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‘Solidarity Is Failing’: E.U. and U.K. Fight Over Scarce Vaccines
LONDON — The vaccine wars have come to Europe. For months now, wealthy countries have been clearing the world’s shelves of coronavirus vaccines, leaving poorer nations with little hope of exiting the pandemic in 2021. The European Union, stung by its slow progress on vaccinations, threatened this week to tighten rules on the shipment of Belgian-made shots to Britain. British lawmakers, in turn, have accused their European counterparts of a blackmail campaign that could embitter relations for a generation. And poorer countries, already at the back of the line for vaccines, could face even longer waits if the intense squabbling among rich countries drives up prices for everyone else.
Treasury yields flat ahead of speech from Fed Chair Powell
The yield on the benchmark 10-year Treasury note rose slightly to 1.043% at 4 a.m. ET, while the yield on the 30-year Treasury bond climbed to 1.803%. U.S. Treasury yields wavered on Wednesday morning, ahead of a speech by Federal Reserve Chairman Jerome Powell later in the day. U.S. government bond yields were steady early in the trading session, with Powell expected to give an update on the central bank's economic outlook and monetary policy amid the pandemic. ET, with Powell expected to speak to reporters at 2:30 p.m.
Goldman Sachs CEO David Solomon gets $10 million pay cut over bank's role in 1MDB scandal
Goldman Sachs CEO David Michael Solomon attends a discussion on "Women Entrepreneurs Through Finance and Markets" at the World Bank on October 18, 2019 in Washington, DC. Goldman Sachs CEO David Solomon saw his pay slashed by just over a third for 2020 as part of a punishment for the bank's role in the 1MDB scandal. The pay cut for Solomon, which at $10 million constitutes roughly 36% of his yearly salary, reflects prior penalties imposed on the bank and not Solomon's own conduct. Solomon has been CEO of the bank since 2018. Solomon's pay package is comprised of $2 million in base salary, a $4.65 million cash bonus, and $10.85 million compensation in stock form, which is based on the bank's performance.
European stocks head lower, LVMH shines after earnings
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 20, 2021. REUTERS/Staff(Reuters) - European stocks slid on Wednesday, weighed down by concerns about a slow economic recovery, while most investors kept to the sidelines ahead of the U.S. Federal Reserve’s policy decision. The pan-European STOXX 600 index dropped 0.4% in early trading, following losses in Asian markets and Wall Street. Precious metal miner Fresnillo Plc slid 3.1% after it forecast lower gold output for the current year. French luxury group LVMH rose 1.4% as booming sales at fashion brands like Louis Vuitton, particularly in China, helped to cushion the impact of the coronavirus pandemic.
Evotec shares rise amid speculation Melvin Capital closing short positions
MILAN (Reuters) - Evotec rose sharply on Tuesday amid market speculation that Melvin Capital Management was unwinding its positions in the German drugmaker after some of its investments turned sour. Evotec’s shares jumped 10% at one point on Tuesday with three traders saying the move was likely linked to Melvin Capital closing out its shorts following losses on GameStop and other investments. Battery maker Varta surged for a similar reason, a German-based trader said, while shares in Polish videogame firm CD Projekt also saw strong demand. Over the last two sessions Varta and CD Projekt shares have both risen nearly 20%. Melvin Capital, founded in 2014 by Gabriel Plotkin, said it does not comment on positions and trading.
HNA's Key Decision-making Body Leaves Out Chen Feng's Name, Signalling Founder's Exit From China's Biggest Asset Buyer
HNA Group's spokespeople declined to comment. Chen has been barred from luxury spending since September last year under a court order, after a subsidiary of HNA Group failed to pay an investor in a lawsuit. HNA Group should improve its communication with creditors, in light of its failure to repay its bondholders, which scared away investors. More from South China Morning Post:Read the original article on South China Morning Post. For the latest news from the South China Morning Post download our mobile app.
Hong Kong Property Market Narrowly Avoids First Annual Decline In Home Prices In 12 Years As Demand Defies Coronavirus
Other analysts believe the correction in the property market will continue as Hong Kong struggles through the biggest recession in its history, though prices are unlikely to swing wildly from month to month. But the performance of property prices in 2021 will ultimately depend on the local economy and when the border with mainland China can be reopened, said Lam. If that happens in the second half of this year, a large amount of mainland capital will flood the Hong Kong property market, he said. More from South China Morning Post:Read the original article on South China Morning Post. For the latest news from the South China Morning Post download our mobile app.
Stock futures mixed as investors focus on Fed policy meeting
U.S. equity futures are pointing to a mixed open when the Wednesday trading session begins. Continue Reading BelowDow futures suggest a decline of 0.4%, while the Nasdaq indicates a gain of 0.4%. The Fed is expected to keep its extremely supportive policy stance unchanged given the slow progress in vanquishing the pandemic, analysts said. In Asian markets, Tokyo's Nikkei 225 index added 0.3%, while the Hang Seng in Hong Kong slipped 0.3% and China's Shanghai Composite index gained 0.1%. The tech-heavy Nasdaq composite also slid 0.1%, to 13,626.06.
Department store chain Belk filing for Chapter 11 bankruptcy
Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy. A group of the department store’s creditors, led by the private equity firms KKR and Blackstone, will get a minority stake. The 133-year-old chain grew from the opening of a store in Monroe, North Carolina, by William Henry Belk in 1888. Three generations of the Belk family led the company to become the biggest family-owned department store chain in the country by 2015, when the family sold it for $3 billion. The department store has struggled during the coronavirus pandemic as customers flocked to online shopping and avoided in-person shopping.
Goldman Sachs cuts David Solomon's pay by $10m over 1MDB scandal
Goldman Sachs has slashed chief executive David Soloman's pay by $10m (£7.3m) as a penalty for the 1MDB corruption scandal. The bank's board reduced his pay packet to $17.5m for 2020, compared to $27.5m a year earlier. The investment bank was fined by regulators around the world following a massive fraud at the Malaysian fund. The board also called Mr Soloman's performance last year "outstanding" after the bank generated its highest revenues in more than a decade on the back of virus-induced market volatility. Goldman added that five former top bankers including former chief executive Lloyd Blankfein will forfeit a chunk of their performance-related share awards worth $67m.
Venture investment hits record high in 2020
FINANCEThe Ministry of SMEs and Startup (Unit: 100 million won)South Korea’s venture investment set records in 2020 both in the number of deals and their value, despite the fallout from the coronavirus pandemic, the Ministry of SMEs and Startups announced Wednesday.The country’s investment in startups reached 4.30 trillion won ($3.89 billion) in 2020, adding 26.8 billion won, or 0.6 percent, from the previous year.The number of investment deals also hit a record high of 4,231 while the number of invested companies logged an all-time high of 2,130. Among the 2,130 companies that secured funds last year, a record 75 companies received more than 10 billion won.“While the COVID-19 pandemic renewed investors’ interest in bio and health as well as the ICT sector, bullish stock markets also raised expectations for an investment exit,” Vice Minister of SMEs and Startups Kang Sung-cheon said Wednesday. “The government’s efforts to foster an innovative ecosystem for startups and ventures also had a positive impact.” The venture investment boom in 2020 was led by bio, health, ICT, materials, parts and equipment. This year, startups and venture companies will continue to play a key role in the recovery of our economy,” Kang said. ( gypark@heraldcorp.com
Venture investment hits record high in 2020
South Korea’s venture investment set records in 2020 both in the number of deals and their value, despite the fallout from the coronavirus pandemic, the Ministry of SMEs and Startups announced Wednesday. The country’s investment in startups reached 4.30 trillion won ($3.89 billion) in 2020, adding 26.8 billion won, or 0.6 percent, from the previous year. The number of investment deals also hit a record high of 4,231 while the number of invested companies logged an all-time high of 2,130. Among the 2,130 companies that secured funds last year, a record 75 companies received more than 10 billion won. The Ministry of SMEs and Startup (Unit: 100 million won)
Premiers tell Trudeau they ‘want to go to war’ with U.S. over Keystone XL: sources
Prime Minister Justin Trudeau faced anger from some of Canada’s premiers Thursday over U.S. President Joe Biden’s decision to cancel the Keystone XL pipeline project — including heated calls for punishment that could fracture ties between the two allies. “Some premiers want to go to war” with the United States over the cancellation, aides of those who participated in the meeting said. The characterization surprised some of the other premiers on the call, aides said, given the behaviour of Biden’s predecessor, Donald Trump. Alberta Premier Jason Kenney blasts President Biden on revoked Keystone XL permitTrudeau told the premiers he will plead the case for the Keystone XL pipeline when he speaks to Biden by phone Friday. White House defends revoking Keystone XL permit, says Biden committed to clean energy jobsBiden’s revoking of the Keystone XL permit, one of several executive orders signed within hours of his inauguration, drew sharp condemnation from the premiers of Alberta and Saskatchewan, whose energy sectors were depending on the US$8 billion project.
Significant amount of AMD's graphics chips demand is from cryptocurrency mining: Analyst
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSignificant amount of AMD's graphics chips demand is from cryptocurrency mining: AnalystChristopher Rolland at Susquehanna Financial Group discusses the surge in demand for Advanced Micro Devices' graphics chips and his firm's "neutral" position on the U.S. semiconductor chips industry.
Business & Financial News, U.S & International Breaking News
Security tight at India's historic Red Fort after clashes with farmersHundreds of police guarded the historic Red Fort in the heart of the Indian capital on Wednesday following violent clashes between farmers and authorities in which one person was killed and at least 80 injured.
EDF sees delay, higher costs for Hinkley project
Electricite de France SA released on Wednesday an updated schedule and cost estimates for the Hinkley Point C nuclear power station that takes into account the impact of the coronavirus pandemic so far. Hinkley Point C should start generating electricity from its unit 1 in June 2026, compared with an initial announcement of the end of 2025, the French utility company said.
Tullow Oil warns of lower output in 2021
Tullow Oil PLC said Wednesday that it expects a 2020 gross profit of around $400 million as its oil production was in line with guidance but warned of lower output in 2021. The London-listed energy company said that 2020 revenue is expected to be around $1.4 billion, as production averaged 74,900 barrels of oil per day with a realized price of $50.8 per barrel.
Owners counter with deli move after shuttering Aunt Pittypat's
The just reopened the dining area has a few socially distanced tables available, and take-out business remains brisk. Howell and Dowd were busy stocking shelves on the market side and pushing out fresh deli when I visited. Finally got a chance to drop by Mediterranean Deli , 5620 N May Ave., where new owners Howell and Dowd have taken the baton from founder Atif and Afaf Asal. It's a fantastic rebound for the couple whose only sin before the pandemic was to be in the catering business. In the meantime, Mediterranean Deli is open 10 a.m. to 6 p.m. Monday through Friday and 11 a.m. to 6 p.m. Saturday.
China faces renewed trade pressure
BEIJING — The U.S.-Chinese trade war isn’t going away under President Joe Biden. Biden won’t confront Beijing right away, economists say, because he wants to focus on the coronavirus and the economy. But he looks set to renew pressure over trade and technology grievances that prompted President Donald Trump to hike tariffs on Chinese imports in 2017. Negotiators might tone down Trump’s focus on narrowing China’s multibillion-dollar trade surplus with the United States and push harder to open its state-dominated economy, which matters more in the long run, economists say. “I think Biden will focus more on trying to extract structural reforms,” said Louis Kuijs of Oxford Economics.
Point of View: Spreading the word about Earned Income Tax Credit
Supporting Oklahoma families and working to grow small businesses have been two of my focal points while in political office. It’s essential that every eligible family know about the federal Earned Income Tax Credit for households earning $56,000 or less a year. This month, a campaign known as OKC Tax Help has launched a 2020 tax season initiative to increase the number of claimants of the EITC. The average credit received by an Oklahoma tax filer in 2019 was $2,577. In addition, I am resubmitting legislation this session to once again allow Oklahoma families to also file for the EITC on their state tax return.
Point of View: Developing tomorrow's leaders through mentorship today
If you have ever had a mentor, you know how positive and impactful one can be. One way experienced leaders can make a difference in the new year is to offer their expertise and knowledge through mentorship to Oklahoma's emerging leaders. Providing support and mentorship in the workforce is a positive and impactful way to give back to an industry while shepherding the professional development of rising stars. Programs like this are vital to the diversity and development of tomorrow's professional leaders. Mentorship is an ideal way to connect with emerging individuals seeking advancement while providing a key ingredient for future success for individuals and industries.
Deaths
Sholer, Wilma L.: 93, registered nurse, died Jan. 21. Smith, Christian Antwain: 34, died Jan. 24. Graveside services 2 p.m. Friday, Subiaco, Ark. Wellborn, Michael J.: 53, tax preparer, died Jan. 25. Graveside services 10 a.m. Friday, Chapel Hill Memorial Gardens (Chapel Hill, Oklahoma City).
Oklahoma oil prices and drilling report for Jan. 27, 2021
Oklahoma oil prices and drilling report for Jan. 27, 2021Oklahoma crude oil prices as of 5 p.m. Tuesday:Natural Gas (Henry Hub) as of 4 p.m. EST Tuesday:COMPLETIONBlaine: Continental Resources Inc.; Angus Trust No. 3-33-4XHM Well; SW1/4 SE1/4 SE1/4 SW1/4 (BHL) of 04-14N-12W; 558 barrels oil per day, 5,264,000 cu-ft gas per day; TD 22,500. Continental Resources Inc.; Angus Trust No. 5-33-4XHW Well; SE1/4 SSE1/4 SW1/4 SE1/4 (BHL) of 04-14N-12W; 2,652,000 cu-ft gas per day; TD 23,205. 1-35-2XHM Well; SW1/4 SW1/4 SW1/4 SW1/4 (SL) of 26-14N-14W; 16,179,000 cu-ft gas per day; TD 24,983.
FTSE dips as pound hits new three-year high – live updates
The FTSE 100 is set to fall as investors shrugged off Microsoft's bumper results to focus on the impact of Covid on the global economy. 5) Daily commute must evolve to lure ‘Covid aristocracy’: Lockdown has derailed plans for home workers to return to the office. MSCI's gauge of Asian ex-Japan shares slipped 0.3pc, dragged lower by profit-taking in resource shares as some investors have grown wary of stretched valuations. The results boosted optimism for other U.S. tech giants, including Apple and Facebook, which announce quarterly results later in the day. Coming up todayCorporate: Brewin Dolphin, Fresnillo, SCS, Tullow (Trading statements)Economics: Industrial profits (China); consumer confidence (France); durable goods orders, Federal Reserve decision (US)
HSBC chiefs accused of 'appeasing' China over Hong Kong crackdown
Tory MP Andrew Rosindell told Mr Quinn that HSBC was guilty of "double standards, hypocrisy and appeasement." "What you seem to be saying that it doesn't matter how bad things get in Hong Kong, that is none of your business. Mr Quinn replied: "We are not in Hong Kong just because of profits, we were formed in Hong Kong and we will continue to be there and help the people of Hong Kong recover from the challenges they face... Tory MP Bob Seely claimed that Mr Quinn's answers showed that HSBC had not "adequately engaged" with the problems Hong Kong was facing. "HSBC are happy to virtue-signal in the West, yet desperate even to avoid any ethical debate in Hong Kong," he said.
'Wages must be paid': In southern India, age-old custom banned as slavery
Under the abolition of bonded labor law, the offense is punishable with imprisonment for up to three years and a fine. In bitti chakri, there is not normally a debt to repay — rather a customary obligation to fulfill. Payment is usually in kind, and the expectation of free labor often passes through generations — resulting in decades of slavery, Prasad said. “This form of slavery is not like debt bondage, where people are forced to work to pay off loans. “Implementation of the law has always been a challenge, particularly in cases of free labor, where the usual parameters of bonded labor like confinement and abuse don’t always exist,” Pattanaik said.
UAE could be added to Britain's list of up to 30 'high risk' quarantine countries
AdvertisementBoris Johnson will today publish a list of up to 30 'high risk' Covid countries where returning travellers will be forced to quarantine in hotels for 10 days. Last summer an outbreak of coronavirus in Melbourne was blamed on security guards having sex with guests at one of the quarantine hotels. The travel industry is ending its worst January on record in terms of forward bookings. It is not yet clear if these exemptions would be carried over should ministers press ahead with hotel quarantine. The travel industry has warned that the added cost would destroy holiday plans.
California restaurant and salon workers say customers are ready to come back in droves
Newsom drafted the stay-at-home order in December as virus cases spiked and in anticipation of surges from holiday gatherings. The lifting of the stay-at-home order allows restaurants to serve diners outdoors and places of worship to offer services outside. Mayor London Breed said outdoor restaurant dining can resume Thursday. Mayor Eric Garcetti said the city of Los Angeles will align with county rules allowing outdoor dining at restaurants starting Friday. Health experts had mixed views on the state lifting the order.
Nexon founder Kim donates W10b to child hospital
BUSINESSFrom left: Nexon Foundation Chairman Kim Jung-wook, Neople CEO Noh Jung-hwan, NXC CEO Kim Jung-ju and Nexon Korea CEO Lee Jung-hun pose for a photo with officials from Seoul National University Hospital at a donation ceremony held on Thursday. (Nexon)Nexon founder Kim Jung-ju has pledged to donate 10 billion won ($9 million) for the construction of children’s hospitals, making good on his promise to give back to society.The 52-year-old chief of NXC, the holding company of South Korean gaming giant Nexon, has delivered half of the money -- 2.5 billon each -- to Daejeon Chungnam Public Children’s Rehabilitation Hospital and Nexon Children’s Palliative Care Center at Seoul National University Hospital, according to local media reports. He plans to donate an additional 2.5 billion won each to the two hospitals by next year.The funding will come from his own pocket, a Nexon official said, confirming the reports. Nexon Foundation, the company’s philanthropic arm, in 2019 pledged donations totaling 200 billion won for the two institutions. It was not unveiled at the time how much Kim would chip in himself.“Kim pledged in 2018 that he will return 100 billion won to the society and he is living up to his promise,” an NXC official said.Daejeon Chungnam Public Children’s Rehabilitation Hospital, which broke ground late last year, is to be the first public children’s hospital to be built in the western part of Daejeon, Chungnam Province.The Nexon Children’s Palliative Care Center, which will be the nation’s first independent child palliative care facility, is slated for completion next year.By Kim Byung-wook ( kbw@heraldcorp.com
[Eye on Business] The story behind Korea’s ‘screen golf’
BUSINESSUsers play the latest version of Golfzon’s indoor golf simulator. (Golfzon)Golfzon Newdin Group Chairman Kim Young-chan (Golfzon)Once considered an exclusive hobby for rich elites, golf has now become much more affordable and accessible, thanks to “screen golf,” or golf simulator rooms.Virtual reality allowed golf aficionados to be rid of the inconvenience of having to travel far out to countryside golf courses, letting them tee off after work in their neighborhood “screen golf lounges” for the cost of about $20 for an 18-hole game.Pioneering this indoor golf culture was Golfzon, which introduced an advanced golf simulator in the early 2000s.Golfzon’s device recreates the terrains, the uphill and downhill holes of existing golf courses in the world on the screen. 1 in the indoor golf industry, with a 70 percent market share and 130,000 daily users. Two years later, Kim’s team succeeded in developing their first golf simulator, entirely made in Korea.With the release of their very first product, the company began raking in money. The golf giant has been holding Gtour, the world’s first simulation-based professional golf tours, annually since 2012.
KB Securities wraps up sale of UK logistics facility
FINANCELogo of KB Financial Group (KB)South Korean brokerage firm KB Securities said Wednesday that it had completed the sale of a UK logistics facility, in which it jointly invested with LB Asset Management in 2017.The two Korean companies bought the facility through funds designed to invest in UK property assets in 2017. The exact investment amount for the acquisition was not unveiled at the time. KB Securities and LB Asset Investment sealed the sale deal of the facility in January. The facility is leased to UK supermarket chain Sainsbury’s until 2038.Without disclosing the value of the deal, the securities firm said the rate of return before taxes and fees came in at some 36 percent. Investors for the funds have been given an annual dividend of 7 percent on average.The sale deal came amid growing concerns over foreign alternative investments during the ongoing coronavirus pandemic.“The recent bull stock market requires the company to offer promising alternative investments for investors via an in-depth analysis and thorough on-site inspections,” said a KB Securities official, adding “We will continue to make all-out efforts to provide trustworthy investment products.”By Kim Young-won ( wone0102@heraldcorp.com
KB Securities wraps up sale of UK logistics facility
South Korean brokerage firm KB Securities said Wednesday that it had completed the sale of a UK logistics facility, in which it jointly invested with LB Asset Management in 2017.The two Korean companies bought the facility through funds designed to invest in UK property assets in 2017. The exact investment amount for the acquisition was not unveiled at the time. KB Securities and LB Asset Investment sealed the sale deal of the facility in January. The facility is leased to UK supermarket chain Sainsbury’s until 2038.Without disclosing the value of the deal, the securities firm said the rate of return before taxes and fees came in at some 36 percent. Investors for the funds have been given an annual dividend of 7 percent on average.The sale deal came amid growing concerns over foreign alternative investments during the ongoing coronavirus pandemic.“The recent bull stock market requires the company to offer promising alternative investments for investors via an in-depth analysis and thorough on-site inspections,” said a KB Securities official, adding “We will continue to make all-out efforts to provide trustworthy investment products.”By Kim Young-won ( wone0102@heraldcorp.com
Delivery workers announce strike in protest of unchanged conditions
Unionized deliverymen declare a strike in front of the headquarters of Hanjin Transportation Co. in Seoul on Wednesday. (Yonhap)Delivery workers said Wednesday they will launch a strike later this week, accusing logistics firms of violating the terms of their recent agreement to improve working conditions. "The social agreement we announced ended up being nothing more than the chaebol delivery firms deceiving and making fools of the nation and the delivery workers," he said. The union had scrapped plans to strike after reaching the deal on Thursday, the product of monthslong negotiations sparked by the deaths of 19 delivery workers last year, apparently from overwork. "We are left in a hopeless situation where no one imposes any controls even when logistics firms repeatedly violate the agreement."
Selective support to pandemic-hit sectors is desirable: IMF
(Ministry of Economy and Finance)The International Monetary Fund (IMF) said Wednesday that it would be desirable for South Korea to selectively provide assistance to sectors and people hit hard by the pandemic as economic recovery is uneven. During a conference call with Finance Minister Hong Nam-Ki, Andreas Bauer, Korea mission chief at the IMF, said South Korea needs to maintain policy support to tackle economic slumps caused by the new coronavirus outbreak. Every year, IMF delegations visit South Korea for consultations. The COVID-19 pandemic has been deepening inequality in South Korea as the pace of recovery is different between sectors and businesses, known as a "K-shaped recovery." Hong noted that close attention should be paid to the pace at which the government's debt is fast rising, according to the finance ministry.
[Eye on Business] The story behind Korea’s ‘screen golf’
(Golfzon)Once considered an exclusive hobby for rich elites, golf has now become much more affordable and accessible, thanks to “screen golf,” or golf simulator rooms. Virtual reality allowed golf aficionados to be rid of the inconvenience of having to travel far out to countryside golf courses, letting them tee off after work in their neighborhood “screen golf lounges” for the cost of about $20 for an 18-hole game. Pioneering this indoor golf culture was Golfzon, which introduced an advanced golf simulator in the early 2000s. Golfzon’s device recreates the terrains, the uphill and downhill holes of existing golf courses in the world on the screen. While about 37 million rounds of golf games occur on outdoor golf courses annually, more than 57 million rounds are played at Golfzon’s screen golf lounges, the company said.
Columbia Students Wage the Largest Tuition Strike in Nearly 50 Years
On January 22, students at Columbia University in New York began the largest tuition strike in nearly 50 years. With the tuition deadline behind them, students say they plan on withholding payment until the university’s administration agrees to both reduce the cost of attendance and increase financial aid by 10%. “Beyond systemically failing Black folx on campus, Columbia has also destroyed much of the once majority Black neighborhood of West Harlem,” MAD’s letter reads. The ongoing tuition strike hearkens back to the Columbia protests of 1968, which resulted in an occupation of Columbia’s Hamilton Hall to protest the university’s construction of a segregated gymnasium in neighboring Morningside Park. “The tuition strike at Columbia is about building a more democratic higher education system,” says Labiba Chowdhury, a student at City College of New York and co-chair of YDSA’s national organization.
Vaccine supply is the real issue weighing on markets: Standard Chartered
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVaccine supply is the real issue weighing on markets: Standard CharteredClive McDonnell of Standard Chartered says if vaccine makers are able to overcome production issues, the uptick in supply will help boost growth sentiment.
Citi: the stock market hasn't reached its top yet
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCiti: the stock market hasn't reached its top yetSteven Wieting from Citi Private Bank says the U.S. is on "lasting economic recovery" and the market should keep climbing in 2021.
Column: China fails to learn from Trump backfire in trade war, is losing against Australia - Russell
Coal is more than just a volume story, with prices moving in favour of Australia and against China. China imposed an 80.5% tariff on imports of Australian barley in May last, collapsing the trade between the two nations. China also has an unofficial ban on imports of copper ores and concentrates from Australia, which had been its fifth biggest supplier. It has imposed costs on itself and no penalty on Australian copper miners, who can sell easily to other buyers. Since China started its trade actions against Australia, the numbers seem to be tilting heavily in favour of Canberra.
Asian shares step back, Microsoft's brisk earnings boost tech optimism
TOKYO/NEW YORK (Reuters) - Asian equities slipped on Wednesday as investors looked to the Federal Reserve’s guidance on its monetary policy while futures for U.S. tech shares jumped after strong earnings from Microsoft. REUTERS/Aly SongEuropean stocks are expected to slip a tad, with EuroStoxx 50 futures down 0.3% and FTSE futures shedding 0.4%. MSCI’s gauge of Asian ex-Japan shares slipped 0.2%, dragged lower by profit-taking in resource shares as some investors have grown wary of stretched valuations. But the tech sector remained a bright spot after Microsoft’s earnings lifted Nasdaq futures 0.5% while Japan’s Nikkei also rose 0.3%. Oil prices were supported by economic optimism, with U.S. crude futures trading up 0.6% at $52.95 per barrel.
SoftBank ties up with Iris Ohyama to recharge robotics ambitions
Slideshow ( 2 images )TOKYO (Reuters) - SoftBank Group Corp’s robotics unit announced on Wednesday a joint venture with Japanese electronics maker Iris Ohyama, as the conglomerate looks to juice up its robotics business. SoftBank Robotics, whose Pepper robot is a symbol of the company and Chief Executive Masayoshi Son’s grand technological ambitions, is an outlier, as the group eschews operating businesses in favour of investing. The joint venture, Iris Robotics, offered an ambitious forecast of 100 billion yen ($965 million) in sales by 2025, but provided little detail on future products at a press conference. Household goods maker Iris Ohyama, which has a 51% stake in the venture, is becoming an increasingly potent force in Japan’s electronics sector as it moves steadily up the value chain. Last month, SoftBank announced the sale of robotics firm Boston Dynamics to Hyundai Motor Group and its chairman.
Japan's COVID crisis reawakens deflation fears as cash hoarding returns
“We don’t expect Japan to return to deflation. That was mostly due to a 10% slump in services spending, which contrasted with an 8% gain in durable goods consumption. The pain continued in December with consumption falling 11.5% from a year ago, mainly due to a 20% drop in services spending, according to research firm Nowcast and credit card company JCB. A BOJ survey showed more than 70% of households don’t plan to change the amount spent to enjoy time at home. Instead, they are hoarding cash in banks, as they have done through every crisis including the two decades of debilitating deflation that haunted Japan until 2013.
Amid crisis, Hezbollah ‘bank’ a lifeline for some Lebanese
As more Lebanese fall into poverty in the country's economic crisis, increasing numbers are turning to the financial arm of the Iranian-backed Hezbollah militant group for help. As more Lebanese fall into poverty in the country's economic crisis, increasing numbers are turning to the financial arm of the Iranian-backed Hezbollah militant group for help. He could still pull out the dollars in his account at the al-Qard al-Hasan Association, the financial arm of the militant Hezbollah group. Stepping in where the state and financial institutions have failed, Hezbollah is providing a vital lifeline for some Lebanese. That has proven a boon for the al-Qard al-Hasan association, as some turned to it as an alternative to store their cash.
Asian shares mixed as focus turns to Federal Reserve meeting
A woman cycles past by an electronic stock board of a securities firm in Tokyo, Wednesday, Jan. 27, 2021. (AP Photo/Koji Sasahara)A woman cycles past by an electronic stock board of a securities firm in Tokyo, Wednesday, Jan. 27, 2021. Stocks were mixed in Asia on Wednesday after a lackluster session on Wall Street. (AP Photo/Koji Sasahara)Stocks are mixed in Asia as investors focus on the Federal Reserve policy meeting that ends Wednesday. Shares rose in Hong Kong and Tokyo but fell in Seoul and Sydney.
Nissan says new models in key markets to be electrified by early 2030s
FILE PHOTO: The brand logo of Nissan Motor Corp. is displayed during a press preview at Nissan Pavilion in Yokohama, south of Tokyo, Japan July 14, 2020. REUTERS/Issei KatoTOKYO (Reuters) - Nissan Motor Co said on Wednesday all its “new vehicle offerings” in key markets would be electrified by the early 2030s, as part of the Japanese automaker’s efforts to achieve carbon neutrality by 2050. “We’re determined to help create a carbon-neutral society and accelerate the global effort against climate change,” said Nissan Chief Executive Officer Makoto Uchida. The country laid out a “green growth strategy” last year that includes a goal to replace new gasoline-powered vehicles with EVs by mid-2030s to help achieve 2050 carbon-neutral goal. Japan, where renewable energy accounted for 18% in the country’s power mix in the year ended March 2020, is in the process to review its energy policy.
Siemens Healthineers boost outlook after results
Siemens Healthineers AG said late Tuesday that earnings and revenue rose for the first quarter and that it has raised its outlook for financial year 2021. The German medical-equipment maker posted adjusted earnings before interest and taxes of 738 million euros ($897.5 million) for the period, up from EUR487 million a year earlier. Margin on adjusted EBIT was 19.1% for the quarter, compared with a 13.6% margin a year earlier it said.
Allied Universal extends offer for G4S
G4S PLC said late Tuesday that Allied Universal Topco LLC has extended its offer for the U.K. security company until Feb. 9 after receiving acceptances from less than 1% of the target's shareholders. G4S on Dec. 8 said that it had reached an agreement to sell itself to U.S. rival Allied Universal in a deal worth 3.8 billion pounds ($5.22 billion). Canada's Garda World Security Corp. has also made an offer for G4S.
My father inherited money from his parents — he now tells people he earned it due to his (nonexistent) investment prowess
It is very likely that my sister and I will never see a penny of our grandparents’ money. Dear Daughter,Separate your relationship with your father from your financial needs and wants. Mixing up your emotional needs and wants with your financial needs and wants will quickly rust the wheels of this relationship. Inadvertently or not, it sounds like your grandparents used money to ensure that you would remain engaged with them throughout your life. Check out the Moneyist private Facebook FB, +1.45% group where we look for answers to life’s thorniest money issues.
Software AG issues outlook as profit, sales fall
Software AG said Wednesday that operating profit and revenue fell in the fourth quarter of 2020, and issued guidance for the new year. The German software company said non-IFRS operating profit slipped to 62.5 million euros ($76 million) from EUR84.2 million a year earlier, with its non-IFRS operating margin falling to 26.3% from 33.0%. Non-IFRS figures are based on calculations that contain some adjustments.
Opinion: Why you should never short-sell stocks
But shorting is much riskier than buying stocks, or what’s known as taking a long position. But if you have a short position, there’s no limit to how much money you can lose if the shares rise. But an investor named Joe Campbell was not so lucky when he placed a $37,000 short position on KaloBios Pharmaceuticals Inc. When a well-known investor announces a short position, it does not mean you should necessarily follow suit. The professional short investor also may have access to technical and financial analysis that you do not.
German consumer confidence set to drop sharply
"Consumer sentiment is facing difficult challenges in the first quarter of this year," Rolf Burkl, consumer expert at GfK, said. GfK's forward-looking consumer sentiment index is set to drop to minus 15.6 points in February from a revised minus 7.5 points in January. The decline is much larger than that predicted by economists polled by The Wall Street Journal, who expected consumer sentiment to fall to minus 7.8 points. "The recent decision to extend the strict lockdown measures has dashed hopes of a speedy recovery for consumer sentiment," GfK said. For consumer sentiment to recover sustainably, infection rates will need to decrease more than they have to date so that the measures can be relaxed significantly, Mr. Burkl said.
Democrats in Congress are preparing to go around Republicans to pass Biden's stimulus package
Drew Angerer/Getty ImagesSchumer said Democrats were gearing up to pass a relief package without GOP votes if necessary. But GOP resistance to the plan is intensifying, and many Republicans say the level of spending Biden is seeking isn't necessary to address the crisis. Story continuesSenate Minority Leader Mitch McConnell said during a floor speech on Monday that the Biden plan "misses the mark." Sen. Dick Durbin of Illinois said Democrats should spend a "very limited amount of time" trying to draw Republican votes. That's been a major factor pushing Democrats to immediately set the wheels in motion for passing Biden's rescue package.
Bond market watching for ongoing Fed reassurance on purchases
The U.S. bond market will be watching for ongoing reassurance from the U.S. Federal Reserve that it will maintain its bond purchases for the foreseeable future - or risk a disorderly rise in yields. Fed Chair Jerome Powell said on Jan. 14 it is too early for the central bank to discuss changing its monthly bond purchases. “Powell was full throttle on the message,” said Lou Brien, a market strategist at DRW Trading in Chicago. His ability to stop the market from front-running potential Fed moves will be key for whether future yield increases become disruptive, analysts said. One possible beneficiary of rising bond yields could also be bank stocks, Berezin said.
Climate Change: Hong Kong's Government Raises US$2.5 Billion As It Prices Asia's First Ever 30-year Sovereign Green Bond
The offering was more than double the size of the government's first US$1 billion green bond in 2019. "The success of the offering demonstrates investor confidence in Hong Kong's credit strengths and economic fundamentals in the long term," Financial Secretary Paul Chan Mo-po said in a news release. The green bond offering comprised a US$1 billion five-year tranche, a US$1 billion 10-year tranche and a US$500 million 30-year tranche. The bonds are expected to be settled on February 2 and be listed on the Hong Kong and London stock exchanges. Financial Secretary Paul Chan said the city's latest green bond issuance will help catalyse further grow Hong Kong's green financing market.
Walmart plans to fill online orders with help from robots at some US stores
Walmart Inc will add small robot-staffed warehouses to dozens of its stores to help fill orders for pickup and delivery, the company said on Wednesday, as Americans shift their spending online amid the COVID-19 pandemic. WALMART EXPECTS TO DELIVER UP TO 13M DOSES PER MONTHContactless services like curbside pickup and home delivery have boomed as virus wary shoppers have opted to stay home and make purchases online. The trend has fueled record digital sales at major retailers such as Target Corp and Best Buy, and Bentonville, Arkansas-based Walmart has been no exception. In Q1, at the start of the pandemic, pick-up and delivery services at Walmart surged 300%, while the number of new customers jumped four-fold, the company said. Walmart began testing similar automated technology in late 2019 at a store in Salem, New Hampshire and found that orders can be filled in "just a few minutes," Ward said.
Musk’s Finance Chief Quietly Tallies Profit Surge at Tesla
That follows a remarkable year when Tesla’s stock split and skyrocketed, the company joined the S&P 500 Index and it sold almost half a million cars. Elon Musk, Tesla’s chief executive officer, informed employees in a January 2019 open letter that the company had to reduce headcount by 7% and boost Model 3 production rates to survive. As the earnings call drew to a close, Musk dropped a bombshell: Deepak Ahuja, the longtime finance chief who previously worked at Ford Motor Co., was retiring again. A then-unknown protege from the finance team, Zachary Kirkhorn, would replace him after a short transition period. They describe him as being very close to Tesla’s products, mindful of engineering and manufacturing as well as finance.
Asian shares mixed as focus turns to Federal Reserve meeting
Stocks are mixed in Asia as investors focus on the Federal Reserve policy meeting that ends Wednesday. Shares rose in Hong Kong and Tokyo but fell in Seoul and Sydney. Shanghai was little changed. The Fed is expected to keep its extremely supportive policy stance unchanged given the slow progress in vanquishing the pandemic, analysts said. Markets have meandered since last week as investors weighed solid corporate earnings results against renewed worries that troubles with COVID-19 vaccine rollouts and the spread of new variants of coronavirus might delay a recovery from the pandemic.
Five British stocks you can rely on for dividends this year
Companies paying reliable dividends are in short supply, with payouts across the stock market crashing last year and the outlook for 2021 bleak. Last year London-listed companies cut, suspended or cancelled 44pc of all dividend payments and Link Group’s UK Dividend Monitor warned another £400m could be wiped off in 2021. But Adrian Gosden and Chris Morrison, managers of the GAM UK Equity Income fund, believe the five stocks below can be relied on for income this year. Mr Gosden said: “We believe each of the examples below have attractive dividend yields and importantly have strong cash generation, which supports future dividend growth." VodafoneThe largest stock on the list, Vodafone is valued at £34bn and provides an attractive 6.4pc dividend yield, making it a good option for those in need of an income.
Elon Musk's tweet helps fuel massive surge in GameStop shares
Along with that tweet, he shared a link to Reddit's Wallstreetbets stock trading discussion group, where supporters affectionately refer to the Tesla CEO as 'Papa Musk'. GameStop is up more than 680 per cent this year, a spike led by investors on the WallStreetBets subreddit. GameStop is now worth more than $10billion for the first time in its history due to the war between WallStreetBets investors and short sellersNow, GameStop could be headed or $15billion thanks to Musk's tweet. To some stock market professionals, the recent moves look symbolic of a stock market that may be overvalued at the end of a year dominated by floods of fiscal and monetary stimulus to ease the coronavirus crisis. Melvin previously held a 6.2 per cent short bet against Evotec, according to filings with the German regulator.
New Korean equity fund bets on ESG momentum
FINANCETruston Asset Management Chief Investment Officer Hwang Sung-taek (Truston Asset Management)South Korean investment firm Truston Asset Management said Wednesday that it is establishing a fund to invest in companies that have room for improvement in their environmental, social and governance standards, and to make changes through shareholder activism if necessary.The company, which managed assets worth 9.3 trillion won ($8.4 billion) as of end-2020, aims to raise some 500 billion won from public distribution channels in the nation, where unorthodox family business succession plans to avoid taxes are commonplace and where anti-competitive practices such as intragroup transactions have a long history.Weak governance of Korean companies is “entrenched and detrimental to shareholder value,” Hwang Sung-taek, chairman and chief investment officer of Truston, told reporters at a virtual press conference.“No matter how much tax burden they face, listed companies that cut corners in governance structure cannot justify itself to shareholders,” said Hwang in his first media appearance in 12 years.Truston’s new ESG equity fund, set to be launched Thursday, is targeting companies in which ESG improvements can lead to higher profits. Its investment decisions will be influenced by Truston’s in-house ESG evaluator unit.The open-ended fund is designed to turn away from companies with integrated ESG scores of “B” and above from external evaluators. Instead, the fund will invest in stocks or bonds issued by listed companies with scores lower than “B” but with the potential to improve.“We believe in the value that a momentum from a spontaneous corporate change can create,” Hwang said.“But to tackle a weak governance structure that harms shareholder value, an engagement as a minority shareholder is inevitable to ensure the company’s cash flow and enhance its social value.”Hwang added that Truston’s ESG equity fund would differentiate itself from other Korean ESG funds, which tend
Telecom firms unload assets to cope with market changes
BUSINESS(AFP-Yonhap)Major telecommunications firms in South Korea are speeding up asset sales as part of their strategies to seek new growth opportunities in the non-telecommunications market.SK Telecom, the industry’s largest in terms of mobile subscription, announced Tuesday its sale of professional baseball team SK Wyverns to Shinsegae Group’s supermarket chain E-Mart.The deal, estimated at 135 billion won, includes a 100 percent stake in the baseball team as well as the team’s property holdings worth about 35.3 billion won.SK Telecom in 2000 took over the cash-strapped professional baseball team, then named Ssangbangwool Raiders, as a marketing effort for its then-booming telecommunications business.The number of mobile subscribers in South Korea was 26 million at that time, which continued growing in the following decades. The figure reached 69 million as of end-2019, meaning an oversaturation, given the country’s total population of 51 million.While the company no longer needs a mass marketing tool like a professional sports team, it has been trying to direct resources to business-to-business opportunities in new areas, such as platform, artificial intelligence, robotics and 5G-based solutions.The company last year forged partnerships with global tech firms, including Microsoft, Amazon and Uber to strengthen its platform businesses.Industry sources predicted that SK Telecom could leverage the 130 billion won proceeds from the sale for future mergers and acquisitions.SK Telecom’s move comes as its rival KT Corp. last week approved the auction of its 44.85 percent stake in affiliate KT Powertel, valued at 40.6 billion won.KT has chosen IDIS, a local security solutions provider, as a preferred bidder for its shares in the radio systems subsidiary, the company announced Friday. KT expects to finish the deal by the end of March this year.With the equity sale, the KT too is expected to speed up corporate restructuring and increase investment in non-telecommunication
Mercedes-Benz Korea plans to launch 9 new models including 2 EVs
BUSINESSMercedes-Benz Korea CEO Thomas Klein (far right) and executives pose next to Mercedes-Benz Vision AVTR in an online press conference on Wednesday. Klein began his term on Jan. 1.The German automaker retained its top position in the imported vehicle market here in terms of sales last year. Sales for SUVs grew 13.4 percent on-year, while its performance-oriented brand Mercedes-AMG reported a 60.3 percent jump. Mercedes-Maybach is the automaker’s high-end luxury brand.It will also be introducing its mobile membership program Mercedes me Car app in South Korea, for the first time in the world. The app would provide loyalty benefits to the customers on lifestyle-related booking services, the company explained.An online sales platform that enables customers to purchase cars online will also be newly established this year, the company said.By Jo He-rim ( herim@heraldcorp.com
Mercedes-Benz Korea plans to launch 9 new models including 2 EVs
Klein began his term on Jan. 1.The German automaker retained its top position in the imported vehicle market here in terms of sales last year. Sales for SUVs grew 13.4 percent on-year, while its performance-oriented brand Mercedes-AMG reported a 60.3 percent jump. Electrified cars also rose by 63.1 percent in sales compared to the year before, the company said.The company plans to strengthen its SUV lineup in 2021, introducing Mercedes-Maybach’s first SUV, the Mercedes-Maybach GLS, and also Mercedes-Maybach S-Class this year. Mercedes-Maybach is the automaker’s high-end luxury brand.It will also be introducing its mobile membership program Mercedes me Car app in South Korea, for the first time in the world. The app would provide loyalty benefits to the customers on lifestyle-related booking services, the company explained.An online sales platform that enables customers to purchase cars online will also be newly established this year, the company said.By Jo He-rim ( herim@heraldcorp.com
Telecom firms unload assets to cope with market changes
Major telecommunications firms in South Korea are speeding up asset sales as part of their strategies to seek new growth opportunities in the non-telecommunications market.SK Telecom, the industry’s largest in terms of mobile subscription, announced Tuesday its sale of professional baseball team SK Wyverns to Shinsegae Group’s supermarket chain E-Mart.The deal, estimated at 135 billion won, includes a 100 percent stake in the baseball team as well as the team’s property holdings worth about 35.3 billion won.SK Telecom in 2000 took over the cash-strapped professional baseball team, then named Ssangbangwool Raiders, as a marketing effort for its then-booming telecommunications business.The number of mobile subscribers in South Korea was 26 million at that time, which continued growing in the following decades. The figure reached 69 million as of end-2019, meaning an oversaturation, given the country’s total population of 51 million.While the company no longer needs a mass marketing tool like a professional sports team, it has been trying to direct resources to business-to-business opportunities in new areas, such as platform, artificial intelligence, robotics and 5G-based solutions.The company last year forged partnerships with global tech firms, including Microsoft, Amazon and Uber to strengthen its platform businesses.Industry sources predicted that SK Telecom could leverage the 130 billion won proceeds from the sale for future mergers and acquisitions.SK Telecom’s move comes as its rival KT Corp. last week approved the auction of its 44.85 percent stake in affiliate KT Powertel, valued at 40.6 billion won.KT has chosen IDIS, a local security solutions provider, as a preferred bidder for its shares in the radio systems subsidiary, the company announced Friday. KT expects to finish the deal by the end of March this year.With the equity sale, the KT too is expected to speed up corporate restructuring and increase investment in non-telecommunications businesses.CEO Ku
HNA’s key decision-making body leaves out Chen Feng’s name, signalling founder’s exit from China’s biggest asset buyer
Chen Feng, then Chairman of HNA Group, during an interview in his office in the Hainan provincial capital of Haikou on 23 June 2017. Photo: Xiaomei Chen
Criminals in Mexico exploit desperation for oxygen canisters
Hospitals in some parts of Mexico are almost 90% full, forcing families to treat their relatives at home. But the oxygen tanks they rely on have been the object of thefts, hijackings and fraud. The head of the country's consumer protection agency, Ricardo Sheffield, reported Tuesday that hundreds of ads have been found offering industrial oxygen cylinders — used by torch and welding operators — for medical use. In other cases, fraudsters advertised tanks or oxygen concentrators at excessive prices, or accepted deposits and then disappeared. There have been several armed robberies of oxygen cylinders in recent weeks in Mexico, and hijackings of trucks delivering the canisters.
Sam's Club credit card relaunches with enhanced rewards for Plus members
If you're a Sam's Club Plus member and use the warehouse's co-branded Mastercard, your bulk grocery runs are about to get more rewarding. Starting today, January 27, Sam's Club Plus members will earn an elevated 5% back on eligible purchases with the Sam's Club® Mastercard® . Traditionally, Plus members would only earn up to 3% back (1% with the Sam's Club Mastercard and 2% with the Plus membership). Similar to the Costco Anywhere Visa® Card by Citi, Sam's Club cardholders receive rewards each February. Information about the Sam's Club® Mastercard® has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.
European stocks head for lackluster open, following uncertainty in global markets
LONDON — European stocks are expected to open flat to lower on Wednesday, echoing an uncertain trend seen in other global markets overnight. London's FTSE is expected to open 24 points lower at 6,636, Germany's DAX down 29 points at 13,859, France's CAC 40 down 4 points at 5,531 and Italy's FTSE MIB 2 points lower at 21,954, according to IG. Global coronavirus virus infections have topped the 100 million mark, according to a tally from Johns Hopkins University, as new and more contagious virus mutations circulate and send infection rates surging. On Tuesday, European Commission President Ursula von der Leyen and German Chancellor Angela Merkel were among the speakers at the online summit. On the data front, France releases consumer confidence data for January and Germany's GfK consumer sentiment data for February is due.
Southeast Asia's Gojek wants to expand further outside Indonesia this year, co-CEO says
SINGAPORE — Ride-hailing start-up Gojek wants to grow its business further, beyond its home base of Indonesia this year, co-CEO Kevin Aluwi said Wednesday. "One of our primary focuses for 2021 is really to expand our footprint outside of Indonesia," Aluwi told CNBC's "Squawk Box Asia," as part of the network's coverage of the Davos Agenda. "Over the last few years, we've definitely invested relatively smaller amounts in our markets outside of Indonesia. Gojek started in 2010 with ride-hailing in Indonesia and has since branched out into other business areas including food delivery, digital payments and logistics. It is now present in more than 200 cities across five Southeast Asian countries but Indonesia remains its top market.
Nationalism 'is not the way forward': New Zealand minister calls for more trade relationships
A general view of a Australian flag is seen outside the Great Hall of the People on April 9, 2013 in Beijing, China. SINGAPORE — Nationalism is not the way to go in diplomatic relations, New Zealand's trade minister told CNBC as he called for more multilateral trade and ties worldwide. "Nationalism is not the way forward – we hope to build multilateral trade and diplomatic relationships across the world and play our part," added O'Connor, who is also the country's agriculture minister. On Tuesday, New Zealand signed a trade agreement with China, which gives Kiwi exports greater access to the Asian economic giant. The deal paves the way for tariffs to be either removed or reduced on many New Zealand goods, ranging from dairy and seafood to timber.
Nissan says all new vehicle offerings in key markets to be electrified by early 2030s
FILE PHOTO: The brand logo of Nissan Motor Corp. is displayed during a press preview at Nissan Pavilion in Yokohama, south of Tokyo, Japan July 14, 2020. REUTERS/Issei KatoTOKYO (Reuters) - Nissan Motor Co said on Wednesday that all of its new vehicle offerings in key markets will be electrified by the early 2030s, as part of its efforts to achieve carbon neutrality by 2050. The Japanese automaker said the plan covers markets in Japan, China, the United States and Europe.
Column: China fails to learn from Trump backfire in trade war, is losing against Australia - Russell
Coal is more than just a volume story, with prices moving in favour of Australia and against China. China imposed an 80.5% tariff on imports of Australian barley in May last, collapsing the trade between the two nations. China also has an unofficial ban on imports of copper ores and concentrates from Australia, which had been its fifth biggest supplier. It has imposed costs on itself and no penalty on Australian copper miners, who can sell easily to other buyers. Since China started its trade actions against Australia, the numbers seem to be tilting heavily in favour of Canberra.
Kia Motors' net profit nearly triples
Kia Motors Corp.'s fourth-quarter net profit nearly tripled compared with the same period a year earlier thanks to solid shipment growth backed by new model launches. Net profit for the quarter ended Dec. 31 was 976.75 billion Korean won ($886.3 million) compared with net profit of KRW346.00 billion in the same quarter a year earlier, the South Korean car maker said Wednesday. The result was below a FactSet consensus forecast for net profit of KRW982.13 billion.
US boosting vaccine deliveries amid complaints of shortages
He acknowledged that states in recent weeks have been left guessing how much vaccine they will have from one week to the next. “Lives are at stake.”He promised a roughly 16% boost in deliveries to states over the next three weeks. The administration said it plans to buy another 100 million doses each from drugmakers Pfizer and Moderna to ensure it has enough vaccine for the long term. ADVERTISEMENTThe setup inherited from the Trump administration has been marked by miscommunication and unexplained bottlenecks, with shortages reported in some places even as vaccine doses remain on the shelf. As of Tuesday afternoon, the CDC reported that just over half of the 44 million doses distributed to states have been put in people’s arms.
Rightmove: Big U.K. city centers saw rent drop
Rightmove PLC said Wednesday that asking rent dropped up to 12% in the last quarter of 2020 in some of the biggest U.K. city centers, as tenants shift focus after the coronavirus pandemic. Inner London was the worst hit in the three months to Dec. 31, as annual asking rent fell by 12.4% on average, followed closely by Edinburgh city center at 10% and Manchester city center at 5.3%. Out of the 10 biggest city centers in the country, all saw an uptick in the number of inner city tenants enquiring about properties outside of the area. In Inner London, 53% of renters asked about properties outside the city center in the final quarter, up from 45% a year before, while in Edinburgh, the proportion rose to 37% from 29%, Rightmove said. "Outside city centers it's a very different picture, with agents reporting extremely busy markets and rising rents.
Junior bankers feel left behind in COVID-era banking boom
The pandemic stifled those requests, because senior bankers opted to handle more work themselves rather than rely on juniors they could not easily supervise, he said. A Barclays PLC associate recalled spending most of 2020 working on what bankers disparagingly call "science projects." Some junior staffers had busier schedules or more engaged bosses but largely painted an atmosphere where they felt forgotten and unnecessary, rather than one where they were being groomed for success. She maintained a running list of COVID-19 actions by governments before the International Monetary Fund started publishing an official list and offered it to senior bankers for client presentations. Along with one-on-one check-ins, the games are part of an “aggressive” effort to connect with the department's 60 junior bankers, she said.
Bond market watching for ongoing Fed reassurance on purchases
By Karen BrettellJan 27 (Reuters) - The U.S. bond market will be watching for ongoing reassurance from the U.S. Federal Reserve that it will maintain its bond purchases for the foreseeable future - or risk a disorderly rise in yields. Speculation also grew that the Fed would be quicker to pull back its support of the U.S. economy, possibly even tapering bond purchases this year. Fed Chair Jerome Powell said on Jan. 14 it is too early for the central bank to discuss changing its monthly bond purchases. Ten-year real yields, Treasury yields that adjust for expected inflation, are trading at minus 1% after inflation expectations this month jumped to 2.17%, the highest since May 2018. One possible beneficiary of rising bond yields could also be bank stocks, Berezin said.
EVs and prisons early winners and losers in Biden administration
Katrina LewisBloomberg NewsElectric vehicle and private prison stocks are among the initial batch of winners and losers in the new Joe Biden administration as the Democratic president rolls out his first policy actions. Workhorse surged as much as 33%, while Nikola Corp. gained 26%, Lordstown Motors Corp. added 20% and Tesla Inc. rose 1.7%. Green-energy stocks similarly advanced last week when Biden signaled his commitment to combating climate change through his executive orders. On Tuesday, FuelCell Energy Inc. was as much as 26% higher and solar company SunPower Corp. rose 10%. Shares of private prison operators dropped on Tuesday following news that Biden will sign an executive order directing the attorney general not to renew contracts with privately operated detention facilities.
Amid crisis, Hezbollah 'bank' a lifeline for some Lebanese
BEIRUT (AP) — When Lebanon’s financial meltdown began in late 2019, Hassan Shoumar was locked out of his dollar savings like everyone else in the country as banks clamped down with capital controls. He could still pull out the dollars in his account at the al-Qard al-Hasan Association, the financial arm of the militant Hezbollah group. Shoumar had kept an account at the association for years, ever since he had taken a loan from it to pay university fees. Unlike Lebanon’s commercial banks, the accounts at the association didn’t earn interest. But the 28-year-old Shoumar didn’t care about that.
US boosting vaccine deliveries amid complaints of shortages
Biden, calling the push a “wartime effort,” said Tuesday the administration was working to buy an additional 100 million doses of each of the two approved coronavirus vaccines. He acknowledged that states in recent weeks have been left guessing how much vaccine they will have from one week to the next. The administration said it plans to buy another 100 million doses each from drugmakers Pfizer and Moderna to ensure it has enough vaccine for the long term. The setup inherited from the Trump administration has been marked by miscommunication and unexplained bottlenecks, with shortages reported in some places even as vaccine doses remain on the shelf. As of Tuesday afternoon, the CDC reported that just over half of the 44 million doses distributed to states have been put in people’s arms.
City centre landlords forced to cut rents by 12pc
Coronavirus has hammered city centre landlords across Britain and forced rent price cuts of as much as 12pc, according to new research. Meanwhile travel restrictions mean short-term holiday lets, popularised by Airbnb, have flooded the long-term rental market and left city landlords scrambling to fill their homes. Meanwhile, the number of rental properties available on Rightmove has more than doubled in five major city centres, leaving many landlords with empty homes. Across Britain the supply of rental homes was down 9pc year-on-year, Rightmove said. In each of Britain's 10 biggest cities, the number of tenants inquiring about properties outside of the city rose.
The daily commute must evolve to lure back Britain’s ‘Covid aristocracy’
Time to innovateIt is possible the death of the train and bus may be greatly exaggerated. A drastic reduction in commuter numbers –even with the decline in revenues that would entail – might paradoxically allow the train companies to invest more, and improve the experience on board. But for people who have got a family, then I think working from home is definitely more attractive.”Mike Hewitson, of Transport Focus, is not convinced the commute, in itself, has benefits. “I haven’t seen a 'save our commute' pressure group set up,” he said. “The reason you have a private company do it is they’re generally more efficient and they’re focused on the customer.”
Attack of the clones: £78m stolen from savers by fraudsters posing as real firms
In June 2020 criminals managed to clone the FCA's own register, duping them into believing scam firms were legitimate by setting up a copycat site. Last year the City watchdog opened just 10 investigations into fraudulent firms last year despite receiving more than 24,000 tip-offs. Two Telegraph Money readers were recently scammed out of £285,000, which they believed was being invested in low-risk bonds. Interest in investing has spiked during the coronavirus crisis, as many people have looked to capitalise on share price falls. Criminals then contact them out of the blue claiming to be from a legitimate financial firm, Mr Taber added.
Rishi Sunak has an easy option if he wants to help people move home and boost the economy
In 2013, the average number of years between moves was 21.3, falling to 18.9 as a result of the tax changes. But look back to the 1980s, and that number drops to below an average of 10 years, meaning that people were transacting almost twice as often as we are now, representing a more active, and arguably healthier, market. It is not all down to stamp duty, of course – availability of credit, affordability of homes and economic outlook are all hugely important. As the stamp duty holiday ends, these three factors will be working against buyers. This makes an extension to the tax break, and avoiding a cliff edge at the worst possible time, a necessity.
Lockdown and stamp duty deadline triggers 12pc drop in supply of new homes
Lockdown and the upcoming stamp duty holiday deadline have spooked home sellers, triggering a sharp drop in the supply of homes for sale, new research shows. The fall meant the overall volume of homes for sale on January 17 was 6.4pc lower than the same day in 2020. Sellers are holding off because they are wary of market turbulence when the stamp duty holiday ends on March 31. Huge levels of demand and processing delays mean that the average time taken for an agreed sale to complete has jumped from 90 days to just under four months, Zoopla said. It calculated that up to 70,000 of the sales agreed in 2020 could miss the cut off.
600,000 small firms on the brink as Covid restrictions bite
More than 600,000 small businesses are on the brink as the return of tough Covid restrictions threatens to trigger a cascade of collapses, new figures show. The second wave caused a sharp acceleration in the number of businesses deemed in “significant financial distress” at the end of 2020 as industry leaders called on the Chancellor to take action at the Budget. Economists and City leaders fear that a mountain of corporate debt could hold back the recovery if hamstrung firms cut investment and hiring. Insolvencies have been kept low by huge government support but are expected to rocket in 2021. “More than two-thirds of small firms are now carrying some form of debt, with 40pc of these saying the debt is now unmanageable.”
Broadband customers risk overpaying because of missed end of contract notifications
Broadband customers have overpaid by an estimated £251m in so-called loyalty penalties after a third failed to receive notifications about the end of their contract, a switching website claimed. Polling by Uswitch found that a third of those whose contracts had ended between February and November last year reported not receiving a warning. Uswitch said that customers had either not received notification their contract was ended or had missed it. “Providers have been sending these out since last year to make it easier for their customers to determine whether they are on a contract that best serves their needs. He added: “We’re closely monitoring the impact of these notifications – including collecting data directly from providers – and will report on our findings this year.”
Japan stock rally defies foreign sales thanks to BOJ and banks
Japan’s equity rally last year in the face of foreign selling is challenging conventional wisdom that purchases by overseas investors are necessary for the market to keep rising. The key 225-issue Nikkei average advanced 16% in 2020 despite more than ¥6 trillion of foreign net selling in the cash and futures market, according to Japan Exchange Group data. It was the first time since 1989 that the blue-chip gauge recorded a double-digit gain amid net foreign selling. The Bank of Japan was the largest domestic entity to purchase local equities last year, doling out ¥7.1 trillion in net buying. Persistent BOJ buying of exchange-traded funds is helping to offset foreign sales, said Shusuke Yamada, a strategist at Bank of America.
Apartment price gap widens to record high amid overheated housing market
FINANCEApartment complexes in Seoul. (Yonhap)The price gap between high and low-priced apartments nationwide widened to the highest level in 12 years in December last year, showing deepening housing polarization in the country, according to data Wednesday.Apartment prices of the top 20 percent group reached an average of 951.6 million won ($861,198) in December, soaring by more than 200 million won from a year earlier, the monthly housing price trend report released by KB Kookmin Bank showed. Meanwhile, prices of low-cost apartments in the bottom 20 percent band recorded 111.9 million won on average in the cited month, up 3.75 million won on-year.The ratio of prices between the two groups stood at 8.5 in the cited month, sharply up from 6.8 estimated a year earlier. This marked the largest figure since December 2008, when it recorded 8.1, the report said.The ratio is measured by dividing the average price of the highest 20 percent of apartments nationwide by the lowest 20 percent, an economic indicator of housing polarization within a country. The higher the number, the wider the price gap between the most expensive and cheapest apartments.Experts say the widened price gap was mainly driven by ample liquidity amid the record-low interest rate environment.“People’s increased purchasing power triggered by the current abundant liquidity was reflected in the latest price increase of premium houses in metropolitan areas,” said Park Won-kab, a real estate team head at KB Kookmin Bank.By region, Daejeon saw its housing polarization reach 5.7, followed by Ulsan (5.4), Busan (5.3), Gyeonggi Province (4.8), Daegu (4.6), Seoul (4.2) and Incheon (3.9).In the greater Seoul area, the ratio of prices between the highest and lowest 20 percent apartments declined on-year from 4.8 estimated in 2019 because prices of low and mid-priced apartments appeared to have increased at a faster rate than that of high-priced ones in the area, due to the shortage of “jeonse” homes as well as the
NPS chalks up gains from stock investments last year
South Korea’s state-run pension fund raked in over 58 trillion won ($52.6 billion) from stock investments last year amid a bullish run on the local stock market, data showed Wednesday.The total amount of shares that the National Pension Service holds in listed companies, of which it owns 5 percent or more, is worth nearly 181.3 trillion won as of Friday. The figure has soared over 57.68 billion won or 46.7 percent from the start of last year, according to corporate tracker CEO Score.The number of companies that the pension fund holds more than a 5 percent stake in dropped to 275 firms from 314 companies last year. But its equity value in the listed firms has ballooned drastically.The whopping gains were largely attributable to a spike in the share price of Samsung Group’s crown jewel Samsung Electronics which saw its stock jumping 55.6 percent from a year ago.As the NPS’ stake in the tech giant rose by a 0.08 percentage point over the cited period to 10.7 percent, it posted a valuation gain of 20.06 trillion won -- or a 55.7 percent increase -- to 56.98 trillion won from its investment.The value of its stakes in leading electric vehicle battery makers LG Chem and Samsung SDI also skyrocketed by 210 percent and 210.9 percent, or some 4.85 trillion won and 3.69 trillion won, respectively, from the start of the previous year.The NPS also logged lucrative gains worth over 3 trillion won from its investments in the nation’s second-largest chipmaker SK hynix and leading automaker Hyundai Motor, while garnering more than 2 trillion won from internet giants Naver and Kakao.The pension operator’s shares in Celltrion also shot up 1.96 trillion won or 104.8 percent. While the pharmaceutical giant’s stock surged 71.3 percent from last year, NPS increased its stake in the company by 1.1 percentage point.Meanwhile, the state pension fund suffered valuation losses in listed companies in eight sectors, such as energy, insurance, shipbuilding, machinery and facilities, as they fell
Apartment price gap widens to record high amid overheated housing market
The price gap between high and low-priced apartments nationwide widened to the highest level in 12 years in December last year, showing deepening housing polarization in the country, according to data Wednesday.Apartment prices of the top 20 percent group reached an average of 951.6 million won ($861,198) in December, soaring by more than 200 million won from a year earlier, the monthly housing price trend report released by KB Kookmin Bank showed. Meanwhile, prices of low-cost apartments in the bottom 20 percent band recorded 111.9 million won on average in the cited month, up 3.75 million won on-year.The ratio of prices between the two groups stood at 8.5 in the cited month, sharply up from 6.8 estimated a year earlier. This marked the largest figure since December 2008, when it recorded 8.1, the report said.The ratio is measured by dividing the average price of the highest 20 percent of apartments nationwide by the lowest 20 percent, an economic indicator of housing polarization within a country. The higher the number, the wider the price gap between the most expensive and cheapest apartments.Experts say the widened price gap was mainly driven by ample liquidity amid the record-low interest rate environment.“People’s increased purchasing power triggered by the current abundant liquidity was reflected in the latest price increase of premium houses in metropolitan areas,” said Park Won-kab, a real estate team head at KB Kookmin Bank.By region, Daejeon saw its housing polarization reach 5.7, followed by Ulsan (5.4), Busan (5.3), Gyeonggi Province (4.8), Daegu (4.6), Seoul (4.2) and Incheon (3.9).In the greater Seoul area, the ratio of prices between the highest and lowest 20 percent apartments declined on-year from 4.8 estimated in 2019 because prices of low and mid-priced apartments appeared to have increased at a faster rate than that of high-priced ones in the area, due to the shortage of “jeonse” homes as well as the government’s real estate measures to curb spe
Utah moves to drop concealed carry gun permit requirement with House OK of bill
Spencer Cox has also indicated he’s supportive of a “constitutional carry” bill, even though former Gov. They go get the training.”Brooks said 19 states have some version of a permitless concealed carry law. Although she said she’s a Second Amendment supporter, she expressed concerns about the “perception” that not requiring a concealed carry permit would lead to more people carrying guns. He didn’t agree that it should be called a “constitutional carry” bill because Utahns can already openly carry a gun without a permit. He noted courts have upheld the concealed carry permit requirement as “perfectly reasonable and proper under the constitution.”“All of our constitutional rights have limits,” Nelson said.
US actress Jane Fonda to get Golden Globes' lifetime achievement award
Fonda is also well known as a political activist, most recently as a campaigner against climate change. In 2016, she spent Thanksgiving among the protesters at Standing Rock, demonstrating against the construction of the Dakota Access Pipeline.
Progressives Call On Biden To Ban Gulf Coast Drilling And Create Millions of Clean Energy Jobs
WASHINGTON - On Wednesday, President Biden is expected to sign an executive order to combat climate change domestically and elevate the issue as a national security priority. President Biden has already suspended new oil and gas leasing for 60 days. “The bare minimum is permanently halting new fossil fuel infrastructure on public lands and water that our government owns. To meet this goal, the United States must stop selling off federal land and waters to fossil fuel development. The fossil fuel industry is an existential threat to Florida.
Now Make It 'Permanent': Environmental Groups Applaud Biden's Plan to Pause New Oil and Gas Leasing on Public Lands
President @JoeBiden has the power to stop fracking on public lands. A temporary pause on drilling and fracking is good news, but we need a permanent ban on federal lands and everywhere! "Make this temporary fracking pause permanent and continue to tackle fossil fuel development and infrastructure everywhere it exists." "The bare minimum is permanently halting new fossil fuel infrastructure on public lands and water that our government owns." The only way President @JoeBiden can truly “build back better” is by listening to the science & banning fracking on public lands.
Covid vaccine availability in the United States
They expect to be able to produce 100 million doses for the US by the end of June. One shot seems to produce good immunity although a second booster shot may be helpful. The Biden administration has announced a new goal of administering 150 million doses of Covid vaccine in the first 100 days. Administration of 150 million doses of the Pfizer or Moderna vaccine will provide full protection for 75 million people. It is not clear if people with mild or asymptomatic Covid all develop good immunity.
Our first female Vice President just swore in our first female Treasury Secretary.
Yesterday, Lloyd Austin, today Janet Yellen! Secretary Yellen is a trailblazer, whose deep commitment to working families will be essential as we confront the urgent economic challenges facing the American people. Secretary Yellen was confirmed with an 84-15 vote! x By a vote of 84 to 15, Janet Yellen is now the 78th US Treasury Secretary and the first woman to ever serve in that role. Congrats to Janet Yellen, the first woman to serve as Secretary of the Treasury!
Dear John Roberts
Dear John Roberts, Chief Justice of the Supreme Court, your presence is required in the Senate for the trial of Donald John Trump when it commences next month. When the President of the United States is tried, the Chief Justice shall preside: And no Person shall be convicted without the Concurrence of two thirds of the Members present. [Article I, Section 3, Paragraph 6]This passage is intended to distinguish trials for the President from trials for the Vice President and from trials for civil Officers of the United States. He is being tried as President of the United States. Therefore, the Chief Justice shall preside.
IAN: Jan 26, 2021
xDear @TheAmandaGorman , WOW! Your words inspired me so much last week and not only because of what you said but because of the obstacles I know you had to overcome to get there! Thank you so much for inspiring me and every other person in the world with a speech impediment! pic.twitter.com/ImA0O1EZp7
U.S. billionaires gained almost $1 trillion in wealth during the pandemic
The nation's 644 billionaires have enjoyed a staggering rise in wealth since the pandemic shuttered the economy in March, with the group gaining almost $1 trillion in total net worth, according to a new analysis. The wealth of the nation's billionaires rose to $3.88 trillion as of October 13, a jump of $931 billion from March, an analysis from Americans for Tax Fairness and the Institute for Policy Studies, two left-leaning groups, found. That's almost twice the $2.1 trillion in wealth held by the bottom half of the U.S. population, or about 165 million people, they added. Other billionaires whose fortunes have risen during the pandemic include Microsoft co-founder and philanthropist Bill Gates, whose wealth has jumped 20% to $118 billion since March, and Facebook co-founder Mark Zuckerberg, with an 85% gain to $101.2 billion, the analysis found. "I would argue that it has a social cost [because] it undermines the solidarity we need to get through the pandemic."
The Economy Was Broken Before the Pandemic Hit
Private campaign contributions drive electoral outcomes, while neoliberal political economy structures the political process. The pandemic is excluded from the graph to capture the state of the pre-pandemic economy. One answer: Wall Street wants to control both the demand for and supply of credit. The third is the permanent crisis economy that began in 2008, and that now represents an epoch of its own. The implied premise that motivated Barack Obama in 2009 was that restoring Wall Street would restore the economy that preceded the economic collapse.
Tackling the inequality pandemic: Is there a cure?
The issue“The COVID-19 recession is the most unequal in modern U.S. history.”1The pandemic has thrown into stark relief the high and rising economic inequality in the United States and elsewhere. The pandemic is not only exacerbated by the deprivations and vulnerabilities of those left behind by rising inequality but its fallout is pushing inequality higher.2Income and wealth inequality has risen in practically all major advanced economies over the past two to three decades. Rising inequality is a major fault line of our time, with adverse economic, social, and political consequences. The pandemic is not only exacerbated by the deprivations and vulnerabilities of those left behind by rising inequality but its fallout is pushing inequality higher. Globalization also has contributed to rising inequality within economies—although technological change has been the more dominant factor.
The U.S. wealth gap was appalling before the pandemic. Now, it’s worse
Wealth, otherwise known as net worth, is an accounting of assets minus liabilities. Forbes estimates the net worth of the wealthiest among us—all 400 would not be captured in the SCF. The wealth held by these 400 equated to the total wealth held by the entire bottom 58% of families in the U.S. For perspective, at Black median wealth, it would take 12.8 million families to equate to that held by Bezos and the Waltons. Average net worth for this group was negative $13,500—due to the fact that the bottom 10.4% of families all have negative net worth.
Owning the Consequences: Clinton and the Repeal of Glass-Steagall
Today, most people don't make the connection that Glass-Steagall both created FDIC insurance and separated commercial and investment banks. During the 1970s and 80s the commercial banks had gotten approval for a host of absurd exceptions to the law, but they wanted more. To avoid being run over by the plentiful and cheap capital available to the commercial banks, investment banks had to change their capital structures. Ultimately, the investment banks cut a deal and the inevitable happened as the separation was repealed in November 1999 as President Clinton signed the Graham-Leach-Bliley Act. Of course, as Clinton said, the “unified” banks were slightly less likely to fail because they were connected to the US Treasury indirectly through FDIC insurance.
5 electric pickups to look out for in the EV truck wars
5 electric pickups to look out for in the EV truck warsTesla, General Motors, Ford and Rivian are among the automakers betting a truckload on their electric pickups.
Electric pickups coming fast and furious: Tesla, GM, Ford, Rivian promising EVs
If preorders are any indication, there is interest for electric pickups, though the preorders are a fraction of the current sales of internal combustion pickups. Hummer vs. F-150Ford and GM, the top-sellers of internal combustion pickups, are coming out with electric versions. The Hummer is the only electric pickup GM has announced, but GMC dealers say an electric version of the Sierra pickup is in the works. It uses three electric motors that can take it to 60 mph in three seconds. “There will have to be another vehicle in the house too for the ‘trip up North’ vehicle,” Ramsey said.
