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'Tahoe is being thrashed': Lake Tahoe residents lament influx of visitors amid pandemic
Now, protests are planned for Friday afternoon and Sunday morning at five locations — Truckee, Tahoe City, Meyers, Incline Village and Kings Beach. “During this crisis, the city has gone above and beyond to keep people safe, keep Tahoe safe and keep Tahoe open,” Fiore said. Tourism is the city’s biggest industry and supported 86,111 jobs before the coronavirus pandemic, according to the bureau, the San Francisco Chronicle reported. Total San Francisco visitors are expected to drop to 12.9 million this year, down 52% from last year’s record-high 26.2 million visitors. It’s the biggest decline we’ve seen in the history of modern travel and tourism,” said Joe D’Alessandro, CEO of San Francisco Travel.
Trump Administration Criticizes New Fannie Mae, Freddie Mac Mortgage Fee
WASHINGTON—The Trump administration criticized a move by mortgage-finance companies Fannie Mae and Freddie Mac to charge a new fee on certain mortgages, saying it would harm consumers. “The White House has serious concerns with this action, and is reviewing it,” a senior White House official said in a written statement late Thursday. “It appears only to help Fannie and Freddie and not the American consumer.”At issue is a 0.5% surcharge that the government-controlled mortgage giants said they would begin to impose on most mortgages that are refinanced at lower interest rates. The decision by the companies, which said the fee was meant to address heightened credit risks in the mortgage market, was met with quick opposition from the industry. Earlier on Thursday, a coalition of 20 industry groups, including the Mortgage Bankers Association and the National Association of Realtors, urged the companies and their regulator, the Federal Housing Finance Agency, to rescind the fee.
$400 Unemployment Supplement Is Really $300, and Won’t Arrive Soon
So this week the administration offered new guidance: Rather than adding $100 a week on top of existing unemployment benefits, states could count existing benefits toward their share. In other words, unemployed workers would get an extra $300, not $400. States still have the option of providing an extra $100, but few if any are expected to do so. They’re probably not going to come up with an extra $100 for everyone on unemployment insurance.”The lowest-paid workers won’t qualify for the extra money. People receiving money under the Pandemic Unemployment Assistance program, for example, qualify for the $300 a week even though that program is entirely funded by the federal government.
New York cuts spending projections by $4 billion
New York has cut spending projections by $4 billion, thanks to freezes on hiring, new contracts and pay raises, as the Cuomo administration hopes for an influx of federal aid, according to a state report released Thursday. The state Division of Budget released its fiscal year 2021 first quarterly budget financial plan, showing that the state projects to reduce spending from this year’s budget through June by nearly $4 billion compared to spending over the same period last year. A $177 billion dollar fiscal plan comprised of state and federal funds has now been scaled back due to the projected $4 billion dollars in reduced state spending. The Cuomo administration warned that if the federal government does not come through with aid for the Empire State, the projected $4 billion cut could become permanent. The financial plan released Thursday estimates a revenue loss of $14.5 billion for one year as a result of the COVID-19 pandemic that left millions of New Yorkers out of work.
How a celebrity shrink allegedly conned himself into patients’ wills
About two years into their thrice-weekly sessions, Markowitz came to believe his only sister was after his money. “Becky loves the Southampton property, so I think it’s only right you leave the property to her,” Ike allegedly told Markowitz. “He was a celebrity whore,” Markowitz told The Post. He alleged that Ike once summoned him to receive a fax from patient Courtney Love in 2003. “This was an epic violation.”(Ike Herschkopf told The Post he can’t comment on any patients.)
Journalist behind Chicago Tribune sale effort gets new watchdog gig
The Pulitzer Prize-winning journalist who tried to engineer a buyout of the Chicago Tribune has joined a not-for-profit watchdog organization that’s been investigating government corruption since the days of Al Capone. “I couldn’t just go back and whistle while I worked,” he told Media Ink. In the quest to find Tribune a new owner, Jackson contacted over 150 interested parties, he said. Alden instead extended its standstill agreement for another year. Of Jackson Soon Shiong said: “I get a sense that he has a reputation that he wants to preserve as a protector of local journalism.”
Here's where coronavirus stimulus talks stand after Congress goes in recess until September
Here's where coronavirus stimulus talks stand after Congress goes in recess until SeptemberCNBC's Eamon Javers explains the partisan divide on Capitol Hill over the second round of Covid-19 relief and why Americans could be left waiting even longer to see more stimulus.
'Shark Tank': Mark Cuban invested $100,000 in this invention that turns a pickup truck bed into a pool
And on Sunday's "Shark Tank," an Air Force pilot pitched a unique pickup truck accessory that won an investment from Mark Cuban: a pool liner that transforms a truck bed into a swimming pool. Since their home didn't have a pool, Prestella created a makeshift pool using a tarp and bungee cords in the back of his pickup truck, and it sparked a business idea. Prestella invented Pick-Up Pools, pool liners that transform the bed of a pick-up truck into a swimming pool. Don't miss: 'Shark Tank': Why Mark Cuban invested $640,000 in this company that sells empty boxesLike this story? Disclosure: CNBC owns the exclusive off-network cable rights to ABC's "Shark Tank."
What's next for coronavirus stimulus after lawmakers leave D.C. with no deal in sight: CNBC After Hours
On today's show, CNBC's Eamon Javers breaks down what to watch as lawmakers leave D.C. without reaching a deal on a new round of economic relief for the coronavirus pandemic. Plus, CNBC's Kate Rooney tells us about the stock-picking strategies of two very different groups of investors: millennials and baby boomers. S&P 500 closes lower as run to record high falls short againThe S&P 500 closed lower on Thursday after flirting with its record high from February as traders digested better-than-expected unemployment data and monitored the stalemate in stimulus negotiations. The S&P 500 fell 0.2% to 3,373.43. It briefly crossed its record closing high of 3,386.15 earlier in the session.
Cramer's lightning round: Tupperware Brands stock was 'so mispriced'
Cramer's lightning round: Tupperware Brands stock was 'so mispriced'"Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.
Azek CEO on having a 'strong ground game' in the construction market
Azek CEO on having a 'strong ground game' in the construction marketAzek CEO Jesse Singh discussed the state of the construction industry as the economy emerges from the coronavirus lockdown.
Michael Rubin's Fanatics now valued at $6.2 billion after latest Series E funding round
Michael Rubin's e-commerce powerhouse Fanatics has increased its value to $6.2 billion — up from $4.5 billion – after raising a $350 million Series E funding round, according to a person familiar with the company's transactions. Fanatics declined to comment when asked about the company's funding and new valuation, but Rubin will appear on CNBC's "Squawk Box" on Friday to discuss the deal. The Wall Street Journal first reported Fanatics' latest funding round, which the person said was only targeted to be $250 million. Both leagues collectively invested $150 million in Fanatics in 2017, and this new funding round results in a $100 million equity increase in their holdings in Fanatics. The funding round is the last financing as a private company, and it is believed Fanatics' next announcement will be an IPO although no timetable has been decided.
'Green shoots' are appearing in global deal-making activities, consultancy says
Some signs of recovery have emerged in the global deal-making market in the last six weeks, said the Asia-Pacific chief executive of consultancy firm, Morrow Sodali. "In the last six weeks, we have seen some green shoots, and we've started to see some of those mega deals come back online," Christian Sealey told CNBC on Tuesday. According to Refinitiv data, eight deals worth more than $10 billion each, were signed in July and August so far. German health-care company Siemens Healthineers also announced this month it was buying Varian Medical Systems for more than $16 billion. The technology sector will be one of the "big winners" when it comes to mergers and acquisitions, Sealey said.
Fire, explosion at Centralia pot processing plant injures employee
There was only one employee inside Footprint Biosciences at the time. That person suffered "severe" burns, according to firefighters. In reality, it was an explosion coming from a licensed marijuana processing plant nearby. According to West Thurston Fire Chief Robert Scott, the explosion happened while the lone employee inside Footprint Biosciences was extracting oil from marijuana for CBD products. The employee inside at the time suffered "severe" burns to his legs and face, according to firefighters.
Impossible Foods raises $200 million in fresh funding
FILE PHOTO: A banh mi sandwich made with a plant-based Impossible Pork patty at the Impossible Foods headquarters in Silicon Valley, in San Francisco, California, U.S., December 19, 2019. REUTERS/Richa Naidu(Reuters) - Plant-based burger maker Impossible Foods said on Thursday it secured $200 million in funding, less than six months after it raised the largest investment ever for a food tech startup, bringing total funds raised since its founding in 2011 to $1.5 billion. Impossible Foods and rival Beyond Meat Inc have struck high-profile deals with several restaurant chains, including Subway and KFC, but have had to find new strategies to stay afloat as many chains were forced to limit operations due to the pandemic. Data tracker Prime Unicorn Index estimates Impossible’s valuation at about $4.03 billion following the latest Series G round. The most recent price per share was $16.15, higher than its Series F price of $15.41, according to Prime Unicorn.
Aeromexico lines up $1 billion DIP loan from Apollo Global Management
FILE PHOTO: The logo of the aerial company Aeromexico is seen at the Aeromexico counter at Benito Juarez international airport in Mexico City, Mexico, July 1, 2020. REUTERS/Edgard GarridoMEXICO CITY (Reuters) - Mexican carrier Aeromexico (AEROMEX.MX), which filed for Chapter 11 bankruptcy protection in the United States at the end of June, said on Thursday it has lined up $1 billion in debtor-in-possession financing with Apollo Global Management Inc.“Today we obtained, subject to court approval, commitments for a $1.0 billion senior secured superpriority multi-tranche debtor in possession term loan facility, the DIP Facility, with funds managed by affiliates of Apollo Global Management Inc.,” Aeromexico said in a statement. The DIP facility consists of two tranches and can only be used for certain expenses, including working capital expenses, general corporate purposes and restructuring costs. “This is a critical milestone in the ongoing process to transform our company with the goal of driving long-term, sustainable growth for Aeromexico,” said Aeromexico Chief Executive Andres Conesa. The DIP Facility, still subject to bankruptcy court approval and other agreements, will provide Aeromexico with liquidity to meet its future obligations in a timely and orderly fashion, and to continue with operations during and after the restructuring process, the firm said.
Asian shares to pause ahead of China data, U.S. 'altitude sickness'
BOSTON (Reuters) - Asian shares were set for a largely flat start on Friday as markets weighed a pause in Wall Street’s multi-month stock rebound and awaited the release of Chinese economic data later in the session. Hong Kong’s Hang Seng index futures were down 0.13%. The dollar index fell 0.141%. “We anticipate July retail sales, industrial production and fixed asset investment will all point to a continued robust recovery in China,” he wrote. Oil prices eased on Thursday after a weaker demand forecast, but the weak dollar limited losses as traders kept an eye on U.S. stimulus headlines.
Bumper U.S. debt issue draws lukewarm demand
The bid-to-cover ratio, a measure of overall demand, at 2.14 was the lowest since July 2019. “Demand is not really scaling up with supply,” said Tom Simons, money market economist at Jefferies. The 30-year bond yield US30YT=RR rose to the highest level in a month in the morning as traders anticipated the additional supply. “Anything that triggers a surge in U.S. bond yields also threatens the bullish equity conjuncture,” wrote Societe Generale’s Albert Edwards in a research note on Thursday, who also pointed to fears of higher inflation as a risk to bond yields - and equities. Primary dealers, who are responsible for buying all remaining supply, took 28.3%, higher than May’s 21.4%.
Ex-Hertz CEO settles U.S. SEC charges over incentive pay, restatement
(Reuters) - A former chief executive of Hertz Global Holdings (HTZ.N) will pay $2.18 million to settle U.S. Securities and Exchange Commission charges he failed to reimburse incentive-based pay to the rental car company following a financial restatement. Frissora, 64, of Naples, Florida, had been Hertz’s chief executive from July 2006 to September 2014. It follows Hertz’s agreement in February 2019 to pay a $16 million civil fine to settle related SEC charges. According to the SEC, Frissora pressured subordinates to “find money,” mainly by reassessing reserve accounts, resulting in accounting changes that left Hertz’s financial results materially inaccurate. In July 2015, Hertz reduced previously reported pretax income by $235 million, and according to the SEC belatedly disclosed the extended holding periods.
Labor Department lawyer leading Oracle case alleges interference by secretary
The Labor Department attorney spearheading a pay discrimination lawsuit against Oracle has filed a whistleblower complaint, arguing she was removed from her post after objecting to Labor Secretary Eugene Scalia becoming involved in the case. Herold raised these objections again in a letter in July and was reassigned to a different position weeks later, said the attorneys, from the firm Katz, Marshall & Banks. AdvertisementAlleged political interference: Herold’s attorneys contend that Scalia’s involvement in the case was politically motivated, as Oracle has cultivated deep ties with President Donald Trump and senior members of his administration. For instance, Oracle Chairman Larry Ellison held a fundraiser for Trump earlier this year and CEO Safra Catz has donated large sums to the president's reelection effort. Oracle did not respond to a request for comment.
Why no charges in Breonna Taylor's killing after five months?
It’s been exactly five months since Louisville police killed Breonna Taylor and there have still be no arrests or charges, despite Kentucky officials publicly claiming they think “there shouldn’t be another Breonna Taylor.” Today, the Taylor family met with the Kentucky Attorney General for the first time. Taylor family attorney Ben Crump joins MSNBC’s Ari Melber discussing his meeting with Kentucky officials and his concern their “playbook is delay, delay, delay.”
Trade group report: Gambling economy hit hard by coronavirus
The coronavirus and efforts to fight it have hit U.S. casinos and legal gambling businesses hard. The American Gaming Association on Thursday, Aug. 13, 2020, reported a nearly 79% drop in commercial gambling revenues for the second quarter of 2020. The coronavirus and efforts to fight it have hit U.S. casinos and legal gambling businesses hard. The American Gaming Association on Thursday, Aug. 13, 2020, reported a nearly 79% drop in commercial gambling revenues for the second quarter of 2020. (AP Photo/John Locher, File)LAS VEGAS (AP) — The coronavirus and efforts to fight it have hit U.S. casinos and legal gambling businesses hard, leading to a nearly 79% drop in commercial gambling revenue for the second quarter of 2020, the industry’s trade association reported Thursday.
Officials: U.S. seizes Iranian oil heading for Venezuela
At the time, sanctions experts thought it would be impossible to enforce the U.S. court order in international waters. Rather, U.S. officials threatened ship owners, insurers and captains with sanction to force them to hand over their cargo, which now becomes U.S. property, the official said. Prosecutors alleged the four ships were transporting to Venezuela 1.1 million barrels of gasoline. ADVERTISEMENTThe Trump administration has been stepping up pressure on ship owners to abide by sanctions against U.S. adversaries like Iran, Venezuela and North Korea. ___Joshua Goodman on Twitter: @APJoshGoodman___Associated Press writer Scott Smith in Caracas, Venezuela, contributed to this report.
Alaska to seek additional $300 a week unemployment benefits
JUNEAU, Alaska (AP) — The state is seeking to provide unemployed Alaskans an extra $300 a week in benefits under an option offered by the federal government. It is not clear yet when the money for the unemployment benefits might be available. Congress earlier this year, in response to the coronavirus pandemic, approved payments of an additional $600 a week for unemployed workers; those benefits expired Aug. 1. Alaska had 37,700 fewer jobs in June than it did in June 2019, according to the state labor department. The June numbers showed widespread business disruptions related to COVID-19, with the leisure and hospitality industry hit particularly hard, according to the department.
Millions of Americans just lost half their unemployment pay : The Indicator from Planet Money : NPR
When $600 Goes AwayEnlarge this image Joe Raedle/Getty Images Joe Raedle/Getty ImagesThe extra $600 dollars a week that Congress added to unemployment benefits as part of the CARES Act expired at the end of July. Most of the 30 million Americans on unemployment, saw their weekly income drop by half. Congress was expected to extend the benefits in some way, but Republicans and Democrats seem deadlocked. Over the weekend, President Trump announced that the federal government would team up with states to get people an extra $400 a week. But there's a lot of confusion over how long people might have to wait to get that extra money.
Citigroup Pays Revlon Lenders Nearly $900 Million by Mistake
Citigroup Inc. paid nearly $900 million by mistake to Revlon Inc. lenders and is asking for the money to be returned, according to people familiar with the matter. Lenders that sued Revlon on Wednesday over its debt-restructuring tactics were surprised to learn Thursday they had been fully repaid on a loan issued in 2016, these people said. Citi executives were soon asking for the money back, saying it was paid inadvertently due to a clerical error, they said.
The Post Office’s Problem Isn’t Trump
Two months into his new job, Postmaster General Louis DeJoy is being keelhauled by Democrats for alleged sabotage of the U.S. Postal Service. Nearly 200 House Democrats signed a letter this week accusing him of acting to “accelerate the crisis” at the USPS. Apparently they missed the post office’s news release last Friday, when it reported losing another $2.2 billion last quarter. The post office is meant to be self-sufficient, but it...
Trump Administration Criticizes New Fannie Mae, Freddie Mac Mortgage Fee
WASHINGTON—The Trump administration criticized a move by mortgage-finance companies Fannie Mae and Freddie Macto charge a new fee on certain mortgages, saying it would harm consumers. “The White House has serious concerns with this action, and is reviewing it,” a senior White House official said in a written statement late Thursday. “It appears only to help Fannie and Freddie and not the American consumer.”At...
Treasuries
Money markets pay next to nothing and even less after inflation. Here are some less well-known places to stash some cash for a positive real return, albeit with more trouble than traditional certificates of deposit.
How Barstool’s deal with Penn National could boost the gaming company’s stock price
On Thursday, Goldman Sachs initiated coverage of Penn National Gaming with a buy rating and $60 price target, implying a 20% upside from current levels, as it sees the gaming company “at the cross-section of a rapidly rebounding regional casino space and inflecting growth in sports betting.” Of Penn’s partnership with Barstool Sports, Goldman thinks Barstool’s “embedded customer base and content creation engine will drive one of the lowest customer acquisition costs in the industry,” which will pay off for Penn.
What new jobless claims number means for 2020
At 963,000, the number of new claims was an impressive 28% below the rolling average for the prior 4 weeks of 1,339,000. The initial claims drop is just the latest in a series of very encouraging economic data over the last three months. We had the strongest labor market in modern times heading into the pandemic thanks to President Trump’s pro-growth economic policies. SECOND STIMULUS CHECK MAY NOT GO OUT UNTIL SEPTEMBER AS RELIEF TALKS DRAG ONThe decline in initial claims is already a clear indication that jobs are available and that employers are having less difficulty filling those open positions. But the initial claims numbers form the first week of August make the answer to that query fairly obvious (unless your motivation is purely political).
7 Deadly Stock Sins: Cramer's 'Mad Money' Recap (Thursday 8/13/20)
There is a big difference between blind speculation and informed speculation, Jim Cramer told his Mad Money viewers Thursday. That's why it's time to run down the seven deadly stock sins Cramer said he sees on Twitter (TWTR) - Get Report every day. Finally, the last deadly sin Cramer sees on Twitter is heckling him to promote a stock. On Real Money, Cramer keys in on the companies and CEOs he knows best. Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener.
Bahamas tourism sector encourages post-coronavirus cruising
A tourism official in the Bahamas wants cruise ships to sail to the archipelago’s population-dense islands and not just private ports, according to Bahamian local news outlet The Tribune. “Obviously when they start cruising again they will not want to come to the population centers. “The cruise ship companies come in now and make all the money, and we have nothing," he told The Tribune in 2017. At the time, he claimed revenue made from cruise passengers was not making enough of an economic impact on Bahamian local businesses and that cruise lines were hoarding profits. For the Bahamas, D’Aguilar estimates that coronavirus-related shutdowns have cost the nation $540 million based on cruise passenger spending recorded in 2019.
Wall Street again falls just short of S&P 500 record
Another afternoon fade for stocks left Wall Street just shy of a record Thursday, after the S&P 500 briefly crossed above its all-time closing high for the second straight day. It’s just the second loss for the S&P 500 in the last 10 days. Wall Street has erased almost all of the nearly 34% drop the S&P 500 suffered from late February into March, even though the economy is still hobbled despite some recent improvements. Most stocks in the S&P 500 and across Wall Street were weaker Thursday. Cisco Systems slumped 11.2% for the biggest loss in the S&P 500, even though it reported better results for its latest quarter than Wall Street expected.
Member of Guyer cross country program dies after running Thursday morning
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A winning Powerball ticket worth $168 million was sold at a Publix in Boynton Beach
The winning Florida ticket was the only one to match all five numbers and the Powerball, which means the owner of the ticket has won the entire $168.5 million jackpot.
St. Paul Mayor Melvin Carter to release 2021 budget proposal next week
In a sign of the times, St. Paul Mayor Melvin Carter will unveil what’s likely to be a challenging 2021 city budget proposal the new-fashioned way: virtually. The mayor’s budget address will take place at 11 a.m. on Thursday, Aug. 20 and will be broadcast on St. Paul’s HD cable channels — Comcast 859 and CenturyLink 1234. It will also be streamed online on the city’s Facebook page at facebook.com/cityofsaintpaul. The mayor has previously informed the city council that the city is likely to enter 2021 with as much as a $19 million to $34 million budget deficit, necessitating tough choices in where to make cuts. Given medical leaves and other pandemic-related expenses, those estimates could grow.
USPS removes mailboxes in Portland and Eugene, cites ‘declining mail volume’
Postal Service mailboxes removed from neighborhood streets and hauled away in flatbed trucks. The sight of mailboxes being carted off caused concern in light of recent comments by President Donald Trump about cutting Postal Service funding. But a Postal Service spokesperson said declining mail volume means the Postal Service is removing “duplicate” boxes from areas that have multiple collection boxes. “First-class mail volume has declined significantly in the U.S., especially since the pandemic,” Ernie Swanson, a spokesman for the USPS, told The Oregonian/OregonLive. Other recent changes to the postal service have also raised concern among residents, including new Postmaster General Louis DeJoy, a Trump donor who has no background working in the postal service.
EMagin: 2Q Earnings Snapshot
HOPEWELL JUNCTION, N.Y. (AP) _ EMagin Corp. * (EMAN) on Thursday reported a loss of $2.8 million in its second quarter. On a per-share basis, the Hopewell Junction, New York-based company said it had a loss of 5 cents. The microdisplay maker posted revenue of $7.7 million in the period. In the final minutes of trading on Thursday, the company's shares hit $1.80. A year ago, they were trading at 34 cents.
NXT: 2Q Earnings Snapshot
CALGARY, Alberta (AP) _ NXT Energy Solutions Inc. (NSFDF) on Thursday reported a second-quarter loss of $1.1 million, after reporting a profit in the same period a year earlier. The Calgary, Alberta-based company said it had a loss of 2 cents per share. The resource surveying company posted revenue of $99,000 in the period. In the final minutes of trading on Thursday, the company's shares hit 26 cents. A year ago, they were trading at 30 cents.
Boardwalk Real Estate: 2Q Earnings Snapshot
CALGARY, Alberta (AP) _ Boardwalk Real Estate Investment Trust (BOWFF) on Thursday reported a key measure of profitability in its second quarter. The Calgary, Alberta-based real estate investment trust said it had funds from operations of $26.1 million, or 51 cents per share, in the period. 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. The company said it had a loss of $25.4 million, or 55 cents per share.
Trade group report: Gambling economy hit hard by coronavirus
LAS VEGAS (AP) — The coronavirus and efforts to fight it have hit U.S. casinos and legal gambling businesses hard, leading to a nearly 79% drop in commercial gambling revenue for the second quarter of 2020, the industry's trade association reported Thursday. “COVID-19 has undoubtedly posed the most difficult economic challenge the gaming industry has ever faced,” American Gaming Association President and CEO Bill Miller said with the release of a quarterly report showing severe damage to the $261 billion U.S. casino industry. Slot machines and table games revenue flattened, the report said, after casinos around the U.S. closed in March to prevent people from gathering and spreading the contagious virus. But the association in June reported that 2019 had been a record year for revenue in the U.S commercial gambling industry, and Miller said he was optimistic the industry will recover.
Algonquin Power & Utilities: 2Q Earnings Snapshot
OAKVILLE, Ontario (AP) _ Algonquin Power & Utilities Corp. (AQN) on Thursday reported second-quarter net income of $286.2 million. On a per-share basis, the Oakville, Ontario-based company said it had net income of 54 cents. Earnings, adjusted for non-recurring gains, were 9 cents per share. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share. The utility operator posted revenue of $343.6 million in the period.
Oklahoma Gov. Kevin Stitt hires new chief of staff, policy adviser
Kevin Stitt announced Thursday the hiring of two top advisers to replace his chief of staff that resigned last month. Oklahoma City businessman Bond Payne will serve as Stitt's chief of staff and former state senator Brian Bingman will serve as chief policy adviser. Payne is the co-founder and chairman of Heritage Trust Company and vice chairman of Argent Financial Group. “It is an honor to be able to serve Governor Stitt and my home state during this challenging time for Oklahoma,” Payne said in a statement. “I wholeheartedly embrace the Governor’s goal of Oklahoma becoming a Top Ten state and look forward to working with leaders across the state to make it happen.”
New Albany crews work to extinguish large structure fire at warehouse
Fire crews are working to put out a large structure fire in New Albany, Indiana. Images show that a warehouse is on fire at Grant House Line. It is unclear what caused the fire, when it began and if there were people inside when it began. Shortly before 7 p.m. Thursday, crews said they knocked down the main fire, according to a scanner for the department. Contact Ben Tobin at bjtobin@gannett.com and 502-377-5675 or follow on Twitter @TobinBen.
Trump exiting Paris accord will harm US economy – LSE research
That gives the US a vested interest in whether the Paris agreement succeeds or fails, regardless of whether the US fulfils its own voluntary obligations under the accord. Under the Paris accord, countries agreed to hold global temperature rises to no more than 2C above pre-industrial levels, and put forward voluntary commitments to reduce their greenhouse gas emissions to achieve that goal. The US, under Barack Obama, pledged to reduce emissions by 26% to 28% by 2025 compared with 2005 levels. Trump’s argument for withdrawal was that the Paris accord would impose costs on the US while other countries would benefit. “Trump’s most important deregulatory action to revive the economy is withdrawing the United States from the Paris climate treaty,” he said.
Divided stock market can't seem to set a new record high
Waiting with bated breath — yet again — for the end of the 2020 bear market and the start of a new bull era. Wall Street has for days watched the S&P 500 tick toward, flirt with, and briefly overtake its record close from Feb. 19. And so far, the market has been doing very well ... based on a 'less bad, that's good'" philosophy, she said. "One day, you know, you'll have the Russell small-caps doing well, you'll have materials doing well, you'll have energy and financials [doing well]. And then everyone gets scared, and then the march goes right back to those that have led this market higher."
Letters: Any teacher could see that algorithmic A-levels would let pupils down
SIR – Roundabouts are a good and simple way to allow traffic to flow (Letters, August 13). Roundabouts should not be traffic-signal controlled – any traffic-flow adjustment on converging roads should be made well before the roundabout. Rupert GodfreyDevizes, WiltshireSIR – F P Forbes (Letters, August 13) says that the lockdown was motivated by panic on the part of the Prime Minister. Brian PegnallFalmouth, CornwallNot-so-smart metersSIR – My former energy supplier, Eon, persuaded me to replace my old simple gas and electric meters with smart meters (Letters, August 12). When will smart meters get smart?
Beirut blast: Picking up the pieces of a shattered city
Image caption Despite their trauma, Eddie and Yara Bitar have vowed to stay put and rebuildBeirut is still shedding glass and tears. The destruction goes on and on; miles from the blast site apartments are wrecked and families left homeless. Image copyright Reuters Image caption Authorities estimate the blast caused $15bn (£11.5bn) in damagesThe explosion of thousands of tonnes of unsafely stored ammonium nitrate has come to symbolise the perceived mismanagement of an entire country. In the wake of the blast he believes this establishment "will try their old tricks" to hold onto power. Image copyright Reuters Image caption Many have blamed the blast on decades of corruption and mismanagementBack at Eddie Bitar's damaged apartment I hear how his wounded brother is recovering.
Trump administration ‘satisfied’ with China purchase progress in phase one trade deal, says White House adviser Larry Kudlow
White House chief economic adviser Larry Kudlow speaks to reporters in Washington on Wednesday.
The President's quest for 'perfect' hair starts with the shower
The White House has had a history of plumbing woes, mostly based on age and wear and tear. The White House did not respond to CNN's request for comment. A comprehensive modern update to White House plumbing didn't occur until the massive renovation overseen by Harry S. Truman, from 1948-1952. "People are flushing toilets 10 times, 15 times, as opposed to once," said the President at a White House event last December. CORRECTION: This story has been updated to correct the year in which Andrew Jackson ordered water to be brought into the White House.
A Chinese IPO just raised more than $2 billion amid tensions between U.S., China
KE Holdings reported a net profit of $227.5 million in the first half of 2020 on revenue of $1.77 billion. The company’s revenue grew more than 60% in 2019 to $6.5 billion, KE reported in filings with the Securities and Exchange Commission, while losses more than quadrupled to $308.6 million. KE Holdings’ IPO comes fraught with peril, starting with the White House. Despite attention from U.S. lawmakers and high-profile misfires, Wall Street continues to accept offerings from high-flying Chinese companies. They have raised $6.12 billion, easily surpassing last year’s total of $3.52 billion.
‘The Gold Standard’: Why Chinese Startups Still Flock to the U.S. for IPOs
The U.S. remains a magnet for initial public offerings of Chinese technology companies, despite rising political, trade and regulatory tensions between the world’s two largest economies. The sum already exceeds the $3.5 billion in combined IPO proceeds that 25 Chinese companies raised in the U.S. over the course of 2019. Its IPO is the largest in the U.S. by a Chinese company since 2018. “The U.S. market is still the gold standard,” said Drew Bernstein, co-chairman of accounting firm Marcum Bernstein & Pinchuk LLP, whose clients include U.S.-listed Chinese corporations. “If somehow the listing rules are changed and the doors are closed on Friday, you’ll probably see a Chinese IPO on Thursday.”
Trump administration seizes four Iranian fuel ships for violating sanctions
The Trump administration has reportedly confiscated four Iranian cargo ships believed to be carrying fuel in violation of US sanctions. Fuel tankers in the Persian Gulf region have become targets after the US in 2018 withdrew from the countries’ 2015 nuclear deal. The US last month sought a federal court’s approval to seize four Iranian fuel tankers headed to Venezuela, according to the Journal. The move would have hurt two adversaries — blocking fuel to Venezuela and revenue for Iran — as the Trump administration tries to pressure Iran into inking a new nuclear deal. It’s unclear if those four ships were the same vessels that were seized this week.
The recession is over for the rich, but the working class is far from recovered
It is also widening the gap between big and small businesses. The Fed cannot give people checks, which is why its actions have done little to help renters facing eviction or small businesses on the verge of dying. He said the stock market gains are a red flag signaling that small businesses are being crushed. If a small business closes, a larger business fills the void. Meanwhile, for most small business and those worst off, things have only become worse.
Former George W. Bush administration official warns America is 'in the middle of a 70s style urban crisis'
"America is now in the middle of a 70s style urban crisis whose root is a well-founded fear of violent crime and social collapse in the midst of a pandemic," former George W. Bush administration official Michael Doran pronounced on Twitter Thursday. Doran then quoted a friend who lives in New York City. "'Here's my neighborhood, Mike: An elderly man, enjoying dinner w/his wife at an outdoor restaurant, punched in the face. An older neighbor pausing to catch his breath told to pay two dollars in protection money or get the f--- off that particular street corner,'" Doran quoted. "The destructive spiral that has been unleashed by leftwing play-acting at revolution and pursuit of stupid fantasies of abolishing the police is destroying our greatest cities," Doran added.
Key takeaways from Credit Suisse's natural gas fund implosion
Key takeaways from Credit Suisse's natural gas fund implosionMike Akins, ETF Action founding partner, on the dangers of ETN investing, as a nat gas fund blows up. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Dan Nathan and Bonawyn Eison.
The states where people struggle the most, and least, to pay off credit card debt
Consumer credit card balances declined by $76 billion during the second quarter, according to data from the Federal Reserve Bank of New York. Still, the average credit card debt per household during the first quarter of this year was $8,500, according to WalletHub, and experts expect it to go up. "Earlier in the pandemic, when most states were in lockdown, people charged less to their credit cards," says WalletHub analyst Jill Gonzalez. Here are the five states with the least sustainable amounts of median debt per person, according to WalletHub, which drew from TransUnion credit data. The rankings are determined by calculating the cost and time required for the average person to pay off the median card balances.
Jim Cramer's 7 deadly stock investing sins as seen on Twitter
Jim Cramer's 7 deadly stock investing sins as seen on Twitter"There's a huge difference between blind speculation and informed speculation," the "Mad Money" host said.
The stocks that should split
The stocks that should splitJim Cramer's list of 10 stocks most ripe for a split. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Dan Nathan and Bonawyn Eison.
What happens to options after a stock split: Options Action
What happens to options after a stock split: Options ActionBonawyn Eison explains stock splits and what happens to options afterward.
Cannabis craze: Green Thumb posts 167% increase in revenue from last year
Cannabis craze: Green Thumb posts 167% increase in revenue from last yearBen Kovler, Green Thumb CEO, on his company's impressive revenue boost. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Dan Nathan and Bonawyn Eison.
PayPal CEO: Nearly every industry is shifting from physical to digital payments
PayPal CEO: Nearly every industry is shifting from physical to digital payments"What I think what's happened is the world has accelerated from physical to digital across almost every industry," PayPal CEO Dan Schulman said about the adoption of e-commerce amid the pandemic.
Jim Cramer reveals 7 deadly stock sins he sees on Twitter — 'cheerleading is for football'
CNBC's Jim Cramer on Thursday said investors should be taking a more cautious approach to the market now that stocks have put a lot of points on the board. The benchmark index slipped 0.20% to 3,373.43 and the Dow Jones backpedaled 0.29%, or 80.12 points, to 27,896.72. Since the start of August, market players have watched the S&P 500 inch closer to levels not seen since February. With the market near its highs, Cramer, who is very active on Twitter, sought to address the top mistakes he has seen investors make on Twitter. "I see a lot of people making a lot of mistakes, mistakes that could really hurt you if this tape turns menacing," said Cramer, who laid down the law on what he sees as seven deadly sins of investing.
Morgan Stanley upgrades Tesla, hikes price target on 'integrated battery supply business' prospects
Adam Jonas, a widely followed analyst from Morgan Stanley, changed his tune slightly on Tesla on Thursday evening with an upgrade. He also hiked his price target on the stock to $1,360 per share from $1,050 per share. However, the new target implies a 12-month downside of 16.1% from the stock's Thursday close of $1,621 per share. Jonas' upgrade comes just two months after he issued his underweight rating on Tesla. But the increasing prospects of Tesla building an electric-vehicle battery supply business has made the analyst more constructive on the stock.
What's next for coronavirus stimulus after lawmakers leave D.C
What's next for coronavirus stimulus after lawmakers leave D.C. with no deal: CNBC After HoursCNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Eamon Javers breaks down what to watch as lawmakers leave D.C. without reaching a deal on a new round of economic relief for the coronavirus pandemic. Plus, CNBC's Kate Rooney tells us about the stock picking strategies of two very different groups of investors: millennials and baby boomers.
Stock futures open flat as S&P 500 struggles to reach February record high
A jogger passes in front of the New York Stock Exchange (NYSE) in New York, on June 17, 2020. U.S. stock futures were flat on Thursday night after the S&P 500 failed once again to reach its record high from February. S&P 500 and Nasdaq 100 futures traded marginally higher as well. If the S&P 500 breaks out for a fresh record, it would be the index's fastest recovery from a 30% drop in its history, according to data compiled by Ned Davis Research. The S&P 500 remained 0.7% higher for the week despite Thursday's decline.
Australian billionaire woos Canadians, hoping to build big coal mine in Rocky Mountains
FILE PHOTO: Australian mining heiress and Chairman of Hancock Prospecting group Gina Rinehart prepares to award medals to competitors at the Australian Synchronised Swimming Championships in Sydney, Australia, April 25, 2015. In June, the province of Alberta, home to most of Canada’s oil reserves, rolled back 1970s-era restrictions on open-pit coal mining to jumpstart an economy hit hard by the coronavirus pandemic and plunging oil prices. The proposal for Grassy Mountain predates that change. Public hearings are slated to begin in October for the Grassy Mountain, which requires federal and provincial approvals. Coking coal is “less of a concern at the present time than thermal coal,” Canadian Environment and Climate Change Minister Jonathan Wilkinson said.
