Art Basel Cancels Miami Beach Show in December, Citing Pandemic
Art Basel Miami Beach, the largest contemporary art fair in the U.S. was canceled for this year, the latest blow to an already reeling industry.
MCH Group, which owns the brand and earlier had to cancel editions in Hong Kong and Basel, Switzerland, blamed the pandemic in a statement Wednesday. MCH, which is partly owned by billionaire media scion James Murdoch, cited limitations and uncertainty about the staging of large-scale events, international travel restrictions and quarantine regulations.
“It is with great regret and disappointment that we announce the cancellation of our December show in Miami
Beach,” said Noah Horowitz, the fair’s director in the Americas.
The event has become the year’s grand finale for the market, attracting billionaires from around the world, who snapped up art and partied with celebrities and models. For galleries, it represented a significant amount of business, and for wealth managers, a chance to woo potential clients. Last year’s fair, which drew more than 80,000 visitors, became an international sensation after someone paid $120,000 for a peeled banana stuck to a wall with duct tape.
ErosSTX Taps Veteran Media Analyst Drew Borst As EVP Of Investor Relations And Business Development
Drew Borst, a veteran media analyst most recently at Goldman Sachs, has joined the recently merged ErosSTX as EVP of investor relations and business development.
At Goldman, Borst spent a decade as VP and lead media and entertainment analyst, leading a team that covered Disney, ViacomCBS, Discovery, Cinemark, Liberty Formula One and other companies.
Bost said he has “long been an admirer of STX and their leadership team, and now, with their merger with Eros complete, I believe the company is well-positioned to fulfill their ambition to be a true global media powerhouse.”
Ashok Leyland bets on LCVs, buses, defence sector
Three growth levers to help ALL emerge stronger: chairman
Commercial vehicle manufacturer Ashok Leyland Ltd. (ALL) is betting on three levers — LCVs, buses and the defence sector — to steer through the current challenging times, and emerge stronger, said a top official.
“As we move to achieve our vision, the Light Commercial Vehicle (LCV) business will be our first lever of growth. The new LCV range is slated for introduction on September 14. After the launch, ALL is poised to address 65% of total LCV industry volume in India from the present 40%,” said chairman Dheeraj Hinduja, while addressing shareholders at the 71st AGM.
The second area of growth would be the bus segment. The company plans to launch a new range of buses, aimed at greater presence in its traditional SAARC, Central Asia and Africa markets as well as in ASEAN, which will be its new thrust area.
Defence would be the third lever to spur ALL’s growth, Mr. Hinduja said. As one of the largest providers of logistics vehicles to the armed forces, “ALL will continue to position mobility products and solutions in an accelerated manner.”
In addition, the company is evaluating the feasibility of new opportunities afforded by recent government announcements, he said. ALL has also drawn up ambitious plans for a global play in the EV segment for both the passenger vehicles and LCVs.
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U.S. Factory Orders Continue To Skyrocket In July
New orders for U.S. manufactured goods showed another substantial increase in the month of July, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said factory orders soared by 6.4 percent in July, matching the upwardly revised spike seen in June.
Economists had expected factory orders to surge up by 6.0 percent compared to the 6.2 percent jump originally reported for the previous month.
Factory orders continued to spike as orders for durable goods skyrocketed by 11.4 percent in July after soaring by 7.7 percent in June. Orders for transportation equipment led the way higher.
The Commerce Department said orders for non-durable goods also increased by 1.8 percent in July after jumping by 5.3 percent in June.
The report also showed a continued increase in shipments of manufactured goods, which surged up by 4.6 percent in July after spiking by 10.0 percent in June.
Meanwhile, inventories of manufactured goods fell by 0.5 percent in July after rising by 0.5 percent in the previous month.
With shipments jumping and inventories falling, the inventories-to-shipments dropped to 1.43 in July from 1.51 in June.
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