Facing a double-whammy, millennials rack up credit card debt during the pandemic
Aimee PicchiSpecial to USA TODAYThe pandemic’s economic hit is making an outsize impact on one generation’s debt, with a greater share of millennials reporting they have added to their credit card debt since March compared with older generations. About 56% of millennials say their credit card debt has grown since the start of the pandemic, compared with 53% of Generation Xers and 46% of Baby Boomers, according to a new survey from CreditCards.com. Even though his company’s survey found 51% of Americans overall say they have added to their credit card debt since the pandemic began, the nation’s total credit card debt and delinquencies have declined at the same time, Rossman noted. Without that aid, it’s likely that even more Americans would have accrued new credit card debt by now, Rossman adds. Unfortunately, it’s harder now to secure a balance-transfer credit card than prior to the pandemic as credit card companies have tightened their standards, Rossman says.
Walmart adding automated warehouses with robots to stores to help fulfill pickup, delivery orders
Robots could help get your future Walmart pickup or delivery order filled and ready for you faster. Walmart announced Tuesday that it is increasing the number of its stores that will serve as local fulfillment centers, which are condensed modular automated warehouses built within a store or added to a store. Some stores also will add automated pickup points that would allow customers and delivery drivers to drive up, scan a code and grab their order. Ward said one local fulfillment center can fulfill orders for many stores and the system adds to availability for customers since orders can be fulfilled faster. A list of future stores getting the upgrade was not available.
India stocks 'quite fully priced' — but watch for the country's vaccination push, says JPMorgan
India's BSE Sensex on Thursday soared to a record high, crossing the 50,000 level for the first-time before shedding those gains. "Indian equities are already quite fully priced," according Alexander Treves, investment specialist for emerging markets and Asia-Pacific equities at JPMorgan Asset Management. While India is the world's largest vaccine manufacturer, the logistical challenges of a rollout of this magnitude are evident.," Treves said. Kotak Institutional Equities Co-Head and Managing Director, Sanjeev Prasad, also said that "the (India) market looks quite fully valued." Kotak's Prasad said a stronger-than-expected economic recovery was part of the reason why the Sensex hit a new record.
Walmart's latest strategy to get your stuff to you faster
New York (CNN Business) Walmart plans to build automated mini-warehouses in dozens of its stores to speed up customers' online delivery and curbside pickup orders in a race against Amazon. The items will then be brought to an area where Walmart workers can assemble them into orders for pickup or delivery. Crowded aisles are a growing problem for stores as online shopping accelerates, and retail analysts have said these automated fulfillment centers help solve this challenge. Walmart's online sales, which include pickup and delivery, climbed 79% during the three months ending October 31 compared with the same stretch last year. The prior quarter, online sales grew 97% from a year earlier.
Dollar on back foot with Fed's Powell likely to sound dovish note
TOKYO (Reuters) - The dollar was stuck on the back foot against major peers on Wednesday as markets wait on comments from Federal Reserve Chair Jerome Powell, who is likely to renew a commitment to ultra-easy policy. FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. “The stronger the world economic outlook, the weaker the U.S. dollar,” said Joseph Capurso, currency analyst at Commonwealth Bank of Australia in Sydney. The dollar index ticked up 0.1% to 90.253 on Wednesday in Asia, following a 0.2% decline the previous session. The euro was mostly flat at $1.2153 after rising around 0.1% in the previous session.
Biden to reopen ‘Obamacare’ markets for COVID-19 relief
President Joe Biden holds his face mask as he delivers remarks on COVID-19, in the State Dining Room of the White House, Tuesday, Jan. 26, 2021, in Washington. (AP Photo/Evan Vucci)President Joe Biden holds his face mask as he delivers remarks on COVID-19, in the State Dining Room of the White House, Tuesday, Jan. 26, 2021, in Washington. (AP Photo/Evan Vucci)WASHINGTON (AP) — Fulfilling a campaign promise, President Joe Biden plans to reopen the HealthCare.gov insurance markets for a special sign-up opportunity geared to people needing coverage in the coronavirus pandemic. Coverage is available to people who don’t have job-based health insurance, with the Medicaid expansion geared to those with low incomes. “President Biden does not believe, as a principle, it should be difficult ... for people to gain access to health care,” she said.
Reversing the Great Migration to consolidate Black political power
After securing the presidency and two Senate seats for Democrats, New York Times Columnist Charles Blow says Georgia is a model for how Black people can alter the political landscape. Blow is proposing what he calls, "the most audacious power play by Black America in the history of the country” – encouraging Black Americans to repopulate southern cities to consolidate their political power.
Walgreens taps Starbucks exec Brewer as its new CEO
Walgreens has tapped Roz Brewer as its new CEO, which will make her the only Black woman currently leading a Fortune 500 company. Brewer will take over as Walgreens CEO on March 15, 2021 after a little more than three years as Starbucks' chief operating officer. Walgreens has tapped Roz Brewer as its new CEO, which will make her the only Black woman currently leading a Fortune 500 company. Brewer will take over as Walgreens CEO on March 15, 2021 after a little more than three years as Starbucks' chief operating officer. At Starbucks, Brewer revamped stores, taking out clutter and cutting down on administrative work so employees could focus on customers and speed up service.
Mastercard joins net-zero climate club with ambitious pledge to bring most of its customers on board
The nature of Mastercard’s MA business poses a huge challenge for the portion of the pledge that gets after downstream climate-change violators. So-called Scope 3, or indirect, emissions from outside the company constitute the bulk of Mastercard’s GHG emissions, not unlike most service companies. So the company can really only advise on investments in renewable energy to its customer base or work to convince businesses along its supply chain to set efficiency targets. Those thresholds are to cut direct emissions by 38% and indirect emissions from supply chains and customers by 20% by 2025 from 2016 levels. “The quality of all our futures are deeply and inextricably linked to the health and well-being of our planet,” she said.
Walmart adding dozens of automated local fulfillment centers to speed delivery and pickup orders
Walmart Inc. WMT announced plans early Wednesday to expand its local fulfillment centers to dozens of new stores. The local fulfillment centers will operate in stores or in additional spaces built onto stores. The automated facilities will feature robots that help Walmart associates pick and pack orders for delivery or in-store pickup. Target Corp. TGT has discussed the benefits of in-store pickup and speedy fulfillment extensively during its recent earnings reports. The coronavirus pandemic has sparked increased e-commerce, with many customers opting for either home delivery or store pickup rather shopping in stores.
Premium Brands, Indigenous groups complete $1-billion bid to buy Clearwater
Vancouver-based Premium Brands Holdings Corp. and a coalition of First Nations in Atlantic Canada have each acquired half ownership of Clearwater through a new partnership, FNC Holdings Ltd., at a price of $8.25 a share. The $1-billion transaction, including debt, is expected to see the Mi'kmaq First Nations partnership hold Clearwater's Canadian fishing licences. Membertou First Nation Chief Terry Paul said the deal will transform Indigenous participation in the commercial fishing sector. "This collective investment by First Nations in Clearwater represents the single largest investment in the seafood industry by any Indigenous group in Canada." The participation in the commercial seafood sector is not expected to impact ongoing efforts by Indigenous communities in Atlantic Canada to establish a "moderate livelihood" or treaty rights-based fishery.
Asian markets little changed after ho-hum day on Wall Street
Asian stocks were mixed on Wednesday after a lackluster session on Wall Street. Traders are also awaiting the outcome of a Federal Reserve policy meeting which wraps up later in the day. On Tuesday, the S&P 500 SPX, -0.15% lost 0.1% to 3,849.62 but was within 0.2% of the record high it set Monday. More than 100 companies in the S&P 500 are scheduled to tell investors this week how they fared during the last three months of 2020. As a whole, analysts expect S&P 500 companies to say their fourth-quarter profit fell 5% from a year earlier.
My father inherited money from his parents — he now tells people he earned it due to his (nonexistent) investment prowess
It is very likely that my sister and I will never see a penny of our grandparents’ money. Dear Daughter,Separate your relationship with your father from your financial needs and wants. Mixing up your emotional needs and wants with your financial needs and wants will quickly rust the wheels of this relationship. Inadvertently or not, it sounds like your grandparents used money to ensure that you would remain engaged with them throughout your life. Check out the Moneyist private Facebook FB, +1.45% group where we look for answers to life’s thorniest money issues.
Walmart adding dozens of automated local fulfillment centers to speed delivery and pickup orders
Walmart Inc. WMT, +0.90% announced plans early Wednesday to expand its local fulfillment centers to dozens of new stores. The local fulfillment centers will operate in stores or in additional spaces built onto stores. The automated facilities will feature robots that help Walmart associates pick and pack orders for delivery or in-store pickup. Target Corp. TGT, -1.29% has discussed the benefits of in-store pickup and speedy fulfillment extensively during its recent earnings reports. The coronavirus pandemic has sparked increased e-commerce, with many customers opting for either home delivery or store pickup rather shopping in stores.
Mastercard joins net-zero climate club with ambitious pledge to bring most of its customers on board
The nature of Mastercard’s MA, -0.45% business poses a huge challenge for the portion of the pledge that gets after downstream climate-change violators. So-called Scope 3, or indirect, emissions from outside the company constitute the bulk of Mastercard’s GHG emissions, not unlike most service companies. So the company can really only advise on investments in renewable energy to its customer base or work to convince businesses along its supply chain to set efficiency targets. Those thresholds are to cut direct emissions by 38% and indirect emissions from supply chains and customers by 20% by 2025 from 2016 levels. “The quality of all our futures are deeply and inextricably linked to the health and well-being of our planet,” she said.
GameStop Stock Could Fall by Half, Says Analyst
Well and good, and e-commerce sales at GameStop did grow 309% year over year during the period. But even so, between the improved SSS and the much better e-commerce sales, GameStop still somehow managed to end up with a total sales decline of 3.1% for the period. What is a "fair valuation" for GameStop stock? Feldman calculates that numbers like these should make GameStop stock worth about $33 a share. This figure suggests that GameStop -- currently trading north of $76 a share -- will shortly collapse and lose more than half its value.
Allstate putting life insurance unit in Blackstone's good hands for $2.8 billion
Private equity giant Blackstone Group Inc. has agreed to buy Allstate Life Insurance Co. from Allstate Corp. for $2.8 billion, the latest in a slew of deals between financial firms and life insurance businesses. Continue Reading BelowAllstate Life Insurance Co. holds about 80%, or $23 billion, of Allstate’s life and annuity reserves. DON'T MAKE THESE BIG LIFE INSURANCE BLUNDERS"We’re pleased to enter into this transaction as Blackstone continues growing its insurance business,” said Gilles Dellaert, global head of Blackstone Insurance Solutions, in a statement. Last week, Sixth Street Partners announced a deal to buy life insurance business Talcott Resolution for $2 billion. Allstate said the life insurance unit had a net loss of $23 million in the first nine months of 2020.
Southwest Airlines makes new voluntary leave offer to cut costs
Southwest Airlines Co said late on Tuesday it was offering employees another round of voluntary leave as its staffing levels remain high and the coronavirus outbreak crimps travel. Continue Reading BelowGET FOX BUSINESS ON THE GO BY CLICKING HERE"Southwest remains overstaffed in many areas. Ticker Security Last Change Change % LUV SOUTHWEST AIRLINES CO. 45.81 +0.19 +0.42%"The additional opportunities for leave align with the period when some Employees will return from previously-awarded, six-month leaves on March 1, 2021," the company added. Bloomberg reported earlier that 791 Southwest pilots have agreed to take off one to three months. SOUTHWEST TO TAKE DELIVERY OF 35 737 MAX JETS THROUGH END-2021The "Big Four" U.S. airlines – Delta Air Lines, American Airlines, United Airlines and Southwest – have also asked for additional bailouts.
VW scales back job cuts in labor deal for German truck brand MAN
Christoph RauwaldBloomberg NewsVolkswagen AG won the backing of powerful labor unions for a stripped back 1.7 billion-euro ($2 billion) profit-improvement plan at its MAN truck division with a concession to cut fewer job cuts than initially planned. MAN will eliminate about 3,500 positions in Germany by the end of 2022 in a revamp expected to cost a “high-triple-digit” million-euro sum, the VW division said Tuesday in a statement. That’s less than half the 9,500 job cuts envisaged last year, and just shy of the original 1.8 billion-euro target. “The job cuts are to be implemented in the most socially responsible manner possible,” MAN said. Despite years of restructuring, MAN has remained a drag on earnings at VW’s Traton SE truck division, which also includes the Swedish Scania brand and a smaller operation in Latin America.
Families pay £1.2bn in unnecessary inheritance tax
Families facing huge inheritance taxes could cut their collective death duty bills by more than £1bn, analysis of official figures suggests. Almost half of the money tied up in inheritance tax-paying estates worth £1m or more was invested in assets such as shares or held in cash in 2017-18, totalling £1.2bn, according to the latest data from HM Revenue & Customs. But this is money that could be funnelled into legitimate tax-saving schemes or gifted away tax-free, according to Weatherbys Private Bank. Estates worth more than the £1m pay three-quarters of all death duties, a collective tax bill of more than £5bn a year. Telegraph Money rounds up ten ways you can legally reduce the amount you have to pay.
'People are demanding change': Youngsters lead call for green businesses and jobs
Demand for green businesses and jobs is higher in the UK than anywhere else, according to a global United Nations survey promoted via mobile gaming apps. More than 1.2 million people took part in the "people's climate vote" conducted by the United Nations Development Programme (UNDP) and University of Oxford, including more than half a million under-18s. In the UK, where 21,189 people responded to the survey, youngsters were more likely to think climate change was a global emergency, with 86% of under-18s saying it was. Image: More than 1.2 million people took part in the 'people's climate vote'. "Five or 10 years ago when I talked to people about climate change they would nod and say 'Yes, yes, yes', and now they are actually asking 'What can I do?'"
Childbirths in S. Korea hit record low, deaths at near 4-decade high in Nov.
NATIONALThis photo, taken on March 28, 2019, shows a newborn baby unit at a Seoul hospital. (Yonhap)The number of babies born in South Korea hit a new record low in November last year, data showed Wednesday, underscoring the country's chronic low birth rate.The number of deaths rose to the highest in 37 years, leading to the population declining for the 13th straight month, according to Statistics Korea.The data showed that 20,085 babies were born in November, down 15.3 percent from a year earlier.It marked a record low for the month of November since 1981, when the statistics agency began compiling related data.It also marked the sharpest on-year fall for any November since 2001, when the number of newborns dropped 18.4 percent on-year.In the first 11 months of last year, the number of newborns came to 253,787, down 9.8 percent from a year earlier.South Korea is struggling with a decline in childbirths as many young people delay marriage or give up getting married or having babies amid a prolonged economic slowdown.The country's total fertility rate -- the average number of children a woman bears in her lifetime -- hit a new record low of 0.92 in 2019, marking the second straight year for the rate to drop below 1.Amid the country's rapid aging, a total of 26,669 people died in November, up 1 percent from the previous year and marking the largest increase for any November since 1983.Accordingly, the country's population declined by 5,583, marking the 13th consecutive month of fall. It also marked the largest monthly fall since November 2019, the data showed.The number of deaths has outpaced that of newborns every month since November 2019. In the first 11 months, the population fell by 24,399, heralding the country's first yearly fall in population.Meanwhile, the number of couples getting married reached 18,177 in November, down 11.3 percent from a year ago.It marked an all-time low for any November since 1981, when the office started compiling related data. The tal
Childbirths in S. Korea hit record low, deaths at near 4-decade high in Nov.
(Yonhap)The number of babies born in South Korea hit a new record low in November last year, data showed Wednesday, underscoring the country's chronic low birth rate. The number of deaths rose to the highest in 37 years, leading to the population declining for the 13th straight month, according to Statistics Korea. It marked a record low for the month of November since 1981, when the statistics agency began compiling related data. Accordingly, the country's population declined by 5,583, marking the 13th consecutive month of fall. In the first 11 months, the population fell by 24,399, heralding the country's first yearly fall in population.
Asset manager BlackRock threatens to sell shares in worst climate polluters
BlackRock, the world’s biggest investment fund manager, has threatened to sell shares in the worst corporate pollutersin a bid to support the goal of net zero carbon dioxide emissions by 2050. Larry Fink, BlackRock’s chief executive, said the investor would ask companies whose shares it holds to disclose their plans to achieve net zero emissions. “No issue ranks higher than climate change on our clients’ lists of priorities.”BlackRock’s fossil fuel investments. New York City on Monday announced that two of its pension funds for employees and teachers had voted to divest holdings worth $4bn in fossil fuel companies. However, Gaurav Madan, a senior campaigner at Friends of the Earth, said its actions, including the net zero pledge, were “too little, too late”.
Goldman Sachs slashes CEO pay by $10 million over massive scandal
The $10 million payout comes after Goldman agreed to pay nearly $3 billion after pleading guilty to charges the bank conspired to violate US anti-bribery laws in a massive scandal with 1MDB. Goldman Sachs GS The scandal relates to bond sales thatarranged and underwrote for 1MDB, from which the US Justice Department alleges $4.5 billion was stolen. Scherr's pay was reduced to $15.5 million from $22.5 million in 2019. Waldron's pay was slashed to $18.5 million, down from $24.5 million in 2019. In total, the three executives' total compensation for 2020 was reduced by $24 million in response to the bribery scandal fallout.
Cabinet Picks: Comparing Biden and Trump’s First Teams
WASHINGTON — Among the most urgent tasks a new president faces is assembling a core group of advisers to serve in the cabinet. In doing so, he created a cabinet of mostly wealthy, white men with limited experience in government, mirroring himself. President Biden has taken a different approach, turning to policymakers with government experience for most of his cabinet nominees, many of whom he has worked with for decades. He is on track to assemble the most diverse cabinet in American history. Mr. Biden has nominated far more women and more nonwhite cabinet members than Mr. Trump, and has chosen the first openly gay person to be a cabinet-level secretary.
Asia's life insurance market has strong growth prospects amid Covid, AIA Group CEO says
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsia's life insurance market has strong growth prospects amid Covid, AIA Group CEO saysAIA Group CEO Lee Yuan Siong discusses the outlook for Asia's insurance industry and whether China remains an under-insured market in light of the coronavirus pandemic.
Oil rises as U.S. oil stockpiles drop, new Chinese Covid-19 cases decline
Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world's second-biggest oil user, reported its lowest daily rise in Covid-19 cases, bolstering hopes of a pick-up in demand. However, the data showed gasoline stocks rose by 3.1 million barrels, which was much more than expected. "The crude oil drawdown has offered some support to the market in early trading this morning with the market expecting a build," ING economics said in a note. Official data showed 75 new confirmed cases of Covid-19 on Wednesday, the lowest daily rise since Jan. 11. "There are rising concerns that the outbreak in China will see crude oil demand suffer," ANZ Research said in a note, citing Ministry of Transport estimates that the number of passenger trips taken will be down 40% from 2019.
Ant Group IPO could get back on track if it resolves issues, China's central bank governor suggests
A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. GUANGZHOU, China — Ant Group's initial public offering (IPO) could resume if the company resolves its issues, China's central bank governor hinted on Tuesday. The Ant Group IPO, which would have been the biggest in history, was pulled by regulators just days before it was due to begin trading in Shanghai and Hong Kong in November. Ant Group will need to address issues such as user privacy, Yi added. When asked if this would lead to an IPO, Yi said Ant Group should "just follow the standard of legal structure you will have the result."
Nationalism is 'not the way forward,' New Zealand trade minister says on global relations
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNationalism is 'not the way forward,' New Zealand trade minister says on global relationsNew Zealand's minister for trade and export growth, Damien O'Connor, discusses the country's recently upgraded free trade deal with China and the need for more multilaterally-driven global relations.
Indonesia's Gojek saw 'explosive growth' in grocery delivery services during Covid: Co-CEO
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndonesia's Gojek saw 'explosive growth' in grocery delivery services during Covid: Co-CEOIndonesia's Gojek saw its grocery delivery services grow seven to eight times over the last six months, compared to pre-pandemic levels, says co-CEO Kevin Aluwi.
HSBC CEO defends working with Chinese authorities in Hong Kong
Bob Seely, a Conservative Party member of the committee and staunch opponent of China’s handling of Hong Kong, slammed Quinn’s remarks. “If the question was, am I willing to walk away from Hong Kong, the answer is no. "When [Quinn] said he supported the Hong Kong government’s action to stop violence, it shows that he accepted the political propaganda unreservedly,” Hui said. Quinn stood by HSBC’s chief in Hong Kong, Peter Wong, who signed a petition in support of the national security law. Quinn added that he had personally witnessed damage done by the protesters and said Wong was only expressing a desire to restore Hong Kong to stability.
Asian shares slip, Microsoft's brisk earnings boost tech sector
TOKYO/NEW YORK (Reuters) - Asian equities slipped on Wednesday as investors looked to the Federal Reserve’s guidance on its monetary policy while futures for U.S. tech shares jumped after strong earnings from Microsoft. REUTERS/Issei Kato/File PhotoMSCI’s gauge of Asian ex-Japan shares slipped 0.3%, dragged lower by profit-taking in resource shares as some investors have grown wary of stretched valuations. Microsoft shares rose 4% in extended trading after its Azure cloud computing services grew more 50%. The results boosted optimism for other U.S. tech giants, including Apple and Facebook, which announce quarterly results later in the day. Oil prices were supported by economic optimism, with U.S. crude futures trading up 0.3% at $52.79 per barrel.
Chicago schools reopening hits snag as union fight escalates
The district went remote last March, but district officials say it’s not working, particularly for many low-income Black and Latino students who comprise the majority of the district. The Chicago Teachers Union argues the district hasn’t gone far enough in its safety plan, despite installing thousands of air filters, deep-cleaning schools and offering limited COVID-19 testing. District officials haven’t set a date for high school students’ return. Union officials have pushed for teachers to be vaccinated before in-person teaching resumes. Union officials have dismissed the studies, saying dozens of cases have emerged in Chicago schools.
Biden to announce freeze on new oil, gas leases on federal land
The moratorium is intended to allow time for officials to review the impact of oil and gas drilling on the environment and climate. Oil industry groups slammed the move, saying Biden had already eliminated thousands of oil and gas jobs by killing the Keystone XL oil pipeline on his first day in office. The drilling moratorium is among several climate-related actions Biden will announce Wednesday. The pause in onshore drilling is limited to federal lands and does not affect drilling on private lands, which is largely regulated by states. The Biden administration has pledged to spend billions to assist in the transition away from fossil fuels such as oil, gas and coal, and Biden has said creating thousands of clean-energy jobs is a top priority.
Walgreens taps Starbucks exec Roz Brewer as its new CEO
Walgreens said Tuesday it has tapped Starbucks executive Roz Brewer as its new CEO, which will make her the only Black woman leading a Fortune 500 company. Walgreens WBA, +2.86% later confirmed that Brewer will take over as its CEO on March 15. At Starbucks, Brewer revamped stores, taking out clutter and cutting down on administrative work so employees could focus on customers and speed up service. Prior to joining Starbucks, Brewer served as president and CEO of Sam’s Club, the members-only warehouse channel of Walmart Inc. WMT, +0.90% . “I step into this role with great optimism for the future of WBA,” Brewer said in a statement.
Tesla's too high to buy now; Beyond Meat perking up; GameStop shorts feeling pain: veteran trader
BRIAN SHANNON: Yeah the anchored Volume Weighted Average Price, pronounced VWAP, is simply a representation of the average price paid for the stock from any period in time. If you were to buy $1,000 worth of stock, you know, Apple every 12 months-- every month for 12-- for one year, your volume weighted average price is your dollar cost average. So it tells us the average price from a point. Story continuesSo if we look at the red line on the chart, what we see is the volume weighted average price off the peak. So the year to date volume weighted average price often becomes a benchmark for institutions to measure, do we want to lighten up on Tesla if it's below the volume weighted average price for the year?
Global Economy To Grow 5.5 Per Cent In 2021 After 3.5 Per Cent Contraction In 2020, IMF Forecasts
In addition, the roll-out of coronavirus vaccines could boost economic activity in the second half of the year. However, economic activity remains well below pre-pandemic levels. "Even with the anticipated recovery in 2021-22, output gaps are not expected to close until after 2022," the IMF report says. Chinese officials, on the other hand, have warned that excess economic stimulus measures by developed countries increase the risk of creating asset bubbles that threaten global financial stability. The roll-out of vaccines to combat the coronavirus pandemic is also expected to play a key role in helping the global economic recovery.
BlackRock To Vote Against Directors, Flag Companies For Sale That Are Slow To Address Climate Change Risks
The new push by BlackRock on climate comes as governments in Asia adopted aggressive goals to address emissions last year amid the pandemic. Investor coalition Climate Action 100+, which includes BlackRock as a member, said Asian companies are more readily engaging with investors on climate change and making their own commitments to reduce their emissions. Geraldine Buckingham, BlackRock's head of Asia-Pacific, said there has been a 'tectonic shift' in financial markets and economies on climate change. There has been a "tectonic shift" in economies and financial markets related to climate change in the past year, according to Geraldine Buckingham, head of BlackRock's Asia-Pacific business. "The realities of climate change don't feel hypothetical.
Ant Group's IPO Could Be Revived After 'problem Solved', Hints China's Central Bank Governor
Ant Group is an affiliate of Alibaba Group Holding, the parent of the Post. Fang said a revival of the IPO would depend on how quickly Ant Group responded to the "changing regulatory environment". People's Bank of China governor Yi Gang called for more international cooperation on data regulation. He noted the PBOC recently announced regulations on third-party payments, mobile payments and consumer data protection. The updated rules include restrictions on how so-called digital gatekeepers, dominated by Silicon Valley giants such as Facebook and Google, use consumer data in their businesses.
HSBC Boss Defends Decision To Freeze Accounts Of Fugitive Ex-lawmaker Ted Hui, Tells British MPs Bank Is Committed To Businesses In Hong Kong
HSBC, which counts Hong Kong as its largest market, has come under attack from critics at home and abroad who accuse it of kowtowing to Beijing. Photo: Thomas RhodenHe insisted it would be of no benefit to walk away from Hong Kong. "I am not in Hong Kong purely because of the profit," Quinn said. My motive is 100 per cent about helping people in Hong Kong recover from the challenges they face and I have to work within the legal framework I'm given in Hong Kong." HSBC has operated in Hong Kong for more than 150 years.
Hong Kong's Commercial, Industrial Property Market Could Rebound To Pre-pandemic Levels On China Capital Influx, Economic Recovery
The number of transactions, meanwhile, could jump 51 per cent to 5,800, the highest volume since 2018, it added. "The industrial and commercial property market will bottom out," said Roy Wong, director at Ricacorp (CIR). Photo: BloombergCommercial property investors retreated to the sidelines as the coronavirus outbreak took a toll on the city, sending the economy into its worst recession. The number of industrial and commercial property transactions in the second half of 2020 surged 70 per cent from the first half to 2,415 following the removal double stamp duty, the agency said. The firm could boost its headcount by 20 per cent this year based on its market recovery forecasts, Wong added.
Small-business owners share COVID concerns with Nevada leaders
A handful of Nevada’s small-business owners gathered in a virtual setting Tuesday afternoon to air their concerns with Gov. (Governor's office)A handful of Nevada’s small-business owners gathered in a virtual setting Tuesday afternoon to share their concerns with state leaders on the financial impact COVID-19 has had on their business and employees. “I’m thrilled we were able to find $50 million,” Sisolak said. “(PETS is) the largest small business assistance program in the history of the state,” Conine said. However, if approved, the additional $50 million is expected to support applicants that applied for funding in October 2020.
AstraZeneca’s Vaccine Testing Stumble Draws Investor Lawsuit
All of this has investment firm Raymond James looking to the roster oil and gas midstream companies for dividend stocks with growth potential. These are stocks with a specific set of clear attributes: a dividend yield of 7% or higher and Buy ratings. MPLX LP (MPLX) MPLX, which spun off of Marathon Petroleum eight years ago as a separate midstream entity, acquires, owns, and operates a series of midstream assets, including pipelines, terminals, refineries, and river shipping. (See MPLX stock analysis on TipRanks) DCP Midstream Partners (DCP) Based in Denver, Colorado, the next stock is one of the country’s largest natural gas midstream operators. In our view, this will create a beneficial operating environment for DCP cash flows that is not currently reflected in Street estimates,” Weston noted.
Top global traders work to ease seafarer crisis due to coronavirus
Over 300 leading companies said on Tuesday they would work together to help hundreds of thousands of merchant sailors stuck on ships for many months due to COVID-19, a crisis that risks creating more dangers at sea. About 90% of world trade is transported by sea, and coronavirus restrictions in many jurisdictions are affecting supply chains. In December, the U.N. General Assembly urged all countries to designate seafarers and other maritime personnel as key workers. “All of us have a duty of care to seafarers,” said Kit Kernon, global head of shipping at Vitol. “We are witnessing a humanitarian crisis at sea,” said Jeremy Nixon, chief executive of shipping group ONE.
Short sellers crushed like never before as retail army charges in
Short traders in the American stock market are taking a historic pounding as the retail crowd charges into the most-hated names on Wall Street. The most famous example is Gamestop Corp. whose short interest stands at nearly 100% of its free float in IHS Markit Ltd. data. Whether the recent surge in the most-shorted stocks should scare the pros is a matter of debate. One explanation is that short sellers know something others don’t, and the more willing they are to pay for their bets, the better their information probably is. “It’s a nontraditional short squeeze,” said Garbacz at Quantitative Partners, referring to Gamestop’s recent moves.
Cutting off stimulus checks to Americans earning over $75,000 could be wise, new data suggests
They need the help the most.”ADADTheir findings are backed up by other surveys and analyses of how people used their first stimulus payments. ADADMany Republicans in Congress have suggested that another round of stimulus checks is not necessary and would raise the national debt. Netspend, a prepaid debit card company, said it processed more than $850 million stimulus payments in January for about 900,000 customers. She had fallen three months behind on her car payment and was worried about losing it until her stimulus payment arrived on Friday. “Stimulus checks arrived, time for a big food bank donation,” tweeted one woman last week.
Goldman CEO David Solomon takes $10M pay cut for Malaysian investment scandal
Goldman Sachs Group Inc. slashed Chief Executive David Solomon’s 2020 pay by 36%, punishment for the bank’s admission last year that it broke U.S. laws in its dealings with an investment fund at the heart of a global corruption ring. Mr. Solomon’s 2020 pay would have been $10 million higher but for the actions its board of directors took in response to the 1MDB saga, Goldman said in the filing. Ticker Security Last Change Change % GS GOLDMAN SACHS GROUP INC. 281.76 -1.28 -0.45%Other bank chiefs that presided over strong growth last year were rewarded with big raises. GET FOX BUSINESS ON THE GO BY CLICKING HEREJohn Waldron, Goldman’s president and chief operating officer, and Stephen Scherr, Goldman’s finance chief, saw their 2020 pay cut by 24% and 31%, respectively. All told, Goldman’s dealings with 1MDB cost the bank more than $5 billion.
Dollar on the defensive with Fed's Powell likely to sound dovish note
"The stronger the world economic outlook, the weaker the U.S. dollar," said Joseph Capurso, currency analyst at Commonwealth Bank of Australia in Sydney. "Powell is going to make clear that they don't see any near-term exit from their very easy policy stance, and that's going to pull the dollar down." Powell is due to speak at a news conference after the Fed's two-day policy meeting that ends Wednesday. The dollar index was little changed at 90.172 early in the Asian session, holding Tuesday's 0.2% decline. The riskier Aussie dollar gained 0.1% to 77.51 U.S. cents, adding to Tuesday's 0.5% rally.
China's industrial profits extend growth in December as manufacturing sector recovers rapidly
Profits at China's industrial firms grew for the eighth straight month in December, suggesting a sustained recovery as the manufacturing sector rapidly emerged from its Covid-19 slump. For the full year of 2020, annual profits for China's industrial firms grew 4.1% year-on-year to 6.45 trillion yuan, recovering from a 3.3% on-year decline seen in 2019. Liabilities at industrial firms rose 6.1% year-on-year at end-December, versus 6.8% growth as of end-November and a 5.4% uptick as of end-2019. Earnings at China's state-owned industrial firms were down 2.9% for 2020 year-on-year, compared with a 4.9% decline in January-November and 12.0% slump in 2019, the statistics bureau data showed. Private sector profits grew 3.1% in 2020, improving from January-November's 1.8% growth and stronger than 2019's 2.2% rise.
Gold steady ahead of U.S. Fed policy decision
An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. Gold prices held steady on Wednesday ahead of the U.S. Federal Reserve 's monetary policy decision due later in the day and as investors awaited a stimulus package in the world's largest economy. The Fed will announce the verdict of its two-day policy meeting on Wednesday and it is expected to stand pat on policy. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.1% to 1,172.38 tonnes on Tuesday. Silver was flat at $25.43 an ounce, platinum rose 0.1% to $1,099.68, and palladium gained 0.1% at $2,326.30.
Asian shares set for mixed opening, eyes on Fed, stimulus
NEW YORK (Reuters) - Asian equities looked set to rise on Wednesday, bouncing back from a steep sell-off on Tuesday, while Australian stocks were seen opening weaker in a catchup after a Tuesday holiday. Japan’s Nikkei 225 futures added 0.07%, while the Nikkei 225 index closed the overnight session %.Hong Kong’s Hang Seng index futures rose 0.68%. The Australian dollar rose 0.05% versus the greenback at $0.775. The dollar index fell 0.194%, with the euro up 0.02% to $1.2162. The Japanese yen weakened 0.01% versus the greenback at 103.61 per dollar, while Sterling was last trading at $1.3735, up 0.01% on the day.
Oil rises as U.S. oil stockpiles drop, new Chinese COVID-19 cases decline
MELBOURNE (Reuters) - Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world’s second-biggest oil user, reported its lowest daily rise in COVID-19 cases, bolstering hopes of a pick-up in demand. FILE PHOTO: A 3D printed oil pump jack is placed on dollar banknotes in this illustration picture, April 14, 2020. [API/S]However, the data showed gasoline stocks rose by 3.1 million barrels, which was much more than expected. “The crude oil drawdown has offered some support to the market in early trading this morning with the market expecting a build,” ING economics said in a note. Official data showed 75 new confirmed cases of COVID-19 on Wednesday, the lowest daily rise since Jan. 11.
China's industrial profits extend growth in December amid brisk factory recovery
BEIJING (Reuters) - Profits at China’s industrial firms grew for the eighth straight month in December, suggesting a sustained recovery as the manufacturing sector rapidly emerged from its COVID-19 slump. For the full year of 2020, annual profits for China’s industrial firms grew 4.1% year-on-year to 6.45 trillion yuan, recovering from a 3.3% on-year decline seen in 2019. Liabilities at industrial firms rose 6.1% year-on-year at end-December, versus 6.8% growth as of end-November and a 5.4% uptick as of end-2019. Earnings at China’s state-owned industrial firms were down 2.9% for 2020 year-on-year, compared with a 4.9% decline in January-November and 12.0% slump in 2019, the statistics bureau data showed. Private sector profits grew 3.1% in 2020, improving from January-November’s 1.8% growth and stronger than 2019’s 2.2% rise.
Cal State won’t hike tuition amid pandemic hardships
LONG BEACH, Calif. (AP) — The California State University says it won’t increase tuition this year amid pandemic-related hardships and adequate funding from the state, according to a newspaper report Tuesday. Gavin Newsom’s budget proposal as well as CSU’s cost-cutting efforts led to the decision, the Los Angeles Times reported. ADVERTISEMENTNewsom’s budget proposal for next year includes $144.5 million in recurring funding for the CSU — nearly half of the $299 million that was cut last year. The budget also includes $225 million in one-time funding for the CSU. Castro said Tuesday that it was still the plan — although he acknowledged that if public health circumstances change, the university would adjust.
China's industrial profits increase 4.1% in 2020
BEIJING--China's industrial companies posted an increase in 2020 profits, thanks to Beijing's move to resume production quickly and resilient external demand amid the coronavirus pandemic. Industrial profit rose 4.1% in 2020, reversing 2019's 3.3% decline, said the National Bureau of Statistics Wednesday.
Australia's consumer prices rise in Q4
SYDNEY--Australia's consumer prices rose 0.9% in the fourth quarter, adding to pressure on the country's central bank to end its asset-purchase program. Economists had expected a quarterly CPI rise of 0.7%. The rise in CPI was largely influenced by higher tobacco excise duties and government stimulus programs, including subsidized child care and home-construction grants, the Australian Bureau of Statistics said Wednesday.
US STOCKS-S&P, Nasdaq slip from record levels as earnings season gains speed
Of the 84 companies in the S&P 500 that posted earnings through Tuesday morning, 86.9% have topped analyst expectations, according to Refinitiv data. Verizon lost 3.17% after the company posted earnings that topped expectations but missed prepaid phone subscriber estimates. For the Nasdaq, the decline snapped a five-session streak of gains, its longest run of daily gains since early November. With the S&P 500 trading at more than 22 times 12-month forward earnings, concerns about stock bubbles on Wall Street are sparking fears of a pullback. The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 291 new highs and 9 new lows.
Walgreens taps Starbucks exec Brewer as its new CEO
Walgreens said Tuesday it has tapped Starbucks executive Roz Brewer as its new CEO, which will make her the only Black woman leading a Fortune 500 company. Walgreens later confirmed that Brewer will take over as its CEO on March 15. Brewer succeeds Stefano Pessina, who served as CEO for six years following the merger between Walgreens and Alliance Boots in 2014. At Starbucks, Brewer revamped stores, taking out clutter and cutting down on administrative work so employees could focus on customers and speed up service. Prior to joining Starbucks, Brewer served as president and CEO of Sam’s Club, the members-only warehouse channel of Walmart Inc. She also grew membership and improved merchandise there.
Roz Brewer to depart Starbucks, named CEO of Walgreens
Starbucks (SBUX) chief operating officer and group president Roz Brewer is leaving the coffee giant to join Walgreens Boots Alliance (WBA) as its CEO, making her the only Black female CEO of a Fortune 500 company. Brewer will assume the role of CEO at Walgreens on March 15. Earlier, Starbucks announced in its fiscal first-quarter earnings results that Brewer had accepted a role at a not-yet-disclosed publicly-traded company. “Having personally recruited Roz to Starbucks and seen first hand her leadership skills and many contributions to Starbucks business I know that Roz will make a great public company ceo. Before joining Starbucks in 2017, Brewer served as the CEO of Sam’s Club, the membership retailer owned by Walmart.
Starbucks COO Roz Brewer is leaving the coffee giant to become Walgreens CEO, and the only Black woman leading a Fortune 500 company
Starbucks COO Roz Brewer is leaving the coffee giant. The new job will make Brewer the only Black female CEO of a Fortune 500 company. Starbucks chief operating officer Roz Brewer is stepping down from the role, the coffee giant announced on Tuesday. The new gig will make Brewer the only current Black female CEO of a Fortune 500 company. There have been some murmurs that Brewer had the potential to succeed Johnson at Starbucks' next CEO.
S&P, Nasdaq slip from record levels as earnings season gains speed
Of the 84 companies in the S&P 500 that posted earnings through Tuesday morning, 86.9% have topped analyst expectations, according to Refinitiv data. Verizon lost 3.17% after the company posted earnings that topped expectations but missed prepaid phone subscriber estimates. For the Nasdaq, the decline snapped a five-session streak of gains, its longest run of daily gains since early November. With the S&P 500 trading at more than 22 times 12-month forward earnings, concerns about stock bubbles on Wall Street are sparking fears of a pullback. The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 291 new highs and 9 new lows.
Cal State will not raise tuition for next academic year amid pandemic hardships
The California State University announced Tuesday it would not increase tuition this year for the system’s 485,000-plus students, amid pandemic-related hardships and higher than expected funding from the state. AdvertisementNewsom’s budget proposal for next year included $144.5 million in recurring funding for the CSU — nearly half of the $299 million that was cut last year amid the recession and state budget deficit. Much of that money will go toward the CSU’s Graduation Initiative 2025, including money to support students’ basic needs of food and housing. The CSU announced in December that it planned to return to in-person instruction and activities in the fall 2021 term. Castro reaffirmed that intent at the meeting Tuesday, although he acknowledged that if public health circumstances change, the university would adjust.
Portland mayor seeks to delay proposed carbon tax after businesses complain
Portland Mayor Ted Wheeler suggested this week he wants to delay a proposed city tax on major greenhouse gas producers and air polluters as the coronavirus pandemic continues to batter businesses big and small. Large manufacturers, hospitals and colleges and universities would pay most of the proposed tax, documents show. City officials estimate it would raise more than $10 million a year. City officials received hundreds of responses from Portlanders about the proposed tax during a public comment period that ended Jan. 8. Among them were the Portland Business Alliance, Central Eastside Industrial Council and Oregon Association of Minority Entrepreneurs.
Chicago schools reopening hits snag as union fight escalates
CHICAGO (AP) — Chicago ditched plans Tuesday for thousands of teachers to report to schools this week ahead of students after the teachers union said its members wouldn't comply and were prepared to picket over coronavirus safety concerns. The district went remote last March, but district officials say it's not working, particularly for many low-income Black and Latino students who comprise the majority of the district. “There is no question that students are persevering. But there is also no question that there is no substitute for in-person learning." The battle to reopen schools in the roughly 355,000-student district has waged for months as schools worldwide have grappled with a start-and-stop approach amid the coronavirus pandemic.
Chesterfield schools' proposed $759.4 million budget looks to tackle teacher pay, again
Salary increases for teachers are at the forefront of Chesterfield County schools chief Merv Daugherty’s $759.4 million budget request unveiled Tuesday. Approximately $25.2 million of the proposed operating budget would be used to address teacher pay and provide other staff, including school administrators, with a 2% raise. In a three-year phased plan, the new salary scale would cost a total of $46.7 million to eliminate pay discrepancies. The school system is projecting increases in county funding at $8.2 million and $9.7 million from state funding, leaving a $39.6 million budget gap from the proposed expected operating revenue of $719.8 million. The school system returned $24 million to the county last year, thanks to a fiscally sound year.
HOME settles federal lawsuit with Richmond landlord who discriminated against families with childen
The case arose from a complaint HOME received in 2018 from a family that sought to rent one of Vetter’s properties. The nonprofit conducts civil rights testing to root out patterns of discrimination that occur in the housing market. {{featured_button_text}}In Vetter’s case, HOME testers documented a series of interactions with Vetter from December 2018 to May 2019. The testers recorded Vetter making discriminatory statements about families with children. “There’s a lot of ways, things that make a tenant good or bad that have nothing to do with whether a person is good or bad,” Vetter said on one such recording released by HOME.
The end of offices? New York's business districts face uncertain future
Boarded-up stores, shuttered restaurants and empty office towers: Covid-19 has turned New York's famous business districts into ghost towns, with companies scrambling to come up with ways to entice workers to return post-pandemic. With vaccines now rolling out, corporations and business leaders are grappling with how to attract employees back after spending the best part of a year working from home, and in turn maintaining the character of business districts. Story continuesFew workers plan on being in offices Monday to Friday, nine to five, though. While offering staff flexibility, several major employers are doubling-down on their commitment to offices, betting big on New York's business districts despite the uncertainty caused by the pandemic. "There is definitely an opportunity for everyone to be looking at the new future," Alfred Cerullo, president of the Grand Central Partnership business improvement group, told AFP.
Goldman Sachs boss gets $10m pay cut for 1MDB scandal
He was not "involved in or aware of the firm's participation in any illicit activity at the time... the board views the 1MDB matter as an institutional failure, inconsistent with the high expectations it has for the firm".
Japan's 2020 laptop shipments hit record high on teleworking
Shipments of laptop computers in Japan surged 25.1% in 2020 to hit a record high due to increased teleworking amid the novel coronavirus pandemic and the government’s policy to supply computers to each elementary and junior high school student, an industry body said Tuesday. Shipments by value declined 34.4% to ¥151.6 billion. Overall PC shipments rose 7.4% to 10.45 million units, with those by value standing at ¥831.3 billion, down 8.9% from the previous year. In December alone, laptop shipments more than doubled from a year earlier to 1.5 million units, increasing 31.1% by value to reach ¥85.5 billion. Desktop shipments sank 55.2% by volume to 122,000 units and dropped 50.7% by value to ¥12.1 billion.
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The end of offices? New York's business districts face uncertain future
"Think of it as a theater, where you have different sets for different scenes," David Smith, co-author of a Cushman & Wakefield report about workplaces of the future, told AFP. While offering staff flexibility, several major employers are doubling-down on their commitment to offices, betting big on New York's business districts despite the uncertainty caused by the pandemic. In August, Facebook signed a lease on a 730,000-square-foot space in Midtown, while a Google spokesperson told AFP the technology giant is continuing to expand its campus in the Chelsea neighborhood. It has staff coming in on "a rotational basis," and the firm plans to proceed with its move into a new state-of-the-art building near Grand Central Station this year, vice-chairman Robert Ivanhoe told AFP. "There is definitely an opportunity for everyone to be looking at the new future," Alfred Cerullo, president of the Grand Central Partnership business improvement group, told AFP.
China manufacturing continues sustained recovery as industrial profits grow for eighth straight month
China is the only major economy in the world to avoid a contraction in 2020, with gross domestic product growing 2.3 per cent for the full year, while many countries remain crippled by the jolt from the coronavirus. Photo: Bloomberg
Democrats reintroduce $15 minimum wage bill with unified control of Congress, White House
The protest was part of a nationwide effort calling for minimum wage to be raised to $15-per-hour. Democrats in the House and Senate reintroduced a bill Tuesday to raise the U.S. minimum wage to $15 per hour, seeking fresh support for the policy during an economic crisis and with control of Congress and the White House. The measure would also end pay below the minimum wage for tipped workers, along with certain teens and people with disabilities. The party has long pushed to raise the federal minimum wage, which has stalled at $7.25 an hour since 2009. The Democratic-held House passed a version of the bill, known as the Raise the Wage Act, in 2019.
Leon Black’s $158M Jeffrey Epstein payout raises eyebrows
Leon Black’s nine-figure payout to convicted pedophile alleged sex trafficker Jeffrey Epstein has the legal world scratching its head. “It is clear that the compensation paid by Black to Epstein far exceeded any amounts Black paid to his other professional advisors,” Dechert reported. Black justified this by explaining that he paid Epstein “in amounts that were intended to be proportional to the value provided,” Dechert said. In hiring Epstein, Black, 69, overlooked his 2008 conviction for soliciting a 17-year-old for sex because he “believed Epstein had mistakenly understood was older,” the report said. “Black viewed Epstein as a confirmed bachelor with eclectic tastes, who often employed attractive women.
Texas grocery store run by high school students gives free food to needy
A high school-run grocery store in Texas is supporting its community by offering free food to people in need -- as well as its students and staff. The grocery store at Linda Tutt High School in Sanger, Texas, first opened in November. Fox News previously reported that the grocery store was founded in partnership with local nonprofits to help students whose families were struggling because of the coronavirus pandemic. ARKANSAS RESTAURANT RAISES $9G FOR FOOD BANK DESPITE CORONAVIRUS CHALLENGESAccording to school principal Anthony Love, about 130 families have used the high school’s grocery store. They’re excited about helping in the grocery store and just being a part of it."
Australian consumer prices lifted by taxes, Covid stimulus in fourth quarter
Australian consumer prices rose a little faster than forecast last quarter as the unwinding of Covid-19 subsidies and higher tobacco taxes made an outsized impact, yet core inflation remained very much subdued. "The underlying weakness will remain for quite some time, notwithstanding the strength of the economic recovery thus far. "And the weakness is broad-based, with falls in prices recorded in clothing, housing costs, household goods and services excluding childcare and communications." Wednesday's data from the Australian Bureau of Statistics did show consumer prices (CPI) rose by a larger-than-forecast 0.9% at both a quarterly and annual level. There was also a near 11% jump in tobacco prices due to higher taxes, again not a demand-driven move.
Walgreens taps Starbucks executive Rosalind Brewer to be its CEO
New York (CNN Business) Rosalind Brewer will be the next CEO of Walgreens — making her the only Black woman currently slated to take the helm of a Fortune 500 company. Brewer is set to begin on March 15, Walgreens said Tuesday. She currently serves as the chief operating officer at Starbucks, and will remain in the role until the end of February. The coffee company announced her departure on Tuesday. Brewer will succeed Stefano Pessina, who became Walgreens' CEO in 2015.
China industrial profits surge 20.1% y/y in December
FILE PHOTO: A worker welds iron at his steel product shop in Seoul January 29, 2013. REUTERS/Kim Hong-JiBEIJING (Reuters) - Profits at China’s industrial firms surged 20.1% year-on-year in December to 707.11 billion yuan ($109.40 billion), official data showed on Wednesday. For the full year of 2020, annual profits for China’s industrial firms grew 4.1% year-on-year to 6.45 trillion yuan, recovering from a 3.3% on-year decline seen in 2019. It was also quicker than a 2.4% gain seen in January-November. Economists polled by Reuters expect China’s GDP to rise 8.4% in 2021, the fastest pace in a decade.
Philippine province cancels award for China Communications' $10 billion airport project
China Communications Construction Co (CCCC) and Philippines company MacroAsia Corp won the auction in 2019 to partner with the Cavite provincial government to upgrade the Sangley airport. "The notice of selection and award for the Sangley Point International Airport Project issued on 12 February 2020 was cancelled," MacroAsia told the stock exchange on Wednesday. (bit.ly/3cfWZbQ)Cavite Governor Juanito Victor Remulla told Reuters the consortium’s documentation was “deficient in three or four items”. “We saw it as a sign they were not fully committed to the project,” Remulla said. The Cavite government would start new negotiations for a private sector partner to pursue the airport project, he said in a Facebook post.
Belk department-store chain will file for Chapter 11 bankruptcy
CHARLOTTE, N.C. — Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy. A group of the department store’s creditors, led by the private equity firms KKR and Blackstone, will get a minority stake. Three generations of the Belk family led the company to become the biggest family-owned department store chain in the country by 2015, when the family sold it for $3 billion. The department store has struggled during the coronavirus pandemic as customers flocked to online shopping and avoided in-person shopping. In July, Belk cut an undisclosed number of jobs, mostly at its headquarters in Charlotte, North Carolina.
Palm Beach County commissioner slams Desantis for Florida's Publix vaccination plan
Palm Beach County Commissioner Melissa McKinlay slammed Florida Gov. Alonso said the Palm Beach County Health Department will receive enough vaccine to finish first doses through Feb. 5. DeSantis said that he had met with Palm Beach County Mayor Dave Kerner and other county officials weeks before the rollout of the pilot program with Publix. Palm Beach County commissioners have agreed to write a letter to Gov. "On January 12, Governor DeSantis met with Palm Beach County Mayor Dave Kerner, as well as County Administrator Verdenia Baker and Commissioner Mack Bernard," Beatrice said.
Janet Yellen outlines goals for US economy following confirmation as Treasury Secretary
Former Federal Reserve chair Janet Yellen was sworn in as the 78th U.S. Treasury Secretary on Tuesday, after which she promptly sent a note out to the department’s staff outlining her goals for guiding the U.S. economy out of the “wholesale devastation” wrought by the pandemic. BIDEN'S BIGGEST THREAT TO ECONOMIC RECOVERY IS COMING FROM DEMS, NOT FROM GOPThe newly-minted Treasury Secretary said that the U.S. has been living in a “K-shaped economy,” where wealthy people have accumulated more wealth while other populations fell behind. GET FOX BUSINESS ON THE GO BY CLICKING HEREThese objectives will need to be worked on in addition to the Treasury Department’s routine business obligations, Yellen acknowledged. Yellen was chair of the Federal Reserve from 2014 through 2018. READ MORE ON FOX BUSINESS BY CLICKING HERE
YouTube CEO says service has paid $30 billion to creators, artists, and media companies
YouTube has paid creators, artists, and media organizations more than $30 billion in the last three years, CEO Susan Wojcicki announced in a Tuesday newsletter. Wojcicki noted that the Google-owned company still has room to improve in communicating its new policy guidelines, especially when it concerns strikes affecting advertising dollars. “We take these issues seriously, and we’re making changes this year to help creators,” Wojcicki said. YOUTUBE SUSPENDS TRUMP'S CHANNEL AFTER VIOLATING POLICY ON INCITING VIOLENCETo address these types of mattes, Wojcicki said, YouTube will work to improve transparency in its policies, offer more support for creators, and improve the appeal process for creators. The letter comes amid mounting pressure on the company to crack down on misinformation both within and outside the United States.
Real estate firm Colliers hires longtime Roxbury nonprofit leader
The move toward greater diversity gained a little momentum this week with the appointment of Jeanne Pinado as an executive vice president at Colliers, a prominent Boston real estate firm. For decades, the people who put together big real estate deals in this city have mostly been male and white. AdvertisementIn recent years, real estate firms have launched internships and other programs aimed at building a pipeline of young talent from more diverse backgrounds. After three decades working in real estate in the city, she’s well aware of the dynamics. Pinada acknowledged that she “may be the first” Black female executive at a real estate brokerage in Boston.
Parent company of Berkshire Bank hires a new CEO
The parent company of Berkshire Bank has hired a top banker from Webster Bank to be its next chief executive. Berkshire Hills Bancorp announced on Monday that it has appointed Nitin Mhatre as its new CEO as of Jan. 29. — JON CHESTOINTERNATIONALAdvertisementIMF projects brisk global growth this yearThe spread of COVID-19 vaccines will power a stronger global economic recovery in 2021, the International Monetary Fund forecast Tuesday. More than 40 companies of various sizes were surveyed in the study conducted by the nonprofit groups Promundo and Paid Leave for the US, which promote gender equity and paid leave policies, respectively. President Joe Biden has introduced a $1.9 trillion stimulus bill featuring temporary paid leave amid signs that support is on the rise on Capitol Hill and in corporate America for paid leave legislation.
GameStop’s market value rockets past $10 billion, as Elon Musk joins in the fun
Its market value flew past the $10 billion mark via a year-to-date rally that is pushing 700%. Earlier this month, traders piled into GameStop after activist investor and Chewy Inc. co-founder Ryan Cohen joined its board. Short bets by Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research have faced a reckoning in the battle with GameStop’s retail fans. Better-known names jumped in Tuesday with venture capitalist Chamath Palihapitiya pushing the gains higher during trading hours after tweeting about buying calls. The capital infusion came after Melvin Capital, which started the year with about $12.5 billion in assets, saw short bets, including GameStop, go awry, people familiar with the firm said.
A 190-year-old department store chain joins the list of retailers filing for bankruptcy
Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy. A group of the department store’s creditors, led by the private equity firms KKR and Blackstone, will get a minority stake. Three generations of the Belk family led the company to become the biggest family-owned department store chain in the country by 2015, when the family sold it for $3 billion. The sale to Sycamore loaded the chain with over $2 billion in debt at a time when department stores were losing popularity. The department store has struggled during the coronavirus pandemic as customers flocked to online shopping and avoided in-person shopping.
Pet food store owners list 114-year-old Country Club mansion for $5M
By Lily O’Neill, BusinessDenThe owners of a Centennial-based pet food store hope to have homebuyers’ tails wagging for their mansion at the edge of the Country Club neighborhood. Jeff Strauss and Dan Remus, who own Wag N’ Wash Natural Pet Food & Grooming, relisted their 12,108-square-foot home at 1130 E. Seventh Ave. last week, for $5 million. “Now, they want a new project.”The founders of Wag N’ Wash, which sells pet toys, treats and offers grooming services, opened their first shop in Colorado Springs in 1999. Wag N’ Wash now has 19 stores in seven states. Outside, there’s a three-car detached garage, an in-ground swimming pool and a carriage house with a full bath and kitchen.
Regulators accuse marijuana lab of manipulating microbial, THC results
A marijuana testing lab was intentionally passing tainted cannabis products that should have failed and inflating THC results for clients, state regulators said in a new complaint Tuesday. A marijuana testing lab was intentionally passing tainted cannabis products that should have failed and inflating THC results for clients, state regulators said in a new complaint Tuesday, Jan. 26, 2021. (Erik Verduzco Las Vegas Review-Journal) @Erik_VerduzcoCARSON CITY — A marijuana testing lab was intentionally passing tainted cannabis products that should have failed and inflating THC results for clients, state regulators said in a new complaint Tuesday. For most cannabis products, the higher the THC levels, the higher a price it can yield for companies. Three other companies — dispensaries Desert Aire Wellness, Waveseer and Paradise Wellness Center — all agreed to similar settlements that included $7,500 fines stemming from selling previously recalled cannabis products.
Las Vegas home prices rising but not nearly as much as other markets
(Michael Quine/Las Vegas Review-Journal) @Vegas88sAn aerial view of housing developments along Theme Road in east Las Vegas on Wednesday, August 5, 2020. (Michael Quine/Las Vegas Review-Journal) @Vegas88sAn aerial view of housing near Night Owl Bluff Avenue and West Gentle Brook Street in North Las Vegas on Tuesday, September 1, 2020. (Michael Quine/Las Vegas Review-Journal) @Vegas88sLas Vegas’ housing market is riding a hot streak, though home prices have been climbing even faster in other cities, a new report shows. Las Vegas’ prices rose at the slowest pace among the 19 markets reported. Despite huge job losses, Las Vegas home prices reached record highs several times last year.
Man sought in armed robbery of east Las Vegas business
Police said the man entered the business just before 2 a.m. Dec. 13 on the 2400 block of South Nellis Boulevard, near East Sahara Avenue. The man entered the business just before 2 a.m. Dec. 13 on the 2400 block of South Nellis Boulevard, near East Sahara Avenue. (LVMPD)Police are seeking this man in connection with an armed robbery that occurred Sunday, Dec. 13, 2020, on the 2400 block of South Nellis Boulevard in Las Vegas. (Metropolitan Police Department)Police are seeking a man in connection with an armed robbery of an east Las Vegas business in December. The man entered the business just before 2 a.m. Dec. 13 on the 2400 block of South Nellis Boulevard, near East Sahara Avenue, according to a Metropolitan Police Department news release and police records.
Walgreens names Starbucks executive as new CEO
She succeeds current CEO Stefano Pessina, an Italian billionaire who has led the company for six years, following the merger between Walgreens and Alliance Boots in 2014. Pessina announced his plans to step down from the position in July.
Is your money harming the climate?
The links between your personal finances and the climate emergency are perhaps less intuitive than these other examples. The cash in your bank account, pension, and personal investments may not seem to be a direct cause of greenhouse gas emissions. As a consumer with money to invest, the decisions you take about what to do with it can be surprisingly important. Many of these banks also offer current and savings accounts to ordinary customers, although this does not typically mean your money is being used for fossil fuel investments. The money sitting in your bank account is instead normally used for loans to other customers, such as mortgages, rather than investments.
HS2 protesters to occupy 100ft tunnel network under Euston station park
Protesters said they have dug and are ready to occupy a 100ft tunnel network under a small central London park they claim is at risk from the HS2 line development. HS2 Rebellion, an alliance of groups and individuals campaigning against the planned high-speed railway, claim Euston Square Gardens, a green space outside Euston station, will be built over with a temporary taxi rank before being sold off to developers. The protest group said "tree protectors" were prepared to occupy the tunnels, dug "in secret" over the last few months, and stay underground "for as long as it takes to stop HS2". A spokeswoman for HS2 Ltd said it could not comment on the specifics of protesters' activities as it was yet to take possession of the land, but said "illegal" actions could be a danger to people's safety. A community notification issued in December detailed the need to build an "interim" taxi rank on the east side of Euston Square Gardens to support the construction of a proposed HS2 station.
Man pepper-sprayed by Portland mayor lawyer, heir to dairy
Man pepper-sprayed by Portland mayor lawyer, heir to dairy Police identified a man who was pepper-sprayed by Portland Mayor Ted Wheeler as a lawyer named Cary CadonauPORTLAND, Ore. -- Police on Tuesday identified a man who was pepper-sprayed by Portland Mayor Ted Wheeler as a partner at a law firm who also tried to obtain surveillance footage of the mayor in a restaurant and get a copy of his meal receipt. According to a statement the mayor gave to police, Wheeler told the man of current COVID-19 regulations, which allows people to take their mask off to eat or drink. Wheeler told the man to “back off” and that he was carrying pepper spray, which he would use if necessary. “He seemed surprised and backed off,” Wheeler told police. Cadonau told police when contacted Monday that he didn't want to discuss the matter because he was an attorney.
Criminals in Mexico exploit desperation for oxygen canisters
High rates of coronavirus infection have led Mexico to crack down on the illicit trade in oxygen canisters, though thieves are coming up with new ways to defraud families. Hospitals in some parts of Mexico are almost 90% full, forcing families to treat their relatives at home. But the oxygen tanks they rely on have been the object of thefts, hijackings and fraud. The head of the country's consumer protection agency, Ricardo Sheffield, reported Tuesday that hundreds of ads have been found offering industrial oxygen cylinders — used by torch and welding operators — for medical use. There have been several armed robberies of oxygen cylinders in recent weeks in Mexico, and hijackings of trucks delivering the canisters.
Opinion | Made in the U.S.A.: Socialism for the Rich. Capitalism for the Rest.
“The zombie minority started to grow rapidly in the early 2000s, and by the eve of the pandemic, accounted for 19 percent of U.S.-listed companies.” It’s happening in Europe, China and Japan, too. With so many new cheap digital tools of innovation, so much access to cheap high-powered computing and so much easy money, start-ups should have been exploding. “Before the pandemic, the U.S. was generating start-ups — and shutting down established companies — at the slowest rates since at least the 1970s,” wrote Sharma. Alas, though, big companies are becoming huge and more monopolistic in this easy money, low interest rate era. So it takes more and more stimulus each time to prop up growth.
NY Republicans roll out plan to aid ailing eateries amid ‘Restaurant Week’
Andrew Cuomo on Tuesday for refusing to say when New York City restaurants can resume indoor dining — and unveiled a series of measures intended to aid the state’s struggling hospitality industry. The plan — timed to coincide with this year’s pandemic-inspired “NYC Restaurant Week To Go” — includes prohibiting app-based delivery services from charging higher fees than they did on March 1, 2020, shortly before Cuomo ordered a coronavirus lockdown. State Sen. George Borrello speaking at a press conference on January 26, 2021. Hans Pennink“It’s Restaurant Week in New York City right now,” he said during a news conference in Albany. Those proposals include moratoriums on foreclosures and eviction until May 1, a 15 percent cap on app-based delivery fees and a one-year freeze on the cost of unemployment insurance.
EU urges Biden admin to join Europe in cracking down on big tech
Continue Reading Below"I want to invite our friends in the United States to join our initiatives. The European Union unveiled draft legislation last month aimed at reining in big tech by making companies more accountable, enhancing privacy, and encouraging competition. Von der Leyen emphasized Tuesday the "need to contain this immense power of the big digital companies." "[Facebook] is propagating falsehoods they know to be false, and we should be setting standards not unlike the Europeans are doing relative to privacy," Biden told the newspaper's editorial board in January 2020. GET FOX BUSINESS ON THE GO BY CLICKING HEREThere does appear to be a growing bipartisan push to crackdown on big tech.
What to know about Apollo's CEO Leon Black's financial ties to Jeffrey Epstein
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat to know about Apollo's CEO Leon Black's financial ties to Jeffrey EpsteinApollo Global Management CEO Leon Black paid child sex predator Jeffrey Epstein $158 million for financial advice from 2012 through 2017, despite knowing Epstein pleaded guilty to sexually abusing an underage girl in 2008, a probe by a law firm retained by Apollo found. Black will retire as CEO of Apollo by the end of July but will remain as its chairman. The investment firm also revealed that a probe of the company's and Black's ties to Epstein had found no wrongdoing.
Former SEC lawyer on Reddit revolution
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer SEC lawyer on Reddit revolutionFormer SEC lawyer Jacob Frenkel weighs in on the Reddit revolution. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Guy Adami and Dan Nathan.
Walgreens to name Starbucks' Roz Brewer CEO: Sources
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalgreens to name Starbucks' Roz Brewer CEO: SourcesCNBC's Kate Rogers reports that Starbucks COO Roz Brewer has been named CEO of the Walgreens Boots Alliance. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Guy Adami and Dan Nathan.
Alphabet and Facebook rise after Microsoft reports surprisingly strong advertising revenue
Microsoft CEO Satya Nadella speaks during the annual Microsoft shareholders meeting in Bellevue, Washington on November 29, 2017. "LinkedIn's advertising business had a record quarter accounting for more than a third of LinkedIn's total revenue. Besides advertising, LinkedIn revenue comes from premium subscriptions and tools for recruiters and salespeople. Microsoft, meanwhile, rose almost 4% after the earnings report, which reflected strong growth in the company's cloud computing business. WATCH: Jefferies Weisfeld breaks down Microsoft's earnings
Retail investors are here to stay as a force in the stock market, says Tom Lee
Fundstrat Global Advisors co-founder Tom Lee told CNBC on Tuesday he believes retail investors will be a force in the stock market for years to come. Lee, who also serves as Fundstrat's head of research, said retail investors have ample cash that could be deployed into stocks and change in market dynamics, such as supporting higher price-to-earnings ratios. "The retail investor is having a huge impact," added Lee, who used to serve as JPMorgan's chief equity strategist. For evidence of the impact individual investors can have on financial markets, Lee said look no further than bitcoin. Disclosure: Tom Lee is a CNBC contributor.
Elon Musk tweet fuels frenzied GameStop surge
(CNN Business) Amateur investors continued a frenzied runup of GameStop for the fourth session in a row, with the stock ending Tuesday up more than 92%, or about $148 a share. Tesla TSLA After the market closed,CEO Elon Musk appeared to join the pile-on with a tweet that sent GameStop shares briefly above $200. GameStop is up more than 680% so far this year — an improbable spike led by investors congregating on the WallStreetBets subreddit. Those traders have essentially declared war on GameStop's short sellers — investors who have placed bets that a stock would go down. The more GameStop climbs, the more money the short sellers lose.
Goldman Sachs slashes CEO pay by $10 million over massive scandal
The $10 million payout comes after Goldman agreed to pay nearly $3 billion after pleading guilty to charges the bank conspired to violate US anti-bribery laws in a massive scandal with 1MDB. Goldman Sachs FADXX The scandal relates to bond sales thatarranged and underwrote for 1MDB, from which the US Justice Department alleges $4.5 billion was stolen. Scherr's pay was reduced to $15.5 million from $22.5 million in 2019. Waldron's pay was slashed to $18.5 million, down from $24.5 million in 2019. In total, the three executives' total compensation for 2020 was reduced by $24 million in response to the bribery scandal fallout.
UK retailers report biggest annual price falls since May
REUTERS/Toby Melville/File PhotoLONDON (Reuters) - British retailers reported the biggest annual fall in prices since May this month, adding to signs of pressure on the sector since non-essential stores had to close to the public from Jan. 5 as part of renewed COVID lockdown measures. Food prices rose by 0.2%, the smallest increase since January 2017, and non-food prices dropped by 3.6%. “Post-Christmas sales and the national lockdown drove non-food prices down – especially for clothing and DIY goods,” BRC chief executive Helen Dickinson said. Britain’s official measure of consumer price inflation, which covers a wider range of goods and services, showed annual prices rises of 0.6% in December. Dickinson said that as well as facing softer consumer demand, retailers were under pressure from higher costs which they may prove unable to absorb.
Indian economy to get shot in the arm from federal budget: Reuters poll
BENGALURU (Reuters) - India’s path to economic recovery will be stronger than previously thought as fiscal expansion and vaccine hopes help the country heal from COVID-19, a Reuters poll of economists showed. “We expect global economic activity to return to normality in fiscal Q2 and India to grow in fiscal 2021/22, with government stimulus packages expecting to contribute,” said Hugo Erken, head of international economics at Rabobank. The poll predicted the economy would grow 21.1%, 9.1%, 5.9% and 5.5% in each quarter of the 2021/22 fiscal year, largely upgraded from a poll taken two months ago. Around 55% of economists, 18 of 33, who answered an additional question about the focus of the budget said it would be more on fiscal expansion than prudence. “Tight fiscal policy can do lasting damage by hurting potential growth that would have been negatively affected on account of the pandemic,” said Abhishek Upadhyay, senior economist at ICICI Securities PD.
Dollar on the defensive with Fed's Powell likely to sound dovish note
FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. “The stronger the world economic outlook, the weaker the U.S. dollar,” said Joseph Capurso, currency analyst at Commonwealth Bank of Australia in Sydney. The dollar index was little changed at 90.172 early in the Asian session, holding Tuesday’s 0.2% decline. The riskier Aussie dollar gained 0.1% to 77.51 U.S. cents, adding to Tuesday’s 0.5% rally. The British pound climbed as high as $1.3753 for the first time since May 2018 on Thursday, before trading 0.1% higher at $1.3746.
Dollar retreats as riskier currencies recover
The U.S. Dollar Currency Index was 0.22% lower at 90.143. Despite the dollar’s recent rebound from multi-year lows, speculators in the currency market remain extremely bearish on the U.S. currency. The Australian dollar - seen as a liquid proxy for risk - was 0.52% higher against the dollar; the New Zealand dollar was up 0.61%. Elsewhere, emerging-market currencies saw an easing of recent selling pressure with the Brazilian real rising more than 1%. The British pound was 0.46% higher, pulling away from a one-week low against the dollar as rekindled risk appetite in broader asset markets weakened the U.S. currency.
Eugene Robinson says Democrats won power and need to use it
On Democrats having all the levers of power in Congress and in the Executive branch, Eugene Robinson says they should push through legislation like covid relief through reconciliation. He says, "They have just watched a years long master class in the use of naked power by Mitch McConnell … You saw what he did with Garland, Coney Barrett, and all those judges he pushed."
How to Screen for Stock Market Winners
Featured VideosHow to Screen for Stock Market WinnersThere are thousands of publicly traded stocks in the market and new IPOs being added almost daily. In this free investing webinar, IBD's experts will show you how to use a stock screener to cut through all the clutter and narrow your focus to the strongest stocks with the biggest profit potential.
Criminals in Mexico exploit desperation for oxygen canisters
People wait to refill oxygen tanks for relatives sick with COVID-19 in the Iztapalapa district of Mexico City, on Tuesday, Jan. 26, 2021. (AP Photo/Marco Ugarte)People wait to refill oxygen tanks for relatives sick with COVID-19 in the Iztapalapa district of Mexico City, on Tuesday, Jan. 26, 2021. But the oxygen tanks they rely on have been the object of thefts, hijackings and fraud. There have been several armed robberies of oxygen cylinders in recent weeks in Mexico, and hijackings of trucks delivering the canisters. And on Tuesday, Mexico City police arrested a couple who posed as sellers of disinfectant liquids and gels whose use has skyrocketed in the pandemic.
‘Big Short’ Investor Who Once Touted GameStop Calls Rally ‘Unnatural, Insane, and Dangerous’
Burry made a substantial investment on GameStop in 2019 and noted that he’s happy for investors who made money following his initial investment in the retailer. GameStop stock is up more than 3,415% in the past 12 months, riding a wave of retail investor enthusiasm and crushing short sellers. Cohen’s RC Ventures holds roughly 13% of GameStop shares. In August of 2019, when GameStop shares below were $4 a share, Burry disclosed a 3% stake in the company. Burry’s firm sold more than a million GameStop shares, or about 38% of its stake, during the September quarter of 2020, according to an SEC filing.