S&P ends lower after flirting with record
BusinessS&P ends lower after flirting with recordPostedThe S&P 500 ended slightly lower Thursday after briefly trading above its record closing high level for a second day, and the Dow also fell in the wake of a disappointing forecast from Cisco Systems. Fred Katayama reports.
Ontario to 'unlock' C$500 million for school distancing, ventilation
OTTAWA (Reuters) - Ontario will allow its school boards to dip into reserve funds to ensure physical distancing in classrooms and will also provide money for ventilation upgrades ahead of the new term in September, Education Minister Stephen Lecce said on Thursday. School boards in Canada’s most populous province will be able to access about C$500 million ($378.3 million) in reserve funding to hire new teachers or lease space. The province will also provide C$50 million to help upgrade HVAC and ventilation systems and C$18 million to facilitate online learning, Lecce told reporters. Lecce said the government would not cap classes, but said the funding would give individual school boards “flexibility” in how they ensure physical distancing measures are followed. Ontario reported 78 new cases of COVID-19 on Thursday, though numbers for the large Toronto Public Health unit were not yet available.
Ontario to 'unlock' C$500 million for school distancing, ventilation
OTTAWA (Reuters) - Ontario will allow its school boards to dip into reserve funds to ensure physical distancing in classrooms and will also provide money for ventilation upgrades ahead of the new term in September, Education Minister Stephen Lecce said on Thursday. REUTERS/Carlos OsorioSchool boards in Canada’s most populous province will be able to access about C$500 million ($378.3 million) in reserve funding to hire new teachers or lease space. The province will also provide C$50 million to help upgrade HVAC and ventilation systems and C$18 million to facilitate online learning, Lecce told reporters. Lecce said the government would not cap classes, but said the funding would give individual school boards “flexibility” in how they ensure physical distancing measures are followed. Ontario reported 78 new cases of COVID-19 on Thursday, though numbers for the large Toronto Public Health unit were not yet available.
Trump says arrest of Hong Kong's Jimmy Lai 'a terrible thing'
WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday criticized the arrest of Hong Kong media tycoon Jimmy Lai this week under China’s new national security law. “I think it’s a terrible thing,” Trump told reporters in response to a question about Lai’s arrest.
California to end eviction protections as lawmakers mull fix
The Judicial Council of California voted 19-1 on Thursday to end the temporary rules that had been in place since April 6. But lawmakers successfully lobbied her to extend the protections through the end of August, giving the Legislature and Gov. California could become one of the first states to put eviction protections in law in response to the pandemic. At least 43 states had some sort of temporary eviction protections in place earlier this year, according to the Aspen Institute. ___This story has been corrected to say the eviction protections will end Sept. 2, not Sept. 1
PG&E tells regulators upcoming outages will go more smoothly
The contrite pledge came during a virtual hearing before the Public Utilities Commission, PG&E’s chief regulator. If mishandled, the outages could also endanger the lives of people being supported by medical devices after contracting COVID-19. Marybel Batjer, the PUC’s president, opened the hearing by scolding PG&E and sternly warning that its “haphazard way” of handling blackouts last October and November can’t be repeated. Critics now worry PG&E will lean on deliberate blackouts to reduce the chances its equipment starts more wildfires that saddle it with staggering losses. But that is only a fraction of the 7,100 miles (11,400 kilometres) of distribution circuits that the utility believes needs to be hardened.
Mazda-Toyota boosts investment in Alabama plant by $830M
HUNTSVILLE, Ala. (AP) — Mazda Toyota Manufacturing, the new joint-venture between the two auto companies, on Thursday announced an additional $830 million investment in its new Alabama plant. The plant, which is still under construction, has hired 600 employees so far and will resume accepting applications for production positions later this year. The plant was originally slated to produce the Toyota Corolla but the company shifted plans. The decision to pick Alabama is another example of foreign-based automakers building U.S. factories in the South. The United Auto Workers union is stronger in Northern states.
Dow Jones Futures: Stock Market Rally, Tesla Hit Resistance; SEC Accounting Probe Slams Baidu's iQiyi, GSX Techedu
Dow Jones futures tilted higher late Thursday, along with S&P 500 futures and Nasdaq futures. Tesla stock and Amazon.com (AMZN) hit resistance around all-time closing levels and Apple (AAPL) closed on a market cap milestone. Dow Jones Futures TodayDow Jones futures rose 0.1% vs. fair value. Coronavirus Heat Map: Covid Cases, Deaths Fall, But So Does ThisCoronavirus Stock Market RallyThe coronavirus stock market rally started off strong with Tesla and Apple once again leading. Meanwhile, Dow Jones Industrial Average fell 0.3% in Thursday's stock market trading.
As Journalists Work From Home, Their Newsrooms Are Closing
As Journalists Work From Home, Their Newsrooms Are ClosingEnlarge this image toggle caption Bebeto Matthews/AP Bebeto Matthews/APTribune Publishing, the parent company of local news outlets across the country from the Chicago Tribune to The Baltimore Sun, is closing the physical offices of five newspapers permanently. Journalists working for these papers will, in some cases, plan on sharing office space with other newspapers once the pandemic subsides. Chicago's flagship newspaper, the Chicago Tribune, is remaining for now in its owner Tribune Publishing's downtown headquarters, though Tribune Publishing is in talks with the space's owner for a buyout of its lease. Hegarty is a member of the Chicago Tribune Guild, the same union that represents employees of the Chicago Tribune. "But one issue the union has is the idea that Tribune Publishing needs to be cutting costs in the first place.
Baidu Stock Slides as iQIYI Video Unit Discloses SEC Investigation
The stock is also likely being pressured by the disclosure that Baidu’s 56%-owned iQIYI video unit is being investigated by the U.S. Securities and Exchange Commission. For the quarter, Baidu (ticker: BIDU) reported revenue of $3.69 billion, down about 1% from a year ago, and in line with the Wall Street analyst consensus at $3.7 billion. Baidu also said its board has expanded its stock-repurchase authorization to $3 billion from $1 billion, effective through 2022. For the September quarter, Baidu sees revenue ranging from $3.7 billion to $4.1 billion, representing growth of minus 6% to plus 2%. Meanwhile, iQIYI (IQ) Thursday afternoon reported June-quarter results, and disclosed an ongoing SEC investigation.
Financial Advisors Should Grow Digital Engagement Now, Says Broadridge Financial’s Michael Alexander
But wealth managers should expect to rely on these tools long after Covid-19 has passed. Wealth managers should not miss the obvious opportunity within this increased digital engagement: The chance to build their books. Wealth managers should pay special attention to those heirs. Managers should also remember that millennials are unlike their parents, the Baby Boomers, who are alone in their preference for less digital engagement. There is no playbook for wealth managers in current market conditions, because digital technology was relatively scarce during the previous global financial crisis.
Baidu Stock Slides as iQIYI Video Unit Discloses SEC Investigation
The stock is also likely being pressured by the disclosure that Baidu’s 56%-owned iQIYI video unit is being investigated by the U.S. Securities and Exchange Commission. For the quarter, Baidu (ticker: BIDU) reported revenue of $3.69 billion, down about 1% from a year ago, and in line with the Wall Street analyst consensus at $3.7 billion. Baidu also said its board has expanded its stock-repurchase authorization to $3 billion from $1 billion, effective through 2022. For the September quarter, Baidu sees revenue ranging from $3.7 billion to $4.1 billion, representing growth of minus 6% to plus 2%. Meanwhile, iQIYI (IQ) Thursday afternoon reported June-quarter results, and disclosed an ongoing SEC investigation.
Pedal to the Medal: Grow Digital Engagement Now
That is why the legions of wealth managers who have in recent years been building a hybrid advice model – part human, part computer – should apply the accelerator pedal rather than the brake. But managers should remember that while investors are increasingly receptive to digital engagement, they have a couple of key conditions: Advice needs to be personalized and reflect their entire portfolio. Wealth managers should not miss the obvious opportunity within this increased digital engagement: The chance to build their books. Managers should also remember that millennials are unlike their parents, the Baby Boomers, who are alone in their preference for less digital engagement. There is no playbook for wealth managers in current market conditions, because digital technology was relatively scarce during the previous global financial crisis.
US unemployment claims dip below 1m for first time in 21 weeks
Photograph: Justin Lane/EPAThe number of Americans who filed new claims for unemployment benefits last week dipped below 1 million for the first time in 21 weeks, but signs of the coronavirus pandemic’s devastating impact on the US jobs market remain. The latest figures from the labor department showed 963,000 people filing claims after 20 weeks of claims above 1m. Before the pandemic, claims were averaging about 200,000 a week and the previous record for claims was 695,000, set in 1982. In July, the US added 1.8m jobs and the unemployment rate fell to 10.2% from 11.1%. Last month’s jobs report showed little growth outside the sectors hit hardest in the wave of quarantine closures.
Homeowners will face new refinancing fee starting in September
Borrowers who rushed in droves to capitalize on low mortgage rates are in for a new surprise. Fannie Mae and Freddie Mac, the government-sponsored enterprises that back millions of mortgages, are adding a new 0.5% fee on all mortgage refinance transactions starting Sept. 1. The news comes as the rate on the 30-year-fixed mortgage is just off its all-time low at 2.96%, according to Freddie Mac. These homeowners have at least 20% equity in their homes, a credit score of 720 or higher, and who can shave off at least 0.75 percentage points off their current mortgage rate. Lenders have the option to pay the fee themselves rather than passing it on to the borrower, but it’s unclear if banks will do this.
Stock market news live updates: Stock futures trade sideways as S&P 500 hovers just below record
Stock futures opened flat to slightly higher Thursday evening after a mixed session earlier, with tech shares leading the Nasdaq to back-to-back sessions of advances while the S&P 500 and Dow declined. Shares of Apple (AAPL) edged lower late trading after rising to a record high earlier Thursday. Meanwhile, Epic Games sued Apple after its “Fortnite” game was removed from the App Store, after the developer created an in-app payment system to bypass the App Store and avoid having Apple collect its usual 30% commission on app purchases. ET Thursday: Stock futures trade slightly higherHere were the main moves in equity markets, as of 6:03 p.m. Find live stock market quotes and the latest business and finance newsFor tutorials and information on investing and trading stocks, check out Cashay
California to end eviction protections next month unless lawmakers extend them
The Judicial Council of California voted 19-1 to lift the rules that had been in place since April 6. Many local governments, including most of the state’s largest cities, have put in place their own eviction and foreclosure protections that will continue beyond Sept. 1. AdvertisementThe state Legislature is seriously considering two proposals. But they differ on how to compensate property owners for lost rent. The Senate version would give property owners the option of taking credits that would lower how much they owe in state taxes beginning in 2024.
Trains are again running over Tempe Town Lake after crews rebuild collapsed bridge
The railroad bridge over Tempe Town Lake that partially collapsed after a train derailment last month was back in service late Wednesday. On Thursday morning, a Union Pacific freight train with dozens of cars slowly headed north across the bridge. A Union Pacific spokesperson had said earlier this week that they expected to be back in operation Friday. Union Pacific was expected to inspect the bridge before resuming service, a company official had said earlier in the week. That work is expected to be completed within four weeks, Union Pacific spokesperson Tim McMahan said.
Sheriff: Rollover crash, hazardous materials leak in Miami Township
A rollover crash in Miami Township on Thursday caused an estimated 2,000 gallons of hot tar to spill onto Lawrenceburg Road, officials said. Darrell Byer, 51, of Muncie, Indiana, was operating a 2007 International semi-tractor with a liquid cargo tank trailer carrying more than 5,800 gallons of hot pitch in Miami Township. Over one third of the total amount of tar in the tank leaked from the cargo tank trailer onto the road. The 1800 block of Lawrenceburg Road will remain closed through Monday while cleanup efforts and roadway repairs are conducted, the release states. The Hamilton County Sheriff's Office, Miami Township Fire Department, Whitewater Township Fire Department, Greater Cincinnati Hazardous Materials Unit, the Hamilton County Engineer's Office and the Ohio Environmental Protection Agency all responded to the scene, the release states.
State: Contact tracing volunteer data now scrubbed from Dem firm's program
It is unclear when the data was destroyed or how many volunteers had registered and needed to be cleared from the system. Michigan Department of Health and Human Services spokesman Bob Wheaton said the department received confirmation Thursday evening that the information had been scrubbed from the NGP VAN site. The confirmation came hours after the department's director told lawmakers he was unsure whether the information was still on the data platform. Since Michigan is under a state of emergency, the state could issue no-bid contracts because it was exempted from soliciting bids prior to awarding the contract. Before the contract was finalized, volunteers were given training information with the link to NGP Van included in it.
Mazda-Toyota boosts investment in Alabama plant by $830M
HUNTSVILLE, Ala. (AP) — Mazda Toyota Manufacturing, the new joint-venture between the two auto companies, on Thursday announced an additional $830 million investment in its new Alabama plant. Kay Ivey said in a news release that the investment in the new auto facility is now $2.3 billion, up from the $1.6 billion originally announced in 2018. The additional money will be used to incorporate cutting edge manufacturing technologies into production lines and training for the 4,000 workers the plant is projected to eventually employ, the governor’s office said. The plant, which is still under construction, has hired 600 employees so far and will resume accepting applications for production positions later this year. “As we prepare for the start of production next year, we look forward to developing our future workforce and serving as a hometown company for many years to come,” said Mark Brazeal, vice president of administration at Mazda Toyota Manufacturing.
Trump's suggestion to eliminate payroll tax doesn't add up
WASHINGTON (AP) — President Donald Trump’s push to cut Social Security payroll taxes for the rest of the year — and even arguing for a permanent cut — would have little impact bolstering the coronavirus-battered economy in the short term and could destabilize long-term funding for benefits that millions of Americans depend on. Trump this week said that he could eliminate the tax if he is reelected without undercutting the retirement program or greatly adding to the deficit, arguing that economic growth would offset the revenue losses. “At the end of the year, the assumption that I win, I’m going to terminate the payroll tax, which is another thing that some of the great economists would like to see done,” Trump told reporters on Wednesday, adding that “tremendous growth” in the U.S. will cover the costs of Social Security. “We’ll be paying into Social Security through the general fund.”But aides to the president on Thursday sought to walk back Trump’s comments. White House press secretary Kayleigh McEnany said Trump meant to say he would seek forgiveness of employee payroll tax payments that he had already ordered deferred for the rest of the year.
Adecoagro: 2Q Earnings Snapshot
LUXEMBOURG (AP) _ Adecoagro SA (AGRO) on Thursday reported a second-quarter loss of $11.9 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Luxembourg-based company said it had a loss of 10 cents. The producer of agricultural products and renewable energy posted revenue of $181.9 million in the period. Adecoagro shares have decreased 39% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $5.08, a drop of almost 10% in the last 12 months.
IntelGenx: 2Q Earnings Snapshot
VILLE SAINT LAURENT, Quebec (AP) _ IntelGenx Technologies Corp. (IGXT) on Thursday reported a loss of $1.7 million in its second quarter. On a per-share basis, the Ville Saint Laurent, Quebec-based company said it had a loss of 16 cents. The drug delivery technology company posted revenue of $42,000 in the period. In the final minutes of trading on Thursday, the company's shares hit 19 cents. A year ago, they were trading at 41 cents.
PG&E tells regulators upcoming outages will go more smoothly
SAN RAMON, Calif. (AP) — Pacific Gas and Electric promised regulators Thursday that it has learned from its mishandling of deliberate blackouts and won’t disrupt as many people’s lives during the pandemic this year, when the utility expects to rely on outages to prevent its outdated grid from starting deadly fires. The contrite pledge came during a virtual hearing before the Public Utilities Commission, PG&E's chief regulator. The commission is still in the midst of a nine-month investigation into the utility's bungled blackouts that infuriated more than 2 million Northern Californians over several days last autumn. With wildfire danger even higher this year after an unusually dry winter, PG&E is gearing up to periodically repeat the outages later this summer and into the early fall when dry and windy conditions in Northern California traditionally escalate the danger.
Stitt supports SQ 814 to redirect tobacco settlement funds
Kevin Stitt supports a state question that would allow legislators to tap into a greater portion of funding for the state's Tobacco Settlement Endowment Trust. Stitt supports State Question 814, which will appear on Oklahoma’s general election ballot on Nov. 3. The question that state legislators referred to the ballot asks voters to reduce the amount of settlement funds going to TSET from 75% to 25%. The trust currently receives 75% of the state’s annual payment from the 1998 master settlement agreement with tobacco companies. The remaining 25% goes to the Legislature and the attorney general's office.
Ex-Fed Chair Yellen advises Biden on virus economic fallout
(AP) — Former Federal Reserve Chair Janet Yellen was among a team of advisers who briefed Joe Biden on Thursday about the economic fallout from the coronavirus. In a brief appearance with reporters, Biden didn't offer details on the briefing. Yellen's participation was notable because Fed officials typically avoid overt partisan politics — even after they leave the central bank — to preserve the institution's independence. Alan Greenspan, who succeeded Volcker and ran the Fed for more than 18 years, has not played an adviser role to campaigns since leaving in 2006. But as a private citizen, Greenspan was an economics adviser to Richard Nixon during his successful 1968 run for the presidency.
U.S. Seizes Iranian Fuel Cargoes for First Time
The Trump administration has for the first time confiscated vessels allegedly loaded with Iran fuel in violation of sanctions, U.S. officials said, as it steps up its campaign of maximum pressure against Tehran. Last month U.S. federal prosecutors filed suit to seize the four tankers of gasoline that Iran was sending to Venezuela, the latest move in the administration’s effort to stifle flows of goods and money helping to keep two of its top foes in power.
Only half of Canada’s would-be cannabis executives granted security clearance by watchdog weeding out criminal ties
Article contentOnly about half of all applications for security clearance by cannabis company executives have been granted by the government’s watchdog in charge of keeping criminals and gangsters out of the legal marijuana industry. Health Canada’s Controlled Substances and Cannabis Branch received 6,398 security clearance applications linked to commercial cannabis licence applications as of July 31, according to government data provided at the request of National Post. Try refreshing your browser, or Only half of Canada’s would-be cannabis executives granted security clearance by watchdog weeding out criminal ties Back to videoOf those, a little more than half — 3,433 — have been granted, allowing the applicants to remain as directors or officers of a company involved in the legal cultivation, processing or sale of cannabis. Another 1,000 withdrew their applications before a decision was finalized. The government did not provide the precise number of applications who failed their security check and were refused a clearance, saying only that it is “less than 1.5 per cent,” so presumably that’s 95 applicants, or very close.
Putin Forever? And Russia's Economy Rocked by Coronavirus Fallout
This week on the podcast:— In a televised statement to Russia’s parliament, Vladimir Putin backed a constitutional shake-up that could see him remain president for another two full terms. — Last week, Russia rejected a proposal from Saudi Arabia to cut oil production in response to the economic fallout of the coronavirus, kicking off an “oil price war” and sending global energy prices tumbling. In the studio to weigh up those claims and assess the real damage is Natasha Doff, economy and government editor at Bloomberg News here in Moscow. From Russia With News is hosted by Jake Cordell and produced by Pjotr Sauer. The episode was recorded and edited at CM Records Studio in central Moscow.
Brazilian to surrender $190 mn in laundered money
Under the deal, he will serve a prison term of 18 years and nine months, prosecutors said. However, Brazilian media reports said the agreement included a provision making him eligible for conditional release after three years. The deal also compels Messer to pay the Brazilian state "more than 99 percent of his net worth," prosecutors said in a statement. Messer is accused of leading an illegal foreign exchange, money-laundering and tax-evasion network that moved more than $1.6 billion from 2011 until his arrest. The network allegedly used the accounts of 3,000 companies based in tax havens to move money online between exchange houses in 25 countries.
U.S. seizes Iranian fuel cargoes for first time: WSJ
(Reuters) - The U.S. government has for the first time seized vessels allegedly loaded with Iranian fuel in violation of sanctions imposed by the Trump administration, the Wall Street Journal reported on Thursday, citing U.S. officials. U.S. prosecutors filed a lawsuit last month to seize the gasoline aboard four tankers that Iran is trying to ship to Venezuela, the latest attempt by the Trump administration to increase economic pressure on the two U.S. foes. The lawsuit aimed to stop the flow of revenues from oil sales to Iran, which Washington has sanctioned over its nuclear program, ballistic missiles, and influence across the Middle East. Tehran says its nuclear program is for peaceful purposes. The report, citing one official, said the vessels had been taken over without the use of military force, but did not provide any details.
“All These Rich People Can’t Stop Themselves”: The Luxe Quarantine Lives of Silicon Valley’s Elite
(Kalanick is not a big fan of mine, or most other people who have written about him.) But more importantly, this message landed in my inbox smack in the middle of a spike in COVID-19 cases in Los Angeles, where Kalanick now lives. “All these rich people can’t stop themselves,” one person who is close to a number of wealthy tech CEOs and venture capitalists told me. I’ve spoken to numerous people who’ve described countless billionaires hitting the road, flying around the country to wherever case numbers are lowest. (I’ve heard about similar setups in Los Angeles and Silicon Valley.)
11 Young Women On How The A-Level 2020 Marking System Has Impacted Their Future
Here, 11 young women from across the country share their thoughts on how their A-Level results will impact their immediate and long-term future plans. The education system has failed and for the professional opinions of teachers who have known me for seven years to be reduced to a computer formula is frankly insulting. Under these circumstances I don’t think there was much else the UK education system could have done. I am fairly confident that my school and the UK education system has done the right thing given the circumstances. “The way the education system has decided this has resulted in grades which do not reflect my own work and time in any way.
Report: Most Americans Have No Real Choice in Internet Providers – Institute for Local Self-Reliance
The 2020 edition of ILSR’s Profiles of Monopoly: Big Cable and Telecom report analyzes the latest data available from the Federal Communications Commission (FCC) to investigate broadband competition in communities across the country. Thanks largely to the power of monopoly corporations like Comcast, Charter, and AT&T, millions of Americans still do not have a real choice when it comes to their Internet service. The report breaks down statistics for the service territories of the United States’ largest Internet Service Providers: Comcast, Charter, AT&T, Verizon, CenturyLink, Frontier, and Windstream. Each section features maps and charts that illuminate the dire lack of real competition in the broadband market. At least 49.7 million Americans live in an area with only one choice of broadband Internet service.
This is the thing employees want most from their employers
For the modern workforce, relationships, environment, and structure are no less important than the work itself. Increasingly, employees are more interested in a clear alignment and understanding of a company’s culture and values than they are in benefits like flexible working, training, access to tech, and even bigger paychecks . It’s likely that experiential considerations will only get more important with employers recalibrating to make staff feel comfortable, safe, secure, and supported as we all prepare to emerge into a dramatically changed post-pandemic environment. And the truth is, it’s not just the youngest talent that’s looking for this emotional quotient from their employers anymore. Even pre-COVID, stats on millennial expectations at work were actually generally in line with multigenerational data in LinkedIn‘s Global Talent Trends report.
All plastic is technically recyclable. Why does so much of it end up in landfills?
Such recycled plastics may have lower mechanical properties compared to virgin plastics, because each time you melt and process a plastic, the polymeric chains degrade. But these properties can be recovered by mixing it to additives or virgin plastic. The Japanese company Blest Corporation already sells a portable machine to convert domestic plastic waste into fuel in a simple, affordable way. Polymers such as rubbers, elastomers, thermosets, and mixed plastic waste are comfortably labeled as “unrecyclable” by the recycling sector. What if this plastic waste could be used to produce something useful to society?
Is your team prepared for long-term remote work? Ask these 3 questions to find out
It’s true, remote work has its benefits: From a commute to the kitchen table to the ability to have lunch with your kids, we have more time to spend on hobbies and personal interests outside of work. But in recent weeks, as many companies have extended temporary plans for employees to work from home, the novelty of remote work has started to wear off. As managers and leaders, we have a responsibility to help teammates adapt to their new environments as best as we can. We have to be flexible and, most importantly, ensure employees feel safe, supported, and motivated to do their best work. To help employees adjust to long-term remote work, here are three questions leaders should ask themselves and their fellow managers.
Hate your internet provider? Here’s why you might be stuck with them
What it found was pretty depressing:“At least” 49.7 million Americans have only one choice of broadband internet service. Charter and Comcast have an “absolute monopoly” over at least 47 million Americans. The big ISPs have bailed on rural Americans. Rural DSL speeds frequently don’t come close to broadband speeds. Rural DSL speeds frequently don’t come close to broadband speeds.
3 Communication and Marketing Tips for When You're Faced With a Crisis
At the end of the day, it doesn't matter what you are selling when your community is dealing with a crisis. While you can't necessarily control the crisis at hand, you can control the way you choose to respond to it. If you don't know what your core values are, your communication will be inconsistent and convoluted. Instead of saying what you stand for, say what you need to say in order to appear knowledgeable. It is best to know where you stand and communicate from there, as opposed to pretending you are something you aren't.
5 Leaders Share Their No. 1 Tip for Building (and Sustaining) A Purpose-Driven Business
I connected with five executives to uncover how they've successfully built purpose-driven businesses. "Purpose is an essential part of building culture as it has the potential to inform behavior at scale." Let your "why" be a KPIWhile companies often look at things like revenue and sales as metrics of success, purpose-driven businesses also measure themselves against their mission. "Purpose-driven businesses are founded out of the desire to make a change - for the consumer, an industry or even the world," he says. Inspire your team to invest in the missionWhen building a purpose-driven business, it's crucial to put the right team in place that's equally invested in your company's mission.
Here Are Today's Best Mortgage & Refinance Rates for August 13, 2020
What are today’s advertised rates? Here are today’s advertised mortgage rates at some of the mortgage industry’s largest lenders. Mortgage rates advertised for August 13:30-year fixed: 2.953%15-year-fixed: 2.641%(Rates based on New York City zip code 10006.) Mortgage rates advertised for August 13:30-year fixed: 3.112%15-year-fixed: 2.828%5-year ARM: 2.914%QuickenQuicken, a non-bank lender based in Detroit, is the nation’s largest mortgage lender by dollar origination volume. Mortgage rates advertised for August 13:30-year fixed: 3.383%15-year-fixed: 3.088%Ads by Ad Practitioners Quicken Loans - #1 Best Mortgage & Refinance Lender on Money.com Rates Near Historic Lows.
The Job Market is Hot—If You Want to Sell Mortgages
Data from LinkedIn shows a dramatic 123% increase in job openings for mortgage loan officers from March to June. Job postings include full-time, part-time, contractor, and temporary jobs. Nevertheless, over 95% of job postings for loan officers between March and June were full-time positions. If you’re interested in career opportunities in the mortgage lending industry, loan officers are in high demand. Those interested in becoming mortgage loan officers must first be licensed as mortgage loan originators through the NMLS.
Great Low-Rate Credit Cards
Long-term 0% introductory rate: The U.S. Bank Visa Platinum card stretches the 0% window on both purchases and balance transfers to 20 billing cycles (thereafter, the variable rate was recently 13.99% to 23.99%). The balance-transfer fee is the greater of $5 or 3% of the transfer amount. No-fee balance transfers: The American Express EveryDay card -- which is also our silver medalist in the "Flexible Travel Redemptions" rewards category -- charges no balance-transfer fee and has a 0% rate for 15 months (then a variable 12.99% to 23.99%) if you request the transfer within 60 days of opening your account. Advertisement - Article continues belowLow ongoing rate: The Lake Michigan Credit Union Prime Platinum Visa offers a variable rate that was recently as low as 6.25% and charges no balance-transfer fee. To join the credit union, make a $5 donation to the ALS Foundation and open a savings account.
The Best Rewards Credit Cards for You, 2020
AdvertisementAdvertisement - Article continues belowAdvertisement - Article continues below Best Flat-Rate, Cash-Back Rewards Cards Advertisement These cards provide simple and strong rewards on all purchases. Rewards are earned as Chase Ultimate Rewards points, which you can trade at a rate of a penny each for cash back, gift cards or travel bookings. AdvertisementAdvertisement - Article continues belowAdvertisement - Article continues below Best Cash Back for Savers Rewards Cards Advertisement Need a little incentive to turn your rewards into savings? AdvertisementAdvertisement - Article continues belowAdvertisement - Article continues below Best Travel Rebates Worth the Fee Rewards Cards Advertisement These cards charge an annual fee, but generous rebates on purchases plus extra perks make up for it. AdvertisementAdvertisement - Article continues belowAdvertisement - Article continues below Best Shopping Rewards Cards Advertisement These cards provide rewards both in and out of the stores that issue them.
Today Is Black Women’s Equal Pay Day. This Chart Shows Exactly How Big That Pay Gap Is
Today is Black Women’s Equal Pay Day, the day when Black women’s salaries finally catch up to their white male counterparts’. MoneyThe worse the pay gap, the further into the next year the woman would have to wait to make the same amount of money as her white male counterpart. For Native American women and Latina women, meanwhile, Equal Pay Day doesn’t come until well into the fall. But if sitting idly by isn’t your cup of tea, there are certain things you can do to make sure you’re making what you’re worth:First and foremost, do your research. To learn more about the equal pay dates and the causes they represent, visit Equal Pay Today.
Stock Market Today: Apple Nears $2T, But Stocks Struggle
First-time jobless claims dipped below the 1 million mark, and Apple (AAPL, +1.8%) edged closer to becoming a $2 trillion company Thursday. But the broader markets were mostly sluggish, unable to match yesterday's go-go energy. Meanwhile, Apple cruised higher amid a Bloomberg report saying the tech giant was preparing to bundle its various services, which have helped prop up profits in recent years amid flattening iPhone sales. The project, called "Apple One," could be shared across up to six people and decrease the costs versus buying each service individually. Apple finished Thursday at new record highs and a $1.97 trillion market value.
5 Best Mid-Cap Stocks to Buy for a Bounce Back
Translation: There is no shortage of mid-cap stocks that are beaten down out of proportion to their earnings prospects. To take advantage of this opportunity, JPM analysts pinpointed a number of the best mid-cap stocks to buy now. Here are five of the best mid-cap stocks to buy now for a bounce back. Wall Street's pros broadly include ALK among their best mid-cap stocks to buy, with an average rating of Buy on the stock. LEVI sits solidly among the best mid-cap stocks to buy now, at seven Buy calls versus just two Holds and one Sell.
Land a New Job With an Ageless Resume
The ageless resume omitted key dates while emphasizing Howard’s sales experience and the 15 online technology courses he’d recently completed. Advertisement - Article continues belowAdvertisementAdvertisement - Article continues belowAge discrimination isn’t the only reason to limit work experience from long ago. “Go into the job description and take out all the competencies and put them in your resume,” Feller says. Advertisement - Article continues below If you don’t have a key requirement, take a course in it right away. Advertisement - Article continues belowAdvertisementAdvertisement - Article continues belowStill, age discrimination only worsens in a bad economy.
The 10 Dividend ETFs to Buy for a Diversified Portfolio
In good times and bad, dividend stocks act almost like rent checks, coming monthly or quarterly like clockwork. Dividend ETFs take the strategy up a notch by providing investors not just with income, but income from a diversified portfolio of dividend-paying stocks. Several are dedicated specifically to dividends, while others simply hold dividend stocks as an indirect result of their strategy. AdvertisementAdvertisement - Article continues belowAdvertisement - Article continues below ProShares Russell 2000 Dividend Growers Advertisement Type: Small-cap blendSmall-cap blend Assets under management: $621.9 million$621.9 million Dividend yield: 2.6%2.6% Expense ratio: 0.40% The ProShares Russell 2000 Dividend Growers ETF's (SMDV, $51.60) yield is on the low side among pure-play dividend ETFs. The WisdomTree US SmallCap Dividend Fund (DES, $27.42) tracks the performance of the WisdomTree U.S. SmallCap Dividend Index, a fundamentally weighted index that is comprised of the smallest dividend payers from a broader WisdomTree index.
Director of Communications in London, England, United Kingdom
DIT helps UK businesses to export, secures inward and outward investment, negotiates market access and trade agreements and champions free trade. We are looking for a senior communications professional to join our leadership team as Director of Communications. The Director of Communications is a senior leadership role within DIT and the wider Government Communication Service (GCS). Alongside your departmental leadership role you will also have a crucial role in providing visible, inclusive and engaging leadership across the wider profession. You will be a senior communications professional who can create practical and innovative responses to complex issues, with the ability to set creative strategies and campaigns, as well as respond to events as they unfold.
Inflation Rate Forecast
Advertisement - Article continues belowFood prices took a breather in July, as meat prices dropped 5%. Outbreaks at meat processing plants had caused meat prices to jump, but increasing production has brought them back down somewhat. But shelter costs may rise a bit faster later this year as rents pick up. The inflation rate should end the year at 1.1%, far below last year’s 2.3%. Core inflation, which excludes the costs of food and energy, will continue to run higher than the headline rate, at about 1.9% over the course of this year.
Denny’s Chief Brand Officer Says Consumers Are Adapting, but Want Brands to Solve Problems, too
This week, Denny’s unveiled a new advertising campaign to say that it’s open for business—and making it safe for customers to come in. The commercial acknowledges that “normal doesn’t feel so normal” right now before ticking off all the ways it’s keeping its restaurants clean. To create the campaign, Denny’s partnered with its agency of record EP + Co. and its media agency Spark. For the second quarter that ended June 24, the casual dining chain said that system same-store sales declined nearly 57%. In a statement tied to second quarter results, he said that the chain has “not experienced a significant drop in sales.”
Sit tight and ride the gold bull: the upswing is just beginning
However, to me this feels like a sell-off of the “healthy correction in a bull market” variety. Gold is priced in dollars and so they have an inverse relationship; a fall in the dollar makes gold cheaper in other currencies. Livermore concludes: “In a bull market your game is to buy and hold until you believe that the bull market is near its end”. The euro in particular looks like it’s begun a new bull market against the dollar. It all says this bull market is young and points to higher prices down the road.
What "peak meat" tells us about forecasting
And a drop in global meat production for two years in a row is “unprecedented”, notes Nathaniel Bullard, again of Bloomberg. Have we reached “peak meat”? The UN Food and Agriculture Organisation reckons that global meat production – which correlates strongly (unsurprisingly) with consumption – fell in 2019. The conventional wisdom at that point was that rising wealth and a growing global population would inevitably boost meat consumption. And if you do think we’ve hit peak meat?
The shifting nexus of retail banking
Fast-forward to the turn of the 21st century, and the fundamentals of consumer banking remained largely unchanged. The coming banking revolutionFor the clearest examples of what the future of retail banking will be, it’s perhaps most informative to look beyond the relatively settled developed markets and consider the dynamic consumer banking landscapes of China and India. Since the launch of PayPal Credit, for example, the payment provider has bridged the gap to consumer lending with great success. The real danger is that as the nexus of the banking relationship continues shifting toward transaction execution, banks will also cede control over the thing that really matters most in retail banking: the consumer balance sheet. And it’s this point that offers some hope for traditional banks to not only retain their current relevance, but perhaps make themselves indispensable.
Changing How We Think About Change
Innovation is not in itself a strategy but the mechanism for achieving a change in either magnitude, activity, or direction. A major challenge for business leaders is knowing when to stay the course and when to change direction. Diagnosing Fit to Purpose and Relative Advantage Decision makers can use this graphic to determine how low or high they are on the fit-to-purpose and relative advantage scales. With the clarity provided by the MAD change matrix, business leaders can identify which form of change is most appropriate to their company’s context. While any form of change can be described as “new” and “different,” only the right form of change qualifies as “better.”
Amazon liable for defective products from third-party sellers, California court says
In California at least, customers who receive defective products from the "marketplace" section of its website can he held liable for harm, not just the re-seller, a California appeals court ruled. This is one of many cases from customers asking for damages from defective products in many state courthouses. The ruling could have way broader implications than just in California, as Amazon's website is way more than just products sold by Amazon. "More than half the units sold in our stores are from independent sellers," Amazon says on its website. "Amazon placed itself between Lenoge and Bolger in the chain of distribution of the product at issue here.
White House Aide Picked for Seat on Commodities Regulator
WASHINGTON—President Trump picked a White House adviser and former banker to serve as one of five commissioners at the Commodity Futures Trading Commission, the agency that regulates the nation’s vast derivatives markets. Mr. Trump nominated Robert Benedict Bowes, a senior adviser on health and insurance in the White House Office of Personnel Management, to a five-year term at the CFTC. Mr. Bowes would replace outgoing Republican commissioner Brian D. Quintenz, who said earlier this year that he plans to step down by the end...
