At Israel's behest, Ukraine has barred foreign visitors to Uman, site of the grave of the founder of Chassidism, a Jewish sect, Rabbi Nachman of Breslov who died during the Jewish High Holidays 210 years ago. Its members swarm despite coronavirus risks, in Brooklyn, in Jerusalem, and during pilgrimages. Chassidic men ignoring distancing and masks at a rabbi's funeral in May led Mayor de Blasio to attack its adherents who go in for large families and gatherings.

As in South Korea, Iran, Iraq, and parts of the US south, religious assemblies and pilgrimages spread coronavirus. Saudi Arabia canceled the Haj for foreign Muslims this year but Iran continues to welcome foreigners to Qom and sites of Shia martyrdom.

I have been locked out of my website, presumably because my drupal team changed the password which let me get in yesterday. Remember all paid subscribers will get a full extension of their subscriptions for the shut-in period when it ends. I am not trying to cheat you; I am trying to maintain my business during grave technical problems with our Drupal update caused by the pandemic.

Anyone who wants the spreadsheets which didn't spread properly when sent out 2 weeks ago should send me an email to get them.

China is arresting members of the Hong Kong Legco who are pro-democracy. US durable goods orders in July rose 11.2% while forecasts were only for a 4.3% jump. Hanging out at home makes people want to improve their comfort and efficiency. There is more news than usual today.

Drug dealers

*Teva Pharmaceutical (TEVA) responded to news that a Philadelpha federal grand jury returned a criminal indictment charging Teva's US sub with 3 counts of antitrust violations under the Sherman Act. It reads:

“Teva is deeply disappointed that the government has chosen to proceed with this prosecution. (Teva) has been investigating this matter for over four years and concluded that Teva did not participate in price fixing. Based on our internal review, Teva firmly rejects the allegations and will vigorously defend (itself) in court. Teva has fully cooperated throughout the course of the Department of Justice investigation and attempted to reach a resolution in the best interest of the company, its stakeholders, and the patients (it) serves. The DOJ has shown an unwillingness to consider alternatives that would not deeply impact Teva and the stakeholders who depend on the company, including the patients who benefit from our medicines.

“As we defend this matter, Teva will maintain focus on its critical role in the U.S. healthcare system, ensuring access to affordable medicines, including helping millions of patients who suffer multiple chronic conditions. One out of every 10 of the 3.69 billion generic prescriptions written in the US each year is filled with a Teva product.” TEVA stock fell nearly 1% today to $9.63/sh in part because analysts believe Teva could have done a deal with the DoJ over the price-fixing charges, but management opted not to out of what Israelis call chutzpah. No mention of high prices or profits.

*Fellow Israeli stock Compugen, CGEN, on which my gain is 7515%, fell 2.83% but then climbed back and then fell 3.2%. I am giving my all time gain here to show how well we sometimes do in real terms, not indexed ones.

*Our return on Japanese Eisai (ESALY) is 697%.

*Belgian Galapagos NV (GLPG) hired our former Italian reporter so we held it for a while, but after I had a lunch date with its Dutch CEO I decided it was too heavily into marketing and too weak in science and put a sell on it. It has collapsed after its arthritis drug filgotinib failed ti get US FDA okay.

*Zymeworks fell another 6.22%. Our Canada reporter Martin Ferera says ZYME options trades did it in because it is trending upward over its 50 day moving average and Boxer Capital has taken a stake.

Finance

*Californian Pimco, a sub of German Allianz SE whose stock we owned, is liquidating its money-losing Emerging Markets Currency & Short-term Investment Fund by year end., It had assets of $2.9 bn at the start of 2020 but because of the virus and panic sales of funds in Brazil, Argentina, and Turkey, Africa, its value ended H1 at $877 mn. In H1, the MSCI Emerging Markets index lost 2%.

*Standard Life Aberdeen, manager of our Aberdeen funds, rose 4.34% despite ructions in its board because its funds here are doing well. FCO (Aberdeen Global Income Fund) gained 7.04% in price and 6.73% in NAV in August and 27% in the past quarter and yields 8.15%. FAX (Aberdeen Asia Pacific Income Fund) rose 27% in the past quarter and yields 8.15% also. FAX is more volatile but is also a very long-term holding for me.

*Bank of Nova Scotia is back in the plus column today, up 1.85%. BNS took heavy provisions in its last quarter.

Tech & Tel

*British Vodafone plans to cut its debt by euros 10 to 20 bn by the spinoff nest year in Germany of its mobile towers in EU countries along with minority towers from Telefonica of Spain. VOD refinanced its debt to cut costs by 40% last year after overspending on takeovers including our French holding in the sector. VOD fell 0.6% today on news that it may want to retain control of the towers sub.

*South African Naspers rose 1.7% today on its boost of classified ads to compete with Facebook. Its spun-off Dutch arm Prosus gained 3.19%. NPSNY has gained 62.35% from our basis and PROSY 29.4%. Again I am using my brokerage account data to calculate the gain.

*Mercado Libre,the Amazon of Latin America, gained 0.9% today. MELI doubled since we bought.

*Swedish Ericsson (ERIC) gained 2.35% today because it is not Huawei. Nokia gained only 0.4% because its telephony products are more costly.

*Japanese Fanuc (FANUY) is back in the gains column, up 1/2%.

*Gaming firm Nintendo of Japan, tipped by Abhimanyu Sisodia, is up another 3.06%. NTDOY.

Food

*Nutrien of Canada was boosted by Bay St analysts to a buy but cut to neutral by Atlantic Securities. Fertilizers and farm stores are hard to call.

Green Energy

*Azure Power which makes solar generators for India, but which is controlled by the Quebec retirement fund, hit another new high today at $22.66, up over 2.5%. It is HQ's in Mauritius which is suffering from a huge oil spill, which helps people appreciate solar power.

*Johnson Matthey, the UK precious metals refiner, got funding from the European Bank for Reconstruction and Development and the German KfW bank for a $160 mn investments in a Polish electrical vehicle cathode battery plant in Konin that is under construction. By 2022 when it goes operational it will supply better lithium batteries for 100,000 vehicles per year. JMPLY rose 4.5% on the news.

*Mexican Orbia Advance Corp (MXCHF) rose 11% but is still well below our basis on its successful sale of drip feed systems to India. It plans a US listing.