, where strong new inflows more than offset falling valuations.

Outlook

Overall assets under management in Poland are expected to fall in 2020 but then rebound through 2022. Particularly promising will be the 3rd pillar pension segment where significant new flows will drive AuM regardless of their initial performance. The new legal framework, in force since mid-2019, has mandated employers to enroll their employees and to match employee contributions. A further boost to 3rd pillar assets will be supplied by the final dismantling of 2nd pillar pension funds, expected around 2021-2022.

Key Topics Covered:

1. Executive Summary

2. Asset Management Market

3. Investment Funds

4. Pension Funds

5. Insurance Assets

6. Forecasts

7. Notes on methodology

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/i29rku

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Formats available:

Read the rest here:
Poland Investment Funds and Asset Management Market Report 2020: Focus on Mutual Funds, Insurance, and Pension Assets - GlobeNewswire

BEIJING, Oct. 30, 2020 /PRNewswire/ --Puhui Wealth Investment Management Co., Ltd. (Nasdaq: PHCF) ("Puhui" or the "Company"), a third-party wealth management service provider with a focus on wealth management services for high net worth ("HNW") individuals and corporate clients, today announced its financial results for the year ended June 30, 2020. The Company also filed these results on Form 20-F with the Securities and Exchange Commission, which can be viewed at http://www.sec.gov. All amounts in this press release are in USD unless otherwise noted.

Financial and Operating Highlights

Mr. Zhe Ji, the Chairman and CEO of the Company, stated, "There was a considerable impact from the COVID-19 pandemic on our business during the past fiscal year, as our offices remained closed between February and June 2020. Since that time, we have begun to see business return due to a combination of strong relationships with our customers along with demand for investment and financial planning expertise in China's wealth management industry following the pandemic. While it was a challenging period, we did take the opportunity to focus on operational improvements through providing our workforce with the ability to service clients remotely. We are in a stronger position today to handle any potential challenges in the future than prior to the pandemic."

Mr. Ji continued, "We believe that the fundamental aspects of our independent wealth management business have increased value in the current volatile market environment. HNW clientele across China are continuing to seek an independent advisor that provides access to several investment products without bias. At Puhui, we are solely focused on aligning our available products with whatever financial objectives our clients are seeking. Our acquisition of Granville in December 2019 represented our first entry into the international market, which increases our potential customer base over time. Our focus for the remainder of the year is to add new HNW customers that can take advantage of our product offering, and intend to be active in marketing as well as optimizing our branch network in the coming months."

Financial Review for the Fiscal Year Ended June 30, 2020

Wealth Management

Asset Management

Revenues

Cost of Revenues

Operating Expense

Net Loss Attributable to Puhui Wealth

Liquidity and Capital Resources

About Puhui Wealth Investment Management Co., Ltd.

Headquartered in Beijing, China and founded in 2013, Puhui is a third-party wealth management service provider focusing on marketing financial products (including private equity and other diversified products and services) to, and managing funds for, individuals and corporate clients in the PRC. On December 27, 2018, the Company's ordinary shares were listed and began trading listed on the Nasdaq Capital Market (ticker: PHCF).

Additional information about Puhui can be found at the Company's corporate website: http://www.puhuiwealth.com.

Additional Disclosure Concerning COVID-19

The impacts of COVID-19 on Puhui's business, financial condition, and results of operations include, but are not limited to, the following:

Forward Looking Statement

This news release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that indicate future events or trends or are not statements of historical matters. These statements are based on our management's current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of our control and all of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in our reports filed with theSecurities and Exchange Commission, which are available, free of charge, on theSEC'swebsite atwww.sec.gov.

PUHUI WEALTH INVESTMENT MANAGEMENT CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the Years Ended June 30,

2020

2019

REVENUES

Revenues

$

1,481,980

$

3,052,371

Revenues - related parties

697,500

128,263

Total revenues

2,179,480

3,180,634

OPERATING EXPENSES

Cost of revenues

(202,637)

(316,718)

Selling expenses

(1,517,968)

(2,005,367)

General and administrative expenses

(4,977,537)

(3,427,040)

Total operating expenses

(6,698,142)

(5,749,125)

LOSS FROM OPERATIONS

(4,518,662)

(2,568,491)

OTHER INCOME (EXPENSES)

Interest income

74,824

62,967

Other finance expenses

(191,238)

(206,081)

Other income, net

126,858

808

Total other income (expenses), net

10,444

(142,306)

LOSS BEFORE INCOME TAXES

(4,508,218)

(2,710,797)

PROVISION FOR INCOME TAXES

Current

-

11,803

Deferred

179,449

380,302

Total income tax provision

179,449

392,105

NET LOSS

(4,687,667)

(3,102,902)

Less: Net loss attributable to noncontrolling interest

(641,719)

(645,716)

NET LOSS ATTRIBUTABLE TO PUHUI WEALTH

$

(4,045,948)

$

(2,457,186)

NET LOSS

$

(4,687,667)

$

(3,102,902)

OTHER COMPREHENSIVE INCOME (LOSS)

Foreign currency translation adjustment

Read the original here:
Puhui Wealth Investment Management Co. Ltd. Announces Financial Results for the Fiscal Year Ended June 30, 2020 - PRNewswire

Bitcoin (BTC) has gained significant notoriety in the decade since its 2009 launch. Big mainstream players such as MicroStrategy have recently begun to invest large sums of money into the asset, normalizing its viability as an investment for some. Mike Novogratz, CEO of Galaxy Digital, said Bitcoin is now an obvious financial play.