Judges Rebuff Traders’ Challenge of Overseas Evidence
Four traders charged with crimes related to market manipulation can’t review information that they argued could reveal prosecutorial misconduct, under decisions by a pair of federal judges. The decision is a win for prosecutors and clears the path toward two coming high-stakes trials. The traders, who previously worked on precious-metals desks at Bank of America Corp. and Deutsche Bank AG, had sought materials related to the government’s pursuit of overseas evidence, after a former prosecutor alleged the process was misused.
U.S. Treasury Fines Former Army Employee Over Gifts to Alleged Narcotics Trafficker
A former employee of the U.S. Army agreed to a settlement with the U.S. Treasury Department to resolve allegations that the employee provided gifts to an individual designated by the U.S. as a narcotics trafficker, the department’s first settlement against an individual in several years. The two met while the alleged narcotics trafficker, who was also left unnamed, was lobbying the embassy to be removed from the OFAC list, the Treasury said. Over the course of the relationship, the Army employee bought jewelry, meals, clothing, hotel rooms and other gifts for the trafficker, according to OFAC. The Army employee’s position required security clearance, and the employee previously had held many national security-related positions, the Treasury said. The Treasury said the violation was an egregious one and could have involved a maximum penalty of roughly $36.3 million.
Here’s everything we know so far about the second COVID-19 stimulus check
It been more than four months since Uncle Sam doled out $1,200 stimulus checks to help Americans cope with the crippling effects of COVID-19 on the US economy. With cases continuing to surge across the country and millions of Americans still out of work, lawmakers are in discussions for a second round of checks. Here’s everything we know so far about the potential for another round of checks:Democrats and Republicans agree the checks are necessaryLeaders from both parties agree that Americans are hurting and in need of financial assistance. Senate Republicans unveiled a proposal for about $1 trillion in stimulus spending. Democrats also want non-citizens with IRS-issued taxpayer numbers to be eligible for stimulus checks, a proposal that has been a non-starter with Republicans.
Post-Market Wrap: August 13, 2020
News Update – Market CloseCNBC brings you fast, accurate, and actionable business news and market updates.
A seismic shift in innovation is underway: Growth investor Nidhi Chadda
RELATED VIDEOS01:38 A seismic shift in innovation is underway: Growth investor Nidhi Chadda08:31 How the coronavirus fallout is sparking a permanent shift in the market05:02 Estee Lauder gets an upgrade. What to make of the beauty space02:45 Global stock markets march back to 2020 highs00:46 Market bull Jim Paulsen predicts the historic downturn is setting stocks up for an epic boom05:34 Depression-like collapse is sparking a wartime market boom, Leuthold's Jim Paulsen predicts
Agents of change: Jon Fortt leads @ Work talk with Lowe's and Synchrony CIOs
Agents of change: Jon Fortt leads @ Work talk with Lowe's and Synchrony CIOsAs technology assumes an outsized role in every business, the CIOs of Lowe's and Synchrony will share their experiences as technological and cultural change-makers, leading their organizations toward the kind of agile mindset that will drive optimal outcomes, even in difficult times.
Stocks making the biggest moves after-hours: Applied Materials, Baidu & more
Check out the companies making headlines after the bell Thursday:Applied Materials — Shares of Applied Materials rose 1.2% in after-hours trading on the back of fiscal third-quarter results that beat analyst expectations. The company reported earnings per share of $1.06 on revenue of $4.4 billion. Baidu — Baidu shares fell about 5% in after-hours trading after the Chinese internet company reported second-quarter numbers that beat analyst expectations. Baidu posted an adjusted profit of RMB 14.73 per share, well above a Refinitiv estimate of RMB 9.60 per share. CORRECTION: This article has been updated to correct the profit and revenue for Baidu in the second quarter.
Senate adjourns through Labor Day without reaching a stimulus deal. Here's where things stand now
The Senate is officially adjourned through Labor Day despite not coming to an agreement on its next coronavirus stimulus package. House Speaker Nancy Pelosi (D-Calif.) said the two sides would not strike a deal until Republicans added $1 trillion in aid to their bill. Meanwhile, around 28 million Americans remain unemployed and many of the relief provisions from the first stimulus package have dried up. Senate Majority Leader Mitch McConnell (R-Ky.) said that if some kind of deal is reached while the Senate is on recess, members will return to Washington, D.C. for a vote. As the Senate breaks, here's where things stand on various stimulus issues.
Why Zillow changed its mind of WFH
Editor's Note: A version of this story appeared in CNN's Work Transformed newsletter. To get it in your inbox, sign up for free, here. Allowing employees to work from home permanently hasn't always been embraced by companies in the past. But times (and technology) have changed. For a long time, working from home was discouraged at Zillow, according to the real estate company's Chief People Officer Dan Spaulding.
Business & Financial News, U.S & International Breaking News
S&P 500 ends down slightly after flirting with record levels againThe S&P 500 ended slightly lower on Thursday after briefly trading above its record closing high level for a second day, and the Dow also fell in the wake of a disappointing forecast from Cisco Systems Inc .
Stocks and oil fall with eyes on U.S. stimulus
NEW YORK (Reuters) - Stocks ticked down from six-month highs on Thursday on concern over a stalled U.S. economic relief deal, while oil fell and the euro edged up against the U.S. dollar. Data showed the world’s largest economy regained only 9.3 million of the 22 million jobs lost between February and April. [.EU]The pan-European index lost 0.63% and MSCI’s gauge of stocks across the globe .MIWD00000PUS shed 0.04%. (GRAPHIC: World stocks shaking off the virus - here)In Asia, Japanese stocks were the main mover, soaring 1.8% to a six-month peak .N225 on gains from chip firms. Emerging market stocks rose 0.20%.
Stocks and oil fall with eyes on U.S. stimulus
NEW YORK (Reuters) - Stocks ticked down from six-month highs on Thursday on concern over a stalled U.S. economic relief deal, while oil fell and the euro edged up against the U.S. dollar. Data showed the world’s largest economy regained only 9.3 million of the 22 million jobs lost between February and April. The pan-European index lost 0.63% and MSCI’s gauge of stocks across the globe .MIWD00000PUS shed 0.04%. (GRAPHIC: World stocks shaking off the virus - here)In Asia, Japanese stocks were the main mover, soaring 1.8% to a six-month peak .N225 on gains from chip firms. Emerging market stocks rose 0.20%.
Parents scramble for child care as schools stay online
Emry struggled with online learning in the spring and his parents were unable to help him while simultaneously teaching other online classes. Emry struggled with online learning in the spring and his parents were unable to help him while simultaneously teaching other online classes. The agency supported child care centers over the summer with staff, subsidies and parent copay waivers. Traditional child care centers are struggling to bring back workers while complying with social distancing guidelines that reduce capacity and revenue. “There’s a lot of consternation around the unemployment because we know the child care staff are some of the lowest-paid staff in our state,” Early Childhood Education Secretary Elizabeth Groginsky said Tuesday following a call with child care providers.
Union votes no confidence, calls for Santa Fe mayor’s ouster
SANTA FE, N.M. (AP) — A union representing just over half of city workers is calling on the Santa Fe City Council to remove Mayor Alan Webber. The union approved a resolution Wednesday night that cited mismanagement and public safety issues stretching from the beginning of Webber’s term through the pandemic, the Santa Fe New Mexican reported . ADVERTISEMENTOther examples listed in the resolution range from payroll issues to missing evidence at the Santa Fe Police Department evidence room. This isn’t the first time the union — Local 3999 of the American Federation of State, County and Municipal Employees — has voted no confidence in a mayor. The no confidence vote comes as the city faces a large deficit due to the coronavirus shutdown that virtually halted local tourism, freezing a major source of city revenues.
Edwards: Louisiana to tap into $300 federal unemployment aid
(AP) — Louisiana will accept President Donald Trump’s partial extension of federal unemployment aid amid the coronavirus pandemic , though without increasing the state’s payout to jobless workers, Gov. The state has submitted its paperwork to federal officials to provide an extra $300 in weekly federal unemployment benefits to Louisiana’s residents. That will boost the maximum unemployment benefits available in Louisiana to $547 a week, with the state and federal payments combined, once the federal dollars start flowing to the state. But Edwards said the $300 federal unemployment payments will be retroactive to Aug. 1. Congress approved $600 weekly federal unemployment payments, on top of what states pay in unemployment assistance, but that enhanced benefit expired at the end of July.
IQiyi Second-Quarter Earnings Mixed; Third-Quarter Outlook Falls Short
China-based iQiyi (IQ), described as the Netflix (NFLX) of China, reported mixed second-quarter results late Thursday and presented a third-quarter outlook short of Wall Street estimates. IQiyi stock plunged on the news. IQiyi stock sank 13%, near 18.76, during after-hours trading on the stock market today. Reports Unusual User Behavior"The Covid-19 pandemic greatly impacted our business during the first half of the year, resulting in unusual user behavior, fluctuating numbers, and unprecedented challenges," said Chief Executive Yu Gong, in written remarks. IQiyi stock surged 26% on June 16, based on a report that Tencent Holdings (TCEHY) was interested in buying a controlling stake in iQiyi.
Stock Market Rally Intact, As Nasdaq Nears Record High; Amazon, EBay Near New Buy Points
Is AMAT Stock A Buy Right Now? Here's What Earnings, Chart Show10:30 AM ET AMAT stock is one of several chip-equipment firms ranked in the IBD 50. Earnings and sales growth has been accelerating,...10:30 AM ET AMAT stock is one of several chip-equipment firms ranked in...
Inslee visits Brewster, latest COVID-19 hot spot in state
Jay Inslee visited Okanogan County on Thursday, site of the latest hot spot in a coronavirus pandemic that has hit the counties of central Washington state. The town of Brewster, which has about 2,300 residents, is a particular hot spot with 514 cases, Inslee said. All share huge farm economies that require thousands of farm workers living and working in close proximity, Inslee said. ``The vast, vast, vast majority of infections are transmissions that occurred in Okanogan,? Inslee said. Washington state has had more than 60,000 confirmed coronavirus cases since the start of the pandemic and more than 1,620 deaths.
Web Retailer Fanatics Raises $350 Million Amid Rebound in IPO Market
Sports retailer Fanatics Inc. closed a $350 million investment round, people familiar with the matter said, a sign of investor confidence in the combination of online shopping and official sports merchandise. With the funding round closing Thursday, Fanatics is now valued at roughly $6.2 billion after raising about $1.5 billion since 2011, these people added.
U.S. Seizes Iranian Fuel Cargoes for First Time
The Trump administration has for the first time confiscated vessels allegedly loaded with Iranian fuel in violation of sanctions, U.S. officials said, as it steps up its campaign of maximum pressure against Tehran. Last month, U.S. federal prosecutors filed suit to seize four tankers’ worth of gasoline Iran was sailing to Venezuela, the latest salvo in the administration’s effort to stifle flows of goods and money that are helping to keep two of its top foes in power.
White House Aide Picked for Seat on Commodities Regulator
WASHINGTON—President Trump picked a White House adviser and former banker to serve as one of five commissioners at the Commodity Futures Trading Commission, the agency that regulates the nation’s vast derivatives markets. Mr. Trump nominated Robert Benedict Bowes, a senior adviser on health and insurance in the White House Office of Personnel Management, to a five-year term at the CFTC. Mr. Bowes would replace outgoing Republican commissioner Brian D. Quintenz, who said earlier this year that he plans to step down by the end of October. If Mr. Quintenz, whose statutory term ended in April, departs before a replacement is confirmed by the Senate, the commission would be split evenly between Republicans and Democrats. Mr. Bowes holds a bachelor’s degree in finance and economics from Indiana University, the White House said.
Dow Jones Industrial Average Has Best 100 Days Since 1933. Here’s What That Means.
The S&P 500 bottomed 100 trading days ago—and it’s fitting that the index decided to take a rest and contemplate just how far it has come. Not that the stock market did much on day 100. The S&P 500 dipped 0.2% to 3,373.43 on Thursday, while the Dow Jones Industrial Average declined 80.12 points, or 0.2%, and the Nasdaq Composite gained 0.3% to 11,042.50. The S&P 500 has climbed 51% since bottoming on March 23, while the Dow has risen 50%, their best 100-day gains since 1933. That suggests that perhaps the bear market wasn’t actually a bear market.
Baidu sees ad revenue shrink 8% in Q2
Baidu said it earned RMB3.6 billion ($507 million), or $1.46 per ADR, in the quarter, compared with earnings of RMB2.4 billion a year ago. Revenue fell 1% to RMB26.03 billion, or $3.7 billion, the company said. Analysts polled by FactSet expected adjusted earnings of $1.36 per ADR on sales of $3.7 billion. Online marketing revenues were RMB 17.7 billion ($2.50 billion), down 8%, the company said. Baidu guided for third-quarter revenue between RMB26.3 billion ($3.7 billion) and RMB28.7 billion ($4.1 billion), representing a negative growth rate of 6% and a growth rate of 2% year over year.
Number of New Listings in U.S. Surpasses Pre-Covid Numbers
The number of new listings coming to the market in the U.S. has surpassed pre-coronavirus levels for the first time since the pandemic began, providing the last puzzle piece needed for the first steps toward a broad recovery, according to a report Thursday from realtor.com. All four leading metrics of housing activity—new listings, housing demand, asking prices, and the pace of sales—grew above January’s levels in the week ending Aug. 8, the online real estate portal said. A lack of housing supply has been a considerable hindrance to potential buyers whose numbers have swelled amid shifting housing priorities and historically low mortgage rates. Continued recovery in the number of new listings coming to the market “bodes well for home sales in the coming months,” the report said. The median listing price grew 9.9% annually during the first week of August, and selling prices are rising, too, though not at the same rate of increase, the report said.
Pelosi says sides remain ‘miles apart’ on stimulus bargaining
That’s what House Speaker Nancy Pelosi said she told Treasury Secretary Steven Mnuchin was the ante to restart stalled coronavirus-aid talks that appear likely to remain deadlocked for a while. “We are miles apart in our values,” Pelosi said Thursday at her weekly press conference at the U.S. Capitol. Pelosi’s comments came a day after the only glimmer of progress in almost a week Wednesday, when Pelosi and Mnuchin spoke over the phone. While Pelosi was holding her press conference, McConnell again called on Democrats to relent. McConnell also ridiculed Pelosi’s offer of coming down to $2 trillion from the Democrats’ $3.4 trillion price tag in the May bill.
S&P 500 ends lower in struggle to set record high as investors turn to tech stocks and stimulus talks flounder
But lingering questions about fiscal stimulus for an economy that is still reeling from the effects of the pandemic, held bullish investors in check. That fiscal stimulus is super important.”Jaffee, herself a value investor, is carefully watching the market’s attempt to rotate toward value stocks. “We had one of the longest economic recoveries in a generation but investors never really believed in it. “The equity market, in the U.S. and elsewhere is taking comfort from the fact that economic data show resilience to spikes in virus infections. And while the number of U.S. cases has remained high, investors appeared to focus instead on a slowdown in the number of new infections.
U.S. shares of iQIYI drop on SEC probe
U.S.-traded shares of iQIYI Inc. IQ, -2.43% shares fell in the extended session Thursday after the Chinese online entertainment company said it was the focus of a Securities and Exchange Commission probe and forecast revenue below Wall Street estimates. American depositary receipts of iQIYI dropped 14% after hours, following a 2.4% decline in the regular session to close at $21.68. The company said the SEC was investigating following allegations from Wolfpack Research that the company was issuing fraudulent financial statements. Additionally, iQIYI said it expects third-quarter revenue of $984.1 million, while analysts had forecast on revenue of $1.08 billion. Analysts surveyed by FactSet had forecast a loss of 46 cents a share on revenue of $1.05 billion.
Impossible Foods gets $200 million in funding
Impossible Foods Inc. on Thursday said it has landed $200 million in funding — the latest parry in its battle with Beyond Meat Inc. The company’s previous investment round of $500 million in mid-March was one of the largest investment rounds for a food tech startup. The maker of plant-based meat products has now raised about $1.5 billion since its founding in 2011. It said it intends to use the funds to expand research and development programs, accelerate manufacturing, increase its retail presence, and develop next-generation, plant-based products. “Overall, the theme here is about unprecedented demand for our products,” Impossible Chief Financial Officer David Lee told MarketWatch in a phone call Thursday.
CDC director warns America is in for the ‘worst fall…we’ve ever had’ and will mortgage rates finally drop to 0%
The coronavirus pandemic has caused many Americans to move in search of bigger, more affordable homes. Burning questions about COVID-19 that refuse to go awaySix months into the coronavirus pandemic, some people are on edge, while others are just plain confused. Mortgage rates keep falling — will they finally drop to 0%? Sudden drop in claims adds fuel to debateDid generous unemployment benefits discourage many workers from returning to their jobs? A big drop in people seeking benefits in the past two weeks after the end of a $600 federal stipend hints the answer might be yes.
FedEx Stock Is Becoming a Wall Street Favorite. Here’s Why.
Any effort by the post office to stem its tide of losses could push prices higher for private parcel shippers. FedEx stock is up 85% over the past three months. Wall Street, overall, seems to be warming to FedEx shares. The average analyst price target is just $178 a share, below where the stock is trading. FedEx stock has gained 1% to $203.94.
The Dow Just Had Its Best 100 Days Since 1933. Here’s What That Means.
Text sizeThe S&P 500 bottomed 100 trading days ago—and it’s fitting that the index decided to take a rest and contemplate just how far it has come. Not that the stock market did much on day 100. It was a modest surprise that the stock market is going nowhere. The S&P 500 has climbed 51% since bottoming on March 23, while the Dow has risen 50%, their best 100-day gains since 1933. That suggests that perhaps the bear market wasn’t actually a bear market.
'A Great American Nightmare': Former Trump student loan official calls for radical overhaul of the system
A former top federal student loan official in the Trump administration says that the system he oversaw needs to be abolished and replaced. A. Wayne Johnson, who is now running as a Republican for a Senate seat in Georgia after resigning in November 2019, wrote a letter urging the Senate to consider key reforms to the student loan machinery amid stimulus package negotiations amid the ongoing coronavirus pandemic. (Credit: A. Wayne Johnson) More‘The American Dream ... turned into a Great American Nightmare’Although there are signs of the economy getting back on its feet, as the number of new unemployment insurance claims dip below 1 million, many borrowers are still holding substantial levels of student loan debt. Johnson’s suggestion of easing bankruptcy laws may help those struggling financially to file for a bankruptcy discharge more easily, given that the current process is complex. His suggestion to expunge student loan information from credit bureaus may be welcomed by consumer advocates.
U.S. says Iran briefly seizes oil tanker near Strait of Hormuz
DUBAI, United Arab Emirates — The Iranian navy boarded and briefly seized a Liberian-flagged oil tanker near the strategic Strait of Hormuz amid heightened tensions between Tehran and the U.S., a U.S. military official said Thursday. The Iranian navy also handles all operations in the Gulf of Oman on the eastern side of the Strait of Hormuz, through which 20% of all oil traded passes. The U.S. military officials did not offer any reason for Iran seizing the vessel. In July, a U.S.-sought oil tanker was “hijacked” off the coast of the United Arab Emirates after allegedly smuggling Iranian crude oil. The vessel later ended up back in Iranian waters, suggesting Iran itself seized the vessel.
EU brushes off unchanged US tariffs on Airbus in hopes of resolving 16-year trade dispute
The European Union said Thursday that the Trump administration’s decision to maintain 15% tariffs on Airbus aircraft and 25% tariffs on other European goods did not worsen the now 16-year long trade dispute with Boeing, as both sides seek to put an end to over a decade of political grandstanding. Continue Reading Below“The Commission acknowledges the decision of the US not to exacerbate the ongoing aircraft dispute by increasing tariffs on European products,” a European Commission spokesperson said in a statement, according to Reuters. The statement added that putting an end to the row now was crucial, as the aviation has suffered a severe downturn amid the coronavirus pandemic. Lighthizer said existing 15% tariffs on Airbus aircraft and 25% tariffs on other European goods would stay in place, as the EU has not taken enough action to come into compliance with the World Trade Organization. “Airbus profoundly regrets that, despite Europe’s recent actions to achieve full compliance, USTR has decided to maintain tariffs on Airbus aircraft — especially at a time when aviation and other sectors are going through an unprecedented crisis,” Airbus spokesman Clay McConnell said in a statement.
KT McFarland previews new round of US-China trade talks: Tariffs and TikTok
U.S.-China trade talks will likely resume this weekend with discussions of lower tariffs and President Trump's order effectively banning TikTok, Former Deputy National Security Adviser KT McFarland told Fox Business Network's “Varney & Co.”Continue Reading Below“First, it will be about the phase one trade deal that the United States and China agreed to [in January],” she said. “The tariff war was merely Trump ... saying, ‘Ok, now we have equal tariffs. Let's get the tariffs back down so that it's reciprocal.’”GET FOX BUSINESS ON THE GO BY CLICKING HEREMcFarland added that talks will include a “tough” conversation about Trump’s ban of TikTok and WeChat, which is due to take effect in September. “China bans Google, Facebook, WeChat, so they already ban us there. CLICK HERE TO READ MORE ON FOX BUSINESS
Payroll tax holiday: How much could you save?
President Trump plans to implement a payroll tax cut, and potentially eliminate the levy, which he said will save families a meaningful amount of money. If Trump wins reelection, he said he will have those obligations forgiven entirely, essentially rendering the policy a payroll tax cut. On Wednesday, he went a step further adding that he would eliminate the payroll tax entirely next year if he is still president. TRUMP’S PAYROLL TAX HOLIDAY WON’T HURT SOCIAL SECURITY, MNUCHIN SAYSThe payroll tax is paid separately from federal income taxes and funds Social Security and Medicare. Trump has proposed implementing payroll tax deferrals for employees whose biweekly wages are less than $4,000, on a pre-tax basis.
‘Chaos and confusion’: Cost-cutting and turmoil at the Postal Service fuel worry for mail voting
The United States Postal Service has possibly never been more important, or more embattled. Two days later, he said he wasn’t sure the postal service had “enough time” to handle an influx of election mail. The delays at the postal service have led to widespread concerns that critical election mail will arrive late, disenfranchising voters. The postal service has traditionally treated election mail with priority, even if it’s not sent first class. But USPS General Counsel Thomas Marshall implied in letters to election officials that marketing mail delivery standards would be enforced for election mail.
The Boston Globe
The 9/11 attacks claimed thousands, and the list only starts with the dead. Left behind were those for whom the years have meant building the unthinkable into every new day.
Settling bias allegations with four apartment brokers, attorney general wins fines, mandatory training
“Unfortunately, this type of widespread discrimination is representative of the barriers many face in the search for safe and affordable housing,” Healey said in a statement. In response, the Boston City Council has raised the possibility of launching its own testing, to ensure landlords comply with fair housing laws. Fair housing rules outlaw discrimination against voucher holders and families with children. Free & Clear agreed to pay $15,000 in restitution and attend annual fair housing training. He estimates his firm has lost 10 to 15 rental agents since the state’s case began.
Housing crisis: Livermore deal enables middle-class apartments
LIVERMORE — An unusual deal in the East Bay will enable a big Livermore apartment complex to be set aside for middle-income residents, an effort that could help blunt some of the effects of the housing crisis. Catalyst Housing Group and the California Community Housing Agency have teamed up to purchase The Arbors, an apartment complex near the two national laboratories in Livermore and the region’s wine country. The venture paid $49 million for the apartment complex, which is at 3550 Pacific Ave. in Livermore. The median household income in Alameda County in 2018 was $102,125, according to the Data USA site. “Our unique partnership with California Community Housing Agency protects existing tenants from the threat of displacement, provides our public partners with an immediate supply of desperately-needed middle-income housing, and guarantees the future affordability of that housing by placing palatable caps on future rental increases,” Moss said.
California judges lift coronavirus eviction ban
The Judicial Council of California on Thursday voted to end the statewide eviction moratorium next month, reopening courts to landlords and pressuring Gov. Most Bay Area counties and cities have passed renter protections during the coronavirus pandemic, although many are scheduled to expire in August. But the panel of state judges on Thursday insisted a permanent solution come from either the governor or the legislature. The proposal would also allow small property owners to delay mortgage payments between 6 to 12 months on certain loans not backed by the federal government. But landlord groups have assailed the proposal, saying it amounts to free rent for tenants and little aid for struggling property owners.
How much apartment will $2,000 get you in San Jose or Cupertino?
We’ve gathered four apartments in the San Jose area for you to check out — all at $2,000 a month or less. Cherrywood ApartmentsLocated south of downtown San Jose, Cherrywood Apartments is a complex with amenities that include an on-site laundry, a swimming pool, and a fitness center. Creekside ApartmentsCreekside Apartments, just a few minutes southwest of downtown, includes a swimming pool, fitness center, resident’s lounge, and on-site laundry. Park BranhamHead straight south from downtown San Jose to find Park Branham apartments. Sage at CupertinoJust 15 minutes west of San Jose, you’ll find Sage at Cupertino apartment complex.
Business leaders call on city to reinstate license for East Garfield Park food and liquor store
Business leaders in East Garfield Park want the city to reinstate the license of a food and liquor store shut down because the public sidewalks in front of the property were alleged to be a hotbed for criminal activity. One Eleven Food and Liquor, 111 N. Kedzie Ave., was forced to close last month after it lost an appeal of a license revocation in July 2019. The family said the move to close their business, which has served East Garfield Park for over 40 years, was the city trying to satisfy the more affluent people who have moved to the neighborhood. “Someone must have called them.”Siri Hibbler, CEO of the Garfield Park Chamber of Commerce, said the city should be investing in businesses like One Eleven Food and Liquor instead of shutting them down. “This is the only Black retailer in East Garfield Park that owns the land.”Searcy wasn’t at the news conference Thursday as he is recovering from two recent heart attacks.
Downtown’s Big Red office tower sells for $376 million
Despite concerns about COVID-19’s effect on demand for office space, a New York developer said Thursday it has purchased the 45-story building at 333 S. Wabash Ave., sometimes called “Big Red,” for $376 million. SHVO, a firm led by Michael Shvo, said it formed a partnership with Deutsche Finance America to buy the building. He said the office building is a fit addition to the company’s “super prime core properties. Buck built a new tower for the insurance firm at 151 N. Franklin St. and renovated 333 S. Wabash to make it more desirable to a range of tenants. Buying a 1.2 million-square-foot office building could be a risky prospect, as many in real estate are afraid the coronavirus could cause a permanent shift toward working from home, with companies having less need for offices.
Study: The fastest-selling cars in Chicago
According to the latest iSeeCars study, the average new car remains on a dealer lot in Chicago for 109.5 days before it's purchased. The average used car takes 76.6 to sell. However, there are certain new cars that sell far quicker than these averages. Which new and used cars are the fastest sellers in Chicago? To find out, iSeeCars analyzed 9 million recent new car sales to determine the vehicles that are most quickly sold from dealer lots.
Oregon athletics looking at ‘$50 million to $80 million’ range of losses; season ticket holders will retain renewal rights if they ask for refunds
EUGENE — Oregon athletics is looking at one of the largest financial hits due to the postponement of sports until 2021. Of that, football accounted for more than $72 million in revenue and $34.7 million in expenses, with ticket sales accounting for nearly $20 million and media rights totaling another $20 million. “We’re also exploring some local options and then we’ll have to consider what other revenue options, creative revenue options there might be and always cost containment. Those who elect to take a refund will retain their season ticket renewal rights, Mullens said. If somebody decides to get a refund they will retain their season-ticket rights for the ’21 season.”In May, Mullens said UO’s football season ticket renewal rate was more than 90%.
When will US get coronavirus relief package? Trump, Pelosi, McConnell blame one another for impasse
WASHINGTON – A bipartisan deal for a new coronavirus stimulus package appeared hopelessly out of reach on Thursday, with congressional Democrats blaming Republicans, Republicans blaming Democrats and President Donald Trump suggesting the talks are doomed. "I want you to see how vast our differences are," House Speaker Nancy Pelosi, D-Calif., said at a news conference Thursday. "The Democrats have abandoned the American people over the simple subject of politics," he said at a White House news conference. Other White House officials have similarly echoed an equally grim outlook for the future of another stimulus bill. Some vulnerable House Democrats already are pushing back by publicly slamming both sides' leaders.
Globant: 2Q Earnings Snapshot
LUXEMBOURG (AP) _ Globant SA (GLOB) on Thursday reported second-quarter earnings of $10 million. The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share. The information technology services provider posted revenue of $182.7 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $179.6 million.
Panhandle Oil & Gas: Fiscal 3Q Earnings Snapshot
OKLAHOMA CITY (AP) _ Panhandle Oil and Gas Inc. (PHX) on Thursday reported a fiscal third-quarter loss of $3.6 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Oklahoma City-based company said it had a loss of 21 cents. Losses, adjusted for non-recurring costs and asset impairment costs, came to 3 cents per share. The oil and gas company posted revenue of $2.7 million in the period. In the final minutes of trading on Thursday, the company's shares hit $2.34.
Energy Focus: 2Q Earnings Snapshot
SOLON, Ohio (AP) _ Energy Focus Inc. (EFOI) on Thursday reported a loss of $4.3 million in its second quarter. On a per-share basis, the Solon, Ohio-based company said it had a loss of $1.36. Losses, adjusted for non-recurring costs, came to 33 cents per share. The energy-efficient lighting systems designer posted revenue of $3.3 million in the period. For the current quarter ending in October, Energy Focus said it expects revenue in the range of $6 million to $7 million.
Africa Oil: 2Q Earnings Snapshot
VANCOUVER, British Columbia (AP) _ Africa Oil Corp. (AOIFF) on Thursday reported second-quarter net income of $19.2 million, after reporting a loss in the same period a year earlier. The Vancouver, British Columbia-based company said it had net income of 4 cents per share. In the final minutes of trading on Thursday, the company's shares hit 88 cents. A year ago, they were trading at 89 cents.
Animal Welfare looking for owners of mutilated dog
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........ALBUQUERQUE, N.M. — Crime Stoppers is asking for the public’s help after a dog was found severely injured late last month on the West Side, according to a release. The release states that, on July 30, the Animal Welfare Department picked up a black and tan Dachshund/Pit-bull mix near Unser and McMahon NW. “She was found with severe lacerations to her ears, a swollen hind leg, and blood shot eyes,” the release states. “Animal Welfare Department is seeking any information on the owners of this dog.”Tips: Anyone with information is asked to call Crime Stoppers at 843-STOP or visit their website at crimestoppersnm.com.
In Richmond real estate, across town, buyers are paying more for houses than sellers are asking
She accepted an offer above asking and expects to close in late August. Shannon Webster listed her ranch rental in North Chesterfield for sale for $168,000 on a Thursday in late May and sold it by Sunday. “We sold it ‘as is’.”Being able to work remotely is bringing new clients to RichmondWith the ability to work remotely, many agents are seeing interested buyers from nearby big cities. He had an 800-square-foot apartment in a luxury apartment building in the heart of D.C. He could walk to restaurants and museums and enjoy the rooftop at his building or the in-house gym.
How to watch UFC 252's Miocic vs. Cormier 3, full fight card and betting odds
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Coronavirus US: 13,000 apartments are empty in Manhattan
AdvertisementThere are 13,000 empty apartments for rent in Manhattan - the highest number in 14 years - as thousands of people abandon their homes, triggering a surge in inventory and slump in rental prices, amid the ongoing economic nightmare that has been the COVID-19 pandemic. It is slowly being reflected in rental prices. In July 2020, the average price of an apartment in Manhattan was $$4,031 compared to $4,292 last July. It contributes to a wider picture of economic ruin that is becoming an increasingly realistic prospect for New York City. New York City shutdown in March for an unprecedented 11 weeksThe city's wealthiest left at the height of the pandemic for their second homes in the Hamptons or upstate, and many are not returning.
A collapsing economy and a family feud pile pressure on Syria’s Assad
In May, Syrian tycoon Rami Makhlouf, a cousin and long-time ally of President Bashar al-Assad, took a once unimaginable step. Through Syria’s 10-year civil war, Makhlouf had helped Assad evade Western sanctions on fuel and other goods vital to his military campaign. • In May 2019, Assad instructed Syria’s intelligence chief to track down Makhlouf’s estimated billions of dollars of riches stashed abroad. “Makhlouf has brought into the open the feud within the regime,” said a person with ties to the Assad family. The fallWith the help of Russia and Iran, Assad has turned the tide of Syria’s war.
Mortgage Finance Giants to Charge More for Refinancing: Live Updates
ET Mortgage Finance Giants to Charge More for Refinancing: Live Updates RIGHT NOW Economic pain is worse for families with children, a Fed survey finds. —963,000 filed state unemployment claims last week, but layoffs remained high. Another 489,000 applied under the federal Pandemic Unemployment Assistance program, which covers independent contractors, self-employed workers and others who don’t qualify for regular state unemployment insurance. The number for state claims is seasonally adjusted; the figure for the federal program is not. Overwhelmed state unemployment offices could soon have even more to deal with.
Number of Americans Applying for First-Time Unemployment Dips Below 1M for First Time Since March
The last time that seasonally adjusted first-time unemployment claims were below 1 million was on March 14Number of Americans Applying for First-Time Unemployment Dips Below 1M for First Time Since MarchFor the first time since mid-March, the number of Americans filing for first-time unemployment benefits has fallen below 1 million. The number of seasonally adjusted insured unemployment claims totaled 15.5 million for the week ending Aug. 1, down more than 600,000 from the previous week. “The number of people filing for unemployment insurance, both regular and [Pandemic Unemployment Assistance] benefits, continues to steadily decline as layoffs abate. Over the weekend, President Donald Trump also signed off on an additional $400 in unemployment benefits to be given to those still jobless. The new measure comes after the $600 in weekly additional unemployment benefits included in the CARES Act expired on July 31st.
The Many People Donald Trump Has Called 'Nasty' (and It's Not Just Women)
After Frederiksen said in 2019 that it would be "absurd" to entertain the idea of Denmark selling Greenland to the United States, Trump postponed his two-day state visit to Denmark last summer and shot back with his own response to Frederiksen's comment. “I looked forward to going, but I thought that the prime minister’s statement that it was absurd — that it was an absurd idea — was nasty,” he told reporters on Aug. 21, 2019, on the White House South Lawn. All she had to do is say, ‘No, we wouldn’t be interested.’”The president continued, “I think it’s a good idea because Denmark is losing $700 million a year with it. But all they had to do was say, ‘No, we’d rather not do that, we’d rather not talk about that.’ Don’t say, ‘What an absurd idea that is,’ because she’s not talking to me. She’s talking to the United States of America."
'Very unusual': Arctic air set to hit Eastern US with record-low temperatures for May
'Very unusual': Arctic air set to hit Eastern US with record-low temperatures for MayAdded: 13.08.2020 18:21 | 4 views | 0 commentsThe blast of cold air set to hit the Eastern U.S. this week could bring record-low temperatures and snowfall and frost in some Northeast states.
US jobless claims below 1m for first time since March
US jobless claims below 1m for first time since MarchAdded: 13.08.2020 17:28 | 20 views | 0 commentsSource: www.theepochtimes.comThe number of Americans filing new claims for unemployment benefits falls to 963,000. More in www.bbc.co.uk »
National Express to use jobs bonus to cut bus fares
National Express to use jobs bonus to cut bus faresAdded: 13.08.2020 10:46 | 26 views | 0 commentsThe government's job retention bonus scheme will be used to cut fares in the West Midlands and Dundee.
Save 40% on Jewelry at Nordstrom's Anniversary Sale 2020
Save 40% on Jewelry at Nordstrom's Anniversary Sale 2020Added: 13.08.2020 20:00 | 14 views | 0 commentsWe love these products, and we hope you do too. has affiliate relationships, so we may get a small share of the revenue from your purchases. Items are sold by the retailer, not E!. has affiliate relationships, so we may get a small share of the revenue from your purchases. Items are sold by the retailer, not E!.
30 million unemployed lose extra jobless benefits, as talks between Congress and the White House are at an impasse
30 million unemployed lose extra jobless benefits, as talks between Congress and the White House are at an impasseAdded: 13.08.2020 22:19 | 9 views | 0 commentsSome 20 million workers are losing $600 in weekly unemployment benefits today, and the White House and Democrats in Congress are blaming each other.
Supreme Court denies GOP request, allows R.I. pandemic-related relief on mail-in ballots
Added: 13.08.2020 17:08 | 16 views | 0 commentsThe justices said in a short opinion that state officials had agreed to the change regarding witness verification.