Goldman cuts CEO Solomon’s pay by $10 million over 1MDB scandal
Goldman Sachs Group Inc. slashed Chief Executive David Solomon’s 2020 pay by 36%, punishment for the bank’s admission last year that it broke U.S. laws in its dealings with an investment fund at the heart of a global corruption ring. Solomon received a $17.5 million compensation package for 2020, down from the $27.5 million he got for 2019, according to a securities filing on Tuesday.
BlackBerry Stock Extends Rally Despite Downgrade
BlackBerry shares extended their remarkable run in early trading Tuesday, despite one analyst turning bearish on the stock. Several factors have cast new light on BlackBerry (ticker: BB) shares in recent weeks, although none quite explain the dramatic surge in interest in the stock. The latest move in BlackBerry shares was kicked off by a Jan. 15 report that the company had settled 2018 litigation alleging that Facebook had infringed on its patents. A few days later, BlackBerry confirmed that it sold 90 smartphone- related patents to Huawei Technologies, without disclosing the terms of the sale. Tuesday morning, RBC Capital analyst Paul Treiber cut his rating on BlackBerry shares to Underperform from Sector Perform, while keeping his price target of $7.50.
US consumer confidence rebounds in January
WASHINGTON (AP) — U.S. consumer confidence rose in January as Americans became more optimistic about the future. The Conference Board reported Tuesday that its consumer confidence index increased to 89.3, a rebound from December when it dipped to 87.1. The present situation index weakened further, however, reflecting concerns over the resurgence of COVID-19. “The slow rollout of the vaccines and the still raging pandemic continue to depress consumer confidence despite the prospect of further fiscal aid and a brighter and a brighter health situation,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics. In terms of future prospects, the percent of consumers expecting business conditions to improve over the next six months increased from 29.5% to 33.7%.
Starbucks notches improved sales, but faces major departure in executive suite
Brewer, 58 years old, has been COO and a member of the board at Starbucks since 2017. She helped shift Starbucks toward a focus on to-go operations during the pandemic and has worked to diversify the company's leadership. Starbucks last fall said it would tie executive compensation to increasing minority representation in its workforce, and mandated antibias training for company leaders. The pandemic has prompted Starbucks to reassess the design of its stores and shift toward more to-go formats. GET FOX BUSINESS ON THE GO BY CLICKING HEREFor the latest quarter, Starbucks reported adjusted earnings of 61 cents a share, beating analysts' expectations of 55 cents a share.
Microsoft earnings jump on pandemic-driven cloud, videogaming demand
Those figures beat Wall Street’s expectation of net income of $12.6 billion and sales of $40.2 billion, according to FactSet. Microsoft saw continued strength in its Surface laptop business, with revenue rising 3% as the work-from-home period drags on. CLICK HERE TO READ MORE FROM FOX BUSINESSStrong demand for business software has fueled competitive pressure on Microsoft. With Slack, Salesforce is looking to more aggressively target a core business of Microsoft. Microsoft said even its advertising business, one of the few segments that lagged early in the pandemic, is showing signs of recovery.
Walgreens Boots to Name Starbucks Executive as CEO: Report
Walgreens Boots Alliance (WBA) - Get Report will name outgoing Starbucks Chief Operating Officer Roz Brewer as its CEO according to a published report Tuesday. Starbucks (SBUX) - Get Report said in its earnings release Tuesday that Brewer “has accepted a chief executive officer role at another publicly traded company and will be leaving Starbucks at the end of February. Her next position will be announced publicly in the near future.”A report in the Wall Street Journal said Brewer will be leading Walgreens, taking over from Stefano Pessina, who will become executive chairman. Shares of Walgreens Boots, a component of the Dow Jones Industrial Average, rose $4.20, or 8.5% to $53.39 in after-hours trading. Before working at Walmart, she spent 22 years in a variety of roles at Kimberly Clark (KMB) - Get Report.
How L.A. County restaurants are preparing to resume outdoor dining
Gavin Newsom announced Monday that the state was rescinding its stay-at-home order, Los Angeles County officials declared that outdoor dining could resume by the end of the week. AdvertisementThe move returns restaurant, retail and activity re-openings to the state’s previous color-coded system — where every tier allows outdoor dining. The current county restrictions on outdoor dining were announced Nov. 25 and were supposed to last for at least three weeks. After the county announced its restrictions at the end of November, Pasadena continued to allow outdoor dining — until California’s regional stay-at-home order shut it down. To Cardenas, even a slow and cautious return to outdoor dining is an improvement.
General Electric ends 2020 in a relatively strong position after a rough year
A year ago, General Electric’s long-awaited turnaround seemed to be finally taking hold under chief executive Larry Culp. AdvertisementThat free-cash flow number totaled $4.4 billion for the final quarter, up 12 percent from a year earlier, vastly exceeding Wall Street’s expectations. Blame GE’s once-highflying Aviation division, which was brought to earth by the pandemic-induced slowdown in air travel. Revenue fell 33 percent for the year, to $22 billion. AdvertisementHealthcare: Revenue fell 10 percent in this division for the year, to $18 billion.
Stop & Shop, Hannaford, Price Chopper locations gear up to offer COVID vaccine
Those eligible to receive a COVID-19 vaccine in Massachusetts might be able to do so at their local grocery store. Massachusetts is one of the first states in the US to launch what is called the COVID-19 CDC Pharmacy Partnership — Phase 1, which utilizes CVS, Walgreens, and grocery store pharmacies to administer the vaccine. Last week, the program had a soft launch at about 15 CVS and Walgreens locations, but the effort was expected to begin expanding on Monday, bringing grocery stores into the mix. Stop & Shop on Tuesday announced that vaccinations at some of its stores across the state have already begun. The company said its pharmacies can safely store and administer the vaccine from Cambridge biotech Moderna.
US surges coronavirus vaccine to states amid complaints of shortages
Biden, calling the push a “wartime effort,” said the administration was working to buy an additional 100 million doses of each of the two approved coronavirus vaccines. He acknowledged that states in recent weeks have been left guessing how much vaccine they will have from one week to the next. The administration said it plans to buy another 100 million doses each from drugmakers Pfizer and Moderna to ensure it has enough vaccine for the long term. The setup inherited from the Trump administration has been marked by miscommunication and unexplained bottlenecks, with shortages reported in some places even as vaccine doses remain on the shelf. As of Tuesday afternoon, the CDC reported that just over half of the 44 million doses distributed to states have been put in people’s arms.
Arizona households received billions in stimulus payments. Here's how they compared to national average
Some 3.48 million Arizona households shared $5.92 billion from the first stimulus round. National average of $1,676Overall, the federal government disbursed $271.4 billion in first-round stimulus payments nationally to 161.9 households, averaging about $1,676. Most of the rest were paid with paper checks, with less than 1% of payments disbursed on debit cards. Eligible recipients who didn't receive stimulus payments may apply for them upon preparing their 2020 federal income tax returns. The tally announced by the IRS doesn't include a second stimulus round that began in late December.
Shore landmark Gillian’s Wonderland Pier is in foreclosure
Gillian defaulted on three loans totaling about $7.9 million with the pier as collateral, according to a court judgment entered last week. The court also ordered the property to be put up for auction. Gillian, who did not respond to requests for comment, said in a statement to NBC10 that although the pier was affected by the pandemic, it had “secured financing” and would be reopening on March 27.
Texas Instruments reports strong chip demand, but investors worry about shortages
Texas Instruments Inc. gave a bullish forecast for the current quarter, signaling that demand is rebounding for semiconductors for vehicles, personal electronics and industrial use. Texas Instruments gets the biggest chunk of its sales from manufacturers of industrial equipment, making its earnings and forecasts a bellwether for the broader economy. Analysts on the Texas Instruments call worried that the company’s orders are artificially high due to customers buying more components now to avoid supply shortages later. Texas Instruments executives said they manufacture about 80% of chips internally and are simply shipping to meet orders. Texas Instruments finished 2020 with $14.46 billion in revenue and $5.6 billion in net income.
Southwest Airlines offering another round of voluntary leave to workers
Dallas-based Southwest Airlines will offer another round of voluntary leave to employees as it tries to overcome continuing financial difficulties from the COVID-19 pandemic, Bloomberg reported Tuesday. Southwest will give employees the option of taking unpaid, voluntary leave starting March 1, with packages varying between one and six months depending on their workgroup. Some 17,000 Southwest Airlines workers took leaves and voluntary buyouts last year, equalling more than a quarter of all employees. Those leaves started in July, when there were assumptions that the COVID-19 pandemic would be under control by early this year. Airlines have cut the number of flights by 44% compared to a year ago, according to Airlines for America.
Restaurant owners critique return of limited indoor dining
Chicago and suburban Cook County restaurants and bars that serve food are now allowed to seat customers indoors at either 25% capacity or 25 people per room, whichever is less. While grateful for a partial reopening, Len DeFranco, owner of Hawkeye’s Bar and Grill on the Near West Side, said 25% capacity doesn’t cut it. It allows his restaurant to keep a couple of key employees, he said, but it still is not sustainable long-term. Without indoor dining, DeFranco said restaurants that rely on parties and catering for major holidays have taken a hit. “It’s an apocalypse for the restaurant industry if we have to go through another holiday season with limited dining,” DeFranco said.
Cannex Nevada LLC could lose marijuana license
A marijuana testing lab was intentionally passing tainted cannabis products that should have failed and inflating THC results for clients, state regulators said in a new complaint Tuesday. The complaint said it found 232 instances of unapproved retesting of products that had initially failed testing for microbials. For most cannabis products, the higher the THC levels, the higher a price it can yield for companies. Other board actionsThe board also approved several other settlement agreements with marijuana companies or agent cardholders for various violations. Three other companies — dispensaries Desert Aire Wellness, Waveseer and Paradise Wellness Center — all agreed to similar settlements that included $7,500 fines stemming from selling previously recalled cannabis products.
Bob Fisher, top yachting writer, Cup historian, dies at 85
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........SAN DIEGO — Bob Fisher, the world’s preeminent yachting journalist and one of the top America’s Cup historians who also was a champion sailor, has died. Sail on Bob your memory will live on.”Bruno Troublé, a former America’s Cup skipper for France who has run the America’s Cup media center for nearly three decades, remembered Fisher fondly. After winning the Little America’s Cup in C-Class catamarans with Peter Schneidau, his prize was an all-expenses paid trip to the America’s Cup in Newport, Rhode Island, where American defender Intrepid beat the Australian challenger Dame Pattie. He covered all the America’s Cup racing since, except the current racing in Auckland. III,” covering the past two decades of America’s Cup racing, is due to be published in the fall.
The new use for abandoned oil rigs
Above the water, this decommissioned oil rig is dull and lifeless, but the view below the surface is very different. There are more than 12,000 offshore oil and gas platforms worldwide. As they drain their reservoirs of fossil fuels below the sea, they eventually become defunct when they produce too little fuel for extraction to be profitable to their operators. The big question is what to do with these enormous structures when the fossil fuels stop flowing. With curbing climate change rising up the international agenda, and with some questioning whether we have already passed peak oil, hastened by the coronavirus pandemic, the number of defunct rigs in the ocean is set to get bigger.
Xbox sales boom as virus maintains grip on economy
Coffee chain Starbucks on Tuesday said its sales in the last three months of 2020 fell roughly 5% compared to 2019, driven by a drop in business in the US where concerns about Covid-19 have prompted authorities to urge people to stay at home.
Biden plans to replace federal fleet with American-made electric vehicles
President Joe Biden has vowed to replace the U.S. government's fleet of roughly 650,000 vehicles with American-made electric models in a push for the use of 'clean energy'. Still, he didn't give a timeline for the fleet replacement - or, crucially, a price tag. President Biden said that the federal government's fleet of vehicles will be replaced with clean electric vehicles'The federal government owns an enormous fleet of vehicles, which we're going to replace with clean electric vehicles - made right here in America made by American workers,' Biden said. It's a big task: Of U.S.-government vehicles, just 3,215 were electric vehicles as of July 2020, according to government figures. During the campaign, Biden vowed to 'make a major federal commitment to purchase clean vehicles for federal, state, tribal, postal, and local fleets.'
S. Korea's consumer sentiment improves in January
FINANCEThis undated file photo shows apartment complexes in Seoul. (Yonhap)South Korea's consumer sentiment improved in January as a third wave of coronavirus infections showed signs of slowing down amid hopes for vaccine rollouts, central bank data showed Wednesday.The composite consumer sentiment index (CCSI) came in at 95.4 for January, up 4.2 points from the previous month, according to the data from the Bank of Korea (BOK).A reading below 100 means pessimists outnumber optimists.The latest reading marks the first on-month gain following a drop in December, when the nation saw about 1,000 daily new infections. This week, South Korea has reported about 400 daily new infections, although health authorities warned against complacency.The BOK said consumer sentiment improved as new cases of coronavirus infections slowed down amid expectations for vaccinations.South Korea has been applying Level 2.5 social distancing rules in the greater Seoul area, home to half of its 51.6 million population, and Level 2 rules in the rest of the country since Dec. 8 in a desperate bid to stem a spike in COVID-19 cases.The anti-coronavirus measures have battered self-employed small merchants, as well as the manufacturing and service industries.The subindex for people's assessment of current economic conditions was unchanged at 56 in January, while the index gauging people's sentiment toward future economic conditions reached 89 this month, up from 81 in December last year.
Corporate direct financing gains 10.8% in 2020 amid pandemic
FINANCEThe logo of the Financial Supervisory Service in front of its headquarters in Yeouido, western Seoul (Yonhap)South Korea's corporate direct financing gained 10.8 percent on year in 2020 as the coronavirus pandemic prompted more companies to tap the bond market to raise funds, data showed Wednesday.Local companies raised a combined 194.4 trillion won ($175.6 billion) by selling stocks and bonds last year, up 18.9 trillion won from 2019, according to the data from the Financial Supervisory Service (FSS).Corporate stock sales more than doubled to 10.9 trillion won, with the value of initial public offerings jumping 55 percent to 3.8 trillion won.In October last year, share sales were large as Big Hit Entertainment, the management agency of K-pop superstar BTS, carried out an IPO.Local businesses' bond offerings rose 7.9 percent on year to 183.5 trillion won last year.Last year, the issuance of asset-backed securities surged 39.3 percent on-year to 20.8 trillion won, according to the data.
Foreign IBs raise S. Korea's 2021 growth outlook
FINANCEThis file photo, taken June 4, 2020, shows stacks of import-export cargo containers at South Korea's largest seaport in Busan, 450 kilometers southeast of Seoul. (Yonhap)Several foreign investment banks (IBs) have revised up their forecasts for South Korea's 2021 economic growth following the economy's relatively good performance last year, a report showed Wednesday.Out of six foreign IBs and one research institute that published reports on Asia's fourth-largest economy Tuesday, three upgraded their growth outlooks by 0.1 to 0.3 percentage point, according to the report by the Korea Center for International Finance.These institutions predict the South Korean economy to expand between 2.7 percent and 5 percent in 2021 from a year earlier, the report said.At the end of December, nine major global IBs, including Barclays and Goldman Sachs, forecast the South Korean economy to grow 3.4 percent this year, up 0.1 percentage point from their median outlook offered a month earlier.The center said the latest outlook reflects Tuesday's announcement of South Korea's 2020 economic growth by the Bank of Korea (BOK), the country's central bank.The BOK said the country's gross domestic product (GDP) shrank 1 percent in 2020 from a year earlier despite the coronavirus pandemic, outperforming other major economies.It was the worst on-year growth since 1998, when the nation's economy contracted 5.1 percent in the aftermath of the Asian financial crisis.However, the figure is slightly better than the BOK's projection of a 1.1 percent contraction for last year.In particular, the nation's economy grew 1.1 percent in the fourth quarter of last year, marking an expansion for the second straight quarter and faring better than expected.According to the center, 18 major foreign and domestic institutions had forecast the South Korean economy to expand 0.7 percent on-year in the October-December period.The BOK projects the South Korean economy to grow 3 percent this year, higher than it
S. Korea investigating 4 suspected cases of bird flu, extends disinfection operations
NATIONALShown in the photo taken Tuesday, is a sign posted at a supermarket in Ansan, 42 km south of Seoul, which limits the purchase of eggs to one carton per shopper. (Yonhap)South Korea's agricultural ministry said Wednesday it is looking into four suspected cases of highly pathogenic bird flu as it extended the daily disinfection operations at all poultry farms for another two-week period.Since late November, South Korea has reported 73 cases of the H5N8 strain of avian influenza from local farms, according to the Ministry of Agriculture, Food and Rural Affairs. The country has been carrying out daily disinfection operations at all farms since last week.All four additional suspected cases were from Gyeonggi Province that surrounds Seoul.The test results are expected to be delivered within three days.Authorities, meanwhile, culled 22 million poultry under its policy of destroying all birds within a 3-kilometer radius of infected farms. The move has led to a sharp increase in the consumer price of related goods.On Tuesday, the Cabinet approved a revised regulation that will allow local firms to import a total of 50,000 tons of fresh eggs and seven other types of egg products without tariffs until June 30. The move came into effect Wednesday.
Seoul stocks tread water ahead of US Fed meeting
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap)South Korean stocks opened nearly flat Wednesday as investors waited for the results of the US Federal Reserve's policy meeting. The benchmark Korea Composite Stock Price Index fell 1.4 points, or 0.04 percent, to 3,138.91 in the first 15 minutes of trading. Pharmaceutical firm Samsung Biologics gained 2.37 percent, and Celltrion added 0.62 percent. The local currency was trading at 1,102.65 won against the US dollar, up 3.85 won from the previous session's close.
S. Korea's consumer sentiment improves in January
(Yonhap)South Korea's consumer sentiment improved in January as a third wave of coronavirus infections showed signs of slowing down amid hopes for vaccine rollouts, central bank data showed Wednesday. The composite consumer sentiment index (CCSI) came in at 95.4 for January, up 4.2 points from the previous month, according to the data from the Bank of Korea (BOK). The latest reading marks the first on-month gain following a drop in December, when the nation saw about 1,000 daily new infections. The BOK said consumer sentiment improved as new cases of coronavirus infections slowed down amid expectations for vaccinations. The subindex for people's assessment of current economic conditions was unchanged at 56 in January, while the index gauging people's sentiment toward future economic conditions reached 89 this month, up from 81 in December last year.
S. Korea investigating 4 suspected cases of bird flu, extends disinfection operations
(Yonhap)South Korea's agricultural ministry said Wednesday it is looking into four suspected cases of highly pathogenic bird flu as it extended the daily disinfection operations at all poultry farms for another two-week period. Since late November, South Korea has reported 73 cases of the H5N8 strain of avian influenza from local farms, according to the Ministry of Agriculture, Food and Rural Affairs. The country has been carrying out daily disinfection operations at all farms since last week. All four additional suspected cases were from Gyeonggi Province that surrounds Seoul. Authorities, meanwhile, culled 22 million poultry under its policy of destroying all birds within a 3-kilometer radius of infected farms.
Foreign IBs raise S. Korea's 2021 growth outlook
This file photo, taken June 4, 2020, shows stacks of import-export cargo containers at South Korea's largest seaport in Busan, 450 kilometers southeast of Seoul. (Yonhap)Several foreign investment banks (IBs) have revised up their forecasts for South Korea's 2021 economic growth following the economy's relatively good performance last year, a report showed Wednesday. These institutions predict the South Korean economy to expand between 2.7 percent and 5 percent in 2021 from a year earlier, the report said. The center said the latest outlook reflects Tuesday's announcement of South Korea's 2020 economic growth by the Bank of Korea (BOK), the country's central bank. According to the center, 18 major foreign and domestic institutions had forecast the South Korean economy to expand 0.7 percent on-year in the October-December period.
Biden vows to vaccinate 300m people in US by end of summer or early fall
Joe Biden vowed on Tuesday to ramp up vaccination programs so that most of the US population is inoculated by the end of summer or early fall. “This will be enough vaccine to fully vaccinate 300m Americans by the end of the summer,” the US president said on Tuesday afternoon, later adding “end of summer, beginning of the fall”, in a briefing at the White House. “This will be one of the most difficult operational challenges we’ve ever undertaken,” said Joe Biden on Tuesday, announcing the plans. “When we arrived, the vaccine program was in worse shape than we expected or anticipated,” Biden said. As of Tuesday, 19 million people had received one vaccine shot, and 3.4 million received a second.
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Unlicensed contractor at the center of Troubleshooter investigations admits to taking more than $3 million from victims
"I commend the FBI, IRS Criminal Investigations Division, and the local law enforcement agencies involved in his investigation who helped stop this abuse and bring about today's plea. Peter and Claudia Crassweller hired Garcia to do work on their Chapel Hill home and paid him over $60,000. Investigations also learned Garcia nor his wife filed federal income taxes since 2007, either personally or for their respective businesses. "Jorge Garcia targeted and systematically ripped off more than a hundred elderly victims without a second thought. The court can choose to reject this disposition at sentencing, which is scheduled to take place on June 15, 2021.
Gordon Brown calls for urgent budget help as 1 in 7 UK firms face collapse
Gordon Brown has called for emergency measures to support businesses in the budget after new research from the London School of Economics warned almost 1m UK companies were at risk of failure in the next three months. Of the total, 390,000 were registered for VAT and PAYE, while the remainder were unregistered because their turnover was too small. The report was prepared for the Alliance for Full Employment, a body founded by Brown that includes metro mayors and the Welsh first minister, Mark Drakeford. Brown said it was clear many businesses were on a “cliff edge” and that a major collapse would occur without government action. Prof John Van Reenen, one of the authors of the LSE report, said: “Without further policy action, businesses face a cruel spring of bankruptcy.”
After nearly 190 years, department store chain Belk will file for Chapter 11 bankruptcy
Associated PressCHARLOTTE, N.C. — Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday it will file for Chapter 11 bankruptcy. A group of the department store's creditors, led by the private equity firms KKR and Blackstone, will get a minority stake. Three generations of the Belk family led the company to become the biggest family-owned department store chain in the country by 2015, when the family sold it for $3 billion. The sale to Sycamore loaded the chain with over $2 billion in debt at a time when department stores were losing popularity. The department store has struggled during the coronavirus pandemic as customers flocked to online shopping and avoided in-person shopping.
Brother of Jeff Bezos’ gal pal refiles defamation suit against publishing execs
The talent agent brother of Jeff Bezos’ gal pal is trying to revive his defamation case against ex-National Enquirer execs David Pecker and Dylan Howard — even as he’s sued by Bezos. Sanchez’s Los Angeles federal court complaint seeks to convince the judge to keep Pecker and Howard as defendants using information about a 2017 OK! The only person Howard reported to, the lawsuit claims, was Pecker, AMI’s CEO. If the judge tosses Pecker and Howard from the suit again, AMI will be left as the sole defendant. AMI has denied Bezos’ claims.
De Blasio, council aim to kick restaurants while they’re down
With restaurants dying by the dozens and the rest on life support, Mayor Bill de Blasio and the City Council are moving to expand the number of food-cart permits in the city. Adding insult to injury, the progressive pols are doing it in the middle of Restaurant Week. It doesn’t help that most of the new permits would be for the outer boroughs, whose eateries are hurting even more than Manhattan’s. Fine, the 4,000 new sidewalk and food-cart licenses would be issued in batches over 10 years starting in 2022. Cuomo’s ban on indoor dining — are furious, since cart vendors don’t have the same overhead costs (rent, salaries, utilities, taxes, etc.).
Stimulus payments may be offset by tax debt
The stimulus payments are actually an advance tax credit referred to on the 2020 1040 as a “Recovery Rebate Credit.” The credit was eligible to be paid in two rounds of advance payments during 2020 and early 2021. The IRS has pointed out that the rebate is “a tax credit against your 2020 income tax. It’s possible the Bartons’ stimulus payment is still in the pipeline and may be delivered after all. The agency used the 2019 tax year to issue the second stimulus payments automatically. Scott Heemann is concerned that he and his spouse won’t get the second stimulus payment, either.
Beyond Meat soars on announcement of plant-based venture with Pepsico
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBeyond Meat soars on announcement of plant-based venture with PepsicoBeyond Meat partners with Pepsi, and shares jump 17 percent. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan.
Jefferies Weisfeld breaks down Microsoft's earnings
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJefferies Weisfeld breaks down Microsoft's earningsJared Weisfeld, Jefferies tech sector specialist, breaks down Microsoft's earnings numbers. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Guy Adami and Dan Nathan.
Retail investors drive GameStop's explosive rise despite fundamentals
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetail investors drive GameStop's explosive rise despite fundamentalsReporters from across the CNBC newsroom explain the GameStop phenomenon, in which a Reddit-fueled rally to punish short sellers is sending the stock skyrocketing above its fundamental valuation.
Reddit rebellion is sparking three market scenarios, and one's really bullish: Fundstrat's Tom Lee
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReddit rebellion is sparking three market scenarios, and one's really bullish: Fundstrat's Tom LeeFundstrat's Tom Lee discusses signs of a market top. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Dan Nathan.
Stock futures rise as Microsoft kicks off big-tech earnings on a high note
Microsoft investors appeared pleased with the company's performance in its fiscal second quarter , when it grew revenues 17% on a year-over-year basis. Nasdaq-100 futures outperformed with a gain of about 93 points, or 0.74%. Dow futures added 30 points and S&P 500 futures rose 8.25 points, or 0.25%. Apple, Microsoft, Tesla and Facebook represent four of the six-largest companies in the U.S. by market cap, meaning fluctuations in their stock prices have an outsized impact on the performance of the broader S&P 500. GameStop, which saw its stock price soar another 92% during the regular session, climbed an additional 43% in after-hours trading.
Japan stocks set to rise as IMF raises global economic growth forecast
SINGAPORE — Stocks in Japan were set to rise at the open as the International Monetary Fund (IMF) raised its growth forecast for the global economy this year. Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,755 while its counterpart in Osaka was at 28,750. In its latest World Economic Outlook published Tuesday, the IMF now expects the global economy to grow 5.5% this year. Global coronavirus virus infections recently topped the 100 million mark, according to a tally from Johns Hopkins University.
It’s ‘show me’ time for industrials as earnings season picks up, trader says
Earnings for industrials companies are picking up speed this week. Investors now look ahead to a few crucial earnings announcements later this week. The S&P industrials sector is expected to post earnings of $30.48 a share in 2021, up 75% from a beaten-down 2020. The coronavirus pandemic had blunted manufacturing activity and demand for the industrials companies, a trend that is now reversing in the recovery. Delano Saporu, founder of New Street Advisors, said it's not too late to jump into cyclical industrials stocks.
How a band of Reddit traders drove GameStop stock up 275% in a week: CNBC After Hours
On today's show, reporters from across the CNBC newsroom explain the GameStop phenomenon, in which a Reddit-fueled rally to punish short sellers is sending the stock skyrocketing above its fundamental valuation. Plus, a titan of the private equity industry steps back after an external review uncovered $160 million in payments to convicted sex offender Jeffrey Epstein. GameStop shares are jumping again, but short sellers aren't backing downGameStop is popping again after a wild session, pushing the stock back above $100 briefly, but short sellers betting against the brick-and-mortar video game retailer are nowhere near letting up. Shares of GameStop jumped more than 30% to a high of $104.65 on Tuesday. The stock turned sharply higher after Social Capital's Chamath Palihapitiya said in a tweet that he bought GameStop call options betting the stock will go higher.
Goldman Sachs CEO Solomon pays price of 1MDB scandal
NEW YORK (Reuters) - Goldman Sachs Chief Executive David Solomon’s annual pay fell by $10 million, or 36%, in 2020, according to regulatory disclosures filed Tuesday, reflecting the bank’s role in Malaysia’s 1MDB scandal. FILE PHOTO: Goldman Sachs' Chairman and CEO David Solomon attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. The scandal dates to the government of former Malaysian Prime Minister Najib Razak, which set up the 1MDB fund in 2009. Were it not for the 1MDB scandal, Solomon and Scherr’s pay would have been unchanged from the previous year, the bank said, and Waldron’s pay would have risen by $1 million. The bank agreed to pay $2.9 billion to settle probes into its role in the 1MDB corruption scandal.
Investor Palihapitiya says he wants to be governor of California
FILE PHOTO: Chamath Palihapitiya, founder and CEO of Social Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo(Reuters) - Technology investor Chamath Palihapitiya, the early Facebook Inc executive and minority owner of the Golden State Warriors basketball team, threw his hat in the ring on Tuesday to replace Gavin Newsom as governor of California. The recall campaign has said it has gathered more than 1.2 million signatures so far. #RecallGavinNewsom” accompanied by a link to a website titled “Chamath for California Governor.”On the site, Palihapitiya argues California is too expensive and its teachers are underpaid, while lamenting the quality of the state’s schools. Asked by one Twitter user what would happen to his investments and ventures if he became governor, Palihapitiya replied that he would “keep doing it” but donate profits to “California pensions.”Palihapitiya worked at Facebook from 2007 until 2011.
Asian shares set for mixed opening, eyes on Fed, stimulus
NEW YORK (Reuters) - Asian equities looked set to rise on Wednesday, bouncing back from a steep sell-off on Tuesday, while Australian stocks were seen opening weaker in a catchup after a Tuesday holiday. Japan’s Nikkei 225 futures added 0.07%, while the Nikkei 225 index closed the overnight session %.Hong Kong’s Hang Seng index futures rose 0.68%. The Australian dollar rose 0.05% versus the greenback at $0.775. The dollar index fell 0.194%, with the euro up 0.02% to $1.2162. The Japanese yen weakened 0.01% versus the greenback at 103.61 per dollar, while Sterling was last trading at $1.3735, up 0.01% on the day.
Business Highlights
In a message to the department’s 84,000 employees, Yellen said they would play a major role in addressing the country’s biggest economic challenges. Two people with knowledge of Biden’s plans outlined the proposed moratorium, which will be announced Wednesday. Lindell, a Trump supporter, has continued to insist the presidential election was rigged even after U.S. President Joe Biden’s administration has begun. But the coffee titan says it’s confident its U.S. business will fully recover by March. Starbucks said its business has fully recovered in China, but its U.S. business is still impacted by lower store traffic.
Biden oath second only to Reagan and Obama with TV viewers
(AP Photo/Andrew Harnik, Pool)NEW YORK (AP) — The first inaugurations of Presidents Ronald Reagan and Barack Obama were the only ones to exceed Joe Biden’s in popularity among television viewers over the past 40 years. Reagan’s festivities in 1981 drew 41.8 million viewers, and Obama’s 2009 inaugural reached 37.8 million, Nielsen said. ADVERTISEMENTCNN was the most popular network for inaugural viewers, Nielsen said. ABC had 3.4 million, Fox had 2.7 million, NBC had 2.5 million, Univision had 1.2 million, while Ion Television and Telemundo each averaged 1.1 million viewers. MSNBC had 2.67 million, Fox News Channel had 2.56 million, TNT had 1.19 million and HGTV had 1.1 million.
Amazon Books A Spot On IBD 50, Leading A Charge Of 21 New Watchlist Stocks
Kroger Stock Is Near Buy Zone, But Is It A Buy Right Now? 10:49 AM ET It is one of the country's biggest grocers, and has seen earnings balloon in the age of Covid-19. So is...10:49 AM ET It is one of the country's biggest grocers, and has...
Beverly Hills Mansion, Meticulously Built, Asks $24 Million
A glowing marble wall that required the perfect translucent slab stone and multiple lighting experts sums up the meticulousness in how the Cohans designed their Beverly Hills dream home. Some days, and despite an already busy schedule, Mr. Cohan said he spent eight or nine hours working on the house, which is poised to hit the market. Listing agents Rayni and Branden Williams of Williams & Williams Estates and Laurent Mamann Slater of Hilton & Hyland represent the Cohans. Mr. Cohan said they’ve decided to sell the house because they and their two daughters have settled elsewhere in Los Angeles. “Sometimes late at night,” Mr. Cohan said, “you don’t want to go down to the family room area to watch TV.”
Investor’s Business Daily
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Microsoft Stock Jumps After Earnings Crush Wall Street’s Estimate
That easily beat Wall Street’s consensus forecast for revenue of $40.2 billion and profits of $1.64 a share. Microsoft said it returned $10 billion to holders in the quarter, including $6.5 billion of stock repurchases. The company ended the quarter with $132 billion in cash, equivalents and short-term investments, offset by $55 billion in long-term debt. Intelligent cloud revenues are expected to range from $14.7 billion to $14.95 billion. For its quarter ended September 30, Microsoft posted a revenue gain of 12%, to $37.2 billion, with profits of $1.82 a share.
Opinion: Stocks are solid for now but this sign of a market top can appear without warning
A healthy stock market fires on all cylinders, and Wall Street certainly has been doing that recently. On Jan. 20, for example, almost all of the major stock market averages jointly closed at new all-time highs. One market timer who pays particularly close attention to internal market divergences is Hayes Martin, president of Market Extremes, an investment consulting firm that focuses on major market-turning points. In addition to focusing on the major market averages, Martin also looks for divergences that emerge between different market styles, factors and industries. The divergence that his research has found to be the most accurate early warning of a major market top occur when small- and microcap stocks are weak and large-caps are strong.
Elon Musk Enters GameStop Fray With a One-Word Tweet
GameStop stock’s epic run has caught the attention of Tesla CEO Elon Musk. GameStop (ticker: GME) appears to be in the middle of a short squeeze that has driven its stock up almost 500% over the past week. After Musk’s tweet, GameStop shares rose another 56% to about $230 a share. So is GameStop stock worth 500% more than it was a week ago? Essentially all of the stock available for trading in GameStop has been sold short, according to data aggregators.
Economic Calendar - Yahoo Finance
WebinarYahoo Finance Premium presents: 'Trading SPACs, IPOs and super growth stocks with the odds'Kathy Donnelly and Jared Blikre on trading in a volatile world of explosive growth potential on Wed, 2/3 at 2PM ET
Janet Yellen sworn in as Biden's Treasury Secretary
I, Janet Yellen do solemnly swear. JANET YELLEN: I, Janet Yellen, do solemnly swear. JANET YELLEN: So help me, God. JANET YELLEN: Thank you very much. JANET YELLEN: Thank you so much.
Cici’s Pizza declares bankruptcy, reaches deal to sell beleaguered chain to investors
Cici’s Pizza, the chain famous for advertising its $5 buffets even in areas where there are no Cici’s restaurants, has reached a deal to its primary lender after declaring bankruptcy. Continue Reading BelowThe Plano, Texas-based pizzeria filed for Chapter 11 bankruptcy on Monday and will sell itself to D&G Investors, Restaurant Business reported. The growing popularity of food delivery has been a problem for Cici’s, especially since the COVID-19 pandemic has forced many diners across the country to stay home. Before the COVID-19 pandemic, dine-in customers accounted for 86% of Cici’s business. That’s half the number of restaurants the chain had 10 years ago, according to Restaurant Business.
Walgreens to name Starbucks executive Roz Brewer as CEO
Brewer will replace CEO Stefano Pessina, who said in July that he would step down as CEO once the drugstore company found a new leader. Mr. Pessina, one of Walgreens' biggest individual investors, said he was planning to stay on the company's board and serve as executive chairman. Brewer, 58 years old, has been operating chief and a member of the board at Starbucks since 2017. Ticker Security Last Change Change % SBUX STARBUCKS CORPORATION 104.69 +1.24 +1.20% WBA WALGREENS BOOTS ALLIANCE INC. 49.19 +1.37 +2.86%In 2019, Ms. Mr. Pessina, an Italian billionaire, took over five years ago following the merger of Walgreens and European pharmacy chain Alliance Boots.
GameStop surges past $10 billion as Elon Musk piles on
GameStop Corp.'s stock price nearly doubled in Tuesday trading, taking its market value over $10 billion as its shares soared 685% this year. The stock’s gain vaulted its market value past more than 10% of S&P 500 stocks including American Airlines Group Inc., Under Armour Inc. and Invesco Ltd. AdvertisementShort bets by Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research have faced a reckoning in the battle with GameStop’s retail fans. Hedge fund titans Ken Griffin and Steve Cohen boosted Melvin Capital, according to a statement Monday, injecting a total of $2.75 billion into the firm after it lost about 30% this year. The capital infusion came after Melvin Capital, which started the year with about $12.5 billion in assets, saw short bets, including GameStop, go awry, people familiar with the firm said.
Stocks end lower but remain near record highs
Declines in banks, industrial companies and elsewhere pulled the market lower. Small-company stocks fell more than other areas of the market, while blue chip companies like Johnson & Johnson and General Electric climbed after reporting better-than-expected results. Investors are in the midst of quarterly earnings reporting season for U.S. companies, and this is the busiest week so far. Dozens of large companies are reporting this week, from all parts of the economy, including American Express, J&J, Apple, GE and others. As a whole, analysts expect S&P 500 companies to say their fourth-quarter profit fell 5% from a year earlier.
Real estate firm Cushman hires longtime Roxbury nonprofit leader
The move toward greater diversity gained a little momentum this week with the appointment of Jeanne Pinado as an executive vice president at Colliers, a prominent Boston real estate firm. For decades, the people who put together big real estate deals in this city have mostly been male and white. AdvertisementIn recent years, real estate firms have launched internships and other programs aimed at building a pipeline of young talent from more diverse backgrounds. After three decades working in real estate in the city, she’s well aware of the dynamics. Pinada acknowledged that she “may be the first” Black female executive at a real estate brokerage in Boston.
General Electric ends 2020 in a relatively strong position after a rough year
A year ago, General Electric’s long-awaited turnaround seemed to be finally taking hold under chief executive Larry Culp. AdvertisementThat free-cash flow number totaled $4.4 billion for the final quarter, up 12 percent from a year earlier, vastly exceeding Wall Street’s expectations. Blame GE’s once-highflying Aviation division, which was brought to earth by the pandemic-induced slowdown in air travel. Revenue fell 33 percent for the year, to $22 billion. AdvertisementHealthcare: Revenue fell 10 percent in this division for the year, to $18 billion.
People 75 and older can sign up for coronavirus vaccine beginning Wednesday
Vaccination sites are established in every region to provide maximum efficiency, geographic spread, and equity for our residents,” Baker said. Massachusetts residents who are 75 and older can sign up Wednesday to get the coronavirus vaccine and they can start getting their shots next Monday, state officials said, directing people to a state website for more information. “On Wednesday, January 27, individuals 75 or older can begin making appointments for dates February 1 or later,” the site said. AdvertisementThe vaccination map website as of midday Tuesday listed 65 vaccination sites. Reports of coronavirus vaccination websites crashing due to heavy demand from people wanting to sign up have come in from around the country.
Video: Mudslide victim recalls “I was just trying to survive second-to-second”
Marco Farrell has been watching the weather forecast all week. I saw an orange glow from a broken gas line, then I heard a huge noise. The terrifying torrent carried trees, boulders, parts of houses and cars in a wave of destruction. As he woke his parents, Jeff and Gabrielle Farrell, the mudslide crashed against the house, breaking down the kitchen door. And it highlights the need for people to take seriously large rain events in recently burned areas, he said.
California bank First Foundation to move holding company HQ to Dallas
California-based First Foundation, Inc. will move its holding company to Dallas in the first half of 2021, according to company executives. The company announced its intention to expand into Texas on a call with investors Tuesday citing “strong opportunities” for growth in Texas for the company’s banking and wealth management businesses. The company will continue to maintain a presence in the markets it currently serve, including the existing bank and wealth management headquarters in Irvine, Calif., according to First Foundation. The company is currently scouting locations in Dallas to be the basis of its expansion into the state, beginning with at least one bank branch. The company has bank and wealth management branches in California, Nevada and Hawaii.
Kroger is testing an all self-checkout store on Cedar Springs Road in Dallas
Kroger is turning one of its Dallas stores into an all self-checkout experience as a test. The store, one of Kroger’s smallest in the market, is at 4142 Cedar Springs Road. Eight more Kroger stores in the Dallas area now have some of the wider belt lanes, but “there are currently no plans” to turn other North Texas locations into all self-checkout, said April Martin, Kroger spokeswoman in Texas. The Cedar Springs store will still have cashiers and courtesy clerks to help customers and it will keep the smaller existing self-checkout lanes, she said. “With KroGo cart, self-checkout, other technology, Kroger is figuring out which has the best uptake from consumers,” Bishop said.
Las Vegas area jobless rate still highest in the state in December
The unemployment rate in the Las Vegas metropolitan area remained the highest in the state last month at 10.4 percent, even as the local economy adds more jobs, a new report shows. People wait in line at One-Stop Career Center in Las Vegas in this March 16, 2020, file photo. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfayeThe unemployment rate in Las Vegas remained the highest in the state last month, even as the local economy adds more jobs, a new report shows. The Las Vegas metropolitan area’s jobless rate in December, 10.4 percent, dipped from November’s 11.8 percent rate, according to the Nevada Department of Employment, Training and Rehabilitation. The unemployment rate for the Vegas area was 10.4 percent and is still the highest in the state.
Citizens Insurance raises rates so you will (hopefully) buy elsewhere
After the December meeting, Citizens’ staff members made three technical adjustments to its rate setting methodology that justified the larger increase requested by Beruff and the board. One adjustment involved diverting income to the company’s surplus. Another was to eliminate the possibility of decreasing rates for customers that would have otherwise deserved them. For the upcoming year, 25,835 residential customers would have gotten rate decreases, including 15,902 in the tricounty region. Instead, they’ll at least be spared from increases.
‘COP House’ plan gets go-ahead on Chicago’s Far South Side
But after Lightfoot laid out her opposition last week in a letter to Beale, aldermen instead advanced a two-year pilot program that the administration will support as long as he can find appropriate private funding to pay for it for the duration, and police officials agree that his plan will ensure the safety and security of officers in the COP House.
US surging vaccine to states amid complaints of shortages
He acknowledged that states in recent weeks have been left guessing how much vaccine they will have from one week to the next. “Lives are at stake.”He promised a roughly 16% boost in deliveries to states over the next three weeks. The administration said it plans to buy another 100 million doses each from drugmakers Pfizer and Moderna to ensure it has enough vaccine for the long term. The setup inherited from the Trump administration has been marked by miscommunication and unexplained bottlenecks, with shortages reported in some places even as vaccine doses remain on the shelf. As of Tuesday afternoon, the CDC reported that just over half of the 44 million doses distributed to states have been put in people’s arms.
Here’s a closer look at Walz’s tax plan
Tim Walz on Tuesday proposed a $52.4 billion state budget that features a number of tax hikes and cuts. The plan focuses tax hikes would would bring in roughly $1.8 billion in new revenues, offset by about $220 million in tax cuts and credits for lower- and working-class incomes. He also proposes a set of tax hikes to vaping products that would raise $12 million. The credit is similar to the federal earned income tax credit that generally benefits working-class families. This would provide eligible households with an average $160 increase in their tax credit in 2021 and cost about $100 over the next two years.
Rosemount refinery plans massive on-site solar plant
Flint Hills Resources is considering construction of a massive on-site solar plant to generate electricity and lower energy costs at its Pine Bend refinery in Rosemount. The company said it has requested bids from select solar companies that specialize in building commercial-scale solar farms and integrating them within established operations. The solar development would be located west of the refinery on 200 to 300 acres of farmland owned by Flint Hills. Flint Hills, the fifth largest biofuels producer in the U.S., said a decision on whether to proceed with the project is expected by mid-year. The Pine Bend refinery supplies most of the transportation fuels used in Minnesota and a significant portion of the fuels used throughout the Upper Midwest.
Levi’s first home collection deepens Target relationship
Jeans maker Levi Strauss & Co. is deepening its partnership with Target Corp. by launching its first-ever home collection at the Minneapolis-based discount chain. Levi’s limited time only 100-item collection of denim-inspired tableware, quilts, pillows and other items will be launched on Target’s website and most Target stores on Feb. 28. Target started selling Levi’s Denizen low-price brand in 2011 and then began carrying its premium Red Tab brand in 2019. For Target, it’s the latest strategic partnership with a major brand and comes as Target extends its strong sales streak through the pandemic. “This is unexpected Levi’s stuff that they are going to find inside Target, and it’s going to surprise and delight them,” Bergh said.
Minnesota expects a 16 percent boost in vaccine allocation in coming weeks
After a disappointing amount of coronavirus vaccine was allocated to Minnesota this week, state officials say President Joe Biden’s administration is promising a modest boost in the coming weeks. Tim Walz said Minnesota was allocated fewer than 70,000 new vaccine doses this week. Yet Walz said the Biden administration is promising a a 16 percent boost in Minnesota’s weekly vaccine allocation for each of the coming three weeks. It’s part of a national increase in vaccine allocations and Minnesota’s share is roughly 11,000 more doses of vaccine each week above the state’s typical weekly allocation. “The fact is, we still need more doses,” Walz said.
Oregon says gyms can reopen in ‘extreme risk’ counties – but just a teeny bit
The governor subsequently modified some elements of that order, and allowed gyms to reopen for outdoor activities, but indoor fitness remained off-limits at gyms for most Oregonians – including those who work out in the Portland area. The new rules allow theaters to open in “extreme risk” risk areas, too, but with the six-person restriction. “This means we are able to make these adjustments for Extreme Risk counties, which should assist both businesses and Oregonians as we continue to work to stop the spread of COVID-19.”The changes take effect Friday. The Oregon Health & Fitness Alliance, which formed last fall to lobby against the governor’s closure order for gyms, said it is “extremely disappointed” with Brown’s new framework. Fitness centers have noted that few COVID-19 cases have been traced back to gyms, but contract tracing is notoriously incomplete in Oregon and most other states.
6 of Portland’s best restaurants are coming to Lake Oswego
“(ChefStable owner) Kurt (Huffman) and I have been talking about doing something like this for a number of years, because St. Jack is pretty popular with people from Lake Oswego,” St. Jack chef-owner Aaron Barnett said. Duck a l'orange from Northwest Portland's St. Jack. Best of all, with a shared liquor license, customers can grab a cocktail from Oven & Shaker, carry it outside and meet friends grabbing food from St. Jack in the 5,000-square-foot shared outdoor dining area. Lake Oswego will mark the growing chain’s fourth location, with three already in the Rose City. Mercato Grove and its six ChefStable restaurants are expected to open this June at 4055 Mercantile Drive, at the corner of Kruse Way and Boones Ferry Road— Michael Russell, mrussell@oregonian.com, @tdmrussell
First Midwest Bancorp: 4Q Earnings Snapshot
CHICAGO (AP) _ First Midwest Bancorp Inc. (FMBI) on Tuesday reported fourth-quarter net income of $41.6 million. The bank, based in Chicago, said it had earnings of 33 cents per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share. The holding company for First Midwest Bank posted revenue of $187.7 million in the period. Its revenue net of interest expense was $175.8 million, missing Street forecasts.
Oklahoma attorney general sues PPE company, seeks $1.8M
OKLAHOMA CITY (AP) — A Tulsa-based company accepted a $2.1 million deposit from the State Department of Health to purchase masks but then failed to deliver or refund the money to the state, Attorney General Mike Hunter alleged in a lawsuit filed Tuesday. Hunter filed the lawsuit in Oklahoma County against PPE Supplies, LLC and its owner, Casey Bradford. The suit claims the health department made an up-front deposit of $2.1 million for 1.2 million masks, but that Bradford failed to deliver. When the agency canceled its orders, they say Bradford only refunded about $300,000. “The state cannot afford to be left on the hook for that money, which funds critical programs for Oklahomans,” Hunter said in a statement.
Yellen says Treasury focus to help nation reeling from virus
“In addition to the pandemic, the country is also facing a climate crisis, a crisis of systemic racism and an economic crisis that has been building for fifty years,” Yellen said in her message. In her message to Treasury employees, Yellen said she would be conducting a virtual listening tour in the next few weeks to meet with employees to get their views on how the department can do a better job of addressing the crises facing the country. Yellen became the third of Biden’s Cabinet nominees to win Senate approval on a vote of 84-15 late Monday. Sen. Charles Grassley, R-Iowa, told Yellen that Biden’s plan represented a “laundry list of liberal structural economic reforms.”As Treasury secretary, Yellen, 74, will occupy a pivotal role in shaping and directing Biden’s economic policies. Since leaving the Fed, Yellen has been a distinguished fellow in residence at the Brookings Institution, a liberal Washington think tank.
BCSO release first-ever on-body camera footage in man’s arrest
It’s unclear if it was the deputy’s speed or his words — “I’ll shoot you” — in the released on-body camera video that made Jose Mercado surrender. The Jan. 19 arrest also marked the first ever release of on-body camera footage by BCSO after Sheriff Manuel Gonzalez resisted years of requests by local leaders to outfit his deputies with the equipment. A law requiring on-body cameras passed by the Legislature ended that stalemate and, last week, BCSO unveiled the new cameras now worn by all deputies. When the deputy showed up, Mercado ran from the truck and Mustafa gave chase. The woman told deputies she had gone home earlier that day to find her house broken into and her truck missing.
NM jobless rate up a percentage point in December
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........ALBUQUERQUE, N.M. — After several months of consistent declines, New Mexico’s unemployment rate rose a full percentage point in December. New Mexico’s preliminary unemployment rate reached 8.2% in December, up from a revised figure of 7.2% in November, according to new figures from the U.S. Bureau of Labor Statistics. Still, the December increase was the largest uptick since the state unemployment rate hit 12.7% in July. Metro Albuquerque posted an unemployment rate of 7.3% in December, while metro Santa Fe’s unemployment rate was 7.2%, according to data from the state. “We have to follow the rules that the federal government puts out regarding these programs,” McCamley said.
NM relief package with $600 tax rebates advances at Capitol
Two relief bills were approved without dissent Tuesday by a Senate committee, while other measures could be voted on later this week. Senate Majority Leader Peter Wirth, D-Santa Fe, said funding for the relief package — an estimated $185 million for the rebates and restaurant tax breaks alone — would come from the state’s cash-flush reserves. “This is exactly what we need to use that money for — to help working families and small businesses,” Wirth said in an interview. Already, New Mexico lawmakers have passed two separate pandemic relief packages — in June and November legislative special sessions last year. Such workers would benefit from the new relief package, which would target the $600 rebates to New Mexicans who qualified for the state’s Working Families Tax Credit in 2020.
I took out a full-page ad in the New York Times today because mothers have been hit hardest by the pandemic
Today my organization, Girls Who Code, took out a full-page ad in the New York Times urging President Biden to implement a “Marshall Plan for Moms”. If there’s one thing we’ve learned during the pandemic, it’s that moms are the bedrock of society. More than 2 million women had left the workforce, at a rate of four times that of men. Some moms, the lucky ones, are juggling Zoom calls while making cereal and helping our kids log in to online school. That’s why we are calling on the Biden administration to create a task force dedicated to passing a Marshall Plan for Moms.
Why CEOs make so much money
At the top of the pile of those CEOs is Tim Steiner, chief executive of the online supermarket Ocado, who was paid £58.7m in 2019. Analysis by the Economic Policy Institute, a Washington DC-based think tank, showed chief executives of the 350 largest US companies earned an average $21.3m (£16.9m) in 2019. This puts the CEO-to-worker pay ratio at 320 to 1 – more than five times the level in 1989. The result is mounting confusion and anger over the extraordinarily high salaries that top bosses continue to earn. With these deep-set inequalities laid bare, the question for many is how these huge pay packets ever came about.
China overtook U.S. in foreign direct investment, U.N. agency says
China overtook the U.S. as the largest recipient of foreign direct investment in 2020, a year in which overall global flows cratered by 42% as a result of the coronavirus pandemic, a United Nations trade agency said. Flows fell to an estimated $859 billion from $1.5 trillion in 2019, according to the UNCTAD Investment Trends Monitor. A return to positive GDP growth and a targeted investment facilitation program helped stabilize investment in China after the first coronavirus lockdowns there, the agency said. In the U.K., FDI fell to zero, and declines were recorded in other major countries. Globally, the U.N. agency expects foreign direct investment to remain weak in 2021 due to uncertainty over the evolution of the Covid-19 pandemic.
Janet Yellen makes history again as first female chief of U.S. Treasury
“Secretary Yellen’s confirmation shatters another glass ceiling,” Democratic Senator Dianne Feinstein said in a statement. The White House had no immediate comment on when Yellen would be sworn in, or by whom. The Treasury on Monday announced more members of Yellen’s team, bringing back some Obama administration veterans who served at the agency. Earnest served as assistant secretary for public affairs at Treasury under former Secretary Jack Lew and in various communications roles under former Secretary Tim Geithner. Mark Mazur, director of the Urban-Brookings Tax Policy Center and a former Treasury assistant secretary for tax policy, was named as deputy assistant secretary for tax policy in Treasury’s Office of Legislative Affairs.
Europe threatens restrictions on vaccine exports, Trudeau insists deliveries will pick up
Article contentOTTAWA – New potential threats are coming to Canada’s already limited vaccine supply, as European countries consider limiting exports, as production from some pharmaceutical companies is failing to meet expectations. Canada is receiving zero vaccines this week after drug giant Pfizer cut shipments from its plant in Belgium so the facility can undergo upgrades to ultimately produce more vaccines this year. Try refreshing your browser, or Europe threatens restrictions on vaccine exports, Trudeau insists deliveries will pick up Back to videoPfizer’s shortfall has angered many European leaders, as has news from AstraZeneca that it will not be able to fulfil its commitments to the trade bloc. Some European leaders are now suggesting they will push for export restrictions. “Europe invested billions to help develop the world’s first COVID-19 vaccines.
Review calls for more transparency around expense program for former governors general
Article content continuedWith Julie Payette resigning as governor general last week over a workplace review scandal, the expense program is back under the spotlight and the government is under renewed pressure to reform it. The expense program is in addition to the annual pension (standing at $149,484) that former governors general receive for life, regardless of how or when they leave office. It’s also in addition to the multi-million dollar grant governors general receive toward establishing their own charitable foundation after they leave office. Only former governor general David Johnston has voluntarily disclosed his expenses to the public. “The more detailed public reporting of expenses should be administered and published centrally by the Office of the Secretary to the Governor General,” the report says.
Netflix to invest US $300 million in Mexico this year
Netflix will invest more than US $300 million in Mexico this year to make about 50 original productions. On January 1, 2021, Netflix México officially came into existence as a separate entity to its parent company. News of the $300-million investment in new content will no doubt excite lovers of Mexican-made Netflix originals. “All these titles will be from Mexico for Mexico and the world,” Netflix said. The popular streaming service has about 200 million subscribers around the world, including approximately 7 million in Mexico.
If Canada can survive four years of Trump, it can navigate the new Buy American: PM
James McCarten, The Canadian PressDISTRICT OF COLUMBIA - If Canada was able to navigate Donald Trump's four years of bilateral bluster, it can surely find safe harbour from the protectionist measures of his Democratic successor, Prime Minister Justin Trudeau suggested Tuesday. Joe Biden's White House has more in common with Canadians than Trump ever did, Trudeau said when asked if he expects stronger headwinds from the latest version of Buy American than the Conservatives fought through a decade ago. “Over the past four years, we faced an American administration that was both unpredictable and extremely protectionist, and we were able every step of the way to stand up for Canadian interests,” Trudeau said. But on Monday, Biden didn't sound like someone who's backing down now that he's in the White House. “If Ontario were a country, we would be the United States' third-largest trading partner,” said Economic Development Minister Vic Fedeli.
Banks will collect more than $30 billion in overdraft fees this year. Here's how to avoid them
And checking account providers are expected to take in more than $30 billion in revenue from the fees in 2020. "That has resulted in more consumers being hit with overdraft fees." If you've been hit with an overdraft fee, Tumin said, your first step should be to call your bank and try to get it reversed. Banks are required to get your permission to charge you overdraft fees. However, keep in mind: Most banks will still charge you overdraft fees on recurring bills.
Schiaparelli: Alta-Costura primavera/verão 2021
E Daniel Roseberry continua a elevar a fasquia quando o tema é Alta-Costura. Pensar em Alta-Costura é pensar em bordados delicados, em tecidos frágeis, em saias com metros incontáveis de seda e vestidos dignos dos contos de fada da Disney. É um mundo mágico e é assim que, desde a década de 50, imaginamos a linha premium da indústria da Moda. “Mas quem disse que é isso que a Alta-Costura tem que ser?”, questiona Roseberry, no texto que acompanha esta nova coleção. Esta coleção é uma homenagem ao trabalho que existe por trás da magia - e à própria magia”, finaliza Roseberry.
Credit Karma weighs in on why its scores are different after viral Twitter discussions
Twitter was abuzz today with questions about Credit Karma, the Intuit-owned personal finance company that provides people with free copies of their credit scores. It’s unclear what exactly prompted the discussions, but some users had noted how Credit Karma scores can be, shall we say, more generous than other scores out there. credit karma: “your credit score is 800” car dealerships: “ma’am. Credit Karma scores use models from VantageScore, which is not as widely used as the market dominant FICO. Reached for comment, a Credit Karma spokesperson said that while credit scores may be calculated differently, they typically paint a similar picture about your credit in the end.
Believe it or not, rising gas prices are a reason to cheer
So what gives? Experts say optimism is fueling the increase. Traders have been driving up prices of crude oil futures — which are prices they wager the commodity will be worth over the next weeks and months — because they believe we’ll be getting back to normal life soon.
More than 60 global businesses—including Mastercard, Nestlé, and Unilever—announce commitment to transparency
For the people pillar, metrics include numbers on diversity and inclusion, a pay equality ratio, and employee well-being rates. The prosperity pillar involves economic contribution and total tax paid; and the governance pillar includes information on anti-corruption initiatives. Today, at the annual Davos gathering—taking place virtually this year—more than 60 global companies announced they have signed onto a commitment to follow this common set of ESG goals. “[It’s] a demonstration that these CEOs are supportive of making non-financial reporting as rigorous as financial reporting,” she says. While all the pillars are important, Eltobgy says the pandemic has perhaps showed businesses the renewed importance of the people section.
Those credit scores you see may not be what lenders use
FICO scores are considered the most widely used numbers in lending decisions across consumer loans and lines of credit. Webb, the Utah resident, had been monitoring his score on personal finance website Credit Karma, which provides scores from the VantageScore model. FICO Score Factors:Most influential: Payment history on loans and credit cardsHighly influential: Total debt and amounts owedModerately influential: Length of credit historyLess influential: New credit and credit mix (the types of accounts you have) VantageScore Factors:Most influential: Payment historyHighly influential: Age and type of credit, percent of credit limit usedModerately influential: Total balances and debtLess influential: Recent credit behavior and inquiries, available credit Source: Experian Consumers often see the biggest discrepancy in scores when they apply for a mortgage, experts say. And while FICO has partnered with some banks and lenders to share specific FICO scores with customers, another loan company might use an entirely different version in their decision-making. Bingham, the credit expert, was there as a classroom guest to explain to students the differences among credit scores.
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SBA targeted advance: What small businesses need to know about the disaster loan program for 2021
Small businesses that have been eagerly waiting for new information about a federal loan-advance program that would front them up to $10,000 in quick cash are finally getting an answer: Don’t call us, we’ll call you. In a recent update, the Small Business Administration has provided additional details about the “targeted” advances that are part of the new round of COVID-19 Economic Injury Disaster Loans, or EIDL. “Only prior applicants will be considered for the Targeted EIDL Advance. However, the latest update at least provides some much-needed clarity for small businesses. You can read all about the EIDL program and the targeted advances here.
Why are gas prices rising? Here’s the weird but simple reason you’re paying more right now
So why are prices rising? And that’s why, despite the impact on your wallet, there’s reason to be glad about the rising price at the pump. Optimism over the vaccine rollout and a belief that the worst will soon be behind us is causing traders to drive up the price of crude oil futures. Those traders wouldn’t be driving up crude oil futures if they thought the global economy and the state of the world was going to be getting worse, not better. And as it gets better, there will be more demand for crude oil as the machinery of the global economy starts cranking again.
Humor is such an important leadership trait we teach it at Stanford’s business school
This degradation of trust in leadership has firmly implanted itself in the minds of employees: A 2019 Harvard Business Review survey found that 58 percent of employees trust a complete stranger more than their own boss. What’s more, 45% of employees cited their lack of trust in leadership as the single biggest issue impacting their performance at work. Because while trust in leadership is plunging, those organizations that somehow manage to maintain a high trust environment are thriving. The impact of humor on employee retention is a timely salve to a silent crisis affecting leaders and organizations worldwide. (“Investing in my organization’s sense of humor?
Credit Karma weighs in on why its scores are different after viral Twitter discussions
Twitter was abuzz today with questions about Credit Karma, the Intuit-owned personal finance company that provides people with free copies of their credit scores. It’s unclear what exactly prompted the discussions, but some users had noted how Credit Karma scores can be, shall we say, more generous than other scores out there. credit karma: “your credit score is 800” car dealerships: “ma’am. Credit Karma scores use models from VantageScore, which is not as widely used as the market dominant FICO. Reached for comment, a Credit Karma spokesperson said that while credit scores may be calculated differently, they typically paint a similar picture about your credit in the end.
America’s top pandemic playthings: L.O.L. Surprise!, Barbie, Star Wars, Pokémon dominate soaring toy sales
Toys are the name of the game during COVID. U.S. retail sales topped $25 billion in 2020, up 16% or $3.5 billion, according to the NPD Group. Note that unit sales didn’t change, but the average selling price did. Another spike came in October as the holiday shopping season kicked off and Amazon Prime Day, rescheduled from July, was held. Surprise!, Barbie, Star Wars, Pokémon, and Marvel Universe, the NPD Group says.
Help Your Team Beat WFH Burnout
Leaders must understand which of their employees may be particularly at risk of pandemic-related burnout and take steps to protect them from it. Finally, make sure remote workers actually take some recovery time. Offer flexible — not just remote — work when possible. The pandemic is following us into 2021, and remote work is expected to remain a norm both during and after it. By paying attention to those workers most susceptible to pandemic fatigue and burnout, leaders can build better organizations for all of their employees.
Today's Mortgage and Refinance Rates: January 26, 2021 | Rates Hover Just Above 3%
Mortgage rates keep trending downward this week, as rates dropped from Friday. Today’s Mortgage Rates: 30-Year Fixed Loans, 15-Year Fixed Loans, and MoreThe average interest rate on a 30-year fixed-rate mortgage was 3.056% on Monday — down from 3.088% on Friday. Freddie Mac’s benchmark Primary Mortgage Market Survey put mortgage rates at 2.77% with 0.7 points paid for the week ending January 21. You may be able to negotiate a better mortgage rate if you shop around or if you have other accounts with the lender. Bottom line:Qualifying for a Mortgage Is Surprisingly Difficult Right NowA Key Indicator Suggests Mortgage Rates’ Epic Decline May Soon EndAs Prices Soar, 6 Tricks for Finding a House You Can Actually Afford
What Sets Family Businesses Apart
Lachenauer and Baron wrote The Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise. Who’s allowed, who’s not?” Some family businesses allow anyone who’s a descendant of the founder to be an owner. Other family businesses will have a design where everybody in the family becomes an owner. ROB LACHENAUER: It’s a big advantage for family businesses because in the owner room, many generation family businesses will have some voice coming from the next generation. CURT NICKISCH: That’s Josh Baron and Rob Lachenauer, co-founders of BanyanGlobal Family Business Advisors, and authors of the new book, “The Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise.” You can find it at HBR.org.
Stock Market Today: Economy Flashes Good Signs, But Stocks Fizzle
Meanwhile, the Conference Board's consumer confidence index rebounded in January, to 89.3 from a five-month low of 87.1 in December. Home prices continued to rocket higher in November, improving 1.4% month-over-month, according to a 20-city composite index from S&P/CS CoreLogic, and 9.1% year-over-year. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Most investors are better off in traditional growth plays, whether you're talking about larger growth stocks or small-cap dynamos. You'll see a perhaps surprising number of "mainstream" stocks among them, and more encouraging still: Wall Street's pros seem to give most their thumbs-up, too.
17 Nice-Try Tax Breaks Rejected by the IRS
The Tax Court didn't buy her argument, saying that her brand was part of her business as an author. Unfortunately for her, the Tax Court ruled that the cost of her good night's sleep was a nondeductible personal expense. That's a far cry from active and regular involvement in a business, and the Tax Court nixed her loss. She tried to deduct the kids' "wages" as business expenses, but the Tax Court didn't buy it. Playing the referee in this tax dispute, the Tax Court sided with the IRS because the husband had no hand in running her firm.
Instagram Adds Content Publishing API, Enabling Business Accounts to Schedule Posts
Instagram added a Content Publishing API (application-programming interface) to its Graph API Platform, making it easier for businesses to publish content to the Facebook-owned photo-and video-sharing network.
Twitter Acquires Newsletter Publishing Platform Revue and Will Keep It Running
Twitter acquired newsletter publishing platform Revue, which will continue to operate as a stand-alone service, saying that the move continues its efforts to improve conversation on its platform by helping writers grow their readership and connect with their audience.
This Agency Seeks to Put One Electric Car Company in Pole Position
Even past its founder’s Twitter feed and swashbuckling ways, Tesla has managed to carve out substantial mindshare with the public. Moreover, the company took a huge leap, with over 50% of the U.S. plug-in electric vehicle (EV) market, driven mainly by its Model 3, a more entry-level offering.
Hellmann’s Takes on Food Waste in First-Ever Super Bowl Ad
Imagine a farm three-quarters the size of California that requires the amount of water used in Idaho and Texas combined. Instead of eating the food produced on this farm, however, it’s loaded onto a semitruck every 20 seconds and brought straight to a landfill.
Staff Services Manager II, Digital Properties in Sacramento, California
Staff Services Manager II, Digital PropertiesThe California State Lottery is looking to add a proven, analytical, and creative leader of the Digital Properties team to help California become the #1 lottery in the United States. Under the general direction of the Chief of Engagement & Retention Marketing, the Staff Services Manager II – Digital Properties (SSM II) provides supervision and managerial direction to the team responsible for the development and maintenance of the Lottery's Digital Properties including the public website, the official mobile application, SEO and paid search initiatives. The California State Lottery is a $7+ billion enterprise headquartered in Sacramento. It is one of the few state agencies that is a revenue generator, not accepting taxpayer dollars from the state’s general fund. Our mission is to provide supplemental funding to California schools while simultaneously supporting local communities.
Media Supervisor (Digitally focused) in Boulder, Colorado
Media Supervisor (Digitally focused)SUMMARYTDA is looking for a smart, hard-working, and motivated self-starter who can thrive in a fast-paced environment, contribute creatively to the agency's media insights and identify solutions for clients across the country. The position will support and report to the agency's media director across clients/projects. This position will serve as lead media contact for assigned client. RESPONSIBILITIESLeadership• Manage and motivate a small digitally focused media team through collaborative management style, open communication and focused project management to assure that assignments are executed in a timely manner. Our office is currently operating remotely until further notice with the option of working from the office under our COVID protocol.
Is There a Secret to Success on Instagram?
“This isn’t a secret,” Mr. Williams said. In particular, he pushed back against the idea that Instagram was punishing users who didn’t engage with its newest feature. “Broadly speaking, this is an Instagram best practices sort of thing.” A representative later added: “Other content is not being downranked in service of content on Reels.”Like most social platforms, Instagram’s app has never been shy about its priorities. In the beginning, social platforms tend to be blunt about what matters, minting new currencies with likes or shares, comments or reposts, followers or reach. As social platforms mature, becoming both more crowded and more important in some users’ lives, growth can become more difficult to sustain.
GameStop shares soar 93 percent as Wall Street frenzy continues
Etsy was up as much as 8.6 percent in GameStop’s slipstream but later reversed its gains, and BlackBerry was another early buying focus in this increasingly influential corner of Wall Street. Trading of GameStop stock was halted for volatility nine times on Monday and three times on Tuesday. “A retail trader will not lean on Wall Street to manage their money and I definitely now see an antagonistic relationship between the old guard (Wall Street) and individual traders who are on the rise,” he said. GameStop gained $71.19 to $147.98, below Monday’s intraday high of $159.18, but extending its winning streak to a fourth straight session. “GME shorts and longs are in a knockout battle being waged in the stock market as well as social media platforms,” wrote Ihor Dusaniwsky, S3’s managing director of predictive analytics.
Shaq sells Florida mega-mansion for $16.5M
Shaquille O’Neal sold his Orlando, Fla., mansion for only $16.5 million — a Shaquille O’Steal — at almost $12 million under its original 2018 asking price. The 31,000-square-foot complex on an almost four-acre lot has 12 bedrooms, 11.5 bathrooms and a 6,000-square-foot indoor basketball court, perfect for a pro-baller. The showy property outside Orlando has a 17-car showroom, a cigar bar and walk-in humidor and a soundproof home theater. Worth about $400 million himself, O’Neal first listed the property for $28 million in 2018 and relisted the property four times before it sold. O’Neal has six children and is currently dating actress Annie Ilonzeh, according to the most recent reports.
Wedbush analyst on Starbucks' revenue miss
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWedbush analyst on Starbucks' revenue missNick Setyan, Wedbush Securities senior analyst, joins 'Closing Bell to discuss his thoughts on Starbucks shares, which are moving lower after-hours.
The 5 fastest-growing U.S. suburbs for renters and how much it costs to live there
Of the top five suburbs with the most new buildings since 2016, in fact, three are in the Lone Star State. Here are the top five suburbs with the most new apartments and how much it costs to rent there. McKinney, TexasNumber of new apartments in the last 5 years: 4,843Average monthly rent: $1,301Video by Helen Zhao3. Spring Valley, NevadaNumber of new apartments in the last 5 years: 4,559Average monthly rent: $1,2665. Farmers Branch, TexasNumber of new apartments in the last 5 years: 3,788Average monthly rent: $1,476Make sure you move for the right reasons
Las Vegas Sands names Rob Goldstein as the new CEO
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLas Vegas Sands names Rob Goldstein as the new CEOContessa Brewer reports Las Vegas Sands has named Rob Goldstein as the new CEO ahead of tomorrow's quarterly earnings report.
Bernstein senior analyst says Texas Instrument's strategy is 'smart'
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBernstein senior analyst says Texas Instrument's strategy is 'smart'Stacy Rasgon, Bernstein Research and Christopher Rolland from Susquehanna senior analyst join 'Closing Bell' to discuss their reactions to AMD and Texas Instruments and what they're looking for in the upcoming conference call.
Twitter users are upset about Credit Karma's credit scores—here's why
On Tuesday afternoon, consumers took to Twitter to express their frustration over their credit scores on Credit Karma, the personal finance company owned by Intuit. The issue for most wasn't that the credit scores they were finding on the Credit Karma website were low—rather they were too high. Consumers tweeted about going to apply for a credit card or loan thinking they have good or excellent credit, only to soon find that the credit score that the card issuer or lender pulled was lower than what they saw on Credit Karma. Twitter users were quick to follow up and joke about how inflated their credit scores looked on Credit Karma. Below, CNBC Select breaks down why you can expect your credit scores to differ, depending on where you check them.
GameStop jumps after hours as Elon Musk tweets out Reddit board that's hyping stock
Tesla CEO Elon Musk seemed to rally behind GameStop's epic surge, tweeting out a link to the Reddit board that's largely hyped the stock. The Tesla CEO tweeted "Gamestonk!!" The stock surged earlier in the day after Social Capital's Chamath Palihapitiya said in a tweet that he bought GameStop call options, betting the stock will go higher. The CEO has faced problems with the SEC for tweeting about Tesla's stock. He infamously tweeted last year that Tesla's stock was "too high," sending shares down more than 10% immediately, though they more than rebounded within a week.
Starbucks COO Roz Brewer leaving company, reportedly taking over as Walgreens CEO
Starbucks Chief Operating Officer Rosalind Brewer will replace Stefano Pessina as CEO of Walgreens, according to The Wall Street Journal. Starbucks announced Brewer's departure earlier Tuesday, saying she was leaving at the end of February for a CEO position at an undisclosed publicly traded company. Officials from Walgreens weren't immediately available to comment, on the Journal's report, which cited people familiar with the matter. She was the first Black woman to be COO of Starbucks and to head a division at the big-box retailer. Brewer also sits on the board of Amazon and is chairwoman of Spelman College's board of trustees.
