Philippines Eases Distancing Rules, Allows More Airplane Passengers

Peloton revenue surges as pandemic boosts demand for fitness equipment

Peloton beat analysts’ estimates for quarterly revenue on Thursday as the exercise bike maker benefited from a 172 percent surge in total revenue, with boosts in subscribers and demand for its fitness products during the coronavirus pandemic.

Shares of the company rose 8 percent in extended trading as it forecast full-year revenue above Wall Street expectations.

Stay-at-home stocks like Peloton have benefited from increased demand during the COVID-19 pandemic as closed gyms and fitness clubs turned people towards streaming exercise services and home work-out equipment.

The stock has more than tripled this year.

Sales of Peloton’s electric bikes and other fitness equipment tripled to $485.9 million in the quarter. Its subscriptions rose 113 percent to 1.09 million.

The company forecast revenue for fiscal year 2021 between $3.50 billion and $3.65 billion. Analysts on average were expecting $2.72 billion, according to Refinitiv data.

Net income attributable to Class A and Class B shareholders was $89.1 million, or 27 cents per share, in the fourth quarter ended June 30, compared with a loss of $47.4 million, or $2.07 per share, a year earlier.

Total revenue skyrocketed 172 percent to $607.1 million.

Analysts on average had expected revenue of $583 million.

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Indonesian Stock Rout Resumes Amid Jakarta Lockdown Measures

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Indonesia’s stock benchmark fell as much as 2.8%, extending declines after renewed lockdown measures in Jakarta sent the gauge reeling on Thursday.

Bank Rakyat Indonesia Persero Tbk, Bank Central Asia Tbk and Bank Mandiri Persero Tbk dragged down the index in early trading, as investors continued to sell Indonesian stocks. The Jakarta Composite index fell 5% on Thursday — its biggest drop since March — triggering a brief trading halt.

Read: Meltdown Memories Grip Southeast Asia Stocks as Indonesia Slumps

Tennis: Serena Williams falls to Victoria Azarenka in US Open semi-finals

NEW YORK (REUTERS) – Serena Williams was beaten 1-6 6-3 6-3 in the semi-finals of the US Open by Victoria Azarenka on Thursday (Sept 10), denying her the chance of winning a record-equalling 24th Grand Slam singles title on home soil this year.

Belarusian Azarenka will play Japan’s Naomi Osaka in her in her third final at Flushing Meadows on Saturday, having lost the previous two to Williams in 2012 and 2013.

Japan Seeks to Reach Post-Brexit Trade Deal With U.K. on Friday

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Japan is seeking to conclude months of talks on a broad post-Brexit trade deal with the U.K. later Friday when top negotiators speak via a video conference.

Japanese Foreign Minister Toshimitsu Motegi, who has led Tokyo’s team on the pact, told reporters in Tokyo he will be speaking with U.K. Trade Secretary Liz Truss on the agreement. Japan’s existing accord with the European Union, which includes the U.K., runs until the end of the year.

The U.K. expects the deal to increase trade with Japan by about 15 billion pounds ($19.2 billion) a year in the long term. Trade between Britain and Japan was valued at more than 39 billion pounds last year, and Japan is the U.K.’s eleventh-largest export market.

Motegi said earlier this month that Japan is seeking to reach the agreement before Prime Minister Shinzo Abe steps down, which is expected to take place on Sept 16. Abe said he’s leaving office for health reasons.

India reports record daily jump of 96,551 coronavirus cases

BENGALURU (REUTERS) – India reported another record daily jump of 96,551 coronavirus cases on Friday (Sept 11), taking its case load to 4.5 million, data from the federal health ministry showed.

Infections are growing faster in India than anywhere else in the world and the United States is the only nation worse affected.

Deaths have remained relatively low in the country, but are seeing an upward trend, with more than one thousand deaths being reported every day for the last 10 days.

On Friday, 1,209 people died from Covid-19, the ministry said, taking total mortalities to 76,271.

Philippines Eases Distancing Rules, Allows More Airplane Passengers

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The Philippines has eased distancing rules in public transport, allowing trains and planes to have more passengers amid the region’s worst coronavirus outbreak, the Department of Transportation said.

The agency and economic managers’ proposal to increase public transport ridership and accommodate more people going back to work was approved by the government’s coronavirus task force, Transport Secretary Arthur Tugade said in a statement Friday.

The transport department delayed a scheduled briefing on the decision pending a meeting requested by health officials.

The 1-meter physical distancing rule in trains can be gradually eased to a third of a meter in a month as long as commuters wear face masks and face shields, the agency said. Standing commuters will be allowed in buses.

The easing is in line with economic officials’ push to reopen the economy more, even with the highest coronavirus cases in Southeast Asia, with nearly 249,000 infections as of Thursday.