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 | 13 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 | 13 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.
Russia Approves Coronavirus Vaccine Before Completing Tests
Added: 13.08.2020 12:20 | 20 views | 0 commentsThe country became the first in the world to approve a possible vaccine against the virus, despite warnings from the global authorities against cutting corners.
Protesters continue to clash with federal agents in Portland
Added: 29.07.2020 16:29 | 6 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.
Trump Eliminates Major Methane Rule, Even as Leaks Are Worsening
Trump Eliminates Major Methane Rule, Even as Leaks Are WorseningAdded: 13.08.2020 21:02 | 9 views | 0 commentsThe weakening of Obama-era efforts to fight climate change amounts to a gift to many oil companies. Researchers warn that the decision ignores science.
Cover crop roots are an essential key to understanding ecosystem services
Added: 13.08.2020 20:58 | 5 views | 0 commentsTo judge the overall effectiveness of cover crops and choose those offering the most ecosystem services, agricultural scientists must consider the plants' roots as well as above-ground biomass, according to researchers who tested the characteristics of cover crop roots in three monocultures and one mixture.
Mystery of 'extremely loud explosion' which stunned Merseyside residents
Added: 16.01.2018 2:04 | 7 views | 0 commentsLoud bangs were heard on Monday evening after a thunder storm - with some social media users raising fears there had been an explosion.
Man advertises room for rent with brutal amount of honesty
Added: 15.01.2018 13:26 | 7 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)
Russian chefs in naked lockdown protest after virus strips them of income
Added: 09.06.2020 14:14 | 9 views | 0 commentsRussian restaurant owners stripped of their income by the coronavirus lockdown are campaigning for their businesses to be allowed to reopen by posting pictures of themselves naked on social media.
Union loses court challenge over London congestion charge for minicabs
Added: 13.08.2020 17:22 | 8 views | 0 commentsA legal challenge made over a decision by the Mayor of London to introduce the congestion charge for minicab drivers has been rejected by Court of Appeal judges.
Fortnite direct payment option lets you dodge iOS and Android app store fees
Added: 13.08.2020 20:19 | 7 views | 0 commentsThe price of V-Bucks and other real-money purchases has been discounted on consoles and PC, but it works a bit differently on mobile.
Every benefit a new stimulus bill could bring if Congress can reach an agreement
Every benefit a new stimulus bill could bring if Congress can reach an agreementAdded: 13.08.2020 17:30 | 19 views | 0 commentsIf negotiators resume talks, here's how the different parts of a new stimulus bill could help you through the economic crisis.
Lego Star Wars Holiday Special will hit Disney Plus on Nov. 17
Lego Star Wars Holiday Special will hit Disney Plus on Nov. 17Added: 13.08.2020 17:26 | 22 views | 0 commentsIt takes place after The Rise of Skywalker and riffs on the infamous 1978 special.
AMC is reopening theaters with 15-cent tickets to celebrate its 100th anniversary
AMC is reopening theaters with 15-cent tickets to celebrate its 100th anniversaryAdded: 13.08.2020 20:46 | 9 views | 0 commentsThrowback movies like Inception, The Empire Strikes Back and Black Panther will be shown opening day.
Brexit victory: Trump to remove trade tariffs on UK – as France and Germany foot the bill
Brexit victory: Trump to remove trade tariffs on UK – as France and Germany foot the billAdded: 13.08.2020 11:57 | 17 views | 0 commentsDONALD TRUMP will remove a number of trade tariffs on UK goods, adding the equivalent amount onto France and Germany's bill.
Apple and Tesla just announced stock splits. Here's what that means for your investments
Apple and Tesla just announced stock splits. Here's what that means for your investmentsAdded: 13.08.2020 13:47 | 20 views | 0 commentsApple and Tesla, arguably two of the market's most popular companies, both announced stock splits in recent weeks. Are these maneuvers good or bad for investors?
3 warnings on travel that point to a slow economic recovery
3 warnings on travel that point to a slow economic recoveryAdded: 13.08.2020 13:19 | 20 views | 0 commentsThe biggest question facing investors is how quickly the global economy can recover from the coronavirus pandemic.
U.S. Senate votes to confirm McConnell protege to influential appeals court
Added: 18.06.2020 20:07 | 11 views | 0 commentsThe U.S. Senate on Thursday voted to confirm a federal judge who is a protege of Senate Republican Leader Mitch McConnell to an influential appeals court in Washington.
Disease-carrying animals thrive on our farmed land and in our cities
Disease-carrying animals thrive on our farmed land and in our citiesAdded: 13.08.2020 18:16 | 12 views | 0 commentsFarming and other human activities are changing the world in a way that favours animals carrying more diseases, including bats – the source of the new coronavirus
“Make & trade is the cornerstone of Cosfibel's strategy,” Alain Chevassus
“Make & trade is the cornerstone of Cosfibel's strategy,” Alain ChevassusAdded: 13.08.2020 17:19 | 15 views | 0 commentsSource: www.premiumbeautynews.comCosfibel Group, a specialist of secondary packaging and merchadising, has just announced the signature of three new partnerships to complete its offer and get closer to its global customers, Alain Chevassus, the Group's Chairman, gave Premium Beauty News an update on the main lines of its strategy. In a period of deep and fast transformation for the luxury packaging sector, where brands and consumers' expectations have shifted to new paradigms, Alain Chevassus intends to bring Cosfibel into (...) - More in premiumbeautynews.com » Tags: GM
Michelle Pfeiffer launches fragrance collection inspired from the clean beauty trend
Added: 07.08.2020 17:19 | 28 views | 0 commentsMichelle Pfeiffer is putting her stamp on the fragrance industry with a new line of scents that aims to be completely transparent about its ingredients and takes inspiration from the principles of the “clean beauty” movement. The Hollywood star has unveiled Henry Rose, a new perfume brand named after her children, John Henry and Claudia Rose. The collection is reportedly the first fragrance line to be certified by the Environmental Working Group (EWG) - it was developed in partnership with (...) -
Refinancing your mortgage will cost more thanks to a new fee from Fannie Mae and Freddie Mac
Refinancing your mortgage will cost more thanks to a new fee from Fannie Mae and Freddie MacAdded: 13.08.2020 19:03 | 17 views | 0 commentsFannie Mae and Freddie Mac are rolling out a new ‘adverse market fee’ in light of the coronavirus pandemic. Critics of the move say it will cost homeowners thousands of dollars.
Deep Dive: Value stocks, which trade lowest to growth stocks since 2001, look like a smart play as the economy rebounds
Deep Dive: Value stocks, which trade lowest to growth stocks since 2001, look like a smart play as the economy rebounds
Dispatches from a Pandemic: ‘I was in so much fear that I started running’: Asian Americans must grapple with racism — as well as the coronavirus pandemic
Dispatches from a Pandemic: ‘I was in so much fear that I started running’: Asian Americans must grapple with racism — as well as the coronavirus pandemicAdded: 13.08.2020 13:43 | 21 views | 0 comments‘We have a huge percentage of Asian Americans in the hospitals helping to save people from COVID-19 right now. At the same time, we have been targeted just because of how we look.’
Autotrader: Toyota brings back the Venza as a hybrid only, and it has a lot going for it
Autotrader: Toyota brings back the Venza as a hybrid only, and it has a lot going for itAdded: 13.08.2020 11:03 | 14 views | 0 commentsIt was discontinued in 2015, but the new 2-row Venza crossover is more urban than the old wagon-like model.
Kamala Harris on student-loan forgiveness, Medicare, universal basic income, credit scores — and a tax on trading stocks
Kamala Harris on student-loan forgiveness, Medicare, universal basic income, credit scores — and a tax on trading stocksAdded: 13.08.2020 11:16 | 16 views | 0 commentsFormer Vice President Joe Biden announced that Harris would be his running mate for the 2020 presidential election.
The extra $600 in weekly unemployment benefits expired — but gig workers and self-employed Americans still qualify for benefits
The extra $600 in weekly unemployment benefits expired — but gig workers and self-employed Americans still qualify for benefitsAdded: 13.08.2020 20:50 | 9 views | 0 commentsSelf-employed and gig workers can collect state-level unemployment benefits through the end of the year under the CARES Act.
NYC mayor defends school reopening timetable
Added: 13.08.2020 21:35 | 9 views | 0 commentsNew York City Mayor Bill de Blasio held firm Thursday to plans to reopen the nation's largest public school system within a month, despite public concerns from teachers and administrators that it's too soon to ensure the safe return of students.
Israel, UAE Agree to Establish Formal Diplomatic Ties
Added: 13.08.2020 20:29 | 9 views | 0 commentsIsrael and the United Arab Emirates reached an agreement to work toward fully normalized relations, a potentially historic breakthrough that U.S. President Donald Trump said will facilitate peace in the Mideast.
Chris Evans wants website to shield democracy
Chris Evans wants website to shield democracyAdded: 13.08.2020 21:15 | 9 views | 0 comments"Captain America" star Chris Evans is putting his personal politics aside to launch a civic engagement website and app called A Starting Point.
Breonna Taylor's mother: I'm trying to be patient
Added: 13.08.2020 20:36 | 10 views | 0 commentsMonths after police fatally shot Breonna Taylor, her mother said she's trying to be patient while waiting to hear if officers will be charged. Tamika Palmer met Wednesday with Kentucky's attorney general, who's in charge of the investigation.
US military helicopter struck by bullet over Virginia
US military helicopter struck by bullet over VirginiaAdded: 13.08.2020 15:23 | 14 views | 0 commentsThe FBI is investigating the shooting of the Air Force helicopter, which injured one crew member.
Trump pet peeve could wash away showerhead rules
Added: 13.08.2020 21:51 | 9 views | 0 commentsThe Trump Administration wants to change the definition of a showerhead to let more water flow, addressing a pet peeve of the president who complains he isn't getting wet enough.
Trump blocks postal funds to prevent expanded mail-in voting
Added: 13.08.2020 19:36 | 9 views | 0 commentsThe Postal Service requires emergency funds to cope with the pandemic and the election, Democrats say.
The PPP Failed Minority-Led Businesses. 3 Ideas for What Could Work Instead
Funds through the Paycheck Protection Program (PPP)--the nearly $670 billion forgivable loan program aimed at struggling small businesses, which phased out on August 8--didn't make it to everyone, least of all minority-led businesses. That's the key finding of several recently released reports on minority-led companies' access to capital during the early stages of the pandemic. Additionally, many Black- and Latinx-owned businesses don't have employees, putting them at a disadvantage when applying for the PPP. While lawmakers remain divided over a Phase 4 stimulus bill, advocates and business lobby groups say it's imperative that minority-led companies get relief. The Cares Act initially provided $150 billion in federal aid to state and local governments across the country, some of which went toward grant funding for local businesses.
Why Create Music Group Encourages Employees to 'Think Like Entrepreneurs'
Why Create Music Group Encourages Employees to 'Think Like Entrepreneurs'Create Music Group founders Jonathan Strauss and Alexandre Williams help artists and creators find royalties they may have missed. The company's incredible three-year growth landed them at No. 2 on the 2020 Inc. 5000 list.
Why Create Music Group Encourages Employees to 'Think Like Entrepreneurs'
Create Music Group founders Jonathan Strauss and Alexandre Williams help artists and creators find royalties they may have missed. The company's incredible three-year growth landed them at No. 2 on the 2020 Inc. 5000 list.
A Bold Marketing Move Helped Sassy Jones Grow 4,515 Percent in 3 Years
Charis Jones, founder and owner of accessory brand Sassy Jones, shares how a pivot from trade shows to e-commerce helped secure her company's No. 75 spot on this year's Inc. 5000.
The PPP Failed Minority-Led Businesses. 3 Ideas for What Could Work Instead
That's the key finding of several recently released reports on minority-led companies' access to capital during the early stages of the pandemic. Additionally, many Black- and Latinx-owned businesses don't have employees, putting them at a disadvantage when applying for the PPP. While lawmakers remain divided over a Phase 4 stimulus bill, advocates and business lobby groups say it's imperative that minority-led companies get relief. Funding for block grants, operated by states and local governments, could also get replenished. The Cares Act initially provided $150 billion in federal aid to state and local governments across the country, some of which went toward grant funding for local businesses.
De Blasio: Threat of 22,000 layoffs is 'painfully real'
| Frank Franklin II/AP Photo De Blasio: Threat of 22,000 layoffs is 'painfully real'NEW YORK — New York City Mayor Bill de Blasio said the city is moving forward with “painfully real” plans to lay off 22,000 public workers on Oct. 1 unless another source of cash comes through. So that 22,000 number is painfully real," he said. If none of those three options comes through, de Blasio said layoffs will happen — on a scale not seen since the 1970s fiscal crisis. De Blasio did not deny that police would be spared from layoffs when asked about it Wednesday. “Every agency has to come back with a lot of savings, every single agency.
Star Trek: Lower Decks Recap: Klingons on the Starboard Side
Star Trek: Lower Decks Envoys Season 1 Episode 2 Editor’s Rating 4 stars * * * * « Previous Next Photo: CBSThe desire to belong, to be a part of a team, is natural and very human, but it’s not one we’ve seen examined over the long term as a part of the Star Trek franchise. In Star Trek: Lower Decks, that’s not the case. Of the main four, Mariner, Boimler, Tendi, and Rutherford, it’s easiest to talk about Tendi’s journey. This episode of Lower Decks reveals there’s much more to Rutherford’s character than it first appears, given his entire plotline is supposed to be something of a joke. Thus far in Lower Decks, we’ve seen a lot of interaction between Mariner and Boimler and some between Rutherford and Tendi.
Ted Lasso Fails Upward, Cheerfully
Ted Lasso (Jason Sudeikis) is a man who knows he’s fallen upward and happily accepts the job anyhow. In 2013 and 2014, Jason Sudeikis played Lasso in a four-minute ad spot, which included some jokes that survived all the way through to the eventual Ted Lasso pilot. If you’re judging Ted Lasso on its relative success as a TV adaptation of an advertisement, a category that most infamously also includes a short-lived TV version of the Geico Cavemen, then Ted Lasso succeeds wildly. Truly, Ted Lasso works hard to be the best version of Ted Lasso it could possibly be. Is it Ted Lasso’s fault that I don’t think anyone’s especially clamoring for Ted Lasso right now?
10-year Treasury yield pops above 0.7% to hit eight-week high as investors struggle to take down debt auction
Longer-term Treasury yields rose sharply on Thursday after investors, for the first time in a while, struggled to absorb the largest 30-year bond auction on record. The Treasury Department increased its debt sales to finance the response to the COVID-19 pandemic. The 10-year Treasury note yield TMUBMUSD10Y, 0.723% rose 3.1 basis points to 0.714%, around its highest in eight weeks, after trading as low as 0.651% overnight, while the 2-year note TMUBMUSD02Y, 0.188% stood at 0.163%. The 30-year bond yield TMUBMUSD30Y, 1.431% climbed 6 basis points to a five-week high of 1.425%. Bond prices move inversely to yields.
Did the expired $600 federal jobless benefit keep people from going back to work? Sudden drop in claims adds fuel to debate
A big drop in people seeking or receiving benefits in the past two weeks after the end of a $600 federal stipend hints the answer might be yes. A handful of studies, including one by Yale, assert the federal stipend has had virtually no impact on whether people go back to work. Mary Daly, president of the San Francisco Federal Reserve, also downplayed the role of the federal stipend on unemployment in a “digital town hall” on Tuesday. The federal stipend hasn’t been renewed partly because Republicans argued it was keeping workers from returning to their jobs. We could be choking off the recovery.”He suggested a still-generous, if smaller, federal stipend of $400 a month as a way to bridge the divide in Washington.
Ethics Office Says Trump Can Give GOP Acceptance Speech at White House
WASHINGTON—A government body charged with enforcing the rule that restricts political activity by federal employees has advised that President Trump may make his speech accepting the Republican Party nomination from the White House, though rules would still apply to his employees. The Office of Special Counsel, which oversees the 1939 Hatch Act, sent the opinion Wednesday to a congressional committee seeking guidance. Mr. Trump has said his Aug. 27 acceptance speech will come from the White House or the historic Gettysburg...
Legitimate Businesses Are Snared in Hunt for Pandemic-Loan Scammers
To get ahold of government money to help keep his small business afloat, Ryan Bolesky first had to get past three armed Secret Service agents. Mr. Bolesky, a consultant to aspiring Instagram stars, borrowed $33,000 in July under federal pandemic-aid programs. He sent the money to his central Florida credit union, which quickly froze the funds on suspicion of fraud.
Epstein estate has ‘belittled’ accuser for not dropping suit, lawyers claim
The executors of Jeffrey Epstein’s estate and their attorneys have belittled one of his victims and launched a concerted effort to delay her legal case against them, her attorney alleged in a new court filing. In four months since she filed her suit, Epstein’s estate has not turned over a single document or a single “substantive response” in the Manhattan federal court case, according to a letter filed by the woman on Wednesday. “In short, since Plaintiff has not agreed to stay her case and walk away, she is being punished by the Epstein Estate for doing what she has a basic right to do. In response, lawyers for Epstein’s estate said the allegation was “completely untrue.”“We have done no such thing, and the inclusion of this claim by Plaintiff’s counsel further highlights their lack of good faith in these discussions,” they wrote. Doe sued Epstein, his estate, and Ghislaine Maxwell, claiming she was sexually abused by the multi-millionaire pedophile after being recruited by Maxwell at age 13 at a music camp in Michigan.
American Airlines to drop flights to 30 US cities if requirement expires
American Airlines is planning to drop flights to up to 30 smaller US cities if a federal requirement to continue those flights expires at the end of next month, an airline official familiar with the matter said Thursday. American agreed to keep serving those smaller cities as a condition of receiving $5.8 billion in federal payroll help this spring. The move by American could put more pressure on Congress and the White House to give passenger airlines another $25 billion for labor costs. Airline unions and the airlines, which are struggling with a steep downturn in revenue as the pandemic undercuts air travel, are lobbying Congress for the money. The American Airlines official did not detail which cities could lose service, but the changes could appear in schedules as early as next week.
US budget deficit swells to record $2.81T in 10 months
The U.S. budget deficit climbed to a record $2.81 trillion in the first 10 months of the fiscal year, a record high, the Treasury Department said Wednesday. That was the lowest monthly figure since the coronavirus pandemic brought the nation's economy to a grinding halt in mid-March. The deficit for fiscal 2020 is projected to hit $3.7 trillion, a record, according to a projection from the Congressional Budget Office. The current record for a fiscal year deficit is $1.41 trillion, set in 2009. The report comes amid a weeks-long stalemate between Congress and the Trump administration over another coronavirus spending package.
Epic Games sues Apple over its removal from the App Store
Epic Games sues Apple over its removal from the App StoreCNBC's Julia Boorstin reports that Epic Games is suing Apple after its removal from the App Store and is looking for fair compensation from the company. With Gabriela Santos, J.P. Morgan Asset Management, and Hightower's Stephanie Link.
All this fiscal support has filled the hole left by the pandemic: JPM's Santos
All this fiscal support has filled the hole left by the pandemic: JPM's SantosGabriela Santos J.P. Morgan Asset Management, and Stephanie Link of Hightower discuss whether stocks can continue to move higher, even though another round of stimulus is currently in doubt. With CNBC's Mike Santoli.
Apple's fitness ambitions, home improvement stocks keep hammering out gains
Apple's fitness ambitions, home improvement stocks keep hammering out gainsApple is reportedly set to launch subscription bundles, including virtual fitness classes that could compete with those from Peloton. And home improvement stocks like Home Depot & Lowe's keep hammering out gains amid a stay-at-home remodeling boom. All in the latest Rapid Fire!
Valuation is a very poor timing tool: AlphaOne's Dan Niles
Valuation is a very poor timing tool: AlphaOne's Dan NilesDan Niles, AlphaOne Capital Partners, discusses stock splits, valuation, and how much further the market can run.
How the coronavirus fallout is sparking a permanent shift in the market
RELATED VIDEOS08:31 How the coronavirus fallout is sparking a permanent shift in the market05:02 Estee Lauder gets an upgrade. What to make of the beauty space02:45 Global stock markets march back to 2020 highs00:46 Market bull Jim Paulsen predicts the historic downturn is setting stocks up for an epic boom05:34 Depression-like collapse is sparking a wartime market boom, Leuthold's Jim Paulsen predicts04:54 One S&P 500 sector has taken over tech's leadership in past month
Even with the pandemic, consumers likely boosted retail sales in July
Consumers spent more in July than they did last year, but the pace of spending slowed from June, as some states curtailed activity due to a resurgence of Covid-19. Economists expect retail sales rose 2.3% in July, after June's 7.5% increase, according to Dow Jones. Excluding autos, economists expect sales would have increased 1.2%. The Census Bureau is expected to release retail sales at 8:30 a.m. As of June, retail sales recovered from the sharp slump that came with the virus-related shutdowns in March, and were actually higher than last year's level.
Here's what happened to the stock market on Thursday
The "Fearless Girl" statue stands in front of the New York Stock Exchange (NYSE) at Wall Street on June 29, 2020 in New York City. Initial U.S. weekly jobless claims fell to 963,000, the Labor Department said. That's below a Dow Jones estimate of 1.1 million. It was also the first time since March that jobless claims came in below 1 million . Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
Don't adjust holdings for the election: strategist
BusinessDon't adjust holdings for the election: strategistPostedNational Securities' Art Hogan says people shouldn't change their long-term investment plans for the presidential election. He also tells Reuters' Fred Katayama they should hold tech and cyclical stocks amid the current market rotation.
Stocks and oil fall with eyes on U.S. stimulus
Data showed the world’s largest economy regained only 9.3 million of the 22 million jobs lost between February and April. In the currency and bond markets, faltering hopes for a compromise between Republicans and Democrats over additional stimulus for the U.S. economy dragged the dollar index =USD down. (GRAPHIC: World stocks shaking off the virus - here)In Asia, Japanese stocks were the main mover, soaring 1.8% to a six-month peak .N225 on gains from chip firms. Emerging market stocks rose 0.17%. Oil prices eased after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions, but a weak dollar limited losses.
Mexico’s central bank lowers prime rate to 4.5%
MEXICO CITY (AP) — Mexico’s central bank decided Thursday to lower its prime interest rate by a half-point to 4.5% amid a sharp economic downturn and rising inflation due to the coronavirus pandemic. The Bank of Mexico said inflation rose to 3.62% in July. At that level, government 28-day treasury certificates now yield less than 1% in real terms, the lowest yield in years on such Mexican securities. The bank noted that while inflation is running above the government’s 3% target, it said it should return to near-target levels in one to two years. Mexico’s economic activity plummeted 18.9% in the second quarter compared to the same period last year.
Federal judge rules against insurers in COVID-19 lawsuit
(AP) — Four Missouri companies may proceed with a lawsuit seeking redress after their insurance company rejected their claims for coronavirus-related losses, a federal judge has ruled, in a decision that could have ramifications for hundreds of companies nationwide. “My prediction is that this is not going to be the only case that is going to survive. They believed the “all risk” policy they had with Cincinnati Insurance Co. would allow them to recoup thousands of dollars in lost revenue. On Wednesday, Judge Stephen Bough in the Western District of Missouri denied the insurer’s motion to dismiss the lawsuit, The Kansas City Star reported . Two recent similar cases, one in Michigan and another in Washington, D.C., were decided in favor of the insurance companies.
Biggest daily jump sends Nevada’s virus death toll past 1K
RENO, Nev. (AP) — Nevada’s biggest daily jump in coronavirus fatalities has pushed the state’s COVID-19 death toll past 1,000, a grim milestone that Gov. Steve Sisolak said Thursday should reinforce the seriousness of the pandemic and the need to do more to help slow its spread. ADVERTISEMENTThe state recorded 602 new cases of the virus Thursday to bring the total to 58,650. The death toll grew 34 to 1,030, surpassing the previous record of 29 deaths reported on July 31 and equaled Aug. 7. Caleb Cage, the state’s COVID-19 response chief, said Wednesday that the number of new cases reported has been slowing since Aug. 1.
Chip-Gear Maker Applied Materials Tops Fiscal Third-Quarter Targets
Chip equipment maker Applied Materials (AMAT) late Thursday beat Wall Street's targets for its fiscal third quarter. The Applied Materials earnings news sent AMAT stock higher in extended trading. Analysts expected Applied Materials earnings of 95 cents a share on sales of $4.18 billion. During the regular session, ahead of the Applied Materials earnings release, AMAT stock fell 2.2% to 65.07. Applied Materials stock currently ranks No.
TikTok Deal Could Challenge Microsoft CEO’s Light Touch on Acquisitions
For Microsoft Corp. Chief Executive Satya Nadella, completing an acquisition of TikTok’s U.S. business could pose a new challenge: How to reshape a just-bought business quickly, without damaging its successful formula. Mr. Nadella typically has taken a light-touch approach in Microsoft’s biggest acquisitions. “This is not about changing the core of LinkedIn,” Mr. Nadella said at the time of the takeover. The administration’s position is that TikTok poses an economic and national-security threat to U.S. interests. TikTok disputes it poses such a risk and said it would challenge the order.
3 ETFs That Gain Because Virus Means Everyone Is Nesting
The nesting trend may be bad news for airlines, movie theaters, and hotels. And with Washington recently failing to extend supplemental unemployment benefits, millions of people are likely to tighten spending on discretionary items. And durables companies—making everything from appliances to mattresses—are benefitting from “dollars flowing to all things housing,” she says. The iShares U.S. Home Construction ETF (ITB) and SPDR S&P Homebuilders ETF (XHB) each hold a broad mix of residential construction, building materials, and home improvement stocks. The Hoya Capital Housing ETF (HOMZ) holds builders and home-improvement chains like Lowe’s (LOW) and Home Depot (HD), along with real-estate investment trusts such as Ventas (VTR), and Extra Space Storage (EXR).
Alphabet Inc. Cl A stock outperforms market on strong trading day
Shares of Alphabet Inc. Cl A GOOGL, +0.62% inched 0.62% higher to $1,516.65 Thursday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Alphabet Inc. Cl A closed $70.40 short of its 52-week high ($1,587.05), which the company achieved on July 21st. Trading volume (1.1 M) remained 695,072 below its 50-day average volume of 1.8 M.Click here to let us know what you think about this content. 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.
Colgate-Palmolive Co. stock falls Thursday, underperforms market
Shares of Colgate-Palmolive Co. CL, -0.33% shed 0.34% to $76.98 Thursday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Colgate-Palmolive Co. closed $0.80 short of its 52-week high ($77.78), which the company achieved on August 12th. Trading volume (2.9 M) remained 658,671 below its 50-day average volume of 3.6 M.Click here to let us know what you think about this content. 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 falls Thursday, underperforms market
Shares of Berkshire Hathaway Inc. Cl A BRK.A, -0.58% slipped 0.59% to $318,114.00 Thursday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Berkshire Hathaway Inc. Cl A closed $29,286.00 below its 52-week high ($347,400.00), which the company reached on January 17th. Trading volume (268) remained 210 below its 50-day average volume of 478. 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.
Bank of America Corp. stock falls Thursday, underperforms market
Shares of Bank of America Corp. BAC, -1.42% shed 1.42% to $26.35 Thursday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Bank of America Corp. closed $9.37 short of its 52-week high ($35.72), which the company reached on December 27th. Trading volume (55.7 M) remained 13.2 million below its 50-day average volume of 68.9 M.Click here to let us know what you think about this content. 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 falls Thursday, still outperforms market
Shares of Amazon.com Inc. AMZN, -0.03% sank 0.04% to $3,161.02 Thursday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Amazon.com Inc. closed $183.27 below its 52-week high ($3,344.29), which the company achieved on July 13th. Trading volume (3.1 M) remained 1.7 million below its 50-day average volume of 4.8 M.Click here to let us know what you think about this content. 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.
Apple Inc. stock rises Thursday, outperforms market
Shares of Apple Inc. AAPL, +1.77% advanced 1.77% to $460.04 Thursday, on what proved to be an all-around mixed trading session for the stock market, with the NASDAQ Composite Index COMP, +0.27% rising 0.27% to 11,042.50 and the Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Apple Inc. hit a new 52-week high, surpassing its previous peak of $457.65, which the company reached on August 6th. Trading volume (50.5 M) eclipsed its 50-day average volume of 37.8 M.Click here to let us know what you think about this content. 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 market on strong trading day
Shares of Tesla Inc. TSLA, +4.26% rose 4.26% to $1,621.00 Thursday, on what proved to be an all-around mixed trading session for the stock market, with the NASDAQ Composite Index COMP, +0.27% rising 0.27% to 11,042.50 and the Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Tesla Inc. closed $173.99 below its 52-week high ($1,794.99), which the company achieved on July 13th. Trading volume (20.0 M) eclipsed its 50-day average volume of 13.5 M.Click here to let us know what you think about this content. 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.
Netflix Inc. stock outperforms competitors on strong trading day
Shares of Netflix Inc. NFLX, +1.23% advanced 1.23% to $481.33 Thursday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Netflix Inc. closed $94.04 below its 52-week high ($575.37), which the company achieved on July 13th. Trading volume (3.0 M) remained 4.6 million below its 50-day average volume of 7.6 M.Click here to let us know what you think about this content. 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.
Johnson & Johnson stock underperforms Thursday when compared to competitors
Shares of Johnson & Johnson JNJ, -1.10% slid 1.11% to $148.00 Thursday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. Johnson & Johnson closed $9.00 below its 52-week high ($157.00), which the company achieved on April 23rd. The stock underperformed when compared to some of its competitors Thursday, as Roche Holding AG Part. RHHVF, -0.33% fell 0.33% to $344.98, Merck & Co. Inc. MRK, +1.04% rose 1.04% to $83.54, and Pfizer Inc. PFE, -0.41% fell 0.42% to $38.17. Trading volume (5.1 M) remained 1.5 million below its 50-day average volume of 6.6 M.
3M Co. stock outperforms market on strong trading day
Shares of 3M Co. MMM, +0.97% inched 0.97% higher to $165.86 Thursday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. The stock outperformed some of its competitors Thursday, as Amazon.com Inc. AMZN, -0.03% fell 0.04% to $3,161.02, Johnson & Johnson JNJ, -1.10% fell 1.11% to $148.00, and Danaher Corp. DHR, +0.61% rose 0.62% to $207.19. Trading volume (2.9 M) eclipsed its 50-day average volume of 2.8 M.Click here to let us know what you think about this content. 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.
A small subset of Vanguard investors moved entirely into cash when the market tumbled. Here’s how they did
Fund management giant Vanguard Group looked at the investors who did exactly that, in a study recently published. The defined contribution cash panickers went from having 69% of their $105,000 portfolios in stocks at the end of 2019, and the retail cash panickers went from having 77% of their $70,000 portfolios in stocks. About two-thirds of the defined contribution cash panickers were female; the retail cash panicker split was 46% male, 29% female and 25% a household of two or more members. At the end of March, the cash panickers had done better, with 56% of defined contribution and 58% of individual investors sporting better returns. By the end of May, 84% of the defined contribution cash panickers had worse returns than their pre-pandemic portfolio, with 86% of retail cash panickers doing worse.
Applied Materials stock rises on earnings, outlook beat
Applied Materials Inc. AMAT, -2.15% shares ticked higher in the extended session Thursday after the chip-maker supplier's results and outlook topped Wall Street estimates. Applied Materials shares rose 1.8% after hours, following a 2.2% decline in the regular session to close at $65.07. Adjusted earnings, which exclude stock-based compensation and other items, were $1.06 a share, compared with 74 cents a share in the year-ago period. Analysts surveyed by FactSet had forecast earnings of 95 cents a share on revenue of $4.19 billion. Applied Materials expects adjusted earnings of $1.11 to $1.23 a share on revenue of $4.4 billion to $4.8 billion for the fourth quarter, while analysts had forecast earnings of $1.03 a share on revenue of $4.36 billion.
UnitedHealth Group Inc. stock falls Thursday, underperforms market
Shares of UnitedHealth Group Inc. UNH, -0.23% slumped 0.23% to $321.52 Thursday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, -0.20% falling 0.20% to 3,373.43 and Dow Jones Industrial Average DJIA, -0.28% falling 0.29% to 27,896.72. UnitedHealth Group Inc. closed $3.05 below its 52-week high ($324.57), which the company achieved on August 11th. Trading volume (2.1 M) remained 1.1 million below its 50-day average volume of 3.2 M.Click here to let us know what you think about this content. 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.
HyreCar shares rise 5% on better-than-expected revenue, earnings
HyreCar Inc. HYRE, +8.90% shares were up 5% in after-hours trading Thursday after the online car-sharing service reported fiscal second-quarter results that shot past Wall Street estimates. HyreCar reported an adjusted loss of $1.7 million, or 10 cents a share, compared with a loss of $1.4 million, or 12 cents a share, in the year-ago quarter. Revenue jumped 47% to $5.6 million from $3.8 million a year ago. Analysts surveyed by FactSet had expected a loss of 19 cents a share on revenue of $5.1 million. HyreCar shares are up 39.5% this year.
Stocks end slightly lower after S&P 500 flirts with record close
Stocks finished mostly lower Thursday, with the S&P 500 slipping into negative territory after briefly trading above its all-time high from Feb. 19 for a second day in a row. Investors were cheered by data that showed an unexpectedly large drop in the number of first-time jobless claims last week, but continue to watch a stalemate between congressional Democrats and the White House over additional coronavirus aid. The Dow Jones Industrial Average DJIA, -0.28% fell around 80 points, or 0.3%, to close near 27,897, according to preliminary figures, while the S&P 500 SPX, -0.20% shed around 7 points, or 0.2%, finishing near 3,373. The Nasdaq Composite COMP, +0.27% ended in positive territory, as enthusiasm for a rotation away from tech stocks toward more economically sensitive cyclicals continued to cool. The Nasdaq rose around 30 points, or 0.3%, to around 11,043.
Did the expired $600 federal jobless benefit keep people from going back to work? Sudden drop in claims adds fuel to debate
A big drop in people seeking benefits in the past two weeks after the end of a $600 federal stipend hints the answer might be yes. A handful of studies, including one by Yale, assert the federal stipend has had virtually no impact on whether people go back to work. Mary Daly, president of the San Francisco Federal Reserve, also downplayed the role of the federal stipend on unemployment in a “digital town hall” on Tuesday. The federal stipend hasn’t been renewed partly because Republicans argued it was keeping workers from returning to their jobs. We could be choking off the recovery.”He suggested a still-generous, if smaller, federal stipend of $400 a month as a way to bridge the divide in Washington.
Vivint Smart Home’s ‘undiscovered growth stock’ jumps after J.P. Morgan calls it a ‘home run’
Vivint stock VVNT, +7.85% rose 7.9% to $18.96, the highest close since March 13. He said his more bullish outlook on the “somewhat undiscovered growth stock” comes after a “fireside chat” with Vivint Chief Executive Todd Pedersen. He started coverage of the stock with an overweight rating and $15 stock price target the day after the stock closed at $11.72 on Jan. 24. FactSet, MarketWatchCoster then turned bearish, downgrading the stock to underweight, after the stock closed at $25.65 on March 10. His price target increase on Thursday comes after the stock closed at $17.58 on Wednesday.
Recession-proof your portfolio with these 4 stocks, says analyst
As the U.K. economy sinks into recession, with almost one million jobs lost and hundreds of businesses at risk of collapse, many investors will be tempted to pile into so-called recession-proof stocks. “Potentially ‘recession-proof’ stocks or funds are therefore more likely to come back into their own if the pandemic persists, the number of local lockdowns grow and growth disappoints or — worse — GDP keeps falling,” Mould said. H & TH & T HAT, -2.85% is Britain’s largest pawnbroker and that operation represents roughly half of its revenues. IP GroupThe FTSE-250 constituent invests in, and works to commercialize, the intellectual property (IP) developed by British universities. A commitment to an annual dividend of 57p a share this year could also please income-seekers,” he added.
Farfetch stock rises after company's Q2 sales beat, narrower loss
Shares of Farfetch Ltd. FTCH, +1.93% rose more than 4% in the extended session Thursday after the luxury fashion platform reported a narrower-than-expected quarterly loss and sales that surpassed expectations. Farfetch also announced the departure of five board members, including the board's chair. Analysts polled by FactSet had expected a loss of 37 cents a share on sales of $327 million for the quarter. As for the board changes, Farfetch said that five members, including chairperson Natalie Massenet, have left and four new directors have joined the company's board. Shares of Farfetch ended the regular trading day up 1.9%.