Stocks making the biggest moves after hours: Microsoft, GameStop, Starbucks & more
The volatility in the stock came after the company reported earnings results just above analyst expectations, with per-share earnings of 52 cents above the 47 cents expected. Fourth-quarter revenues of $4.08 billion topped analyst projections for $3.6 billion while profit also beat expectations. This quarter, TI projects a profit of $1.44 to $1.66 a share on $3.79 billion to $4.11 billion in revenue, compared with analysts' projected $1.34 a share and $3.6 billion in revenue. GameStop — The price of GameStop equity continued to dumbfound many on Wall Street with a jump of more than 50% after the bell. Tesla CEO Elon Musk may have also impacted the stock's spike after he tweeted about GameStop from his Twitter account.
Las Vegas Sands appoints Robert Goldstein as CEO
FILE PHOTO: The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama, Japan January 29, 2020. REUTERS/Kim Kyung-Hoon(Reuters) - Las Vegas Sands Corp, the world’s largest casino company, on Tuesday named its long-time executive, Robert Goldstein, as chairman and chief executive officer. Adelson was Las Vegas Sands’ chairman and chief executive officer since its inception in the late 1980s. Goldstein, who assumed the role of acting chairman and CEO on Jan. 7, joined Las Vegas Sands company in 1995 and became a member of its board in 2015. Las Vegas Sands also named Patrick Dumont as president and chief operating officer, and appointed Randy Hyzak as its finance chief.
Sinclair confirms it secured Trump EPA's last biofuel waivers, defends them in court
NEW YORK (Reuters) - Sinclair Oil Corporation confirmed on Tuesday it secured biofuel blending waivers for its refineries from the U.S. Environmental Protection Agency shortly before the departure of the administration of President Donald Trump last week. The company made the statement in a court filing defending the waivers against a challenge from the biofuel industry, which wants to prevent the EPA from processing them. The company said the administration granted the waivers on Jan. 14. The Trump administration vastly expanded the number of exemptions granted annually to refiners. Reuters reported the two 2019 waivers went to the 85,000 bpd Sinclair Wyoming refinery and the 30,000 bpd Sinclair Casper refinery, also in Wyoming.
Kimmeridge launches proxy fight with energy producer Ovintiv
(Reuters) - Kimmeridge Energy Management Co launched a proxy fight on Tuesday against Ovintiv Inc to win three seats on the North American energy producer’s board. Speaking to Reuters, Mark Viviano, managing partner and head of public equities at Kimmeridge, said the move came after months of attempting to engage with the Denver-based producer. Viviano said Kimmeridge was not currently pushing to replace Ovintiv Chief Executive Doug Suttles. Ovintiv, responding to the Kimmeridge notice, said in a statement it would carefully review the nominations. Ovintiv had $7.1 billion of long-term debt as of Sept. 30, according to a regulatory filing.
Stocks slip from highs; investors wait on Fed
The dollar index fell 0.2%, with the euro up 0.21% to $1.2162. The sell-off also caused Japanese stocks to slip 1% and Chinese blue-chips to tumble 2%, their biggest one-day loss since Sept. 9. U.S. gold futures settled down 0.2% at $1,850.90. U.S. crude oil futures settled at $52.61 a barrel, down 16 cents or 0.30%. Brent crude futures settled at $55.91 a barrel, up 3 cents or 0.05%.
Texas Instruments sees strong first-quarter on electronics chip demand
(Reuters) - Texas Instruments Inc forecast current-quarter revenue above Wall Street estimates on Tuesday, expecting sales growth for a third straight quarter after two years of decline, buoyed by strong chip demand from the personal electronics market. Chip sales to personal electronics market jumped 39%, driven by consumers splurging on laptops and tablets to aid remote work and learning. The company said it also saw strong demand from automotive and industrial markets, benefiting from a growing number of chip components in their products. TI expects first-quarter revenue in a range of $3.79 billion to $4.11 billion, above analysts’ expectations of $3.59 billion, according to IBES data from Refinitiv. Total revenue rose to $4.08 billion from $3.35 billion a year earlier, above Wall Street estimates of $3.6 billion.
Just 1 in 10 companies expect all employees to return to the office
Only about one in 10 companies expect all employees to return to their pre-pandemic work arrangements, according to a new survey. The National Association for Business Economics found that just 11 percent of survey respondents expect all staff at their firms to eventually return. Companies are reviewing a post-pandemic future with a lot more flexibility — yet few are prepared to completely abandon the office space. When the company surveyed its staff, it found that 70 percent preferred a blend of work-from-home and office work. “I think a lot of people are ready to go back to the office once it’s safe.”
Starbucks’ recovery, solid in China, still slow in US
A Starbucks coffee truck continues to serve students and staff in an otherwise nearly deserted Red Square on the University of Washington campus Monday, Jan. 25, 2021, in Seattle. (AP Photo/Elaine Thompson)A Starbucks coffee truck continues to serve students and staff in an otherwise nearly deserted Red Square on the University of Washington campus Monday, Jan. 25, 2021, in Seattle. The Seattle-based company said Tuesday that its global sales at stores opened at least a year fell 5% in the October-December period. ADVERTISEMENTWithout one-time items, Starbucks said it earned 61 cents per share in the October-December period. Starbucks said its business in China, its second-largest market after the U.S., has fully recovered, with same-store sales up 5% in the first quarter.
NC promises more vaccines for providers hit by shortfalls
Secretary of the NC Department Health and Human Services Dr. Mandy Cohen tours a large-scale vaccination site at UNC's Friday Center in Chapel Hill, N.C. Tuesday, Jan. 19 2021. UNC Hospitals hope to administer 2500 first covid-19 vaccine doses at the Friday Center by the end of this week. (Travis Long/The News & Observer via AP)Secretary of the NC Department Health and Human Services Dr. Mandy Cohen tours a large-scale vaccination site at UNC's Friday Center in Chapel Hill, N.C. Tuesday, Jan. 19 2021. UNC Hospitals hope to administer 2500 first covid-19 vaccine doses at the Friday Center by the end of this week. Cohen said residents of different counties and states are free to travel for their vaccines.
US surging vaccine to states amid complaints of shortages
Biden, calling the push a “wartime effort,” said the administration was working to buy an additional 100 million doses of each of the two approved coronavirus vaccines. He acknowledged that states in recent weeks have been left guessing how much vaccine they will have from one week to the next. “Lives are at stake.”He promised a roughly 16% boost in deliveries to states over the next three weeks. The administration said it plans to buy another 100 million doses each from drugmakers Pfizer and Moderna to ensure it has enough vaccine for the long term. The setup inherited from the Trump administration has been marked by miscommunication and unexplained bottlenecks, with shortages reported in some places even as vaccine doses remain on the shelf.
Walz proposes tax hikes on the rich to balance state budget
Republicans called his proposed tax hikes “hugely regressive.” They said his budget spends too much while failing to adequately address low test scores and achievement gaps in metropolitan-area schools. He framed the income tax hike as “1% on the 1%,” saying it wouldn’t touch families earning less than $20,000 per week. On the revenue side, the governor proposed creating a fifth tax bracket for incomes over $1 million for a couple filing jointly. ADVERTISEMENTWalz would cut taxes for lower-income families by moving 1 million of them from the second to the bottom tax bracket. The governor’s general fund budget totals about $52 billion, compared with the $48 billion budget the Legislature approved in 2019.
BioNTech SE ADR underperforms Tuesday when compared to competitors
The BioNTech SE ADR BNTX, -3.91% slid 3.91% to $106.29 Tuesday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -0.15% falling 0.15% to 3,849.62 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. BioNTech SE ADR closed $24.71 short of its 52-week high ($131.00), which the company achieved on December 11th. The ADR underperformed when compared to some of its competitors Tuesday, as AbbVie Inc. ABBV, -1.54% fell 1.54% to $108.80 and Amgen Inc. AMGN, +0.58% rose 0.58% to $258.60. Trading volume (3.9 M) remained 286,639 below its 50-day average volume of 4.1 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
C.H. Robinson's Q4 profit jumps 20%
Robinson Worldwide Inc. said revenue jumped 20% in the fourth quarter amid higher pricing and volumes across most of its service lines. The logistics company on Tuesday reported a profit of $147.8 million, or $1.08 a share, compared with $99.1 million, or 73 cents a share, for the year-earlier period.
AstraZeneca PLC ADR outperforms competitors on strong trading day
The AstraZeneca PLC ADR AZN, +0.80% inched 0.80% higher to $54.44 Tuesday, on what proved to be an all-around grim trading session for the stock market, with the NASDAQ Composite Index COMP, -0.07% falling 0.07% to 13,626.06 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. This was the ADR's fourth consecutive day of gains. AstraZeneca PLC ADR closed $10.50 short of its 52-week high ($64.94), which the company achieved on July 20th. The ADR outperformed some of its competitors Tuesday, as AbbVie Inc. ABBV, -1.54% fell 1.54% to $108.80, Amgen Inc. AMGN, +0.58% rose 0.58% to $258.60, and Gilead Sciences Inc. GILD, -2.14% fell 2.14% to $66.70. Trading volume (11.6 M) remained 156,018 below its 50-day average volume of 11.8 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Pfizer Inc. stock underperforms Tuesday when compared to competitors despite daily gains
Shares of Pfizer Inc. PFE, +0.08% inched 0.08% higher to $37.31 Tuesday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX, -0.15% falling 0.15% to 3,849.62 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. This was the stock's third consecutive day of gains. Pfizer Inc. closed $5.77 short of its 52-week high ($43.08), which the company achieved on December 9th. The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as Johnson & Johnson JNJ, +2.71% rose 2.71% to $170.48, Merck & Co. Inc. MRK, -1.11% fell 1.11% to $80.25, and Novartis AG ADR NVS, -2.57% fell 2.57% to $95.94. Trading volume (27.5 M) remained 17.4 million below its 50-day average volume of 44.9 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Microsoft Stock Jumps After Earnings Crush Wall Street’s Estimate
That easily beat Wall Street’s consensus forecast for revenue of $40.2 billion and profits of $1.64 a share. For Intelligent Cloud, which includes cloud platform Azure, sales were $14.6 billion, up 21%, well above the projected range of $13.55 billion to $13.8 billion. Microsoft said it returned $10 billion to holders in the quarter, including $6.5 billion of stock repurchases. For the March quarter, the Wall Street consensus calls for revenue of $38.7 billion and profits of $1.58 a share. For its quarter ended September 30, Microsoft posted a revenue gain of 12%, to $37.2 billion, with profits of $1.82 a share.
Tesla’s Earnings Are Wednesday. Here’s What to Expect.
Earnings are always a big deal for Tesla stock. Although more traditional auto makers are launching their own EV models, potentially reducing demand for regulatory credits, bullish investors believe regulations are getting tighter, not more lax. After margins and regulatory credits, free cash flow will be a focus for investors. Wall Street projects $1.01 in adjusted earnings per share, and 73 cents under generally accepted accounting principles. Ives rates Tesla stock Hold but has one of the highest price targets on the Street at $950 a share.
Future Returns: Using the Past to Forecast the Future of the Markets
There are no crystal balls when it comes to forecasting stock market performance. Through statistical analysis, she comes up with probable outcomes for the stock market for the following 12 to 18 months. Consider stock market volatility levels as measured by the VIX index, which late last year reached the top 5th percentile. And when spreads are falling and in the narrowest quartile, average returns have been 20% versus 13% in the widest quartile. But to the extent that the recent transition in administrations reduces a sense of uncertainty, that’s a positive indicator for stocks, Chisholm says.
When foreign direct investment in the U.S. fell off a table last year, China seized the No. 1 global rank
In a noteworthy reordering of the relative statuses of the world’s two largest economies, U.S. investment inflows shrank notably last year while China’s inched upward. That made China the world’s leading destination for foreign direct investment. “ Worldwide foreign direct investment collapsed by 42% to roughly $860 billion, from $1.5 trillion in 2019, according to a United Nations report. 1 in total foreign investment. Foreign direct investment captures things like foreign companies’ building new factories or expanding existing operations in a country or their acquisitions of local companies.
Biden announces plans for U.S. to buy 200 million more COVID vaccine doses
President Joe Biden on Tuesday announced plans for the U.S. to buy an additional 200 million doses of COVID-19 vaccine, as he boosted efforts to get more Americans vaccinated. The administration is working to buy an additional 100 million doses each of authorized vaccines from Pfizer PFE, +0.08% and Moderna MRNA, +3.35% , Biden said at the White House. On Monday, Biden suggested the U.S. could soon be vaccinating 1.5 million Americans a day on average, up from the current 1 million. See: Coronavirus UpdateThe new president is pressing Congress to approve a $1.9 trillion coronavirus relief package, but is running into resistance from Republicans who balk at the price tag. Biden on Monday said he expects talks on the plan to take a couple of weeks.
Award-Winning Set Designer Peter Larkin’s 1926 Bugatti Type 37 Sells for Record Price
A 1926 Bugatti Type 37 Grand Prix that was under the stewardship of the late Peter Larkin, an award-winning set designer, for more than 60 years, sold for $935,000 last week, setting an auction world record for the model. Larkin, who won four Tony Awards for designing scenes for Ondine, The Teahouse of the August Moon, No Time for Sergeants, and Inherit the Wind, in the 1950s when he was still in his 20s, bought the race car in 1960 for a mere $2,000, according to the auction house Gooding & Company.
Walgreens Boots Alliance to name Starbucks executive its CEO: WSJ
Walgreens Boots Alliance Inc. WBA, +2.86% is to name a departing Starbucks Corp. SBUX, +1.20% executive its new CEO, the Wall Street Journal reported late Tuesday, citing people familiar with the matter. Earlier Tuesday, the coffee chain announced that Chief Operating Officer Roz Brewer was leaving the company to serve as CEO of an undisclosed publicly traded company at the end of February. Brewer would replace Stefano Pessina at Walgreens, who would become executive chairman, according to the report. Shares of Walgreens Boots Alliance rose more than 3% in the extended session after ending the regular trading day up 2.9%.
The results are in: Ontario COVID-19 testing pilot program at Toronto Pearson caught nearly 150 infected travellers
The seven-day rolling average of new reported deaths is 160. The seven-day rolling average of new cases is zero. The seven-day rolling average of new cases is zero. The seven-day rolling average of new reported deaths is zero. The seven-day rolling average of new reported deaths is five.
Biden to increase coronavirus vaccine doses to states from 8.6M to 10M per week
In remarks on Tuesday, President Biden said his administration will increase COVID-19 vaccine doses to states from 8.6 million to 10 million every week. He also said that states and territories will get a three-week forecast of vaccine supply. First, after a review of the current vaccine supply and manufacturing plants, I can announce that we will increase overall weekly vaccination distributions to states, tribes and territories from 8.6 million doses to a minimum of 10 million doses starting next week. That's an increase of 1.4 million doses per week. The second thing, we're increasing the transparency with states, cities and tribes and local partners when it comes to the vaccine supply.
Roz Brewer to depart Starbucks, accepting CEO role at a publicly-traded company
Epstein claimed the move saved $600 million.Yachts, PlaneEpstein, a Brooklyn native, was an enigma to many inside and outside of finance. He attended Cooper Union and New York University’s Courant Institute of Mathematical Sciences but left both without a degree. “He didn’t just leave this to his family office staff, who were likely highly competent.”But the payments racked up. Black paid Epstein $50 million in 2013, $70 million in 2014 and $30 million the following year. Black and Epstein stopped communicating in 2018, the year before Epstein was arrested on charges of sex trafficking minors and later died in jail.
Luxury hospitality chain sbe expects to open 50 hotels despite coronavirus pandemic
While parts of the hotel industry are struggling as the world nears a yearlong pandemic, the sbe Corporation aims to open 50 new hotels nationally and internationally by 2023. Continue Reading BelowThe luxury hospitality company announced its ambitious goal in a press release on Thursday, which was related to its upcoming SLS Dubai Hotel & Residence that’s set to open in the second quarter of 2021. COVID-19 VACCINE MARKS 'MAJOR MILESTONE' FOR REELING HOTEL INDUSTRYA media representative for sbe confirmed to FOX Business that the hospitality company is continuing to pursue its hotel opening plans despite the coronavirus pandemic. HOTELS APPROACH 1B UNSOLD ROOM NIGHTS DURING PANDEMIC: REPORTThe New York-based hospitality company has provided a glimpse of its future plans on the “Grow With Us” section on the sbe website. At the time of publication, sbe operates 22 hotels, 81 restaurants and 50 lounges.
Texas Instruments Tops Fourth-Quarter Estimates
Texas Instruments said it sees strong demand in automotive and other sectors. Texas Instruments Incorporated (TXN) - Get Report reported better-than-expected fourth-quarter results after the bell Tuesday, on strong demand in automotive, personal electronics and industrial sectors. Texas Instruments had been expected to report earnings of $1.34 a share, on sales of $3.6 billion, based on a FactSet survey of 28 analysts. In the same period a year ago, the company posted earnings of $1.12 a share on sales of $3.4 billion. Texas Instruments CEO Rich Templeton said in a statement the 20% year-over-year revenue gain was "driven by strong demand in automotive, personal electronics and industrial markets."
In This Market, If You Can't Beat 'Em, Join 'Em
Despite the generally weak action, there were more wild short-squeezes and some strong action in electric vehicle-related special purpose acquisition companies. There was another long list of small stocks making big moves, but these were all "secondary" names. The traditional momentum and CANSLIM names lagged, while aggressive traders chase wild momentum in things like GameStop (GME) and WorkHorse (WKHS) . This is going to help the FATMAAN names, and it will be interesting to see the market reaction. So far, neither good nor bad earnings have had much impact on either individual stocks or the market.
Biden administration to boost vaccine supply amid shortages
AdvertisementThe purchases from drugmakers Pfizer and Moderna come as the Biden administration is trying to ramp up vaccine production and states’ capacities to inject them into arms. “Until now, we’ve had to guess how much vaccine” each week,” Biden said. The setup inherited from the Trump administration has been marked by miscommunication and unexplained bottlenecks, with shortages reported in some places even as vaccine doses remain on the shelf. As of Tuesday afternoon, the CDC reported that just over half of the 44 million doses distributed to states have been put in people’s arms. The vaccine rollout across the 27-nation European Union has also run into roadblocks and has likewise been criticized as too slow.
Widespread Internet outages hit northeast US
Comcast, another major Internet service provider, said it had not observed problems with its network Tuesday. AdvertisementPeople posting on Twitter reported having issues connecting with various online services in a geographic area stretching from Washington to Boston. “The only inconvenience was me not having my phone.”The outage affected Internet and cloud providers as well as major sites such as Google and Facebook. Amazon, whose Web Services division powers a wide ranges of online services, indicated its network wasn’t the cause of the problem. Disruptions to Internet services are always a hassle, but have become even more excruciating as the pandemic forces millions of people to work from home and students to attend school remotely.
COVID-19 pandemic has unexpected impact on bankruptcy filings in R.I.
In 2020, the US Bankruptcy Court for the District of Rhode Island received 1,414 bankruptcy filings – a 31-percent decrease from the 2,038 filings in the previous year and the fewest filings recorded in Rhode Island since at least 1989, according to court records. PROVIDENCE — Amid the pandemic, bankruptcy filings reached a level not seen in Rhode Island in at least three decades. Bankruptcy filings by month in US Bankruptcy Court for the District of Rhode Island US Bankruptcy CourtBankruptcy court tends to be a place of last resort, Thurston said. Thurston said the vast majority of the bankruptcy filings in Rhode Island come from individual consumers rather than corporations. Last year’s bankruptcy filings in Rhode Island peaked at 186 in March, when the pandemic hit.
Hingham’s Old Ship Church to sell parish house to developer
McKinnon lives down the street from the parish house, which was built as a single-family home in 1867. The members of Old Ship Church in Hingham have agreed to sell their parish house to a developer, who also is a neighbor. She said the congregation could not afford to maintain the existing parish house. The church put the old parish house property on the market for $4.8 million in 2016, and had a buyer who planned a Chapter 40B project that included affordable housing. Wellford said Old Ship also plans to sell a small portion of the current parish house property – about .3 acres – to the Hingham Affordable Housing Trust for expansion of the adjacent town-owned Lincoln Apartments, which provides affordable housing to seniors.
Polaris introduces more than 120 new products in 2020
Added to low inventories is supply chain challenges, as the coronavirus pandemic continues to affect the global economy, the company said. It also had to temporarily shut down factories in the spring, and Speetzen praised Polaris workers for their agility. Polaris interim CEO Michael SpeetzenFourth quarter earnings doubled to $198.8 million, or $3.15 a share, over the same period a year ago. The employee stock ownership plan holds about 5% of Polaris shares, which increased 22% since the start of 2020. Issues within Polaris' supply chain will be a constraint on the ambitious guidance.
Camden schools chief announces school slated to close will remain open thanks to $6 million in state aid
McCombs said about 55 employees district-wide, including five teachers, will lose their jobs at the end of the school year due to budget cuts. Among those who will be laid off are 21 custodians whose jobs will be eliminated because Mastery Renaissance school terminated a shared service agreement with the district, she said. The layoffs could be reduced by resignations and retirements.
'This is the way we have always done it': Phoenix Scottish Rite audit leads to 18-month police investigation
Credit card chargesFor 18 years, John R. Amidon was the Phoenix chapter head who oversaw finances. Boyce served as an executive assistant and chief financial officer for the Phoenix Scottish Rite for 12 years. There were also substantial credit charges by Sturner, a member of the Phoenix Scottish Rite and an IT specialist. However, Sturner told her she had no right to question his actions: He was a 33rd-degree mason, and she was not. Bruce Hopkins, a Kansas City attorney who is a nationally known expert in nonprofit law, said the Phoenix Scottish Rite seemed to have handled this issue correctly from a legal perspective.
Beale gets his ‘cop house’ over Lightfoot’s objections
A “private funder” he promised to identify after the final City Council vote has made a $250,000 commitment to purchase and renovate the cop house, the alderman said. This is an opportunity to build a cop house in the heart of a problem area to start building confidence and relationships back between the police and the citizens,” Beale said. That builds trust from the ground up.”Beale said the five cop house in Racine, Wisconsin have helped to drive a 70% reduction in violent crime. And then, you can take the proceeds from that sale, move the cop house to another area and do the same thing all over again. We can move the cop house just the same.”Andrea Reed, executive director of the Greater Roseland Chamber of Commerce, has high hopes for Beale’s experiment in community policing.
Goldstein, Dumont elevated to leadership of Las Vegas Sands
As expected, top Las Vegas Sands leadership remains intact following the Jan. 11 death of longtime Chairman and CEO Sheldon Adelson. Rob Goldstein was named chairman and CEO of Las Vegas Sands Corp. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhotoRob Goldstein was named chairman and CEO of Las Vegas Sands Corp. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhotoLas Vegas Sands Corp. on Tuesday named Robert Goldstein its chairman and CEO to officially succeed Sheldon Adelson in those roles. Goldstein, the company’s former president and COO, had been acting chairman and CEO.
Local Chicago volunteers help disabled, older residents clear snow: ‘I feel like somebody cares’
A program under former Mayor Rahm Emanuel connected disabled and elderly homeowners with shovel-equipped volunteers, but the former site for the program now only links to updates about city shoveling ordinances and city snowplows and the office that ran it didn’t respond to numerous requests for comment. Now, some ward offices and community groups are stepping in to fill the gap for disabled and older residents.
Plans to protect affordable housing in Pilsen, near 606 park move forward to full City Council
The zoning committee also approved an ordinance backed by Lightfoot and Ald. Carlos Ramirez-Rosa, 35th, to make it harder for developers to turn apartment buildings into single-family homes on some blocks near The 606 elevated park that stretches along former train tracks through parts of the Humboldt Park, Logan Square, Wicker Park and Bucktown neighborhoods.
Student-run free grocery store helps feed town’s hungry
Students and staff can shop there, but on Tuesdays the store is open to the community. And the store has one more purpose: teaching the youngsters the value of giving back to their community. “I’ve really seen the students take pride in working in the store,” principal Anthony Love said. About 130 families have used the store, Love said. She says his work at the store has helped him regain his confidence.
Bike Gallery’s six Portland-area stores reportedly sold to Trek
Mike Olson, the owner of Bike Gallery, which has six retail locations in the Portland metro area, told employees Monday that he had sold the stores to Trek Bicycle Corp., according to a report from BikePortland. Current Bike Gallery staff will be offered the chance to retain their jobs, according to the BikePortland report. Olson purchased the Bike Gallery chain from founder Jay Graves in 2012. Olson is also the owner of the Trek Bicycle Superstore, a chain of six stores in San Diego and New Mexico, and Nytro, a cycling and triathlon store north of San Diego. The purchase comes a month after Trek bought Bicycle Sport Shop, an independently-owned bike store chain in Austin.
Oregon legislators will consider ‘right to repair’ law
Oregon lawmakers will consider legislation this year designed to make that process easier by requiring manufacturers to make repair tools, parts and instructions readily available. Consumer advocates have been pushing “right to repair” laws for several years, aiming to open up electronic gadgets – literally – to make them easier for owners and independent repair shops to fix. Oregon considered a right to repair bill in 2019 but it died in committee. Right to repair advocates say the industry hasn’t done nearly enough and that many perfectly good devices are rendered useless by stingy repair policies. Oregon’s legislative calendar is crowded with bills to address the pandemic and recession, so it’s not clear how much airtime the right to repair bill will get.
Coronavirus: Biden administration to boost COVID-19 vaccine supply amid shortages
President Joe Biden announced the surge in deliveries to states Tuesday, along with the news that the federal government is purchasing an additional 100 million doses each of the two approved coronavirus vaccines. “Until now, we’ve had to guess how much vaccine” each week,” Biden said. The setup inherited from the Trump administration has been marked by miscommunication and unexplained bottlenecks, with shortages reported in some places even as vaccine doses remain on the shelf. As of Tuesday afternoon, the CDC reported that just over half of the 44 million doses distributed to states have been put in people’s arms. The vaccine rollout across the 27-nation European Union has also run into roadblocks and has likewise been criticized as too slow.
Advanced Micro: 4Q Earnings Snapshot
SANTA CLARA, Calif. (AP) _ Advanced Micro Devices Inc. (AMD) on Tuesday reported fourth-quarter earnings of $1.78 billion. The Santa Clara, California-based company said it had net income of $1.45 per share. Earnings, adjusted for one-time gains and costs, came to 52 cents per share. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share. Ten analysts surveyed by Zacks expected $3.02 billion.
Department store chain Belk filing for Chapter 11 bankruptcy
CHARLOTTE, N.C. (AP) — Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy. The chain’s owner, private equity firm Sycamore Partners, said in a news release that Belk will continue with “normal operations” as it goes through bankruptcy, The Charlotte Observer reported. It will retain majority control of Belk, according to an agreement it reached with some of Belk’s creditors. A group of the department store’s creditors, led by the private equity firms KKR and Blackstone, will get a minority stake. The bankruptcy plan will help Belk shed about $450 million of debt.
Boston Properties: 4Q Earnings Snapshot
BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its fourth quarter. The Boston-based real estate investment trust said it had funds from operations of $213.1 million, or $1.37 per share, in the period. The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.60 per share. Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
UMB: 4Q Earnings Snapshot
(AP) _ UMB Financial Corp. (UMBF) on Tuesday reported fourth-quarter net income of $156.3 million. The bank, based in Kansas City, Missouri, said it had earnings of $3.24 per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.48 per share. Its revenue net of interest expense was $429.8 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $313.3 million.
Starbucks' recovery, solid in China, still slow in US
Starbucks’ recovery slowed at the end of last year as U.S. coronavirus cases mounted, but the coffee titan says it’s confident its U.S. business will fully recover by March. The Seattle-based company said Tuesday that its global sales at stores opened at least a year fell 5% in the October-December period. Starbucks also fell short of revenue forecasts. The company reported sales of $6.75 billion in its fiscal first quarter, below the $6.9 billion than analysts forecast. Without one-time items, Starbucks said it earned 61 cents per share in the October-December period.
State hopes more companies will join virus ‘surveillance’ program
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........ALBUQUERQUE, N.M. — About 25,000 essential workers are now receiving regular proactive coronavirus tests as a part of the New Mexico’s coronavirus surveillance testing program, state officials said. Under the surveillance testing program, participating essential businesses can remain open even if the store crosses the four positive case benchmark – but businesses must agree to having all staff members tested for the coronavirus every two weeks. All essential businesses can participate by signing on to surveillance testing agreements. Since the creation of the program, few essential businesses have had to undergo a 14-day closure. The company signed a surveillance testing agreement three days later on Jan. 11.
Tilman Fertitta optimistic on U.S. economy post-Covid: 'This is going to be the Roaring Twenties'
Billionaire restaurateur and casino operator Tilman Fertitta told CNBC on Tuesday he expects strong consumer spending to fuel the U.S. economic recovery from the coronavirus pandemic. I'm telling you, where we can do business, we are doing business," the Landry's chairman and chief executive said on "Power Lunch." "This is going to be the 'Roaring Twenties.' Fertitta, whose Houston-based restaurant empire includes more than 600 locations worldwide, said he would welcome additional coronavirus stimulus from Washington. For the restaurant industry overall, Fertitta has said businesses that manage to survive will have learned valuable lessons to become more profitable.
Biden to increase vaccine supplies to states and buy 200m more doses
The Biden administration will increase vaccine supplies to states, exercise an option to buy a total of 200m more vaccine doses from Pfizer and Moderna and said it would give states more lead time on the amount of vaccine it will deliver. A senior administration official said the new purchase order would allow the government to vaccinate 300 million Americans with a two-dose regimen of either the Pfizer or Moderna vaccine. The official said the White House is working to increase capacity for both, by purchasing more vaccine, raw supplies and setting up federal vaccination sites. The Biden administration is also planning to exercise an option to purchase 200m more vaccine doses, 100m from Pfizer/BioNTech and 100m from Moderna, the two producers with US emergency use authorization so far, through contracts first established by the Trump administration. The senior official said the government expects to deliver states 10m vaccine doses per week for the next three weeks, and will give states at least three weeks notice of upcoming shipments.
Downtown Osaka land prices dive amid coronavirus crisis
The land prices were apparently affected by a tumble in the number of inbound tourists amid the new coronavirus crisis. This will be the first time for the agency to make revisions to roadside land prices in the middle of a year. The agency usually sets roadside prices, used to calculate inheritance and gift taxes, at some 80% of the land prices announced by the land ministry. After that, the agency surveyed land prices on a quarterly basis, assuming that prices may drop amid sluggish economic activities in the country. The agency found that in some land deals, actual transaction prices were lower than the roadside land prices of the districts.
Jeffrey Epstein pal is helping to fund UK lottery bidder
A fund run by a billionaire friend of Jeffrey Epstein is bankrolling a bid to run the National Lottery, the Mail can reveal. Mr Black’s private equity fund, Apollo Global Management, has invested £450million in a Czech firm to help it develop new business, including the UK lottery. It comes after US newspaper reports last year that Mr Black paid millions to an aircraft firm to pay for Epstein’s private jet. But a spokesman said: ‘All fees paid to Mr Epstein by Mr Black or his family office were for bona fide tax estate planning and other related services. ‘Dechert found no evidence that Mr Black was involved in any way with Mr Epstein’s criminal activities at any time.’
Death Row Records co-founder Michael 'Harry O' Harris thanks Trump in first interview
Death Row Records co-founder and former drug kingpin Michael 'Harry O' Harris wept with remorse and pledged to devote his life to help kids avoid crime, in his first interview after Donald Trump granted his freedom. 'I would talk to Dr Dre, Snoop Dogg and the whole family, everybody that was signed to Death Row. 'Being on death row is weird, it's real quiet. There comes the name Death Row.' That's what Death Row Records was created for.'
Narcos pay civilians to attack police in Michoacán: state security officials
Civilians in the Tierra Caliente region of Michoacán are paid by narcos to attack police, according to the state security minister. The security minister charged that residents are manipulated by a cell of the Viagras to carry out attacks on state and federal security forces. The security minister asserted that the recent increase in violence in the Tierra Caliente region is related to the dispute between criminals and not a resurgence of self-defense groups. “Today it’s very different, society does have a response from the government,” he said, explaining that state police, the army and the National Guard are permanently deployed in the Tierra Caliente region and collaborating closely. “Mainly women and children, … [as well as] some men, come out … with sticks, stones and machetes, trying to get the government … [forces] to leave the area.”The Tierra Caliente region of Michoacán has long been notorious for violent crime.
Howard Levitt: How Ottawa can refuse to pay ex-governor general Julie Payette's $150,000 annuity, $200,000 in benefits
From the employee’s perspective, there is sometimes little that can be done as this type of behaviour can be difficult to prove. Moreover, courts are understandably uninterested in inquiring into subjective evaluations of an employee’s work and the tone used by their manager in evaluations. Constructive feedback on work quality and job performance almost never legally constitutes a poisoned work environment. They may also have the alternative, having warned the company in advance, of suing their employer for negligence. From the employer’s perspective, when abusive conduct by managers is unchecked, it can have damaging results.
Kelly Clarkson’s Estranged Husband Brandon Denies Defraud Claims
Kelly Clarkson’s estranged husband, Brandon Blackstock, returned fire after she claimed in October 2020 that he and his father Narvel Blackstock’s management company defrauded her out of millions of dollars. The talent agent, 44, filed legal documents with the California Labor Commission in November 2020, in response to Clarkson’s filing a month prior. Clarkson’s October petition claimed that she entered into an oral agreement with Brandon, Narvel, 64, and Starstruck Entertainment in 2007. Us previously reported that The Voice coach was countersuing the management company, claiming it had violated the California Labor Code. Brandon is also father of daughter Savannah, 18, and son Seth, 13, from his previous marriage to Melissa Ashworth.
One problem with the dream of a traditional Congress: Most members have never seen one
One problem with the dream of a traditional Congress: Most members have never seen oneAdded: 26.01.2021 19:55 | 12 views | 0 commentsWant a Congress that looks like those of the late 1990s? Only 1-in-5 members of the House and Senate were around then.
What McConnell got — and didn’t — on the filibuster
What McConnell got — and didn’t — on the filibusterAdded: 26.01.2021 19:06 | 9 views | 0 commentsIt’s unlikely that all of this changed too much.
How big a stimulus check would you get under HEALS Act?
How big a stimulus check would you get under HEALS Act? Added: 29.07.2020 11:34 | 9 views | 0 commentsThe Republican stimulus proposal would provide similar amounts as the first round of checks, but cover more people.
Congress debates stimulus package while unemployment benefits in limbo
Added: 29.07.2020 15:29 | 11 views | 0 commentsRepublicans are unveiling a proposal to extend benefits for Americans, but in a scaled back fashion. A final agreement with Democrats could be weeks away, and time is running out for millions of unemployed workers. Nancy Cordes has the latest.
Protesters continue to clash with federal agents in Portland
Added: 29.07.2020 16:29 | 4 views | 0 commentsMore chaos on the streets of Portland as peaceful protests turn violent overnight as federal agents unleash a massive response. President Trump is preparing to send at least 100 agents to Portland and other cities. Carter Evans has the latest.
Sen. Chuck Schumer on what it will take to get a new stimulus package
Sen. Chuck Schumer on what it will take to get a new stimulus packageAdded: 29.07.2020 15:29 | 11 views | 0 commentsDemocratic Senate Minority Leader Chuck Schumer joins "CBS This Morning" to discuss the GOP proposal for a new stimulus package and what it will take to make a deal.
Dow CEO Jim Fitterling on the company's flooded Michigan facility
Dow CEO Jim Fitterling on the company's flooded Michigan facilityAdded: 22.05.2020 16:15 | 6 views | 0 commentsSource: www.ourmidland.comJim Fitterling, chairman and CEO of Dow, joins "Squawk on the Street" to discuss the evacuation and flooding of its facility in Michigan. More in www.cnbc.com »
Don't get caught unprepared if disaster strikes. Here's what you can do to get ready
Don't get caught unprepared if disaster strikes. Here's what you can do to get readyAdded: 22.05.2020 14:02 | 6 views | 0 commentsWith more than 38 million Americans out of work since the coronavirus pandemic began, the importance of a financial first-aid kit has never been more important.
More dams will collapse as aging infrastructure can't keep up with climate change
More dams will collapse as aging infrastructure can't keep up with climate changeAdded: 21.05.2020 19:49 | 6 views | 0 commentsAging dams in the U.S. will increasingly fail and cause death and environmental destruction as climate change makes extreme precipitation more frequent, scientists warn.
Earth has hottest May on record, with 2020 on track to be one of the top 10 warmest years
Earth has hottest May on record, with 2020 on track to be one of the top 10 warmest yearsAdded: 05.06.2020 8:00 | 7 views | 0 commentsThe Earth had its hottest May ever last month, continuing an unrelenting climate change trend as 2020 is set to be among the hottest 10 years ever.
Nashville tornado relief effort puts growing business city to the test
Added: 26.01.2021 18:19 | 3 views | 0 commentsAfter devastating tornadoes struck Nashville, Tennessee, the growing business hub has seen tech giants Amazon and Google, as well as local and regional entrepreneurs, join relief efforts.
Coronavirus hits already struggling US farmers: 'We've stopped saying it can't get worse'
Coronavirus hits already struggling US farmers: 'We've stopped saying it can't get worse'Added: 26.01.2021 18:19 | 2 views | 0 commentsSource: atlanticcouncil.orgFarm trade groups are lobbying the Trump administration to provide financial aid for farmers enduring price drops amid the coronavirus pandemic. More in www.cnbc.com »
There are some good reasons to check your homeowners insurance heading into spring
There are some good reasons to check your homeowners insurance heading into springAdded: 26.01.2021 18:19 | 3 views | 0 commentsSource: www.onlyinyourstate.comWith weather events wreaking havoc around the U.S. — often in places unaccustomed to them — experts recommend that you review your own homeowners insurance. More in www.cnbc.com »
In Pandemic, More Are Paying for Direct Access to Their Doctors
In Pandemic, More Are Paying for Direct Access to Their DoctorsAdded: 21.08.2020 14:00 | 9 views | 0 commentsConcierge care has grown fast as patients no longer want to sit in a waiting room with strangers. But it comes at a high price.
Canada parl. asks govt. to designate armed US militia group as terrorist entity
Added: 26.01.2021 7:16 | 18 views | 0 commentsCanada’s parliament has approved a motion calling on the government to formally designate an American group that supports former US president Donald Trump as a terrorist entity, alongside outfits like al-Qaeda and Daesh. Canadian lawmakers unanimously passed a motion on Monday that called on the government of Prime Minister Justin Trudeau to declare as a banned terrorist group...
McConnell backs off Senate filibuster fight with Schumer
McConnell backs off Senate filibuster fight with SchumerAdded: 26.01.2021 4:47 | 16 views | 0 commentsSource: www.politico.comSenate Republican leader Mitch McConnell backed off his demand that Senate Democrats preserve the procedural tool known as the filibuster easing a standoff with new Majority Leader Chuck Schumer as the two negotiated a power-sharing agreement in the closely divided chamber. McConnell said late Monday he had essentially accomplished his goal after two Democratic senators said they would not agree to changing the rules to end the filibuster, which would require a 60-vote threshold to advance most legislation.... More in article.wn.com » Democrats, NATO, Goa Tags: Republicans
Switzerland's brutal rejection of EU membership: 'Whole thing is ridiculous'
Switzerland's brutal rejection of EU membership: 'Whole thing is ridiculous'Added: 26.01.2021 14:23 | 21 views | 0 commentsTHE EUROPEAN UNION received a brutal rejection from Switzerland when the country cancelled its "ridiculous" application to join the bloc.
Putin sparked furious Falklands row as he demanded UK 'give back islands ? or else'
Putin sparked furious Falklands row as he demanded UK 'give back islands ? or else'Added: 26.01.2021 14:22 | 20 views | 0 commentsVLADIMIR PUTIN sparked a furious row with the UK over the Falkland Islands, after demanding sovereignty be handed to Argentina, intensifying already strained relations.
Apollo CEO to step down following review of ties to Jeffrey Epstein
Apollo CEO to step down following review of ties to Jeffrey EpsteinAdded: 26.01.2021 14:17 | 16 views | 0 commentsSource: budfoxnews.comLeon Black will step down as CEO of Apollo Global Management, the investment firm said, as it also announced that an internal investigation into Black's ties to Jeffrey Epstein found no wrongdoing. More in rss.cnn.com »
Pfizer and AstraZeneca take heat as vaccine delays threaten Europe's recovery
Added: 26.01.2021 14:17 | 5 views | 0 commentsThe European Union is calling out vaccine makers AstraZeneca and Pfizer over delivery delays that could slow its recovery from the pandemic. Officials are even threatening to introduce export controls on doses produced in the bloc as anger mounts.
Man advertises room for rent with brutal amount of honesty
Added: 15.01.2018 13:26 | 5 views | 0 commentsRaphael Briand is leaving London and is trying to get a new renter to move into his old room (some may find the language offensive)
Runaway wallaby causes traffic chaos as it leads police on chase across Sydney Harbour Bridge
Runaway wallaby causes traffic chaos as it leads police on chase across Sydney Harbour BridgeAdded: 16.01.2018 3:52 | 5 views | 0 commentsA police officer is heard stifling a laugh as he drives along behind the marsupial in footage filmed from a pursuing patrol car
Trump's impeachment trial: When it starts, Senate schedule, what's at stake
Added: 26.01.2021 16:00 | 16 views | 0 commentsAfter a necessary step in the process, the timeline for Former President Donald Trump's impeachment trial just got clearer. Here's what's happening and what could take place during the trial.
Hyundai Ioniq 5 EV teased in weird spy film plot ahead of February reveal
Hyundai Ioniq 5 EV teased in weird spy film plot ahead of February reveal - RoadshowAdded: 26.01.2021 16:49 | 19 views | 0 commentsSource: www.youtube.comHyundai's first dedicated electric car is part of a curious mission in this teaser film, but the car itself looks great thus far. More in www.cnet.com »
Kia discontinues Cadenza and K900 sedans in the US
Kia discontinues Cadenza and K900 sedans in the US - RoadshowAdded: 26.01.2021 16:46 | 17 views | 0 commentsKia only sold 305 K900s in the US last year.
When will the third stimulus check go out? These are the two potential timelines so far
When will the third stimulus check go out? These are the two potential timelines so farAdded: 26.01.2021 17:30 | 15 views | 0 commentsThe IRS has proven that it can send out stimulus checks quickly. But first, lawmakers must agree on a package that includes a third check. Here's the latest.
Man charged in Capitol riot identified by varsity jacket he wore
Added: 26.01.2021 20:32 | 11 views | 0 comments"They might have found me," the rioter mused in a message after seeing himself in footage of the attack.
Can a Nudge or two make us better savers?
Can a Nudge or two make us better savers? Added: 26.01.2021 15:18 | 23 views | 0 commentsA government-backed firm is looking for new ways to get people to put money aside for a "rainy day".
Co-op and Morrisons payment problems investigated
Added: 26.01.2021 14:18 | 23 views | 0 commentsSupermarkets say card payment problems that led to long queues are resolved, but cause still unknown
Co-op and Morrisons urge shoppers use cash as IT woes continue
Co-op and Morrisons urge shoppers use cash as IT woes continueAdded: 26.01.2021 12:17 | 21 views | 0 commentsCustomers asked to use cash as IT woes hit card payments, resulting in long queues at stores.
Rolls-Royce facing £2bn cash reserve hit as flight numbers fall
Rolls-Royce facing £2bn cash reserve hit as flight numbers fallAdded: 26.01.2021 11:17 | 21 views | 0 commentsSource: www.designboom.comThe company is set to burn through more cash than expected this year as Covid hits the travel sector. More in www.bbc.co.uk »
Biden's 100-day deportation ban blocked by judge
Added: 26.01.2021 20:59 | 11 views | 0 commentsTexas Attorney General Ken Paxton argued that the moratorium violated federal law as well as an agreement Texas signed with the Trump administration.
MPs accuse HSBC of aiding China's Hong Kong crackdown
Added: 26.01.2021 19:02 | 16 views | 0 commentsThe bank's boss strongly rejects MPs criticism of "double-standards" over situation in Hong Kong.
Student rent: 'We're paying for a service we're not getting'
Student rent: 'We're paying for a service we're not getting'Added: 26.01.2021 15:35 | 22 views | 0 commentsThe BBC has discovered sharp contrasts in the way universities are handling rent for unused accommodation.
Hyatt to offer free COVID-19 testing at resorts in Mexico, Caribbean, South America
Added: 26.01.2021 18:16 | 10 views | 0 commentsHyatt is touting free COVID-19 testing in Latin America and the Caribbean. Other individual international hotels and chains are doing the same.
Encore: Half of today’s households are at risk for retirement
Encore: Half of today’s households are at risk for retirementAdded: 26.01.2021 21:37 | 3 views | 0 commentsRetirement security in 2019 and 2020: We need to fix our retirement system
Too Late? Republicans Finally Realize Big Tech's Threat
Added: 26.01.2021 20:01 | 9 views | 0 commentsBefore the election, most American conservatives were in favor of standing up to Big Tech - but most were also against changing the laws
Senate filibuster fight cools, but battles loom
Added: 26.01.2021 21:13 | 4 views | 0 commentsThe Senate is moving ahead with a power-sharing agreement after Minority Leader Mitch McConnell dropped his demands about preserving the filibuster, but the truce may be only temporary.
Why Sen. Hawley Is Playing the Victim
Why Sen. Hawley Is Playing the VictimAdded: 26.01.2021 20:12 | 9 views | 0 commentsThe Missouri senator probably won't shut up about how he was silenced any time soon.
Italian PM Conte resigns in split over Covid response
Italian PM Conte resigns in split over Covid responseAdded: 26.01.2021 15:43 | 10 views | 0 commentsMr Conte hopes to form a new and stronger government after losing a Senate majority last week.
Schumer: Must pass virus aid with or without GOP
Schumer: Must pass virus aid with or without GOPAdded: 26.01.2021 21:56 | 5 views | 0 commentsSenate Majority Leader Chuck Schumer says Democrats are prepared to push ahead with President Joe Biden's $1.9 trillion COVID-19 relief package, even if it means using procedural tools to pass the legislation without Republicans.
NYC pension funds to divest billions from fossil fuels
Added: 26.01.2021 21:22 | 5 views | 0 commentsNew York City officials announced Tuesday that two pension funds for city workers will divest an estimated $4 billion in securities related to fossil fuel companies in order to promote clean energy use.
Why ShearShare's Tye Caldwell Always Banks in Person -- and Why You Should Too
Tyrone "Tye" Caldwell is a lifelong student of human relationships. I've seen a lot of racism when it comes to banks not wanting to allow African-Americans to get the loans they need. I was saving money, and I wanted a line of credit to match what I had in the bank. I try to teach kids that you have to build relationships. As you go through school, build a family business -- whatever you're trying to do, it's going to be through relationships.
A Fight Over GameStop’s Soaring Stock Turns Ugly
GameStop laid off dozens of regional managers in mid-2019 after a precipitous, years-long decline in its stock price. "It was a meme stock that really blew up.” Bawse1, WallStreetBets moderatorAs GameStop foundered, some analysts suggested short-selling the stock to profit off the price going down. As the stock climbed, short sellers found themselves having to buy more stock to cover their borrowing. Within a couple of days, GameStop’s stock had doubled. “The massive short contributed more toward the meme stock.” GameStop seemed so utterly doomed that the current situation was actually sort of funny to the subreddit’s denizens.
Big Internet outages hit the East Coast, causing issues for Verizon, Zoom, Slack, Gmail
The issue seemed to be stemming from problems with the Verizon Fios Internet service, though the company did not quickly confirm issues. “We’re aware of and monitoring an internet service issue that could impact East Coast users’ internet connection and ability to use Slack,” the notice reads. It also calls into question whether its time for Congress and the Federal Communications Commission to get more involved about minimum standards for Internet service, she said. AD“We have seen reports of internet-related outages on the East Coast, making it difficult for people to work remotely and go to school online,” she tweeted. “FCPS is aware that many people in our region are experiencing internet outages,” the school’s Twitter account wrote.
What Does Polly Trottenberg’s NYC DOT Tell Us About What She’ll Do in D.C.?
Her predecessor, Janette Sadik-Khan, was credited with transforming the city’s streets under Mayor Michael Bloomberg, adding hundreds of miles of new bike lanes and converting streets into pedestrian plazas. Trottenberg picked up where she left off, ramping up bike and bus infrastructure and making the city’s streets safer across the five boroughs. Her résumé shows a series of solid achievements, although some transportation advocates say she could have done more. Under her tenure, thousands of speed cameras were installed, and the city’s speed limit was reduced to 25 miles per hour. She also lined the streets with miles of new bike and bus lanes (though the quality of those “protected” bike lanes is sometimes lacking) and implemented car-free Central and Prospect Parks.
L.A. Doesn’t Need to Save Every Unremarkable Little Building
It’s estimated that half of L.A. County’s small businesses will have closed for good by the time the crisis is over. The types of structures that a place like L.A., if we’re being honest, has always been likely to destroy, pandemic or not. By nominating Taix as a cultural historic monument, the neighborhood heritage group aimed to save the building, and therefore the business. And while there are certainly structures in L.A. worthy of preservation on their own merit, Taix’s building clearly isn’t one of them. And successful, property-owning businesses are able to leverage their own upgrades to provide another asset desperately needed in L.A.: apartments.
‘Should I Be Exaggerating Enthusiasm in Job Interviews?’
Photo-Illustration: by The Cut; Photos: Getty ImagesDear Boss,What is your opinion on feigning enthusiasm for a job during an interview? In the interview, they directly asked, “We see your experience is X, but this job is only in Subset of X. Why are you interested in this job?” I think I handled the question well, talking about the challenges and responsibilities of the position, but I definitely feigned my enthusiasm. You don’t need to say, for example, that data entry is your dream job if that’s not the case or that you can’t think of anything you’d rather do. So if you have trouble demonstrating notable enthusiasm for the job you’re interviewing for, you might instead try demonstrating intense seriousness about its responsibilities.
San Antonio Spur Trey Lyles Picks Up Brand-New L.A. Home
Young professional basketball player Trey Lyles, now dribbling and shooting for the San Antonio Spurs on a soon-to-be-expiring-two-year contract with a guaranteed annual base salary of $5.5 million, has never played for a California team. However, that didn’t stop the 6’9” power forward from shelling out $4.55 million for a snazzy, brand-new residence in L.A.’s increasingly popular and ever-more expensive Encino neighborhood. Spacious living and entertaining spaces, which feature a forest’s worth of custom wood trim work and built-ins, flow easily into one another. A fireplace set into a wood-paneled wall is accented with floating shelves and a bank of glass sliders disappear into the wall for a seamless transition to the backyard. Though just 25 years old, this is not the first foray into luxury real estate for Lyles.
How Louis Vuitton and Dior Are Crushing the Competition
PARIS — What makes Louis Vuitton and Dior run? The brands started the year with a strong pipeline of new products, such as the Pont 9 handbag at Vuitton, and the Bobby at Dior. “It was really Dior and Vuitton taking the bulk of the customer’s attention, because nobody else was talking. Celine had a very difficult first half, but the second half was very strong,” Guiony reported. It posted a loss of 203 million euros in 2020, versus a profit of 1.4 billion euros the year before.
6 ways estate planning can save your family money
In fact, planning ahead—even just by drafting a simple will and assigning beneficiaries to your accounts—may help save your family time and money down the road. Your estate is everything you own, from money in the bank to your investment accounts and even debts you owe. Some states have their own estate taxes, too. Inheritance taxes: A handful of states have inheritance taxes, which are separate from the federal estate tax. As a result, the money isn’t subject to estate taxes and won’t go through the probate process.
NYC pension funds to divest billions from fossil fuels
NYC pension funds to divest billions from fossil fuelsNew York City officials announced Tuesday that two pension funds for city workers will divest an estimated $4 billion in securities related to fossil fuel companies in order to promote clean energy use.
States to receive 17 percent bump in COVID-19 vaccines next week
The Biden administration will ramp up states’ allocations of the coronavirus vaccine for next week by about 17 percent, after state and local leaders repeatedly called for increased access to the life-saving shots. The promise of extra shots comes as New York, along with several other states, has been forced to postpone scheduled inoculations and shutter large-scale distribution centers with supplies drying up. Andrew Cuomo and Mayor Bill de Blasio have each beseeched the Biden administration to up New York’s allocation to keep up with both the state’s demand and capacity to administer the shots. Earlier Tuesday, White House press secretary Jen Psaki said that President Biden was set to announce a more comprehensive plan to give states the supplies they need following a conference call with governors. The administration has declined, however, to detail exactly how many doses of the vaccine are on hand.
Cole Haan flash sale takes up to 60 percent off top styles
Cole Haan is back with another exciting New Year’s deal. Now you can save up to 60% off its most popular sale styles. Whether you’re looking for winter accessories, shoes or even purses, this Cole Haan sale definitely delivers. This is the latest round of exciting Cole Haan markdowns we’ve seen this year. Cole HaanSale price: $39.95Original price: $78.00Cole HaanSale price: $84.95Original price: $140.00Cole HaanSale price: $69.97Original price: $300.00Cole HaanSale price: $109.95Original price: $220.00Cole HaanSale price: $29.97Original price: $180.00Cole HaanSale price: $39.97Original price: $148.00
Biden ending Keystone pipeline project was 'totally political': Laid-off pipeline worker
The Biden administration's cancelation of the Keystone XL Pipeline project was "totally political," a laid-off worker said on Tuesday, expressing dismay after being unemployed due to the executive order. At the time the cross-border permits for the pipeline were rescinded, he and his team were in Nebraska working on a pump station for Keystone XL. LAID-OFF KEYSTONE XL WORKER SAYS DECISION TO CANCEL PIPELINE ‘IS GOING TO HURT A LOT OF PEOPLE’In his first day in office, President Biden signed an executive order to halt the construction of the Keystone XL Pipeline, which was meant to transport Canadian crude oil to the U.S., citing the climate-change crisis as the reason. The move swiftly eliminated the estimated 11,000 U.S. jobs – including 8,000 union jobs – the project would have sustained in 2021. This pipeline wasn't going to be the start of it.
Republicans target vulnerable House Democrats amid Biden fossil fuel crackdown
Republicans are already targeting vulnerable Democrats in states like Texas and Pennsylvania, where many jobs depend on oil or natural gas, as President Biden recommits to the Paris climate a1greement and makes other reversals of his predecessor's environmental policy. "By rejoining the Paris Climate Agreement, President Biden indicates he's more interested in the views of the citizens of Paris than in the jobs of the citizens of Pittsburgh. Many Democrats, including Rep. Abigail Spanberger of Virginia and Rep. Vicente Gonzalez of Texas, voted for H.R. 9, which would have required the U.S. to stick with the Paris agreement's stipulations had it advanced further than the House of Representatives. But the gap between Green New Deal Democrats and their swing district colleagues could pose a problem for the party.
Why this trader is underweight the 10-year Treasury
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy this trader is underweight the 10-year TreasuryCNBC's Scott Wapner discusses the 10-year Treasury futures trade with Bill Baruch of Blue Line Futures and Brian Stutland of Equity Armor Investments.
Microsoft's machine continues to executive very well, says Griffin Securities's Vleeschhouwer
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicrosoft's machine continues to executive very well, says Griffin Securities's VleeschhouwerJay Vleeschhouwer, Griffin Securities managing director, joins 'Closing Bell' to provide reactions after Microsoft earnings rise on its second quarter results.
Bespoke's Paul Hickey discusses the state of markets
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBespoke's Paul Hickey discusses the state of marketsPaul Hickey, Bespoke Investment Group co-founder, joins 'Closing Bell' to discuss the state of the markets.
It has been the frothiest market I've ever seen: Redfin CEO on housing market
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt has been the frothiest market I've ever seen: Redfin CEO on housing marketRedfin CEO Glenn Kelman says people are moving out of major cities and into suburban areas. "We've got this great beautiful land and people are moving all across the country and that is going to be something that will extend past the summer," Kelman said. "But at some point, we will have a return to normalcy." He joins 'Closing Bell' to discuss the housing market.
We're already seeing positive impacts from stimulus: Robert Nobles
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're already seeing positive impacts from stimulus: Robert NoblesRobert Nobles, Synovus CIO, joins 'Closing Bell' to discuss value and cyclical stocks. He also discusses what investors are focused on in the long term.
A $15 minimum wage would benefit 32 million workers, including many in essential and front-line positions
Are you a worker who would benefit from a $15 minimum wage, or a business owner with an opinion on how a wage increase would affect your company? An estimated 32 million people would benefit from the bill introduced Tuesday by the House of Representatives to raise the federal minimum wage to $15 per hour by 2025, the progressive Economic Policy Institute (EPI) finds. A higher minimum wage would affect over 20% of the nation's workforce, EPI finds. Almost a quarter, 23%, of workers who would benefit from an increased minimum wage are Black or Latina women. That is good for the economy, advocates say, because low wage workers will spend the extra earnings on local business and services.
Starbucks COO Roz Brewer is leaving the company by the end of February
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStarbucks COO Roz Brewer is leaving the company by the end of FebruaryStarbucks COO Roz Brewer will be leaving the company by the end of February. She has accepted a CEO position at another publicly traded company, Kate Rogers reports.
The clock is ticking: Here's how long you have to dispute a credit card charge
The next time you review your credit card statement, comb through it for any charges that seem out of place. How to dispute a credit card chargeThere are two main types of credit card disputes: 1) billing errors and 2) complaints about the quality of goods and services. Here’s an overview of each type of issue, then a guide on how to dispute credit card charges. In order to get your money back quickly, follow these five steps to dispute a credit card charge: Double check that the charge is actually incorrect. Bottom lineSubmitting a credit card dispute can help you fix incorrect charges on your account, but it’s essential to act fast.
Microsoft beats revenue expectations as pandemic continues to fuel sales
New York (CNN Business) Microsoft exceeded Wall Street analysts' expectations for quarterly revenue by nearly $3 billion, it reported Tuesday. The results signal that the pandemic is continuing to buoy the tech giant's business — from computers and gaming systems to the cloud computing systems helping companies navigate continued remote working. Microsoft MSFT posted $43.1 billion in revenue for its fiscal second quarter — a 17% increase from the same period in the prior year and well above the $40.2 billion analysts had predicted. Income hit $15.5 billion, or $2.03 per share, compared with the $1.64 earnings per share Wall Street predicted. "Microsoft is powering this shift with the world's largest and most comprehensive cloud platform."
Pepsi and Beyond Meat are teaming up on plant-based snacks
New York (CNN Business) Beyond Meat and PepsiCo are combining forces to develop and distribute snacks and drinks made with plant-based protein as the plant-based trend gains even more traction. With Pepsi, Beyond Meat — which already makes plant-based alternatives to beef and pork — will have access to a global distribution and marketing powerhouse. That means Beyond Meat will be able to enter more categories and bring new products to market more quickly, according to a Beyond Meat spokesperson. The US joint venture may include a future expansion into China and the United Kingdom, the spokesperson added. PepsiCo and Beyond Meat announced a joint venture on TuesdayPepsi's marketing prowess could also get more people to try Beyond Meat's product.
New LNG projects will start going ahead, but green credentials to be closely watched: execs
LONDON (Reuters) - Companies will press ahead with some new liquefied natural gas (LNG) projects despite pressure on lenders to divert funding from fossil fuels, industry executives said at the annual European Gas Conference, but scrutiny of their environmental standards will be tight. Several LNG projects have been delayed or cancelled in recent years due to weak gas prices and worries about oversupply. Gyetvay said a gas price of $7-$8 per million British thermal units (mmBtu) is “reasonable” for suppliers and buyers while taking FIDs on LNG projects. “There will be new FIDs... but they will need to be the best projects in terms of lowering greenhouse gas emissions, cost and being resilient to a volatile market environment,” he added. (This story refiles to add reference to the annual European Gas Conference)
Starbucks sales miss as virus spike keeps customers at home
(Reuters) - Starbucks Corp on Tuesday reported a bigger-than-expected fall in quarterly comparable sales as the rising number of coronavirus cases in the United States kept customers at home, sending its shares 2% lower in extended trading. FILE PHOTO: Customers sit inside a Starbucks coffee shop in Rio de Janeiro, Brazil August 15, 2018. Comparable sales declined 6% for the Americas region, compared with a 5.2% fall expected by analysts. For the second quarter, Starbucks said it expects U.S. comparable sales to rise between 5% and 10%, while in China they were forecast to grow nearly two-fold a year after the pandemic hit the region. Net earnings attributable to Starbucks fell to $622.2 million, or 53 cents per share, compared with $885.7 million or 74 cents per share, a year earlier.
Texas Instruments forecasts current-quarter sales above estimates, shares up
(Reuters) - Texas Instruments Inc forecast first-quarter revenue above Wall Street estimates on Tuesday, as remote learning and work keeps demand steady for its chips used in personal electronics, boosting its shares nearly 2% in extended trade. TI said it expected first-quarter revenue in a range of $3.79 billion to $4.11 billion, above analysts’ expectations of $3.59 billion, according to IBES data from Refinitiv. Net income rose to $1.69 billion, or $1.80 per share, in the fourth quarter ended Dec. 31, from $1.07 billion, or $1.12 per share, a year earlier. Total revenue rose to $4.08 billion from $3.35 billion a year earlier, above Wall Street estimates of $3.6 billion.
GameStop closes up 92.7%, extending Wall Street's retail frenzy
Etsy was up as much as 8.6% in GameStop’s slipstream but later reversed its gains, and BlackBerry , which advanced 4.9%, was another early buying focus in this increasingly influential corner of Wall Street. Trading of GameStop stock was halted for volatility nine times on Monday and five times on Tuesday. “A retail trader will not lean on Wall Street to manage their money and I definitely now see an antagonistic relationship between the old guard (Wall Street) and individual traders who are on the rise,” he said. “GME shorts and longs are in a knockout battle being waged in the stock market as well as social media platforms,” wrote Ihor Dusaniwsky, S3’s managing director of predictive analytics. The broader U.S. stock market closed slightly lower.
Biden administration orders additional 200 million doses of Covid-19 vaccine
WASHINGTON — The Biden administration is purchasing an additional 200 million doses of the Covid-19 vaccine, a move that could provide enough doses for nearly every American to get fully inoculated by the end of the summer, a senior administration official said Tuesday. The new purchase of 100 million doses from Pfizer and 100 million from Moderna will be made available over the summer and are in addition to the 400 million combined doses the companies had already committed to providing to the U.S., the official said. The agreement will lessen the country’s reliance on getting additional vaccines on the market from other manufacturers. The Trump administration had passed up on purchasing more vaccine doses from Pfizer and Moderna and was instead relying on additional vaccines from Johnson & Johnson and AstraZeneca coming to market. As of Jan. 26, the Centers for Disease Control and Prevention reported that 23.5 million doses were administered and more than 3.4 million were people fully vaccinated.
Microsoft Smashes December-Quarter Sales, Earnings Targets
The earnings news pushed Microsoft stock higher in extended trading. Analysts expected Microsoft earnings of $1.64 a share on sales of $40.18 billion. In the year-earlier quarter, Microsoft earnings were $1.51 a share on sales of $36.91 billion. In after-hours trading on the stock market today, Microsoft stock jumped 6%, near 246.45. During the regular session Tuesday, Microsoft stock advanced 1.2% to 232.33.
Dow Jones Slips As Biden 'Open To Negotiate' On Stimulus; Microsoft Jumps On Earnings
XThe Nasdaq and Dow Jones industrials pulled back less than 0.1% each, while the S&P 500 slipped nearly 0.2% in the stock market today. President Joe Biden said Monday he is "open to negotiate" parts of the $1.9 trillion proposal to try to reach a bipartisan deal. The stock is well extended from a 155.57 buy point of a flat base, according to MarketSmith chart analysis. Apple stock is still in the 5% buy zone from a new buy point at 138.89. 1-800-Flowers, featured in Monday's IBD 50 Stocks To Watch, is now extended from a 32.88 buy point and an earlier 29.94 entry.
Mansion Global Daily: Matthew Perry Sells in Malibu, New York City Construction Activity Slumped in 2020, and More
Matthew Perry Sells Beachfront Malibu House for $13.1 MillionThe "Friends" star bought the Southern California property for $12 million a decade ago. Read MoreNEWS BITESNew York City Construction Activity Slumped in 2020Construction activity in New York City slumped to its lowest level in close to a decade last year, according to the Real Estate Board of New York. World Property JournalScotland’s Property Prices Closed Out 2020 on a HighProperty prices in Scotland jumped at the end of 2020, rising 3.1% in November, the largest monthly increase since March 2015, according to The Walker Fraser Steele House Price Index. DomainHome Sales Have Surged in Palm Beach, FloridaSingle-family home sales skyrocketed in Palm Beach last year. The total number of transactions reached 289 in the Florida enclave in 2020, a 122% jump over the previous year, according to data from Suzanne Frisbie at Premier Estate Properties.
Dow books longest losing skid in 3 months and Nasdaq snaps 5-session rally but GameStop stock surges again
U.S. stocks finished slightly lower in the final minutes of trading on Tuesday, a day ahead of an important update from the Federal Reserve and as investors digested a slew of corporate quarterly results. The Dow Jones Industrial Average [: DJIA] closed down less than 0.1% at about 30,937, but the decline was enough for a fourth straight loss, which matches a similar downturn that ended Oct. 28, according to FactSet data. The S&P 500 index SPX, -0.15% pulled back from Monday's record closing high to end 0.2% lower at around 3,849, while the Nasdaq Composite Index COMP, -0.07% snapped a five-sesson win record win streak to finish at around 13,626 as buying in large-capitalization technology-related stocks cooled somewhat. Meanwhile, investors continued to watch frenzied trading in companies like videogame retailer GameStop GME, +92.71% which surged 93% on Tuesday and has gained 685% in January alone.
Take a look inside race car driver Johnny Gray’s $32.5 million Florida mansion
The retired race car driver Johnny Gray is ready to roll away from his megamansion in Jupiter, FL. Offered for $32.5 million, the 30,000-square-foot estate is the most expensive home ever listed in the area. The trophy property was built in 2016 by Sebastian Smallegange of Turtle Beach Construction and is stuffed with luxe amenities. The air-conditioned garage comes with a car lift, checkerboard flooring, and room for more than 25 vehicles. Thomson says that Gray has been spending more time at his other homes, and has decided to move on.
Target partners with Levi Strauss for lifestyle collection, invests $200 million in employee bonuses
Target Corp. TGT, -1.29% is launching a lifestyle collection with Levi Strauss & Co. LEVI, +0.52% , Levi’s for Target, on Feb. 28. The exclusive collaboration will include 100 items, and marks the first home goods line for the iconic denim brand. Merchandise will include items for pets, as well as apparel. Target already carries Levi Strauss items through the Denizen brand and Levi’s Red Tab, which launched in 2019.
S&P 500, Nasdaq miss out on records after big day for corporate earnings
Stocks finished slightly lower Tuesday as investors dug through a slew of high-profile corporate earnings reports a day after the S&P 500 and Nasdaq Composite scored another round of all-time highs. The Dow fell 0.1% Monday for its third straight daily decline, while the S&P 500, up 0.4%, and the Nasdaq Composite, up 0.7%, ended at records. The Cambridge, Mass.-based biotech said it has already delivered more than 30 million doses of the vaccine to the U.S. government. About 10.1 million doses of the vaccine have by now been administered in the U.S., the company said, citing Centers for Disease Control and Prevention data. The S&P CoreLogic Case-Shiller 20-city price index posted a 9.1% year-over-year gain in November, up from 8% the previous month.
Opinion: Half of today’s households are at risk for retirement
The release of the Federal Reserve’s 2019 Survey of Consumer Finances (SCF) provides, once again, an opportunity to take stock of retirement security. For this task, we use our National Retirement Risk Index (NRRI), which compares SCF households’ projected replacement rates — retirement income as a percentage of preretirement income — with target rates that would allow them to maintain their living standard and then calculates the percentage falling short. Learn to master your money: Sign up for MarketWatch’s free live series to boost your financial IQUpdating the NRRI to 2019 involves several steps. First, households from the 2019 SCF replace households from the 2016 SCF. That is, many households who were already at risk have become increasingly worse off.
Opinion: Biden starts the electric-vehicle race with big plans to replace the federal fleet
Lesser-known are shares of companies that would benefit from a federal push into electric vehicles. Workhorse has a non-disclosure agreement with the Postal Service, so Chief Financial Officer Steve Schrader couldn’t say much. But he did tell me that the USPS will make an announcement on its vehicle fleet by the end of the first quarter. Big cost savingsFor the postal service, the efficiencies appear to be big. Electric vehicle analyst Loren McDonald of CleanTechnica predicts U.S. sales of electric vehicles will total about 585,375 units this year.
Apple Inc. stock outperforms market on strong trading day
Shares of Apple Inc. AAPL, +0.17% inched 0.17% higher to $143.16 Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the NASDAQ Composite Index COMP, -0.07% falling 0.07% to 13,626.06 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. This was the stock's sixth consecutive day of gains. Apple Inc. closed $1.93 short of its 52-week high ($145.09), which the company reached on January 25th. Trading volume (94.2 M) remained 8.0 million below its 50-day average volume of 102.3 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Moderna Inc. stock outperforms market on strong trading day
Shares of Moderna Inc. MRNA, +3.35% rallied 3.35% to $151.93 Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the NASDAQ Composite Index COMP, -0.07% falling 0.07% to 13,626.06 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. This was the stock's second consecutive day of gains. Moderna Inc. closed $26.57 short of its 52-week high ($178.50), which the company reached on December 1st. Trading volume (16.7 M) remained 10.6 million below its 50-day average volume of 27.3 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Facebook Inc. Cl A stock outperforms market on strong trading day
Shares of Facebook Inc. Cl A FB, +1.45% rallied 1.45% to $282.05 Tuesday, on what proved to be an all-around rough trading session for the stock market, with the NASDAQ Composite Index COMP, -0.07% falling 0.07% to 13,626.06 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. This was the stock's seventh consecutive day of gains. Facebook Inc. Cl A closed $22.62 below its 52-week high ($304.67), which the company reached on August 26th. Trading volume (18.8 M) eclipsed its 50-day average volume of 17.3 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
AMD reports quarterly revenue above $3 billion for first time, forecasts strong 2021
AMD reported fourth-quarter net income of $1.78 billion, or $1.45 a share, compared with $170 million, or 15 cents a share, in the year-ago period. Revenue rose to $3.24 billion from $2.13 billion in the year-ago quarter. AMD reported fourth-quarter sales of $1.96 billion for computing and graphics chips, up 18% from $1.66 billion last year, compared with analyst expectations of $1.8 billion. “We are excited about the opportunities ahead and very confident in our long-term strategy as we continue executing our leadership product roadmaps.”The company expects first-quarter revenue between $3.1 billion and $3.3 billion, and 2021 revenue to rise about 37%, or to about $13.37 billion. Analysts expect first-quarter revenue of $2.72 billion, and 2021 revenue of $12.26 billion.
What can I do now that I’ve had my COVID-19 vaccine and my mom put me on her house’s deed and my brother wants half
Offered for $32.5 million, the 30,000-square-foot estate is the most expensive home ever listed in the area. In the U.S. more than 3 million Americans have received two doses of either vaccine. CDC Director: ‘I can’t tell you how much vaccine we have and, if I can’t tell it to you, then I can’t tell it to the governors’President Joe Biden has outlined a goal of 100 million vaccinations in 100 days, which some analysts describe as ambitious. ‘I’m tired of being the only one with moral values’: My mother put me on the deed of her home. IMF boosts U.S. and global growth outlook for 2021The International Monetary Fund boosts its forecast for global economic growth this year to 5.5% but warned that uncertainty remains 'exceptional.'