"On a risk-adjusted basis, BTC is an easier bet today than it has ever been," Novogratz said in an Oct. 27 tweet. "Its being de-risked daily."

Cointelegraph reached out to Novogratz for additional details, but received no response as of press time. This article will be updated accordingly should a response come in.

"Adjusted by its volatility, Bitcoin has presented the best return in one or two years against all other asset classes," Cointelegraph markets contributor Marcel Pechman said when asked to weigh in on Novogratz tweet. "Few investors expect gold to rally 60%, but it never went below -8% so the Sharpe index adjusts returns based on volatility.

Although MicroStrategy bought more than $400 million worth of BTC in recent months, it is not the only mainstream giant to join the party. Square, headed up by Twitter CEO Jack Dorsey, purchased $50 million of Bitcoin recently, publicized on Oct. 8. After disclosing his BTC holdings in May 2020, billionaire Paul Tudor Jonescompared the asset to an investment in Apple before its boom.

With its mainstream involvement, including thetraditional trading productsbeing built around it, Bitcoin is much easier to gain financial exposure to today than it once was. Though it was originally designed as an alternative form of currency, Bitcoin has gainedprevalence more as a store of value and investment option in recent years.

"I don't think Bitcoin is going to be used as a transactional currency any time in the next five years," Novogratz said in aninterview with Bloomberg TV, posted onOct. 23. "Bitcoin is being used as a store of value," he added. "People are worried that the central banks around the world are debasing fiat currencies."

The U.S. government, for example,printed a massive amount of its national currency in 2020 amid the COVID-19 pandemic; and action that could ultimately decrease the value of the American dollar as a whole.

See more here:
Bitcoin becoming less-risky as an investment, Novogratz says - Cointelegraph

It could be the long-awaited turning point in the world of venture capital and beyond. Yale, whose $32 billion endowment has been led since 1985 by the legendary investor David Swensen, just let its 70 U.S. money managers across a variety of asset classes know that for the school, diversity has now moved front and center.

According to the WSJ, Swensen has told the firms that from here on out, they will be measured annually on their progress in increasing the diversity of their investment staff, from hiring to training to mentoring to their retention of women and minorities.

Those that show little improvement may see the prestigious university pull its money, Swensen tells the outlet.

Its hard to overstate the moves significance. Though Yales endowment saw atypically poor performance for part of last year, Swensen, at 66, is among the most highly regarded money managers in the world, growing Yales endowment from $1 billion when he joined as a 31-year-old former grad student of the school, to the second-largest school endowment in the country after Harvard, which currently manages $40 billion.

Credited for developing the so-called Yale Model, which is short on public equities and long on commitments to venture shops, private equity funds, hedge funds and international investments, Swensen has inspired legions of other endowment managers, many of whom worked for him previously, including the current endowment heads of Princeton, Stanford and the University of Pennsylvania.

It isnt a stretch to imagine these managers and many others will again follow Swensens lead, one that was inspired by the growing diversity with Yale itself. Should such metrics become standard, they could dramatically change the stubbornly intractable world of money management, which remains mostly white and mostly male.

Indeed, while the dearth of woman and minorities within the ranks of venture firms may not be news to readers, a 2019 study commissioned by the Knight Foundation and cited by the WSJ underscores how big an issue it remains across asset classes. According to its findings, women and minority-owned firms held less than 1% of assets managed by mutual funds, hedge funds, private-equity funds and real-estate funds in 2017, even though their performance was on a par with such firms.

As for why Swensen didnt write this letter much sooner to the universe of fund managers backed by Yale, Swensen tells WSJ that he has long talked about diversity with them but says he held off on asking for systematic changes owing to a belief, in part, that there were not enough diverse candidates entering into asset management.

Inspired by the Black Lives Matter movement that gained momentum this spring, he decided it was time to take the leap anyway.

As for that perceived pipeline concern, fund managers will have to figure it out. For his part, Swensen reportedly offered a suggestion to those same U.S. managers. He proposed that they forget the same resumes for which theyve long looked and consider recruiting directly from college campuses.

Continued here:
Yale may have just turned institutional investing on its head with a new diversity edict - TechCrunch