A 1966 Ferrari 275 GTB Becomes the Most Valuable Car Ever Sold Online
A 1966 Ferrari 275 GTB Long Nose sold for $3.08 million at Gooding & Company, making it the most valuable car ever sold online. Mike Maez/Gooding & CompanyText sizeA well-preserved 1966 Ferrari 275 GTB Long Nose fetched $3.08 million at Gooding & Company’s inaugural online-only auction that closed Wednesday, making it the most valuable car ever sold online, the California-based auction house said. The Ferrari, offered from the collection of an anonymous American collector, was one of fewer than 40 models that were factory-equipped with the improved torque tube driveshaft and high-performance six-carburetor intake, according to Gooding & Company. It features an extremely rare competition-style external fuel filler cap, a singular color scheme of Bianco (white), and beige, full-leather upholstery.
‘Without a muscular stimulus, it will be hard to continue' this pace of improvement: Skybridge Capital Co-CIO
Troy Gayeski, Skybridge Capital Co-CIO, joins The Final Round panel to discuss his thoughts on the market, the recent jobless claim number, and what impact a new stimulus package could have.
3 ETFs to Ride the Nesting Wave
Text sizeThe nesting trend may be bad news for airlines, movie theaters, and hotels. And with Washington recently failing to extend supplemental unemployment benefits, millions of people are likely to tighten spending on discretionary items. And durables companies—making everything from appliances to mattresses—are benefitting from “dollars flowing to all things housing,” she says. The iShares U.S. Home Construction ETF (ITB) and SPDR S&P Homebuilders ETF (XHB) each hold a broad mix of residential construction, building materials, and home improvement stocks. The Hoya Capital Housing ETF (HOMZ) holds builders and home-improvement chains like Lowe’s (LOW) and Home Depot (HD), along with real-estate investment trusts such as Ventas (VTR), and Extra Space Storage (EXR).
Homeowners will face new refinancing fee starting in September
The producer-price index excluding food and energy jumped by 0.5% from the previous month, the biggest increase since 2018 and easily topping estimates for a 0.1% gain. Yes, both are classically considered “havens” and are prone to decline during bouts of “risk-on” trading. Still, if you believe that the Fed has the power to bend financial markets to its will, these moves can’t be trusted. Meanwhile, the Fed probably won’t provide explicit guidance for where it wants longer-dated Treasury yields, leaving traders mostly content to play the ranges of the past few months. If America’s dalliance with helicopter money causes persistent price growth to take hold and the dollar to weaken, then gold should set records.
Market Recap: Thursday, August 13
The markets closed mixed with the NASDAQ the only index in the green due to the technology sector renewing its run of outperformance. The Final Round panel discusses the latest.
How pro-athletes are managing money with COVID-19 jeopardizing the season
Many questions are being raised on whether or not athletes will be able to participate in a 2020 season due to COVID-19. Raymond James Financial Service Regional Partner Anthony Paul joins The Final Round panel to discuss what he's advising his pro-athlete clients and their top concerns.
FAT Brands purchase of Johnny Rockets was in works for 'several years,' CEO says
FAT Brands' acquisition of themed burger chain Johnny Rockets is a long-term investment, CEO and President Andy Wiederhorn told FOX Business Network's “Varney & Co” Thursday. “We're buying the Johnny Rockets brand for the long term. We can distribute it to our franchise network and really help take it to an entirely new level.”The acquisition increases the number of worldwide FAT Brands restaurants to 700. Wiederhorn said the acquisition has been years in the making and Johnny Rockets fits in the FAT Brands portfolio “very well” alongside other burger brands like Fatburger and Elevation Burger. We're also very lucky we're not in fine dining where, you know, those poor guys have got a long road ahead.”CLICK HERE TO READ MORE ON FOX BUSINESS
Refinancing your mortgage just became more expensive, here’s why
In a statement, Freddie Mac acknowledged the policy was a consequence of the coronavirus pandemic. MANHATTAN RENTS PLUMMET 10% AFTER COVID-19 EXODUSThe fee will be imposed on both cash-out and no cash-out refinance mortgages sold to the GSEs. It will not, however, affect purchase mortgages. Fannie Mae and Freddie Mac do not originate loans – instead they purchase and guarantee them on the secondary market. Last week, for example, mortgage refinance activity was nearly 50 percent higher when compared with the same period last year, according to data from the Mortgage Bankers Association.
Lake Tahoe 'Bonanza' home sells for $38 million
The Nevada estate used as the fictional Ponderosa Ranch on the long-running TV western “Bonanza” recently sold for $38 million. Continue Reading BelowThe 24-acre property is on the Lake Tahoe shore with 378 lineal feet of sandy beach and includes a 17,700-square-foot main residence. HERE’S WHAT YOU CAN GET FOR $1M IN LAKE TAHOEFans may recognize the property’s views of Lake Tahoe and the Sierra Nevada from the show’s opening credits. A grand staircase crosses the front entrance as it circles up the two-story foyer and many of the rooms offer views of the lake from large windows. However, Lake Tahoe real estate has been booming lately as wealthy buyers have sought to escape cities during the coronavirus pandemic.
Fatburger owner to acquire Johnny Rockets
Fat Brands Inc. is buying burger chain Johnny Rockets Group Inc., expanding its stable of restaurant brands in a bet that casual-dining demand will bounce back from the coronavirus pandemic. Fat Brands Chief Executive Andy Wiederhorn said the deal for Johnny Rockets reflects his expectation that customers will come back to casual-dining chains after the pandemic subsides. He said Fat Brands would consider bringing more casual-dining brands into a portfolio that also includes Fatburger and Hurricane Grill & Wings. By buying regional chains, Fat Brands can gain scale and negotiate better deals for advertising and supplies, Mr. Wiederhorn added. He said Fat Brands expressed interest in Johnny Rockets when Sun Capital Partners Inc. started a sales process for the company in January.
Applied Materials Rises on Beat, Strong Guidance
Applied Materials topped fiscal third quarter estimates and guided for fourth quarter financials ahead of estimates. Shares of semiconductor equipment maker Applied Materials (AMAT) - Get Report rose after hours Thursday after the company reported fiscal third quarter results that topped analysts' top- and bottom-line estimates. Applied Materials shares closed the day's session down 2.15% to $65.07 per share. For the fourth quarter, Applied expects revenue between $4.4 billion and $4.8 billion with earnings between $1.11 and $1.23 per share. “Thanks to the hard work and agility of our employees and suppliers, Applied Materials is operating at pre-COVID levels of productivity and delivering outstanding financial results,” Dickerson said.
Investors Skittish Despite Jobs Data: What Wall Street's Saying
U.S. stock indices were mixed Thursday, pointing to bearishness on the speed of the economic recovery, despite an encouraging signal from jobs data. The S&P 500 fell 0.2%, supported by the tech-heavy Nasdaq’s rise of 0.27%. For almost two months, weekly claims were above 1 million as the economic recovery had begun to stall. Consumer discretionary, large cap industrials and large materials fell no more than 0.5%. At 3400 the market has already returned to the highs experienced before the Covid-19 dislocations were imposed on the economy.
How Lyft’s Road to Recovery Is Getting Slammed Every Which Way
After Lyft (LYFT) - Get Report reported earnings, the market got notably more bearish on the company’s outlook. The stock now trades at roughly 2.3 times 2021 revenue estimates, using FactSet consensus expectations. Secondly, Ives notes the uncertainty premium investors are demanding on Lyft, which isn’t likely to change in the very near-term. Ives, citing the California issue and the general road to recovery issue, lowered his 2021 revenue estimate by 41% to $3.23 billion. But Ives’s price target is also held back by a 2 times multiple on 2021 revenue, as he essentially prices in some uncertainty on his long-term projections.
Joanna Kerns and Marc Appleton sell Montecito home for $8.35 million
Actress Joanna Kerns, who gained fame in the 1980s and ’90s as matriarch Maggie Seaver on the sitcom “Growing Pains,” and architect-author Marc Appleton have sold their marital home in Montecito for $8.35 million. Designed by Appleton and built in 2006, the graceful two-story takes its cues from the country estates of northern Italy and southern France. (Realtor.com) 14 / 14 The house sits on half an acre. Appleton this year co-authored the third book in the “Master Architects of Southern California 1920-1940” series, which focuses on the works of Wallace Neff. A consistent force in the design world for decades, Appleton has offices in Santa Monica and Santa Barbara.
This famous Old Hollywood hotel is selling for $100 million to an unidentified bidder
The U.S. government moved to seized the hotel in 2016 from Malaysian financier Jho Low. Would-be buyers of the famous inn were at first plentiful, said Bordwin, managing director of Keen-Summit Capital Partners. Auction rules said that the next bid had to be $104 million, which was apparently too rich for them, Bordwin said. “That’s a meaningful jump.”Low bought the hotel for $46 million in 2010, when the market was still depressed after the Great Recession. Bordwin earlier described the bidder as “a savvy real estate investor with hospitality experience.”
Los Altos closes downtown streets to accommodate alfresco restaurants, retail sales
A program called Open Streets Los Altos is now under way, with downtown streets earmarked four days a week for alfresco restaurant and retail operations. Open Streets will allow diners to sit at socially distanced tables in this restaurant-rich downtown. On Fridays, retail shops will extend their outdoor hours to 8 p.m. The numbered streets of First, Second and Third will remain open to cross traffic, and all parking plazas will be accessible. Face coverings are required on all pedestrians using the closed streets, except when eating or drinking, the city said.
As COVID started, suburban Philly house sales went up and prices dipped, the opposite of the city market
While home sales in the city dropped from the first quarter to the second because the pandemic delayed the housing market’s usually busy spring season, sales activity increased in the suburbs by 9%, according to Drexel University economist Kevin Gillen’s analysis of data from Houwzer, the Philadelphia-based real estate brokerage. And while home prices rose in Philadelphia in the second quarter of the year, prices of homes in the suburbs dipped.
Mansfield mixed-use development in the works
Irving-based developer Realty Capital Management has purchased land in Mansfield for a new mixed-use project. “The planning of this development has been no small task”, Tim Coltart, Managing Director of Realty Capital, said in a statement. " With the land configuration, public infrastructure improvements and number of uses this development represents years of hard work and coordination. Louisiana-based First Guaranty Bank teamed with Dallas-based Realty Capital Partners to finance the land purchase. “Realty Capital Partners is always looking for compelling investment opportunities and we found it with the Watson Branch mixed-use project,” said Blake Lugash, president of Realty Capital Partners.
Portland home shoppers feel the pinch: Prices and fast sales rise while choices fall, except for condos
The uncertainty of the coronavirus and “headlines of civil unrest” have some home shoppers steering clear of dense urban housing, says Becker, who has been selling real estate for 16 years. Not only are condo sales dwindling, but so are showings. In early March, three potential buyers looked at a $1.5 million condo Becker has listed. “That was a frenzy year in real estate right after we came out of double-digit appreciation and the national spotlight for a run,” says Miller. — Janet Eastman | 503-294-4072jeastman@oregonian.com | @janeteastmanSubscribe to Oregonian/OregonLive newsletters and podcasts for the latest news and top storiesWant to search Oregon real estate listings and use local resources?
Forecast says US hotel occupancy may not recover until 2023
Dee-Ann DurbinAssociated PressU.S. hotel demand likely won’t see a full recovery until 2023, according to a new forecast from travel data company STR and consultant Tourism Economics. The two firms said Thursday they expect average hotel occupancy of 40% this year, slowly climbing to 52% in 2021. Hotel occupancy in Oahu, Hawaii, stood at 20% last week, STR said. In Galveston, Texas, hotel occupancy hit 64% at the end of May before dropping to 48% at the end of July. Hotel revenue will take even longer to recover, returning to normal levels in 2024, Tourism Economics and STR said.
Good Times Restaurants: Fiscal 3Q Earnings Snapshot
LAKEWOOD, Colo. (AP) _ Good Times Restaurants Inc. (GTIM) on Thursday reported fiscal third-quarter net income of $289,000. On a per-share basis, the Lakewood, Colorado-based company said it had profit of 2 cents. Earnings, adjusted for asset impairment costs, were 8 cents per share. The regional quick service restaurant chain posted revenue of $24.4 million in the period. In the final minutes of trading on Thursday, the company's shares hit $1.17.
Five Point: 2Q Earnings Snapshot
IRVINE, Calif. (AP) _ Five Point Holdings LLC (FPH) on Thursday reported second-quarter net income of $6.6 million, after reporting a loss in the same period a year earlier. The Irvine, California-based company said it had profit of 10 cents per share. The real estate developer posted revenue of $24.3 million in the period. Five Point shares have decreased 27% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $5.07, a decrease of 26% in the last 12 months.
Oklahoma County judge fines Epic Charter Schools' nonprofit
OKLAHOMA CITY (AP) — An Oklahoma County district judge imposed a $500,000 fine on the nonprofit overseeing Epic Charter Schools for filing a libel and slander lawsuit against Sen. Ron Sharp, who alleged the virtual charter school unlawfully counted student enrollment and misused taxpayer dollars. Judge Cindy Troung decided the nonprofit was subject to a fine under Oklahoma Citizens Participation Act because the law sanctions plaintiffs who file meritless lawsuits intended to silence critics, according to The Oklahoman. Community Strategies Inc., which oversees Epic, sued Sharp in December for a minimum of $75,000, arguing the state senator knowingly made false and defamatory statements against the virtual charter school system. Truong threw out the lawsuit and said Sharp’s public comments about Epic did not rise to the level of actual malice, which is the standard to prove libel and slander against a public entity.
Dillard's: Fiscal 2Q Earnings Snapshot
LITTLE ROCK, Ark. (AP) _ Dillard's Inc. (DDS) on Thursday reported a loss of $8.6 million in its fiscal second quarter. On a per-share basis, the Little Rock, Arkansas-based company said it had a loss of 37 cents. The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of $4.54 per share.
Cisco, Lyft fall; Aspen Technologies, Wesco rise
NEW YORK (AP) — Stocks that moved heavily or traded substantially Thursday:Cisco Systems Inc., down $5.38 to $42.72. The maker of routers and other computer hardware gave investors a weak fiscal first-quarter financial forecast. Lyft Inc., down $1.64 to $28.88. The pandemic hurt demand and crimped financial results for the ride-hailing service during the second quarter.
Histogen: 2Q Earnings Snapshot
SAN DIEGO (AP) _ Histogen Inc. (HSTO) on Thursday reported a loss of $10.2 million in its second quarter. The San Diego-based company said it had a loss of $1.52 per share. Losses, adjusted for research and development costs, came to 46 cents per share. The biotechnology company posted revenue of $108,000 in the period. In the final minutes of trading on Thursday, the company's shares hit $2.68.
How major US stock indexes fared Thursday
Energy companies led a pullback on Wall Street Thursday that left stock indexes mostly lower. The S&P 500 again crossed above its record high but closed just below that level for the second day in a row. Losses in banks and industrial stocks helped outweigh gains in communication services and technology companies. Treasury yields were higher following an auction of 30-year bonds and after a report showed that 963,000 U.S. workers filed for unemployment benefits last week. On Thursday:
South Shore real estate brokers to pay up to $110,000 after discrimination allegations: Attorney General Healey
South Shore real estate brokers have agreed to pay up to $110,000 and attend fair housing training to resolve an investigation into allegations they discriminated against prospective tenants, Attorney General Maura Healey announced on Thursday. Brokers affiliated with Free and Clear Realty, Century 21 Annex, Unlimited Sotheby’s International Realty and Success! Real Estate Inc. violated state fair housing and consumer protection laws, according to the investigation. Section 8 helps low-income residents afford rental housing in the private market. Some of the settlements also resolved allegations of discrimination against families with children or the publishing of discriminatory advertisements marketing rental apartments.
Oil demand to fall further than expected this year after spike in Covid cases, says report
Oil demand is set to plunge further than expected this year after a recent rise in Covid-19 cases, the International Energy Agency has forecast. A huge drop in the number of flights has been a major contributor to reduced demand, the IEA said. “The aviation and road transport sectors, both essential components of oil consumption, are continuing to struggle,” the IEA’s report said. The IEA forecasts that overall demand will pick up but oil consumption next year will remain below the levels of 2019. However, uncertainty over future demand along with increased output by some producing nations means re-balancing oil markets will be “delicate”, the IEA said.
Dire state of UK jobs market revealed as 4,228 people apply for one entry-level vacancy
Some 3,333 people applied for a job as a human resources assistant and 3,272 for a trainee accountancy job, according to jobs website CV-Library. Download the new Independent Premium app Sharing the full story, not just the headlinesAn NHS 111 call handler job attracted 1,656 applicants. The findings underline how tough the job market is amid the uncertainty of the coronavirus pandemic. Jobs website Indeed saw a 56 per cent drop in vacancies compared with the same point last year. The class of 2020 faces the toughest jobs market since the financial crisis 12 years ago.
Amazon cuts ties with seven delivery service partners forcing companies to lay off 1,200 drivers
More than 1,200 Amazon delivery drivers have been laid off and some facilities have been forced to close, after the company cut ties with several of its smaller delivery service partners. At least seven delivery firms have reported hundreds of job cuts over the last month after Amazon ended their contracts with its Delivery Service Partner program (DSP), CNBC reported on Thursday. AMAZON CUTS TIES WITH SEVEN DELIVERY SERVICE PARTNERS Courier Distribution SystemsSystemize LogisticsTL TransportationPrime EFSJST TransportationDeliverol GlobalSheffield Express AdvertisementSheffield Express said it was closing its facility in Connecticut and would lay off 95 employees. While details on why the company severed ties with the contractors were not released, Amazon told CNBC it regularly evaluates its carrier partnerships. Amazon launched the delivery service program in 2018 which allows smaller companies or budding entrepreneurs to team up with the e-commerce giant to deliver orders to customers' doorsteps.
Trump opposes funding Postal Service because it would boost vote by mail
President Donald Trump said Thursday he opposed emergency funding for election operations and the Postal Service because it could allow more people to vote by mail. “They want $3.5 billion for something that will turn out to be fraudulent, that’s election money basically,” Trump said of congressional Democrats. “They want $25 billion, billion, for the post office. [Election officials ‘prepare for the worst’ as congressional aid talks stall]“Now, if we don’t make a deal, that means they don’t get the money. That means they can’t have universal mail-in voting, they just can’t have it,” Trump said Thursday.
Trump lifts Obama-era regulations on methane, a potent climate-warming gas
The Trump administration on Thursday weakened Obama-era regulations designed to reduce climate-warming methane gas emissions from oil and gas fields. "As with Covid-19, the Trump administration is ignoring science to gut oil and gas methane pollution safeguards," said Lauren Pagel, policy director at Earthworks, which tracks methane leaks at oil and gas sites. Biden has vowed to require "aggressive" methane pollution regulations for oil and gas companies. "Unfortunately, methane emissions are increasing rapidly and the oil and gas industry is clearly part of the problem," Howarth said. "The decision by the Trump administration to rescind regulations on methane emissions is dangerously reckless," he added.
England A-level downgrades hit pupils from disadvantaged areas hardest
Pupils from disadvantaged backgrounds have been worst hit by the controversial standardisation process used to award A-level grades in England this year, while pupils at private schools benefited the most. Private schools increased the proportion of students achieving top grades – A* and A – twice as much as pupils at comprehensives, official data showed. The proportion of A* and As awarded to independent schools rose by 4.7 percentage points, more than twice as much as state comprehensive schools. State sixth form colleges did even worse with a rise of 0.6 percentage points, compared with the increase of 2.3 points in England as a whole. Pupils in the lowest category had their grades dropped more than 10 percentage points to 74.6%, receiving a C or above.
Mortgage refinancing will be more expensive as Fannie Mae and Freddie Mac raise fees
Consumers will have to pay more to refinance their mortgages after Fannie Mae and Freddie Mac announced that they are raising fees for lenders on the loans. In a letter to lenders, Fannie Mae specifically cited "market and economic uncertainty resulting in higher risk and costs." "Requiring Fannie Mae and Freddie Mac to charge a 0.5% fee on refinance mortgages they purchase will raise interest rates on families trying to make ends meet in these challenging times." Mortgage refinances have been surging for months, as interest rates continue to set record lows almost weekly. The increase in fees was only levied on mortgage refinances, not on loans used to purchase a home.
Weekly Unemployment Claims Drop Below One Million for First Time Since March
U.S. unemployment claims fell below one million last week for the first time since the coronavirus pandemic hit the U.S. in March, suggesting the labor-market recovery is regaining steam. New applications for unemployment benefits dropped to a seasonally adjusted 963,000 in the week ended Aug. 8, the Labor Department said Thursday. The decline...
6 national restaurant chains in deepest trouble amid COVID-19 include Outback Steakhouse, IHOP and Denny's
Casual dining chains were already facing challenges before COVID-19, hurt by the rise of fast-casual competition and increased food costs. In contrast to sit-down chains, publicly traded fast-food companies are holding up well, in large part due to robust drive-through offerings. For example, McDonald’s has a less than 1 in 200 chance of defaulting, according to S&P. But the company has taken steps to raise money, including securing new investment financing, that have significantly improved its chances of surviving without defaulting, according to S&P. Outback Steakhouse parent Bloomin' BrandsThis chain, whose famous Bloomin' Onion item shares a first name with the restaurant’s parent company, faces a 13.2% chance of defaulting.
10-year Treasury yield pops above 0.7% to hit eight-week high as investors struggle to take down debt auction
Longer-term Treasury yields rose sharply on Thursday after investors, for the first time in a while, struggled to absorb the largest 30-year bond auction on record. The Treasury Department increased its debt sales to finance the response to the COVID-19 pandemic. The 10-year Treasury note yield TMUBMUSD10Y, 0.717% rose 3.1 basis points to 0.714%, around its highest in eight weeks, after trading as low as 0.651% overnight, while the 2-year note TMUBMUSD02Y, 0.168% stood at 0.163%. The 30-year bond yield TMUBMUSD30Y, 1.425% climbed 6 basis points to a five-week high of 1.425%. Bond prices move inversely to yields.
Coronavirus Live Updates: U.S. Reports Nearly 1,500 Daily Deaths, Reflecting Continued Toll of Summer Surge
Democrats have insisted that much more than $1 trillion is needed for humanitarian and economic reasons. On Thursday, Ms. Pelosi doubled down on the Democrats’ position, saying that they would not agree to a stimulus package unless it provided at least $2 trillion of additional aid. Ms. Pelosi also said she did not plan to deliver her convention speech from Washington, signaling that she did not expect in-person negotiations in the coming days. Even before those numbers were released, some Republicans in Washington were already saying they hoped no additional aid would be forthcoming because of the ballooning deficit. It’s very good news for future generations,” Senator Ron Johnson, Republican of Wisconsin, said in an interview last week with Breitbart News.
Manhattan rents plummet 10% after COVID-19 exodus
Manhattan apartment rents plunged last month by the most in almost nine years. The median charge for apartments in New York City -- with concessions -- dropped 10% to $3,167, marking the biggest rate of decline in records dating to October 2011. Brooklyn fared better than Manhattan, with rents in the borough slipping only 0.5% last month from a year earlier to a median of $2,902. However, leases in areas such as northwest Queens dropped a staggering 60%, with the median rent falling to $2,424. August will be the first month since the pandemic began that there's no federal freeze on evictions in place.
White House says majority of coronavirus job losses will be temporary
The majority of the jobs lost as a result of the coronavirus pandemic were likely temporary, the Trump administration estimated in a new report released Thursday. As of July, there were 16.3 million laid-off workers and the unemployment rate was at 10.2%, the Labor Department said. But according to a report from the White House Council of Economic Advisers, about 80% of those job losses will not be permanent -- thanks to the $2.2 trillion aid package that Congress signed into law at the end of March. Negotiators are trying to bridge the gulf between a $1 trillion aid package put forward by Senate Republicans at the end of July, and the roughly $3 trillion legislation passed by House Democrats in May. The Trump administration rejected an offer by Pelosi last week to meet in the middle on a $2 trillion price tag.
Fmr. BET Networks Chairman Debra Lee on why there aren't enough Black women in boardrooms
BET Networks Chairman Debra Lee on why there aren't enough Black women in boardroomsDebra Lee, Former Chairman and CEO of BET Networks, joins "Closing Bell" to discuss what companies can do to diversify the boardroom.
Steve Grasso's top stocks to buy: Nvidia, D.R. Horton, United Rentals
Steve Grasso's top stocks to buy: Nvidia, D.R. Horton, United RentalsFast Money Trader Steve Grasso joins "Power Lunch" to talk about what stocks he would buy to add to his portfolio.
Bank of America: Consumer spending is improving
Bank of America: Consumer spending is improvingU.S. weekly jobless claims fell below 1 million for the first time since mid-March. Bank of America President of Retail Steve Boland joins "Closing Bell" to talk about consumer spending, homeownership and the $1 billion initiative to advance racial equality.
Estee Lauder gets an upgrade. What to make of the beauty space
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The best credit cards for grocery shopping of 2020
Plus, there are no foreign transaction fees, and there's an annual $100 airline fee credit to cover the cost of in-flight food and beverages, seat upgrades and baggage fees. Take full advantage of the $120 dining credit and $100 airline fee credit, and the cost of the card effectively drops to $30. PenFed is a credit union, so membership is required to open a credit card. The Blue Cash Everyday® Card from American Express is the no annual fee alternative to the Blue Cash Preferred® Card from American Express, which tops our list of best cards for grocery shopping. Our final picks are weighted heavily toward the highest five-year returns, since it's generally wise to hold onto a credit card for years.
Toni Sacconaghi on Apple's stock as it hits an all-time high
Toni Sacconaghi on Apple's stock as it hits an all-time highApple hit an all-time high after it announced its stock split. Tony Sacconaghi, senior research analyst at Bernstein, joins "Closing Bell" to discuss.
Moody's Chief Economist Mark Zandi on city budgets
Moody's Chief Economist Mark Zandi on city budgetsMoody’s Chief Economist Mark Zandi joins "Power Lunch" to discuss how cities have been impacted by the coronavirus pandemic.
Covid-19 has put older workers' retirement at risk. Here's how stimulus legislation would help
Now, a report from Democrats on the Joint Economic Committee of Congress shows that one group — workers age 55 and older — are among those most at risk for financial hardship. As millions of workers have lost their jobs, the unemployment rate for those over 55 climbed to the highest rate on record, according to the report. In April, the gap between the unemployment rate for workers 65 and up and those ages 25 to 54 grew by three percentage points, the biggest ever recorded. Unemployment for those 65 and up was 15.6%, while for prime age workers ages 25 to 54 it was 12.6%. Older workers most at risk for job insecurity include women and Blacks, according to the report.
It's not just the extra $600—millions of workers could exhaust all of their jobless benefits by January
States also offer "extended benefits," separate from what was created under the CARES Act, in times of high unemployment. Most states offer 13 weeks of extended benefits, though this varies. That said, those who do not qualify for ordinary state unemployment benefits also do not qualify for extended benefits. "Most workers whose jobless benefits run out are likely to be left without any meaningful basic cash income support," the CBPP says. "Workers of color are more likely than White workers to be unemployed longer and therefore to run out of unemployment benefits," says the CBPP.
Aviation Aftermarket And COVID-19
This is the July 31 update on the Oliver Wyman Global Fleet and MRO Forecast for 2020-2030. For airlines in Asia, adding back aircraft reflects developing demand for domestic travel. In the United States, the recent re-opening of economies in Southern and Western states led to a surge in COVID-19 cases — even greater than what was experienced in April. What people expected to kickstart growth ended up putting the brakes on the early stages of a recovery in air travel demand. As of July 10, the global in-service fleet stood at about 19,200 aircraft versus the peak of almost 28,000 in early January — before the world became aware of COVID-19.
American Airlines to warn 25,000 workers of potential furloughs
New York (CNN Business) In a memo to employees on Wednesday, American Airlines (AAL)' top two executives said the company will issue notices to 25,000 employees that they face potential furloughs on October 1. "We hope to reduce the actual number of furloughs significantly through enhanced leave and early-out programs for represented workgroups, which we are announcing today," the memo said. The federal bailout for the airline industry barred layoffs, involuntary furloughs or pay cuts for employees . On Wednesday, the two American Airlines executives also said the carrier supports a union-led effort to lobby Congress to extend the CARES Act relief money — which is set to expire at the end of September — through March 2021. They note the extended timeline is necessary due to the "much longer impact of the pandemic than was anticipated when the CARES Act was enacted."
Oil slips after IEA lowers 2020 demand forecast
NEW YORK (Reuters) - Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to fight the coronavirus, but resilience in equities markets and a weak dollar limited losses. The International Energy Agency cut its 2020 oil demand forecast and said reduced air travel due to the pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd). Last month OPEC+ eased the cuts to around 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand. Oil prices have been range-bound since mid-June, with Brent trading between $40 and $46 per barrel, and WTI between $37 and $43 per barrel. “The underlying oil market deficit is becoming more evident and, along with a broader reflation narrative, is keeping oil prices on an even keel.”(GRAPHIC: Global Oil Supply - here)
Dollar slips as U.S. stimulus stalemate persists
Investors, however, remained focused on the stimulus package talks, which broke down last week. “The stalemate over the stimulus package is troubling,” said Amo Sahota, executive director at currency advisory firm Klarity FX in San Francisco. Since the beginning of July, the euro has gained nearly 6% versus the dollar. “The market is moving to places that would give them a better return and more comfortable in buying the Australian dollar, euro, and even the pound.”The dollar also shrugged off better-than-expected U.S. jobless claims data. The offshore yuan rose to a five-month high, but last traded 0.3% lower at 6.9519 per U.S. dollar.
Oil slips after IEA lowers 2020 demand forecast
NEW YORK (Reuters) - Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to fight the coronavirus, but resilience in equities markets and a weak dollar limited losses. The International Energy Agency cut its 2020 oil demand forecast and said reduced air travel due to the pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd). Last month OPEC+ eased the cuts to around 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand. Oil prices have been range-bound since mid-June, with Brent trading between $40 and $46 per barrel, and WTI between $37 and $43 per barrel. “The underlying oil market deficit is becoming more evident and, along with a broader reflation narrative, is keeping oil prices on an even keel.
S&P 500 dips but index not far from record levels
(Reuters) - The S&P 500 eased in afternoon trading on Thursday after briefly trading above its record closing high level for a second day, with the Dow also falling in the wake of a disappointing forecast from Cisco Systems Inc (CSCO.O). REUTERS/Mike SegarThe S&P 500 earlier broke above its record closing high of 3,386.15 from Feb. 19. Its intraday record high of 3,393.52 was also set on Feb. 19. But an 11.6% slump in Cisco Systems Inc (CSCO.O) weighed on the Dow and S&P 500 after the company forecast first-quarter revenue and profit below estimates. The S&P 500 posted 13 new 52-week highs and no new lows; the Nasdaq Composite recorded 60 new highs and 16 new lows.
Dollar slips as U.S. stimulus stalemate persists
Investors, however, remained focused on the stimulus package talks, which broke down last week. “The stalemate over the stimulus package is troubling,” said Amo Sahota, executive director at currency advisory firm Klarity FX in San Francisco. “The market is moving to places that would give them a better return and more comfortable in buying the Australian dollar, euro, and even the pound.”The dollar also shrugged off better-than-expected U.S. jobless claims data. Against the yen, the dollar was flat at 106.91 yen JPY=EBS. The offshore yuan CNH=EBS rose to a five-month high, but last traded 0.3% lower at 6.9519 per U.S. dollar.
Former U.S. Fed Chair Yellen among those appearing at Biden economic briefing
(Reuters) - Former Federal Reserve Chair Janet Yellen is among those who appeared at a briefing advising U.S. Democratic presidential candidate Joe Biden on the economy, his campaign disclosed on Thursday. FILE PHOTO: Former Federal Reserve Chair Janet Yellen speaks during a panel discussion at the American Economic Association/Allied Social Science Association (ASSA) 2019 meeting in Atlanta, Georgia, U.S., January 4, 2019. Harris joined the regular briefings that Biden takes on both the public health and economic consequences of the coronavirus crisis. Yellen, an academic who had specialized in labor economics, was appointed the first woman Fed chair by Democratic President Barack Obama. Biden said racial economic gaps were among the topics at Thursday’s briefing.
Attacks, pandemic a ‘gut punch’ for famed Chicago district
Mehra’s Hubbard & State Cigar Shop was hit by similar smash-and-grab attacks in late May, when some took advantage of protests over the death of George Floyd in police custody in Minneapolis to break into stores. Investors who were contemplating injecting money into commercial projects downtown are already pausing in the wake of the most recent looting, Edwards said. There was only a trickle of foot traffic on Michigan Avenue Wednesday during the sunny afternoon. “Our fear is that those anemic but positive trends will stall” with the looting this week, Edwards said. A large Chicago River tourist ship about to depart from under a Michigan Avenue bridge had just six passengers on deck.
Stock Market Fades As Software, Gold Try To Hold Gains
Gold stocks rebounded. XThe Nasdaq composite nominally was the day's leader, defending a 0.2% gain thanks to strength in internet and software stocks. The iShares Expanded Tech Software ETF (IGV) climbed 1.3% and is bouncing from a smooth pullback to the 50-day moving average. Autodesk (ADSK) climbed above its 50-day moving average as it moves to complete the fifth week of a possible flat base. Sprouts Farmers Market (SFM) climbed back above the 50-day moving average.
Stein Mart files for bankruptcy as analysts forecast pressure on usually-robust off-price retail
Off-price retailer Stein Mart Inc. announced it filed for bankruptcy on Tuesday amid mounting off-price pressure, a retail category that had been growing before COVID-19. To be sure, Stein Mart SMRT, -26.04% , like many other retailers that have filed chapter 11, faced challenges even before the coronavirus pandemic. Fiscal 2019 losses totaled 22 cents per share after a loss of 13 cents per share the year prior. and Burlington Stores share in the mounting pain of mandatory retail store closures and lower traffic,” wrote Moody’s analysts in a report published last week. Moreover, off-price is in a position to capitalize on unsold goods that are widespread across retail.
Las Vegas Sands Stock Can Rally 45%: Analyst
Target price: $70.00Recent price: $48.43Timeframe: 2-5 YearsOn April 27, 2020, we recommended buying shares of Las Vegas Sands when they were trading at about $43. It’s the biggest convention in the world, and next year it’s going to be virtual instead of hosted in Las Vegas. Las Vegas Sands has enough liquidity to last another 18 months, or until the end of 2021, in a near-zero revenue environment. Opportunities for Growth:In addition to the nongaming growth opportunity, Las Vegas Sands has a number of projects either in process or planned. The Parisian in Macau launched without enough high-end suites, and Las Vegas Sands is completing that renovation.
When are people with COVID-19 at their most contagious?
The Centers for Disease Control and Prevention estimate that 40% of people with COVID-19 are actually asymptomatic, which makes it difficult for health professionals to trace transmission. ”One case study of the quarantined Italian town of Vò published in the peer-reviewed journal Nature in June revealed more than 40% of COVID-19 infections had no symptoms. Dispatches from a pandemic:Ireland says people must wear masks in stores to stop COVID-19 — but why did it take so long? As of Thursday, the U.S. has the world’s highest number of confirmed COVID-19 cases (5,226,916) and deaths (166,623). People of color are more likely to work in frontline jobs that carry a greater risk of contracting COVID-19.
Cisco, Exxon Mobil share losses lead Dow's nearly 75-point drop
Shares of Cisco and Exxon Mobil are trading lower Thursday afternoon, dragging the Dow Jones Industrial Average into negative territory. Shares of Cisco CSCO, -11.33% and Exxon Mobil XOM, -2.33% have contributed to the index's intraday decline, as the Dow DJIA, -0.26% was most recently trading 72 points (0.3%) lower. Cisco's shares have declined $5.61, or 11.7%, while those of Exxon Mobil have fallen $0.97 (2.2%), combining for an approximately 45-point drag on the Dow. Other components contributing significantly to the decline include Walgreens Boots WBA, -1.87% , American Express AXP, -1.29% , and Goldman Sachs GS, -1.74% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Mansion Global Daily: U.K. Boom Warnings, Cost of Renting Is Up in Most European Capital Cities, and More
Boom in Demand for U.K. Housing Could Lead to BustAgreed-to sales rose in July and expectations are bright for the short-term, but long-term economic uncertainty persists. "At present, the number of unsold units is less than 4%, therefore there is no need for such a tax for now, but the proposal would be studied further," he said. Existing condo prices were up 6.2%, to $262,250 from $247,000. World Property JournalCost of Renting Is Up in Most European Capital CitiesThe cost of renting across most European capital cities has risen year-on-year, according to international rental marketplace Spotahome. The largest increases were seen in Valletta, Malta, which saw prices rise by 11.1%, bringing them to £942 (US$1,115 per month).