Netflix Inc. stock outperforms market on strong trading day
Shares of Netflix Inc. NFLX, +0.92% inched 0.92% higher to $561.93 Tuesday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -0.15% falling 0.15% to 3,849.62 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. The stock's rise snapped a three-day losing streak. Netflix Inc. closed $31.36 short of its 52-week high ($593.29), which the company reached on January 20th. Trading volume (5.0 M) eclipsed its 50-day average volume of 4.8 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Alphabet Inc. Cl A stock rises Tuesday, outperforms market
Shares of Alphabet Inc. Cl A GOOGL, +0.72% inched 0.72% higher to $1,907.95 Tuesday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX, -0.15% falling 0.15% to 3,849.62 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. Alphabet Inc. Cl A closed $24.13 below its 52-week high ($1,932.08), which the company achieved on January 21st. The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as Apple Inc. AAPL, +0.17% rose 0.17% to $143.16, Microsoft Corp. MSFT, +1.22% rose 1.22% to $232.33, and Facebook Inc. Cl A FB, +1.45% rose 1.45% to $282.05. Trading volume (1.6 M) eclipsed its 50-day average volume of 1.5 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Berkshire Hathaway Inc. Cl A stock underperforms Tuesday when compared to competitors
Shares of Berkshire Hathaway Inc. Cl A BRK.A, -0.77% slipped 0.77% to $349,200.00 Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -0.15% falling 0.15% to 3,849.62 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. Berkshire Hathaway Inc. Cl A closed $5,637.00 short of its 52-week high ($354,837.00), which the company achieved on January 19th. Trading volume (220) remained 142 below its 50-day average volume of 362. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Tesla Inc. stock outperforms competitors on strong trading day
Shares of Tesla Inc. TSLA, +0.26% inched 0.26% higher to $883.09 Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the NASDAQ Composite Index COMP, -0.07% falling 0.07% to 13,626.06 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. This was the stock's third consecutive day of gains. Tesla Inc. closed $17.31 below its 52-week high ($900.40), which the company reached on January 25th. Trading volume (22.8 M) remained 24.1 million below its 50-day average volume of 46.9 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Amazon.com Inc. stock outperforms market on strong trading day
Shares of Amazon.com Inc. AMZN, +0.98% inched 0.98% higher to $3,326.13 Tuesday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX, -0.15% falling 0.15% to 3,849.62 and Dow Jones Industrial Average DJIA, -0.07% falling 0.07% to 30,937.04. This was the stock's second consecutive day of gains. Amazon.com Inc. closed $226.12 below its 52-week high ($3,552.25), which the company achieved on September 2nd. Trading volume (2.9 M) remained 683,450 below its 50-day average volume of 3.5 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Microsoft Corp. stock outperforms market on strong trading day
Shares of Microsoft Corp. MSFT rose 1.22% to $232.33 Tuesday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX falling 0.15% to 3,849.62 and Dow Jones Industrial Average DJIA falling 0.07% to 30,937.04. Microsoft Corp. closed $0.53 below its 52-week high ($232.86), which the company achieved on September 2nd. The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as Apple Inc. AAPL rose 0.17% to $143.16, Alphabet Inc. Cl A GOOGL rose 0.72% to $1,907.95, and SAP SE ADR SAP rose 4.05% to $134.88. Trading volume (45.4 M) eclipsed its 50-day average volume of 26.5 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
The Latest IPO Is an E-Bike Company. The Gain Was 353%.
EZGO listed on the Nasdaq Stock Market. Bryan Thomas/Getty ImagesShares of EZGO Technologies, one of roughly 10 companies going public this week, more than quadrupled in their first day of trading. The stock opened at $10.59 and hit a high of $19.44, before closing Tuesday at $18.11, up nearly 353%. The company raised $11.2 million late Monday, selling 2.8 million shares at $4 each. ViewTrade Securities is the underwriter on the deal.
Texas Instruments quarterly results, outlook top Wall Street expectations
Texas Instruments Inc.’s TXN, -0.84% quarterly results and outlook both topped Wall Street estimates in the extended session Tuesday, but the chip maker’s stock slipped after hours. Texas Instruments shares were down 1% after hours, following a 0.8% decline in the regular session to close at $171.47. Revenue rose to $4.08 billion from $3.35 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $1.34 a share on revenue of $3.61 billion. Texas Instruments forecast earnings of $1.44 to $1.66 a share on revenue of $3.79 billion to $4.11 billion for the first quarter.
API reports a more than 5 million-barrel weekly fall in U.S. crude supplies, sources say
The American Petroleum Institute reported late Tuesday that U.S. crude supplies declined by 5.3 million barrels for the week ended Jan. 22, according to sources. The data also reportedly showed gasoline stockpiles rose by nearly 3.1 million barrels, while distillate inventories climbed by 1.4 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, declined by 3.5 million barrels for the week, sources said. On average, the EIA are expected to show crude inventories down by 1.7 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also shows expectations for an inventory increase of 1.2 million barrels for gasoline and a decline of 800,000 barrels for distillates.
Capital One's Q4 profit up on lower provisions
Capital One Financial Corp. logged a big increase in profit from a year ago as the company recorded a much smaller provision for credit losses in its fourth quarter. Profit at Capital One more than doubled to $2.57 billion. The company's earnings were $5.35 a share for the quarter, up from $2.25 a share.
Starbucks shares down 2% on drop in same-store sales
Starbucks Corp. continued its slow rebound from COVID-19 on Tuesday, with mixed results that initially pushed its stock down 2% in after-hours trading. Starbucks SBUX, +1.20% reported net income of $622.2 million, or 61 cents a share, compared with net income of $885.7 million, or 74 cents a share, in the year-ago quarter. Revenue declined 5% to $6.75 billion from $7.1 billion a year ago as same-store sales in the U.S. and overseas declined because of the pandemic. Analysts surveyed by FactSet had expected earnings of 55 cents a share on sales of $6.91 billion. Starbucks reported a 5% drop in same-store sales in the U.S. and a 3% dip internationally as the coronavirus pandemic continued to keep many customers away from its stores.
Las Vegas Sands appoints Robert Goldstein its permanent CEO
Las Vegas Sands Corp. LVS, -1.06% said late Tuesday acting Chairman and Chief Executive Robert G. Goldstein has been appointed to the roles permanently following the death of founder Sheldon Adelson, who died Jan. 11. Patrick Dumont has been named president and chief operating officer, and Randy Hyzak will serve as chief financial officer, the company said. Dumont previously was chief financial officer and Hyzak was chief accounting officer. "He would expect nothing less than an aggressive pursuit of the work he started, and I am determined to lead this company forward in a way that best honors his vision." Shares of Las Vegas Sands were flat in the extended session Tuesday after ending the regular trading day down 1.1%.
Starbucks Stock Slips as Pandemic Looms Over Earnings
Starbucks shares were falling in late trading Tuesday, following the coffee giant’s fiscal first-quarter earnings. Sales slipped below expectations amid the continuing pandemic, which appears to also be weighing on its outlook. Analysts were looking for earnings per share of 55 cents on revenue of $6.91 billion. Starbucks’ previous earnings report came in ahead of expectations. However, with mass vaccination still many months away, the pandemic remains a real threat—one that hit home in this quarter’s earnings report.
Virgin Galactic stock on track for record high
Shares of Virgin Galactic Holdings Inc. SPCE, +16.81% are poised to hit a record closing high Tuesday, rallying more than 17% and on pace for their largest one-day percent increase in a little over a week. The stock also stretched their winning run to a sixth straight session, up 40% in the period. Virgin Galactic stock has gained 77% in the past 12 months, compared with gains around 17% for the S&P 500 index. SPX, -0.15%
Champagne loses its fizz as pandemic hits sales
Total sales of champagne fell to 245 million bottles in 2020 from almost 300 million in 2019. In value terms, provisional estimates put 2020 sales at almost $4.9 billion, CIVC said. After initial lockdowns, the group had projected annual sales volumes would fall by about a third and value sales by $2 billion. GET FOX BUSINESS ON THE GO BY CLICKING HEREThe year-end holiday period saw some pick-up in demand, CIVC said. British supermarket retailers reported brisk demand for champagne and other festive specialties, while in France supermarket sales of champagne rose sharply, according to market analyst Nielsen.
Shaquille O’Neal sells luxurious homes in Florida, California
Continue Reading BelowBasketball legend Shaquille O’Neal recently sold two properties he owned in Windermere, Fla., and Bell Canyon, Calif., according to local reports. O’Neal’s Florida home is a 31,000-square-foot lakefront mansion located in a private golf and country club community. Last November, O’Neal cut the listing price from $19.5 million to $16.5 million. Outside, the 4-acre property includes 700 feet of water frontage, a private pier with two covered boat slips, a 95-foot-long, 15-foot-deep swimming pool with a waterfall, a cabana and an outdoor kitchen. SANDRA BULLOCK SELLS GEORGIA VACATION HOMES FOR $4.2MThe second property O’Neal is parting with is a 5,217-square-foot mansion in a gated community north of Los Angeles.
Larry Kudlow joins Fox News Media as analyst, will host FOX Business Network show
Former National Economic Council director Larry Kudlow will host a new weekday show on FOX Business Network, the company announced on Tuesday. Kudlow helped build a variety of President Trump’s economic, tax and trade initiatives during his time as economic policy and director of the National Economic Council. As an assistant to the president, he coordinated the administration’s domestic and economic policy agenda. GET FOX BUSINESS ON THE GO BY CLICKING HEREKudlow was a longtime CNBC host prior to joining the Trump administration. The incoming FOX Business host was also an associate director for economics and planning for the Office of Management and Budget during President Reagan’s administration.
AMD Beats Earnings and Sales Estimates for Fourth Quarter
The chip designer handily beat analyst estimates for the fourth quarter, as well as expectations for the current quarter. Chip designer AMD (AMD) - Get Report beat expectations for the fourth quarter as well as for the current quarter, but that apparently wasn't enough for investors. AMD reported adjusted earnings per share of $0.52 versus analyst expectations of $0.47 for the fourth quarter, and revenues of $3.24 billion vs. expectations of $3.03 billion. AMD projected revenues of $3.1 billion to $3.3 billion for this year’s first quarter, well above analysts’ consensus estimates of $2.72 billion. For the entire year, AMD is guiding for revenue to grow 37%, also ahead of consensus estimates of roughly 28%.
Microsoft Blasts Q2 Earnings Forecast on Cloud, PC Strength; Shares Leap
Microsoft CEO Satya Nadella said second quarter earnings mark the "dawn of a second wave of digital transformation sweeping every company and every industry." Microsoft Corp. (MSFT) - Get Report posted much stronger-than-expected second quarter earnings Tuesday thanks in part to a surge in cloud revenues and a big jump on personal computer sales. Group revenues, Microsoft said, rose 17% to $43.1 billion, again topping analysts' estimates of $40.2 billion tally. Intelligent cloud revenues rose 23% from last year and were pegged at $14.6 billion, Microsoft said, with server products and cloud services sales rising 26%, driven by a 50% surge in revenues for Azure, Microsoft's benchmark cloud offering. Personal computing revenues rose 14% to $15.1 billion, Microsoft said, while Linkedin revenues were up 23% and XBox content revenues increased by 40%.
In This Market, If You Can't Beat 'Em, Join 'Em
WKHS, MSFT Stocks quotes in this article: GMEIt was another topsy-turvy day of action with all the major indexes in the red and breadth running 3,100 gainers to 4,400 declinersDespite the generally weak action, there were more wild short-squeezes and some strong action in electric vehicle-related special purpose acquisition companiesThere was another long list of small stocks making big move...
Starbucks Drops on Mixed Quarterly Results, Weak Guidance
Shares of coffee maker Starbucks (SBUX) - Get Report fell after hours Tuesday after the company reported mixed first quarter results. The Seattle-based company reported first quarter revenue of $6.75 billion with earnings of 61 cents per share. Analysts were expecting Starbucks to report revenue of $6.93 billion with earnings of 55 cents per share. “I am very pleased with our start to fiscal 2021, with meaningful, sequential improvements in quarterly financial results despite ongoing business disruption from the pandemic," said CEO Kevin Johnson. Analysts are expecting the company to report earnings of $2.81 per share in fiscal 2021.
Denver getting $22 million in federal money to put toward rental and utility assistance
Denver will receive nearly $22 million from the federal government to help low-income residents pay their rent and utility bills during the pandemic, which is approaching its 11th month. City officials said in a news release that the money comes from the federal Emergency Rental Assistance Program and will coincide with Denver’s current efforts to help residents pay their bills. Denver’s existing Temporary Rental and Utility Assistance program — alongside other programs funded by federal CARES Act money — served more than 2,100 households between March and December 2020, the release said. Julie Smith, spokeswoman for the city’s Department of Finance, said Denver has received $126.8 million through the CARES Act, only some of which went toward rental and utility assistance. The U.S. Department of Treasury is narrowing requirements for the Emergency Rental Assistance Program, and city officials say they’re exploring how best to use the money.
One of University Park’s priciest estates trades to new owners
One of the most expensive estates up for grabs in University Park has changed hands. The almost two-acre spread in the Volk Estates neighborhood has five bedrooms, six bathrooms and three and a half-bathrooms. A trust headed by Thomas Hartland-Mackie, president and CEO of City Electric Supply, sold the property to another trust headed by Joshua A. Pack is a top officer at Fortress Investment Group, the New York-based global investment giant, which has an office in Irving. Allie Beth Allman & Associates listed the University Park estate for sale – the latest of several grand properties the residential real estate firm has handled in the Dallas area.
Colorado ranks near dead last in study comparing state’s unemployment rates bouncing back during COVID-19
Colorado ranks nearly dead last when comparing which state’s unemployment rates are bouncing back most during the COVID-19 crisis, according to a new WalletHub study released Tuesday. The study compared the 50 states and the District of Columbia across two categories. The first compared the change in unemployment data from December 2020 to December 2019 and January 2020. In the second category, the study examined the state’s overall unemployment rate. The WalletHub study lists Colorado’s unemployment rate in December 2020 at more than 8% — a 253.8% change since the prior year, the study said.
Musk’s finance chief quietly tallies profit surge at Tesla
That follows a remarkable year when Tesla’s stock split and skyrocketed, the company joined the S&P 500 Index and it sold almost half a million cars. Elon Musk, Tesla’s chief executive, informed employees in a January 2019 open letter that the company had to reduce headcount by 7% and boost Model 3 production rates to survive. As the earnings call drew to a close, Musk dropped a bombshell: Deepak Ahuja, the longtime finance chief who previously worked at Ford Motor Co., was retiring again. A then-unknown protégé from the finance team, Zachary Kirkhorn, would replace him after a short transition period. They describe him as being very close to Tesla’s products, mindful of engineering and manufacturing as well as finance.
Hanmi Financial: 4Q Earnings Snapshot
LOS ANGELES (AP) _ Hanmi Financial Corp. (HAFC) on Tuesday reported fourth-quarter earnings of $14.3 million. The bank, based in Los Angeles, said it had earnings of 47 cents per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share. Its revenue net of interest expense was $55.7 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $53 million.
CN: 4Q Earnings Snapshot
MONTREAL (AP) _ Canadian National Railway Co. (CNI) on Tuesday reported fourth-quarter profit of $783.5 million. On a per-share basis, the Montreal-based company said it had net income of $1.10. The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share. The railroad posted revenue of $2.81 billion in the period, meeting Street forecasts.
K12: Fiscal 2Q Earnings Snapshot
HERNDON, Va. (AP) _ K12 Inc. (LRN) on Tuesday reported fiscal second-quarter profit of $24.5 million. On a per-share basis, the Herndon, Virginia-based company said it had profit of 60 cents. The online education company posted revenue of $376.1 million in the period. For the current quarter ending in April, K12 said it expects revenue in the range of $375 million to $385 million.
C.H. Robinson: 4Q Earnings Snapshot
EDEN PRAIRIE, Minn. (AP) _ C.H. Robinson Worldwide Inc. (CHRW) on Tuesday reported fourth-quarter earnings of $147.8 million. On a per-share basis, the Eden Prairie, Minnesota-based company said it had profit of $1.08. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share. Six analysts surveyed by Zacks expected $4.13 billion.
Capital One: 4Q Earnings Snapshot
MCLEAN, Va. (AP) _ Capital One Financial Corp. (COF) on Tuesday reported fourth-quarter profit of $2.57 billion. Earnings, adjusted for non-recurring gains, came to $5.29 per share. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.85 per share. Its adjusted revenue was $7.34 billion, also topping Street forecasts. Eight analysts surveyed by Zacks expected $6.9 billion.
Ticker: Amazon adds jobs in Boston; Lottery sales, profits rising during pandemic
Amazon’s 2020 hiring spree does not appear to be slowing in the new year with the company announcing 3,000 new jobs in the city in coming years. The hires announced Tuesday will double the workforce in Amazon’s Boston tech hub, with new jobs spread across Alexa, Amazon Web Services, Amazon Robotics and Amazon Pharmacy. The jobs announced Tuesday in Boston include technology positions in software development, artificial intelligence and machine learning, as well as new jobs in product management, human relations, finance and other areas. Lottery sales, profits rising during pandemicThe Massachusetts Lottery saw greater sales and profit performance during the six months from July through December 2020 than it did during the same six months in prepandemic 2019, despite sharp restrictions on key Lottery venues like restaurants and pubs. And now, halfway into fiscal year 2021, sales and profit are both up compared to a year ago.
America's top-tier malls were resilient, but values are now crumbling, down 45% from 2016 levels, Green Street says
Instead, Gennette said the department store retailer would continue to invest in its locations in A-rated malls, as it closed at other underperforming properties. Green Street now estimates the values of A-rated malls have tumbled about 45% from 2016 levels, which peaked following a runup after the Great Recession. There are about 250 of them, representing a quarter of America's roughly 1,000 shopping malls, by Green Street's count. "Mall values had a very strong recovery out of the global financial crisis," Green Street senior retail analyst Vince Tibone said in an interview. The biggest risk in the coming years is not for A-rated malls, however, but for B- and C-rated malls, Green Street said.
IMF boosts economic forecast on vaccine optimism
IMF boosts economic forecast on vaccine optimismBUSINESS DAILY © France 24By: Kate MOODY 8 minThe International Monetary Fund has lifted its forecast for economic expansion in 2021, as it banks on the Covid-19 vaccine to bring back growth. Petya Koeve Brooks, Deputy Director of the IMF's Strategy, Policy, and Review Department, tells us why the economic recovery will remain unequal. Also in the show - the EU urges the Biden administration to get on board with reforming digital giants, and the pandemic leaves champagne sales flat.
Population growth slows as young people’s priorities change
The annual growth rate of 1.2% over the 10-year period is the lowest since the start of the 20th century. In the 1950s, ’60s and ’70s, annual population growth was above 3% before falling to 2% in the ’80s, 1.9% in the ’90s and 1.4% in the first decade of the 21st century. Unlike some other countries, Mexico depends very heavily on the birth rate for population growth because immigration levels are low. Quintana Roo recorded the highest annual population growth among Mexico’s 32 states over the past decade. Querétaro ranked second (2.6% annual growth) followed by Baja California Sur (2.3%), Nuevo León (2.2%) and Aguascalientes (1.9%).
President Biden plans to move U.S. government vehicles to electric power
Postal Service — buy clean vehicles and renewable power, according to three people familiar with the matter, though the timing of that announcement wasn’t clear. Biden hinted at the plans Monday during remarks detailing White House plans to boost federal spending on U.S. products. Postal Service fleet — which was exempt from Obama-era fleet fuel efficiency standards — could deliver an immediate jolt. The postal service now operates more than 228,000 vehicles — one of the largest civilian fleets in the world. The Postal Service has been considering a broad replacement for years and was on track to choose a winning design from what was originally six prototypes early this year.
Biden to announce purchase of 200M more doses of Pfizer, Moderna COVID-19 vaccines
Biden to announce purchase of 200M more doses of Pfizer, Moderna COVID-19 vaccines The U.S. expects enough for nearly every American to get both doses. The announcement does not resolve the major shortages the nation is experiencing now, and does not suggest the Biden administration has found a novel way to ramp up production quickly. Under President Donald Trump, the U.S. government had already agreed to buy 200 million doses from Pfizer and 200 million from Moderna, both delivered by July. Because each vaccine requires two shots, those 400 million doses already purchased from Pfizer and Moderna would be enough to vaccinate about 200 million U.S. adults. The Biden administration official did not provide a firm timetable on the 200 million extra doses, but hailed the move as a guarantee that every American who wants a shot can get one.
FDA issues alert about methanol-contaminated hand sanitizer imported from Mexico
U.S. regulators are warning that hand sanitizer imported from Mexico could be tainted with dangerous chemicals or not work effectively. The move comes after the agency last year identified what it called a "sharp increase" in hand sanitizer from Mexico that tested positive for methanol. The import alert enables the agency to apply heightened scrutiny to hand sanitizers imported from Mexico, including potential detainment for additional investigation. An FDA assessment of alcohol-based hand sanitizer imported from Mexico concluded that 84% of the studied samples were not in compliance with U.S. standards. To be sure, using hand sanitizer contaminated with methanol on your hands does not place you at risk of being poisoned.
Proud Boys Under Growing Scrutiny in Capitol Riot Investigation
Investigators involved in the Capitol attack have also focused their attention on the chairman of the Proud Boys, Enrique Tarrio. Mr. Tarrio, who lives in Miami, was scheduled to attend the march in Washington but was thrown out of the city by a judge the day before it happened. Dominic Pezzola, a Proud Boy from Rochester, N.Y., was in the first wave of rioters to breach the Capitol, prosecutors say, and stands accused of shattering a window with a plastic police riot shield. “Obviously, they didn’t help our cause,” Mr. Tarrio said. On the day of the attack, Mr. Tarrio took to Parler, calling members of the Proud Boys who took part in it “revolutionaries” and urging them not to leave.
Larry Kudlow, former top economic adviser to Trump, to host Fox Business show
Fox is hiring Larry Kudlow, most recently the top economic advisor to Donald Trump in the White House, as contributor and host of a weekday show on its business network. Kudlow, who will start on Feb. 8, will also provide analysis on Fox News Media platforms, Fox said Tuesday. The company did not provide further details. Fox chief executive officer Suzanne Scott said the former National Economic Council Director will bring his “vast experience in policy making coupled with his intuitive on-air presence” to the network. “I’ve long admired their insightful coverage and am excited to join many of my former colleagues now at FBN, creating a show that speaks to the real issues truly impacting Americans.”Prior to CNBC, Kudlow served as chief economist and senior managing director of then-global investment bank, securities trading and brokerage firm Bear Stearns, and served in Ronald Reagan’s administration in the early 1980s.
No-fly list: Southwest bans emotional-support animals
DALLAS — Emotional-support animals are no longer free to roam about the cabin on Southwest Airlines either. The airline said Monday that it will let passengers bring trained service dogs in the cabin, but it will no longer accept support animals, starting March 1. The move follows a Transportation Department decision to reverse a years long regulation and let airlines ban animals that owners claim provide emotional support. Airlines said some passengers abused the old rules to avoid pet fees. Southwest is the last of the nation’s six largest airlines to change its animal policy after the Transportation Department action.
America's biggest mask-making company on state of personal protective equipment in the U.S.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmerica's biggest mask-making company on state of personal protective equipment in the U.S.CNBC's Meg Tirrell discusses the state of personal protective gear with Prestige Ameritech EVP Mike Bowen.
Polaris Interim CEO on fourth quarter earnings and outlook
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPolaris Interim CEO on fourth quarter earnings and outlookMike Speetzen, Polaris Interim CEO, joins 'Closing Bell' to discuss the company's fourth quarter earnings and future of the company.
U.S.-China trade relations could become less confrontational under President Biden: JPMorgan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S.-China trade relations could become less confrontational under President Biden: JPMorganJoyce Chang, chair of global research at JPMorgan, breaks down how U.S.-China relations could shift under President Joe Biden and what cooling tensions could mean for markets.
IMF's Georgieva: Top economies will do well, but there's still a lot of vulnerabilities
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF's Georgieva: Top economies will do well, but there's still a lot of vulnerabilitiesKristalina Georgieva, IMF managing director, joins 'Closing Bell' to talk about the growth outlook for the U.S. and the world. "The U.S. is not just important for the American people, but it plays a very important role for the regional and world economy," Georgieva said.
IMF's Georgieva discusses the U.S. growth outlook amid the pandemic
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF's Georgieva discusses the U.S. growth outlook amid the pandemicIMF managing director Kristalina Georgieva joins 'Closing Bell' to talk about three important factors that can help the U.S. get back on its feet.
Fed will need to reassure the market it's not thinking about dialing back its support
Markets figure that as long as the Fed keeps pumping, then it's safe to keep buying. One key element to that is inflation, which the Fed wants to run consistently around a 2% level that it's missed for most of the last decade. The market experienced just such a reaction back in 2013, when former Fed Chairman Ben Bernanke first raised the idea for the program that was happening then. 'We're not even thinking about thinking about raising interest rates,'" said Vincent Reinhart, chief economist at Mellon, repeating Powell's pledge in June. And there's always asset price inflation, which besides the stock market has included the meteoric rise of bitcoin.
Department store chain Belk files for Chapter 11 bankruptcy, private equity firm Sycamore to take control
The department store chain Belk announced Tuesday afternoon it has filed for Chapter 11 bankruptcy protection, marking the latest mall-based retailer to do so as its sales have dwindled and challenges have accelerated during the Covid pandemic. Sycamore will retain majority control of Belk as part of the agreement, it said. It hopes to exit Chapter 11 bankruptcy by the end of February. America's department store operators — including Belk and its nearly 300 stores primarily in the Southeast — have struggled as consumers are not frequenting malls as often and are buying less apparel during the pandemic. The latter, the oldest department store chain in the nation, ended up liquidating and closing all of its stores.
Here's what to expect from Starbucks earnings
Starbucks is expected to report its fiscal first-quarter earnings after the bell Tuesday. In China, Starbucks' second-largest market, the recovery is well underway. The country's same-store sales declined just 3% in the previous quarter. In the company's prior quarter, U.S. same-store sales fell 9%. Shares of Starbucks have risen 13% over the past year, giving the company a market value of $123 billion.
America's top-tier malls were resilient but values are now crumbling, down 45% from 2016 levels, Green Street says
Instead, Gennette said the department store retailer would continue to invest in its locations in A-rated malls, as it closed at other underperforming properties. Green Street now estimates A-rated mall values have tumbled roughly 45% from 2016 levels, which peaked following a runup after the Great Recession. There are roughly 250 of them, representing a quarter of America's roughly 1,000 shopping malls, by Green Street's count. "Mall values had a very strong recovery out of the global financial crisis," Green Street senior retail analyst Vince Tibone said in an interview. The biggest risk in the coming years is not for A-rated malls, however, but for B- and C-rated malls, Green Street said.
Allied extends G4S shareholders' acceptance period for buyout deal
(Reuters) - Allied Universal said on Tuesday it had extended the time for G4S shareholders to accept its offer to buy the British security services firm, making the move a day before Canadian rival GardaWorld’s extended offer expires. Shareholders now have until Feb. 9 to accept the U.S. company’s offer for G4S, which the security company had accepted in December, leaving GardaWorld behind and potentially ending a tense, months-long bidding war. Allied’s offer of 245 pence per share was 10 pence higher than GardaWorld’s bid. The offer document sent to G4S shareholders was set to expire on Tuesday, according to Allied’s statement from Jan. 5. G4S has restructured its business, following a series of setbacks, and the bidding war between the U.S. and Canadian companies for the London-listed firm began when GardaWorld made its offer for G4S public on Sept. 14.
White House says Biden believes Nord Stream 2 pipeline is 'bad deal' for Europe
WASHINGTON (Reuters) - President Joe Biden believes the Nord Stream 2 natural gas pipeline is a “bad deal for Europe” and his administration will be reviewing restrictions on the project included in a bill that passed during the Trump administration, the White House said on Tuesday. The restrictions on the undersea pipeline project were included in the annual defense policy bill that passed on Jan. 1. Russia has cut deliveries of the fuel to Ukraine and parts of Europe in winter during pricing disputes. “We continue to believe, the president continues to believe, that Nord Stream 2 is a bad deal for Europe,” White House Press Secretary Jen Psaki told the daily briefing, adding the administration “will be reviewing” the restrictions included in the defense policy legislation. The $11 billion pipeline, which is 90% complete, would double the capacity of the existing Nord Stream duct to deliver gas from Russia to Europe via Germany under the Baltic Sea.
Stocks rise on strong earnings; IMF boosts sentiment
NEW YORK (Reuters) - Global stocks rose on Tuesday, helped by strong corporate earnings in the United States and Europe, while sentiment was boosted by the International Monetary Fund raising its forecast for global growth in 2021. The MSCI world equity index, which tracks shares in 49 nations, fell 1.06 points, or 0.16 percent to 667.02. U.S. gold futures settled down 0.2% at $1,850.90. U.S. crude oil futures settled at $52.61 a barrel, down 16 cents or 0.30%. Brent crude futures settled at $55.91 a barrel, up 3 cents or 0.05%.
Mexican economy likely contracted 8.8% during 2020: Reuters poll
MEXICO CITY (Reuters) - Mexico’s economy likely suffered its largest contraction in decades in 2020 as measures to curb the spread of the novel coronavirus battered output, a Reuters poll showed on Tuesday. The forecast assumes the Mexican economy grew by 2.8% in the fourth quarter in seasonally adjusted terms, compared to the previous three-week period. Data from the statistics agency showed that in the third quarter, GDP grew 12.1% after contracting 17% in the prior quarter. “The contraction of the Mexican economy during the epidemic is much bigger than that of other recent crises,” said Alfredo Coutino, head of Latin America Economic Research at Moody’s Analytics. In unadjusted terms, GDP likely contracted 5.4% on the year in the fourth quarter, the poll showed.
Oil prices steady as virus deaths rise, demand worries persist
NEW YORK (Reuters) - Oil prices were little changed on Tuesday as coronavirus deaths globally continued to rise and weighed on the demand outlook, but losses were capped by reports of a blast in Saudi Arabia. Prices edged up briefly after reports of a blast in the Saudi Arabian capital Riyadh, although the cause was unclear. Oil prices were also supported by geopolitical tensions after two supertankers, with crew members from Iran and China, were seized on Sunday in Indonesian waters near Kalimantan island for suspected illegal oil transfers. Elsewhere, Indian crude oil imports in December rose to their highest in more than two years. Raising the prospect of higher oil demand later in the year, the International Monetary Fund predicted global growth of 5.5% in 2021, an increase of 0.3 percentage points from the October forecast, citing expectations of a vaccine-powered uptick.
Business & Financial News, U.S & International Breaking News
Wall Street edges up as earnings season gains speedU.S. stocks edged up on Tuesday to push the S&P 500 to a new high as investors digested a batch of corporate profit results, including Johnson & Johnson's strong profit forecast and 3M's quarterly profit beat as the pace of earnings season picks up.
At the Sherman Phoenix, Black Businesses Rise
About this episode:The holidays should be the busiest time of the year, but small businesses everywhere have been crushed by the pandemic and its restrictions. The picture is especially grim for Black-owned small businesses, which closed at twice the rate of white-owned small businesses this spring. Two years later, the Sabirs opened the Sherman Phoenix, a community healing space and hub of more than two dozen small businesses. Business owners within the Sherman Phoenix have been able to stave off closures and financial hardship tied to COVID-19. And Trymaine sits down with JoAnne and Maanaan to talk about how the Sherman Phoenix could provide a model for other Black community spaces, especially during tough times.
MSNBC Author Hayes Brown
The rest of the trial’s structure still needs to be worked out, but at least now we won’t have to waste time debating the alleged unfairness of the process.
Schumer: Democrats must pass virus aid with or without GOP
Senate Majority Leader Chuck Schumer of N.Y., left, speaks during a news conference next to Sen. Patty Murray, D-Wash., Tuesday, Jan. 26, 2021, on Capitol Hill in Washington. Schumer told Senate Democrats to be ready as soon as next week to consider a budget resolution that would lay the groundwork for swift passage of the sweeping virus aid and economic recovery act. As proposed, Biden’s package would provide $1,400 in direct payments to Americans and billions of dollars for vaccine distribution and other elements to shore up the economy. White House press secretary Jen Psaki told reporters earlier Tuesday that Biden is still looking to negotiate on an aid package, while putting a priority on acting as swiftly as possible before aid lapses in March. Senators from both parties who joined the White House call over the weekend agreed the priority needs to be standing up the country’s faltering vaccine distribution system.
Dow Jones Holds Near 31,000; Microsoft Hits New High Ahead Of Earnings; Rackspace Soars Past Buy Point
Results from another Dow Jones leader, Apple (AAPL), are due Wednesday after the close. Dow Jones TodayWith about one hour left to go in the session, the Dow Jones industrials, S&P 500 and Nasdaq composite showed gains of around 0.1%. Dow Jones Earnings3M reclaimed its 50-day moving average in the Dow Jones today, rising 3%, on better-than-expected earnings and sales. Why This IBD Tool Simplifies The Search For Top StocksBut Dow Jones stocks Verizon and American Express lagged. Meanwhile, bullish sentiment among stock market newsletter writers has been at extreme levels for several weeks now.
New York City divesting $4 billion in fossil fuels from pension funds as state made similar move
New York City’s top pension funds will cut out $4 billion in fossil-fuel investments, following through on an earlier pledge, Mayor Bill de Blasio and Comptroller Scott Stringer said. In 2018, New York City became the first major city in the nation to commit to divesting major public pension funds from fossil-fuel reserve companies. The divestment is expected to be complete within the original five year timeline pledged by the city. “Fossil fuels are not only bad for our planet and our frontline communities, they are a bad investment,” de Blasio said. The New York City Board of Education Retirement System (BERS) is expected to move forward on a divestment vote imminently.
Palm Beach Mansion Sells for Just Over $40 Million
A Palm Beach, Florida, mansion sold last month for $40.67 million, about 28% less than the listing price, according to a deed made public on Friday. The price was cut in October to $56.5 million, listing records indicate. More: Matthew Perry Sells Beachfront Malibu House for $13.1 MillionLinda A. Gary of Linda A. Gary Real Estate had the listing. Broker Lawrence Moens of Lawrence A. Moens Associates represented the buyer, according to the Palm Beach Daily News, which first reported the sale. The deal is the second sale in Palm Beach to top $40 million in the past month.
COVID-19 drove 16% growth in toy sales last year
As parents searched for ways to keep kids happy and occupied during the COVID-19 pandemic, the toy category thrived, with sales rising 16% in 2020 to reach $25.1 billion, according to NPD Group. May sales were up 38%, and October, when Amazon.com Inc.’s AMZN, +0.93% Prime Day event took place, experienced a 33% jump. Zahn says there are new toys to come in 2021, however retailers and toy companies should be mindful that some business won’t repeat. MKM rates Hasbro stock buy with a $114 price target. Hasbro stock has gained 13.3% over the last three months, though shares have fallen 9.7% over the past year.
Oil prices end mixed as traders weigh risks to crude supplies and demand
Oil futures ended on a mixed note on Tuesday, with U.S. benchmark prices down, but global benchmark Brent crude modestly higher, as traders weighed potential risks to supplies, as well as demand. Oil prices, however, are likely to “hold back if the Indonesian vessel seizure gets resolved quickly and if today’s blast in Saudi Arabia proves to be an isolated incident that does not escalate regional tensions, consequently not affecting oil output,” he said. Meanwhile, the front-month March Brent crude contract BRNH21, -0.13% , the global benchmark, added 3 cents, or nearly 0.1%, to $55.91 a barrel on ICE Futures Europe. On average, analysts expect the EIA to report a decline of 1.7 million barrels in domestic crude supplies for the week ended Jan. 22, according to a survey conducted by S&P Global Platts. They also forecast a weekly climb of 1.2 million barrels in gasoline stockpiles and a decline of 800,000 barrels for distillate inventories.
Opinion: Stocks are solid for now but this sign of a market top can appear without warning
A healthy stock market fires on all cylinders, and Wall Street certainly has been doing that recently. On Jan. 20, for example, almost all of the major stock market averages jointly closed at new all-time highs. One market timer who pays particularly close attention to internal market divergences is Hayes Martin, president of Market Extremes, an investment consulting firm that focuses on major market-turning points. In addition to focusing on the major market averages, Martin also looks for divergences that emerge between different market styles, factors and industries. The divergence that his research has found to be the most accurate early warning of a major market top occur when small- and microcap stocks are weak and large-caps are strong.
Gas service to remain shut off at Long Beach's Restauration despite Newsom lifting California's stay-at-home order
Gas service to Long Beach's Restauration will remain cut off despite California Gov. "The restaurant was in clear violation of the health order and the action was warranted after various attempts were made to gain compliance from the restaurant." NEWSOM CLAIMS LIFTING LOCKDOWN ISN'T 'POLITICAL' BUT CRITICS POINT TO RECALL THREATOn Saturday, city officials removed Restauration's gas meter citing an "unauthorized connection" to the restaurant. According to Tanner, Long Beach has also ordered her landlord to serve her eviction papers for failing to comply with the health order. Tanner filed an appeal against the city's decision, arguing her utilities were cut without due process.
Is Live Ventures Taking Notes From GameStop?
Live Ventures (LIVE) engages in the provision of online marketing solutions for small and medium business. In this daily Japanese candlestick chart of LIVE, below, we can see how prices exploded higher with a huge price gap and heavy volume. In this daily Point and Figure chart of LIVE, below, we can see a price target of $43 being projected. Bottom-line strategy: There are more than 60,000,000 citations on Google for "Live Ventures stock." I have no recommendation on LIVE but just an observation that stock trading has taken a bad turn recently.
Jim Cramer: Buy 3M
3M said it earned $1.39 billion, or $2.38 a share, in the fourth quarter, up from $969 million, or $1.66 a share, in the comparable year-ago quarter. Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here. Latest Videos From TheStreet and Jim Cramer:
Einstein of Wall Street Returns to the Floor: What NYSE Looks Like Now
Einstein of Wall Street Returns to the Floor: What NYSE Looks Like NowLast April, TheStreet shared the coronavirus survival story of Peter Tuchman, New York Stock Exchange's "most photographed trader." Well, Tuchman, 62, is back on the NYSE floor (literally). Tuchman, who got sick with COVID-19 in March, was back on the NYSE floor for a couple of days in July but couldn't continue till November. Tuchman, who is a regular trader at NYSE floor explained how NYSE floor looks these days. "Pre-pandemic, there were probably about 500 people on the NYSE floor," he said.
GameStop Squeeze Is Crazy but Normal
In the thread WallSteetBets, online traders are organizing full attack plans to deplete share floats of heavily shorted companies. They’re taking glee and pulling every lever to push GameStop shares into the heavens. At one point during Monday’s frenzy GameStop shares surged to $159.16, up 146% from Friday’s close. I’m not bothered that some online traders believe they have discovered a loophole in the system. Online traders will learn, one way or another that they are not as smart as they believe.
What is the Additional Child Tax Credit?
Understanding the Additional Child Tax Credit begins with the standard Child Tax Credit (CTC). If your available Child Tax Credit is greater than your tax liability, the Child Tax Credit can only reduce your tax bill to zero — you don’t get any unused portion of the credit back as a refund. The Child Tax Credit and the Additional Child Tax Credit are meant to help working parents with low to moderate incomes. Both the Child Tax Credit and the Additional Child Tax Credit phase out for high-income taxpayers. Receiving your Additional Child Tax Credit refundRefundable tax credits such as the Additional Child Tax Credit are particularly attractive to fraudsters who file doctored tax returns to claim bigger refunds.
DraftKings Lifted to Buy as Goldman Likes Market Position
DraftKings is upgraded to buy at Goldman Sachs, which says 'gaming's digital renaissance is still in its nascent stage.' DraftKings (DKNG) - Get Report was upgraded to buy from neutral by a Goldman Sachs analyst who cited the digital gambling company's market position in key states. DraftKings, he added, has "ample dry power to invest in near-term growth, plus optionality to engage with single operator states and leverage key national partnerships." DraftKings and Penn National are "best positioned to leverage their size and/or media reach to gain market share and increase competitive moat" compared with new entrants and smaller competitors. Penn National shares were down 4.7% to $99.10.
Shaggy spends $2.15 million on a leafy retreat in Florida
(Douglas Elliman) 2 / 14 The driveway. (Douglas Elliman) 5 / 14 The kitchen. (Douglas Elliman) 11 / 14 The pool. (Douglas Elliman) 14 / 14 The deck. Hilda Jacobson and David Pulley of Douglas Elliman held the listing.
Known coronavirus cases surpass 100 million worldwide
Global coronavirus cases topped 25 million at the end of August, more than eight months after the virus was first detected in Wuhan, China. Experts say that 100 million most likely underestimates the true number of cases, given the lack of adequate testing and contact tracing in many countries, including the United States. Likewise, the number of deaths — more than 2 million people worldwide, including more than 420,000 in the United States — is probably much higher than officially reported. The world surpassed a total of 100 million known coronavirus cases on Tuesday, according to a New York Times database, a staggering milestone for a global health crisis that is entering a phase of both hope and deep concern. But the U.S. decrease in cases has contributed to a recent decline in the number of daily new cases reported worldwide.
Richardson warehouse zoning changes denied after opposition from 1,400 residents
Faced with opposition from about 1,400 residents, the Richardson City Council on Monday voted 5-2 to deny a zoning change for a proposed development project at the northeast corner of North Plano Road and Lookout Drive. The proposed development called for three warehouses and office buildings that cover just over 353,000-square feet. Proposed changes would have allowed a maximum building height of 49 feet, according to council documents. In all, the community opposition included letters from 194 residents and a petition with 1,200 signatures, according to figures presented during the council meeting by Development Director Mark Spicer. During their discussion, council members urged residents to meet with the land owner and developer to reach an amicable solution.
Paging the person with the unclaimed $150K Colorado lottery ticket. Your jackpot is about to expire.
Did you happen to buy a lottery ticket in a Windsor King Soopers on Aug.1, life got in the way, and you forgot about it? The Colorado Lottery is searching for the lucky winner of an unclaimed ticket purchased at the 1520 Main St. King Soopers. “We hate to see that money go wasted,” said Meghan Dougherty, spokeswoman for the Colorado Lottery. While it’s rare for large jackpots to go unclaimed, Dougherty said Colorado Lottery saw a $1 million Mega Millions win go unclaimed in 2016 and a $2 million Powerball win squandered in 2013. From Jan. 2-22 when Mega Millions was won, the Colorado Lottery sold $33,624,612 in Powerball and Mega Millions tickets — a more than 526% increase from the same time frame last year, according to a Colorado Lottery news release.
Hay 9 casos de una nueva variante de COVID más contagiosa en Illinois
Biden signals support for CTU’s COVID-19 safety concerns as top union chief briefs White House "The teachers, I know they want to work," Biden said when asked about the Chicago Teachers Union by a reporter on Monday. "They just want to work in a safe environment."
$100 million conversion of historic former King Drive Schuster's into offices, apartments gets new name: ThriveOn King
Now known as ThriveOn King, that moniker reflects both the building's location, at 2153 N. King Drive, and its future role as home to the ThriveOn Collaboration. Greater Milwaukee Foundation will move its offices and operations there from 101 W. Pleasant St., in the nearby Schlitz Park office park. ThriveOn King also will have 40,000 square feet of community space on the first floor. As part of the collaboration, Medical College of Wisconsin is creating the newly endowed Milwaukee Community Chair in Health Equity Research. The college has raised $2 million for that endowment, said John Raymond, Medical College president and CEO.
Report: Tony Hsieh may have been impaired at time of deadly fire
More than two months after a house fire killed tech entrepreneur Tony Hsieh, a Connecticut fire department has released a report on its investigation. Video from New London Fire Department and 911 audio from fire that killed former Zappos CEO Tony Hsieh. Retired Zappos CEO Tony Hsieh suffered fatal injuries from a fire at the home on Nov. 18 before dawn. Baskow/Las Vegas Review-Journal) @Left_Eye_ImagesThe marquee at Corduroy is dedicated to Tony Hsieh in downtown Las Vegas on Friday, Dec. 11, 2020. Retired Zappos CEO Tony Hsieh suffered fatal injuries in a fire at the home on Nov. 18 before dawn.
Black Caucus wants City Council to create a Committee on Litigation and Risk Management
Now, Black Caucus Chairman Jason Ervin (28th) is proposing that the 50-member Council create a 20th committee to chip away at the mountain of settlements and judgments, many tied to allegations of police abuse. “We, as a Council, need to get more involved in this stuff a little earlier. Us understanding this huge exposure that the city has would, hopefully stem the tide on changing behaviors that create these situations where we ultimately have to pay out these settlements,” Ervin said. The resolution calling for creation of the new committee will be introduced at Wednesday’s Council meeting. It notes that, from 2008 through 2017, Chicago taxpayers shelled out $1.3 billion for settlements and judgments against the city.
Beam Suntory moving headquarters from Chicago to New York
Liquor conglomerate Beam Suntory said Tuesday it will move its corporate headquarters from Chicago to New York in mid-2022. It also will place it closer to its Japan-based parent, Suntory Holdings, with which it will share offices in New York. Beam Suntory said it will move to 11 Madison Ave. in Manhattan, where it has signed a long-term lease for about 100,000 square feet. “As one of the world’s greatest global cities, New York will provide a unique environment to help us accelerate our premiumization strategy and growth plans,” CEO Albert Baladi said. The company brought its headquarters into Chicago from Deerfield in 2017, part of a campaign by former Mayor Rahm Emanuel to win corporate jobs.
Red bull’s-eye, blue jeans: Target and Levi’s team up on home collection
For Target, it’s the latest strategic partnership with a major brand and comes as Target extends its strong sales streak through the pandemic. The Minneapolis-based discounter signed a deal late last year with beauty chain Ulta to open more than 100 beauty shops by middle of this year. In 2019, it forged a partnership with Disney & Co to open Disney-branded shops at its stores. Cornell said that strategic partnerships “have been key to Target’s success” and has set it apart from rivals.
4 possible tax surprises and how to cope with them
But there are some telltale red flags that can mean an unwelcome tax surprise is headed your way, tax pros say. The IRS and maybe even your state will probably be looking for that tax money from you by the April 15 tax-filing deadline. How to cope: Check with a tax pro or use a tax calculator now so that you have more time to plan for any tax-refund shortfalls or unexpected tax bills. “It will be subject to income tax, and that also is going to include any additional unemployment compensation that’s provided from the federal government,” Fletcher says. The article 4 Signs You’re About to Get a Tax Surprise originally appeared on NerdWallet.
Duggan administration argues watchdog report on Motor City Match 'not in step with reality'
Detroit's Office of Inspector General on Jan. 4 released a report from its nearly 18-month investigation into Duggan's Motor City Match program. Ha said her office's report doesn't claim that Motor City Match is a "bad program." "DEGC, through the Motor City Match program, has done exactly that." Leland said with large programs like Motor City Match, "We have to be extra careful when it comes to our accounting." Motor City Match has been under watch by HUD over record keeping and whether funds were used appropriately.
Teen suspect in Columbus homicide arrested in northwest Ohio
A Columbus teenager wanted in connection with a Jan. 14 shooting in the Milo-Grogan neighborhood on the Near East Side has been arrested in northwest Ohio. Martin has been charged with murder for the Jan. 14 shooting death of 21-year-old Tyrese Saunders, of the East Side. Martin is accused of shooting Saunders outside a home on the 1000 block of Leona Avenue around 6:30 p.m. Jan. 14. Saunders' death was the 13th homicide committed in Columbus in 2021. Martin pulled a handgun and shot Saunders, who then pulled his own firearm and fired several times at Martin, who fled on foot.
Food delivery apps find way around Columbus fee limit
In November, Columbus City Council approved a 15% commission cap on third party delivery services like DoorDash and UberEats. Some delivery services altered existing agreements to comply with the rule, but which ones did so depends on who you ask. Pat and Gracie’s owner Matt Rootes said he uses GrubHub, DoorDash and UberEats, and only DoorDash stuck with its old commission fees. Restaurateurs largely consider the delivery companies a necessary cost of doing business. Prior to the pandemic, around 20% of the Clintonville cafe’s orders came from third party services.
Schumer: Democrats must pass virus aid with or without GOP
WASHINGTON (AP) — Senate Majority Leader Chuck Schumer said Tuesday that Democrats are preparing to push ahead quickly on President Joe Biden’s $1.9 trillion COVID-19 relief package even if it means using procedural tools to pass the legislation on their own, leaving Republicans behind. Schumer told Senate Democrats to be ready as soon as next week to consider a budget resolution that would lay the groundwork for swift passage of the sweeping virus aid and economic recovery act. It could be done with a simple 51-vote majority in the Senate, rather than the usual 60-vote threshold that is needed. “The work must move forward, preferably with our Republican colleagues, but without them if we must," Schumer said after a private meeting of Democratic senators. It is the first time the party has held unified control in Washington in a decade.
Larry Kudlow Signs on to Host Fox Business Network Show
Larry Kudlow, former National Economic Council director under Donald Trump, will host a new show on Fox Business Network. Before he was brought into the Trump administration in 2018, Kudlow was a senior contributor at CNBC. In that capacity, he hosted and appeared on programming for the Fox Business competitor, which he joined when it was founded in 1989. In a Tuesday announcement, Fox News Media CEO Suzanne Scott said, “Larry’s vast experience in policy making coupled with his intuitive on-air presence will add depth and insight to our business analysis programming. I’ve long admired their insightful coverage and am excited to join many of my former colleagues now at FBN, creating a show that speaks to the real issues truly impacting Americans.”Fox Business Network’s snag of Kudlow post-White House makes him the first high-profile Trump official to land a television job.
Joe Biden to ban oil and gas drilling on public land in wide-ranging climate change measures
Joe Biden is set to ban new oil and gas drilling on land owned by the US government as he unveils wide-ranging climate change plans. The latest move was welcomed by environmentalists, but attacked by oil and gas industry groups. Kieran Suckling, executive director at the Center for Biological Diversity, said: "The fossil fuel industry has inflicted tremendous damage on the planet. "The administration's review, if done correctly, will show that filthy fracking and drilling must end for good, everywhere." "Oil and natural gas prices are going up and so will home heating bills, consumer prices and fuel costs."
John Lewis staff learn their fate in head office cull
The owner of John Lewis and Waitrose will reveal the extent of the jobs cull at its head office on Wednesday after it launched a consultation process with staff last year. The employee-owned business is expected to tell individual employees if they are at risk of redundancy as it seeks to save £50m as part of a wider £300m cost-saving target. A spokesperson said that “1,500 isn’t a new number” and “these are difficult but necessary changes” to have a “simpler” head office as part of its five-year turnaround plan. John Lewis said last week that it will repay a £300m emergency Covid loan earlier than expected after trading picked up over the key Christmas period. The money it received from the Bank of England’s Covid Corporate Financing Facility was due back by March 15.
Chancellor says more Covid support is coming, but it could cost billions of pounds
Rishi Sunak has warned Tory MPs that the cost of new coronavirus bailouts they are demanding could reach £30 billion, but insisted some further economic support is on the way. Speaking during Treasury Questions in the Commons, he faced calls to approve a variety of fresh measures and extensions to existing schemes to support families and businesses. Jason McCartney, Conservative MP for Colne Valley, said lockdown restrictions were set to stretch “well into the spring” and encouraged Mr Sunak to offer “certainty” to struggling individuals and firms. However, Mr Sunak cautioned that collectively such a package of measures would cost between £20 billion and £30 billion. He made clear the Government “will set out the next stage of our economic response to coronavirus” then.
Tim Martin pockets £50m in new Wetherspoons share sale
Wetherspoons chairman Tim Martin has an extra £50m in his pocket after selling almost 4.4m shares in the pub chain on Tuesday. The share sale has reduced his stake in the FTSE 250 pub operator to just under 21.9pc, down from 25.2pc, worth about £330m. Mr Martin has agreed not to sell any more shares until results for the year to 25 July are released in September, the company said. In December he sold a stake worth £5m and sold a further tranche worth a similar amount last summer. Mr Martin's sale at £11.50 a share came in response to significant buying interest following the placing announced by Wetherspoons last week, the company said.
Architects design incredible 384ft-tall tree-shaped skyscrapers for Vancouver
Architects are seeking planning permission for two incredible tree-shaped skyscrapers in Vancouver that would stand 384ft (117m) tall. A five-storey public plaza would connect them and inside would be over 400 residential apartments and a childcare facility. The planning application for the skyscrapers is currently under review and is open for public feedback until March 14. It was also the design studio behind the reinvention of Coal Drops Yard, which was originally two old coal warehouses near London's King's Cross station and is now a hipster shopping centre complete with trendy restaurants and bars. Heatherwick Studio designed the $200million spiralling gherkin-shaped Vessel at Hudson Yards in New York City
If Canada can survive four years of Trump, it can survive Biden's 'Buy American' policy: Trudeau
Article contentDISTRICT OF COLUMBIA — Prime Minister Justin Trudeau says after the last four years, he’s confident Canada can safely navigate the perils of Joe Biden’s new protectionist Buy American regime. Trudeau says it’s worth remembering that Canada survived former president Donald Trump’s persistent attacks on NAFTA and Canadian steel and aluminum exporters. Try refreshing your browser, or If Canada can survive four years of Trump, it can survive Biden's 'Buy American' policy: Trudeau Back to videoAnd he says his federal Liberal government is far more closely aligned with the current White House than it ever was with Biden’s “extremely protectionist” predecessor. But Trudeau refused to say if Canada faces a tougher fight than in 2010, when it secured an exception to then-president Barack Obama’s version of similar procurement rules. Conservative MP Tracy Gray, the party’s international trade critic, says Biden’s plan to prioritize U.S. suppliers will jeopardize North America’s economic recovery.
Tasha Kheiriddin: The pandemic is already changing the future of Canadian politics
On Jan. 25, 2020, the first COVID case was identified in Canada. For most Canadians, COVID-19 was a matter for China, a minor headline, possibly just another bad flu. Try refreshing your browser, or Tasha Kheiriddin: The pandemic is already changing the future of Canadian politics Back to videoToday, the pandemic has upended every facet of our lives. What does this new reality portend for Canadian politics? Here are three possible issues and the impacts they could have.
Dark-Money Think Tanks Dominate House Foreign Affairs Committee Witness Table
Take, for example, the House Foreign Affairs Committee. But that level of disclosure is far from the norm for the other think tanks most frequently appearing before the House Foreign Affairs Committee. The other three think tanks most frequently invited to House Foreign Affairs Committee hearings provide incomplete, or no, information about their funding. And they were extremely well represented before the House Foreign Affairs Committee. Heritage experts testified before the House Foreign Affairs Committee 12 times during the Republican-controlled 115th Congress and five times during the Democratic-controlled 116th Congress.
How Will Capitalism End?
Capitalism really did end after World War I, and we’ve been living under covert collectivism ever since. These days, discussions of the subject instead tend to invoke Fredric Jameson’s adage that it’s become easier to imagine the end of the world than the end of capitalism. Yet the end of capitalism is doubly ambiguous, for uncertainty about how capitalism might end reflects a deeper uncertainty about what exactly capitalism is. As Francesco Boldizzoni’s lively and wide-ranging book Foretelling the End of Capitalism makes clear, attempts to answer these questions are as old as the concept of capitalism itself, and they’ve led to remarkably varied conclusions. Foretelling the End of Capitalism moves briskly across a century and a half of intellectual history, from Marx and John Stuart Mill in the mid-19th century (when the term “capitalism” entered the lexicon) to the aftermath of the 2008 crash.
N.J. Rep Pascrell to Biden: Fire Trump-named postal board
Postal Service board and appoint replacements who in turn can get rid of Postmaster General Louis DeJoy, named, like the board, by former GOP Oval Office occupant Donald Trump. That led one big union, the Postal Workers, to demand Biden dump the USPS board so a new board can get rid of DeJoy. “Through the devastating arson of the Trump regime, the USPS Board of Governors sat silent,” Pascrell wrote Biden. And Biden can remove the entire USPS board “for cause,” Pascrell said. “After several years of unprecedented sabotage, the United States Postal Service is teetering on the brink of collapse.
Top Dems formally introduce $15 federal minimum wage bill
If the $15 minimum wage bill backed by Biden passes the entire nation will be covered by the new wage. | Steven Senne/APWASHINGTON—Joined by a top “Fight for $15 and a union” campaigner, congressional Democrats formally introduced legislation to raise the federal minimum wage to $15 an hour by 2025. He included the $15 minimum wage in his $1.9 trillion pandemic economic aid plan. So when the Democratic-run House OKd the $15 minimum wage in the last Congress, then-Senate Majority Leader Mitch McConnell, R-Ky., refused to even allow hearings. The tipped minimum wage would more than double in 2022, to $4.95, then rise to $12.95 hourly in 2025 and the regular, indexed, minimum after that.
How to Love Your Partner in Ways They Need Most, According to Their Enneagram Type
How to Love Your Partner in Ways They Need Most, According to Their Enneagram TypeThere are so many ways we can show our partners love, from going on cute picnic dates to giving tight hugs to writing love letters. If you or your partner don't know your Enneagram type, you can take this quiz or read these descriptions. To love a type two well, you can:Express love according to their love language. We tend to feel and show love in specific ways, and these ways typically fall into the five love languages. We tend to feel and show love in specific ways, and these ways typically fall into the five love languages.
Biden’s latest executive action is a win for chickens and meatpacking workers
Amid Joe Biden’s flurry of executive actions in the first few days of his presidency, one in particular stands out for animal welfare and meatpacking worker advocates. Biden withdrew a Trump administration request to raise the maximum speed at which chicken plants can operate from 140 birds per minute to 175 birds per minute. That’s how line speeds got to the already astonishing rate of 140 birds per minute — 2.33 birds per second — in the first place. Sometimes, for instance, chickens miss the “stun bath” meant to knock them out and feel their throats getting sliced open. Block has repeatedly argued that the agency needs to reorient itself toward defending the interests of workers, a goal that blocking the line speeds rule certainly helps achieve.
Opinion | Bonus: Kara and Kevin Roose Debrief on Chris Best
Bonus: Kara and Kevin Roose Debrief on Chris Best They also discuss “flouncing” and whether a Substack newsletter would be too much work for Donald Trump.
Janet Yellen Sworn in as Treasury Secretary: Live Updates
ET Janet Yellen Sworn in as Treasury Secretary: Live UpdatesA widespread internet outage on the East Coast disrupted work and school. With a stock market value of $840 billion, Tesla does not have trouble raising money on its own. Ms. Yellen is the nation’s 78th Treasury secretary and the first woman to assume that role in the institution’s 232-year history. Standing outside the White House, Ms. Yellen took the oath of office with her husband, the economist George Akerlof, and her son by her side. Janet L. Yellen was confirmed as Treasury secretary on Monday and was sworn in on Tuesday.
Matthew Stafford lists Detroit mansion for $6.5M with Lions exit imminent
Detroit Lions quarterback Matthew Stafford, 32, is leaving his team, his city and the largest infinity pool in the state of Michigan. Stafford’s mansion outside Detroit is for sale, listed for $6.5 million. “The original flooring is very unique and nice to have,” listing broker Jeff Baker of Michigan’s Max Broock Realtors told The Post. Stafford told the Lions he would like a “fresh start” after the team’s season ended earlier this month, so they started looking to trade him. Stafford signed a $135 million five-year contract in 2017, leaving $43 million remaining on his contract to the Lions.
Cutting off stimulus checks to Americans earning over $75,000 could be wise, new data suggests
They need the help the most.”ADADTheir findings are backed up by other surveys and analyses of how people used their first stimulus payments. ADADNetspend, a prepaid debit card company, said it processed more than $850 million stimulus payments in January for about 900,000 customers. “For the first and second round of individual stimulus payments, Netspend saw its customers spend funds quickly. She had fallen three months behind on her car payment and was worried about losing it until her stimulus payment arrived on Friday. “Stimulus checks arrived, time for a big food bank donation,” tweeted one woman last week.
Amazon reportedly stops alcohol sales in Northern Ireland due to Brexit rules
An Amazon warehouse is seen in Belfast Harbour, as the spread of the coronavirus disease (COVID-19) continues, Belfast, Northern Ireland, April 6, 2020. Amazon has halted sales of wines, beers and spirits in Northern Ireland and is preparing to de-list more products due to new Brexit customs rules, broadcaster ITV reported on Tuesday. The online retailer is concerned that excise duty will now have to be paid twice on shipments of alcohol which are sent from the British mainland across the Irish Sea to Northern Ireland, ITV reported. Britain left the European Union's single market and customs union at 2300 GMT on New Year's Eve, introducing paperwork and customs declarations for those businesses that import and export goods with the bloc. In order to keep the border open between the British province of Northern Ireland and EU member Ireland, a separate agreement was struck that requires a regulatory border in the Irish Sea between Northern Ireland and the rest of the United Kingdom.
Covid-19 is still weighing on consumer confidence, says The Conference Board's Steve Odland
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCovid-19 is still weighing on consumer confidence, says The Conference Board's Steve OdlandCNBC's Wilfred Frost discusses consumer confidence with Steve Odland of The Conference Board.
Watch CNBC's full interview with Alaska Air CEO
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Alaska Air CEOCNBC's Phil LeBeau talks with Alaska Air Group CEO Brad Tilden to discuss the company's earnings, future demand and more.
Alaska Air CEO: Could be lower fares in the incoming months
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAlaska Air CEO: Could be lower fares in the incoming monthsCNBC's Phil LeBeau talks with Alaska Air Group CEO Brad Tilden to discuss its earnings, future demand and more.
I worry we way overused monetary and fiscal economic policies in US and around globe: Jim Paulsen
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI worry we way overused monetary and fiscal economic policies in US and around globe: Jim PaulsenJim Paulsen, The Leuthold Group chief investment strategist, joins 'Power Lunch' to discuss commodity prices and the state of the market.
President Joe Biden signs executive orders on racial equity
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresident Joe Biden signs executive orders on racial equityPresident Joe Biden gives remarks after his signing of executive orders on racial equity.
Jim Paulsen on why he's bullish on the market
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Paulsen on why he's bullish on the marketJim Paulsen, The Leuthold Group chief investment strategist, joins 'Power Lunch' to discuss the impact of President Biden's signing of executive orders on racial equity and the state of the economy.
LEGO's comeback: From nearly bankrupt to a $6 billion empire
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLEGO's comeback: From nearly bankrupt to a $6 billion empireThe LEGO brick may not look like much, but it's the cornerstone of the $6.25 billion Danish company. Today, LEGO's blockbuster portfolio includes collaborations with The Beatles, Star Wars, and Frozen, a mega-hit movie franchise and 8 LEGOLand theme parks. A toy that was once thought of for little boys now sees its largest growth from girls and adults. But in the early 2000s, the company made several missteps and came extremely close to declaring bankruptcy. Here's how LEGO reclaimed its status as one of the most successful toy companies in the world.
Tilman Fertitta on SPACs, the economy and the restaurant industry
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTilman Fertitta on SPACs, the economy and the restaurant industryTilman Fertitta, Landry’s CEO, joins 'Power Lunch' to discuss the SPAC craze, the state of the pandemic economy and the restaurant business.
Target teams up with Levi's for exclusive collection of home goods and more
Levi's will have a limited time collection at Target, which includes over 100 home goods, apparel and other items. Those include Cat & Jack, a kids' apparel brand, and Hearth & Hand, a home goods brand created with Chip and Joanna Gaines' company Magnolia. The Levi's collection builds on a growing relationship between the companies. About three years ago, Cornell approached Levi's CEO Chip Bergh about adding Red Tab, its signature label, to Target. By fall 2021, Target plans to sell the Red Tab label at 500 of its nearly 1,900 locations.
Can you refuse work and still get unemployment benefits? Biden order to clarify new rules
Generally, you can't refuse what's considered "suitable work," whether it's a new job offer or a call to return to a reopened workplace, and still receive unemployment insurance. In more traditional times, suitable work is thought of as a job that matches your skill set and pays a similar rate as your old one. For example, you can't just walk into your work facility, see that no one's wearing a mask, walk off the job and later file for unemployment. These individuals may qualify for the Pandemic Unemployment Assistance federal program, which currently phases out by mid-April. It's worth remembering that a general fear of contracting the virus isn't enough of a cause to refuse suitable work.
The '1%' are the main drivers of climate change, but it hits the poor the hardest: Oxfam report
When fossil fuels (which are carbon-based) are burned in factories or jets, for example, carbon dioxide is produced. Carbon dioxide emissions trap heat in the earth's atmosphere, resulting in the warming of the planet. The burning of fossil fuels and processes that generate carbon dioxide emissions are major drivers of economic productivity and wealth. For instance, "[w]orldwide sales of private jets soared when commercial travel was banned," the Oxfam report says. Meanwhile, for poorer communities, and especially for women, climate change will make life harder.
Martha Stewart launches line of CBD-infused dog treats
New York (CNN) Martha Stewart wants to help pet owners turn dog days into dog daze. The lifestyle guru is bringing a new line of CBD dog treats to the market. The oil sells for $40 for a 600 mg bottle. Constellation Brands STZ Stewart announced her CBD product line — which includes the pet treats — in September, the result of a partnership with Canopy Growth, the Canadian cannabis company backed by multibillion-dollar US alcohol giant. His Leafs by Snoop cannabis brand is produced by Canopy.
Colombia central bank to hold rate at 1.75%, analysts say: Reuters poll
FILE PHOTO: The Colombia's central bank logo is seen in Bogota, Colombia October 1, 2018. REUTERS/Luisa GonzalezBOGOTA (Reuters) - Colombia’s central bank will hold the benchmark interest rate at its historically low levels at its meeting on Friday to aid economic recovery, to support growth amid a return of restrictions to slow coronavirus infections, a Reuters poll found on Tuesday. Seventeen analysts agreed the central bank will leave the benchmark interest late at the historic low of 1.75%. According to the poll average, the rate will remain stable until the end of the year before seeing a slight rise to 2% in December. Before new lockdowns started in December, the central bank saw Colombia’s economic growth of between 3% and 7% in 2021, compared with a contraction of between 6.5% to 9% in 2020.
AmEx sees consumer travel recovery after lower spending hits profit
FILE PHOTO: Credit cards of American Express are photographed in this illustration picture in this March 17, 2016, file photo. AmEx forecast a 9% to 10% jump in overall 2021 revenue, with travel and expenditure (T&E) spending by consumers recovering to around 70% of fourth-quarter 2019 levels by the final quarter of 2021. That indicates full-year revenue of $39.7 billion on the upper end of the range, marginally below consensus estimates of $39.92 billion. A rebound in corporate travel will take longer, AmEx warned, with companies, particularly large ones, limiting their T&E spending for some time. T&E spending on AmEx’s cards declined 65% in the final quarter of 2020.
Business & Financial News, U.S & International Breaking News
U.S. consumer confidence edges higher; house prices accelerateU.S. consumer confidence rose moderately in January while lingering concerns about the COVID-19 pandemic led to a further deterioration in households' perceptions of the labor market, raising the risk of a second straight month of job losses.
Dow Jones, S&P 500 Up Slightly After Giving Up Gains; Microsoft In Buy Zones Ahead Of Earnings
The Dow Jones Industrial Average traded slightly higher in today's stock market, while the S&P 500 also turned slightly higher from earlier highs of the day. The Dow Jones led on the upside after components Johnson & Johnson (JNJ) and 3M (MMM) rose on better-than-expected fourth-quarter results. Elsewhere, Dow Jones tech giant Microsoft (MSFT) and General Electric (GE) both traded inside key buy zones. Dow Jones TodayAmong the Dow Jones leaders, 3M and Johnson & Johnson led on the upside with gains of 3.2% each. Johnson & Johnson earned $1.86 per share, on an adjusted basis.
Starbucks To Report Amid Accelerated Revamp Of Store Formats
Starbucks stock rose. XStarbucks EarningsEstimates: Wall Street expects Starbucks earnings per share to fall 30% to 55 cents, according to Zacks Investment Research. Same-store sales are expected to drop 4.2% overall, led by a 5.2% decline in the U.S., while China comps grow 4.1%, according to Consensus Metrix. IBD Live: A New Tool For Daily Stock Market AnalysisStarbucks StockStarbucks stock rose 0.5% to 103.95 in the stock market today. William Blair analyst Sharon Zackfia, who follows Starbucks stock, said in a research note last week that same-store sales trends at Starbucks' suburban restaurants likely stayed positive during the quarter.
America’s billionaires could pay for most of Biden’s coronavirus response plan with just their pandemic profits
This is rich: America’s billionaires have earned enough money during the pandemic to pay for all of the working family relief in President Joe Biden’s coronavirus response plan. That windfall covers more than half of Biden’s proposed $1.9 trillion coronavirus relief package, which some Republican lawmakers are calling too expensive as Congress works to negotiate a deal. The Bloomberg Billionaires Index reported that the 500 richest people in the world added a record $1.8 trillion to their combined net worth last year. And the pandemic continues to rage on, with more than 25 million Americans infected by the coronavirus, and over 421,000 killed. “Billionaires are reaping unseemly windfalls of wealth during the pandemic,” Chuck Collins of the Institute for Policy Studies said in a statement.
America’s billionaires could pay for most of Biden’s coronavirus response plan with just their pandemic profits
This is rich: America’s billionaires have earned enough money during the pandemic to pay for all of the working family relief in President Joe Biden’s coronavirus response plan. That windfall covers more than half of Biden’s proposed $1.9 trillion coronavirus relief package, which some Republican lawmakers are calling too expensive as Congress works to negotiate a deal. The Bloomberg Billionaires Index reported that the 500 richest people in the world added a record $1.8 trillion to their combined net worth last year. And the pandemic continues to rage on, with more than 25 million Americans infected by the coronavirus, and over 421,000 killed. “Billionaires are reaping unseemly windfalls of wealth during the pandemic,” Chuck Collins of the Institute for Policy Studies said in a statement.
U.S. stocks hold onto gains in choppy trade as investors sift through earnings
The Cambridge, Mass.-based biotech said it has already delivered more than 30 million doses of the vaccine to the U.S. government. About 10.1 million doses of the vaccine have by now been administered in the U.S., the company said, citing Centers for Disease Control and Prevention data. Investors will also eye how the Fed communicates over the recent worries around inflationary pressures building up this year. The S&P CoreLogic Case-Shiller 20-city price index posted a 9.1% year-over-year gain in November, up from 8% the previous month. The Conference Board said its index of consumer confidence rose to 89.3 this month from a revised 87.1 in December.
It isn’t just GameStop: Here are some of the other heavily shorted stocks shooting higher
The dynamic that has seemingly contributed to a short squeeze in the stock of videogame retailer GameStop Corp. also appears to be affecting shares in a host of other heavily shorted companies. The company conducted another at-the-market offering of 50 million shares Monday, he said. The stock skyrocketed 132% on Monday on volume of 358.6 million shares on Monday, both one-day records, breaking the previous records set on Friday with a 53% gain on volume of 77.3 million shares. In comparison, the full-day average volume over the past 30 days has been 18.9 million shares. Volume topped 44.2 million shares, putting it on pace to pace Friday’s total.
3M, IBM share gains lead Dow's 31-point jump
The Dow Jones Industrial Average is up Tuesday afternoon with shares of 3M and IBM delivering the strongest returns for the blue-chip average. Shares of 3M MMM, +3.04% and IBM IBM, +2.77% have contributed to the index's intraday rally, as the Dow DJIA, +0.05% was most recently trading 31 points, or 0.1%, higher. 3M's shares have climbed $5.35, or 3.1%, while those of IBM have risen $3.02 (2.5%), combining for an approximately 57-point bump for the Dow. Also contributing significantly to the gain are Johnson & Johnson JNJ, +2.48% , Walgreens Boots WBA, +1.67% , and Microsoft MSFT, +1.65% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Another GameStop? Here Are the Next 10 Most Shorted Small-Caps.
But the biggest reason the shares have more than doubled in 2021 is the extraordinarily high short interest in the stock. On its face, high short interest looks bad for a stock. With that in mind, we pulled the 10 stocks in the Russell 2000, an index of small-caps, with the highest short interest. Small Stocks with High Short Interest GameStop and 10 other stocks that ended 2020 with the highest short interest in the Russell 2000 *Change in the percentage of the float that was borrowed for short bets compared to the prior period. Despite losing an estimated $5 billion in 2021 so far, GameStop short sellers don’t seem dissuaded.
Polaris Is Upbeat on 2021. It’s a Good Sign for These Stocks.
Polaris Industries delivered a blowout fourth quarter, capping a surprisingly good year for recreational motor sports. Looking ahead, Polaris expects 2021 sales and per-share earnings of more than $8 billion and about $8.60, respectively. The solid earnings, 2021 outlook, and stock-price move are good signs for other recreational stocks. On the list are the boat maker Brunswick (BC), RV maker Winnebago Industries (WGO), and even Yeti Holdings (YETI), among others. “Electrification isn’t a gimmick,” said Speetzen when asked about the opportunity for Polaris in off-road, recreational, EVs.
Student Loan Refinance Rates Hit Record Lows — Here’s How You Can Save
Student loan refinancing rates have fallen since AprilThe Federal Reserve has responded to the coronavirus pandemic by slashing interest rates to record lows. From 2006 to 2021, the average interest rate for undergraduate students was 4.66%, and the average interest rate for graduate students was 6.22%. How to refinance a student loanIf you decide to refinance student loans, follow these three steps:1. Compare student loan refinance lendersEach refinancing lender has its own rates, term, and approval requirements. Loss of federal benefits: If you refinance federal student loans, you’ll lose access to federal benefits and protections.
Gold futures tally a fourth straight session decline
Gold futures logged a fourth straight fall on Tuesday, marking the longest stretch of consecutive losses since the five-session decline ended on April 30, FactSet data show. The Federal Reserve will conclude its two-day meeting with a statement on monetary policy Wednesday. Monetary accommodation will be "the predominant theme for the time being, especially while Covid and its economic consequences are felt," Stephen Flood, director of bullion services at GoldCore in Dublin, told MarketWatch. "A potential vicious rise in new Covid variant U.S. cases in February/March may test the broader economy and, as such, rumoured 'taper talk' may prove premature at this stage," he said, implying potential support for gold. February gold GCG21, -0.32% fell $4.30, or 0.2%, to settle at $1,850.90 an ounce.
Workhorse Stock Is Surging Because of a Marketwide Short Squeeze
The short seller’s gross profit is the difference between the price shares were sold at and the price shares were purchased later. When the stock surges because short sellers are buying the stock to cover their bets, it is an event known as a “short squeeze.”GameStop is the new poster child for short squeezes. The average stock in the Dow Jones Industrial Average has less than 2% of total shares available for trading sold short. The USPS bid was part of the reason Barron’s recently wrote positively about Workhorse stock. Since that article appeared in July Workhorse stock is up about 95%, far better than comparable gains of the S&P 500 and Dow.
Mortgage Rates Keep Sinking — Why It Might Be a Good Time to Refinance Your Home Now
In the past few months, mortgage interest rates have continued to drop, driven by the coronavirus pandemic and reduced Fed interest rates. As of January 21, 2021, 30-year fixed-rate refinance rates dropped to 2.625%, while rates for 15-year fixed-rate refinance loans fell to 1.875%, a new 107-day low. With mortgage refinance rates reaching historic lows, refinancing your home loan might save you a substantial amount of money. Learn More: How to Refinance Your Mortgage in 6 Easy StepsShould I refinance now or hold out for lower rates? Refinance loans that are over $125,000 are subject to this new fee, while refinance loans equal to or less than $125,000 are exempt.
America’s billionaires could pay for most of Biden’s coronavirus response plan with just their pandemic profits
This is rich: America’s billionaires have earned enough money during the pandemic to pay for all of the working family relief in President Joe Biden’s coronavirus response plan. That windfall covers more than half of Biden’s proposed $1.9 trillion coronavirus relief package, which some Republican lawmakers are calling too expensive as Congress works to negotiate a deal. The Bloomberg Billionaires Index reported that the 500 richest people in the world added a record $1.8 trillion to their combined net worth last year. And the pandemic continues to rage on, with more than 25 million Americans infected by the coronavirus, and over 421,000 killed. “Billionaires are reaping unseemly windfalls of wealth during the pandemic,” Chuck Collins of the Institute for Policy Studies said in a statement.
U.S. oil futures end lower ahead of weekly data on U.S. petroleum supplies
U.S. oil futures ended lower on Tuesday as traders assessed risks to global crude supplies and demand, ahead of weekly data on domestic petroleum inventories. The American Petroleum will issue its supply data late Tuesday, followed by official data from the Energy Information Administration early Wednesday. On average, analysts expect the EIA to report a decline of 1.7 million barrels in crude supplies for the week ended Jan. 22, according to a survey conducted by S&P Global Platts. They also forecast a weekly climb of 1.2 million barrels in gasoline stockpiles and a decline of 800,000 barrels for distillate inventories. Ahead of the data, March West Texas Intermediate crude CLH21, -0.38% fell 16 cents, or 0.3%, to settle at $52.61 a barrel on the New York Mercantile Exchange.
Tesla's report could trigger $7 billion payout to Musk
That’s a record for AAPL, of course, and may have been assisted by holiday sales of its new iPhone 12. The Numbers Wall Street analysts expect AAPL revenue to jump 12% year-over-year to about $103 billion, according to FactSet. “In our view, the iPhone 12 has been Apple’s most successful product launch in the last five years,” they said. AAPL reported iPhone sales of $26.4 billion in fiscal Q4, below the $27.73 billion expected by the Street. AAPL Earnings And Options Activity AAPL is expected to report an adjusted EPS of $1.41, up from $1.25 in the prior-year quarter, according to third-party consensus analyst estimates.
Student loan refinancing rates tick up slightly from last week's record low
Borrowers with excellent credit seeking to refinance student loans during the week of January 18, 2021 prequalified for rates that were slightly higher than last week's record low for fixed-rate loans. If you're curious about what kind of student loan refinance rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. Current student loan refinancing rates by credit scoreIf you qualify for student loan refinancing, the interest rate you may be offered can depend on factors like your credit score, the type of loan you’re seeking (fixed or variable rate), and the loan repayment term. Because each lender has its own method of evaluating borrowers, it’s a good idea to request student loan refinancing rates from multiple lenders so you can compare your options. You can use Credible to compare student loan refinancing rates from multiple private lenders at once without affecting your credit score.
3 major home insurance mistakes to avoid
Revisiting your home insurance policy to make sure you’re getting the best deal and that your home is properly covered makes good sense. That’s why it’s important to visit Credible to explore your home insurance options and avoid these three main home insurance mistakes. Not having enough insurance coverage Not having the appropriate coverage in advance Not having natural disaster insurance1. Unlike actual cash value insurance, when a tragedy happens, replacement cost insurance will replace your belongings at their current value. Not sure what type of policy or how much homeowners insurance you need, or to make sure you avoid any mistakes when signing up for a new policy, check out Credible today to explore all of your home insurance options.
'Glue' keeping US together amid COVID 'owed' pay increase, Rep. Debbie Dingell says
Rep. Debbie Dingell, D-Mich., stressed on Tuesday that the “glue” that is keeping America together amid the coronavirus pandemic is “owed” a pay increase. Dingell stressed on Tuesday that the higher wages are justified for essential workers who “kept this society going” during the pandemic. “I want you to look at who the glue has been of keeping this country together since we went into shutdown mode over COVID last March,” Dingell said. But according to a recent analysis published by the Congressional Budget Office (CBO), a nonpartisan agency, as many as 3.7 million workers could lose their jobs as a result of the minimum wage increase. At the same time, the CBO projects that some 17 million workers would receive a pay boost.
Ranpak Holdings May Double or More in 2021
In addition to packaging supplies, Ranpak also provides automation systems for e-commerce operations to help them ship more boxes, more efficiently. Ranpak also invests in materials science, hoping to one day replace styrofoam, plastics and other non-sustainable materials. PACK is in an uptrend above the rising 50-day moving average line as well as above the rising 200-day moving average line. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line. In the limited weekly bar chart of PACK, below, we can see that the shares are in an uptrend above the rising 40-week moving average line.
Will Tesla's Cybertruck Join the US Government's Fleet?
Plus, Speaker of the House Nancy Pelosi discloses investment in Tesla options. For all of today's Tesla news, please see the included video. ? TSLA stock at all-time high close, briefly crosses $900 per share? Speaker of the House Nancy Pelosi discloses purchase of TSLA call options? Biden administration reportedly seeks to declare climate as a matter of national security, proposes converting federal government vehicle fleet to electric (https://d2d.gsa.gov/report/federal-fleet-open-data-visualization)? Baird ups TSLA price target, discusses “Company X” holding company? Musk tweets about autonomy, pokes back at Waymo? Sandy Munro offers observations on a different 2021 Model 3? New photo of Model Y rear underbody casting? Model S spotted testing---Disclosure: Rob Maurer is long TSLA stock and derivatives.
Canopy Growth Rises on CBD Pet Product Deal With Martha Stewart
Canopy Growth and Martha Stewart have joined to market 'scientifically backed CBD wellness solutions for canines.' Canopy Growth (CGC) - Get Report shares rose Tuesday after the cannabis company said it partnered with Martha Stewart to produce a line of cannabidiol products for dogs. Canopy calls Martha Stewart CBD for Pet "a new line of scientifically backed CBD wellness solutions for canines developed by" the executive, designer and author "with her own beloved dogs in mind.”The stock of Canopy Growth, Smith Falls, Ontario, recently traded at $35.28, up 7.2%. Tilray Jumps on Supply Accord for France Cannabis StudyThe product packaging is inspired by Stewart's chow chows and French bulldogs. The products are customized for daily use in dogs of all sizes and ages, Canopy said.
Stock Market Today With Jim Cramer: General Electric Cash Flow
Jim Cramer discusses the latest stock market news including Beyond Meat and PepsiCo's winning partnership and General Electric and Johnson & Johnson earnings. TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Beyond Meat and PepsiCo's winning partnership and General Electric and Johnson & Johnson earnings. Johnson & Johnson: Buy Or Sell? Cramer said investors should hold on to Johnson & Johnson stock and not sell it.
More apartments on the way at West Dallas mixed-use project
Developers are ready to kick off the next phase of a successful West Dallas mixed-use projectStonelake Capital Partners is building the 25-acre Trinity Green community on Singleton Boulevard west of Sylvan Avenue. Now Austin-based Stonelake Capital is ready to start another 490-unit rental community in the project. “We are excited about the success of Trinity Green and the momentum that Trinity Green has created for residential development in West Dallas,” Coleman Brown, Partner for Stonelake Capital Partners, said in a statement. The first two rental communities in Trinity Green were the 355-unit Austin apartments and a 324-unit multifamily community called Los Altos Trinity Green. West Dallas and nearby neighborhoods are adding hundreds of new apartments in the area west of downtown Dallas.
Union membership falls in New York for the third year
However, local labor experts and union activists said there are about 250,000 union members in Nassau and Suffolk counties. "New York State continues to be among the states with the highest union membership rates in the country," said Mario Cilento, president of the state AFL-CIO, an umbrella group of union locals. She attributed more than half the gain in the rate of union membership to job losses among nonunion workers. In New York, union membership has fluctuated a lot since 2013. Union membership dropped by 96,000 in 2016, increased by 58,000 in 2015, dropped by 6,000 in 2014 and increased by 145,000 in 2013.
US stocks muted as investors weigh earnings, COVID-19
Ken Sweet and Damian J. TroiseAssociated PressNew York – Stocks were muted in afternoon trading on Wall Street Tuesday, as investors weighed solid corporate earnings results against concerns about the virus pandemic. Investors are in the midst of quarterly earnings reporting season for U.S. companies, and this is the busiest week so far. Dozens of large companies are reporting this week, from all parts of the economy, including American Express, J&J, Apple, GE and others. More than 100 companies in the S&P 500 are scheduled to tell investors this week how they fared during the last three months of 2020. As a whole, analysts expect S&P 500 companies to say their fourth-quarter profit fell 5% from a year earlier.
Ex-Macomb prosecutor Smith to appear for plea hearing in obstruction case
Former Macomb County Prosecutor Eric Smith is scheduled to appear Wednesday morning in U.S. District Court for a plea hearing in a corruption case involving alleged misuse of county forfeiture funds. He is the highest-ranking public official charged in a crackdown on public corruption in Macomb County. In the state case, Smith and three others were accused of participating in a scheme to embezzle $600,000 in county forfeiture funds. Federal prosecutors want Smith to serve a prison sentence. Former county Public Works Commissioner Anthony Marrocco is awaiting trial on federal corruption charges.
Stellantis, Tesla among automakers to receive European aid for battery innovation
The European Union's executive body on Tuesday approved $3.5 billion in state aid to support the European Battery Innovation project supporting work at a few dozen automakers, including Stellantis NV and Tesla Inc. The funds from 12 member countries will support developments in every step of the battery ecosystem from raw material extraction to design and manufacturing to recycling and disposal, according to the European Commission. Germany is coordinating the project along with other nations including Finland, France, Italy, Poland and Spain. The European Union aims to reach climate neutrality by 2050 under its European Green Deal. It is seeking to reduce reliance on Asian battery producers and increase domestic production to meet the auto industry's demands.
Levi’s first home collection deepens Target relationship
Anne D'InnocenzioAssociated PressNew York – Jeans maker Levi Strauss & Co. is deepening its partnership with Target Corp. by launching its first-ever home collection at the discount chain. Levi’s limited time only 100-item collection of denim-inspired tableware, quilts, pillows and other items will be launched on Target’s website and most Target stores on Feb. 28. Target started selling Levi’s Denizen low-price brand in 2011 and then began carrying its premium Red Tab brand in 2019. For Target, it’s the latest strategic partnership with a major brand and comes as Target extends its strong sales streak through the pandemic. “This is unexpected Levi’s stuff that they are going to find inside Target, and it’s going to surprise and delight them,” Bergh said.
No-fly list: Southwest last to ban emotional-support animals
Associated PressDallas – Emotional-support animals are no longer free to roam about the cabin on Southwest Airlines either. The airline said Monday that it will let passengers bring trained service dogs in the cabin, but it will no longer accept support animals, starting March 1. The move follows a Transportation Department decision to reverse a yearslong regulation and let airlines ban animals that owners claim provide emotional support. Airlines said some passengers abused the old rules to avoid pet fees. Southwest is the last of the nation’s six largest airlines to change its animal policy after the Transportation Department action.
Biden's Commerce pick, Raimondo, voices tough line on China
WASHINGTON (AP) — President Joe Biden’s pick to oversee the Commerce Department took a tough line on China in her confirmation hearing Tuesday, though she stopped short of singling out which Chinese companies should remain on a list that limits their access to advanced U.S. technology. Gina Raimondo, a former venture capitalist, would be responsible for promoting opportunities for economic growth domestically and overseas. Raimondo focused her testimony before a Senate panel Tuesday on the need to help those sectors of the economy and the workers hit hardest by the coronavirus pandemic. “COVID has shined a light on the inequities in our economy,” Raimondo said. “The president has been very clear, we’re going to build back better and more equitably, and I strongly support that.”
Levi's first home collection deepens Target relationship
NEW YORK (AP) — Jeans maker Levi Strauss & Co. is deepening its partnership with Target Corp. by launching its first-ever home collection at the discount chain. Levi's limited time only 100-item collection of denim-inspired tableware, quilts, pillows and other items will be launched on Target's website and most Target stores on Feb. 28. Target started selling Levi's Denizen low-price brand in 2011 and then began carrying its premium Red Tab brand in 2019. It will be expanding the Red Tab brand to 500 stores by fall of this year. Target CEO Brian Cornell and Levi's CEO Chip Bergh told The Associated Press they believe the Levi products, which also include some clothing, will be collectors' items.
NYC pension funds to divest $4 billion from fossil fuels
NEW YORK (AP) — New York City officials announced this week that two pension funds for city workers will divest an estimated $4 billion in securities related to fossil fuel companies in order to promote clean energy use. “The divestment from fossil fuels is possible and necessary,” said City Comptroller Scott Stringer, who joined Mayor Bill de Blasio at a video briefing on Tuesday. And we are putting our money where our mouth is.”De Blasio and Stringer announced Monday that the boards of the New York City Employees’ Retirement System, worth $91.4 billion, and the New York City Teachers’ Retirement System, worth $77.4 billion, had voted to approve fossil fuel divestment. A third pension fund, the New York City Board of Education Retirement System, is expected to vote for divestment soon. “Fossil fuels are not only bad for our planet and our frontline communities, they are a bad investment,” de Blasio said in announcing the pension funds' actions.
Biden's Day 7: President to pause oil drilling on public lands; Blinken confirmed to lead State
Today is Day 7 of the Biden presidency. Two people with knowledge of Biden’s plans outlined the proposed moratorium, which will be announced Wednesday. They asked not to be identified because the plan has not been made been public; some details remain in flux. The moratorium is intended to allow time for officials to review the impact of oil and gas drilling on the environment and climate. Read more:IN OTHER BIDEN NEWS
$110 million approved for Kentucky Lock and Dam project
The U.S. Army Corps of Engineers has approved $110 million for the Kentucky Lock and Dam project in its annual budget, per the request of Sen. Mitch McConnell, his office said. "The Army Corps’ Work Plan will reinvest in our Commonwealth’s vital infrastructure, promoting economic growth and supporting our maritime workers." However, it is hard to pinpoint exactly how much will be needed to complete the project, said Project Manager Don Getty. Getty said the Army Corps of Engineers expects to award the contract before September, and construction will probably start in December. For subscribers:How the COVID-19 pandemic changed flu season in Kentucky and beyondIn addition, $8.75 million will go toward improvements at the Rough River Lake Dam in Western Kentucky.
Ports sound warning over fresh freight delays
The BPA said although reports of delays were anecdotal, with delays often varying with the size of ports receiving freight, the association was closely monitoring the situation. The Road Haulage Association (RHA) said new red tape resulting from Britain leaving the EU meant delays had soared. Foreign hauliers have also jacked up rates they charge to mitigate the cost of potential delays or not taking return loads. Problems could be compounded by the recent worldwide shortage of shipping containers created when Covid upset cargo vessels’ sailing schedules and crew changes. This resulted in shipping containers building up in Europe and the US, with not enough to ferry goods from China.
How dare they accuse AstraZeneca of deliberately dishonouring the EU
The European Commission’s complaint against AstraZeneca is instructed more by the need to find scapegoats for its own failings as anything else. Allegations that AZ is deliberately prioritising UK and US markets are essentially just sour grapes. These are not the characteristics of a company that prioritises the UK and other favoured Western markets over the EU and the developing world. Disparities in supply are explained entirely by teething troubles in the plants that service the European market. Admittedly, the sense of British triumphalism, repeatedly expressed by ministers, over vaccine strategy – with the worst per capita death rate in the world, they have got to have something to crow about – hasn’t helped matters.
Zoom down: Internet outage knocks out popular apps across East Coast
Numerous internet-users on the East Coast reported problems accessing popular apps like Gmail, Slack, Zoom, and YouTube on Tuesday, throwing a wrench in attempts to work or attend school from home amid the pandemic. Downdetector, a crowd-sourced site which tracks tech problems, reported spikes in issues with Verizon, Gmail, Zoom, YouTube, and cloud provider Amazon Web Services, all concentrated on the East Coast. On Twitter, which many were still able to access, users reported the problems in real time, with some suspecting the root was Verizon Fios high-speed internet. “PWCS is aware of internet connection problems with Verizon FIOS impacting students and staff,” Prince William County Public Schools, in Virginia, posted on Tuesday morning. “Verizon’s Internet is out on the east coast and my whole office is down,” wrote another Twitter user.
'Sick of Zoom': Teachers and students rally in France for more virus support
Students rally in Paris on January 26, 2021, urging the government to reopen university campuses and provide more financial support. French schoolteachers and university students staged nationwide strikes and protests on Tuesday as they joined forces to demand more government support amid the pandemic. “Sick of Zoom!” chanted university students, frustrated that they've been barred from campuses since October. Teachers unions, who are negotiating with the government for improved conditions, want higher salaries and for the government to hire more educators after years of cost cuts. The education ministry said about 12% of teachers nationwide took part in Tuesday's strike, though unions said the figure was higher.
Ikea will open second store in Puebla city next year
Although it has yet to open a physical store in Mexico, a second Ikea store will open in the city of Puebla sometime in the first six months of 2022. The Mexico City store was originally scheduled to open last fall but was delayed by Covid-19. The Mexico City store is scheduled to open in the Encuentro Oceania mall in the first quarter of this year. Currently, the only way to purchase Ikea México products is via its e-commerce website, which was launched in October. However, the website is currently only able to deliver to customers in Mexico City and some municipalities in México state.
Rio Tinto and BHP battle Apache tribes to build North America's biggest copper mine at sacred Oak Flat site
Rio Tinto still dealing with fallout from Juukan Gorge destructionThe aftermath of a massive explosion which blew up WA's Juukan Gorge caves. Last month, the PKKP said Rio Tinto had taken steps to address the hurt and devastation caused by the destruction of the Juukan Gorge caves. ( Supplied: Rio Tinto )The PKKP says it has noted the appointment. "Juukan Gorge has taken its toll on many of us and, understandably, many of you are disappointed and feel let down," he said. Dr Nosie agrees having traditional owners on the Rio board is important, as long as it is not tokenism.
De Blasio, Stringer hail city pension divestment from fossil fuel firms
Mayor Bill de Blasio celebrated action on the city’s long-discussed plans to divest employee pension fund investments from fossil fuel firms in a push for a “green energy”-backing local economy. “In New York City, we don’t just talk about fighting climate change — we put our money where our mouth is. Our city pension funds are divesting $4 billion from fossil fuels that are bad for our city, for our residents, and a bad investment. Stringer called the move “one of the largest divestments in the world” from fossil fuels. “Super powerful to hear New York City’s union leaders explaining why they are divesting their pension funds from fossil fuels,” he said.
Janet Yellen Sworn in as Treasury Secretary: Live Updates
ET Janet Yellen Sworn in as Treasury Secretary: Live Updates RIGHT NOW European leaders announce a $3.5 billion push to grab a slice of the emerging market for car batteries. Janet Yellen, the first woman to be Treasury secretary, is sworn in by the first woman to be vice president. Video Janet L. Yellen made history on Tuesday, after being sworn in as the first woman to serve as Treasury secretary. Ms. Yellen is the nation’s 78th Treasury secretary and the first woman to assume that role in the institution’s 232-year history. Standing outside the White House, Ms. Yellen took the oath of office with her husband, the economist George Akerlof, and her son by her side.
BlackRock’s Larry Fink urges companies to plan for climate change
Larry Fink is telling companies he invests in to show him how they will combat climate change — or else. “We are asking you to disclose how this plan is incorporated into your long-term strategy and reviewed by your board of directors,” Fink writes. The request appears to mostly apply to BlackRock’s actively managed funds, which make up roughly a quarter of the fund’s portfolio. Deese, 42, was BlackRock’s global head of sustainable investing, a role that put him in control of the fund’s climate change investment policies. He is now the president’s chief economic advisor and will play a key role in shaping federal ESG policies and regulations.
Shift to electric vehicles spurs bid to make more batteries in US
The auto industry’s quickening shift to electric cars is spurring investment in another emerging industry in the U.S.: manufacturing lithium-ion batteries for those vehicles. Much of that money will be used to build a factory in the U.S. for making battery materials, he said. Industry executives and lawmakers say the U.S. needs to reduce its reliance on China if it wants to lower costs and remain competitive in making electric vehicles and their batteries domestically. And yet, there is currently little production in the U.S. for critical battery materials such as lithium and graphite. The factory, when finished, is expected to make enough materials to supply batteries in more than one million cars annually, he said.
Biden to ban new permits for drilling on federal lands, waters for one year
The Biden Administration is set to extend a ban on new leases for oil and gas drilling and fracking on federal lands and waters for one year as it attempts to combat climate change, a source told FOX Business. Continue Reading BelowThe decision comes days after President Biden signed an executive order that putting drilling and fracking on hold for 60 days. Biden on the campaign trail called for the U.S. to phase out its dependence on fossil fuels. BUTTIGIEG DEFENDS BIDEN KILLING KEYSTONE XL PIPELINE AMID CRITICISM FROM UNIONS“I would transition away from the oil industry,” Biden said at a presidential debate in October. A fracking ban on federal lands would deliver a devastating blow to the U.S. economy, according to the American Petroleum Institute.
Over 8M Americans have fallen into poverty as COVID-19 relief benefits expired
More than 8 million Americans fell into poverty over the past six months as social safety measures put into place at the start of the coronavirus pandemic expired, according to a new study published this week. The aid package included a temporary expansion of unemployment benefits at $600 a week and a one-time $1,200 stimulus check for most adults. The $900 billion bill included a second cash payment of $600 for most adults and an extension of federal unemployment benefits through mid-March. The disparity is even greater among minorities, according to the study, which found that poverty rose 5.4 percentage points for Black Americans since June. Almost 70 million Americans, or about 40% of the labor force, have filed for unemployment benefits during the pandemic.
Bullish call on this big bank
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBullish call on this big bankCNBC's Rahel Solomon and the "Halftime Report" traders discuss a bullish analyst call on Bank of America.
Why this trader is underweight 10-tear treasury note
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy this trader is underweight 10-tear treasury noteCNBC's Scott Wapner discusses the10-year futures trade with Bill Baruch of Blue Line Futures and Brian Stutland of Equity Armor Investments.
Texans' Michael Thomas on his mission to teach others about money
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTexans' Michael Thomas on his mission to teach others about moneyCNBC's "Halftime Report" is joined by the Houston Texans' Michael Thomas to discuss his efforts to extend financial literacy education for young people.
Vimeo CEO Anjali Sud on raising $300M of equity
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVimeo CEO Anjali Sud on raising $300M of equityAnjali Sud, Vimeo CEO, joins 'Squawk Alley' to discuss the company's growth and recent round of funding.
'Where you wanna be is where Microsoft is': Investor
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Where you wanna be is where Microsoft is': InvestorCNBC's "Halftime Report" team discusses what they think of Microsoft ahead of its earnings report, and how they view the tech sector.
Final Trades: Visa, Morgan Stanley, Thermo Fisher & more
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Visa, Morgan Stanley, Thermo Fisher & moreThe "Halftime Report" traders give their top picks to watch for the second half.
Janet Yellen confirmed as Treasury secretary, and 1 out of 5 renters are behind on payments: How the headlines can affect your money
Markets were mixed on Monday, Janet Yellen is confirmed as Treasury secretary, and 18% of renters are behind on payments. Markets start off week mixedMarkets were mixed Monday: The S&P 500 and the Nasdaq both closed on record highs while the Dow dipped 0.1%. Investors await quarterly earnings reports from some big players this week, including Apple, Microsoft, Netflix, Tesla, and McDonald's. Janet Yellen confirmed as Treasury secretaryThe first woman to lead the Federal Reserve, Janet Yellen made history again on Monday when she was confirmed as Treasury secretary in an 84-15 Senate vote. Video by Jason ArmestoNearly 20% of renters behind on rentAbout 1 in 5 renters (18%), or around 10 million people, were behind on rent payments as of January.
There's no euphoria in markets right now: Neil Hennessy
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's no euphoria in markets right now: Neil HennessyCNBC's Will Frost breaks down the latest earnings reports and guidance with the Hennessy Fund's Neil Hennessy.
Lockheed Martin CEO: Mega trends support stable defense budget
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLockheed Martin CEO: Mega trends support stable defense budgetCNBC's Morgan Brennan reports on her conversation with Lockheed Martin's CEO Jim Taiclet about the defense budget, its earnings report and guidance.
Here’s a list of the most shorted stocks that could be targets for the Reddit crowd
The relentless rally in GameStop is telling Wall Street that average Joe day traders can't be underestimated. An army of retail investors cheered each other on in the "wallstreetbets" Reddit forum with more than 2 million subscribers, piling into GameStop's stock and options. The buying frenzy has prompted GameStop shares to quadruple in the past two weeks, inflicting huge losses for short sellers in the name. The Reddit crowd has already spotted other popular short targets by hedge funds, including Bed Bath & Beyond, pushing stocks higher. Here are other names they could go after:
Italy's Enel joins race for U.S. utility PPL's British unit: sources
LONDON (Reuters) - Europe’s biggest utility Enel is considering joining the race for British power utility Western Power Distribution (WPD), as part of a consortium advised by investment bank Rothschild, two sources close to the matter said. FILE PHOTO: A logo of Italian multinational energy company Enel is seen at the Milan's headquarter, Italy, February 5, 2020. Enel declined to comment on its interest in WPD. Spanish energy group Naturgy, which was reported to be considering teaming up with Germany’s Allianz, has refrained from expressing an interest, the two sources said. WPD delivers electricity to about eight million customers across central and southwest England, and south Wales, according to its website.
IMF economist backs increase in U.S. minimum wage, sees argument for slow phase-in
FILE PHOTO: Gita Gopinath, Economic Counsellor and Director of the Research Department at the International Monetary Fund (IMF), speaks during a news conference in Santiago, Chile, July 23, 2019. REUTERS/Rodrigo GarridoWASHINGTON (Reuters) - The International Monetary Fund supports an increase in the U.S. federal minimum wage to reduce poverty and inequality, but sees an argument for phasing the higher rate in slowly to gauge the impact on employment, the IMF’s chief economist said on Tuesday. The United States was still in an “emergency situation” with regard to the pandemic, and should accelerate vaccinations and testing, as well as targeted support to households and businesses, Gita Gopinath told Reuters in an interview.
Biden's new climate orders to include pause on federal oil and gas leasing - sources
The orders will impact large swathes of acreage onshore in mostly Western states, as well as offshore drilling acreage located mainly in the U.S. Gulf of Mexico. Tribal lands, which host significant reserves of oil and gas, were not included in the Interior Department order, and will not be included in Biden’s executive order either, according to the sources. Biden’s other climate-related executive orders on Wednesday will also include beefing up the use of climate science in policy decisions and setting up an international summit on climate change for April, according to a memo seen by Reuters last week. The push to end new federal drilling marks an easy target for the new administration: roughly a quarter of the nation’s greenhouse gas emissions can be linked back to fossil fuels produced in federal lands and waters. Oil-dependent states and oil industry representatives have expressed concerns about the potential drilling ban.
Kimmeridge launches proxy fight for seats on Ovintiv board
(Reuters) - Kimmeridge Energy Management Co on Tuesday launched a proxy fight against Ovintiv Inc to win three seats on the oil producer’s board. The private investment firm urged Ovintiv to alter its capital spending, focus on governance and said that the board had allowed Ovintiv to become an environmental laggard, trailing peers on key environmental metrics. Kimmeridge has nominated its founder Ben Dell, Cambiar Investors’ Katherine Minyard and Columbia University research scholar Erin Blanton as independent directors to Ovintiv’s board. Ovintiv, responding to the Kimmeridge notice, said it will carefully review the nominations. Earlier this month, Kimmeridge had urged Ovintiv to focus on capital allocation, management compensation issues and establishing environmental strategy.
Janet Yellen sworn in as first woman Treasury secretary
Vice President Kamala Harris participates in a swearing-in ceremony with Treasury Secretary Janet Yellen and Yellen's husband George Akerlof, Tuesday, Jan. 26, 2021, at the White House in Washington. (AP Photo/Patrick Semansky)Vice President Kamala Harris participates in a swearing-in ceremony with Treasury Secretary Janet Yellen and Yellen's husband George Akerlof, Tuesday, Jan. 26, 2021, at the White House in Washington. (AP Photo/Patrick Semansky)WASHINGTON (AP) — Janet Yellen was sworn in Tuesday as the nation’s 78th Treasury secretary and the first woman to hold the office. She was sworn in by Vice President Kamala Harris at a ceremony performed outside on the East Landing of the White House with a view of the Treasury Department that Yellen will lead. Yellen’s husband, George Akerlof, winner of the 2001 Nobel prize in economics and their son Robert, also an economist, were present for the brief ceremony.
This is the best time of year to get a mortgage
If you’re playing the waiting game with mortgage rates, you may not want to wait much longer. The cooler weather, in general, brings out lower mortgage rates, with December and February being the next-cheapest months based on the Haus study. When examining for seasonality in mortgage rates, the company controlled for other characteristics, including the borrowers, size of the loan and the property. Although mortgage rates have risen from the record low set right before the New Year, they remain extremely low by historical standards. “The cost of paying someone to originate a loan is the same for a $500,000 mortgage as it is for a $100,000 mortgage, but the latter provides less of a return to the mortgage originator than the former,” McLaughlin said.
Judge Orders Sex Tapes Allegedly Of Patriots Owner Robert Kraft Destroyed
Judge Orders Sex Tapes Allegedly Of Patriots Owner Robert Kraft DestroyedEnlarge this image toggle caption Elsa/Getty Images Elsa/Getty ImagesA federal judge in Florida has ordered that videos which allegedly show Robert Kraft, the owner of the New England Patriots, paying for sex must be destroyed. As the South Florida Sun-Sentinel reported in September, "A three-judge panel found the warrants violated a federal law that requires police to minimize the intrusion of the cameras and focus only on crimes. Kraft's attorneys had been pushing for the videos to be destroyed, as the 79-year-old billionaire was worried the videos would be circulated on the Internet. On Friday, U.S. District Judge Rodolfo A. Ruiz II ruled that the videos must be destroyed, because the police surveillance was unlawful, the Sun-Sentinel reported. The case, in U.S. District Court for the Southern District of Florida, is John Doe v. Town of Jupiter Police Dept.
GameStop stock has another volatile trading day, with more price spikes and trading halts
GameStop Corp. shares experienced another volatile session and trading halts Tuesday, continuing a battle between short sellers and traders that gather on an internet message board. GameStop GME, +47.12% shares were halted at 12:50 p.m. Eastern time Tuesday for about six minutes, the second trading halt of the day’s session, as the stock price lurched to an intraday high of $114.24. Shares declined immediately after the halt, but then experienced another surge less than an hour later that pushed prices as high as $124.58. Read also: How an options-trading frenzy is lifting stocks and stirring fears of a market bubble
This is the best time of year to get a mortgage
If you’re playing the waiting game with mortgage rates, you may not want to wait much longer. The cooler weather, in general, brings out lower mortgage rates, with December and February being the next-cheapest months based on the Haus study. When examining for seasonality in mortgage rates, the company controlled for other characteristics, including the borrowers, size of the loan and the property. Although mortgage rates have risen from the record low set right before the New Year, they remain extremely low by historical standards. “The cost of paying someone to originate a loan is the same for a $500,000 mortgage as it is for a $100,000 mortgage, but the latter provides less of a return to the mortgage originator than the former,” McLaughlin said.
McDonald’s earnings: Improvements made during COVID-19 in 2020 will bolster 2021
Read: McDonald’s, Shake Shack among the restaurant chains kicking off 2021 with new menu additionsKeyBanc rates McDonald’s stock overweight with a $235 price target. MKM rates McDonald’s stock buy with a $255 price target. Stock price: McDonald’s shares are down 4.5% over the last three months, but have gained 1.4% over the past year. UBS rates McDonald’s stock buy with a $240 price target. Kalinowki rates McDonald’s stock buy with a $273 price target.
3M, Johnson & Johnson share gains contribute to Dow's 38-point climb
Shares of 3M and Johnson & Johnson are trading higher Tuesday afternoon, sending the Dow Jones Industrial Average into positive territory. Shares of 3M MMM, +3.43% and Johnson & Johnson JNJ, +2.62% are contributing around a quarter of the blue-chip gauge's intraday rally, as the Dow DJIA, +0.12% is trading 38 points higher (0.1%). 3M's shares are up $5.97, or 3.5%, while those of Johnson & Johnson are up $4.48, or 2.7%, combining for an approximately 71-point boost for the Dow. Also contributing significantly to the gain are IBM IBM, +2.37% , Walgreens Boots WBA, +1.61% , and Microsoft MSFT, +1.58% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
GameStop stock has another volatile trading day, with more price spikes and trading halts
GameStop Corp. shares experienced another volatile session and trading halts Tuesday, continuing a battle between short sellers and traders that gather on an internet message board. GameStop GME, +47.27% shares were halted at 12:50 p.m. Eastern time Tuesday for about six minutes, the second trading halt of the day’s session, as the stock price lurched to an intraday high of $114.24. Shares declined immediately after the halt, but then experienced another surge less than an hour later that pushed prices as high as $124.58. Read also: How an options-trading frenzy is lifting stocks and stirring fears of a market bubble
McDonald’s, Starbucks Report Earnings This Week. Why the Numbers Might Not Matter.
With earnings season underway, Starbucks will lead off major restaurant results this afternoon, followed by McDonald’s later this week. Yet for many investors, the numbers might not matter so much. “Right now these names are frankly just boring,” he says, in contrast to companies that have seen triple-digit surges. “Maybe McDonald’s and Starbucks have an opportunity to be a safe hideout, but the onus is on them,” he argues, to steer investors past what’s likely to be another pandemic-impacted quarter to brighter days ahead. That said, he’s upbeat about both stocks heading into earnings, more so McDonalds, because of this disconnect between fundamentals and the recent stock price.
3M, Johnson & Johnson share gains contribute to Dow's 38-point climb
Shares of 3M and Johnson & Johnson are trading higher Tuesday afternoon, sending the Dow Jones Industrial Average into positive territory. Shares of 3M MMM, +3.43% and Johnson & Johnson JNJ, +2.64% are contributing around a quarter of the blue-chip gauge's intraday rally, as the Dow DJIA, +0.12% is trading 38 points higher (0.1%). 3M's shares are up $5.97, or 3.5%, while those of Johnson & Johnson are up $4.48, or 2.7%, combining for an approximately 71-point boost for the Dow. Also contributing significantly to the gain are IBM IBM, +2.37% , Walgreens Boots WBA, +1.57% , and Microsoft MSFT, +1.54% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
This is the best time of year to get a mortgage
If you’re playing the waiting game with mortgage rates, you may not want to wait much longer. The cooler weather, in general, brings out lower mortgage rates, with December and February being the next-cheapest months based on the Haus study. When examining for seasonality in mortgage rates, the company controlled for other characteristics, including the borrowers, size of the loan and the property. Although mortgage rates have risen from the record low set right before the New Year, they remain extremely low by historical standards. “The cost of paying someone to originate a loan is the same for a $500,000 mortgage as it is for a $100,000 mortgage, but the latter provides less of a return to the mortgage originator than the former,” McLaughlin said.
Buy DraftKings and Penn National Because Digital Gambling Is in Early Innings, Goldman Says
Digital sports betting may be the perfect hobby for the bored and the stuck-at-home, and DraftKings and Penn National Gaming are looking to cash in on the trend. Goldman upgraded DraftKings (ticker: DKNG) to Buy, saying its national contracts and brand name recognition will allow them to grow faster than smaller rivals. And it reiterated its Buy rating on Penn National (PENN), reflecting the contribution of Barstool Sports to the bottom line, an estimated $4 per share. Shares of Penn National fell 1.2% on Tuesday but are up 298% over one year. Online betting has gained in popularity globally as traditional casino operators look for new business.
Widespread Internet Outage Hits Eastern U.S.
DreamstimeThe eastern United States is suffering a widespread internet outage, making it impossible for some users to reach popular online services. The website DownDetector.com shows continuing service issues for Verizon Communications (ticker: VZ), Comcast (CMCSA), Charter Communications ’ (CHTR) Spectrum unit, Zoom Video Communications (ZM), Amazon.com’s (AMZN) Amazon Web Services and Amazon Prime Video, and multiple Google services, including Gmail, Google Meet, and YouTube, among others. The exact cause and extent of the outage isn’t clear.
GameStop stock has another volatile trading day, with more price spikes and trading halts
GameStop Corp. shares experienced another volatile session and trading halts Tuesday, continuing a battle between short sellers and traders that gather on an internet message board. GameStop GME, +46.89% shares were halted at 12:50 p.m. Eastern time Tuesday for about six minutes, the second trading halt of the day’s session, as the stock price lurched to an intraday high of $114.24. Shares declined immediately after the halt, but then experienced another surge less than an hour later that pushed prices as high as $124.58. Read also: How an options-trading frenzy is lifting stocks and stirring fears of a market bubble
GameStop stock has another volatile trading day, with more price spikes and trading halts
GameStop Corp. shares experienced another volatile session and trading halts Tuesday, continuing a battle between short sellers and traders that gather on an internet message board. GameStop GME, +46.11% shares were halted at 12:50 p.m. Eastern time Tuesday for about six minutes, the second trading halt of the day’s session, as the stock price lurched to an intraday high of $114.24. Shares declined immediately after the halt, but then experienced another surge less than an hour later that pushed prices as high as $124.58. Read also: How an options-trading frenzy is lifting stocks and stirring fears of a market bubble
Warning to travellers: More restrictions at Canada-U.S. border on the way, Trudeau urges
Prime Minister Justin Trudeau said Canadians can expect an announcement around the country’s border measures “in the coming days.”“When it comes to protecting you and your family nothing is off the table,” Trudeau said. Trudeau stressed that Canada has worked “extremely closely” with European partners on vaccines. “The close working relationship between Canada and Europe gives me reassurance that the contracts that we’ve signed and the supply chains that we have established with European manufacturers are in good shape,” the prime minister said. He added that Canada still expects to receive four million doses of the Pfizer-BioNTech vaccine by the end of March. Check out our COVID-19 in Canada topic page for latest news, tips, health updates, cases and more.
Biden to Order Justice Department to End Use of Private Prisons
(Bloomberg) --The Justice Department will be required to end its use of privately run prisons under an executive order to be signed Tuesday by President Joe Biden. “Private prisons profiteer off of federal prisoners in less safe conditions for prisoners and correctional officers alike,” the statement said. Trump ended an Obama-era prohibition on the Justice Department’s use of private prisons and also expanded detention by federal immigration authorities. GEO Group erased a gain to trade down 2.3% as of 12:35 p.m. in New York. The executive order on prisons applies to Justice Department contracts with privately operated criminal detention facilities.
Biden to ban new permits for drilling on federal lands, waters for one year
The Biden Administration is set to extend a ban on new leases for oil and gas drilling and fracking on federal lands and waters for one year as it attempts to combat climate change, a source told FOX Business. Continue Reading BelowThe decision comes days after President Biden signed an executive order that putting drilling and fracking on hold for 60 days. Biden on the campaign trail called for the U.S. to phase out its dependence on fossil fuels. BUTTIGIEG DEFENDS BIDEN KILLING KEYSTONE XL PIPELINE AMID CRITICISM FROM UNIONS“I would transition away from the oil industry,” Biden said at a presidential debate in October. A fracking ban on federal lands would deliver a devastating blow to the U.S. economy, according to the American Petroleum Institute.
Mar-a-Lago among few Trump businesses that saw revenue gains
TRUMP GOLF BUSINESS RESILIENT DURING CORONAVIRUS PANDEMICMeanwhile, the Trump Organization's revenue declined roughly 38% overall compared to 2019, falling to $278 million, according to The New York Times. Trump National Doral, a Florida resort, saw an income drop of more than 40%, from $77.2 million in 2019 to $44.2 million in 2020, according to filings. The renewed interest in golf was a boon to Trump properties, which also saw a surge in new members. “The golf business was incredible in 2020,” said Eric Trump, executive vice president at the Trump Organization, during an interview with Fox Business. GET FOX BUSINESS ON THE GO BY CLICKING HEREFox News' inquiry to the Trump organization was not immediately returned.
Shift to electric vehicles spurs bid to make more batteries in US
The auto industry’s quickening shift to electric cars is spurring investment in another emerging industry in the U.S.: manufacturing lithium-ion batteries for those vehicles. Much of that money will be used to build a factory in the U.S. for making battery materials, he said. Industry executives and lawmakers say the U.S. needs to reduce its reliance on China if it wants to lower costs and remain competitive in making electric vehicles and their batteries domestically. And yet, there is currently little production in the U.S. for critical battery materials such as lithium and graphite. The factory, when finished, is expected to make enough materials to supply batteries in more than one million cars annually, he said.
Let's Dare to Take Another Look at GameStop
We just did a google search of the phrase "GameStock stock" and got 26,800,000 results. Let's check out some intraday charts on GME to see what they suggest today. The intraday On-Balance-Volume (OBV) line shows a rise over the past five days even as prices declined. In this Point and Figure chart of GME, below, we used data on the average-true-range to show that prices are currently in a down column of O's. Meanwhile, in the very short run it looks like GME could weaken further if $80 is broken on the downside.
Jim Cramer Says PepsiCo Deal Is Beyond Meat's 'Big Win'
PepsiCo (PEP) - Get Report and Beyond Meat (BYND) - Get Report established the PLANeT Partnership, which is a joint venture between the two companies to introduce new plant-based offerings. "We are thrilled to formally join forces with PepsiCo in The PLANeT Partnership, a joint venture that unites the tremendous depth and breadth of their distribution and marketing capabilities with our leading innovation in plant-based protein. We look forward to together unlocking new categories and product lines that will inspire positive choices for both people and planet," said Beyond Meat CEO Ethan Brown. "PepsiCo represents the ideal partner for us in this exciting endeavor, one of global reach and importance." Everything Jim Cramer Is Watching in the Market TuesdayLatest Videos From TheStreet and Jim Cramer:
Jim Cramer Says Cash Flow Marks 'New Era' at GE
“As 2020 progressed, we significantly improved GE's profitability and cash performance despite a still-difficult macro environment. The fourth quarter marked a strong free cash flow finish to a challenging year, reflecting the results of better operations as well as strong and improving orders in Power and Renewable Energy." "As we continue our transformation, we remain focused on strengthening GE and delivering value for the long term." And Jim Cramer has some positive thoughts on this stock. Everything Jim Cramer Is Watching in the Market TuesdayLatest Videos From TheStreet and Jim Cramer:
Why Jim Cramer Is 'Excited' About Johnson & Johnson
Johnson & Johnson (JNJ) - Get Report reported earnings on Tuesday. Johnson & Johnson said adjusted earnings came in at $1.86 cents per share, down 1.1% from the same period last year but four cents ahead of the Street consensus forecast. Group revenues, Johnson & Johnson said, rose 8.3% to $22.5 billion, again beating estimates of a $21.67 billion tally. The company added that it will be releasing an update on its COVID-19 vaccine Phase 3 study 'soon.' Everything Jim Cramer Is Watching in the Market TuesdayLatest Videos From TheStreet and Jim Cramer:
Tilray Jumps on Supply Accord for France Cannabis Study
Tilray will supply cannabis for an 18-24 month study by a French government health agency. Tilray (TLRY) - Get Report shares jumped on Tuesday after the company said it would supply cannabis products to a French government health agency for experimentation. Tilray will supply medical cannabis products to the French National Agency for the Safety of Medicines and Health Products to serve patients. The company said that its sales and distribution arrangements in Europe will enable patients across the Continent to access its medical cannabis products. The company's Portugal production facility features research and quality-control labs, packaging, and distribution sites for medical cannabis.
EDD’s lack of planning deprived jobless Californians of needed benefits amid pandemic, audit finds
Poor planning and ineffective management left California’s unemployment agency unprepared to help workers left jobless by the COVID-19 pandemic, and it failed to address problems in its system that were known for nearly a decade, according to an emergency state audit released Tuesday. State lawmakers who requested the audit, including Assemblyman David Chiu (D-San Francisco), said Tuesday the report confirmed their worst fears about the agency’s preparedness and operations. Advertisement“This audit confirms that EDD has known it has been failing Californians for over a decade but hasn’t taken anywhere near the necessary steps to fix its situation,” Chiu said. Efforts to block fraud are hindering EDD’s work to get claims paid quickly, Saenz said. The audit Tuesday concluded, however, that significant problems remained in the processing of claims.
Democrats unveil $15 minimum wage bill ahead of stimulus action
House and Senate Democrats on Tuesday unveiled a bill to increase the federal minimum wage to $15 an hour, highlighting their intention to include the measure in the next round of COVID-19 relief. Even so, experts are divided on whether the minimum wage can pass using those budget-reconciliation rules — which require a provision to have more than “merely incidental” fiscal impact. The proposed bill would also raise the tipped minimum wage and youth minimum wage, by phasing both out by 2027. Advertisement“My hope is that we will bring Republicans on board,” said incoming Senate Budget Committee Chair Bernie Sanders (I-Vt.). The introduction of the measure comes as Democrats prepare to move forward on Biden’s $1.9-trillion COVID-19 relief bill without Republican support.
Teachers unions ‘alarmed’ after Massachusetts educators move down in vaccination priority list
The leaders of two statewide teachers unions and the Boston Teachers Union say they are alarmed by the new vaccination plan Massachusetts officials unveiled Monday, which prioritizes people ages 65 and older over many essential workers, including K-12 educators. Governor Charlie Baker announced Monday that people who are ages 65 and older will move up in priority during Phase 2 of the state’s vaccination process. People with two or more comorbidities will become eligible for vaccines at the same time as people 65 and older. The next priority group in Phase 2 will then include a variety of essential workers, including early education and K-12 employees. “To increase the number of students back in schools, we need to prioritize vaccinating educators.”AdvertisementFelicia Gans can be reached at felicia.gans@globe.com.
Fauci: Massachusetts doing ‘really good job’ on coronavirus vaccine rollout
Dr. Anthony S. Fauci, the federal government’s top infectious disease specialist, said Monday that Massachusetts is doing a “really good job” on its COVID-19 vaccine rollout compared to elsewhere in the US. Massachusetts trails every other New England state, as well as New York, in the number of vaccine doses administered per capita, according to federal figures. Less than 5.4 percent of Massachusetts residents had been inoculated as of Friday, compared to 8 percent of residents in Connecticut, more than 10 percent in West Virginia, and 11 percent in Alaska. “My message to the people of Massachusetts, particularly of Boston, is hang in there, because it will improve,” Fauci said. So, go ahead Massachusetts and do it right.”Material from prior Globe stories was used in this report.
CiCi’s pizza chain parent company files for bankruptcy, but plans a quick exit
CiCi’s Holdings Inc., parent company of the unlimited pizza buffet chain, filed for bankruptcy after the pandemic curbed in-person dining. The company intends to leave bankruptcy quickly, seeking approval of its exit plan on March 3, court papers show. On-site dining has traditionally made up more than 85% of sales at CiCi’s restaurants, according to court papers. The total CiCi’s location count grew to 650 in 2009, but has declined since then, court papers show. The case is CiCi’s Holdings Inc., 21-30146, U.S. Bankruptcy Court for the Northern District of Texas (Dallas).
Dallas-Fort Worth adds $38 billion in home values in 2020
Near-record home price gains in 2020 made Dallas-Fort Worth one of the most valuable home markets in the country. The North Texas housing market gained $38 billion in value last year as rising residential values and new construction added to the market, according to a new report by Zillow. North Texas now ranks 11th in the country for total residential values, Zillow analysts found. “The housing market gained more than in any year since the Great Recession.”Zillow is predicting even greater home value gains in 2021. Median sales prices of single-family homes in North Texas are now at record levels – just under $300,000.
Blame COVID: Texas leads in construction job losses
Despite some recent gains, the COVID-19 pandemic cost Texas thousands of construction sector jobs in 2020. New York and Ohio were also at the top of the list of U.S. markets with the most construction employment declines in 2020. Virginia had the most gains with 11,300 new construction jobs last year. Texas’ big annual job loss came even though the state added 3,100 construction jobs in December. “While most states recorded construction employment gains in December, the pickup is likely to be temporary for many,” Ken Simonson, the general contractors association’s chief economist said in the report.
How to get a bigger, quicker tax refund despite IRS delays in pandemic: Susan Tompor
This year, some could boost their federal income tax refund, especially if they didn’t receive all their stimulus cash already. The IRS noted that people can begin filing their tax returns with tax software companies, including IRS Free File partners. The tax season shocker for many jobless people will be that their tax refund could be far smaller than expected or they might even owe taxes. Many of us heard the call and wrote out checks that can now be used as a tax deduction. It will be important to review your 2019 tax return or bring it to a tax preparer, along with your tax documents for 2020.
Walz proposes income tax and corporate hike on richest; GOP says nope
Tim Walz was expected to propose at noon Tuesday a tax hike on the state’s wealthiest people and corporations — an idea that Republicans say has no chance of happening. Walz would pair his tax hike on the wealthiest with a series of tax cuts, credits and direct payments for working-class families and those hardest hit by the coronavirus. Walz seeks to frame his two-year state spending proposal as a “COVID-19 Recovery Budget,” noting that the pandemic has touched nearly all aspects of society, providing exceptional upheaval to the incomes of some businesses, some workers and some state agencies. Walz’s plan would increase state income taxes on couples earning $1,000,000 a year (or individuals earning $500,000), as well tax hikes on capital gains and corporations. As of the latest forecast, there’s a $1.28 billion gap between anticipated revenues and spending.
Stillwater: Suspect facing charges in motor-vehicle thefts
That’s the question law-enforcement officers in Stillwater were asking this weekend after they pulled over a suspect in a spate of motor-vehicle thefts over the weekend. Deputies from the Washington County Sheriff’s Office, assisting the Stillwater Police Department, pulled the suspect over after witnesses reported seeing a suspicious dark-colored sedan in their neighborhood. The deputy, monitoring radio traffic, noted a vehicle matching that description leaving the area “at a high rate of speed,” police said. The man is facing four charges of theft, tampering with a motor vehicle and receiving stolen property. He also is facing charges of driving after revocation and possession of an open bottle.
Musk’s finance chief quietly tallies profit surge at Tesla
That follows a remarkable year when Tesla’s stock split and skyrocketed, the company joined the S&P 500 Index and it sold almost half a million cars. Elon Musk, Tesla’s chief executive officer, informed employees in a January 2019 open letter that the company had to reduce headcount by 7% and boost Model 3 production rates to survive. As the earnings call drew to a close, Musk dropped a bombshell: Deepak Ahuja, the longtime finance chief who previously worked at Ford Motor Co., was retiring again. A then-unknown protégé from the finance team, Zachary Kirkhorn, would replace him after a short transition period. They describe him as being very close to Tesla’s products, mindful of engineering and manufacturing as well as finance.
Mossimo Giannulli loses bid to finish prison term at home
FILE - Clothing designer Mossimo Giannulli, foreground, departs federal court in Boston on Wednesday, April 3, 2019, after facing charges in a nationwide college admissions bribery scandal. Giannulli is asking to serve the remainder of his five-month prison term at home, saying he spent eight weeks in solitary confinement before being transferred to a minimum security camp this week. Giannulli's lawyers said Thursday, Jan. 14, 2021 that Giannulli believed he would only be held in quarantine for a short time before testing negative for the coronavirus.
US stocks muted as investors weigh earnings, COVID-19
Updated 5 times AlertMeNEW YORK — Stocks were muted in afternoon trading on Wall Street Tuesday, as investors weighed solid corporate earnings results against concerns about the virus pandemic. ADVERTISEMENTSkip................................................................Investors are in the midst of quarterly earnings reporting season for U.S. companies, and this is the busiest week so far. Dozens of large companies are reporting this week, from all parts of the economy, including American Express, J&J, Apple, GE and others. More than 100 companies in the S&P 500 are scheduled to tell investors this week how they fared during the last three months of 2020. As a whole, analysts expect S&P 500 companies to say their fourth-quarter profit fell 5% from a year earlier.
Virus-plagued Italy in political turmoil after PM quits
Prime Minister Giuseppe Conte resigned Tuesday in the hope of forming a new government after weeks of turmoil in his ruling coalition, leaving Italy rudderless as it battles the deadly coronavirus pandemic. He will stay on in a caretaker capacity while President Sergio Mattarella, the ultimate arbiter of Italian political crises, discusses the next steps with party political leaders, starting Wednesday. The centre-left coalition that has led Italy since September 2019 was dealt a fatal blow earlier this month by the withdrawal of former premier Matteo Renzi's small but crucial Italia Viva party. Despite condemning Renzi for causing the crisis, the PD is already making overtures to bring his Italia Viva party back into the fold. Conte, a once obscure law professor, has already led two governments of different political shades since taking office after the 2018 general election.
A brewery plans to establish a taproom on this popular street in the Highlands
LOUISVILLE, Ky. — If you're thirsty for another place to grab a beer in the Highlands, a North Carolina-based brewery has some good news for you. Hi-Wire Brewing announced Tuesday that it will be launching a 5,550-square-foot taproom in Louisville, with construction beginning at 642 Baxter Ave. in the Highlands in March 2021. The space will be a mixed-use development, with retail on the first floor and apartments above, according to a news release. This will mark the sixth Hi-Wire taproom location and the second outside of North Carolina. A representative of the brewery did not immediately reply to a request seeking comment on a target opening date for the Louisville taproom and construction costs.
Italy's power struggle raises fears over Covid and the economy
Italy’s political crisis has left the country in limbo in the middle of the coronavirus pandemic, raising fears that a power struggle in the heart of government will hamper its economic recovery plan. Italy was the first European country to face the full force of the pandemic and has since suffered badly. All the ruling parties want to avoid snap elections, which opinion polls suggest would hand power to the centre-right opposition comprising billionaire former prime minister Silvio Berlusconi’s Forza Italia and Matteo Salvini’s far-right League party. “But what kind of substantial change can you have when you have the same majority and only changed the prime minister? I really don’t see the point.”It was Renzi, Italy’s prime minister between 2014 and 2016, who brought together the M5S-PD coalition in August 2019 in order to keep the far-right out of power.
Reddit trading fever strikes UK as Nokia, GameStop and BlackBerry surge
A Reddit-driven day trading frenzy that has been blamed for huge surges in some tech stocks is spreading to the UK, according to new data. Shares in old-school technology stocks including BlackBerry, Nokia and GameStop have soared by as much as 400pc this year. On Trading212, a London-based stockbroker favoured by younger investors, GameStop, Blackberry and Nokia occupied the top three spots in its "hotlist" on Tuesday, with more than 18,000 users buying shares in the three companies. Shares in Finland's Nokia have also jumped sharply after Reddit-charged day traders piled in. Shares in Nokia, which sells telecoms equipment for networks, were up by as much as 8pc on Tuesday, after a 13pc spike on Monday.
HSBC says 'we can't cherry pick laws' as bank accused of aiding democracy crackdown
The head of HSBC has told MPs that he "can't cherry pick which laws to follow" as he defended the bank over claims that it is helping China crack down on democracy in Hong Kong. Chief executive Noel Quinn faced sharp criticism from members of the Commons Foreign Affairs Committee after the bank blocked democracy activists' accounts. Labour MP Chris Bryant accused the firm of "aiding and abetting one of the biggest crackdowns on democracy in the world". The grilling came after HSBC was criticised for freezing the accounts of former Hong Kong legislator Ted Hui and other pro-democracy politicians. The bank boss said that he also cared about Hong Kong, telling him: "We've seen Hong Kong go through some very difficult times in our 150 years there.
Joan Collins lists her Manhattan apartment with its 16 closets for $2.05million
AdvertisementDame Joan Collins’ New York City pied-à-terre, with its 16 closets, three bedrooms, three bathrooms, a doorman, concierge, and close proximity to Central Park, is on sale for $2.05million. Collins eventually broke into Hollywood films, starring in several movies alongside A-list actors in the 1950s and 60s before returning to Britain in the 1970s. The couple eventually divorced in 1983, but remained on friendly terms. In 1985, Collins married Swedish playboy and pop singer Peter Holm (right). In 1985, Collins married Swedish playboy and pop singer Peter Holm, who would also become her manager and the co-producer of two television miniseries in which she starred - Sins and Monte Carlo.
Bill Morneau pulls out of bid for OECD's top job after failing to secure support to move onto third round of voting
Article contentOTTAWA – Former finance minister Bill Morneau has officially pulled out of the race to become secretary-general of the Organisation for Economic Co-operation and Development (OECD), after failing to secure the necessary votes to move into the third round of voting. “I have decided to withdraw from the race to become the next Secretary-General of the OECD, as I do not have support from enough members to continue to the third round of the campaign,” Morneau said in a statement Tuesday morning. We apologize, but this video has failed to load. tap here to see other videos from our team. Mexico’s Angel Gurria then succeeded him and has held the post for nearly three consecutive five-year terms.
Top Dems formally introduce $15 federal minimum wage bill
If the $15 minimum wage bill backed by Biden passes the entire nation will be covered by the new wage. | Steven Senne/APWASHINGTON—Joined by a top “Fight for $15 and a union” campaigner, congressional Democrats formally introduced legislation to raise the federal minimum wage to $15 an hour by 2025. He included the $15 minimum wage in his $1.9 trillion pandemic economic aid plan. So when the Democratic-run House OKd the $15 minimum wage in the last Congress, then-Senate Majority Leader Mitch McConnell, R-Ky., refused to even allow hearings. The tipped minimum wage would more than double in 2022, to $4.95, then rise to $12.95 hourly in 2025 and the regular, indexed, minimum after that.
Biden signs 19 executive orders so far, how does that compare to recent past presidents
Biden has also issued several other executive actions, similar to executive orders but legally different, including presidential memoranda and agency directives. It was an order about ethics commitments by executive branch appointees, an executive order issued by many new presidents within their first few weeks. Trump issued 55 executive orders in 2017, according to the federal registrar, which tracks and publishes executive orders. Bush issued a total of 166 between January 1989 and January 1993, with 31 executive orders in his first year. Each of these former presidents had just a handful of executive orders issued during their first few weeks in office.
EPI Applauds the Introduction of the Raise the Wage Act
WASHINGTON - Today, Congress introduced the Raise the Wage Act of 2021, which will raise the federal minimum wage to $15 an hour by 2025, indexes it to median wages to protect against future erosion, and phases out the harmful $2.13 subminimum wage for tipped workers. Raising the minimum wage helps narrow racial and gender pay gap—23% of workers who would benefit from a $15 minimum wage are Black or Latina women. A $15 minimum wage in 2025 would also raise pay for three in five workers with incomes below the federal poverty line. For over a decade, the federal minimum wage has been stuck at $7.25 an hour—the longest it has been unchanged since the minimum wage was established in 1938. Minimum wage workers deserve a raise.
350.org Responds to Biden’s Climate Day
WASHINGTON - On Wednesday, President Biden is expected to unveil an “omnibus” climate change order that takes a series of actions to combat climate change on the national and international level. Plans include:Announcing the Climate Leaders’ Summit to take place on Earth Day, April 22nd. Ordering a moratorium on the Interior Department offering new oil and gas leases for onshore and offshore federal lands. “Biden’s rollout of the Climate Leaders’ Summit presents an enormous opportunity for the U.S. to be a world climate leader. As a global climate organization, we will push for the Summit to inspire bolder ambitions for all nations who signed the Paris Climate Agreement.
NYC Pension Funds Set 'New Bar for Climate Finance Action' With Approval of $4 Billion Fossil Fuel Divestment
"New York City has set a new bar for climate finance action," declared author and activist Bill McKibben. Last September, they joined with officials from 10 other cities to commit to divesting from fossil fuels and investing in a green, just recovery from the coronavirus pandemic. Echoing his statement from September, de Blasio said Monday that "fossil fuels are not only bad for our planet and our frontline communities, they are a bad investment." New York City is leading the way forward because we know the future is on the side of clean energy—not big polluters." This is how we secure a livable climate for the next generation and end the age of fossil fuels for good."
Report Warns 'Vaccine Nationalism' of Rich Nations Could Cost Global Economy Over $9 Trillion
In addition to endangering the health and lives of millions of people in developing nations, coronavirus vaccine hoarding by rich countries such as the United States, Canada, and the United Kingdom also poses a significant threat to the global economy, potentially causing worldwide income losses of up to $9.2 trillion USD. "A people's vaccine is in everyone's interests. Pointing to the ICC study, PVA declared in a tweet Monday that "a people's vaccine is in everyone's interests." South African President Cyril Ramaphosa issued a similar call to action during a virtual meeting of the World Economic Forum on Tuesday, declaring that "we all must act together in combating the virus." "The rich countries of the world went out and acquired large doses of vaccines," said Ramaphosa.
'Unseemly' $1.1 Trillion Billionaire Wealth Gain During Pandemic Could Fully Fund Biden Relief Plan for Working Class: Report
"Billionaires are reaping unseemly windfalls of wealth during the pandemic," Chuck Collins, director of the Program on Inequality and the Common Good at IPS, said in a statement. "They benefit from having their competitors shut down or controlling technologies and services we are all dependent on in this unprecedented time. We should tax these windfall gains to pay for recovery." "The Covid crisis is crushing people of color and low-income workers while billionaires who are nearly all white have seen fortunes skyrocket." "This is why we need the fair-share taxes program Joe Biden ran on, won on, and is now ready to pursue," Clemente added.
EV Tuesday: Europe Jumps Straight into ICE Disruption Territory
IOW, it’s about getting Big Oil quickly to where Big Coal is at now. Back in 2013, I thought that we’d reach that point once EV sales are a few % of the auto market. A staggering >3x jump in EV share, clear into 2-digit disruption territory. How The Jump played out in leading countries:In 2019, Germany became the first European country (and third overall) to exceed 100k passenger EV sales in a year. I’m sure Big Oil will try to pin its hope on emerging markets, just like Big Coal has done.
EV sector will need 250% more copper by 2030 just for charging stations
In North America alone, the EV infrastructure market will total $2.7 billion by 2021 and $18.6 billion by 2030, according to the report. “By 2040, we predict that passenger EVs will consume more than 3.7 million tonnes of copper every year. A hybrid needs about 40 kg and a fully electric car has roughly 80 kg of copper (176 pounds). Once electric vehicles become popular, they estimate demand to reach 11,000,000 tonnes of new copper for EV’s alone, with potential upside in other green technologies. Despite advances in charger and battery technologies, it still takes much longer — about 30 minutes with today’s fast chargers — to recharge a car battery than to fill up the tank.
EVs to Overtake Gas Guzzlers in India by 2030, Mahindra Says
LISTEN TO ARTICLE 2:22 SHARE THIS ARTICLE Share Tweet Post EmailElectric-vehicle sales should overtake gas guzzlers in India by the end of the decade as prices become more aligned and infrastructure and technology improves, hopefully with help from the government, according to Mahindra & Mahindra Ltd., one of the country’s biggest automakers. While authorities can assist in terms of cost parity for EVs, in India it’s “difficult for the government to justify subsidizing cars for the rich,” Mahindra Deputy Managing Director Anish Shah said in an interview with Bloomberg Television broadcast Monday. Watch: Pawan Munjal, chairman at Hero Motocorp Ltd., discusses how the pandemic has impacted his business strategy and his production targets. Its unlisted entities are well positioned to expand, in areas including used cars, rural housing finance and supply-chain consulting, he said. — With assistance by Tom Mackenzie( Adds comment from Hero MotoCorp Chairman in fifth paragraph. )
Apple and Google named in US lawsuit over Congolese child cobalt mining deaths
Cobalt is essential to power the rechargeable lithium batteries used in millions of products sold by Apple, Google, Dell, Microsoft and Tesla every year. More than 60% of cobalt originates in DRC, one of the poorest and most unstable countries in the world. The extraction of cobalt from DRC has been linked to human rights abuses, corruption, environmental destruction and child labour. The court papers allege that cobalt from the Glencore-owned mines is sold to Umicore, a Brussels-based metal and mining trader, which then sells battery-grade cobalt to Apple, Google, Tesla, Microsoft and Dell. I saw the unbearable grief inflicted on families by cobalt mining.
Tech firms, Tesla seek dismissal of lawsuit over DRC cobalt and child labor
Apple Inc., Google LLC parent Alphabet Inc., Dell Technologies Inc., Microsoft Corp. and Tesla Inc. have sought to dismiss a lawsuit alleging the companies knowingly benefited from children mining cobalt in the Democratic Republic of Congo. The firms said in an Aug. 25 court filing that the "expansive" legal theories put forward in the lawsuit are not supported by current law. Cobalt is a key ingredient in the manufacturing of lithium-ion batteries, which are used in a number of products including electric vehicles and consumer technology. The complaint sought damages for forced labor and an award for "unjust enrichment, negligent supervision and intentional infliction of emotional distress." Alphabet and Dell also filed separate motions for their inclusion in the lawsuit to be dismissed, arguing Alphabet cannot be held liable for its subsidiaries' use of cobalt and the court lacks personal jurisdiction over Dell.
China's Ganzhou launches rare earths exchange
BEIJING (Reuters) - The city of Ganzhou in China’s southeastern province of Jiangxi has launched an exchange for spot transactions in rare earths and minor metals, according to a report posted by the Association of China Rare Earth Industry on Thursday. The bourse is the second rare earth exchange to open in China, the world’s dominant producer of the group of minerals after the launch of the Baotou Rare Earth Products Exchange in Inner Mongolia in 2014. Baotou and Ganzhou are China’s two hubs for rare earths, which are prized for their use in consumer electronics and military equipment. The Ganzhou exchange will also trade molybdenum, tungsten, tin, cobalt and other metals, the report said, making its trading portfolio similar to that of China’s now-defunct Fanya Metal Exchange. The report did not specify which of the 17 rare earths would be traded in Ganzhou, which is known for its high concentration of heavy rare earths such as terbium and dysprosium.
No more gaslighting: Let’s get real about carbon capture and storage
Carbon capture and storage (CCS) presents the alluring promise that coal, oil and gas production can continue to expand while the world economy gradually decarbonises. But these companies are still struggling to justify meaningful investment of their own in carbon capture. Around half of new carbon capture projects propose dedicated storage of the captured CO2 rather than using it to pump oil, according to the IEA. The IEA’s vaunted “new era” for carbon capture is just as likely to be a false dawn leading to another lost decade of investment. Carbon capture will play a role in the energy transition and could prove valuable in some niche applications.
Biden's electric vehicle push puts new focus on jobs
Why it matters: The U.S. lags far behind the rest of the world in electric vehicle adoption. Biden's goal: 1 million new auto industry jobs in manufacturing, supply chains and infrastructure like EV charging stations. Biden has made boosting electric vehicles a top priority and pledged to add 500,000 charging stations and make all federal fleets fully electric. If the U.S. goes big on electric vehicles to compete with China — a “minerals-to-markets” approach as laid out in SAFE’s roadmap — it would create more than 640,000 jobs, Diamond tells Axios, previewing new research. However, a BCG study concluded it takes roughly the same labor hours to assemble an electric vehicle as it does a traditional vehicle.
Paris Climate Agreement
ACCEPTANCE ON BEHALF OF THE UNITED STATES OF AMERICAI, Joseph R. Biden Jr., President of the United States of America, having seen and considered the Paris Agreement, done at Paris on December 12, 2015, do hereby accept the said Agreement and every article and clause thereof on behalf of the United States of America. Done at Washington this 20th day of January, 2021. JOSEPH R. BIDEN JR.
Under Biden, China faces renewed trade pressure
Under Biden, China faces renewed trade pressure The U.S.-Chinese trade war isn’t going away under President Joe BidenBEIJING -- The U.S.-Chinese trade war isn’t going away under President Joe Biden. But he looks set to renew pressure over trade and technology grievances that prompted President Donald Trump to hike tariffs on Chinese imports in 2017. They say Beijing might have made them anyway to suit its own plans. Katherine Tai, Biden’s choice to succeed U.S. Trade Representative Robert Lighthizer, sounded a hawkish note on China in a speech this month. “It will depend on China, the speed at which they reform and change policies, to see whether Biden will roll back trade barriers,” he said.