Apple Is the Latest to Tap Bond Markets in a Record-Setting Week
Apple is jumping on the bond-sale bandwagon, and sold $5.5 billion of debt in a week where investment-grade corporate bond sales have reached a new record. But bond size matters less for the tech giant than other companies—it doesn’t seem to need the cash. The iShares iBoxx $ Investment Grade Corporate Bond Exchange-Traded Fund (LQD) is up 6.5% this year, compared to the S&P 500’s 4.6% gain. For the year through Wednesday, there have been $1.43 trillion in high-rated corporate bond sales, according to Bloomberg data. Its implied 10-year yield would be roughly 1.3%, while the ICE BofAML AA Corporate Bond Index, which has a 13-year maturity, yields a little more than 1.4%.
Apple pulls 'Fortnite' from App Store after Epic Games offered discount to cut Apple out of purchases
Apple Inc. AAPL, +1.85% removed the popular "Fortnite" game from its App Store Thursday after "Fortnite" developer Epic Games began offering players a discount on in-game purchases if they opted to make a direct payment and not buy these digital offerings through the App Store. Apple charges between 15% and 30% to developers who offer in-app purchases of digital services through apps that have been distributed through the App Store. The statement also said that Apple will "make every effort to work with Epic to resolve these violations so they can return 'Fortnite' to the App Store." Apple's fee policies around the App Store have come under increased scrutiny from both developers and regulators recently. Regulators and lawmakers in the U.S. and Europe have also questioned the company's App Store policies and whether they stifle competition.
Cisco, Exxon Mobil share losses lead Dow's nearly 75-point drop
Shares of Cisco and Exxon Mobil are trading lower Thursday afternoon, dragging the Dow Jones Industrial Average into negative territory. Shares of Cisco CSCO, -11.34% and Exxon Mobil XOM, -2.35% have contributed to the index's intraday decline, as the Dow DJIA, -0.27% was most recently trading 72 points (0.3%) lower. Cisco's shares have declined $5.61, or 11.7%, while those of Exxon Mobil have fallen $0.97 (2.2%), combining for an approximately 45-point drag on the Dow. Other components contributing significantly to the decline include Walgreens Boots WBA, -1.87% , American Express AXP, -1.41% , and Goldman Sachs GS, -1.75% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Tesla Has the Crown for Most EV Mileage. Others Are Gunning for It.
But there is a plug-in EV with better mileage than even an extended-range Model S. Like the Badger, it has a trick up its sleeve. According to Chinese-approved calculations, an extended-range Tesla Model 3 gets about 400 miles per charge. A car—be it an EV or a gas-powered model—will get less mileage if the tires aren’t inflated properly. In China, the world’s largest EV market, Tesla doesn’t actually have the mileage crown. Still, it is interesting to look at EV range.
The stock market hasn’t seen a 100-day gain this strong since 1933
The S&P 500 SPX, -0.21% was trading slightly lower Thursday, leaving it more than 50% above its March 23 close of 2,237.40. That puts the U.S. stock-market benchmark on track for its biggest 100-trading-day rise since the period ending Aug. 18, 1933, according to Dow Jones Market Data. Regardless, both the current rally and the 1933 rebound follow historically steep selloffs that accompanied global cataclysms. The Dow Jones Industrial Average DJIA, -0.28% , which had peaked on Feb. 12, achieved the same historic feat on its way to a bear market. Similarly, it’s up more than 50% from its March 23 low of 18,591.93, also putting it on track for its strongest 100-trading-day gain since August 1933.
Bulls Still Like Lyft Stock After a Rotten Quarter and Negative Court Ruling
Earlier this week, a California Superior Court judge issued a temporary injunction barring the two companies from continuing to classify drivers as contractors. That is a particular issue for Lyft, which generates about 16% of its bookings in the Golden State. The question analysts are grappling with is whether investors should be inching into the stock to await an eventual rebound in demand. “In our view, the most important takeaway from the quarter is Lyft’s improved positioning towards reaching profitability,” he writes. “Investors remain skeptical that the model can work, which we think can be overcome inside of the next 12 months.
Apple Is the Latest to Tap Bond Markets in a Record-Setting Week
Text sizeApple is jumping on the bond-sale bandwagon, and sold $5.5 billion of debt in a week where investment-grade corporate bond sales have reached a new record. But bond size matters less for the tech giant than other companies—it doesn’t seem to need the cash. The iShares iBoxx $ Investment Grade Corporate Bond Exchange-Traded Fund (LQD) is up 6.5% this year, compared to the S&P 500’s 4.6% gain. For the year through Wednesday, there have been $1.43 trillion in high-rated corporate bond sales, according to Bloomberg data. Its implied 10-year yield would be roughly 1.3%, while the ICE BofAML AA Corporate Bond Index, which has a 13-year maturity, yields a little more than 1.4%.
Jobless Claims Dropped Below 1 Million. Why the Stock Market Isn’t Celebrating.
The number of Americans filing for unemployment benefits fell below one million in the latest week, for the first time since the coronavirus pandemic took hold of the U.S. economy—an encouraging sign for the recovery even if layoffs remain extraordinarily high. A seasonally adjusted 963,000 workers filed for first-time jobless benefits last week, the Labor Department said Thursday. That is down from a revised 1.19 million a week earlier and below the 1.15 million economists surveyed by FactSet had anticipated. Those continuing...
Las Vegas Sands Stock Can Rally 45%: Analyst
Target price: $70.00Recent price: $48.43Timeframe: 2-5 YearsOn April 27, 2020, we recommended buying shares of Las Vegas Sands when they were trading at about $43. It’s the biggest convention in the world, and next year it’s going to be virtual instead of hosted in Las Vegas. Las Vegas Sands has enough liquidity to last another 18 months, or until the end of 2021, in a near-zero revenue environment. Opportunities for Growth:In addition to the nongaming growth opportunity, Las Vegas Sands has a number of projects either in process or planned. The Parisian in Macau launched without enough high-end suites, and Las Vegas Sands is completing that renovation.
Tesla Has the Crown for Most Electric-Vehicle Mileage. Others Are Gunning for It.
The upstarts might succeed in beating Tesla (ticker: TSLA), but it isn’t clear anyone will care. But there is a plug-in EV with better mileage than even an extended-range Model S. Like the Badger, it has a trick up its sleeve. According to Chinese-approved calculations, an extended-range Tesla Model 3 gets about 400 miles per charge. In China, the world’s largest EV market, Tesla doesn’t actually have the mileage crown. Still, it is interesting to look at EV range.
Bulls Still Like Lyft Stock After a Rotten Quarter and Negative Court Ruling
Earlier this week, a California Superior Court judge issued a temporary injunction barring the two companies from continuing to classify drivers as contractors. That is a particular issue for Lyft, which generates about 16% of its bookings in the Golden State. The question analysts are grappling with is whether investors should be inching into the stock to await an eventual rebound in demand. “In our view, the most important takeaway from the quarter is Lyft’s improved positioning towards reaching profitability,” he writes. “Investors remain skeptical that the model can work, which we think can be overcome inside of the next 12 months.
Impossible Foods gobbles up another $200 million
Impossible Foods has raised $200 million more for its meat replacements. The presence of these new public/private investment firms on Impossible Foods' cap table could mean that the company is readying itself for an initial public offering, but that's just speculation. Brown, M.D., Ph.D., CEO and Founder of Impossible Foods, in a statement. “Impossible Foods’ mission is to replace that archaic system by making the most delicious, nutritious and sustainable meats in the world, directly from plants. To do that, Impossible Foods needs to sustain our exponential growth in production and sales, and invest significantly in R&D.
Banks in Canada supporting Canadian Red Cross efforts to provide humanitarian aid to Lebanon
Funds raised will address immediate emergency relief and recovery efforts underway by the Lebanese Red Cross and emerging needs as the situation evolves. The funds raised will be directed to the Lebanese Red Cross to help provide much needed emergency medical services, shelter and food." — Neil Parmenter, President and CEO, Canadian Bankers Association"The explosion that occurred in Beirut was extremely tragic and compounded an already dire humanitarian situation in Lebanon. Story continues— Conrad Sauvé, President and CEO, Canadian Red CrossAbout the Canadian Bankers AssociationThe Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. Follow the CBA on Twitter: @CdnBankersWatch videos: Youtube.com/CdnBankersFollow the CBA on LinkedInSOURCE Canadian Bankers AssociationCisionView original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2020/12/c6698.html
Older Americans devouring online food-ordering services during coronavirus
Seniors are getting savvier with online food delivery as a result of the coronavirus pandemic. Safety was also likely a motivating factor in changing consumer behavior toward digital ordering, as those over 65 are most at-risk from the coronavirus. BARS, RESTAURANTS WANT CORONAVIRUS INSPIRED ALCOHOL DELIVERY TO BE PERMANENTIn addition, older Americans, like other demographics, appear to have embraced the fast-casual segment during the pandemic. NPD data shows that older Americans were most interested in food categories that included burgers, fries, pizza and sandwiches, among other fast-food items. Food delivery as a whole has seen a surge with to-go dining being the only option for restaurants during nationwide shutdowns between March and April.
GOP senator calls on China to repay $1.6T of century-old debt
Sen. Martha McSally, R-Ariz., introduced a resolution Thursday calling on China to repay U.S. bondholders more than $1.6 trillion of sovereign debt, including interest, that pre-dates the country's Communist government. “China has repeatedly failed to honor its obligations to America, taking American families’ money and jobs,” McSally said. We are holding China accountable for their debt and for unleashing the coronavirus on the world. Beijing maintains Taiwan is part of China, and under international law, successor governments are responsible for the debts of their predecessors. "What 2020 has made clear is that the status quo is not working when it comes to our relationship with China.”
Jim Cramer: The Seven Deadly Stock Sins (as Seen on Twitter)
When I come out to teach every night, I am acutely conscious that my enthusiasm for some companies is infectiousPeople want to own stocks, and they want to own them in the worst way. Now, with the market taking a breather, I want to talk about the worst way, because that's what I see happening, and I want to offer some suggestions that can make yo...Today's Real Money content from Jim Cramer will be available after 7pm ET. WANT 24/7 ACCESS TO JIM CRAMER? Stay ahead of the market with Real Money where you'll get actionable investing ideas from over 30+ investing pros, money managers, journalists and analysts, handpicked by Jim Cramer. JOIN REAL MONEY Already a subscriber?
Trending Market News Thursday: WeChat, Jobless Claims
Over 90% of respondents to a survey in China said they would abandon iPhones if President Trump's WeChat ban goes through. Strong jobless claims numbers weren't enough to prop up markets Thursday as the Dow and S&P 500 both fell 0.3% and 0.14%, respectively. U.S. Weekly Jobless Claims Continue DeclineU.S. weekly jobless claims totaled 963,000 last week, the first time claims fell below 1 million since March 21, below analyst expectations for 1.1 million claims. On March 14, there were just 282,000 claims, continuing a steady decline in claims. Those collecting benefits for at least two weeks totaled nearly 15.5 million, a decrease of 604,000 from a week ago.
Coronavirus unemployment: California jobless claims fall for third straight week
Unemployment claims in California fell for the third straight week, declining to their lowest point in months, the government reported Thursday. California workers filed 213,500 first-time claims for unemployment during the week that ended Aug. 8, which was down about 8,500 from the 222,000 initial claims filed in the week that ended Aug. 1, the U.S. Labor Department reported. Since the shutdowns began about five months ago, 7.51 million California workers have filed first-time claims for unemployment. Nationwide, 963,000 workers filed initial claims for unemployment during the week ending Aug. 8, which was down 228,000 from the 1.19 million jobless claims that were filed in the week ending Aug. 1. The highest level of jobless claims filings occurred during the week that ended March 28, when U.S. workers filed 6.87 million initial claims and California workers filed 1.06 million claims.
Congresswoman seeks answers on bogus report of PPP loan to long-shuttered Buca di Beppo restaurant in Wynnewood
In a letters sent Monday, Scanlon called for investigations into how the loan under the PPP came to be linked in government data to the long-shuttered store in her district that’s now the site of a pediatric clinic. She sent the letters to the SBA, to the restaurant chain’s parent, Earl Enterprises of Orlando, Fla., and to PNC Financial Services Group, the Pittsburgh-based bank that originated the loan.
Former Harvey mayor’s brother pleads guilty to participating in police cover-up
He is referred to as “Individual B” in both other complaints and described in affidavits as the brother of Harvey’s mayor and a city police officer and de facto head of Harvey’s Building and Planning Department. In those capacities, “Individual B” oversaw traffic and towing matters for the Police Department, including assigning city towing work to private companies, and directed certain public planning matters, including the leasing and sale of city-owned property, the complaints state.
Trump claims a lead in global rebound with cherry-picked data
Jordan Fabian, Steve Matthews and Olivia RockemanBloombergPresident Donald Trump says America is leading the global economic and financial market recovery. Data show Europe’s stronger lockdowns likely contributed to its bigger GDP decline earlier, but may be helping it more recently. “The stock market’s rebound signals a V-shaped recovery,” Trump said. But credit-card spending data have been softening, likely due to the resurgence in Covid-19, he also said. The expiry of supplementary unemployment benefits in July also threatens to undermine a rebound in spending.
Ex-Medicaid consultant makes two big hires as firm expands
The Columbus company who made waves with a pair of studies for Ohio Medicaid on prescription drug spending has made a couple of splashy new hires. Dr. Steve Allen, former CEO of Nationwide Children’s Hospital, becomes chairman of the board for HealthPlan Data Solutions, based in the Arena District. And Sue Tyler, former chief financial officer and treasurer of Medical Mutual of Ohio, joins the HDS board. The company has grown by a more than 200 percent in revenue year-over-year, including a projected 125 percent increase in revenue from now until the end of the year, the release said. The next year the company was hired by Medicaid to determine if ensuing reforms were working.
Attacks, pandemic a 'gut punch' for famed Chicago district
CHICAGO (AP) — Neil Mehra’s cigar shop just off Chicago's Michigan Avenue wouldn't normally share much in common with big brand-name stores such as Tiffany’s and Saks Fifth Avenue, whose boutiques sit on the choicest spots on the city's most iconic street. Mehra’s Hubbard & State Cigar Shop was hit by similar smash-and-grab attacks in late May, when some took advantage of protests over the death of George Floyd in police custody in Minneapolis to break into stores. Monday's looting came as businesses had begun reopening amid pandemic-related disruptions. Stepping through the rubble, he realized the thieves even made off with his safe and the $5,000 in it. He estimated his losses this time at more than $75,000.
PUBLIC HEARING
NOTICE OF PUBLIC HEARING The Amelia County Amelia County Board of Supervisors shall conduct a public meeting beginning at 7:00 P.M., Wednesday, August 19 2020, in the General District Courtroom, 16441 Court Street, Amelia, Virginia, at which time the Board of Supervisors will conduct a public hearing to consider the following requests: Waste Management of Virginia, Inc. (the "Applicant"), requests the conditional rezoning of 162.737 acres of land from the RR-3 Rural Residential zoning classification to the M-1 Industrial District zoning classification. In the case the applicant will be using these properties as "borrow areas" mining the soils to be used as cover material for landfill operations with conditions applied. The Amelia County Comprehensive Plan shows this property is located in a Rural Preservation Area which promotes companion land uses. Any person requiring physical or sensory assistance at the hearing should contact the County Administrator's Office at 804-561-3039 a minimum of three business days before this meeting. A copy of the proposed Ordinance is available for review at the County Administrator's Office, 16360 Dunn Street, Suite 101, Amelia, Virginia, between the hours of 8:30 A.M. and 5:00 P.M., Monday through Friday.
Air conditioning could become 'new normal' as Brits endure unseasonably hot nights
Air conditioning could become the new normal in the UK after Britons were forced to sleep through a week of unseasonably hot nights. Firms responsible for fitting homes with air conditioning units reported seeing surging demand in recent days, while estate agents said prospective buyers now considered the once luxury item to be a necessity. Meanwhile John Lewis said sales of fans had increased by 161 per cent compared to the same week last year. Estate agents and property experts said that air conditioning units are becoming increasingly important to buyers, particularly those looking for high-end properties, with some even suggesting it could make homes more valuable. Roarie Scarisbrick, a partner at Property Vision, the property advisers, said his international clients are “baffled” by our lack of aircon.
Quibi founder Jeffrey Katzenberg sells his Beverly Hills mansion for a staggering $125M
AdvertisementQuibi founder Jeffrey Katzenberg has sold his Beverly Hills mansion for $125 million, the third priciest real-estate deal in California’s history. After buying the property more than a decade ago, Katzenberg hired architect Howard Backed to build a home from scratch. The Katzenbergs sold a 9,000 square-foot mansion in Beverly Hills for $9.2 million in Beverly Hills in 2012. The incredible $125 million sale of their Beverly Hills home comes as the latest mammoth deal in Southern California this summer. In June, business magnate David Geffen parted ways with a cool $68 million to land the modern Beverly Hills mansion owned by Los Angeles Olympic Organizing Committee president Casey Wasserman.
A-level results: 'My future has been set back completely'
Image caption Abbi says the grading system seems unfairFor students across England, Northern Ireland and Wales the wait is finally over for A-level and vocational qualification results. "My future has been set back completely," says Abbi Fitzgerald. This year, schools submitted predicted grades to exam boards and ranked pupils based on who they thought would do best. But headteachers have spoken of "volatility" in the results, with some saying lowered grades seem to be unfair. Overall results across England, Northern Ireland and Wales show record highs for A* and A grades at A-level.
The US Contracts Out Its Regime Change Operation in Nicaragua
Oxfam summarized the problem in the memorable title it gave to a 1980s report about Nicaragua: The Threat of a Good Example. The full story of events in April-July 2018, and how the government eventually prevailed, is told in Live from Nicaragua: Uprising or Coup? COHA has already documented the disinformation campaign taking place against Nicaragua during the pandemic and how this has been repeated in the international media. [17] This was echoed by other local and international media, opposition parties, the Archbishop of Managua, and by one of the NGOs which received USAID funding. [5] “Laying the groundwork for insurrection: A closer look at the U.S. role in Nicaragua’s social unrest,” https://theglobalamericans.org/2018/05/laying-groundwork-insurrection-closer-look-u-s-role-nicaraguas-social-unrest/[6] “U.S.
Facebook abandons broken drilling equipment under Oregon coast seafloor
Lynnae Ruttledge was worried when she heard Facebook planned to build a landing spot for an undersea fiber-optic cable near her Oregon Coast home. A Facebook spokeswoman confirmed the drilling equipment remains below the seafloor just off the coast but disputed the timeline of when the state was notified. In April, crews snapped a drilling pipe and abandoned drilling equipment and 6,500 gallons of drilling fluid beneath the seafloor. “When the drill equipment was removed from the bore hole without notice or discussion, the opportunity to fully evaluate recovery options was lost,” Hansen said. Meanwhile, Facebook’s assurances that the equipment and drilling fluid pose no environmental hazard are of little comfort to Ruttledge.
Epic Games is suing Apple
Game developer and publisher Epic Games has filed a lawsuit against Apple following the removal of the iOS version of its battle royale game Fortnite from the App Store earlier today. The legal complaint seeks to establish Apple’s App Store as a monopoly, and the civil suit is seeking injunctive relief to “allow fair competition” in mobile app distribution. Epic Games has filed legal papers in response to Apple, read more here: https://t.co/c4sgvxQUvb — Fortnite (@FortniteGame) August 13, 2020“Epic is not seeking monetary compensation from this Court for the injuries it has suffered. Nor is Epic seeking favorable treatment for itself, a single company. Instead, Epic is seeking injunctive relief to allow fair competition in these two key markets that directly affect hundreds of millions of consumers and tens of thousands, if not more, of third-party app developers.”Developing...
3 Reasons To Be Worried About the Blackstone…
In fact, despite Tanden’s email, Black­stone already has sub­stan­tial ties to Clin­ton and the Demo­c­ra­t­ic Par­ty as a whole. As a 2014In These Times inves­ti­ga­tion revealed, once these hous­es were occu­pied by ten­ants, Black­stone oper­at­ed more as slum­lord than land­lord. For these rea­sons, pen­sion funds have been aban­don­ing hedge funds in recent years. Not to men­tion the fact that the James plan would reduce employ­ee con­tri­bu­tions from 5 per­cent, already one of the low­est in the world. A com­pa­ny that is ?“the world’s largest dis­cre­tionary investor in hedge funds.” A com­pa­ny like Blackstone.
Our fight is with capitalists, not with higher-paid workers
As I have argued, ad nauseum, before, the whole point of Marx’s analysis is to end the exploitation of workers by the capitalists. Instead, Libretti focuses his fire on the wrong enemy: those workers who make significantly higher salaries and wages. These people are workers, too, and are natural allies against the capitalists. Why worry about well-off workers when it’s the capitalists who are grabbing huge portions of the wealth that is produced by the very workers Libretti wants to help? Marx says clearly that the problem with capitalist society is the exploitation of labor by the capitalist.
Retail chains are abandoning Manhattan.
In the heart of Manhattan, national chains including J.C. Penney, Kate Spade, Subway and Le Pain Quotidien have shuttered branches for good. Many other large brands, like Victoria’s Secret and the Gap, have kept their high-profile locations closed in Manhattan, while reopening in other states. For four months, the Victoria’s Secret flagship store at Herald Square in Manhattan has been closed and not paying its $937,000 monthly rent. “It will be years before retail has even a chance of returning to New York City in its pre-Covid form,” the retailer’s parent company recently told its landlord in a legal document. Some popular chains, like Shake Shack and Chipotle, report that their stores in New York were performing worse than others elsewhere, investment analysts said.
The Weeknd donates $300,000 towards Beirut explosion relief
The Weeknd wants to help in any way that he can. After donating money for relief funds for coronavirus, and the Black Lives Matter movement, the artist has donated $300,000 to Global Aid for Lebanon. Wassim ‘Sal’ Slaiby, his manager, took to social media to make the announcement. Together with his wife Rima Fakih, Sal has been mobilizing relief efforts for Lebanon. The total amount of donations that The Weeknd has made in the last two months now adds up to $2.15 million.
Uber Boat isn't a ride-sharing service, but it is a clever marketing move
Uber has launched its new Uber Boat service in London, and while it’s not a ride-sharing service, it’s both an interesting move from the company into an existing public transport system, and a savvy marketing exercise. Straight-up, Uber Boat does not mean your own boat on demand. If you pick the Uber Boat option, here’s the thing: You don’t actually need the Uber app to ride. And now, it’s powering Uber Boat tickets. So, Uber Boat is not the Uber you're used to.
COVID-19 and Brexit disruption offer chance to build stronger system, says new U.K. research funding head
COVID-19 and Brexit disruption offer chance to build stronger system, says new U.K. research funding headOn 29 June, Ottoline Leyser, a plant biologist from the University of Cambridge, started her new role as the director of the United Kingdom’s main research funding agency, UK Research and Innovation (UKRI). Science Insider interviewed Leyser about her first weeks on the job and her plans for U.K. research funding and culture. Q: In its budget announcement in March, the U.K. government promised to more than double its annual research funding allocation, reaching £22 billion by 2025. UKRI has this extraordinary breadth and depth across the whole system and a responsibility to make the whole system work. Q: The European Council recently announced a 7-year budget deal that would set aside €81 billion for Horizon Europe, the EU research funding program.
Mortgage refinancing will be 0.5% more expensive, Fannie Mae and Freddie Mac to raise fees
Fannie Mae and Freddie Mac announced a new fee of 0.5% to protect themselves from losses on their refinanced mortgages given ow interest rates. :Mortgage rates are at historic lowsMortgage rates:How to rate shop and secure a lower mortgage paymentGiven record-low interest rates, mortgage refinancings have been surging since the start of the economic crisis caused by the coronavirus pandemic. Fannie Mae and Freddie Mac do not lend to homeowners. "The irony is striking – the Federal Reserve is effectively printing money to buy government-guaranteed, mortgage-backed securities in order to keep markets functioning, drive down mortgage rates, facilitate refinancing and put monthly savings into consumers’ pockets. But the fees would bolster the finances of Fannie Mae and Freddie Mac, helping them potentially come out from government conservatorship.
COVID-19: Restaurants are taking biggest hits due to the pandemic
COVID-19: Restaurants are taking biggest hits due to the pandemicThe restaurant industry is taking a big hit during the COVID-19 pandemic. Some big chains are filing for bankruptcy or facing challenges paying debts.
The extra $600 in weekly unemployment benefits expired — but gig workers and self-employed Americans still qualify for benefits
For the first time during the pandemic, weekly jobless claims dipped below 1 million, but there are likely many more Americans who qualify for unemployment benefits who didn’t apply. When the $2 trillion CARES Act passed in March, self-employed, independent contractors, gig workers and other nontraditional workers became eligible for unemployment benefits. Unemployment benefits are based on how much money a worker earned while they were employed. At a minimum, gig workers, independent contractors and other self-employed workers can collect the equivalent of the average weekly benefit in their state. (Anyone who gets at least $100 in unemployment benefits from their state would qualify for the extra $300.)
Oil futures settle lower after IEA cuts 2020 demand forecast
Oil futures settled lower on Thursday after the International Energy Agency lowered its forecast for oil demand this year. News of a diplomatic agreement between the United Arab Emirates and Israel also pressured prices as it eased the risk to supplies from the region, analysts said. September West Texas Intermediate oil clu20 fell by 43 cents, or 1%, to settle at $42.24 a barrel on the New York Mercantile Exchange.
Oil futures settle lower after IEA cuts 2020 demand forecast
Oil futures settled lower on Thursday after the International Energy Agency lowered its forecast for oil demand this year. News of a diplomatic agreement between the United Arab Emirates and Israel also pressured prices as it eased the risk to supplies from the region, analysts said. September West Texas Intermediate oil CLU20, -0.89% fell by 43 cents, or 1%, to settle at $42.24 a barrel on the New York Mercantile Exchange.
10-year Treasury yield pops above 0.7% to hit six-week high as investors struggle to take down debt auction
Longer-term Treasury yields rose sharply on Thursday after investors, for the first time in a while, struggled to absorb the largest 30-year bond auction on record. The Treasury Department increased its debt sales to finance the response to the COVID-19 pandemic. The 10-year Treasury note yield TMUBMUSD10Y, 0.714% rose 3.6 basis points to 0.722%, around its highest in six weeks, after trading as low as 0.651% overnight, while the 2-year note TMUBMUSD02Y, 0.164% stood at 0.165%. The 30-year bond yield TMUBMUSD30Y, 1.428% climbed 6.9 basis points to a five-week high of 1.434%. Bond prices move inversely to yields.
WH economic adviser expects US unemployment rate to return to single digits
White House economic adviser Larry Kudlow on Thursday said he expects the US unemployment rate to return to single-digit levels as early as this month and growth in the third quarter at 20 percent or more as the economy recovers from the recession triggered by the coronavirus pandemic. Asked if the economy needs another round of stimulus, Kudlow said recent executive actions taken by President Trump should provide some relief. These extend enhanced unemployment benefits at a reduced level of up to $400 a week and continue a freeze on student loan interest and payments. But several economists said this week that Trump’s actions, which are likely to face legal challenges, would have a minimal impact on the economy. Kudlow said bipartisan efforts to provide help for small businesses and more direct payments to households could also help, but noted that negotiations with Democrats were at a “standstill.”
DSW takes 25 percent off select styles for summer sale
NY Post may be compensated and/or receive an affiliate commission if you buy through our links. Your search for footwear staples will be over after you take a look at DSW’s latest sale. The popular retailer is taking 25% off select styles for its latest summer sale. So you can get your hands on the best sneakers, boots and sandals for unforgettable prices. And be sure to check out the sale section, where you’ll find even more savings.
Kamala Harris reportedly owes $1M in bills from failed presidential run
Kamala Harris, named Tuesday to be Joe Biden’s running mate, still has more than $1 million in unpaid bills left over from her failed 2020 presidential bid, according to a report. Harris ended her campaign last December amid falling poll numbers and a lack of fundraising. The report noted that the campaign can’t be shuttered until all debts are paid under federal law. And while Biden raised $26 million in a day after announcing her selection, his campaign can do little to retire Harris’ campaign debt. But Biden can ask his donors to send funds to Harris’ campaign.
In stunning turnaround, U.S. stocks close in on record high, end of bear market
If the S&P gains just a fraction of a percent by the closing bell, the bear market of 2020 will officially end and the bull market set in motion. ADBut Investors also weighed unemployment data that suggested the nation might have left the worst of the economic destruction behind. The U.S. Labor Department reported Thursday that 960,000 Americans filed for unemployment insurance last week, compared with 1.18 million the week before. ADU.S. stocks lost more than a third of their value in March when the pandemic set in, setting off weeks of wild intraday swings and painful losses to 401(k) accounts. The stunning turnaround continues to defy the entrenched recession and stalled efforts in Washington to pass another round of emergency government relief.
Targeted lung cancer treatments help reduce death rates: study
Patients with the most common type of lung cancer, non-small cell lung cancer, are surviving longer, according to a new study. DIETS HIGHER IN PROTEIN, PARTICULARLY PLANT PROTEIN, LINKED TO LOWER RATES OF EARLY DEATH: STUDY“We found that mortality rates from the most common lung cancer, non-small cell lung cancer (NSCLC), have fallen sharply in the United States between 2013 and 2016. The study looked at data for both non-small cell lung cancer, which accounts for 76% of lung cancer diagnoses in the U.S., and small-cell lung cancer (SCLC), which accounts for 13% of lung cancer cases. MOTHER DIES AFTER HER CANCER IS PRESUMED TO BE CORONAVIRUS: REPORTOriginally, lung cancer screenings were thought to have explained the decreases in NSCLC mortality. Given what we have learned from this research, it bodes well for a continued reduction in lung cancer mortality in the coming years," Howlader told Fox News.
USMCA leads some produce farmers to fear they'll get left behind
The newly passed United States–Mexico–Canada Agreement [USMCA], which went into effect this July, is expected to serve as a shot in the arm to the U.S. economy as a whole. But, missing from the deal were specific protections for produce farmers against foreign competition, something that farmers in the sector have been demanding for years. Overall, Nigh gave the USMCA deal an “A” rating for farmers and contends it will make a difference, but recognizes that there is still more work to be done for produce farmers as they compete against foreign imports. That said, he’s hopeful an arrangement can be made where American farmers can get the proverbial “first bite at the apple” during their respective harvest seasons, and then open up the market promptly afterward. CLICK HERE TO GET THE FOX NEWS APPEven still, Atwood feared the United States’ dependence on foreign produce could spark consequences.
GOP senator calls on China to repay $1.6T of century-old debt
Sen. Martha McSally, R-Ariz., introduced a resolution calling on China to repay U.S. bondholders more than $1.6 trillion of sovereign debt, including interest, that pre-dates the country's Communist government. Continue Reading BelowThe measure will be co-sponsored by Sen. Marsha Blackburn, R.-Tenn, and a House measure led by Rep. Mark Green, R-Tenn. is forthcoming. The bonds, which are backed by gold, were issued by the Republic of China as far back as 1912. Beijing maintains Taiwan is part of China, and under international law, successor governments are responsible for the debts of their predecessors. “We are thrilled,” American Bondholder President Jonna Bianco, who has power of attorney for 95% of the thousands of U.S. bondholders.
Global stock markets march back to 2020 highs
Global stock markets march back to 2020 highsNancy Tengler, Laffer Tengler Investments and JC O'Hara, MKM Partners chief market technician, join "Power Lunch" to discuss whether they're looking at opportunities outside of the U.S. stock market.
Waiting on that extra $400 unemployment benefit? Here's what we know so far
Doug Mills-Pool/Getty Images)President Donald Trump signed a measure on Saturday to boost unemployment pay by up to $400 a week. There are around 28 million people collecting unemployment benefits, according to the Labor Department. Important details — like the amount and duration of extra aid, as well as when it will start — are in flux, according to labor experts. Workers collecting regular state unemployment benefits are eligible for the extra money. Trump's memo was widely billed as a $400 weekly boost to unemployment benefits in recent days.
Career expert: How to write a cover letter that will actually get you noticed
Cover letters can feel like a time-consuming and pointless part of the job hunting process. However, most hiring managers still see them as crucial when assessing applicants. A whopping 83% of recruiters, hiring managers, and HR staff call cover letters important parts of their hiring decisions, according to a ResumeLab survey of 200 "HR Pros." Here's how to write a cover letter that will actually get you noticed:Don't rehash your resume; show 'why you'd excel at the job'How to make a cover letter personalA cover letter is a place to explain the reasons you are well-suited for this particular job in a way that might not be clear from your resume. I regularly hear from people who started getting a lot more interviews after they revamped their cover letters.
Coach owner Tapestry is managing better online than other retailers during the pandemic. Here's how
Typically, a retailer's online sales are less profitable than sales in stores — when you account for all the extra expenses like packing, shipping and delivery. The issue has plagued companies including Target and Walmart, especially during the pandemic as their digital businesses have boomed. And management said sales online are carrying higher margins than sales in stores. A booming online business amidst the coronavirus pandemic also means Tapestry is reevaluating what to do with its real estate. Though Tapestry reported a net loss during its latest fiscal quarter, management said the company expects to return to growth this fiscal year.
Agents of change: Jon Fortt leads @ Work talk with Lowe's and Sychrony CIOs
[The stream is slated to start at 3:00 p.m. Please refresh the page if you do not see a player below at that time.] As technology assumes an outsized role in every business, the CIOs of Lowe's and Synchrony will share their experiences as technological and cultural change-makers, leading their organizations toward the kind of agile mindset that will drive optimal outcomes, even in difficult times. Seemantini Godbole, Executive Vice President and Chief Information Officer, Lowe'sCarol Juel, Executive Vice President and Chief Information Officer, SynchronyJon Fortt, "Squawk Alley" Co-Anchor, CNBC
Amazon is delivering nearly two-thirds of its own packages as e-commerce continues pandemic boom
The pandemic-fueled e-commerce boom doesn't appear to be slowing down in the second half of the year as July package volumes exceeded the average monthly volume in the first three months of the outbreak. According to data from ShipMatrix, Amazon shipped 415 million packages in July compared with a monthly average of 389 million between April and June. The e-commerce giant also delivered 66% of its own packages in July, compared with 61% between April and June. "They will continue to deliver more of their own packages, potentially reaching 80% of their own packages by next year. UPS saw volume grow 26% in July compared with average monthly growth of 23% in the April to June period.
Divided stock market can't seem to set a new record high
Wall Street has for days watched the S&P 500 tick toward, flirt with, and briefly overtake its record close from Feb. 19. The latest example came on Thursday, when the S&P 500 traded about 3,386.15 — its record close — only to shy away minutes later. And so far, the market has been doing very well ... based on a 'less bad, that's good'" philosophy, she said. "One day, you know, you'll have the Russell small-caps doing well, you'll have materials doing well, you'll have energy and financials [doing well]. And then everyone gets scared, and then the march goes right back to those that have led this market higher."
Wells Fargo's chief compliance officer quits - FT
(Reuters) - Wells Fargo & Co’s (WFC.N) compliance chief is leaving after two years of trying to turn around the scandal-plagued bank’s internal oversight and risk management functions, the Financial Times reported on Thursday, citing people familiar with the decision. Chief Compliance Officer Mike Roemer will be replaced by Paula Dominick, who has been chief compliance officer for Credit Suisse Americas and previously worked for Bank of America Corp (BAC.N), according to the report hereWells Fargo declined to comment on the report. The move comes after Wells Fargo said in July that Mike Santomassimo would replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm. Since taking over as chief executive in October, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues and confidants in top positions. The change at Wells Fargo also comes as it gears up to launch a broad cost-cutting initiative this year and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.
Oil slips after IEA lowers 2020 demand forecast
NEW YORK (Reuters) - Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to stop the spread of the coronavirus, but resilience in equities markets and a weak dollar limited losses. The International Energy Agency cut its 2020 oil demand forecast on Thursday and said reduced air travel because of the COVID-19 pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd). Last month OPEC+ eased the cuts to around 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand. Oil prices have been range-bound since mid-June, with Brent trading between $40 and $46 per barrel, and WTI between $37 and $43 per barrel. “The underlying oil market deficit is becoming more evident and, along with a broader reflation narrative, is keeping oil prices on an even keel.”(GRAPHIC: Global Oil Supply - here)
Oil slips after IEA lowers 2020 demand forecast
NEW YORK (Reuters) - Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to stop the spread of the coronavirus, but resilience in equities markets and a weak dollar limited losses. The International Energy Agency cut its 2020 oil demand forecast on Thursday and said reduced air travel because of the COVID-19 pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd). Last month OPEC+ eased the cuts to around 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand. Oil prices have been range-bound since mid-June, with Brent trading between $40 and $46 per barrel, and WTI between $37 and $43 per barrel. “The underlying oil market deficit is becoming more evident and, along with a broader reflation narrative, is keeping oil prices on an even keel.”(GRAPHIC: Global Oil Supply - here)
Bridgewater hedge fund boosts gold ETF investment to over $1 billion
LONDON (Reuters) - Hedge fund Bridgewater Associates raised its investment in gold-backed exchange-traded funds by a third in the second quarter, buying the equivalent of 170,000 ounces of gold worth $340 million at current prices, a regulatory filing showed. Bridgewater, led by billionaire Ray Dalio, bought 1.4 million shares in the SPDR Gold Shares ETF, equivalent to around 130,000 ounces of gold, in the April-June quarter, it said in the filing on Wednesday. It also bought 4.1 million shares in the iShares Gold Trust representing around 41,000 ounces of gold. Its investment in SPDR Gold Shares was worth $914 million on June 30, up from $601 million at the end of March, when it had just over 4 million shares in the fund. Its stake in iShares was worth $268.4 million, up from $176 million in March, when it had 11.7 million shares.
France's Macron pushes for a government of technocrats to rescue Lebanon
FILE PHOTO: French President Emmanuel Macron visits the devastated site of the explosion at the port of Beirut, Lebanon August 6, 2020. Three Lebanese political sources said Macron, who was surrounded by crowds as he toured Beirut, was at the centre of international efforts to resolve the crisis. “More than anywhere else, time is money in Lebanon,” a French finance ministry source said, referring to the pressure on factions to access aid. “Since he came here, Macron is acting as if he is president of Lebanon now,” said one senior Lebanese political source, adding that Macron was personally making calls to Lebanon’s rival parties as well as other foreign powers. We’re still far away.”A Lebanese government source said Macron wanted two-time former prime minister Saad Hariri to head a government of technocrats.
France's Macron pushes for a government of technocrats to rescue Lebanon
FILE PHOTO: French President Emmanuel Macron visits the devastated site of the explosion at the port of Beirut, Lebanon August 6, 2020. Three Lebanese political sources said Macron, who was surrounded by crowds as he toured Beirut, was at the centre of international efforts to resolve the crisis. “More than anywhere else, time is money in Lebanon,” a French finance ministry source said, referring to the pressure on factions to access aid. “Since he came here, Macron is acting as if he is president of Lebanon now,” said one senior Lebanese political source, adding that Macron was personally making calls to Lebanon’s rival parties as well as other foreign powers. We’re still far away.”A Lebanese government source said Macron wanted two-time former prime minister Saad Hariri to head a government of technocrats.
Households with children taking the biggest financial hit during pandemic: New York Fed report
Single parents, in particular, are losing jobs, income and health care at higher rates than other households with children. For example, 23.2% of single-parent households said the head of the household faced a permanent or temporary layoff in May or June, compared to 12.9% of households with children and 9.2% of households without children. Households with single parents were also more likely to depend on help from friends, family and food banks. Some 34.1% of single-parent households said they were receiving food stamps, compared to 13.1% of households with children overall, the study here found. The research did not factor in the challenges faced by families who are taking care of children at home because child care centers and schools are closed.
Weak demand for record-size 30-year U.S. debt auction
NEW YORK (Reuters) - The record-size auction of $26 billion 30-year bonds by the U.S. Treasury Department on Thursday sold poorly, with the bid-to-cover ratio, a measure of overall demand, at 2.41, the lowest since July 2019. Investors had modest appetite for the offering, which was $4 billion larger than the last auction of new 30-year bonds in May. Yields on the 30-year bond US30YT=RR had risen to their highest level in a month in anticipation of the additional supply. Indirect bidders, a proxy for foreign buyers, took 59.83% of the supply, while direct bidders took 11.87%. The yields on both had risen ahead of the auction, making them more attractive to investors.
U.S. Fed buys $39.9 billion of mortgage bonds, sells $17.85 billion
NEW YORK, Aug 13 (Reuters) - The Federal Reserve bought $39.871 billion of agency mortgage-backed securities in the weekfrom Aug. 6 to Aug. 12, compared with $30.223 billion purchased the previous week, the New York Federal Reserve Bank said on Thursday. In a move to help the housing market begun in October 2011, the U.S. central bank has been using funds from principal paymentson the agency debt and agency mortgage-backed securities, or MBS, it holds to reinvest in agency MBS. The New York Fed said on its website the Fed sold $17.85 billion in mortgage securities guaranteed by Fannie Mae FNMA.OB,Freddie Mac FMCC.OB or the Government National Mortgage Association, or Ginnie Mae,in the latest week. It sold $6 billion the prior week.
Citron's Andrew Left digs in heels on GSX short after 200% rally
The Beijing-based online education company has been attacked by short sellers, including Andrew Left’s Citron Capital, which has accused it of overstating revenue by up to 70%. “Yes, it obviously sucks being short while the stock was going higher,” Left said on Wednesday. “But I have confidence the system will work eventually.”Left, editor of the online investment newsletter Citron Research, published a short report on GSX in mid April. The relentless rally in stocks has pressured some bearish investors betting against individual stocks as well as broader markets. Influential U.S. investors, including David Tepper and Stanley Druckenmiller, cast doubt on the rally earlier in the year.
Oil slips after IEA lowers 2020 demand forecast
NEW YORK (Reuters) - Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast due to unprecedented travel restrictions to stop the spread of the coronavirus, but resilience in equities markets and a weak dollar limited losses. The International Energy Agency cut its 2020 oil demand forecast on Thursday and said reduced air travel because of the COVID-19 pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd). Last month OPEC+ eased the cuts to around 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand. Oil prices have been range-bound since mid-June, with Brent trading between $40 and $46 per barrel, and WTI between $37 and $43 per barrel. “The underlying oil market deficit is becoming more evident and, along with a broader reflation narrative, is keeping oil prices on an even keel.”(GRAPHIC: Global Oil Supply - here)
Mexican central bank cuts key interest rate 50 basis points to 4.5%
FILE PHOTO: The logo of Mexico's Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico February 28, 2019. REUTERS/Daniel BecerrilMEXICO CITY (Reuters) - Mexico’s central bank on Thursday cut its key interest rate by 50 basis points to 4.5% in a majority decision by its five board members, bringing the rate to its lowest level in four years, in line with analyst estimates. One board member voted to reduce the rate by 25 basis points to 4.75%, the central bank said.
Teachers in court, students in quarantine, and Osama bin Laden: Florida goes back to school
Teachers who oppose schools reopening during the Covid-19 pandemic protest on a street. Local teachers unions also are suing their school districts over re-opening plans while some school boards rehash their plans at the state’s behest. “All of the teachers in this state are wanting to go back to school. In one county, students started classes Tuesday, only to be forced into quarantine on Wednesday. DeSantis, speaking Wednesday before the students were quarantined, said that Martin County Superintendent Laurie Gaylord had compared school re-opening to a Navy SEALs operation.
Nasdaq Commands Gains; Why These Dow Stocks Are Near A Buy Point
The Nasdaq kept an iron-like grip on the daily battle for outperformance in the current stock market rally. Inside Dow JonesNew Leaderboard stock Nike (NKE) is making piecemeal gains since a breakout past a 104.79 correct buy point in a huge cup with handle. (Please see this Wednesday Stock Market Today piece for more detail on the proper buy point for the managed care behemoth.) Please follow Chung on Twitter at @SaitoChung and @IBD_DChung for more on growth stocks, buy points, breakouts, sell rules and market insight. Learn Top Chart-Reading, Buy Points, Sell Rules, Portfolio Techniques With CAN SLIM ProsMore Stock Market Analysis: The Weekend Stock Market UpdateHow To Trade Options In This Auto Sector Leader
House Dems look to pass paid sick leave in special session
RICHMOND, Va. (AP) — Virginia House Democrats are planning to use an upcoming special session to mandate employers provide paid sick days, along with several other priorities. The Democratic majority unveiled its agenda Thursday for a special session set to start next week. ADVERTISEMENT“The House Democratic Caucus has laid out a bold plan this special session to support the commonwealth’s students, teachers, workers and health care system as we recover from COVID-19,” House Speaker Eileen Filler-Corn said. But a bill to provide paid sick days died on the last day of the regular session after intense opposition from business groups. Under the measure proposed earlier this year, businesses with 15 or more employees would have been required to provide up to five paid sick days per year.
Elizabeth Alexander’s Fierce Vision of Social Justice
Elizabeth Alexander never expected to go into philanthropy. Now she’s in her third year as the president of the Andrew W. Mellon Foundation, the largest supporter of the humanities and the arts in the U.S., where she’s quickly applied her vision to foster a more just society. “There was nothing wrong with [the foundation’s] work,” she says, “but to focus it around the question of, how does each grant, every penny, contribute in some demonstrable way to a more fair and just society? What does that look like?”Earlier this summer,...
Minority Owners Pressure Dan Snyder to Sell Washington’s NFL Team
The minority partners of Washington’s NFL team are pressuring Dan Snyder to sell the franchise, according to people familiar with the matter, amid a growing firefight inside a team facing controversy on multiple fronts. Mr. Snyder, the team’s 55-year-old billionaire owner, has no intention to sell his majority stake in the team, the people said. A recent legal filing by Mr. Snyder suggests that at least one of the minority partners has attempted to leak defamatory information against him.
The stock market is on track for its biggest 100-trading-day rise in nearly 90 years
Thursday marks the 100th trading day since the stock market’s pandemic panic low on March 23 — and by one measure the subsequent rebound is the strongest in nearly 90 years. The S&P 500 SPX, -0.46% was trading near unchanged Thursday, leaving it around 51% above its March 23 close of 2,237.40. That leaves the U.S. stock-market benchmark on track for its biggest 100-trading-day rise since the period ending Aug. 18, 1933, according to Dow Jones Market Data. The Dow Jones Industrial Average DJIA, -0.63% , which had peaked on Feb. 12, achieved the same historic feat on its way to a bear market. Similarly, it’s up more than 50% from its March 23 low of 18,591.93, also putting it on track for its strongest 100-trading-day gain since August 1933.
Tribune to permanently shut down 5 newsrooms, including those of the New York Daily News and Orlando Sentinel
Tribune Publishing Co., which owns some of the most storied newspapers in American journalism, said Wednesday that it is closing the newsrooms at five of them, including New York’s Daily News and the Capital Gazette in Annapolis, Md. The company said the newspapers — including the Orlando Sentinel in Florida, the Morning Call in Allentown, Pa., and the Carroll County Times in Maryland — will continue to be published with employees working from home as they have been during the coronavirus pandemic. The new owner cut the newsroom staff in half. Before that, for nearly a year, the newspaper’s staff worked in a temporary newsroom at the University of Maryland’s Capital News Service bureau in Annapolis. In a June 8 filing with the Securities and Exchange Commission, Tribune Publishing said it had withheld three months of rent payments for “a majority of its facilities and requested rent relief from the lessors in various forms,” including lease terminations, the Orlando Sentinel reported Wednesday.
Cisco, Exxon Mobil share losses contribute to Dow's 150-point drop
Shares of Cisco and Exxon Mobil are trading lower Thursday afternoon, sending the Dow Jones Industrial Average into negative territory. Shares of Cisco CSCO, -11.64% and Exxon Mobil XOM, -2.58% are contributing to the blue-chip gauge's intraday decline, as the Dow DJIA, -0.63% was most recently trading 158 points, or 0.6%, lower. Cisco's shares are down $5.60, or 11.6%, while those of Exxon Mobil are off $1.02, or 2.3%, combining for an approximately 45-point drag on the Dow. Walgreens Boots WBA, -2.15% , Goldman Sachs GS, -1.83% , and American Express AXP, -2.10% are also contributing significantly to the decline. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Oil futures settle lower after IEA cuts 2020 demand forecast
Oil futures settled lower on Thursday after the International Energy Agency lowered its forecast for oil demand this year. News of a diplomatic agreement between the United Arab Emirates and Israel also pressured prices as it eased the risk to supplies from the region, analysts said. September West Texas Intermediate oil CLU20, -0.96% fell by 43 cents, or 1%, to settle at $42.24 a barrel on the New York Mercantile Exchange.
This Manhattan Duplex Has More Bedrooms Than Many Country Mansions
This Upper East Side apartment comes with more bedrooms than most mansions on the market in New York City’s suburbs. The duplex co-op on East 70th Street and Madison Avenue in Manhattan’s tony Lenox Hill contains a whopping seven bedrooms—with the potential for eight. An informal but no less enormous family room upstairs provides a gathering place for five—potentially six—bedrooms on the second level, floor plans of the home show. The last transaction in the building was a $9.7 million four-bedroom apartment on the seventh floor, which traded hands in March, according to property records. It’s undergone a massive transformation since Swinksy, who packed the enormous unit with figurines and decorated the walls floor-to-ceiling with art and sculpture, owned the co-op.
Tesla Is Splitting Its Stock. Here’s What That Means.
Tesla bears will—very likely—finally see Tesla shares drop below $300. The problem is it will be the result of a 5-for-1 stock split. And in the two days of trading after the news, Tesla stock rallied almost 19%. Apple stock is up more than 20% since the announcement, but strong earnings likely have more to do with the move than the coming stock split. To this point in 2020, bears haven’t had a good year shorting Tesla stock.
Tesla’s Split Doesn’t Matter. Try Telling That to Tesla Stock Owners.
Tesla stock is splitting 5-to-1, but it shouldn’t be a big deal for the stock price. A stock split doesn’t change an investor’s portfolio value, all else being equal. “We will review our price target and model ahead of the share split.”Kallo thinks the split matters and his price target might be affected. Activity by individual investors probably does matter to near-term stock price moves and overall stock volatility. Someone is buying Tesla stock on split news.
The stock market is on track for its biggest 100-trading-day rise in nearly 90 years
Thursday marks the 100th trading day since the stock market’s pandemic panic low on March 23 — and by one measure the subsequent rebound is the strongest in nearly 90 years. The S&P 500 SPX, -0.47% was trading near unchanged Thursday, leaving it around 51% above its March 23 close of 2,237.40. That leaves the U.S. stock-market benchmark on track for its biggest 100-trading-day rise since the period ending Aug. 18, 1933, according to Dow Jones Market Data. The Dow Jones Industrial Average DJIA, -0.63% , which had peaked on Feb. 12, achieved the same historic feat on its way to a bear market. Similarly, it’s up more than 50% from its March 23 low of 18,591.93, also putting it on track for its strongest 100-trading-day gain since August 1933.
10-year Treasury yield pops above 0.7% to hit six-week high as investors struggle to take down debt auction
Longer-term Treasury yields rose sharply on Thursday after investors, for the first time in a while, struggled to absorb the largest 30-year bond auction on record. The Treasury Department increased its debt sales to finance the response to the COVID-19 pandemic. The 10-year Treasury note yield TMUBMUSD10Y, 0.710% rose 3.6 basis points to 0.722%, around its highest in six weeks, after trading as low as 0.651% overnight, while the 2-year note TMUBMUSD02Y, 0.164% stood at 0.165%. The 30-year bond yield TMUBMUSD30Y, 1.423% climbed 6.9 basis points to a five-week high of 1.434%. Bond prices move inversely to yields.
Is Leasing a Tesla a Good Deal? What to Know.
In fact, the way used Tesla vehicles trade, leases look like a bad deal for car buyers, but a great deal for Tesla shareholders. Street estimates puts Tesla leasing as a percentage of vehicle sales at less than 20%. That is why residual values—or used-car prices—are such a big deal for car buyers, leasing companies, and even auto makers. There are more examples of strong Tesla residual values. Tesla, for instance, could embed higher residual value assumptions in its leases, lowering payments and helping it sell more cars.
Oil futures settle lower after IEA cuts 2020 demand forecast
Oil futures settled lower on Thursday after the International Energy Agency lowered its forecast for oil demand this year. News of a diplomatic agreement between the United Arab Emirates and Israel also pressured prices as it eased the risk to supplies from the region, analysts said. September West Texas Intermediate oil CLU20, -0.93% fell by 43 cents, or 1%, to settle at $42.24 a barrel on the New York Mercantile Exchange.
Tesla Vehicles Hold Their Value Incredibly Well. Here’s Why.
In fact, the way used Tesla vehicles trade, leases look like a bad deal for car buyers, but a great deal for Tesla shareholders. There are more examples of strong Tesla residual values. “Brand,” was the one-word answer from Roth analyst Craig Irwin when Barron’s asked him about Tesla’s residual value strength. In that scenario, monthly lease rates would be low, stimulating demand for new Tesla vehicles. Tesla, for instance, could embed higher residual value assumptions in its leases, lowering payments and helping it sell more cars.
Congress Can’t Reach a Stimulus Deal. That Means Uncertainty for the Treasury Market.
Text sizeCongress’s struggle to pass a stimulus bill comes with a range of obvious consequences. Money markets could end up dealing with a feast-or-famine supply of Treasury bills, a dynamic that could affect rates. That could mean lower amounts of short-term bill issuance, Simons said, which could lead to even lower rates than investors are expecting. There isn’t much to lose if the Treasury simply holds the extra cash and keeps bill issuance (and yields) steady. Short-term bill yields would likely remain low or fall further in the near term, and then climb as the Treasury increased its bill issuance.
Ammonium Nitrate Blew Up Beirut. It Also Fuels Africa’s Most Dangerous Illegal Mines.
FEM, a company majority-owned by the Portuguese explosives company Moura Silva e Filhos, has come under intense scrutiny since the ammonium nitrate it ordered caused the blast in Beirut on Aug. 4. “Explosives companies including FEM do not carry out serious background checks on some of these so-called mining companies,” the official said. There are several Chinese mining and explosives companies operating in Zambia and many of them have been accused of human rights abuses and negligence towards safety regulations. Seven years later, Zambian authorities arrested 31 Chinese nationals for illegal mining in the copper belt. “Chinese mining companies do what they like in southeastern Africa and no one can question them,” said Camacho, the environmental activist.
U.S. weekly jobless claims fall below 1 million, but labor market recovery faltering
Initial claims for state unemployment benefits totaled a seasonally adjusted 963,000 for the week ended Aug. 8, compared to 1.191 million in the prior week, the Labor Department said on Thursday. President Donald Trump on Saturday signed an executive order, including extending the supplement, though he reduced the weekly payout to $400. Industry groups and Republicans claimed that the $600 weekly supplement was encouraging some unemployed people to stay at home. The government reported last week that the economy created1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of 22 million jobs lost between February and April.
Here's how the Silicon Valley dream of universal basic income slowly — then suddenly — became a solution for inequality in the US and abroad
Spain is moving to establish a permanent basic income for low-income citizens in the wake of the coronavirus pandemic. Wikimedia CommonsThe decade between 1969 and 1979 marked a crucial turning point in the basic income movement for two reasons. And in general, few people stopped working — one of the key fears that's often cited about basic income. By nearly all measures, the conclusion was clear: Basic income held serious potential as a way to lift people out of poverty. Forget's research was critical because it helped revive the basic income movement after two decades of dormancy.
U.S. economy 'losing steam' as it hits fiscal cliff
The outcome led a New York Federal Reserve weekly index of projected growth in gross domestic product to improve slightly. (Reuters, Oxford) MoreGraphic: Oxford Economics Recovery Index https://graphics.reuters.com/USA-ECONOMY/OXFORDINDEX/rlgpdlnyepo/chart.pngBut while the claims statistics indicate some rehiring continues, the numbers remain massive by historical standards. Retail sales are expected to have risen 1.9% last month, according to the consensus estimate of analysts polled by Reuters. An Oxford Economics index combining health, economic and social data fell last week, and has shown little change since mid-June. Democrats and Republicans in Congress remain deadlocked over further emergency aid even with the U.S. economy roughly 13 million jobs short of where it was in February.
What new jobless claims number means for 2020
At 963,000, the number of new claims was an impressive 28% below the rolling average for the prior 4 weeks of 1,339,000. Continue Reading BelowThe initial claims drop is just the latest in a series of very encouraging economic data over the last three months. We had the strongest labor market in modern times heading into the pandemic thanks to President Trump’s pro-growth economic policies. SECOND STIMULUS CHECK MAY NOT GO OUT UNTIL SEPTEMBER AS RELIEF TALKS DRAG ONThe decline in initial claims is already a clear indication that jobs are available and that employers are having less difficulty filling those open positions. But the initial claims numbers form the first week of August make the answer to that query fairly obvious (unless your motivation is purely political).
ServiceMaster Looks Ready to Crawl Higher
ServiceMaster Global Holdings (SERV) got praise from Jim Cramer on "Mad Money" last week, when he told a viewer, "I've always liked ServiceMaster." Prices have recovered to rally above the rising 50-day moving average line and above the bottoming 200-day moving average line. The Moving Average Convergence Divergence (MACD) oscillator has been mostly bullish since April. Prices are trading above the bottoming 40-week moving average line. The Moving Average Convergence Divergence (MACD) oscillator is now moving above the zero-line for an outright go long signal.
EU brushes off unchanged US tariffs on Airbus in hopes of resolving 16-year trade dispute
The European Union said Thursday that the Trump administration’s decision to maintain 15% tariffs on Airbus aircraft and 25% tariffs on other European goods did not worsen the now 16-year long trade dispute with Boeing, as both sides seek to put an end to over a decade of political grandstanding. Continue Reading Below“The Commission acknowledges the decision of the US not to exacerbate the ongoing aircraft dispute by increasing tariffs on European products,” a European Commission spokesperson said in a statement, according to Reuters. The statement added that putting an end to the row now was crucial, as the aviation has suffered a severe downturn amid the coronavirus pandemic. Lighthizer said existing 15% tariffs on Airbus aircraft and 25% tariffs on other European goods would stay in place, as the EU has not taken enough action to come into compliance with the World Trade Organization. “Airbus profoundly regrets that, despite Europe’s recent actions to achieve full compliance, USTR has decided to maintain tariffs on Airbus aircraft — especially at a time when aviation and other sectors are going through an unprecedented crisis,” Airbus spokesman Clay McConnell said in a statement.
American Airlines plans to cut service to smaller cities as federal aid expiration deadline nears
American Airlines is planning to cancel flights to more than 20 cities this fall after the government requirements that airlines continue to provide minimum service levels and refrain from layoffs expire. Continue Reading BelowCNBC first reported the story, and a source familiar with the airline's plans confirmed the cuts to FOX Business. In all, the canceled flights, plans for which aren't yet final, could hit up to 30 small and medium cities. As part of its coronavirus relief efforts, Congress allocated tens of billions in aid to airlines that was predicated on them not cutting flights or jobs until Oct. 1. GET FOX BUSINESS ON THE GO BY CLICKING HEREFOX Business' Matthew Kazin and The Associated Press contributed to this report.
U.S. Postal Service to award $6.3B contract for new mail truck this year. See the finalists
Their delivery may be a little late, but the new mail trucks are almost here. Postal Service has confirmed that it plans to award one or multiple contracts for the Next Generation Delivery Vehicle by the end of this year. The Next Generation Delivery Vehicle (NGDV) will replace the long-serving Grumman Long Life Vehicle, which went out of production in 1994, but has soldiered on at great maintenance cost all these years. The automakers are also tight-lipped on their involvement, but Fox News has acquired images of the finalists’ prototypes. OSHKOSH/FORDOshkosh and Ford are working together on the only finalist that started out as an existing production vehicle.
How Penn National Gaming Can Rally Above $60
Penn National Gaming has been ripping higher. Penn National Gaming (PENN) - Get Report shares continue to boast strong momentum, with shares up almost 8% on Thursday. That came as Goldman Sachs analysts initiated the stock with a price target of - you guessed it - $60 and assigned a buy rating to Penn National Gaming. Trading Penn StockDaily chart of Penn stock. To get to $60, investors will first want to see Penn stock hold the 138.2% extension at $52.71.
American Airlines could cut flights to 30 cities once stimulus money runs out
American Airlines is planning to drop flights to up to 30 smaller U.S. cities if a federal requirement to continue those flights expires at the end of next month, an airline official familiar with the matter said Thursday. American agreed to keep serving those smaller cities as a condition of receiving $5.8 billion in federal payroll help this spring. Airline unions and the airlines, which are struggling with a steep downturn in revenue as the pandemic undercuts air travel, are lobbying Congress for the money. The American Airlines official did not detail which cities could lose service, but the changes could appear in schedules as early as next week. However, U.S. air travel has recovered much more slowly than hoped.
After a worker with special needs was fired from Shorewood's Metro Market, protesters gathered to demand policy changes
Protesters occupied the Oakland Avenue entrance to Shorewood’s Metro Market Wednesday, calling for policy changes after the May 7 firing of a special needs employee. Gina Giacobassi, 25, worked at the Metro Market, 4075 N. Oakland Ave., for four years. According to her mother, Beth, Gina was coerced into buying alcohol for two underage employees in-training. Morris’ children went to grade school with Gina, and Morris’ wife — a substitute teacher — previously taught Gina. A Metro Market manager declined to comment about the protesters.
Las Vegas woman charged with coronavirus-relief fraud
A Las Vegas woman has been charged by federal authorities with fraudulently seeking more than $1 million in Paycheck Protection Program loans. Richard Brian/Las Vegas Review-JournalA Las Vegas woman has been charged by federal authorities with fraudulently seeking over $1 million in Paycheck Protection Program loans. Authorities said Chapon submitted fake and altered documents and fraudulent federal tax filings in applying for the loans. This included misrepresenting to a lender that, in 2019, her company Heavenly Tahoe Properties paid several million dollars in employee wages. The loans were accessible under the coronavirus relief bill, which offered emergency financial assistance, including forgivable loans to small businesses.
‘Represent’ review: The art of the possible, painted by three aspiring midwest politicians
In Evanston, Republican Julie Cho runs for State Rep, eventually without the backing of her own party. She’s a red dot in Evanston’s blue sea. Meanwhile, in Granville, Ohio, there’s a township trustee to be elected. Bryn Bard, a farmer, moved back with her husband and children to Granville to be closer to her mother, who is living with cancer. She also sells food at the Granville farmer’s market to people who won’t much like it if she wins.
Where did you want to fly? American may drop service to up to 30 smaller cities.
Airlines and their labor unions have been lobbying for the money to be included in a new round of pandemic relief to prevent layoffs in the industry until next April. They have lined up support from more than half the members of the House, including more than two dozen Republicans, and from more than a dozen Republican senators.
Frank Lloyd Wright-designed Millard House, saved from the brink of demolition, sells in Highland Park for $950,000
“They were at the point of tearing it down — and that’s the point at which I got involved,” Gale Rothner told the Jewish Federation’s JUF News publication in December. “I thought it would take six months to renovate. Everything that could go wrong did. There had been water damage, and it needed new HVAC, plumbing, electrical — you name it, we replaced it. So now the guts of the house are brand new.”
Say goodbye to the giant green frog. Chicago’s Rainforest Cafe is closing for good ahead of schedule.
That timeline was accelerated by the coronavirus pandemic, which has left the Chicago restaurant closed since March, building owner Sean Conlon said. Conlon already was planning to redevelop the high-traffic site when Rainforest Cafe moved out, and he recently negotiated an early termination of the lease with parent company Landry’s Restaurants.
Long Island's weekly unemployment claims drop 30%
Weekly unemployment claims on Long Island have declined to their lowest level since the pandemic began as state officials and policy experts wrestle with the potential impact of President Donald Trump’s recent executive order calling for a temporary extension of unemployment payments. Jobless claims on Long Island fell to 5,300 last week, a decrease of about 30% from the more than 7,600 initial claims filed the week before. During the same period last year – the week ended Aug. 8 – unemployment claims hit 1,400. With that federal enhancement, eligible New Yorkers received anywhere from $782 to $1,104 a week in jobless payments. Since the program ended, weekly payments have dropped to disbursements ranging from $182 to $504, New York’s regular unemployment benefit.
Facebook abandons broken drilling equipment under Oregon coast seafloor
Lynnae Ruttledge was worried when she heard Facebook planned to build a landing spot for an undersea fiber-optic cable near her Oregon Coast home. Today, about 1,100 feet of pipe, a drill tip, various other tools and 6,500 gallons of drilling fluid sit under the seafloor just off the central Oregon coast. A Facebook spokeswoman confirmed the drilling equipment remains below the seafloor just off the coast but disputed the timeline of when the state was notified. “When the drill equipment was removed from the bore hole without notice or discussion, the opportunity to fully evaluate recovery options was lost,” Hansen said. Meanwhile, Facebook’s assurances that the equipment and drilling fluid pose no environmental hazard are of little comfort to Ruttledge.
Feds: Counterfeit batons manifested as 'selfie sticks' intercepted in Cincinnati
More than 800 shipments of counterfeit batons manifested as "selfie sticks" and "window breakers" were intercepted at the Port of Cincinnati in July, officials said. Had the batons been genuine products, each baton would have a $150 sticker price, the release states. The batons were labeled to appear as products of legitimate suppliers, such as 511 Tactical and Armament Systems and Procedures (ASP). “Our officers are very familiar with the many ways smugglers try to evade inspection,” Cincinnati Port Director Richard Gillespie said in the release. Officers at the Port of Cincinnati made the interception on July 30, according to the release.
American Airlines considering cutting flights to many smaller cities
David KoenigAssociated PressDallas — American Airlines is planning to drop flights to up to 30 smaller U.S. cities if a federal requirement to continue those flights expires at the end of next month, an airline official familiar with the matter said Thursday. American agreed to keep serving those smaller cities as a condition of receiving $5.8 billion in federal payroll help this spring. The move by American could put more pressure on Congress and the White House to give passenger airlines another $25 billion for labor costs. Airline unions and the airlines, which are struggling with a steep downturn in revenue as the pandemic undercuts air travel, are lobbying Congress for the money. The American Airlines official did not detail which cities could lose service, but the changes could appear in schedules as early as next week.
TikTok and its employees prepare to fight Trump over app ban
Matt O'BrienAssociated PressTikTok and its U.S. employees are planning to take President Donald Trump’s administration to court over his sweeping order to ban the popular video app, according to a lawyer preparing one of the lawsuits. Trump last week ordered sweeping but vague bans on dealings with the Chinese owners of TikTok and messaging app WeChat, saying they are a threat to U.S. national security, foreign policy and the economy. The order would prohibit “any transaction by any person” with TikTok and its Chinese parent company ByteDance. The looming ban has annoyed TikTok users, some of them Trump supporters like Pam Graef of Metairie, Louisiana. Godwin said the employees’ legal challenge will be focused on worker rights, not on the national security claims underlying Trump’s order.
Daimler reaches deals to settle US diesel emissions claims
BERLIN (AP) — Daimler AG, the maker of Mercedes-Benz cars, says it has reached agreements in principle to settle U.S. claims over emissions from its diesel vehicles for over $2.2 billion. The Stuttgart, Germany-based automaker said late Thursday that the agreements with various U.S. authorities concern civil and environmental claims involving about 250,000 diesel cars and vans. The company said the civil cases related to a a consumer class action lawsuit pending before the U.S. District Court for the District of New Jersey. Daimler AG said in a statement that the settlement with governments will result in costs of about $1.5 billion, while the civil settlement will bring a one-off charge of about $700 million. It estimated that “further expenses of a mid three-digit-million” euros would be required to fulfill requirements of the settlements.
Governor Stitt is named a 'Wind Champion,' Mammoth Energy Services adds independent board member
Stitt named wind championThe American Wind Energy Association and Advanced Power Alliance have recognized Gov. Kevin Stitt for his exemplary support of American wind power, they announced this week. "I am honored to receive AWEA’s Wind Champion Award,” Stitt remarked. “The wind energy industry plays a central role in generating quality jobs and promoting economic growth in Oklahoma. As governor, I strive to foster a pro-business and regulation friendly environment for all industries, and I remain committed to working with our wind producers to ensure American energy leadership in the global marketplace and to continue to provide low-cost reliable energy here in our great state.”Stitt was among 15 congressional leaders and governors to receive a wind champion award from the organizations, officials said.
Presidential assistance offered for unemployed, but Oklahoma officials have yet to say if the state will participate
Presidential assistance offered for unemployed, but Oklahoma officials have yet to say if the state will participateWhile the number of Oklahomans receiving continued unemployment assistance during the final week of July lowered slightly, numbers remain stubbornly high. Meanwhile, the Oklahoma Employment Security Commission (OESC), the agency overwhelmed by the unemployment claims surge earlier this year, could be facing additional challenges as the landscape involving offered benefits changes yet again. Talks between the U.S. House of Representatives, U.S. Senate and the White House to send most adult Americans additional stimulus checks and to extend a popular unemployment benefit that gave out-of-work people an additional $600 a week broke down last week, prompting President Donald Trump to sign executive orders the administration states will provide at least some limited help, for now. For working Americans, the help will come in the form of a payroll tax deferral, rather than in the form of another round of stimulus checks.
Running costs on Prince Harry and Meghan's $14.7m mansion could reach $4.4million per year
AdvertisementPrince Harry and Meghan Markle's new nine-bedroom and 16-bathroom mansion in California could cost as much as $4.4million a year to run. MORTGAGE: $480,000 PER YEARHarry and Meghan bought the luxury property after securing a $9.5million mortgage, it is believed, implying that they made a down-payment of more than $5.2million. Annual property tax is estimated at $68,000 and the costs of security and utilities for the huge mansion will also come with hefty bills. At their peak Harry and Meghan's combined wealth had been estimated to be around $43million. Harry and Meghan's mansion is more than 10 times larger, suggesting a possible bill of at least $2,000 per month or $24,000 per year.
Apple Stock Hits New High On Reported Plan To Bundle Services Like TV, Music, Cloud And Arcade
Bundling could be a boon to the fortunes of Apple TV+, the streaming video service introduced last November. Apple has not yet released any viewership or subscriber data for Apple TV+. Apple Music has been an anchor of the services effort, along with iCloud and Apple TV. The company has more recently added Arcade and News+ to go along with Apple TV+. Peloton reached 1 million online subscribers in May, while Nike reported adding 25 million new members in the fourth quarter.
Ex-Boston police union head arraigned on charges including aggravated rape of child
The former head of the Boston police union was arraigned on Thursday on what prosecutors described as a “heinous” set of charges, including aggravated rape of a child, in connection with the alleged abuse of a girl over the course of five years, beginning when she was 7 years old. “This is an extremely serious case, obviously,” said Assistant Suffolk District Attorney Audrey Mark. Rose joined the Boston Police Department in 1994 and spent most of his career working in Dorchester. He was voted union president in December 2014, replacing longtime head Thomas Nee. Boston Police Department spokesman John Boyle had no immediate comment on the charges.
Oregon Insight: New jobless claims return to pre-pandemic levels
The number of new jobless claims filed each week in Oregon has dropped sharply over the past month and is now at about the level it was before the coronavirus pandemic hit. The falloff in new jobless claims shows the pace of layoffs has slowed enormously in recent weeks. That’s about 50% higher than during the worst days of the Great Recession, but down from more than 300,000 continued weekly claims in May. Oregon’s unemployment rate was 11.2% in June, a historic high but down from 14.3% in May. Meanwhile, the economic toll of the pandemic has been exacerbated by Oregon’s struggles to pay out jobless claims.
Mortgage refinancing will be 0.5% more expensive, Fannie Mae and Freddie Mac to raise fees
Fannie Mae and Freddie Mac announced a new fee of 0.5% to protect themselves from losses on their refinanced mortgages given ow interest rates. :Mortgage rates are at historic lowsMortgage rates:How to rate shop and secure a lower mortgage paymentGiven the record-low interest rates, mortgage refinancings have been surging since the start of the economic crisis caused by the coronavirus pandemic. Fannie Mae and Freddie Mac do not lend to homeowners. And now, (the) Federal Housing Finance Authority wants to grab that savings from the consumer and put it into Fannie and Freddie’s pockets," McBride says. "As if there aren’t enough fees involved in refinancing, as if the process doesn’t contain enough unwelcome surprises for the borrower, now you have this," McBride added.