Trump Issues Executive Order to Support American Mining
Trump Issues Executive Order to Support American MiningLast week, President Trump issued an executive order designed to support the American mining industry and support the processing of these minerals in the United States. Today, President Trump is signing an Executive Order and declaring a National Emergency to expand the domestic mining industry, support mining jobs, alleviate unnecessary permitting delays, and reduce our Nation’s dependence on China for critical minerals. RESTORING THE AMERICAN MINING INDUSTRY: President Trump’s action will accelerate the reopening and expansion of our mines and processing plants. Over the last several decades, our Nation’s mining industry has suffered due to political inaction, a broken permitting process, and predatory foreign competition from China. Our country can reap far greater benefits from the mining industry if we encourage value-added businesses to spring up in areas where mining is conducted.
Trump moves to loosen mining regulations, approve projects as he exits
(Reuters) - Outgoing U.S. President Donald Trump’s administration is moving to loosen mining regulations and green light new mineral projects before leaving office this month, with successor Joe Biden unable to reverse some of the changes. The law, known as FAST-41, was intended to streamline permitting for utility projects, such as power transmission lines. Officials may also allow the storage of mine waste, known as tailings, on federal land. The mine, like Rio’s project in Arizona, is strongly opposed by Native American tribes who say it will pollute their water reservoirs. In Arizona, Trump’s plans to approve the land swap needed for Rio to build a copper mine has run into stiff opposition from Native Americans who consider the land sacred.
US economy lost 140,000 jobs in Dec., all of them were held by women
Employers cut 140,000 jobs in Dec., signaling that the economic recovery from the coronavirus pandemic is backtracking. Digging deeper into the data also reveals a shocking gender gap: Women accounted for all the job losses, losing 156,000 jobs, while men gained 16,000. These are net numbers-- of course, many men lost their jobs in Dec., too - but when taken together as a group, they came out ahead, whereas women fell behind. Women started 2020 on roughly equal footing with men, with women holding 50.03% of jobs, but women are down 5.4 million jobs from Feb., before the pandemic began, as compared to 4.4 million job losses for men. Schools and day cares are still closing, and we know that's what's impacting women's ability to reenter the workforce and sustain jobs.
The Great Reset is about compensating for capitalism's crises by leaning onto Big Tech
There are two different versions of the great-power competition that Washington is waging against Russia and China. Why do you think Silicon Valley, D.C. think tanks, and Biden White House officials have been telling us things about a "Great Reset" and a "Fourth Industrial Revolution?" But the masses will have to see material benefits in order to buy into the narrative the system is selling. In this stage of capitalism's crisis, the bourgeoisie can't afford to substantially lift up the living conditions of the masses. Neoliberalism, late-stage capitalism's tool for foisting the costs of the system's crisis onto the lower classes, mandates that more austerity be carried out.
Article: Political Prisoners
On January 17th two political prisoners, Alexei Navalny and Rebekah Jones, were arrested on the same day for their political activities. Both Navalny and Jones are relative newcomers to the political arena and both are facing prison time for their political activities. Both Navalny and Jones are innocent of criminal charges and are only guilty of fighting government lies and challenging the political establishment. She clashed publicly with Florida Governor Ron DeSantis in a dispute over data manipulation, with DeSantis trying to downplay the number of infections and the death toll in Florida. Through these Twitter and YouTube publications, Navalny distributes materials about corruption in Russia, organizes political demonstrations and promotes his campaigns.
The COVID Windfall for Billionaires Could Fully Fund Relief for Working Class
The $1.1 trillion in wealth that America’s billionaires have collectively gained during ten months of pandemic and economic crisis could fully pay for key relief measures that President Joe Biden proposed in his recently released coronavirus aid package, including the $1,400 direct payments, the increase in unemployment benefits, and the boost to nutrition assistance. “Billionaires are reaping unseemly windfalls of wealth during the pandemic,” Chuck Collins, director of the Program on Inequality and the Common Good at IPS, said in a statement. “They benefit from having their competitors shut down or controlling technologies and services we are all dependent on in this unprecedented time. This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.
The rise of financial parasitism and the emergence of fascism
A new breed of financial operators emerged to organise financial speculation, particularly through the issuing of less than investment grade, or junk, bonds for the financing of hostile takeovers. The 2008 crisis was the outcome of the rise and rise of financial parasitism over the previous three decades and more. The rise of fictitious capital and the consequent development of parasitism as the dominant mode of profit accumulation point to another significant development. The scale of the Fed’s intervention in mid-March revealed the extent and depth of the financial crisis. Such a program must begin by tackling head on the source of the financial parasitism that has played such a crucial role in creating the social breeding grounds for fascism.
US stock indexes edge higher on earnings, vaccine optimism
The results offset renewed worries that troubles with COVID-19 vaccine rollouts and the spread of new variants of coronavirus might delay a recovery from the pandemic. The S&P 500 index was up less than 0.1% as of 11:00 a.m. Eastern. Investors are in the midst of quarterly earnings reporting season for U.S. companies, and this is the busiest week so far. Dozens of large companies are reporting this week, from all parts of the economy, including American Express, J&J, Apple, GE and others. As a whole, analysts expect S&P 500 companies to say their fourth-quarter profit fell 5% from a year earlier.
Watch Biden Commerce Nominee Gina Raimondo Testify: Live Updates
ET Watch Biden Commerce Nominee Gina Raimondo Testify: Live UpdatesGina M. Raimondo, Biden’s nominee for commerce secretary, testifies before the Senate. Gina Raimondo, President Biden’s pick for commerce secretary, will appear before the Senate Commerce Committee for a confirmation hearing. “In this time of overlapping crises, the Commerce Department must be a partner to businesses and workers to help them innovate and grow,” Ms. Raimondo said. Ms. Yellen is the nation’s 78th Treasury secretary and the first woman to assume that role in the institution’s 232-year history. Standing outside the White House, Ms. Yellen took the oath of office with her husband, the economist George Akerlof, and her son by her side.
Discount retailers are pandemic winners, as big chains shutter
Manhattan was the hardest hit with 520 out of the 1,057 stores that closed and a loss of 17.4 percent of its chains. Discount stores and all-in-one shops, like Target, have succeeded during the pandemic, signing fresh leases and expanding their footprints in the city. Discount stores like Dollar General are also raking in the money and boosting retail leasing in the process. However, fashion tenants, Sabbagh said, are still sitting in limbo, unsure whether the dramatic shift by consumers to online shopping will stick around long term. “Fifth Avenue won’t go to zero,” Sabbagh predicted, “and Madison won’t go to zero.”
Beyond Meat inks deal with PepsiCo for snacks, drinks
Beyond Meat’s shares are sizzling on the news that it will launch a new line of snacks and beverages with PepsiCo. The El Segundo, Calif-based fake meat company on Monday announced a joint venture with the snacks and soda giant called PLANeT Partnership, sending Beyond Meat’s shares up more than 20 percent. Together the companies will develop a line of snacks and beverages made from the plant-based protein Beyond Meat uses in its burgers and sausages. The spike in Beyond Meat shares comes after they got clobbered in November. While Beyond Meat had said it was a “co-creator” of the burger giant’s upcoming McPlant veggie burger, McDonald’s said it is being developed “by McDonald’s for McDonald’s.
Martha Stewart launching line of cannabis products for dogs
Lifestyle guru Martha Stewart on Tuesday launched a line of cannabis-infused oil drops and soft-baked chews for dogs, months after the successful release of her cannabidiol (CBD) gummie treats for humans hit shelves in the United States. Last year, stay at home orders to stem the spread of COVID-19 limited people’s entertainment options and fueled stress and anxiety. Cannabis-infused edibles, like gummies and chocolates, and beverages were among the most highly-sought cannabis products. Stewart wants to bring those benefits to dogs with CBD oil drops and soft-baked chews, which she claims can help with mental and physical well-being, reduce stress and maintain joint health and movement. The products will be available on Canopy’s e-commerce Web sites and on Franchise Group’s The Vitamin Shoppe Web site next month.
Commercial building sales slumped in 2020, but deals are on the horizon
Commercial sales slumped in 2020 as quarantines crushed the global markets. Fidi’s 8 Carlisle St. has plans for a 50-story residential building. Expected to fetch around $100 million, it includes planning approvals for a 50-story residential building of nearly 400,000 square feet. In fact, the lack of transparency in the market is leading many building owners to hold their properties off the market. Similarly, in January, KBS Funds closed on the $12 million purchase of a 3,086-square-foot retail condominium at the base of a new residential building in Tribeca.
Tiffany’s lineup set for a major overhaul under new owner LVMH
French luxury goods group LVMH plans to overhaul Tiffany & Co.’s vast merchandise lineup to increase the focus on gold and precious gems and take its silver bangles upmarket after closing the $15.8 billion takeover of the US jeweler this month. The group is also considering building out Tiffany’s lineup in watches, another source familiar with its thinking said. “We will also prioritize Tiffany’s long-term desirability over short-term constraints,” Arnault said, according to a person who attended. At one point brandishing one of Tiffany’s signature robin’s egg-blue boxes, Arnault underscored the label could count on cash-rich LVMH’s resources. LVMH said fourth-quarter sales came in at 14.3 billion euros overall.
Can big tech float NYC’s struggling leasing market?
The largest sublease on the market is 322,000 square feet on the top of Morgan North at 341 Ninth Ave., which boasts a very green roof. Smaller firms will also find an abundance of law firm spaces, and even offices of less than 2,000 square feet. Currently, space leased directly from property owners runs at an average of $82.60 per foot — subleases go for $62.79. Smaller firms will also find an abundance of law firm spaces, and even offices of less than 2,000 square feet. For instance, Transwestern closed 325,000 square feet of deals for charter schools last year and has already closed two deals for Democracy Prep Public Schools totaling 125,000 square feet in the Bronx for new construction and a temporary location.
Hollywood mansion, once home to Cher, sells for $88M at a loss
realtor.com Sonny and Cher filmed part of their TV show at Owlwood, and when the couple hit rocky times, CBS threatened to cancel the Sonny and Cher Comedy Hour if either moved out -- so the pair inhabited separate wings. realtor.com Finally, Ameriquest Mortgage founder Roland Arnall bought the property in 2002 and expanded the property from 4 to 10 acres. They finally divorced in 1975, and music industry mogul David Geffen moved in with Cher for a few months before they sold the house. Arnall died of cancer in March 2008, soon after the subprime mortgage market came crashing down, and his widow sold the combined three-lot mansion to Shapiro in 2016. The mansion with hardwood floors and decorative moldings also served as a Grammy Awards brunch for Jay-Z in 2017.
Disgraced billionaire Steve Wynn lists Beverly Hills mansion for $110M
Ousted casino mogul and Wynn Resorts founder Steve Wynn, 78, seems to want to get as far away from his former Las Vegas-based company as possible. Wynn is selling off his assets in the Southwest following allegations of sexual misconduct at Wynn Resorts — accusations which he denies but that still cost him $20 million in investor settlement claims. In addition to listing his $25 million Las Vegas mansion this summer, the scandalized billionaire listed his 11-bed, 14.5-bath mega-mansion in Beverly Hills for an eye-popping $110 million on Jan. 22. He is said to have poured millions into renovating the house, led by architect-to-the-stars William Hablinski and Wynn Resorts’ interior designer Roger Thomas. In total, Wynn added 10,000 feet to the complex, including a palatial grand living room and an independent apartment, according to the listing.
Inside NYC’s new high-tech, COVID-19-proof office towers
In fact, a bevy of newly constructed and redeveloped towers are poised to hit the market in Manhattan. In Hudson Square, 561 Greenwich St. is being combined with the adjacent 345 Hudson St. to create larger floor plates as floors become available. Another new project, Zero Irving, located on East 14th Street between Third Avenue and Union Square East on the site of a former PC Richards, is rising on city land. Neighbors include Facebook at 770 Broadway, IBM at 51 Astor Place and Netflix’s new 100,000-square-foot office in the renovation of 888 Broadway. “It’s very sophisticated and will be well-positioned to compete.”The Six at 106 W. 56th St. is a new boutique office project with 87,000 square feet.
White House expected to tell governors they will get more coronavirus vaccine doses starting next week
The weekly allocation is forecast to go from about 8.6 million doses to about 10 million doses. The vaccine is distributed on a population basis among 64 jurisdictions, including 50 states, eight territories and six major cities. ADZients is expected to stipulate the increased supply will come from releasing more doses of Moderna’s vaccine — one of two authorized for emergency use in the United States. Each has pledged to provide 100 million doses to the United States by the end of March and another 100 million in the second quarter. ADModerna this month raised its global target for the year from 500 million doses to 600 million.
Watch CNBC's full interview with Verizon chairman and CEO Hans Vestberg
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Verizon chairman and CEO Hans VestbergHans Vestberg, chairman and CEO of Verizon, joins 'Squawk Alley' to discuss the company's fourth quarter earnings, company outlook, streaming service partnerships, 5G and more.
Janet Yellen is sworn in as Treasury secretary
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJanet Yellen is sworn in as Treasury secretaryVice President Kamala Harris swears in former Fed Chair Janet Yellen as Treasury secretary, making her the first woman to hold the position.
Silicon Valley legend Jim Clark on why he wants to eliminate passwords
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSilicon Valley legend Jim Clark on why he wants to eliminate passwordsJim Clark, Beyond Identity co-founder and chairman, and Tom Jermoluck, and Beyond Identity's other co-founder and chairman and former Kleiner Perkins Partner, join 'Squawk Alley' to discuss what issues the elimination of passwords would solve and the company's goals.
Here's how Biden would avert a looming benefits cliff
President Joe Biden wants to avoid another unemployment benefits cliff. Instead of an abrupt end to jobless benefits, as occurred for millions of Americans the day after Christmas, Biden wants to gradually phase out aid over time. Workers are weaned off assistance as the economy heals, as indicated by measures like a state's unemployment rate. These automatic shifts help families facing financial hardship and give them more certainty around household income, according to proponents. They also stimulate demand and spending during recessions when the economy needs a boost, according to backers.
How to use credit card rewards to earn up to $500 a year. The perks you need to know
Credit cards can be a valuable tool if you use them responsibly. You can earn roughly $400 to $500 per year in rewards, according to a recent CNBC Select analysis. When you use cash or your debit card, you get what you pay for and not much else. Credit cards, on the other hand, offer you perks such as cancellation insurance, transaction protection and, of course, ways to be rewarded for your purchases. Watch this video to find out more about how credit card rewards are calculated and for more tips on what type of card might be right for you.
Stocks making the biggest moves midday: GameStop, General Electric, DraftKings and more
General Electric — Shares rose nearly 4% after General Electric's industrial free cash flow came in better than expected for the fourth quarter. The company reported $4.37 billion for the metric after CEO Larry Culp had previously projected at least $2.5 billion. American Express — The payments stock slipped 2.3% after the company reported its fourth quarter results. American Express reported $1.76 in earnings per share, above the $1.31 per share expected by analysts surveyed by Refinitiv. Wall Street expected earnings of $2.90 per share on revenue of $2.11 billion, according to Refinitiv.
3M CEO expects Covid demand for the company's N95 masks to be strong throughout 2021
3M Chairman and CEO Mike Roman said Tuesday the industrial giant anticipates demand for its N95 respirator masks to be robust throughout 2021, even as the administration of Covid vaccines drive hopes that the pandemic's intensity will begin to wane. "We do expect demand in our N95 respirator masks to be strong as we go through the year," Roman said Tuesday on CNBC's "Squawk on the Street." Roman's comments came after 3M reported better-than-expected fourth-quarter results. For the full year, 3M reported 12.3% sales growth in its health-care segment, which includes its respirator masks and products such as hand sanitizers. 3M said it distributed 2 billion respirator masks across the globe last year.
FedEx Ground CEO Maier announces retirement, company's freight chief to fill top job
FedEx Ground CEO Henry Maier is retiring from the Memphis-based logistics giant after 35 years and will be replaced with FedEx's top freight executive, the company said on Tuesday. Maier has been the leading executive at FedEx Ground, which is responsible for the company's e-commerce shipments, since June 2013. "Under his leadership, FedEx Ground revenue has more than doubled, with a focus on automation and speed as distinct competitive advantages." Incoming FedEx Ground CEO Smith joined FedEx in 2000 and has since served in various leadership positions at the company's freight division, according to the statement. "I have full confidence that under his leadership, FedEx Ground will continue to grow profitably and offer our customers the best commercial and e-commerce solutions in the industry."
Panera adds pizza to its menu to double down on dinner
New York (CNN Business) Panera fans, rejoice! The fast casual bakery-cafe chain is adding pizza to its menu. Panera had started focusing on its dinner business, which represented more than 30% of the company's sales, and the introduction of pizza is further a move in that direction. Panera is counting on its new pizza to boost its dinner sales. Panera is counting on its new pizza to boost its dinner sales.
Mark Cuban: How good a company is at AI is the 'foundation of how I invest in stocks'
Billionaire investor Mark Cuban has been bullish on the future of artificial intelligence for years, and he makes it a priority to learn about and invest in AI. In fact, Cuban asks himself "How good is the company at AI?" "It's the foundation of how I invest in stocks these days. In the thread, Cuban — referring to a chart that purports to show the growth of the companies — called Alphabet, Apple, Amazon, Facebook and Microsoft "the 'AI Squad.'" To assess what Cuban calls "AI dominance," he looks at how a company uses AI to "optimize" things like pricing, manufacturing and customer service, which "may not be obvious in a product or service," he tweeted.
U.S. consumer confidence rises slightly; house prices accelerate
REUTERS/Lucy Nicholson/File PhotoThe Conference Board said on Tuesday its consumer confidence index increased to a reading of 89.3 this month from 87.1 in December. The survey’s present situation measure, based on consumers’ assessment of current business and labor market conditions, fell to a reading of 84.4 from 87.2 in December. But supply has failed to keep up with buoyant demand, leading to a surge in house prices, which economists and realtors warn could put homeownership out of the reach of many first-time buyers. A separate report on Tuesday showed the S&P CoreLogic Case-Shiller 20-metro-area house price index jumped 9.1% from a year ago in November after rising 8.0% in October. Graphic: U.S. home prices and home ownership -Robust house price inflation was corroborated by a third report showing the Federal Housing Finance Agency (FHFA) house price index surged a seasonally adjusted 11.0% year-on-year in November after increasing 10.3% in October.
Oil prices slide as virus cases rise, demand worries persist
NEW YORK (Reuters) - Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia. FILE PHOTO: A view shows railroad freight cars, including oil tanks, in Omsk, Russia May 1, 2020. Prices edged up after reports of a blast in the Saudi Arabian capital Riyadh, although the cause remains unclear. Elsewhere, Indian crude oil imports in December rose to their highest in more than two years. Raising the prospect of higher oil demand later in the year, the International Monetary Fund predicted global growth of 5.5% in 2021, an increase of 0.3 percentage points from the October forecast, citing expectations of a vaccine-powered uptick.
IMF lifts global growth forecast for 2021, still sees 'exceptional uncertainty'
WASHINGTON (Reuters) - The International Monetary Fund on Tuesday raised its forecast for global economic growth in 2021 and said the coronavirus-triggered downturn last year would be nearly a full percentage point less severe than expected. The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. But the global lender warned that the world economy continued to face “exceptional uncertainty” and new waves of COVID-19 infections and variants posed risks, and global activity would remain well below pre-COVID-19 projections made one year ago. The Fund said countries should continue to support their economies until activity normalized to limit persistent damage from the deep recession of the past year. Low-income countries would need continued support through grants, low-interest loans and debt relief, and some countries may require debt restructuring, the IMF said.
IMF: Europe’s economic rebound dented by virus wave
The Washington-based body said it expects the eurozone to expand by 4.2 percent this year, 1 percentage point less than in its October forecast. Britain will continue to rebound by 5 percent next year, while the eurozone grows 3.6 percent, the IMF added. The IMF forecast the world economy to grow by 5.5 percent this year, an upward revision of 0.3 percentage points. Vaccine rollouts are behind the improved global outlook, coupled with more government support in some large economies. But the strength of recovery will vary across countries, the IMF warned, as some are unable to provide the same level of health services and public support as others.
Billions of euros lost to poor tax data, EU watchdog says
The watchdog issued the warning in a report Tuesday following investigations in Cyprus, Italy, the Netherlands, Poland and Spain. Poor and underused data means the EU is missing out on revenue between €50 billion to €70 billion that's lost to tax avoidance every year, the administrative auditors said. That annual figure rises to €190 billion if including “special tax arrangements” for companies — often criticized as sweetheart deals — and collection inefficiencies. “Initiatives in recent years have given administrations unparalleled access to tax data,” Ildikó Gáll-Pelcz, the ECA member responsible for the report, said in a statement. The latest update came in December, when EU finance ministers agreed that digital commerce platforms such as Airbnb, Uber and eBay must provide transaction data to tax administrators.
Biden's push for electric vehicles could take funding away from infrastructure projects
The fund is largely dependent upon gas taxes — that haven’t increased in nearly three decades. The highway fund derives the vast majority of its funding from gas taxes that have been frozen at 18.4 cents since 1993. That is, of course, if the federal government continues to rely solely on gas taxes. The idea of raising gas taxes received notable pushback during the Buttigieg hearing, though there did appear to be some interest in finding alternatives. And with the number of BEVs expected to grow substantially going forward, an alternative to the traditional gas tax may prove critical.
Virgin Galactic stock on track for record high
Shares of Virgin Galactic Holdings Inc. SPCE, +17.28% are poised to hit a record closing high Tuesday, rallying more than 17% and on pace for their largest one-day percent increase in a little over a week. The stock also stretched their winning run to a sixth straight session, up 40% in the period. Virgin Galactic stock has gained 77% in the past 12 months, compared with gains around 17% for the S&P 500 index. SPX, -0.13%
Dow Slips With Biden Open To This Stimulus Compromise; Microsoft, GE Hits Buy Zone
Meanwhile Microsoft (MSFT) passed a buy point, while Johnson & Johnson (JNJ) rallied on earnings. Microsoft passed a 232.96 buy point from a consolidation pattern, according to MarketSmith analysis. It was up more than 20% from a 46.81 cup-base buy point, according to MarketSmith analysis. It broke out from a 57.30 buy point in a cup base two weeks ago. GE Stock, Housing Stock Flash Buy SignalsGE stock was also making progress on strong results.
Dow flat despite gains in 3M, Johnson & Johnson stocks
The Dow Jones Industrial Average is trading up Tuesday afternoon with shares of 3M and Johnson & Johnson delivering strong returns for the price-weighted average. Shares of 3M MMM, +3.17% and Johnson & Johnson JNJ, +2.87% have contributed around 25% of the blue-chip gauge's intraday rally, as the Dow DJIA, -0.04% was most recently trading 24 points, or 0.1%, higher. 3M's shares have risen $5.41 (3.2%) while those of Johnson & Johnson are up $5.26, or 3.2%, combining for a roughly 72-point bump for the Dow. Microsoft MSFT, +1.19% , Walgreens Boots WBA, +1.02% , and Walmart WMT, +0.75% are also contributing significantly to the gain. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Plug Power stock rallies after raised billings outlook for 2021
Plug Power Inc. stock shares rallied more than 7% Tuesday, topping $70, after the hydrogen-fuel company said it raised its gross billings estimates for this year. Plug Power PLUG, +13.97% said it raised its guidance for 2021 gross billings to $475 million, from $450 million. The hydrogen-fuel company also raised 2024 gross billings target by more than 40% to $1.7 billion.
Charting market rotation, S&P 500 presses record territory
Against this backdrop, the S&P 500 has challenged its range top early Tuesday, rising to press record territory from a shaky, but successful, test of its breakout point. As illustrated, the S&P has weathered Monday’s brief whipsaw under the breakout point (3,826) a move that swiftly filled last week’s gap. Technically, the index has extended its recent gap to record territory, notching four straight record closes. Tactically, the top of the gap (13,329) is followed by the firmer breakout point (13,220). Placing a finer point on the S&P 500, the index has sustained last week’s break to record territory.
Watch Out for These New Global Commodity ‘Wild Cards,’ Says Citigroup
The list of 10 potential wild cards kicks off with a “meaningful market unwind” for Bitcoin over the coming year. Wild card probability: low. Wild card probability: low. 9) Globalization 2.0, with more reforms of global trade and investment flows, which would benefit workers and eventually reaccelerate global trade that boosts the global economy and commodity demand. Wild card probability: low.
Fiverr Stock Is a High Flier Set to Come Down, Says Analyst
MKM Partners analyst Rohit Kulkarni on Tuesday cut his rating on Fiverr (ticker: FVRR) stock to Sell from Neutral, even as he lifted his price target to $185—still below the current market price—from $145. The analyst has been generally bullish on Fiverr’s business, and points out that his earnings and sales estimates are above Street estimates. He reports that Booking Holdings (BKNG) and eBay (EBAY) both briefly topped 35 times sales. Always volatile, Fiverr stock is down 5.3% to $223.07 in Tuesday trading. After last year’s astonishing rally, the stock appreciated another 38% before peaking at $270.05 at the close on Jan. 14.
Beyond Meat Stock Surges on PepsiCo Partnership. There Could Be More Behind the Move.
Beyond Meat stock soared Tuesday, after the maker of alternative meat said it had inked a partnership with PepsiCo —although there could be more to the move. Beyond Meat stock jumped 25% to $198.33 in recent trading; Pepsi was 0.4% higher at $140.76. Beyond Meat stock is well known for big pops on news of partnerships with established food brands. In late 2020, the stock soared nearly 10% after the company said it was expanding its distribution with Walmart (WMT). With just over 38% of its shares sold short—meaning positions that bet the stock will fall—Beyond Meat stock could be caught up in the recent frenzy of speculative trading that has engulfed popular bearish trades.
Dow flat despite gains in 3M, Johnson & Johnson stocks
The Dow Jones Industrial Average is trading up Tuesday afternoon with shares of 3M and Johnson & Johnson delivering strong returns for the price-weighted average. Shares of 3M MMM, +3.17% and Johnson & Johnson JNJ, +2.81% have contributed around 25% of the blue-chip gauge's intraday rally, as the Dow DJIA, -0.04% was most recently trading 24 points, or 0.1%, higher. 3M's shares have risen $5.41 (3.2%) while those of Johnson & Johnson are up $5.26, or 3.2%, combining for a roughly 72-point bump for the Dow. Microsoft MSFT, +1.19% , Walgreens Boots WBA, +1.02% , and Walmart WMT, +0.75% are also contributing significantly to the gain. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Virgin Galactic stock on track for record high
Shares of Virgin Galactic Holdings Inc. SPCE, +17.19% are poised to hit a record closing high Tuesday, rallying more than 17% and on pace for their largest one-day percent increase in a little over a week. The stock also stretched their winning run to a sixth straight session, up 40% in the period. Virgin Galactic stock has gained 77% in the past 12 months, compared with gains around 17% for the S&P 500 index. SPX, -0.11%
BofA, Mastercard, Salesforce, IBM to Report ESG Metrics Championed by World Economic Forum
The push for a global set of ESG standards is bearing fruit. Standards and guidelines around sustainability reporting have mushroomed, and companies have said that the reporting requirements are onerous. The ESG metrics support companies’ obligations to various stakeholders beyond shareholders. They will also promote the convergence of existing ESG standards. The metrics were developed by the World Economic Forum, BofA, and the Big Four accounting firms.
Tensions Rise in Europe on AstraZeneca Covid-19 Vaccine Woes
European Union officials said on Monday that pharmaceutical companies producing Covid vaccines on EU territory would be required to register in advance exports of doses to third countries. The decision would notably apply to U.K.-based AstraZeneca and U.S. pharmaceutical group Pfizer, the makers of the first two vaccines currently in use in the U.K. The vaccine from Pfizer and its German partner BioNTech is manufactured in Belgium, but the U.K. wouldn’t be affected by eventual EU export restrictions on the AstraZeneca vaccine because it is manufactured in the U.K. Read:Locked-down Europe slides downhill to double-dip recessionWhat’s Next: Nervousness is mounting in Europe, where the slow start of the vaccination campaigns and industrial bottlenecks threaten the much-delayed economic recovery. Next step, we will hear about vaccine nationalism or even vaccine wars among western powers.
Plug Power stock rallies after raised billings outlook for 2021
Plug Power Inc. stock shares rallied more than 7% Tuesday, topping $70, after the hydrogen-fuel company said it raised its gross billings estimates for this year. Plug Power PLUG, +14.01% said it raised its guidance for 2021 gross billings to $475 million, from $450 million. The hydrogen-fuel company also raised 2024 gross billings target by more than 40% to $1.7 billion.
Alaska Air Results Show Airlines Recovery Is on Hold
Alaska Air Group issued a mixed fourth-quarter report and disappointing guidance for the first quarter—continuing a trend this earning season of airlines waiting for better days ahead. Delta Air Lines (DAL) and United Airlines Holdings (UAL) issued similar guidance last week, indicating that the recovery is on hold until vaccines are more widely dispersed and travel restrictions ease up. The airline’s guidance is likely conservative, she notes, and its minimal capital spending requirements this year are encouraging. Alaska reiterated plans to take delivery of 68 Boeing 737-9 MAX aircraft between 2021 and 2024, including 32 planes purchased from the manufacturer and 13 leased from Air Lease. American Airlines Group (AAL), Southwest Airlines (LUV), and JetBlue Airways (JBLU), all report on Thursday.
FOMC preview: How much Fedspeak is too much on quantitative easing?
With few expected changes to the policy statement, Fed watchers will be fixated on any commentary from Powell on the future of asset purchases under the so-called quantitative easing program. “Market participants are bracing for what could be a surprise slowdown in the pace of asset purchases,” Swonk wrote. Mixed signalsBut some Fed officials have been eager to look ahead to the Fed’s plans on winding down quantitative easing. Bostic will take on one of the four rotating voting seats, alongside Chicago Fed President Charles Evans, Richmond Fed President Thomas Barkin, and San Francisco Fed President Mary Daly. Here’s what each Fed official said about quantitative easing since the last FOMC meeting on Dec. 16:Fed Chairman Jerome Powell (voter): “We’ll let the world know.
Fire that killed Zappos founder Tony Hsieh possibly caused by 'carelessness,' 'intentional act': officials
Everyone except Tony Hsieh was able to escape. It took six minutes from the first firetruck to arrive on scene for responders to get to Hsieh, the report notes. Investigators identified four possible hypotheses, including that the "misuse of candles started this fire," the report states. A second of the four hypotheses describes how the fire could have possibly been started by "carelessness or even an intentional act by Hsieh," the report states. "The fire heated the propane tank to a point when the relief valve operated as design to [relieve] the pressure in the tank.
Steve Wynn lists Los Angeles mansion, a 'personal resort,' for $110M
Billionaire casino tycoon Steve Wynn is looking to bag a big-ticket buyer for his Los Angeles megamansion — a palatial estate that hit the market Friday with a $110 million price tag. “Steve Wynn oversaw it, and he doesn't miss a thing,” Mr. Rabinowitz said, noting that you can see the attention to detail from the moment you walk in. Mr. Wynn, 78, also added some 8,000 square feet to the 11-bedroom estate, bringing its footprint to upward of 27,000 square feet, according to the Los Angeles Times, who first reported the listing. CLICK HERE TO READ MORE STORIES ON FOX BUSINESSThere’s also floor-to-ceiling windows galore, views over Los Angeles, an owner’s office, a screening room, a tennis court and a pool. “Everything Steve does, he does to the highest standard,” Mr. Rabinowitz said.
How Far Can Traders Go 'Beyond' This Pepsi Deal?
In this updated daily bar chart of BYND, below, we can see that prices rallied strongly on Monday and gapped sharply higher. The key question now is how to buy BYND and what to risk. I would feel more comfortable if we could buy BYND around $180 expecting that some but not all of today's gap might get filled. If we can buy BYND around $180 I would risk to $150. $400 is our longer-term price target now.
Right Now, Everything Is Fair 'Game'
I sold four July 16, 2021 $1 puts to buy two July 16 $2 puts. This is net short puts, so we have to calculate downside. In that case, my four short puts are now down $400. Basic math tells us $400 minus $400 is zero, yes zero. Keep that in mind if you are a net buyer of either calls or puts around the stock.
Abbott Labs Has the Formula for a Long Trade
The earnings continue with Boeing (BA) and Abbott Labs (ABT) two stocks that are still early in their rallies. ABT is trading above the rising 50-day moving average line and the rising 200-day moving average line. The Moving Average Convergence Divergence (MACD) oscillator gave us an outright buy signal earlier this month when it crossed above the zero-line. Prices are in an uptrend above the rising 40-week moving average line. The weekly OBV line has been moving up since early December and is close to making a new high.
Pizza Hut Adds 'Fastest-Growing' Detroit Pizza to Menu at $11
Pizza Hut added a new $11 Detroit-style pizza to its menu as demand for the product rises. Yum Brands' (YUM) - Get Report Pizza Hut on Tuesday added a rectangular Detroit-style pan pizza in four variations to its menu. “Detroit-style pizza is the fastest-growing trend in pizza,” said David Graves, chief brand officer for Pizza Hut, in an interview with CNBC. “Countless hours were spent testing and perfecting every detail here to create our take on Detroit-style pizza,” said Graves. Pizza Hut operates nearly 18,000 restaurants in more than 100 countries.
Beyond Meat, DraftKings, Overstock: 5 Top Stock Gainers for Tuesday
Beyond Meat, DraftKings, Overstock.com, Lordstown Motors and Tilray are five top stock gainers for Tuesday. Beyond Meat | Percentage Increase 19%Beyond Meat (BYND) - Get Report surged to a six-month high Tuesday after the plant-based food company reached a partnership deal with PepsiCo (PEP) - Get Report to produce and market a new line of snacks. DraftKings | Percentage Increase 7.3%DraftKings (DKNG) - Get Report was climbing after Goldman Sachs analyst Stephen Grambling upgraded shares of the digital gambling company to buy from neutral with a price target of $65, up from $45. Tilray | Percentage Increase 10.4%Tilray (TLRY) - Get Report was rising after announcing that the French government tapped it to provide cannabis for medical experiments. Tilray said its products will be administered to qualifying patients for whom existing treatments do not provide sufficient relief from their symptoms.
Jim Cramer Says GameStop Shorts Deserved Short Squeeze
Another day, another conversation about GameStop (GME) - Get Report. Though the stock is down from its high Monday of $159 a share, it's still trading around $89 a share as of noon on Tuesday. This has been one of the biggest short squeezes led by Reddit's WallStreetBets. So, with the stock still soaring, what does Jim Cramer make of the short squeeze now? Everything Jim Cramer Is Watching in the Market TuesdayLatest Videos From TheStreet and Jim Cramer:
Overstock Up as Analysts Laud Plan to Turn Blockchain Unit to LP
Overstock is converting Medici Ventures into a limited partnership run by Pelion Venture Partners. An entity within the Salt Lake City venture capital firm Pelion Venture Partners will be a general partner for the fund. 'Since 2014, we have made investments in and advocated on behalf of companies advancing blockchain technology,” Overstock Chief Executive Jonathan Johnson said in a statement. “We remain bullish on blockchain technology but are changing the way we interact with these assets." "We are honored Overstock selected us to maximize the value of its blockchain assets,” said Pelion Ventures founder and general partner Blake Modersitzki.
Fiverr Cut to Sell as MKM Sees 'Feverish Valuation'
Freelancer marketplace Fiverr is trading at 36 times expected fiscal 2021 revenue. It's a 'rare-air premium valuation,' MKM says, cutting the stock to sell. Fiverr (FVRR) - Get Report shares fell on Tuesday after MKM Partners analyst Rohit Kulkarni cut his rating on the online freelance marketplace to sell from neutral based on “feverish valuation levels.”Still, he raised his target price to $185 from $145 to reflect recent market activity. It’s trading at 36 times expected fiscal 2021 revenue, an “extremely rare-air premium valuation,” Kulkarni wrote in a commentary cited by Bloomberg. The market valuation surpasses the “historical peak of any other internet marketplace in recent times.”Kulkarni remains bullish on Fiverr for the long run.
SoCal Edison to pay $2.2-billion settlement in deadly 2018 Woolsey fire
Southern California Edison will pay $2.2 billion to settle insurance claims from a deadly, destructive wildfire sparked by its equipment in 2018, the utility announced Monday. Three people died in the November 2018 fire and more than 1,600 homes and other buildings were destroyed. AdvertisementTotal expected losses for the 2017 and 2018 events are estimated to be $4.6 billion, the statement said. Investigations determined that Edison equipment sparked both the Woolsey and Thomas fires. In recent years, utility equipment has been blamed for multiple wildfires across the state.
Can Kim Jong Un’s economic ambitions survive the COVID-19 pandemic?
“Kim Jong Un talked about all these grand ambitions and people not having to tighten their belts,” said Benjamin Katzeff Silberstein, editor of the site North Korean Economy Watch and a nonresident fellow at the U.S. think tank Stimson Center. The letters read “Kim Jong Un attended stage in Thursday night’s parade celebrating a ruling party congress.” (Lee Jin-man / Associated Press)Ishimaru said the closures have been punishing. Advertisement“COVID-19 is an unpredictable situation that’s affecting the entire world, not just North Korea. In some ways, it serves as an excuse,” said Yang Moon-soo, professor at Seoul’s University of North Korean Studies. “If you think about what role the supreme leader has in North Korea, and he’s personally invested a lot of his clout, that says something.”
People 75 and older can sign up for coronavirus vaccine beginning Wednesday
The website is where everybody should go for information on when they can get a vaccine and where they can get it. Massachusetts residents who are 75 and older can sign up to get the coronavirus vaccine on Wednesday and they can start getting their shots next Monday, state officials said, directing people to a state website for more information. The website offers a map of vaccine locations and information on how to schedule an appointment at them and prove you’re eligible for a shot. AdvertisementThe site was titled “COVID-19 vaccine locations for individuals in Phase 1” as of Tuesday morning, but it included a note saying that those 75 and older, who are at the beginning of Phase 2, will be eligible to sign up Wednesday. “On Wednesday, January 27, individuals 75 or older can begin making appointments for dates February 1 or later,” the site says.
These businesses can reopen next week as Boston eases some COVID-19 restrictions
Mayor Martin J. Walsh said Tuesday that Boston would move to the next step of Massachusetts’ reopening plan as positive COVID-19 cases in the city continue to trend downward. Boston had been in a modified Phase 2, Step 2 and will return to Phase 3, Step 1 on Feb. 1, Walsh announced, a move that allows a number of businesses to reopen. These businesses were previously closed and can reopen at 25 percent capacity next week:
Pizza buffet chain Cici’s files for bankruptcy
Cici’s, a restaurant chain best known for its pizza buffets, has filed for bankruptcy. The Texas-based company has more than 300 locations in 26 states — a sharp decrease from the roughly 650 restaurants it owned about a decade ago. Cici’s dropped “pizza” from its name in 2015 and expanded its menu to focus on its unlimited soup, salad and dessert options. Unlike other pizza chains, Cici’s hasn’t benefited from delivery. The chain came to an agreement in December for its primary lender, D&G Investors, to purchase the company and its $82 million in debt.
After Warriors lost appeal over arena debt, Oakland wants its $10 million back
OAKLAND — It’s not going to solve the city’s $62 million budget shortfall, but a $10 million payment Oakland is to receive from the Oakland-Alameda County Coliseum Authority for Oracle Arena renovations should at least put a dent in it. Oakland and Alameda County each are slated to get $10 million back. The Coliseum Authority next would have to vote to release the funds to Oakland and Alameda County. While council members individually can to waive or reduce their pay or car allowances, Kalb’s resolution would have them do so collectively — and soon. Waiting until at least March to trim their salaries and waive car allowances would look bad, Kalb said.
How online shopping grew in metro Phoenix during COVID-19, and what that means for cities
Stuck at home last spring and summer as cases of COVID-19 soared, Arizonans found something else to do: shop online. Doug Ducey issued a stay-at-home order, to May, when the lockdown was lifted, according to taxes collected for online sales. Big-box stores, such as Target and WalMart, also submit tax collections for online sales, but it falls under a different category. Starting in October 2019, businesses without stores or warehouses in Arizona had to start paying taxes for all online sales they made to Arizona shoppers. States across the country have passed similar laws since 2018 when the U.S. Supreme Court ruled that states could require online retailers to collect sales taxes.
When will GameStop’s eye-popping stock price rally end? Keep an eye on March 26
That’s when the Grapevine-based video-game retailer reports earnings for its fiscal fourth quarter that ends this month. How much longer that buying pressure can be sustained is anyone’s guess, as is how much fundamentals actually will matter when the next earnings report lands. The fiscal fourth quarter includes the holiday shopping season and is usually GameStop’s best of the year. This time analysts estimate the company earned $1.43 a share, compared with $1.28 in the fourth quarter of fiscal 2020 and $1.45 in the 2019 period. Still, history buffs may want to take note: GameStop shares haven’t risen after a fourth-quarter earnings report since 2013.
Richardson nixes plan for new industrial park
A plan to build on one of the last sections of Richardson’s historic Owens Spring Creek farm got a thumbs down from the city council. Developer Crow Holdings wanted to construct three industrial buldings on the site, which is at the northeast corner of Plano Road and Lookout Drive, east of U.S. Highway 75. Developer Crow Holdings wanted to build three warehouses on the site, which is already zoned for industrial construction. “This site is in the middle of this thriving commercial area,” Crow Holdings’ Will Mundinger told Richardson’s city council. Crow Holdings is one of North Texas’ largest industrial developers with projects throughout the area.
TSA found 176 guns on DFW Airport passengers in 2020, even with far fewer people flying
TSA agents found 32 fewer guns on passengers going through DFW International Airport checkpoints in 2020, but not nearly enough to make up for the 53% drop in traffic the airport saw during the pandemic-ravaged year. The Transportation Security Administration found 176 guns on passengers or in checked bags at DFW, a far higher rate than any previous year on record. DFW, the world’s fourth busiest airport, ranked second among all airports in the nation for firearms found, behind Atlanta’s Hartfield-Jackson Airport, the largest airport in the world, with 220 guns. Houston’s George Bush Intercontinental Airport ranked third with 126 guns found. The number of passengers going through TSA checkpoints at DFW fell 53% to 9.9 million passengers.
Parking garages can be deadly places. Milwaukee is adding safety requirements.
City officials in Milwaukee are targeting violent assaults and other crime in places the FBI considers among the most dangerous: parking areas. Atlas, hired by the Journal Sentinel to assess security at parking garages at five Milwaukee-area hospitals, agreed. "Parking lots are inherently dangerous places because people are quite vulnerable when in a parking garage, particularly when there is poor lighting and easy access to those who intend to engage in criminal behavior," Wagner said. "This is not just about hospitals, but any hospital knows or should know and be aware that parking garages have had problems in the past." For Interstate Parking, which operates about three dozen parking garages and lots across downtown Milwaukee, including the Intermodal Station, the parking ordinance that passed in 2018 has proven to be helpful, company president Tony Janowiec said.
Haywood Group's City Place affordable apartment community north of downtown could be expanding with new plan
An affordable apartment community developed just north of downtown Milwaukee could be expanding under a new proposal. An application to amend the site's development plan to allow that building at 1728 N. Sixth St. has been filed with the Department of City Development. Also, a new Common Council file calls for selling city-owned vacant lots, at 1728 N. Sixth St. and 513 W. Vine St., to Haywood Group for a residential development. Haywood Group initially planned two more City Place phases: nine market-rate townhouses south of West Vine Street and west of North Fifth Street, and 30 market-rate apartments, including a three-story building, at West Vine and North Sixth streets. However, Haywood Group has secured affordable housing tax credits through the Wisconsin Housing and Economic Development Authority to help finance the second phase, it said.
The Master Lock Company is outsourcing maintenance operations and cutting 61 employees
The Master Lock Company is outsourcing its maintenance operations and as a result will cut 61 employees from its Milwaukee facility. Masterlock said it will reduce the workforce at its 2600 N. 32nd St. location in Milwaukee starting in March. In addition, bus operator Durham School Services is closing its facility at 909 W. Carpenter Ave. in Milwaukee permanently, the company said in a letter to DWD. Also, Ryder Integrated Logisitcs plans to cease company operations at 5211 S. 3rd St. in Milwaukee because of a customer's changing business needs. "The customer has expressed interest in retaining as many employees as feasible," Ryder HR Business Partner Charles Hengesbach wrote to DWD.
City finds ‘high level of compliance’ on first weekend of indoor dining; cites 1 business for serving nearly 80 patrons
City officials said they found a “high level of compliance” from restaurants and bars over the first weekend of indoor dining, citing only one business that allegedly served dozens of people who weren’t social distancing. Over the weekend, Chicago bar and restaurant owners were allowed to open their doors for the first time in almost three months. Tier 1 mitigation level allows restaurants and bars that serve food to seat customers indoors at 25% capacity or 25 people per room, whichever is less. Since the pandemic began in March, BACP has conducted 8,236 COVID-19 investigations and cited 417 businesses for violating rules. “The high level of compliance that we saw this weekend is a sign that our businesses are committed to operating responsibly, and I look forward to continued compliance as we slowly and carefully reopen,” Escareno said.
Under Biden, China faces renewed trade pressure
Biden won’t confront Beijing right away, economists say, because he wants to focus on the coronavirus and the economy. But he looks set to renew pressure over trade and technology grievances that prompted President Donald Trump to hike tariffs on Chinese imports in 2017. They say Beijing might have made them anyway to suit its own plans. Katherine Tai, Biden’s choice to succeed U.S. Trade Representative Robert Lighthizer, sounded a hawkish note on China in a speech this month. “It will depend on China, the speed at which they reform and change policies, to see whether Biden will roll back trade barriers,” he said.
Unemployment rate for central Ohio hits pandemic low of 4.7% in December
The unemployment rate for the Columbus metro area hit a pandemic low in December even as the region lost jobs during the month. The 4.7% rate matches Cincinnati for the lowest unemployment rate among Ohio's metro areas. Though unemployment rates in the metro areas have started to come down, the report shows the continued damage to the economy caused by the pandemic. Unemployment rates increased in 59 of Ohio's 88 counties last month, decreased in 17 counties and remained the same in 12 counties. Holmes County in northeast Ohio had the lowest unemployment rate among the 88 counties at 2.7% in December.
Tax season 2021: How to get a bigger, quicker tax refund
Many people are looking at big tax refund money. This year, some could boost their federal income tax refund, especially if they didn't receive all their stimulus cash already. The IRS noted that people can begin filing their tax returns with tax software companies, including IRS Free File partners. How to pay taxes on unemployment benefitsThe tax season shocker for many jobless people will be that their tax refund could be far smaller than expected or they might even owe taxes. It will be important to review your 2019 tax return or bring it to a tax preparer, along with your tax documents for 2020.
Different types of gambling, media converging for growth
ATLANTIC CITY, N.J. (AP) — The many different types of gambling are quickly coming together with each other and with media outlets — and Wall Street is taking notice. Casino gambling, internet gambling, sports betting and daily fantasy sports are no longer separate silos with unique audiences: Gambling companies are increasingly combining them and partnering with media companies to expand the reach of gambling. This expansion is leading Wall Street analysts to predict fast-growing revenue in the U.S. over the next five to 10 years. Morgan Stanley sees a $15 billion sports betting and internet gambling market by 2025, and Macquarie Research says that same market could be $30 billion by 2030. “The once disparate categories of online gaming, media and sports are joining teams to create powerful partnerships that we believe will grow viewership, increase overall fan engagement, and drive significantly higher market values for all those connected,” Macquarie wrote in a report issued Tuesday.
Norman's ice storm debris collection to end Friday
NORMAN — The second and final round of collection in the city of Norman’s storm debris removal effort for the October ice storm will be completed Friday. The city’s contractor is now removing storm debris that previously was inaccessible due to utility conflicts and other obstructions. After 5 p.m. Friday, Norman residents are encouraged to take all remaining ice storm debris to the Norman Compost Facility, 398 Bratcher Miner Road. Residents also can follow the regular procedure for weekly yard waste collection through the city’s Sanitation Division. Commercial, industrial or multi-family properties are not eligible for the city’s debris removal program.
Target giving $500 post-holiday bonuses to employees
MINNEAPOLIS — Target has announced another round of bonuses for its store employees, including seasonal hires who helped during the busy holidays. Bonuses of $500 will be given to hourly employees in stores, distribution centers and at the company's Minneapolis headquarters and field-based offices. "We're so proud of our team," Target said on its "A Bullseye View" blog. Earlier in January, Target announced impressive holiday sales numbers with comparable sales growing 17.2% in November and December, same-store sales increasing more than 4% and comparable digital sales jumping 102%. To limit crowds, Target as well as other retailers began holiday discounts early and spread out sales leading to Christmas.
Biden Orders Agencies to Buy More American-Made Products and Publicly Post Exemptions
An executive order signed Monday pushes federal agencies to buy more American-made products and services, and comes with new reporting requirements, a new top-level oversight position and a new website. Since being inaugurated last week, the Biden administration has been issuing a slew of executive orders—many with direct consequences for federal agencies and contractors. The new executive order builds on existing laws—namely the Buy American and Buy America statutes, passed in 1933 and 1982, respectively—and instructs agencies to close loopholes that have made those laws ineffective over time. Current federal acquisition laws require agencies to meet a “domestic content threshold,” wherein a set percentage of a product’s makeup was manufactured in the U.S. However, if the price difference between domestic- and foreign-made products is large, agencies can justify purchasing the lower-cost products.
Joan Collins lists her Manhattan apartment with its 16 closets for $2.05million
AdvertisementDame Joan Collins’ New York City pied-à-terre, with its 16 closets, three bedrooms, three bathrooms, a doorman, concierge, and close proximity to Central Park, is on sale for $2.05million. Collins eventually broke into Hollywood films, starring in several movies alongside A-list actors in the 1950s and 60s before returning to Britain in the 1970s. The couple eventually divorced in 1983, but remained on friendly terms. In 1985, Collins married Swedish playboy and pop singer Peter Holm (right). In 1985, Collins married Swedish playboy and pop singer Peter Holm, who would also become her manager and the co-producer of two television miniseries in which she starred - Sins and Monte Carlo.
Where there’s smoke, there’s fire… unless that ‘smoke’ is just vented air from B.C. cannabis grow
Try refreshing your browser, or Where there’s smoke, there’s fire… unless that ‘smoke’ is just vented air from B.C. cannabis grow Back to videoWhen crews checked out the roof of the building, there was no fire, but the “smoke” seemed to be originating inside the building. Entering the building, they quickly determined that it was a vent, not smoke, issue. There were two people working inside the building, but no injuries. Fire and police officials were presented with federal paperwork on the cannabis cultivation site.
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The megarich have already recovered from the pandemic. It may take the poor a decade to do so
That's how long it took the world's top 1,000 billionaires to recoup their fortunes after the coronavirus pandemic hit. More than a decade is how long it could take the world's poorest to recover, according to Oxfam International's annual inequality report. The pandemic could increase economic inequality in almost every country at once, the first time this has happened, Oxfam found. The deep divide between the rich and poor is proving as deadly as the virus," said Gabriela Bucher, Oxfam's executive director. A separate World Bank study in October that found the pandemic could push as many as 60 million people into extreme poverty.
135 Metro employees asked to return hazard bonus pay
NASHVILLE, Tenn. (WTVF) — More than 100 Metro employees received hazard pay in 2020 amid the COVID-19 pandemic, but they have now been told they have to pay it back. A total of 135 employees from the Metro Nashville Parks and Recreation department were told they would receive a Hazard Pay Bonus, according to the Service Employees International Union, (SEIU) which represents the employees. Some Metro employees were deemed eligible for hazard pay due to the pandemic based on very specific criteria from March 16 to November 30. The parks department determined that some of their employees met some of the criteria and as a result, different percentages of hours worked by various employees were approved for hazard pay, according to the Metro Finance Department. The error was discovered when the parks department went to submit another group of employees’ hours for hazard pay and realized they had not applied the eligible percentage on the previous submission.
Man fatally shoots mom in Manhattan NYCHA building: cops
A man fatally shot his mother inside an East Harlem housing project Tuesday morning, according to authorities and police sources. The 39-year-old woman was shot in the head inside an NYCHA apartment on East 108th Street near Park Avenue, part of the Lehman Houses development, just after 9 a.m., according to cops and the sources. EMS responded for a report of a cardiac arrest, and the woman was pronounced dead on scene, according to police and the FDNY. Her 22-year-old son fled after the shooting, but was taken into custody nearby — with a revolver in his possession — when police recognized him based on a witness’ description, police sources said. He was not immediately charged.
Verizon takes fourth quarter hit from sale of HuffPost
Verizon said Tuesday that its fourth quarter profit and sales slipped due to higher costs and a $119 million charge related to the sale of news and opinion site HuffPost. During the fourth quarter, Verizon posted net income of $4.7 billion, down nearly 10 percent, due to a $523 million hit from severance payments, costs and a $119 million charge from the sale of HuffPost to Buzzfeed in November. Verizon said that its core media business, which includes Yahoo, appeared to turn a corner in the quarter, fueled by strong advertising sales. In its wireless business, Verizon reported 357,000 wireless retail postpaid net additions in the fourth quarter, driven by 163,000 phone and 275,000 other connected device net additions, partially offset by 81,000 tablet net losses. Although Verizon did not reveal how many of its users have taken advantage of its deal with Disney for the Disney Bundle, which is included in select Verizon wireless plans, it did shed some light on retention.
Verizon CEO: Small and medium businesses are showing lower activity
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVerizon CEO: Small and medium businesses are showing lower activityHans Vestberg, chairman and CEO of Verizon, joins 'Squawk Alley' to discuss his outlook for consumer demand and how the space will change after the pandemic.
Full interview with Raytheon CEO Greg Hayes on fourth-quarter earnings beat
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull interview with Raytheon CEO Greg Hayes on fourth-quarter earnings beatRaytheon Technologies reported adjusted quarterly earnings of 74 cents per share, 4 cents above estimates, with revenue also beating analyst projections. Raytheon CEO Greg Hayes joins "Squawk on the Street" to discuss the company's quarter.
3M CEO on fourth quarter earnings
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email3M CEO on fourth quarter earningsShares of 3M were higher this morning after the company reported fourth quarter results. 3M chairman and CEO Mike Roman joins 'Squawk on the Street' to discuss the company's fourth quarter earnings and the future outlook of the company.
ETF Spotlight: The ETF that rose after Musk tweeted 'I kinda love Etsy'
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailETF Spotlight: The ETF that rose after Musk tweeted 'I kinda love Etsy'CNBC's Morgan Brennan takes a look at the First Trust Dow Jones Internet Index ETF which rose after Elon Musk tweeted 'I kinda love Etsy'.
Watch CNBC's full interview with 3M CEO Mike Roman
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with 3M CEO Mike Roman3M chairman and CEO Mike Roman joins 'Squawk on the Street' to discuss the company's fourth quarter earnings, 3M's 2021 guidance, product demand, sustainability efforts and more.
Full interview with Public Investment Fund of Saudi Arabia Governor Yasir Al-Rumayyan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull interview with Public Investment Fund of Saudi Arabia Governor Yasir Al-RumayyanThe Public Investment Fund of Saudi Arabia announced earlier this week its new five-year strategy to grow its assets under management to $1 trillion. Yasir Al-Rumayyan, Public Investment Fund governor, joins 'Squawk on the Street' to discuss the fund's latest strategy, how it would work and opportunities the fund sees in the market.
Exos Financial CEO on the launch of its new SPAC ETF and why he thinks SPACs are here to stay
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExos Financial CEO on the launch of its new SPAC ETF and why he thinks SPACs are here to stayBrady Dougan, Exos Financial CEO and former Credit Suisse CEO, joins 'Squawk on the Street' to discuss the launch of its SPAC ETF with Morgan Creek, how it chooses SPACs for its ETF and more.
Saudi wealth fund chief Yasir Al-Rumayyan on five-year plan to reach $1 trillion assets under management
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaudi wealth fund chief Yasir Al-Rumayyan on five-year plan to reach $1 trillion assets under managementThe Public Investment Fund of Saudi Arabia announced earlier this week its new five-year strategy to grow its assets under management to $1 trillion. Yasir Al-Rumayyan, PIF governor, joins 'Squawk on the Street' to discuss its latest investment strategy and the opportunities he sees in the market.
Raytheon CEO Greg Hayes on earnings and how Covid affected aviation
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRaytheon CEO Greg Hayes on earnings and how Covid affected aviationRaytheon Technologies reported adjusted quarterly earnings of 74 cents per share, 4 cents above estimates, with revenue also beating analyst projections. Raytheon CEO Greg Hayes joins "Squawk on the Street" to discuss.
Chamath Palihapitiya joins the GameStop trading frenzy
Tech investor Chamath Palihapitiya said Tuesday that he is dipping his toe into the frothy trading around video game retailer GameStop. A flood of retail trading has pushed the stock and other heavily shorted names higher in recent weeks, causing major losses for short sellers. Trading of GameStop has been regularly halted due to volatility, including once shortly after Palihapitiya said he was buying call options.
‘Hundreds of billions’ needs to move to firms combating carbon emissions, Standard Chartered CEO says
The group aims to build a voluntary carbon market to enable corporations to reach net zero emissions, and has suggested that this will need to scale at least 15 times, and potentially 160 times, its current level. These markets allow the trading of emissions allowances and effectively puts a price on carbon. A large and "credible" carbon market is needed to transfer hundreds of billions of dollars into assets involved in reducing global emissions, according to Standard Chartered CEO Bill Winters. "We estimate that we will need tens of billions of dollars, eventually hundreds of billions of dollars, to transfer from people like us to people who are actually able to make a difference in terms of affecting the ultimate outcome of carbon emissions." A "robust and liquid and credible" carbon market will be necessary to facilitate these transactions between private buyers and sellers over the coming years, Winters said, voicing hopes that this action from the private sector will also help to drive governments toward policies aimed at reducing carbon emissions.
Cramer: 'Astounding numbers' at struggling GE, Raytheon may justify stock market's rally
The stock market's rally during spiking Covid cases may be justified by strong earnings from struggling American industrial companies like General Electric and Raytheon, CNBC's Jim Cramer said Tuesday. Both companies released quarterly results Tuesday morning, giving positive signals for cash flow. "When I look at GE, I'm thinking 'Houdini,' miraculous, incredible," Cramer said after GE delivered better-than-expected industrial free cash flow for the fourth quarter and a rosy outlook for this year. While stronger Tuesday, GE shares are flat over the past 12 months. Raytheon shares are down more than 50% over the same period.
Cici's files for bankruptcy as pandemic accelerates the decline of the all-you-can-eat buffet
Buffet chain Cici's has filed for Chapter 11 bankruptcy protection and announced its sale to D&G Investors, its primary lender. While the coronavirus pandemic has lifted sales for pizza chains like Papa John's, Domino's Pizza and Yum Brands' Pizza Hut, buffet-style restaurants like Cici's saw their sales plunge. All-you-can-eat establishments were already struggling before the crisis, but dining restrictions and consumers' heightened concern over cleanliness accelerated their decline. In bankruptcy filings Monday, Cici's said that it had between $10 million and $50 million in assets and $50 million to $100 million in liabilities. Cici's joins a slew of other restaurant chains that have sought bankruptcy protection during the pandemic, including Punch Bowl Social and the parent company of Friendly's Restaurants.
Tilray stock soars 10% after company tapped to provide medical cannabis in French study
A worker inspects cannabis plants inside the grow room at the Aphria Inc. Diamond facility in Leamington, Ontario, Canada, on Wednesday, Jan. 13, 2021. Tilray Inc. and Aphria Inc. agreed to combine their operations, forming a new giant in the fast-growing cannabis industry. Canadian cannabis company Tilray's stock surged nearly 10% Tuesday after announcing that the French government tapped it to provide cannabis for medical experiments. Tilray's products will treat patients with neuropathic pain, epilepsy and multiple sclerosis who aren't getting relief from existing treatments. Tilray will export the medical-grade cannabis products from its Cantanhede, Portugal facility, which serves as its core research and development site for medical cannabis.
Target drops Chaokoh coconut milk over allegations of monkey labor
New York (CNN Business) Target is the latest major retailer to stop selling Chaokoh coconut milk following accusations that its manufacturer uses monkey labor. Target has stopped selling Chaokoh coconut milk. Multiple investigations by PETA Asia found widespread use of monkey labor throughout Thailand's coconut farming industry. Chaokoh, one of the world leaders in producing coconut milk and other coconut products, and Theppadungporn Coconut Co., did not immediately respond to CNN's request for comment. But the company told USA Today that it has audited coconut plantations using a third party and "did not find the use of monkeys for coconut harvesting."
Pizza buffet chain Cici's files for bankruptcy
New York (CNN Business) Cici's, a restaurant chain best known for its pizza buffets, has filed for bankruptcy. Cici's dropped "pizza" from its name in 2015 and expanded its menu to focus on its unlimited soup, salad and dessert options. Unlike other pizza chains , Cici's hasn't benefited from delivery. Cici's has between $50 million to $100 million in liabilities. The chain came to an agreement in December for its primary lender, D&G Investors, to purchase the company and its $82 million in debt.
Dollar retreats as riskier currencies rebound
FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. The U.S. Dollar Currency Index was 0.19% lower at 90.173. Despite the dollar’s recent rebound from multi-year lows, speculators in the currency market remain extremely bearish on the U.S. currency. On Tuesday, the Australian dollar - seen as a liquid proxy for risk - was 0.48% higher against the dollar; the New Zealand dollar was up 0.65%. Elsewhere, emerging-market currencies saw an easing of recent selling pressure with the Brazilian real rising more than 1%.
Stocks rise on earnings boost; U.S. Treasury yields lower
NEW YORK (Reuters) - Global stocks rose on Tuesday, helped by strong earnings updates in the United States, but U.S. Treasury yields hovered close to three-week lows on concerns about potential roadblocks to President Joe Biden’s planned $1.9 trillion stimulus. Strong earnings updates from a slew of companies, including General Electric and Johnson & Johnson, pushed the S&P 500 to a record high. The MSCI world equity index, which tracks shares in 49 nations, rose 0.29 point, or 0.04%, to 668.37. The dollar index, which tracks the greenback versus a basket of six currencies, fell 0.192 point or 0.21%, to 90.199. After rising nearly 1% on Monday, Brent crude crude was last up $0.18, or 0.32%, at $56.06 a barrel.
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GE stock soars as big beat in free cash flow and strong outlook overshadows profit miss
Shares of General Electric Co. powered up to an 11-month high Tuesday before paring some gains, as investors cheered a big beat in fourth-quarter free cash flow, while shrugging off a third profit miss in the past four quarters. For all of 2020, free cash flow was positive $600 million, compared with the FactSet consensus of negative $1.19 billion. “The fourth quarter marked a strong free cash flow finish to a challenging year, reflecting the results of better operations as well as strong and improving orders in Power and Renewable Energy,” Culp said. Excluding nonrecurring items, adjusted earnings per share fell to 8 cents from 20 cents, below the FactSet consensus of 9 cents. Revenue declined 16% to $21.93 billion, but was above the FactSet consensus of $21.75 billion.
The ‘ice is cracking’ on the bull market, one stock-market analyst warns
And it isn’t just the relatively short-term 10-day moving averages where breadth is starting to tighten. On Monday, roughly 68% of S&P 500 stocks traded above their 50-day MA, representing the lowest such level since Nov. 6. That’s below 2021’s average level at 74.5%, according to Dow Jones Market Data. Read: Is GameStop’s wild ride due to market manipulation by social-media users—or are they exercising free speech? Check out: How you could lose everything by short selling stocks, whether it’s betting against GameStop or Tesla
3M, Johnson & Johnson share gains lead the way, but Dow flat
Led by strong returns for shares of 3M and Johnson & Johnson, the Dow Jones Industrial Average is climbing Tuesday morning. The Dow DJIA, +0.03% was most recently trading 20 points higher (0.1%), as shares of 3M MMM, +3.15% and Johnson & Johnson JNJ, +3.07% have contributed around 25% of the index's intraday rally. 3M's shares have risen $5.26, or 3.1%, while those of Johnson & Johnson are up $4.79 (2.9%), combining for a roughly 68-point boost for the Dow. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Elon Musk Loves Etsy. Here’s Why This Analyst Does Too.
Etsy shares popped Tuesday before settling back down as the company continues to win favor among analysts and Tesla CEO Elon Musk. Early Tuesday, Musk tweeted, “I kinda love Etsy,” adding in a later tweet that he used the e-commerce platform to buy a hand-knit wool Marvin the Martian helmet for his dog. Absent much other news, that set of tweets—including photos of Musk’s helmeted puppy—appeared to be enough for Etsy’s (ticker: ETSY) shares to pop as much as 6.5% shortly after Tuesday’s market open before falling slightly,...
Consumer confidence rebounds on vaccine hopes and improving economy
The numbers: U.S. consumer confidence bounced back a bit in January as Americans looked past the high number of coronavirus cases and deaths toward greater availability of vaccines and an improving economy. The index of consumer confidence rose to 89.3 this month from a revised 87.1 in December, the Conference Board said Tuesday. The record spike in coronavirus cases over the winter dampened confidence and hurt the economy after more states reinstituted restrictions on individuals and companies. Yet another gauge that assesses how Americans view the next six months —the so-called future expectations index — rose strongly. The number of coronavirus cases is on the decline again and vaccines are being delivered in ever-rising amounts.
Gold prices decline, on track for longest string of losses in over 8 months
Gold futures moved lower on Tuesday, on track to tally a fourth-straight session decline, which would mark the longest string of session losses in more than eight months. The moves for the metal come on the first day of Federal Reserve’s two-day policy session which concludes Wednesday. A decline on Tuesday would represent the longest streak of lower settlements for a most-active contract since a five-session slide ended April 30, FactSet data show. The yellow metal also has tended to move in step with weakness in the U.S. dollar and vacillations in government bond yields, which compete with bullion for haven demand. “Robust GDP data could weigh on gold if yields react higher, but aid silver” and the platinum group metals, he said.
GE stock soars as big beat in free cash flow and strong outlook overshadows profit miss
Shares of General Electric Co. powered up to an 11-month high Tuesday before paring some gains, as investors cheered a big beat in fourth-quarter free cash flow, while shrugging off a third profit miss in the past four quarters. For all of 2020, free cash flow was positive $600 million, compared with the FactSet consensus of negative $1.19 billion. “The fourth quarter marked a strong free cash flow finish to a challenging year, reflecting the results of better operations as well as strong and improving orders in Power and Renewable Energy,” Culp said. Excluding nonrecurring items, adjusted earnings per share fell to 8 cents from 20 cents, below the FactSet consensus of 9 cents. Revenue declined 16% to $21.93 billion, but was above the FactSet consensus of $21.75 billion.
Xerox’s Earnings Were Crimped by Covid, but It Sees Growth in 2021
Xerox Holdings stock is trading lower Tuesday after the enterprise-imaging company posted another soft quarter, while projecting a return to growth in 2021, and announcing plans for a $250 million corporate venture-capital fund. The shutdown of many offices has curtailed demand for printers and associated supplies, significantly impacting the company’s business. In the fourth quarter, Xerox (ticker: XRX) posted revenue of $1.93 billion, in line with Street estimates, but down 21% from a year ago, or 22.4% in constant currency....
Tilray's stock surges after being selected to supply cannabis to France's ANSM for experimentation
Shares of Tilray Inc. TLRY, +10.42% surged 3.6% in premarket trading Tuesday, after the Canada-based cannabis company said it has been selected by France's National Agency for the Safety of Medicines and Health Products (ANSM) to provide medical cannabis products for experimentation. Tilray said it will supply the medical cannabis, starting in the first quarter of 2021, for the duration of the French experiment, which is expected to last for 18 to 24 months. The cannabis will be exported to France from Tilray's facility in Portugal. "Today's announcement marks another milestone for Tilray as we expand operations in Europe," said Tilray Chief Executive Brendan Kennedy. "We are proud to be able to offer access to a variety of high-quality, pharmaceutical-grade medical cannabis products to the ANSM while supporting patients in need in France."
3M, Johnson & Johnson share gains lead the way, but Dow flat
Led by strong returns for shares of 3M and Johnson & Johnson, the Dow Jones Industrial Average is climbing Tuesday morning. The Dow DJIA, +0.03% was most recently trading 20 points higher (0.1%), as shares of 3M MMM, +3.15% and Johnson & Johnson JNJ, +3.07% have contributed around 25% of the index's intraday rally. 3M's shares have risen $5.26, or 3.1%, while those of Johnson & Johnson are up $4.79 (2.9%), combining for a roughly 68-point boost for the Dow. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Expect Treasury Yields to Start Climbing Again Soon, BCA Says
Long-term Treasury yields have paused their four-month climb. But the break may not last long, according to BCA Research. The benchmark 10-year yield finished the session Monday at 1.05%, down from its post-pandemic peak of 1.15% earlier this month. Bond prices climb as yields fall, and the iShares 20+ Year Treasury Bond exchange-traded fund (ticker: TLT) is up 1.8% in the past two weeks.
President Joe Biden commits to replacing entire federal fleet with electric vehicles
In the midst of his speech, Biden said the buy American directive would extend to the federal government's massive fleet of vehicles. "The federal government also owns an enormous fleet of vehicles, which we're going to replace with clean electric vehicles made right here in America, by American workers, creating millions of jobs — a million auto worker jobs." Many of these federal vehicles are leased, which could slow the transition depending on the contract lengths. Tesla is considered the dominant U.S. manufacturer of electric vehicles. GM has said it plans to bring 30 new electric vehicles to a global market through 2025.
Biden plans to replace the US government's fleet of 650,000 vehicles with electric models in a shift to clean energy
President Joe Biden. Susan Walsh/APPresident Joe Biden said Monday he plans to replace the "enormous fleet" of government vehicles with electric models. President Joe Biden said on Monday his new administration will replace the US government's fleet of around 650,000 vehicles with electric models in a bid to shift to clean energy. It's unclear when the electric vehicles will rollout and which models they will be. The current standards require at least half a vehicle's parts to be US-made to be considered American, according to Biden.
IMF raises economic outlook for 2021, but warns new COVID-19 variants could derail growth
The global economy is poised for a strong recovery from the coronavirus pandemic in 2021, the International Monetary Fund said Tuesday, but still faces "exceptional uncertainty" from fresh surges and new variants of COVID-19. Continue Reading BelowThe IMF predicted the global economy will grow 5.5% this year, an increase of 0.3 percentage points from its previous forecast in October, after a severe collapse in 2020. Multiple vaccine approvals, and the distribution of vaccinations in some countries, buoyed the institution's estimates. It also said that additional policy in a few large economies, including the U.S., which just last month approved a $900 billion stimulus package, had helped to strengthen the outlook. The U.S. economy is forecast to grow by 5.1% in 2021, an upward revision of 2 percentage points, thanks in large part to emergency relief efforts by Congress.
Matthew Perry's beachfront home in Malibu sells for $13.1 Million
Actor Matthew Perry has unloaded his beachfront house in Malibu, Calif., for $13.1 million. He quickly adjusted the price to $13.995 million a month later and again to $12.95 million in mid-October, listing records show. The listing went into contract in late October and closed for $13.1 million last Thursday, according to the Multiple Listing Service. The transaction has yet to appear on property records online. He got engaged to Molly Hurwitz, a literary manager, in November, after the house went into contract.
These wireless networks have fewest call issues, JD Power study finds
Verizon Wireless customers reported the fewest call issues in 2020, followed by AT&T, T-Mobile and Sprint, J.D. Power's 2021 Wireless Network Quality Study found. 1 for having the fewest call issues per 100 mobile interactions and across six U.S. regions for 13 consecutive years, according to the J.D. Power study released Tuesday. 2, and T-Mobile ranked No.
American Express Slips as Profit Falls on Covid-19 Impact
American Express profit fell, but the credit-card giant says cardholders' spending is continuing to recover. American Express (AXP) - Get Report on Tuesday reported that fourth-quarter net income dropped 15% as the credit card giant continued to feel the impact of the coronavirus economic shutdown. American Express reported fourth-quarter net of $1.4 billion, or $1.76 a share, down from $1.7 billion, or $2.03, in the year-earlier period. The average American Express cardholder spent $4,549 on their cards in the fourth quarter, down from $5,237 a year earlier. Squeri said the company remains cautious on the pace of recovery, but American Express is focused on getting back to its original earnings-per-share expectations for 2020 in 2022.
The Key to This Market Is Knowing What Themes Are Working
The key to navigating this market isn't the news flow, economics, technical conditions, or even earnings. The key is to know what themes are working. Two themes are working right now: stocks with significant short positions and electric vehicles for governmental use. The other theme today is electric vehicles. President Biden says he wants to replace the government fleet of about 645,000 gas vehicles with electric vehicles.
$55 Is the Make or Break Price for Crude Oil
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GameStop Surge Rides On; Chamath Palihapitiya Tweets Call Option Purchase
Billionaire investor Chamath Palihapitiya said Tuesday that he had purchased February call options on GameStop amid the stock's controversial Wall Street surge. GameStop Corp. (GME) - Get Report shares surged higher Tuesday, following several volatility halts on the New York Stock Exchange, after billionaire investor Chamath Palihapitiya joined the fray in chasing Wall Street's hottest stock. A call option gives the buyer the right, but not the obligation, to purchase an asset at a certain price at a specified point in time. GameStop shares were marked 14.5% higher on the session at $88.00 each in late-morning trading on the NYSE, pegging the group's market value at just over $6 billion. The shares touched an all-time high of $159.18 during a wild Monday session that gave the world's biggest video game retailer a market value of $10.5 billion.
Lockheed Martin Misses on Fourth Quarter Earnings, Beats on Sales
Lockheed Martin says it overcame challenges caused by the Covid-19 pandemic. Lockheed Martin reported net income of $1.79 billion, or $6.38 a share, compared with $1.50 billion, or $5.29 a share, a year ago. Aeronautics' net sales increased 5%, from a year ago. Missile and fire control net sales increased 4%, while rotary and mission systems increased 8%. Looking ahead, Lockheed Martin said that for 2021, it expects earnings to range from $26 to $26.30 per share, with sales between $67.10 billion to $68.50 billion.
Raytheon Up as Profit Falls but Aerospace Rebound Is Seen
Raytheon rises as the company reports quarterly earnings dropped but expects a revenue rebound at Collins and Pratt & Whitney. Raytheon Technologies (RTX) - Get Report shares rose Tuesday after the aerospace-and-defense giant reported fourth-quarter earnings dropped but sees a revenue rebound at the Collins and Pratt & Whitney aerospace units. Raytheon predicts adjusted earnings per share of 70 cents to 75 cents for the first quarter, compared with the analyst consensus of 70 cents. On the weaker side of Raytheon results, revenue for the Collins aerospace division fell 32% and sales at its Pratt & Whitney engine unit slid 20%. Morningstar analyst Burkett Huey put fair value for Raytheon at $77 after its previous earnings report in October.
Boston to move into Phase 3 of reopening
Mayor Martin J. Walsh said Tuesday that Boston on Feb. 1 will move into phase three, step one of the reopening process amid the ongoing COVID-19 pandemic. The state has seen that across the Commonwealth, and we are seeing that in the city of Boston. Advertisement“East Boston, Dorchester, Hyde Park and Mattapan still have the highest positivity rates in the city,” Walsh said. The mayor reminded the public that Boston has over 30 testing sites located throughout the city, as well as mobile testing sites that are free and open to all. “We understand that some people are hesitant to get the vaccine,” Walsh said.
Real estate: South Bay developer in SEC fraud case files bankruptcy
SAN JOSE — Sanjeev Acharya, a South Bay developer who faces fraud allegations and the implosion of his Bay Area real estate empire, has filed for bankruptcy, listing huge debts and hoping to reorganize his company’s finances. Acharya’s company, Silicon Sage Builders, has developed and completed a residential complex in downtown San Jose called Aura, where people are living. — $7.9 million for a construction loan and land loan for a site at 1313 Franklin St. in Santa Clara. — $1.8 million for a land loan at 1661, 1663, and 1665 Alum Rock Ave. in San Jose. “Since at least August 24, 2016, Silicon Sage Builders and all but one of its real estate development projects have not been profitable,” the SEC complaint alleges.
Record breaking jackpots push Mass. state lottery ticket sales
Mega Millions sales were up 705.9 percent over the same time period a year ago, which reached nearly $5.2 million. Powerball sales were up 170.6 percent compared to last year’s sales at nearly $10.9 million, according to the lottery. Sales for the Mega Millions game neared $42 million, while sales for the Powerball game topped $29 million, according to the Massachusetts State Lottery. The cash option in the Mega Millions drawing was $739.6 million while the cash option for the Powerball drawing was $546.8 million. The state sold more than 5.5 million tickets for the $1 billion Mega Millions drawing and more than 3.5 million tickets for the $731 million Powerball drawing.
New York and Canadian property firms team up on North Fort Worth project
New York and Canadian developers are teaming up on a new industrial park in North Fort Worth. Calgary-based Hopewell Development LP and GTIS Partners LP of New York have purchased 21 acres off State Highway 114 on Champions Circle Drive near the AllianceTexas development. The developers plan to build a 361,000-square-foot, three-building industrial park on the land which is located near the Texas Motor Speedway. GTIS is a real asset investment and development firm with offices in Los Angeles, San Francisco, Atlanta, South America and Europe. “We are pleased to kick off our expansion into the Dallas-Fort Worth market with our new three-building, amenity rich, Champions Circle Business Park,” Kevin Pshebniski, CEO of Hopewell, said in a statement.
Northwest Dallas industrial project gets reboot
Austin-based Pennybacker Capital and M2G Ventures of Fort Worth are redeveloping the 250,000-square-foot property at 3200 Irving Boulevard in Dallas’ Brookhollow area. The 9-acre industrial project which was built in the 1960s is being renamed Proto Park. The Northwest Dallas industrial project is Pennybacker Capital and M2G Ventures’ second new deal in North Texas. Pennybacker Capital is a real estate private equity investment manager with offices in Austin, Denver, New York and Nashville. M2G Ventures invests in North Texas properties, including the $200 million development of Fort Worth’s historic stockyards.
US consumer confidence rebounds in January
WASHINGTON — U.S. consumer confidence rose in January as Americans became more optimistic about the future. The Conference Board reported Tuesday that its consumer confidence index increased to 89.3, a rebound from December when it dipped to 87.1. The present situation index weakened further, however, reflecting concerns over the resurgence of COVID-19. “The slow rollout of the vaccines and the still raging pandemic continue to depress consumer confidence despite the prospect of further fiscal aid and a brighter and a brighter health situation,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics. In terms of future prospects, the percent of consumers expecting business conditions to improve over the next six months increased from 29.5% to 33.7%.
More charges expected against Crestwood mayor as judge sets trial for December
A federal prosecutor said additional criminal charges are expected against Crestwood Mayor Louis Presta that could “expand the time frame” of the allegations against him. Durkin said Presta’s trial would likely last at least two weeks. During the interview, the feds say Presta denied receiving any gifts or cash campaign contributions from SafeSpeed. “As the future trial of this case will show, Mr. Presta never violated the trust the people of Crestwood placed in him,” the statement read. “We anticipate that the evidence will show that Mr. Presta never did what his campaign contributor asked him to do.
Commissioner is ‘absolutely disgusted’ by DeSantis’ decision to prioritize Publix for vaccine rollout
But McKinlay noted that there are some Publix stores in Palm Beach County that don’t have pharmacies, leaving some seniors too far away from a Publix to get the vaccine. “I use the the term ‘vaccine desert.’ We’re moving all of this into the hands of Publix and yet when you leave Loxahatchee Groves, the Publix that’s located there, you have to travel 108 miles until you get to the next Publix on State Road 80.”
PepsiCo teaming with Beyond Meat on meatless snacks, protein drinks
The join venture gives Pepsi access to one of the leading plant-based meat companies at a time when consumers are increasingly cutting back on meat consumption and looking for healthier, more sustainable foods. Beyond Meat’s burgers, sausages and chicken, which are made from pea protein, are sold worldwide, including at Starbucks in China and Pizza Hut in the U.S.
Limited indoor dining now allowed in four suburban counties including DuPage and Lake
Indoor service is allowed at establishments that serve food, with a capacity limit of 25% of room capacity or a total of 25 people, whichever is less. The state guidance also calls for tables to be spaced six feet apart, and for all bar and restaurant patrons to be seated at tables — no sitting, standing or ordering at a bar.
President Biden to halt new oil and gas leasing on US lands
A 60-day suspension order at the Interior Department did not limit existing oil and gas operations under valid leases, meaning activity would not come to a sudden halt on the millions of acres of lands in the West and offshore in the Gulf of Mexico where much drilling is concentrated. The moratorium also is unlikely to affect existing leases. Its effect could be further blunted by companies that stockpiled enough drilling permits in Trump’s final months to allow them to keep pumping oil and gas for years.
US consumer confidence rebounds in January
Martin CrutsingerAssociated PressWashington – U.S. consumer confidence rose in January as Americans became more optimistic about the future. The Conference Board reported Tuesday that its consumer confidence index increased to 89.3, a rebound from December when it dipped to 87.1. The present situation index weakened further, however, reflecting concerns over the resurgence of COVID-19. “The slow rollout of the vaccines and the still raging pandemic continue to depress consumer confidence despite the prospect of further fiscal aid and a brighter and a brighter health situation,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics. In terms of future prospects, the percent of consumers expecting business conditions to improve over the next six months increased from 29.5% to 33.7%.
Worldwide Ethylene Vinyl Acetate Industry to 2025 - Increasing Usage of Renewable Energy Sources is Driving Growth - ResearchAndMarkets.com
Solar power industry is one of the fastest growing industries in the world. The value of solar power was estimated USD 86 billion in year 2015 and is projected to reach USD 422 billion by year 2022. According to Solar Energy Industries Association (SEIA), the solar industry generated USD 17 billion investment in the American economy. With growing packaging and power industries in countries like China, India, Japan, and South Korea, the consumption of EVA is increasing in the region. The country's packaging industry is majorly driven by growing innovation in industries to make their products compact and portable.
Oklahoma City Animal Welfare has banner year despite pandemic
Despite the COVID-19 pandemic, Oklahoma City Animal Welfare had a recordbreaking year. In 2017, Oklahoma City Animal Welfare set the goal of saving 90% of all animals entering the shelter. The number of foster homes increased, and the number of animals being transferred to community partners was high. It is believed Oklahoma City Animal Welfare will reach its goal of saving 90% of the animals entering the shelter in 2021. In order to do that, it will take the same amount of hard work and support from the community that was received this past year.
AP sources: Biden to pause oil drilling on public lands
WASHINGTON (AP) — President Joe Biden is set to announce a wide-ranging moratorium on new oil and gas leasing on U.S. lands, as his administration moves quickly to reverse Trump administration policies on energy and the environment and address climate change. Two people with knowledge of Biden’s plans outlined the proposed moratorium, which will be announced Wednesday. They asked not to be identified because the plan has not been made been public; some details remain in flux. The moratorium is intended to allow time for officials to review the impact of oil and gas drilling on the environment and climate. Environmental groups hailed the expected moratorium as the kind of bold, urgent action needed to slow climate change.
Home prices rise at fastest pace in more than 6 years
FILE - In this Sept. 3, 2019 file photo a sign rests in front of a newly constructed home, in Westwood, Mass. U.S. home prices rose in April for the eighth straight month, even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values. The S&P CoreLogic Case-Shiller 20-city home price index climbed 4% in April, the largest gain since December 2018, up from 3.9% in March.
Italian premier resigns, setting off scramble for new allies
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........ROME — Italian Premier Giuseppe Conte resigned Tuesday after a key coalition ally pulled his party’s support over Conte’s handling of the coronavirus pandemic, setting the stage for consultations this week to determine if he can form a third government. Conte’s coalition government was thrown into turmoil earlier this month when a junior party headed by ex-Premier Matteo Renzi yanked its support. The current coalition of the 5-Star Movement, Democratic Party and smaller Leu party are all hoping for a third Conte government. Conte’s first government starting in 2018 was a 5-Star alliance with the right-wing League party led by Matteo Salvini that lasted 15 months. Democratic leader Nicola Zingaretti says an early election is the last thing the country needs.
Farm makes £50,000 after diversifying into goat Zoom calls
After months of Zoom calls, many are struggling to find ways to make the virtual meetings interesting. But one farm has enterprisingly used the digital fatigue to its advantage - by selling cameos of its goats. The farmers have made £50,000 so far from the goat Zoom enterprise, and they are flooded with bookings still. Dot McCarthy, who took over the farm in 2016, has diversified the farm into a sustainable business, including educational trips, weddings and accommodation. The extra money raised from the goat zoom calls will be put towards installing renewable energy technology at the farm, to reduce its carbon footprint.
GameSpot: How a fight between Reddit users and Wall Street bankers saw video game company’s stock increase tenfold
Video game retailer GameStop’s stock price has increased dramatically due to the actions of users on the WallStreetBets subreddit. The Reddit users pushed the stock up from $20 on 11 January to a staggering high of $146.97. The general reason for this is because the stock market is subject to wild speculation that can deem companies like Tesla, for example, more valuable than the nine largest automakers combined. As the stock increased, short sellers found that they had to buy more stock in order to cover their borrowing, Wired reports. The response to the dispute simply pushed the stock higher, with GameSpot closing out on $65.01 on Thursday.
Laid-off Keystone XL worker criticizes Joe Biden
A Keystone XL worker who was laid off after Joe Biden cancelled the $9billion oil pipeline on his first day in office has warned the president that his decision 'is going to hurt a lot of people, a lot of families, a lot of communities'. I'm building a house - and the bank may own it before I ever get a change to live in it.' 'To have a project of this magnitude cancelled, it's going to hurt a lot of people, a lot of families, a lot of communities,' he said. After Biden fulfilled a campaign pledge by signing the order last Wednesday, workers were told on Thursday afternoon that the project would go no further, Crabtree said. 'While we welcome the president's commitment to fight climate change, we are disappointed but acknowledge the President's decision to fulfill his election campaign promise on Keystone XL,' Trudeau said last week.
Moderna says it is on track to deliver the US 100 million doses of its COVID-19 vaccine by March
Moderna Inc confirmed on Tuesday it is on track to deliver the U.S. 100 million doses of its coronavirus vaccine by March and 200 million doses by June after President Biden promised that any American who wanted a shot would have it in the spring. This supply will be enough to immunize 100 million people - about one-third of the country's population - with the two-shot regimen. Johnson & Johnson has said it expects to apply for emergency use authorization in February while AstraZeneca may not apply until April. Moderna Inc said it is on track to deliver the U.S. 100 million doses of its coronavirus vaccine by March and 200 million doses by June as President Joe Biden pledged that the U.S. will soon start administering 1.5 million shots per day. However, under the deal with Pfizer, the federal government has the option to purchase an additional 400 million doses, enough for 200 million people.
'Ms. Maxwell is innocent': Court urged to dismiss sex-trafficking charges against Epstein's ex
Maxwell has been fighting the U.S. charges since her arrest last July. She’s accused of conspiring with Epstein to provide him with underage girls so he could sexually abuse them and also with participating in some of the abuse. Try refreshing your browser, or 'Ms. Maxwell is innocent': Court urged to dismiss sex-trafficking charges against Epstein's ex Back to videoHer lawyers argued in a series of filings late Monday that the government’s case against her is a “mishmash” that fails to identify an accuser, a date on which she’s alleged to have committed any crime or any acts she took to help further the conspiracy. The government’s indictment was “was carefully crafted to not provide Ms. Maxwell with the necessary information to adequately investigate these false allegations and prepare for trial,” the defense lawyers said.
Clashes break in India as farmers disrupt Republic Day celebrations with protest over farming reform
Clashes break in India as farmers disrupt Republic Day celebrations with protest over farming reformClashes have broken out in India, as thousands of farmers protesting the country’s agricultural reforms entered the centre of New Delhi, with the violence overshadowing the Republic Day celebrations. Farmers are saying the reforms will only benefit large product buyers at the expense of producers, who have been camping outside the capital for almost two months. It has become one of Prime Minister Narendra Modi’s biggest challenge since his re-election.
What Leon Black got for paying convicted sex offender Jeffrey Epstein $158 million
Article contentLeon Black viewed Jeffrey Epstein as a “confirmed bachelor with eclectic tastes, who often employed attractive women.”The private equity titan was willing to overlook that Epstein had served 13 months in a Florida jail after soliciting an underage prostitute. That was partly because Epstein claimed the girl had lied about her age, while Black, co-founder of Apollo Global Management Inc., believed in second chances, particularly for his well-connected friend. Try refreshing your browser, or What Leon Black got for paying convicted sex offender Jeffrey Epstein $158 million Back to videoThus continued a relationship between the men that was laid out in a report released Monday by law firm Dechert, commissioned by Apollo’s board after news stories about their financial ties. The investigation found that Black paid Epstein $158 million between 2012 and 2017 — after the sex offender pleaded guilty to felony charges in 2008 — for advisory services that helped expand the wealth of one of America’s richest men. The report made clear that Apollo never retained Epstein for any services and that he never invested in any Apollo-managed funds.
Robert Kraft massage parlor video to be destroyed, judge rules
Kirby Lee/USA TODAY SportsA federal judge in Florida has ordered the destruction of video that allegedly shows New England Patriots owner Robert Kraft paying for massage parlor sex, according to court documents. A misdemeanor solicitation charge against Kraft was dropped in September after an appeals court ruled that video evidence couldn’t be used in the case. Kraft, 79, and others were charged in February 2019 in a multicounty investigation of massage parlors that included the secret installation of video cameras in the spas’ lobbies and rooms. Police say the recordings show Kraft and other men engaging in sex acts with women and paying them. Police say they recorded Kraft, a widower, paying for sex acts at the Orchids of Asia spa on consecutive days in January 2019.
33rd Ad Meter Competition Begins
StaffUSA TODAY NETWORK PRESSROOMUSA TODAY kicks off its 33rd Ad Meter program, the premiere gauge for public evaluation and opinion about Super Bowl advertisements. All commercials that are ranked in USA TODAY’s Ad Meter will also be curated into a proprietary USA TODAY Ad Meter Playlist on YouTube AdBlitz. Beginning today, fans can leverage a unique augmented-reality filter on USA TODAY and USA TODAY Sports Instagram pages that allows fans to share their excitement about this year’s Ad Meter competition with their social network. The winner of the 2021 Super Bowl Ad Meter will be announced on Monday, Feb. 8 at 8:30 a.m. Following the announcement of the results, USA TODAY will be hosting “Ad Meter Live” at noon ET.
Carnival cancels more cruises, including sailings from San Diego, amid vaccine rollout
Carnival’s planned seasonal service out of San Diego has been suspended until further notice, and cruises scheduled through April 2023 were canceled. Trips that were planned on three ships — the Magic, Paradise and Valor — are being delayed until November, the cruise line said. “Like so much about this current global situation, we are adapting our plans as circumstances evolve and we are able to confirm alternatives,” Carnival Cruise Line President Christine Duffy said in a prepared statement Monday. Those of rival operator Royal Caribbean also shed 5%, while Norwegian Cruise Line slipped 2.5%. That could force the cruise operator to raise additional funds to stay afloat, Sholes wrote.
Company Earnings Could Show How Detached Stocks Are From Reality: Live Updates
ET Company Earnings Could Show How Detached Stocks Are From Reality: Live Updates RIGHT NOW The I.M.F. improved its projection of the 2021 world economy. This week’s earnings reports could be a test of how detached stocks are from reality. The International Monetary Fund warned that logistics of the vaccine rollout could face obstacles and new variants of the virus present a threat to the world economy. Ms. Raimondo, the current governor of Rhode Island, is a moderate Democrat and former venture capitalist.
Sen. Ted Cruz reintroduces congressional term limits amendment
A group of GOP lawmakers led by Sen. Ted Cruz has reintroduced legislation imposing term limits on members of Congress. Toomey, who will retire after his term ends in 2022, has also long backed term limits, though he did not co-sponsor Cruz’s 2019 amendment. When Cruz pushed for term limits in 2017 and 2019, his bills were never brought to the Senate floor, despite occasional endorsements from President Donald Trump and others. The Supreme Court ruled in US Term Limits Inc. v. Thornton that states cannot impose qualifications for prospective members of Congress that are more strict than those written in the Constitution. As part of its 1995 ruling, the court stated that the only way to impose term limits on Congress would be through a constitutional amendment.
PepsiCo, Beyond Meat partner to develop plant-based snacks, drinks
PepsiCo and Beyond Meat are teaming up to develop and produce new snacks and beverages made with plant-based protein, the companies jointly announced Tuesday. Operations will be handled by the brands’ newly created entity, PLANeT Partnership LLC. BEYOND MEAT STARTS PRODUCTION IN CHINABeyond Meat founder Ethan Brown added that he was “thrilled” to be joining PepsiCo on the new venture. CLICK HERE TO READ MORE ON FOX BUSINESSThe demand for plant-based meat, in general, has only grown since the beginning of the pandemic, with brands like Beyond Meat and Impossible Foods expanding in U.S. and international markets. And Impossible Foods has twice cut the wholesale price for its plant-based items in a bid to challenge the meat industry directly.
Pipeline worker slams Biden for canceling Keystone XL Pipeline: 'Like a kick in the stomach'
A pipeline worker who has worked in the industry for 53 years is speaking out against President Joe Biden’s cancellation of the Keystone XL Pipeline. JUSTIN TRUDEAU ‘DISAPPOINTED’ IN BIDEN'S DECISION TO CANCEL KEYSTONE XL PIPELINEThe president signed an executive order last week revoking the March 2019 permit for the Keystone XL Pipeline. "Leaving the Keystone XL pipeline permit in place would not be consistent with my Administration’s economic and climate imperatives." In response, Williams pointed to several environmental studies done by those involved in the project to ensure its safety. ALBERTA PREMIER: BIDEN DISRESPECTED AMERICA'S CLOSEST FRIEND BY CANCELING KEYSTONE PIPELINEWilliams, who is a second-generation pipeline worker, thought of his grandchildren, saying Biden should "look into their eyes" and tell them about the executive order.
SPAC market is for high-growth, transformative companies: Exos Financial CEO
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSPAC market is for high-growth, transformative companies: Exos Financial CEOBrady Dougan, Exos Financial CEO and former Credit Suisse CEO, joins 'Squawk on the Street' to discuss the state of the SPAC market and the launch of its SPAC ETF with Morgan Creek.
Why most short sellers lose money
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy most short sellers lose money"Short sellers have obviously picked the wrong stocks in January," CNBC's Bob Pisani says. He adds that the current short squeezes can teach us about short sellers in general.
Cramer says 'astounding numbers' from industrials explains market rally
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer says 'astounding numbers' from industrials explains market rallyCNBC's Jim Cramer said Tuesday, "When I look at GE, I'm thinking 'Houdini,' miraculous, incredible." The "Mad Money" host was also encouraged by Raytheon's quarter.
Bank of America CEO Brian Moynihan on the state of the economy amid the pandemic
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America CEO Brian Moynihan on the state of the economy amid the pandemicBank of America CEO Brian Moynihan joined "Squawk Box" on Tuesday to discuss what he's seeing in the economy as the coronavirus pandemic lockdowns approach the one year mark.
Cramer on market reaction to Beyond Meat's partnership with Pepsi
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer on market reaction to Beyond Meat's partnership with PepsiBeyond Meat and PepsiCo announced Tuesday that they’ve formed a joint venture to create, produce and market snacks and drinks with plant-based substitutes. CNBC's Jim Cramer, Carl Quintanilla and David Faber discuss.
Female-backed SPAC, Powered Brands, aims to create new beauty conglomerate after public listing
Katherine Power (left) and Dana Settle (right) formed the SPAC Powered Brands to be the next global beauty conglomerate. Powered Brands was founded by serial entrepreneur Katherine Power, who has launched a number of beauty and wine brands, and Greycroft founding partner Dana Settle. Following a successful public debut, Powered Brands says it's aiming to acquire between $800 million and $1.5 billion worth of assets. By reimagining what a global beauty conglomerate can be, it will compete with some of the biggest, including Estee Lauder, L'Oreal, Shiseido and Coty. "We really feel like the SPAC is the perfect vehicle for this," Powered Brands CEO and Director Katherine Power said in an interview.
These retailers have the most to gain from a Biden stimulus, KeyBanc says
A handful of apparel retailers stand to benefit this spring if President Joe Biden's administration can pass another round of stimulus checks in a relief package, according to one brokerage.
World's largest money manager says sustainable investing surge to continue, pushes for more disclosure
The world's largest asset manager is pushing companies to disclose how they will survive in a world of net-zero greenhouse gas emissions. "More and more people do understand that climate risk is investment risk. "The flows even in January into sustainability funds are growing, not shrinking, and this is going to continue in 2021," he said. ESG investing became widespread during the bull market boom, leading many to view it as simply a bull market phenomenon. This isn't the first time Fink has sounded the alarm on the corporate world's role in climate change.
Shipping carriers rejected tons of U.S. agricultural exports, opting to send empty containers to China
In mid-October, carriers notified agricultural exporters that they would prioritize empty export containers over agricultural exports. They also said they would increase prices on U.S. agricultural exports if the commodities were transported. "This formula shows you the increased ratio of empty export containers to total exports. While agricultural export volume for 2020 was larger than 2019 because of the U.S. The increase in agricultural exports, though, pales in comparison to the increased ration of empty export containers.
E-Trade will return to the Super Bowl after hot year for retail investing
E-Trade will run a Super Bowl ad next month following a hot year for retail investor activity. The online broker, which was acquired by Morgan Stanley last year, has been known for its humorous Super Bowl spots throughout the years. It last advertised during the Super Bowl in 2018. It comes after E-Trade rode the huge year for retail investor engagement and saw high levels of new-to-market investors. For E-Trade, the value of a Super Bowl ad is still strong.
White House signals it could agree to more narrowly targeted stimulus checks
U.S. National Economic Council Director Brian Deese addresses reporters at the top of the daily press briefing at the White House in Washington, January 22, 2021. White House officials including Deese held a call Sunday with several moderate Democratic and Republican senators to discuss possible changes to Biden's original plan. It also calls for $1,400 stimulus checks, which compromise about $1 trillion of the total $1.9 trillion proposed. He later clarified that he wants to ensure that any new round of stimulus is directed only to those who need it. The debate over another round of stimulus checks comes as millions of Americans remain unemployed thanks to the Covid-19 pandemic and the recession it sparked last year.
America's billionaires have grown $1.1 trillion richer during the pandemic
That's in large part because of the sizzling stock market . The US poverty rate declined during the first few months of the pandemic, in large part because of the federal government's stimulus checks. For those with a high school education or less, the poverty rate has surged to 22.5%, compared to 17% in June. The stock market is at record highs, the housing market is booming and Big Tech is thriving. Surging housing, stock marketsThe stock market has played a significant role in the divide between rich and poor.
Saudi Aramco may sell more shares if market is right - PIF
FILE PHOTO: The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I MohammedDUBAI (Reuters) - Saudi Aramco may consider selling more shares if market conditions are right, the head of Saudi Arabia’s sovereign wealth fund told a news briefing on Tuesday. Yasir al-Rumayyan, who is governor of Saudi Arabia’s Public Investment Fund (PIF), made the comments during a media briefing to give details on the PIF’s five-year plan. Initially the government had wanted to list Aramco on the Saudi bourse and an international stock exchange, but an overseas listing plan was shelved. Aramco shares closed 0.1% lower at 34.70 riyals ($9.25) on Tuesday, valuing it at $1.85 trillion, behind the world’s most valuable company, Apple.
BlackRock's Fink warns companies they need to show a net-zero plan
LONDON/BOSTON (Reuters) - Larry Fink, chief executive of the world’s biggest asset manager BlackRock, warned the companies it invests in on Tuesday they will need to show a game plan for surviving in a world aiming for net-zero carbon emissions by mid-century. FILE PHOTO: Larry Fink, Chief Executive Officer of BlackRock, stands at the Bloomberg Global Business forum in New York, U.S., September 26, 2018. REUTERS/Shannon Stapleton/File PhotoIn his annual letter to the management of companies across the world, Fink said they would also need to make clear how the plan is integrated into the company’s long-term strategy and reviewed by the board. “The world is moving to net zero, and BlackRock believes that our clients are best served by being at the forefront of that transition,” Fink said. “We are carbon neutral today in our own operations and are committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner.
Oil prices tick up with European shares amid Saudi blast reports
LONDON (Reuters) - Oil prices ticked up on Tuesday alongside rising European shares and amid reports of a blast in Saudi Arabia, trading near 11-month highs. FILE PHOTO: A view shows railroad freight cars, including oil tanks, in Omsk, Russia May 1, 2020. REUTERS/Alexey MalgavkoBrent crude was up 32 cents, or 0.6%, at $56.20 by 1433 GMT, while U.S. crude rose 22 cents, or 0.4%, to $52.99. Prices edged up after reports of a blast in the Saudi Arabian capital Riyadh, although the cause remains unclear. Elsewhere, Indian crude oil imports in December rose to their highest in more than two years.
Saudi Aramco may sell more shares if market is right: PIF
FILE PHOTO: The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File PhotoDUBAI (Reuters) - Saudi Aramco may consider selling more shares if market conditions are right, the head of Saudi Arabia’s sovereign wealth fund told a news briefing on Tuesday. Yasir al-Rumayyan, who is governor of Saudi Arabia’s Public Investment Fund (PIF), made the comments during a media briefing to give details on the PIF’s five-year plan. Initially the government had wanted to list Aramco on the Saudi bourse and an international stock exchange, but an overseas listing plan was shelved. Aramco shares closed 0.1% lower at 34.70 riyals ($9.25) on Tuesday, valuing it at $1.85 trillion, behind the world’s most valuable company, Apple.
1 in 3 UK small firm owners say COVID rules harm more than help society
Nearly one in three small business owners in the U.K. say that government coronavirus restrictions are more harmful than helpful to society, as they struggle with the economic fallout from the pandemic. More than half of the small companies polled said they would open their doors tomorrow if the government were to suddenly relax lockdown rules. It follows a call by the Federation of Small Businesses in late December for the government to roll out a suite of measures aimed at small companies. The letter to the chancellor asked that measures to combat the economic damage from the pandemic be extended, but also asked for new steps like cash grants and additional tax relief for small business owners. The poll for POLITICO suggested business owners are more optimistic about the prospects for their own business, though.
Forget the debt?
Forget the debt? Quick FixForget the debt? — Sure as night follows day, some lawmakers are fretting once again about soaring national debt and yawning annual deficits after largely ignoring them during the Trump years. People not currently worried but instead focused on the need for much more stimulus: Wall Street, the Fed, a large number of leading economists. Our Victoria Guida has more this a.m.: “Senior U.S. lawmakers are stressing out about mounting government debt as they resist … Biden’s $1.9 trillion plan to boost the economy … But investors in the federal debt, a wide range of market-focused economists and officials in the Biden administration have a firm response: Don’t worry about it right now.
Home prices rise at fastest pace in more than 6 years
U.S. home prices rose in April for the eighth straight month, even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values. The S&P CoreLogic Case-Shiller 20-city home price index climbed 4% in April, the largest gain since December 2018, up from 3.9% in March. U.S. home prices rose in April for the eighth straight month, even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values. The S&P CoreLogic Case-Shiller 20-city home price index climbed 4% in April, the largest gain since December 2018, up from 3.9% in March. ADVERTISEMENTPhoenix posted the largest price gain in November from a year earlier for the 18th straight month, with a 13.8% increase.
US consumer confidence rebounds in January
A sales associate helps customers as they consider the purchase of a big-screen television at a Costco warehouse on Wednesday, Nov. 18, 2020, in Sheridan, Colo. U.S. consumer confidence fell to a reading of 96.1 in November as rising coronavirus cases pushed Americans’ confidence down to the lowest level since August. The Conference Board said the November reading represented a drop from a revised 101.4 in October. The Conference Board said the November reading represented a drop from a revised 101.4 in October. (AP Photo/David Zalubowski)WASHINGTON (AP) — U.S. consumer confidence rose in January as Americans became more optimistic about the future. The Conference Board reported Tuesday that its consumer confidence index increased to 89.3, a rebound from December when it dipped to 87.1.
Student-run free grocery store helps feed town’s hungry
The store provides food, toiletries and household items to students, faculty and community members in need. The store provides food, toiletries and household items to students, faculty and community members in need. Students and staff can shop there, but on Tuesdays the store is open to the community. “I’ve really seen the students take pride in working in the store,” principal Anthony Love said. About 130 families have used the store, Love said.
Novartis Slammed: Expects Covid To Impact Drug Sales Until Mid-2021
Novartis stock toppled Tuesday after the drug company said it expects the coronavirus pandemic to weigh on prescription sales until mid-2021. Excluding the impact of foreign exchange rates, sales rose 1% and Novartis earnings grew 3%. In morning trading on the stock market today, Novartis stock slipped 4.3% near 94.30. Still, Novartis stock remained above a buy point at 92.20 out of a cup-with-handle base. Excluding the impact of exchange rates, sales rose 1%.
Olive Garden parent to offer paid leave for workers to get COVID-19 vaccination
Darden Restaurants Inc. DRI, -1.09% said Tuesday that it will offer its workers up to four hours of paid time off in order to get the COVID-19 vaccine. Worker pay will be based on total earnings, including tips, over the last 13 weeks, with a maximum rate of $20. The hourly rate for employees who haven't worked during that period will be based on their "primary job" but not less than state or local minimum wage. "While we will not require hourly team members to be vaccinated as a condition of employment, we strongly encourage you consider getting vaccinated," Darden said in a statement. Dollar General Inc. DG, -0.04% and Instacart Inc. are among the companies that have offered a financial incentive for getting the vaccine.
Stocks start Tuesday trade higher with earnings on deck
U.S. stocks opened modestly higher Tuesday after scoring a fresh round of records, but amid big questions surrounding the timing and scale of new fiscal aid and corporate earnings. The Dow Jones Industrial Average DJIA, +0.07% gained 86 points, 0.3%, to open near 31,046, while the S&P 500 SPX, +0.02% was up 13 points, 0.3%, near 3,868. The Nasdaq Composite COMP, +0.18% added 46 points, 0.3%, and traded near 13,682. Johnson & Johnson shares rose after the company reported stronger-than-expected earnings and revenue. Meanwhile, in Washington, easy passage of an ambitious aid package looked to be in doubt as Congress gets set for a second impeachment trial of former president Donald Trump.
Vaccine nationalism: Germany suggests EU should restrict the export of Pfizer’s vaccine
With vaccination campaigns hindered by logistical blunders and industrial shortages, the blame game has started among European governments and industrialists over who is responsible for the delays and how to cope with them. Read: Locked-down Europe slides downhill to double-dip recessionThe outlook: Nervousness is mounting in Europe, where...
Dow's 65-point jump led by gains in shares of 3M, Johnson & Johnson
Buoyed by positive growth for shares of 3M and Johnson & Johnson, the Dow Jones Industrial Average is trading up Tuesday morning. The Dow DJIA, +0.07% is trading 65 points, or 0.2%, higher, as shares of 3M MMM, +2.79% and Johnson & Johnson JNJ, +2.69% have contributed to the blue-chip gauge's intraday rally. 3M's shares are up $5.26, or 3.1%, while those of Johnson & Johnson are up $4.48 (2.7%), combining for a roughly 66-point bump for the Dow. Also contributing significantly to the gain are Microsoft MSFT, +1.49% , Honeywell International Inc. HON, +1.07% , and Walgreens Boots WBA, +0.48% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Olive Garden parent to offer paid leave for workers to get COVID-19 vaccination
Darden Restaurants Inc. DRI, -1.09% said Tuesday that it will offer its workers up to four hours of paid time off in order to get the COVID-19 vaccine. Worker pay will be based on total earnings, including tips, over the last 13 weeks, with a maximum rate of $20. The hourly rate for employees who haven't worked during that period will be based on their "primary job" but not less than state or local minimum wage. "While we will not require hourly team members to be vaccinated as a condition of employment, we strongly encourage you consider getting vaccinated," Darden said in a statement. Dollar General Inc. DG, -0.04% and Instacart Inc. are among the companies that have offered a financial incentive for getting the vaccine.
BlackBerry stock gets a downgrade at RBC
"BlackBerry is now trading at multi-year highs and above peers," Treiber wrote, following a 207% rally since the end of November versus a 6% rise for the S&P 500 SPX, +0.06% over that span. He said that BlackBerry reported its fiscal third-quarter results in December, showing a drop in dollar-based net revenue retention. Treiber also wrote that the "probability of an unannounced IP licensing gain appears low." Treiber kept his $7.50 price target intact on BlackBerry shares, which closed Monday at $18.03 after a 28% rally. The stock is up another 11% in premarket trading Tuesday.
BlackRock CEO says companies need to set environmental goals or face possible divestiture
BlackRock Chief Executive Larry Fink has issued his latest edict to companies — disclose a plan on limiting global warming or face divestiture. Fink wants companies to disclose how their business model will be compatible with limiting global warming to no more than 2 degrees Celsius above preindustrial averages, and eliminating net greenhouse gas emissions by 2050. They are asking managers like BlackRock to accelerate our data and analysis capabilities in this area — and we are committed to meeting their needs,” said Fink. BlackRock BLK, +0.61% wants these plans incorporated into long-term strategies and reviewed by the board. Most of its assets are in either index funds or exchange-traded funds that track various benchmarks.
The Peloton Era Will Likely Outlast the Pandemic. Here’s How to Play the Stock.
Peloton’s exercise bicycles can cost around $2,000 to set up—and then there’s the $39 monthly exercise-video subscription that is streamed to screens on the bikes. But Peloton has surged in popularity during the pandemic as a way to exercise, and as a stock, as the virus kept people from gathering at gyms. Some people will clearly exercise at gyms, and some people will exercise at home, and many will likely do both. For investors who agree with the thesis that Peloton is well-positioned, the recent stall in the stock is an opportunity to buy on weakness. With Peloton’s stock trading around $155, aggressive investors with the money to buy Peloton stock could instead sell the February $150 put option for $9.60 and buy the February $160 call option for $10.
Yieldy ETFs gain on a tepid day for stocks
Exchange-traded funds focused on dividends rallied Tuesday as investors looked for income. The SPDR Portfolio S&P 500 High Dividend ETF SPYD, +0.17% gained 0.3% mid-morning, while the Invesco S&P Ultra Dividend Revenue ETF RDIV, +0.27% was up 0.5%. Invesco's KBW Premium Yield Equity REIT ETF KBWY, +0.53% jumped nearly 1%. In contrast, the broader stock market [S: SPX] was up less than 0.2%
Opinion: Want to sacrifice your traditional IRA in favor of a Roth strategy?
Aware of this rule, I opened a Roth IRA at age 55 by transferring $1,000 from my traditional IRA. If I shrank my traditional IRA too much, I wouldn’t be able make the maximum allowable QLAC investment, which is currently set at $135,000. I could, of course, have used Roth money to purchase the period certain annuity—but I’m looking to spend down my traditional IRA, not my Roth. A third reason to keep at least some money in a traditional IRA: tax diversification. A future Congress might permit traditional IRA withdrawals to be tax-free if they’re used for certain activities, such as purchasing long-term-care insurance.
Verizon Just Reported Earnings. Here Are The Numbers You Need to Know.
Verizon Communications reported stronger-than-expected fourth-quarter earnings on Tuesday morning, and added profit guidance for 2021 above Wall Street consensus. Verizon stock was down 2.5% to $56.98 in Tuesday morning trading. Verizon signed up a net 703,000 wireless postpaid customers—meaning those who pay a monthly bill—versus the Wall Street consensus of 941,000. Analysts overall are lukewarm on Verizon stock, with 61% recommending a Hold or equivalent rating and 31% recommending a Buy, according to FactSet. Verizon stock also sports a 4.3% annual dividend yield.
Steve Wynn Asking $110 Million for Los Angeles Megamansion
Billionaire casino tycoon Steve Wynn is looking to bag a big-ticket buyer for his Los Angeles megamansion—a palatial estate that hit the market Friday with a $110 million price tag. “ Steve Wynn oversaw it, and he doesn't miss a thing,” Mr. Rabinowitz said, noting that you can see the attention to detail from the moment you walk in. “Everything Steve does, he does to the highest standard,” Mr. Rabinowitz said. Last spring, the property was quietly shopped around asking $135 million, Mansion Global previously reported. Mr. Wynn, who could not immediately be reached for comment, is also trying to unload his lavish European-style villa in Las Vegas.
Consumer confidence rebounds on vaccine hopes and improving economy
The numbers: Consumer confidence bounced back a bit in January as Americans looked past the high number of coronavirus cases and deaths toward greater availability of vaccines and an improving economy. The index of consumer confidence rose to 89.3 this month from a revised 87.1 in December, the Conference Board said Tuesday. The record spike in coronavirus cases over the winter dampened confidence and hurt the economy after more states reinstituted restrictions on individuals and companies. Yet another gauge that assesses how Americans view the next six months —the so-called future expectations index — rose strongly. The number of coronavirus cases is on the decline again and vaccines are being delivered in ever-rising amounts.
BlackBerry stock gets a downgrade at RBC
"BlackBerry is now trading at multi-year highs and above peers," Treiber wrote, following a 207% rally since the end of November versus a 6% rise for the S&P 500 SPX, +0.06% over that span. He said that BlackBerry reported its fiscal third-quarter results in December, showing a drop in dollar-based net revenue retention. Treiber also wrote that the "probability of an unannounced IP licensing gain appears low." Treiber kept his $7.50 price target intact on BlackBerry shares, which closed Monday at $18.03 after a 28% rally. The stock is up another 11% in premarket trading Tuesday.
Bed Bath & Beyond Gets Hit With Two Downgrades Amid Major Rally
Bed Bath & Beyond is bouncing between small gains and losses early Tuesday despite at least two downgrades, the latest example of highly shorted, gravity-defying retailers. Raymond James analyst Bobby Griffin cut his rating on Bed Bath & Beyond shares (ticker: BBBY) to Market Perform from Strong Buy on Tuesday, removing his former price target. “To be clear, our change in opinion is not a reflection on Bed Bath & Beyond’s turnaround potential,” Griffin writes. UBS analyst Michael Lasser took an even harsher stance, cutting his rating on Bed Bath to Sell from Neutral with a $20 price target. Bed Bath & Beyond stock is down 0.3%, at $30.60, in recent trading.
Dow's 65-point jump led by gains in shares of 3M, Johnson & Johnson
Buoyed by positive growth for shares of 3M and Johnson & Johnson, the Dow Jones Industrial Average is trading up Tuesday morning. The Dow DJIA, +0.09% is trading 65 points, or 0.2%, higher, as shares of 3M MMM, +2.79% and Johnson & Johnson JNJ, +2.65% have contributed to the blue-chip gauge's intraday rally. 3M's shares are up $5.26, or 3.1%, while those of Johnson & Johnson are up $4.48 (2.7%), combining for a roughly 66-point bump for the Dow. Also contributing significantly to the gain are Microsoft MSFT, +1.47% , Honeywell International Inc. HON, +1.07% , and Walgreens Boots WBA, +0.48% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Netflix credit on path toward investment grade rating, after S&P upgrade and positive outlook
Shares of Netflix Inc. [s:nflx] rose 1.6% in morning trading Tuesday, after S&P Global Ratings upgraded the streaming video service's credit rating to just one notch below investment grade status, and said there was potential for another upgrade. The rating has a "positive outlook," which S&P said reflects the potential the rating could be raised if the rating agency can be convinced that Netflix will remain disciplined on its cash content spending. S&P's upgrade comes about a week after Netflix reported blowout fourth-quarter subscriber numbers. "While we expect Netflix to aggressively spend on content production in 2021, the company should not get back to pre-2020 spending trajectory in 2021," S&P said. Netflix's stock has climbed 15.8% over the past three months, while the S&P 500 SPX, +0.03% has gained 13.4%.
Kim Cattrall is selling her Hamptons 'sanctuary' at a $350,000 price cut amid 'Sex and the City' revival news
Gavin Zeigler for Sotheby’s International Realty"Sex and the City" actress Kim Cattrall is selling her Hamptons home for $2.9 million. Gavin Zeigler for Sotheby’s International RealtySource: Sotheby's InternationalThe property is split into two parts: the main house and a separate studio. Chris Foster for Sotheby’s International RealtySource: Sotheby's International... and giant windows that let in plenty of natural light. Chris Foster for Sotheby’s International RealtySource: Sotheby's International... two and a half bathrooms ...One of the home's full bathrooms. Chris Foster for Sotheby’s International RealtySource: Sotheby's International... and a loft.
Student-run free grocery store helps feed town's hungry
Students and staff can shop there, but on Tuesdays the store is open to the community. And the store has one more purpose: teaching the youngsters the value of giving back to their community. “I’ve really seen the students take pride in working in the store,” principal Anthony Love said. About 130 families have used the store, Love said. Read the collection of stories at https://apnews.com/hub/one-good-thing___Associated Press religion coverage receives support from the Lilly Endowment through The Conversation U.S.
Today's mortgage refinance rates inch lower | January 26, 2021
Based on data compiled by Credible Operations, Inc., NMLS Number 1681276, current mortgage refinance rates have fallen compared to yesterdays. Continue Reading Below30-year fixed-rate refinance: 2.625%, Unchanging20-year fixed-rate refinance: 2.625%, Unchanging15-year fixed-rate refinance: 1.875%, Down from 2.000%, -0.125Rates last updated on January 26, 2021. How mortgage refinance rates have changedToday, mortgage refinance rates have fallen compared to this time last week. 30-year fixed refinance: 2.625%, down from 2.750% last week, -0.12520-year fixed refinance: 2.625%, the same as last week15-year fixed refinance: 1.875%, down from 2.125% last week, -0.250Think it might be the right time to refinance? The factors behind today’s refinance ratesCurrent refinance rates, like mortgage interest rates in general, are affected by many economic factors, like unemployment numbers and inflation.
These wireless networks have fewest call issues, JD Power study finds
Verizon Wireless customers reported the fewest call issues in 2020, followed by AT&T, T-Mobile and Sprint, J.D. Power's 2021 Wireless Network Quality Study found. 1 for having the fewest call issues per 100 mobile interactions and across six U.S. regions for 13 consecutive years, according to the J.D. Power study released Tuesday. 2, and T-Mobile ranked No.
PepsiCo, Beyond Meat partner to develop plant-based snacks, drinks
PepsiCo and Beyond Meat are teaming up to develop and produce new snacks and beverages made with plant-based protein, the companies jointly announced Tuesday. Operations will be handled by the brands’ newly created entity, PLANeT Partnership LLC. BEYOND MEAT STARTS PRODUCTION IN CHINABeyond Meat founder Ethan Brown added that he was “thrilled” to be joining PepsiCo on the new venture. CLICK HERE TO READ MORE ON FOX BUSINESSThe demand for plant-based meat, in general, has only grown since the beginning of the pandemic, with brands like Beyond Meat and Impossible Foods expanding in U.S. and international markets. And Impossible Foods has twice cut the wholesale price for its plant-based items in a bid to challenge the meat industry directly.
The Housing Market Is Hot and Home Depot Is Poised to Make New Highs
That's great news for all of the homebuilders and home-related stocks like Home Depot (HD) . In this daily bar chart of HD, below, we can see that prices peaked in August and declined slowly into early December. Prices have rallied in January to best the December high and establish an uptrend - higher lows and higher highs. Prices are now trading above the bottoming 50-day moving average line and the rising 200-day line. Prices touched/tested the rising 40-week moving average line earlier this month.
Elon Musk Says 'I Kinda Love Etsy,' and Etsy Stock Responds
Apparently Tesla (TSLA) - Get Report CEO Elon Musk loves the hand knit wool 'Marvin the Martian' helm he bought for his dog on Etsy (ETSY) - Get Report. Shares of Etsy got a nice charge on Tuesday after Musk paid homage to the online artisan marketplace and his dog purchase, tweeting, "I kinda love Etsy." Etsy shares touched a record earlier this month as the online arts and crafts retailer continues to rein in big bucks amid the coronavirus pandemic. Shares in the New York-based company have more than quadrupled in the past 12 months. Latest Videos From TheStreet and Jim Cramer:
Stocks Wobble Amid Solid Earnings and Stimulus Hurdles
Stocks are mixed after a number of solid earnings reports but gains are held back by the possibility that a coronavirus relief package could be delayed. Stocks were mixed Tuesday following a number of solid earnings reports but gains were held back by the possibility that a U.S. coronavirus relief package could be delayed. General Electric (GE) - Get Report posted weaker-than-expected fourth-quarter earnings but forecast solid industrial free cash flow growth for the coming year. Johnson & Johnson (JNJ) - Get Report posted stronger-than-expected fourth- quarter earnings and said Tuesday it would provide an update on its vaccine development progress "soon." Johnson & Johnson was built for times like these, and I am extremely confident in our ability to deliver lasting value and continued innovation in 2021 and for years to come," said CEO Alex Gorsky.
LIVE: Jim Cramer on GameStop, BlackBerry, Beyond Meat, J&J, Stock Market Tuesday
Jim Cramer and Katherine Ross are live at 10:30 am E.T to break down everything moving the markets Tuesday from GameStop to Johnson & Johnson. Live at 10:30 ET, Jim Cramer and Katherine Ross talk Leon Black, Beyond Meat, Blackberry, Johnson & Johnson (JNJ) - Get Report, GE (GE) - Get Report and more:So, let's dive into the news. Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Latest Videos From TheStreet and Jim Cramer:
Stocks climb on Wall Street as company earnings roll in
NEW YORK (AP) — Stocks are off to a strong start on Wall Street as the market finds its bearings following a bumpy ride a day earlier. The S&P 500 was up 0.2 percent in the early going Tuesday. Companies that would benefit the most from an improving economy had some of the bigger gains, including industrial and energy stocks. General Electric jumped after reporting a strong quarter, as did defense contractor Raytheon and health care giant Johnson & Johnson.
Boston moves into phase three of reopening including fitness centers and museums starting Feb. 1
Mayor Martin J. Walsh said Tuesday that Boston on Feb. 1 will move into phase three, step one of the reopening process amid the ongoing COVID-19 pandemic. AdvertisementMost businesses, he said, will remain subject to the 25 percent capacity restrictions the state extended through Feb. 8. All gatherings, he said, remain capped at 10 people indoors and 25 people outdoors. “Everybody has a role to play in making sure we can bring back more activity safely,” Walsh said. “Again, wearing masks, social distancing, washing hands.” And, he said, employers should allow staff to work from home “whenever possible.”This is a breaking news story that will be updated.
California utility to pay $2 billion settlement in deadly 2018 Woolsey fire
LOS ANGELES — Southern California Edison will pay $2.2 billion to settle insurance claims from a deadly, destructive wildfire sparked by its equipment in 2018, the utility announced Monday. Total expected losses for the 2017 and 2018 events are estimated to be $4.6 billion, the utility statement said. Investigations determined Edison equipment sparked both the Woolsey and Thomas fires. In recent years, utility equipment has been blamed for multiple wildfires across the state. The state’s largest utility, Pacific Gas & Electric, was forced into bankruptcy in 2019 after facing liability for devastating blazes in Northern California.
Target to give its 375,000 employees $500 bonus checks
Target Corp. on Monday announced it is handing out more than $200 million in bonuses to its 375,000 employees, the fifth time the Minneapolis-based retailer has rewarded its workers with checks since the coronavirus pandemic hit. Hourly store workers and employees in distribution centers, headquarters and field-based offices will receive a $500 bonus. Target also said it is extending coronavirus benefits into 2021 to help its employees and their families navigate the impact of the pandemic. Store-originated comparable sales grew 4.2 percent, while comparable online sales grew 102 percent. Growth was strongest in its home and hardlines (furniture and electronics) departments, both of which saw sales increase in the low 20 percent range.
Former Monterey County high school coach, campaign adviser pleads no contest to sexual assault
SALINAS — John Anthony Fickas of Salinas pleaded no contest Friday to raping and sexually assaulting underaged teenagers and young adults he worked with as a North Salinas High School coach and local political campaign adviser. According to a Monday press release from the Monterey County District Attorney’s Office, Fickas pleaded no contest to six counts of sexual assault on five victims. The DA’s Office said Fickas raped Victim 1, a former North Salinas High student whom he had coached, while she assisted him on election night, Nov. 3, 2015. He sexually assaulted Victim 4, a 15-year-old North Salinas High student, while she assisted him with campaign efforts to satisfy her school volunteer hours requirement. He pleaded no contest to two forcible sex charges for sexual assaults he committed against her between 2010- 2012.
Twitter bans My Pillow CEO who insisted Trump won the election
Calls on social media to boycott My Pillow products intensified after Trump-loyalist Lindell continued to insist the election was rigged, even after the Capitol riots of this month that left several dead. Bed Bath & Beyond Inc., Kohl's Corp., HEB Grocery Co. and Wayfair Inc. are among those dropping its products, Lindell has said.
Dallas-area home price gains show no sign of slowing
Dallas-area home prices rose by the greatest amount in more than three years in a closely-watched national comparison. Nationwide home prices rose by 9.5% in November compared to a year earlier. Prices rose in all the major U.S. markets included in Case-Shiller’s monthly survey. The Dallas-area had one of the smallest percentage home price gains among the 20 cities included in the survey. In December, median single-family home sales prices in North Texas were up 9% year-over-year, according to data from local real estate agents.
Multiple possible causes given for fire that killed Tony Hsieh
More than two months after a house fire killed tech entrepreneur Tony Hsieh, a Connecticut fire department has released a report on its investigation. Tony Hsieh gestures during an interview before the start of the LaunchUp Las Vegas event at the Oquendo Center on Wednesday, Jan. 28, 2012. Retired Zappos CEO Tony Hsieh suffered fatal injuries from a fire at the home on Nov. 18 before dawn. Baskow/Las Vegas Review-Journal) @Left_Eye_ImagesThe marquee at Corduroy is dedicated to Tony Hsieh in downtown Las Vegas on Friday, Dec. 11, 2020. Investigators in New London, Connecticut, reported it is possible Hsieh’s carelessness or even intentional act may have started the fire.
Virginian-based UPS Freight being sold to TFI for $800M
Associated PressRichmond, Va. – UPS has reached an agreement to sell the Virginia-based UPS Freight to Canadian trucking giant TFI International for $800 million. Approximately 90% of the acquired business will operate under a new name “TForce Freight,” which will continue to serve UPS’ less-than-truckload operations, according to Montreal-based TFI. UPS Freight, which generated an estimated $3 billion in revenue last year, is one of the largest less-than-truckload carriers in the U.S. Those operators typically use trucks for bulk shipments. Bédard had said during a conference call with investors on Monday that UPS’ freight unit was “like a loss leader for UPS,” and promised to change the business approach, The Atlanta Journal-Constitution reported. All of UPS Freight’s 14,500 workers will become employees of TFI when the deal is finalized, The Richmond Times-Dispatch reported.
PepsiCo goes Beyond Meat in new partnership
Dee-Ann DurbinAssociated PressPepsiCo and Beyond Meat are creating a joint venture to develop snacks and drinks made from plant-based proteins. Pepsi gets access to one of the leading plant-based meat companies as more people try to cut down on meat consumption and become more aware of how their food choices affect the environment. Beyond Meat gets access to to Pepsi’s colossal distribution system and broad product line. Pepsi, in addition to drinks, makes Fritos, Cheetos and Tostitos, as well as Matador beef jerky. The joint venture will be managed through a new entity called The Planet Partnership.
Stocks climb on Wall Street as company earnings roll in
General Electric jumped after reporting a strong quarter, as did defense contractor Raytheon as well as health care giant Johnson & Johnson. The S&P 500 rose 0.4% to 3,855.36 while the The Dow Jones Industrial Average dipped 0.1% to 30,960.00. The Nasdaq composite, which is packed with tech stocks, rose 0.7% to 13,635.99 and another record. They include American Express, Johnson & Johnson, 3M, AT&T and Tesla. As a whole, analysts expect S&P 500 companies to say their fourth-quarter profit fell 5% from a year earlier.
Home prices rise at fastest pace in more than 6 years
Christopher RugaberAssociated PressWashington – U.S. home prices jumped in November at the fastest pace in more than six years, fueled by demand for more living space as Americans stick closer to home during the pandemic. Home prices soared 9.1% in November compared with 12 months ago, according to Tuesday’s report on the S&P CoreLogic Case-Shiller 20-city home price index. That is the largest increase since May 2014. Sales of existing homes rose in December and home sales for all of 2020 rose to the highest level in 14 years. Phoenix posted the largest price gain in November from a year earlier for the 18th straight month, with a 13.8% increase.
Student-run free grocery store helps feed town's hungry
Traditional school stores might offer snacks and knickknacks, school gear and notebooks — but the one at Linda Tutt High School in Sanger, Texas, has a very different inventory and clientele. At Linda Tutt you can get everything from produce, milk and eggs to pasta, peanut butter and canned goods to dishwasher soap and laundry detergent. Students and staff can shop there, but on Tuesdays the store is open to the community. And it’s all free. It has been open since November.
PepsiCo goes Beyond Meat in new partnership
PepsiCo goes Beyond Meat in new partnershipPepsiCo and Beyond Meat are creating a joint venture to develop snacks and drinks made from plant-based proteins. The companies didn’t reveal what kinds of products they will make Tuesday, saying they’re still in development. But the collaboration, the largest of its size outside of the restaurant industry for Beyond Meat, sent its shares to their largest single-day gain since they began trading, jumping by more than $50 each to $209.17. Pepsi gets access to one of the leading plant-based meat companies as more people try to cut down on meat consumption and become more aware of how their food choices affect the environment.
US consumer confidence rebounds in January
WASHINGTON (AP) — U.S. consumer confidence rose in January as Americans became more optimistic about the future. The Conference Board reported Tuesday that its consumer confidence index increased to 89.3, a rebound from December when it dipped to 87.1. The increase was fueled by the board's rising expectations index, which measures feelings about the future path of incomes, business and labor market conditions. The present situation index weakened further, likely reflecting concerns about the resurgence of COVID-19.
Virginian-based UPS Freight being sold to TFI for $800M
RICHMOND, Va. (AP) — UPS has reached an agreement to sell the Virginia-based UPS Freight to Canadian trucking giant TFI International for $800 million. Both companies announced their agreement in a statement Monday, saying the deal is expected to close in the second quarter of 2021 pending regulatory approvals. Approximately 90% of the acquired business will operate under a new name “TForce Freight,” which will continue to serve UPS’ less-than-truckload operations, according to Montreal-based TFI. UPS Freight, which generated an estimated $3 billion in revenue last year, is one of the largest less-than-truckload carriers in the U.S. Those operators typically use trucks for bulk shipments. TFI CEO Alain Bédard called the agreement a “highly strategic transaction” that will make the company one of the largest North American less-than-truckload carriers.
House panel advances bill ending costly coal tax credits
A commission review of Virginia tax policy in 2012 also questioned the effectiveness of the credits, saying: “An analysis of the change in coal production and employment over time indicates that the State’s coal tax credits may not have achieved their public policy goal of slowing the decline in coal mining activity and employment." The version of Hudson's bill that passed out of committee Tuesday was amended from what she initially filed to push the sunset date back by a year and to add language that would convene a workgroup to steer the transition away from the credit and consider other sources of economic development. Republican committee member Del. Joseph McNamara, who called the first version of the measure “extremely mean and nasty” to southwest Virginia, said that while he had a hard time “arguing the logic" of the amended bill, he opposed it. “To single out a tax credit that’s impacting quite simply the poorest area of our state seems to me ... to be kicking our friends while they're down,” he said.
Arcadia collapsed under £750m debt mountain
Sir Philip Green’s retail empire collapsed under the weight of debts totalling £750m, new filings reveal. Meanwhile discount brand Outfit owed £80m, according to analysis sent to creditors and seen by The Telegraph. The filings do not indicate how Arcadia’s implosion will affect the 9,000 members of its pension scheme or its outstanding obligations to the taxman. A detailed listing does not include unsecured amounts owed to the Arcadia retirement fund and unpaid VAT due to HM Revenue and Customs. Asos confirmed on Monday it was in exclusive talks to buy the Topshop, Topman, Miss Selfridge and HIIT brands.
Immunisation is not the magic cure for Rolls-Royce or the travel industry
Investors should be reassured by the £9bn of liquidity that Rolls-Royce has built up, but the shares still fell 10pc at one stage before recovering to end the morning 4pc down. The truth is there is only so much East can do. As investors keep being reminded, Rolls-Royce, for all its engineering might, remains closely tied to the old economy that has been set ablaze by Covid-19. But it's worse than that; the future of the wounded FTSE-100 giant remains inextricably tied to a rebound in air travel. And the airline industry, much like the rest of the human race, has pinned its hopes entirely on the vaccination programme.
Vaccine battle as EU threatens to BLOCK Pfizer jabs going to UK
I'm sure they will deliver to the UK, EU and the rest of the world. Like in the UK, European vaccine drives are relying on shots from multiple suppliers to reach their targets. But in a stern warning, EU Health Commissioner Stella Kyriakides last night declared the bloc would take 'any action required to protect its citizens'. EU block could mean UK misses out on millions of Covid vaccine doses The UK could miss out on millions of doses of the coronavirus vaccine if the European Union suspends deliveries to countries outside the bloc. The move would not, however, cut supplies of the AstraZeneca vaccine because the 'vast, vast majority' of their jabs are made in the UK.
SUV driver kills woman in her 70s and injuries several others in Portland
AdvertisementA woman in her 70s has died and five others were injured after a driver hit multiple people over a mile-long stretch in Portland, according to police. The pedestrians and vehicles were struck along several blocks west from Southeast 33rd Avenue and Stark Street down to Southeast 13th Avenue. Additional calls then came from people saying a person driving the same suspect vehicle, a Honda Element, was striking other people and vehicles, he said. A woman in her 70s has died and five others were injured after a driver hit multiple people over a mile-long stretch in Portland , according to police. Police said the suspect crashed the vehicle in the area of Southeast Stark Street and Southeast 18th Avenue.
Italy's growth prospects at risk with weak govt - Fitch - English
(ANSA) - ROME, JAN 26 - Fitch said Tuesday that Italy's political crisis was making the "risks for economic policy worse" and said the consequences were unclear. The ratings agency said early elections are "improbable". But it added that the eventual arrival of a "substantially weaker government or continuing political uncertainty could damage the prospects of post-pandemic growth via a coherent economic strategy". It said the failure to implement "a credible post-pandemic growth strategy" featuring the "efficient use of Next Generation EU funds would reduce the probability of stabilization and reduction of the debt-to-GDP ratio".
Posthaste: Why one analyst thinks markets are due for a violent correction very soon
U.S. and Canadian markets continue to soar like a rocket, but the technical charts indicate there is going to be a reckoning soon. The analysts expect S&P/TSX Composite Index to decline to 16,790 points, an 8.7 per cent drop from its current levels. The North American markets though, continue to defy expectations and are hitting new record levels, leaving technical analysts and value buyers looking a bit silly. And with the corporate season kicking off in earnest this week, investors have another excuse to push stock prices higher. UBS Switzerland AG expects U.S. earnings to grow 26 per cent in 2021 and 11 per cent in 2022.
Cummins Hydrogen Technology Powers the Largest Proton Exchange Membrane (PEM) Electrolyzer in Operation in the World
BÉCANCOUR, Quebec--(BUSINESS WIRE)--Global technology and power solutions leader Cummins Inc. (NYSE: CMI) has provided a 20-megawatt PEM electrolyzer system to generate green hydrogen, making it the largest in operation in the world. The Cummins electrolyzer system is installed at the Air Liquide hydrogen production facility in Bécancour, Quebec and began commercial operation in late 2020. The Cummins PEM Electrolyzer can produce over 3,000 tons of hydrogen annually using clean hydropower. “We have successfully developed our technology from 1MW to 5MW, and now have the largest PEM electrolyzer in operation in the world. For more examples of how Cummins is leading new firsts in the fuel cell and hydrogen industry and for more information about Cummins Fuel Cell and Hydrogen Technologies, visit www.cummins.com/hydrogen.
Italy PM Giuseppe Conte resigns as his coalition government becomes the latest COVID-19 casualty
Italian Prime Minister Giuseppe Conte sits in the Senate in Rome, January 19, 2021. Massimo Di Vita/Archivio Massimo Di Vita/Mondadori Portfolio/GettyRome — As the coronavirus pandemic death toll soars globally, the latest victim is the Italian government. On Tuesday, Prime Minister Giuseppe Conte resigned, sparking a political crisis while the country is deep in the throes of its COVID-19 epidemic. Prime Minister Conte fought with Renzi's party, his smaller coalition ally, over how to spend the EU recovery funds, and Renzi pulled out of the coalition. In the background is an image of Prime Minister Giuseppe Conte.
No-fly list: Southwest last to ban emotional-support animals
Emotional-support animals are no longer free to roam about the cabin on Southwest Airlines either. The airline said Monday that it will let passengers bring trained service dogs in the cabin, but it will no longer accept support animals, starting March 1. The move follows a Transportation Department decision to reverse a yearslong regulation and let airlines ban animals that owners claim provide emotional support. Airlines said some passengers abused the old rules to avoid pet fees. Southwest is the last of the nation’s six largest airlines to change its animal policy after the Transportation Department action.
Volkswagen CEO Herbert Diess urges Joe Biden to buy his electric cars
President Joe Biden is looking to buy hundreds of thousands of American-made electric cars — and Europe’s largest automaker thinks it can help. Volkswagen Group CEO Herbert Diess made a sales pitch to Biden after the commander in chief pledged to replace the federal government’s gas-guzzling vehicles with electric cars. Volkswagen and its president, Herbert Diess, will likely have to compete with established American automakers for the federal government’s electric-car orders. Only about 3,200 of those vehicles were electric, though roughly 27,000 of them were gasoline or diesel hybrids. Electric vehicles are a growing part of Volkswagen’s business.
D.C. restaurants are hoping for a ‘Biden bump’ after the president’s Georgetown deli visit
President Biden’s Sunday afternoon order from Call Your Mother, a self-described “Jew-ish” deli, was more than a stop for takeout bagels. I haven’t even told him that I used to be a part owner of that business,’ ” Dana said. “It certainly wasn’t ‘President Biden’ on the ticket,” Dana joked. It could be months before he actually sits down in a restaurant in Washington, or anywhere. I think D.C. is his second home, obviously, because he’s had a massive life in politics.
Two market pros on Tuesday's biggest earnings movers
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo market pros on Tuesday's biggest earnings moversJoe Terranova, senior managing director for Virtus Investment Partners, and JoAnne Feeney, portfolio manager at Advisors Capital Management, joined "Squawk Box" on Tuesday to discuss the biggest earning results of the day including from General Election, Johnson & Johnson, 3M and Verizon.
Full interview with Bank of America CEO Brian Moynihan on World Economic Forum's ESG initiative
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull interview with Bank of America CEO Brian Moynihan on World Economic Forum's ESG initiativeThe World Economic Forum in Davos, Switzerland is continuing through the pandemic as a virtual meeting. The World Economic Forum's International Business Council announced an agreement among more than 60 companies to follow a global set of ESG metrics. Bank of America CEO Brian Moynihan is the chair of Davos' International Business Council and he joined "Squawk Box" on Tuesday to discuss the agreement.
BlackRock CEO Larry Fink: Corporations need to address climate before government does it for us
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock CEO Larry Fink: Corporations need to address climate before government does it for usIn President Joe Biden's first days in office, he rejoined the Paris Climate Accord and ordered agencies to review and reinstate more than 100 environmental regulations that were rolled back under the Trump administration. On Monday, Biden said he plans to replace the government fleet with electric vehicles. CNBC's Andrew Ross Sorkin asked BlackRock CEO Larry Fink what he expects when it comes to the support sustainable companies may get over the next four years.
BlackRock CEO Larry Fink: Money will continue to move into the ESG space
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock CEO Larry Fink: Money will continue to move into the ESG spaceBlackRock CEO Larry Fink published his annual letter to CEOs Tuesday morning. The world's largest asset manager is pushing the goal post forward on sustainability. Fink sat down with CNBC's Andrew Ross Sorkin to discuss.
Why ‘tax the rich’ policies may make sense in a K-shaped economy
Andrew Cuomo Lev Radin/Pacific Press/LightRocket via Getty Images"Tax the rich" policies being weighed in some statehouses to cover Covid-era budget shortfalls may make more sense in the current economy. States may be better-suited by broadening sales taxes — to digital goods like streaming services, for example — instead of raising income taxes, Walczak added. Lawmakers in Arkansas, Mississippi, Montana and West Virginia have even called to cut income taxes this year. California lawmakers proposed hiking income taxes for millionaires, a move expected to raise more than $6 billion a year. In September, New Jersey enacted a measure to increase income taxes for residents with yearly income between $1 million and $5 million.
Bed Bath & Beyond gets two downgrades as analysts say take profits during speculative pop
Bed Bath & Beyond received a pair of downgrades from Wall Street analysts on Tuesday, advising clients to book profits after a major rally in the stock sparked by retail investors buying beat-up retail names that hedge funds are betting against.
Last-mile delivery problems hampering pace of Covid vaccine rollout, distributors say
The race to provide safe and effective coronavirus vaccinations has been curtailed by logistical problems associated with last-mile delivery, according to executives at two companies helping to distribute inoculations. The mass rollout of vaccines is thought to be the biggest logistical challenge the world has ever seen, with everyone from policymakers to manufacturers grappling with questions over cost, transportation, distribution and equitable access. Vaccine developers have estimated it will be possible to produce enough doses for more than one-third of the world's population by the end of 2021. However, while many high-income countries have started to administer doses, others have been left behind. "And, of course, it is also difficult to scale capacity so rapidly because nobody knew which vaccine would work," Appel said.
Amazon plans to create 3,000 jobs in Boston with new office expansion
Amazon plans to create 3,000 jobs and open a new office in Boston, the company announced Tuesday. The new hires — expected to be focused on software development, artificial intelligence, machine learning, management, HR and finance — will support its Amazon Web Services, robotics, Alexa and nascent Amazon Pharmacy teams. Amazon said it leased a 17-story office tower in Boston's Seaport district to accommodate the new hires. In 2018, Amazon said it would create 2,000 jobs in Boston and announced it would lease a separate 17-story mixed-use building in the Seaport district. Last year, Amazon announced it will add thousands of jobs at tech hubs in major cities, including New York, Detroit and San Diego.
November home prices rose 9.5%, one of the highest gains on record, Case-Shiller says
The strong surge in home prices is not slowing down, thanks to high buyer demand and a record low supply of homes for sale. Prices nationally rose 9.5% in November, compared with November 2019, according to the S&P CoreLogic Case-Shiller Home Price Indices. Phoenix led the way with a 13.8% year-over-year price increase, followed by Seattle with a 12.7% increase and San Diego with a 12.3% increase. Home prices usually lag sales trends, and home sales have been slightly weaker over the last few months. Builders have been ramping up production recently, which could throw a bit of cold water on these very hot prices.