Stocks Are Mixed After Upbeat Jobs Data
Upbeat figures on U.S. employment failed to counter investors’ concerns about friction over trade and the stalemate over another U.S. stimulus package. The Nasdaq Composite rose 0.6% on a good day for technology and media stocks. “In theory at least ...anything can happen of course.”Read:Tesla and Apple Plan to Split Their Stocks. 3M (MMM) shares rose 0.9% after the company released July sales data, which showed a 6% in total sales. Carlsberg stock (CABGY) lost 5.2%, as the Danish brewer said it expected operating profit to fall 10% to 15% this year.
White House Says Most Coronavirus Job Losses Likely to Be Temporary
WASHINGTON—Four-fifths of the increase in unemployment between February and May was likely temporary, the Trump administration estimated Thursday in a report that said relief spending significantly reduced the economic pain caused by the coronavirus pandemic. The number of unemployed Americans rose from 5.8 million in February to more than 23 million in April, as swaths of the economy were shut down to slow the spread of new coronavirus. The jobless rate was 10.2% in July, with 16.3 million people out of work.
R. Kelly accuser wants default judgment against singer
The woman who sued R. Kelly for sexual assault and giving her herpes wants a judge to enter a default judgment against the disgraced R&B singer after he failed to properly respond to her case, new court papers allege. “By failing to respond to the allegations in the [lawsuit], R. Kelly has admitted to them,” and therefore the judge should enter the default judgment against him, the court documents go on to claim. The 53-year-old “I Believe I Can Fly” crooner — whose given name is Robert Kelly — is currently behind bars awaiting trial on sex crimes charges related to six women and girls. Kelly also faces a criminal case in Chicago for allegedly producing child pornography and destroying evidence. Kelly’s lawyer Thomas Farinella said, “I will be submitting opposition to the Plaintiff’s motion for default judgment against Mr. Kelly.”
Trump administration to scrap limits on methane leaks at oil and gas sites
ADThe current regulations date to 2016 and are among environmental protections crafted by the Obama administration that President Trump has systematically reversed. The American Petroleum Institute and the Independent Petroleum Association of America said their members could police methane emissions on their own. According to the EPA, methane accounted for more than 10 percent of all U.S. greenhouse gas emissions from human activities in 2017. Mustafa Santiago Ali, vice president of the National Wildlife Foundation, said the decision by the Trump administration will disproportionately affect minority communities. In March 2019, Royal Dutch Shell’s head of U.S. operations, Gretchen Watkins, urged the Trump administration to tighten instead of loosen regulation of methane emissions.
Macron warns Iran not to ‘interfere’ in Lebanese government shakeup
French President Emanuel Macron warned Iranian President Hassan Rouhani against interfering in Lebanon after several government officials resigned following a deadly explosion at Beirut's seaport. His presence stood in stark contrast to the relative absence of Lebanese government officials since the incident. Macron toured the rubble and promised frustrated protesters that aid would not fall into corrupt hands. Macron is hoping to broker a deal between opposing political factions in Lebanon to rebuild the city and restore the government while also coordinating international aid for recovery efforts. Macron has also urged both Russia and Iran -- key power players in the region -- to coordinate aid efforts with the rest of the international community to restore stability.
Apple and Tesla do stock splits, jobless claims fall below 1 million: What today's news means for your money
Stock splits and unemployment numbers are making news today. Here's how the headlines could affect your money:Apple, Tesla ready for stock splitsApple and Tesla both recently announced they will split their stock on August 31. Weekly jobless claims drop below 1 millionWeekly jobless numbers continue to drop and beat Wall Street expectations. For the first time since late March, jobless claims came in below 1 million: Claims fell to 963,000 last week. Words you've heard: stock split
Inflation can weigh on gold and expect volatility to continue, says Blue Line Futures founder Bill Baruch
Inflation can weigh on gold and expect volatility to continue, says Blue Line Futures founder Bill BaruchBill Baruch, founder and president of both Blue Line Capital and Blue Line Futures, joins CNBC's "Fast Money Halftime Report" to discuss how to play the rebound in the futures market.
Big bets on two casino stocks & other big calls of the day
Big bets on two casino stocks & other big calls of the dayThe "Halftime Report" traders debate analyst calls on Penn National Gaming and Caesars Entertainment
It's worrisome there may not be an extension of umemployment benefits, says Sit Investment Associates' Doty
It's worrisome there may not be an extension of umemployment benefits, says Sit Investment Associates' DotyBryce Doty, senior portfolio manager at Sit Investment Associates, and AnnElizabeth Konkel, Indeed Hiring Lab economist, join CNBC’s “The Exchange” to discuss if investors should be optimistic about a market recovery.
Final Trades: Uber, Builders FirstSource & more
Final Trades: Uber, Builders FirstSource & moreThe "Halftime Report" traders give their top picks to watch for the second half.
Mike Bloomberg to speak at DNC as Democrats wonder whether he will spend big for Biden
Democratic presidential candidate former New York City mayor Mike Bloomberg waves to his supporters at his Super Tuesday night event on March 03, 2020 in West Palm Beach, Florida. Billionaire former presidential candidate Mike Bloomberg is set to speak at the Democratic National Convention next week as party leaders wonder when he will start spending big to back Joe Biden's campaign for president. A spokeswoman for Bloomberg confirmed to CNBC that he will be a featured speaker at the virtual convention that's slated to start on Monday. Bloomberg, a former mayor of New York, has been a vocal supporter of Biden's since his own withdrawal from the Democratic primary in March. That development comes as Bloomberg's allies have been speaking with him about when and where he'll make his next big investment to support Biden.
The options market bets on chip stock Applied Materials to surge on earnings
The semiconductor space was pulling back slightly Thursday after the SMH ETF that tracks the sector hit an all-time closing high Wednesday, but the options market is betting that Applied Materials' earnings report might help pull the chips to yet another record. Applied Materials hasn't fared quite as well as many of its marquee competitors, gaining just 7% this year compared with the semiconductor index's 20% rise. The company is scheduled to report earnings after the bell Thursday. The options market right now is implying a move of 4.6%, that's in line with the 4.1% or so that the stock has averaged over the last eight quarters," Michael Khouw, chief investment officer of Optimize Advisors, said Wednesday on "Fast Money." A 4.6% move up from Wednesday's close would put Applied Materials right around $69.56, which is slightly higher than what the day's most popular options contract was targeting for the stock.
Business & Financial News, U.S & International Breaking News
S&P 500 hovers at record levels as jobless claims fallApple pushed the S&P 500 and Nasdaq higher on Thursday, with the benchmark index nearing an all-time high, as jobless claims fell below one million for the first time since efforts to curb the COVID-19 outbreak in the United States began five months ago.
UK retailer New Look seeks turnover-based rent in latest restructuring
LONDON (Reuters) - Struggling British fashion retailer New Look on Thursday proposed a second major restructuring of its store estate in three years, this time asking landlords to agree new turnover-based leases across its portfolio. New Look has reopened 459 of its 496 stores in the UK and Ireland since lockdown. Store sales are down 38% on a like-for-like basis since June 1 predominantly due to the continued impact of the pandemic on footfall. These include a debt for equity swap that would reduce senior debt from about 550 million pounds to about 100 million pounds and significantly decrease interest costs, an extension of working capital facilities and an injection of 40 million pounds of new capital. In tandem with the recapitalisation, New Look’s adviser PWP will contact strategic and financial investors to determine potential interest in the purchase of New Look shares or assets.
Relief efforts should cushion economy in months ahead, White House report says
Federal Reserve officials warned here this week that the U.S. economic recovery will be slow until the virus is under control, and the expiration of economic stimulus could slow the recovery further. At least 5.2 million coronavirus cases have been reported here in the country and more than 166,000 people have died. The report said low-income households, in particular, benefited from expanded unemployment insurance and economic recovery rebates, with disposable income increasing 5.4%, starting in February. An expected deterioration in consumer debt and credit indicators had not occurred, but the situation could still change quickly, the report said. Bank card balances also fell, with lenders keeping credit limits constant instead of cutting them as happened during the Great Recession.
PGS rejects $600 million seismic data offer from rival TGS
OSLO (Reuters) - Seismic surveyor PGS (PGS.OL) said on Thursday it had rejected a $600 million (460 million pounds) offer for its geophysical data library from rival TGS (TGS.OL), arguing that the bid undervalued the assets and that a sale would hurt its strategy. Oil industry suppliers such as Oslo-listed TGS and PGS have been hard hit by weak crude prices during the coronavirus pandemic as energy companies rein in exploration and thus spend less on the seismic data needed to detect reserves. “PGS remains committed to its integrated service strategy,” it said. TGS had argued that its proposal would give PGS enough cash to repay a $135 million debt facility due next month. “PGS remains focused on its ongoing discussions with its lenders, as previously announced,” the company said on Thursday.
Stocks tick up, oil off, with eyes on U.S. stimulus
[.EU]The pan-European index lost 0.63% and MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.16%. In the currency and bond markets, faltering hopes for a compromise between Republicans and Democrats over additional stimulus for the U.S. economy dragged the dollar index =USD down. In Asia, Japanese stocks were the main mover, soaring 1.8% to a six-month peak .N225 on gains from chip firms. Emerging market stocks rose 0.35%. Graphic: 2020 Global asset performance hereSlideshow (2 Images)Graphic: World stocks shaking off the virus here
U.S. hits fiscal cliff with jobs, economic recovery in the balance
The outcome led a New York Federal Reserve weekly index of projected growth in gross domestic product to improve slightly. Graphic: Oxford Economics Recovery Index hereBut while the claims statistics indicate some rehiring continues, the numbers remain massive by historical standards. “It’s promising that initial unemployment claims have fallen, but there’s still a long road ahead.”The risks may be mounting. An Oxford Economics index combining health, economic and social data fell last week, and has shown little change since mid-June. Graphic: NY Fed Weekly Economic Index NY Fed Weekly Economic Index here
Global Markets: Stocks tick up, oil off, with eyes on U.S. stimulus
The pan-European index lost 0.63% and MSCI’s gauge of stocks across the globe gained 0.16%. In the currency and bond markets, faltering hopes for a compromise between Republicans and Democrats over additional stimulus for the U.S. economy dragged the dollar index down. In Asia, Japanese stocks were the main mover, soaring 1.8% to a six-month peak on gains from chip firms. Emerging market stocks rose 0.35%. Oil prices eased after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions, but resilience in equities markets and a weak dollar limited losses.
S&P 500 hovers at record levels as jobless claims fall
(Reuters) - Apple pushed the S&P 500 and Nasdaq higher on Thursday, with the benchmark index nearing an all-time high, as jobless claims fell below one million for the first time since efforts to curb the COVID-19 outbreak in the United States began five months ago. REUTERS/Mike SegarThe S&P 500 briefly traded above its record closing high of 3,386.15 and was 0.3% away from its intraday record high of 3,393.52 registered in February. Apple Inc (AAPL.O) rose 2.4% to about $463.09, less than $5 a share shy of hitting $2 trillion in market capitalization. ET, the Dow Jones Industrial Average .DJI was down 37.90 points, or 0.14%, at 27,938.94 and the S&P 500 .SPX was up 2.99 points, or 0.09%, at 3,383.34. The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 53 new highs and 16 new lows.
Negotiators 'miles apart' on Covid funding, with little hope for deal until September
Speaking on the floor, McConnell scoffed at the Democratic leaders’ demands for Republicans to raise the price ceiling of their negotiations to $2 trillion from $1 trillion. Democrats have called the move blatantly unconstitutional and it’s unclear what affect the orders will have without congressional backing. Pelosi has said the next package cannot wait six more weeks, and does not want to tie the trillion-dollar-plus relief talks into an already contentious government funding battle. The only thing that the two parties can agree on, it seems, is that there is no agreement. “Treasury Secretary Mnuchin is working on that, but so far it's a stalemate,” White House economic adviser Larry Kudlow said Thursday on CNBC.
Europe has mixed reactions to updated U.S. tariffs over Airbus
By changing targets without increasing tariffs, Washington managed to please some countries, such as Italy, while upsetting others. EU Trade Commissioner Phil Hogan said he would keep working "to find a negotiated solution to ongoing trade irritants." But France's Trade Minister Franck Riester criticized Washington for maintaining tariffs, which he called "unjustified." The Scotch whisky industry also was dispirited. The tariffs are “inflicting huge damage” on the industry, she added, pointing out exports to the U.S. have shrunk 30 percent since the tariffs took effect.
Kamala Harris' economic policy: Roll back tax cuts, expand health care and middle-class tax breaks
Similarly, her positions on economic issues ranging from affordable housing to Wall Street have elicited muted praise — along with some caveats. “The platform of the day that’s going to get people's attention has to be pandemic policy,” said Joseph Mason, professor of finance at Louisiana State University. You can leapfrog from that into health care access.”Health care costsIn the short term, Harris pledged to shore up the Affordable Care Act, and outlined a 10-year transition plan to overhaul the nation’s piecemeal health care system and rein in soaring costs projected to reach as much as $6 trillion a year by the next decade. But a much higher-profile priority for Harris is the reversal of the GOP-backed Tax Cuts and Jobs Act decreases in tax rates for businesses and rich Americans. “One perceived advantage is you take something like that and make it permanent… and move the ball forward on what they think is good tax policy in the long run.”
U.S. reports highest COVID-19 fatalities in a month, but real death toll could be higher
The 1,424 fatalities reported Wednesday were the highest since July 28, when 2,218 deaths were reported, the figures showed. And it was the twelfth time in the last 16 days that the death toll exceeded 1,000. And new data is showing “a startling surge in children and teenagers diagnosed with COVID-19,” NBC News reported Thursday. As of Thursday morning, the U.S. has reported more than 167,000 deaths due to COVID-19 and more than 5.2 million confirmed infection. The U.S. has accounted for a fourth of the world’s more than 20.7 million cases and 750,429 deaths.
‘It was like a living nightmare’: D.C. man on trying to get unemployment benefits
963,000 more people filed for unemployment last week. Former Washington D.C. police officer and Amazon delivery worker Thomas Kennerly joins Stephanie Ruhle to explain the struggle that many are still facing: trying to get benefits months after losing their jobs.
Florida’s new jobless claims drop the most of any state
Florida’s new jobless claims drop the most of any stateTALLAHASSEE, Fla. (AP) — Florida led the nation in a drop in the number of new jobless claims filed last week compared to the previous week, according to federal labor figures released Thursday. Some 55,106 Floridians filed for unemployment benefits last week, a decline of 23,180 claims from the previous week, the biggest drop of any state. The new claims were still historically high because of unemployment caused by the new coronavirus. By comparison, at the same time in August 2019, there were 5,978 new jobless claims in Florida. The Labor Department said applications fell to 963,000, the second straight drop, from 1.2 million the previous week.
Mexico to produce COVID-19 vaccine pending results, approval
Improper disposal of medical waste has become an increasing problem in Mexico amid the pandemic. Improper disposal of medical waste has become an increasing problem in Mexico amid the pandemic. (AP Photo/Felix Marquez)MEXICO CITY (AP) — A potential COVID-19 vaccine developed by Oxford University will be produced in Mexico if its advanced trials are successful and it receives regulatory approval, the government said Thursday. Sylvia Varela, AstraZeneca’s president in Mexico said the cost of a dose would be around $4, but López Obrador said the government would cover that expense. Mexico already had agreements with four vaccine projects to carry out Phase III trials in the country, but this is the first production agreement.
Apple Stock Nears $2 Trillion Market Cap On Services Bundle News
Apple stock was within spitting distance Thursday of reaching the unprecedented milestone of $2 trillion in market capitalization, as shares pushed higher on a report the iPhone maker plans to bundle subscription services for consumers. XIn afternoon trading on the stock market today, Apple (AAPL) climbed 2.5%, near 463.50. Intraday, Apple stock hit a record high of 463.68. Earlier Thursday, Bloomberg reported that Apple plans to offer a range of services bundles in October under the brand name Apple One. A basic package would include Apple Music and Apple TV+, while a more expensive package would offer those two services plus the Apple Arcade gaming service.
Dow Jones Oil Giant Invests In This Holy Grail Of Green Energy
Dow Jones giant Chevron (CVX) is investing in a nuclear fusion startup as oil majors take stakes in cleaner energy amid public outcry. XSeattle-based Zap Energy was founded in 2018 and is designing a way to stabilize the plasma needed for nuclear fusion. The oil major didn't disclose how much it was investing in the startup's Series A funding. Nuclear fusion, which is how the sun creates energy, is a much cleaner source of energy without greenhouse gas emissions or long-life radioactive waste. Last year, the War Zone found that the Navy filed a patent application for a compact fusion reactor.
Health Care Stock Boosts Results With Solid Group Of Tenants
XThe health care stock is getting close to a buy point, after last week's earnings report showed accelerating growth. Health care landlords overall collected 95.2% of rents in July, according to the National Association of Real Estate Investment Trusts. Overall, health care REIT collections are on par with industrial, office and apartment assets, while retail is lagging. Rents Hold Up For Health Care StocksPhysicians Realty Trust owns dozens of medical buildings in 31 states. On an annualized basis, that's a dividend yield of 5%, making the stock a good choice for dividend investors.
Beirut Explosion Likely Sparked by Maintenance at Warehouse, According to U.S. Assessment
BEIRUT—Maintenance work likely led to the explosion of a large cache of ammonium nitrate that devastated a large part of the Lebanese capital last week, a U.S. government assessment concluded, according to a person familiar with the matter. The assessment adds to the emerging picture of what caused the Aug. 4 blast that killed more than 160 people, with at least 60 others still missing. The explosion has stoked public outrage toward Lebanon’s government, with many protesters demanding justice after the explosive material was...
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Quibi Founder Jeffrey Katzenberg Fetches $125 Million for Beverly Hills Home
Entertainment mogul Jeffrey Katzenberg has sold his Beverly Hills home for $125 million, forging one of the priciest real-estate deals ever closed in the Los Angeles area. Mr. Katzenberg and his wife Marilyn Katzenberg “had been looking to downsize for some time, and received an offer they couldn’t refuse,” said their spokesman. “They will stay in the house for another six months, and plan to remain in the immediate neighborhood.”The former CEO of DreamWorks Animation and Quibi founder bought the site for $35 million in 2009, records show. Property records show it is about 26,000 square feet, and sits on almost 7 acres. The buyer is a family from the United Kingdom with homes in London and Aspen, Colo., according to a person familiar with the deal.
Daimler to pay more than $2B in US emissions case
Daimler AG will pay around $1.5 billion as part of agreements it reached with U.S. authorities to settle proceedings related to diesel emissions. Moreover, the company has reached an agreement to settle a class action over the same issue. Daimler expects the costs of the settlement to be around $1.5 billion. "Daimler estimates further expenses of a mid three-digit-million euros amount to fulfill requirements of the settlements," it said. "The company has cooperated fully with the U.S. authorities and continues to do so," it said.
What investors should do if they think the stock market is in a bubble, according to the folks who wrote the book on bubbles
The coronavirus shutdown has resulted in a resurgence of day trading, particularly on zero-commission apps. But could the entry of large numbers of speculative day traders create a bubble in stocks? Many novices gave up their jobs to become day traders, most of them borrowing heavily to invest on margin. After-hours trading was extended to the public around the same time, so day traders didn’t just trade during the day. Chinese day tradersMore recently, day traders drove a huge bubble in Chinese stocks SHCOMP, +0.04% in 2015.
Here are all the ‘Going-Out-of-Business’ sales for 112-year-old Stein Mart stores
When Stein Mart Inc. became the latest struggling retailer to succumb to the COVID-19 pandemic by filing for bankruptcy on Wednesday, the 112-year old off-price retailer said it expected to close “a significant portion, if not all” of its stores. A day later, it was announced that all 279 U.S. stores, across 30 states, were closing through “Going-Out-of-Business” sales. The sale process is being managed by a joint venture comprising Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial Inc.’s US:RILY Great American Group and SB360 Capital Partners.
What investors should do if they think the stock market is in a bubble, according to the folks who wrote the book on bubbles
The coronavirus shutdown has resulted in a resurgence of day trading, particularly on zero-commission apps. But could the entry of large numbers of speculative day traders create a bubble in stocks? Many novices gave up their jobs to become day traders, most of them borrowing heavily to invest on margin. After-hours trading was extended to the public around the same time, so day traders didn’t just trade during the day. Chinese day tradersMore recently, day traders drove a huge bubble in Chinese stocks SHCOMP, +0.04% in 2015.
KE Holdings shares are off to a flying start in IPO debut that raises $2.12 billion
KE Holdings reported a net profit of $227.5 million in the first half of 2020 on revenue of $1.77 billion. KE Holdings’ IPO comes fraught with peril, starting with the White House. KE Holdings enters a volatile political and economic landscape. At the time, Luckin Coffee said it placed six other employees on leave or suspension. Read more: Opinion: Luckin Coffee shows how risky Chinese IPOs can be, but investors are just not listening
Millennial-focused retailer Revolve upgraded as a quick inventory shift makes up for a drop in dress sales, stock jumps 18%
Raymond James upgraded Revolve stock to strong buy from outperform, with a price target of $32, up from $18. "Revolve remains well positioned as the fashion market increasingly shifts online and this has accelerated with the pandemic," Raymond James said. BMO Capital Markets raised its price target to $18 from $11, maintaining its market perform stock rating. And Cowen analysts moved their price target to $28 from $19 and maintained their outperform stock rating. Revolve stock has gained 25.3% for the year to date while the S&P 500 index SPX, +0.08% is up 4.7% for the period.
A binge? Bulge? Or just the new normal for debt in America as Fed helps spur string of records
It’s also the mantra of the biggest part of the $9.8 trillion U.S. corporate debt market in the months since the Fed stepped in with its support to keep credit flowing during the pandemic. As part of the Fed’s “do whatever it takes” policy, the central bank started buying up corporate debt for the first time ever in May, with a focus on investment-grade assets. This chart from UBS shows the duration of the investment-grade bond market hitting a new high of 8.4 years at the end of July, when yields dipped below 2% for the first time ever. Of note, even though the Fed stopped buying corporate debt ETFs last month as credit markets rallied, the central bank still was list listed as the top buyer of LQD over the past three months with 17 million shares, per FactSet data. The Fed’s boost for markets also has extended into riskier corporate debt.
Jobless Claims Dropped Below 1 Million. Why the Stock Market Isn’t Celebrating.
A seasonally adjusted 963,000 workers filed for first-time jobless benefits last week, the Labor Department said Thursday. That is down from a revised 1.19 million a week earlier and below the 1.15 million economists surveyed by FactSet had anticipated. Those continuing to claim jobless benefits fell to 15.5 million in the latest week, while those continuing to receive pandemic unemployment assistance, such as gig workers, fell to 10.7 million from 13 million. While the number of newly jobless is still staggering, the decline from the one million mark is significant. The impasse in part focuses on an extension of enhanced unemployment benefits, which millions of Americans lost at the end of July.
The S&P 500 Is Resting on the 100th Day of the Rally
The S&P 500 bottomed 100 trading days ago—and it’s fitting that the index has decided to take a rest and contemplate just how far it has come. The S&P 500 has edged up 0.03% to 3,381.36 on Thursday, while the Dow Jones Industrial Average has declined 52.89 points, or 0.2%, and the Nasdaq Composite has gained 0.8%. Just remember: The S&P 500 may be near its all-time high, but the same can’t be said for many other markets. Cisco Systems (CSCO) stock certainly isn’t helping the Dow on Thursday after the company reported better-than-expected earnings and sales, but offered below-forecast guidance. Keysight Technologies (KEYS) has gained 3.9% after getting upgraded to Buy from Neutral at Goldman Sachs.
Mortgage rates keep falling — will they finally drop to 0%?
Mortgage rates have dropped to record lows on eight separate occasions in 2020 so far, as the coronavirus pandemic has roiled the global economy. The 15-year fixed-rate mortgage averaged 2.46%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage stood at 2.9%. The week prior mortgage rates had fallen to a record low for the eighth time this year. “The central bank rates in Denmark had been negative for five years or so before mortgage rates got to zero,” Hale added. “Mortgage rates are determined by investor demand for mortgage bonds,” said Matthew Speakman, an economist at Zillow ZG, -0.25% .
What investors should do if they think the stock market is in a bubble, according to the folks who wrote the book on bubbles
The coronavirus shutdown has resulted in a resurgence of day trading, particularly on zero-commission apps. But could the entry of large numbers of speculative day traders create a bubble in stocks? Many novices gave up their jobs to become day traders, most of them borrowing heavily to invest on margin. After-hours trading was extended to the public around the same time, so day traders didn’t just trade during the day. Chinese day tradersMore recently, day traders drove a huge bubble in Chinese stocks SHCOMP, +0.04% in 2015.
Stocks Are Mixed After Jobless Claims Data
Stocks wavered around the break-even line on Thursday, after the S&P 500 briefly touched its all-time high. Economists had expected the data to show 1.1 million claims. The Nasdaq Composite rose 0.6% on a good day for technology and media stocks. 3M (MMM) shares rose 0.9% after the company released July sales data, which showed a 6% in total sales. Carlsberg stock (CABGY) lost 5.2%, as the Danish brewer said it expected operating profit to fall 10% to 15% this year.
After 6 years, this nurse practitioner was told her public-service job did not qualify for student-debt forgiveness. She fought back, but others are in limbo
But in 2019, when Straw, 39, went to re-certify her employment with her servicer, she got a different answer. In the meantime she was contemplating how she would cope if those six years wound up not counting towards forgiveness. Having accurate information about whether their work is eligible for PSLF can be crucial for a borrower’s financial future. To determine whether borrowers work for a qualifying employer, they can submit an employment certification form to the Department or FedLoan. In others, borrowers working for the same organization received different determinations from the government as to whether their job qualified.
A binge? Bulge? Or just the new normal for debt in America as Fed helps spur string of records
It’s also the mantra of the biggest part of the $9.8 trillion U.S. corporate debt market in the months since the Fed stepped in with its support to keep credit flowing during the pandemic. As part of the Fed’s “do whatever it takes” policy, the central bank started buying up corporate debt for the first time ever in May, with a focus on investment-grade assets. This chart from UBS shows the duration of the investment-grade bond market hitting a new high of 8.4 years at the end of July, when yields dipped below 2% for the first time ever. Of note, even though the Fed stopped buying corporate debt ETFs last month as credit markets rallied, the central bank still was list listed as the top buyer of LQD over the past three months with 17 million shares, per FactSet data. The Fed’s boost for markets also has extended into riskier corporate debt.
The S&P 500 Is Resting on the 100th Day of the Rally
Text sizeThe S&P 500 bottomed 100 trading days ago—and it’s fitting that the index has decided to take a rest and contemplate just how far it has come. The S&P 500 has edged up 0.03% to 3,381.36 on Thursday, while the Dow Jones Industrial Average has declined 52.89 points, or 0.2%, and the Nasdaq Composite has gained 0.8%. Just remember: The S&P 500 may be near its all-time high, but the same can’t be said for many other markets. Cisco Systems (CSCO) stock certainly isn’t helping the Dow on Thursday after the company reported better-than-expected earnings and sales, but offered below-forecast guidance. Keysight Technologies (KEYS) has gained 3.9% after getting upgraded to Buy from Neutral at Goldman Sachs.
Jobless Claims Dropped Below 1 Million. Why the Stock Market Isn’t Celebrating.
A seasonally adjusted 963,000 workers filed for first-time jobless benefits last week, the Labor Department said Thursday. That is down from a revised 1.19 million a week earlier and below the 1.15 million economists surveyed by FactSet had anticipated. Those continuing to claim jobless benefits fell to 15.5 million in the latest week, while those continuing to receive pandemic unemployment assistance, such as gig workers, fell to 10.7 million from 13 million. While the number of newly jobless is still staggering, the decline from the one million mark is significant. The impasse in part focuses on an extension of enhanced unemployment benefits, which millions of Americans lost at the end of July.
'This Is All Beyond Stupid': Experts Worry About Russia's Rushed Coronavirus Vaccine
When Vladimir Putin announced Tuesday that Russia had approved a coronavirus vaccine — with no evidence from large-scale clinical trials — vaccine experts were worried. It’s really risky,” said Daniel Salmon, the director of the Institute for Vaccine Safety at Johns Hopkins University. Just because someone gets sick or dies after getting a vaccine, however, doesn’t necessarily show that the vaccine was the culprit. Adding to the complexity, vaccine makers are testing out just about every technology they can for a COVID-19 vaccine. The researchers have come up with a set of potential medical complications that vaccine trials should pay particular attention to.
Why a Winning Dividend Fund Likes Home Depot, Target, and Walmart
Text sizeScott Davis didn’t set out to become an investor, much less the senior manager of a successful multibillion-dollar mutual fund focused on reliable and growing dividend stocks. The Boston-based $23 billion Columbia Dividend Income fund (ticker: LBSAX), which Davis has helped manage since 2001, took on its current approach at the beginning of 2004 after dividend taxes were lowered under President George W. Bush. The fund that Davis oversees has evolved considerably as its parent firm underwent different ownership through the years. In 2001, he became manager of the Galaxy Strategic Equity fund, which had less of a dividend focus. It became Columbia Dividend Income in 2003 when the fund and others were rebranded.
iFLY Smart Helps Organizations, Businesses and Health Care Facilities Get Back to Work Safely
The latest offering by iFLYSmart™ sets a new standard by delivering individually wrapped face masks that can be supplied safely at a distance. The dispenser kits come in multiple sizes to cater to the different needs of all organizations. Users can conveniently access their protective face mask without concern that their face mask was exposed or touched by someone else. Each dispenser can be refilled effortlessly with a new box of face masks and all boxes are 100% recyclable. Founded in 1931, Calego produces and distributes luggage, bags, accessories, and health & wellness products through its portfolio of brands.
6 national restaurant chains in deepest trouble amid COVID-19 include Outback Steakhouse, IHOP and Denny's
Casual dining chains were already facing challenges before COVID-19, hurt by the rise of fast-casual competition and increased food costs. Now, several of the largest restaurant companies in the U.S. are struggling with capacity restrictions on indoor dining and attempting to lure customers with takeout in a bid to avoid financial disaster. In contrast to sit-down chains, publicly traded fast-food companies are holding up well, in large part due to robust drive-through offerings. For example, McDonald’s has a less than 1 in 200 chance of defaulting, according to S&P. It has the worst credit rating among the nation’s largest restaurant companies.
Joe Biden's tax policy puts these 16 consumer company stocks at risk: Goldman Sachs
McShane stress tested her model and uncovered 16 consumer companies at risk from a Biden tax hike. (AP Photo/Carolyn Kaster) More“While we acknowledge that YoY change in earnings was likely attributed to more than just a reduction in the tax rate (i.e. the magnitude of the change in the tax rate was a significant driver of earnings expansion nonetheless. With that parameter in mind, we believe the greater the decline in tax rate a company witnessed, the more risk it faces if tax rates move higher,” McShane said. As we get closer to the elections, we expect option prices on these names to increasingly reflect higher potential volatility,” McShane warns.
U.S. Mortgage Rates Rise From a Record Low With 30-Year at 2.96%
(Bloomberg) -- Mortgage rates rose for the first time in three weeks, while holding close to the record lows that have juiced up the U.S. housing market. The average for a 30-year loan climbed to 2.96% this week, up from 2.88%, which was the lowest in almost 50 years of data-keeping by Freddie Mac. The low rates have made purchases more affordable and put money back in the pockets of homeowners who’ve refinanced, making housing a bright spot in an economy otherwise ravaged by the pandemic. “Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,” Sam Khater, Freddie Mac’s chief economist, said in a statement. For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.
Lender announces 30-year home loan under 2%, even as mortgage rates rise
Though mortgage rates have generally been moving higher this week, one of America's largest home lenders keeps moving things far in the other direction. United Wholesale Mortgage — the company that recently announced a 15-year fixed-rate mortgage with rates as low as 1.875% — has just unveiled a 30-year fixed-rate loan that starts at just 1.999%. Rates far below the averageView photos Gearstd / Shutterstock MoreThe rate on UWM's loan is way below this week's average rate for a 30-year fixed-rate mortgage: 2.96%, according to mortgage company Freddie Mac. How can UWM, the second-biggest mortgage lender in the U.S. after Quicken Loans, offer rates that are almost 1 full percentage point below average? The new 30-year loan, which is part of UWM's ongoing Conquest low-cost mortgage program, is available to both homebuyers and refinancing homeowners who haven't closed on a United Wholesale Mortgage loan in the last 18 months.
Refinancers scramble for mortgage rates in 'the 2s' before they rise
Refinancers scramble for mortgage rates in 'the 2s' before they riseMortgage rates in "the 2s" — that is, under 3%, though even as low as 1.875% — have sent homeowners into a borrowing binge that has pushed refinancing to its highest level in months, a new report says. A survey shows growing numbers of consumers think mortgage rates will rise — and there are signs an upswing is already underway. Ultra-low mortgage rates were the lure, particularly for refinancers. Refinances accounted for nearly two-thirds of last week's total mortgage applications — the highest level since May. In a survey done by mortgage company Fannie Mae, 35% of consumers say they think mortgage rates will rise over the next 12 months, up from 32% who said that last month.
The FATMAAN Is Large and in Charge Once Again
The indexes are holding up quite well and the Nasdaq 100/Invesco fund (QQQ) and FATMAAN names are large and in charge once again. The big warning sign will be poor breadth coupled with weakness in the FATMAAN stocks. The thesis for the strength is an increase in Joe Biden's poll numbers. When I feel that way, I have a tendency to project it on to the stock market and to start looking harder for a reversal in the indexes. It isn't a very good rationale for anticipating some market weakness, so I have to stay aware of that inclination.
Bankrupt Alaska airline seeks bonus for its chief executive
The largest rural airline in Alaska has declared bankruptcy and laid off more than a thousand workers but wants to award $250,000 in bonus money to its chief executive and other employees. Chief Executive Officer Dave Pflieger has already collected $1.4 million in salary, bonuses and expense payments over the past year. Pflieger was not involved in conversations about his own potential bonus, but did participate in discussions about them for other employees, company officials said. One of those companies was Juneau-based Alaska Seaplanes, which offered $9 million for the same assets FLOAT Shuttle bought for $8 million, company President Kent Craford said. Mike Dunleavy’s administration expressed “limited support” for Alaska Seaplanes’ position and said it was concerned that “all bidders were not given a full opportunity to participate in a transparent auction process.”GET FOX BUSINESS ON THE GO BY CLICKING HERE
REI to sell brand-new headquarters outside Seattle, embrace 'new normal' of remote work
Outdoor retailer REI may have just completed a new corporate campus just outside of Seattle, but the company now plans to sell the facility before it even moves in due to the new reality of the coronavirus pandemic. That includes where and how we work,” Eric Artz, president and CEO, told employees during a video call. The Kent, Wash.-based company has had its roughly 1,200 employees working remotely since March 2 in response to the growing COVID-19 pandemic. REI said Wednesday it is in talks with “multiple interested parties” to sell the never-used building and campus. The Seattle Times reported that one of those parties is Facebook, which has facilities in the same upscale development.
5 Stock Gainers for Thursday: Fat Brands, Revolve Group, Aspen Technology
Fat Brands, Revolve Group, Aspen Technology, China Unicorn and 1Life Healthcare are five of the biggest stock gainers on Thursday,Stocks were mixed Thursday, with jobless claims falling below 1 million for the first time since the onset of the coronavirus pandemic. Fat Brands | Percentage Increase Over 103%Fat Brands (FAT) - Get Report was soaring on Thursday after the restaurant chain company said it would acquire the Johnny Rockets restaurant chain from the private equity firm Sun Capital Partners for about $25 million. Revolve Group | Percentage Increase Over 17%Online fashion retailer Revolve Group (RVLV) - Get Report was climbing after handily beating Wall Street's quarterly earnings expectations. Aspen Technology | Percentage Increase Over 29%Aspen Technology (AZPN) - Get Report shares soared Thursday after KeyBanc analyst Jason Celino raised his share-price target on the asset optimization software company after it posted stronger-than expected earnings. 1Life Healthcare | Percentage Increase Over 10%1Life Healthcare (ONEM) - Get Report was rising after reporting a narrower-than-expected second-quarter loss and sales came in above forecasts.
Midday Market Update: Sentiment Challenged on Fiscal Stimulus
Stocks were largely challenged by midday Thursday, with indices pulled higher by a move into growth tech stocks. Congress faltering on stimulus talks is watering down strong economic expectations supported by the jobless claims reading. The tech-heavy Nasdaq rose about 0.8%, as investors, uncertainty in a V-shaped economic recovery, continue to pile into growth tech stocks. Elsewhere, Lyft (LYFT) - Get Report shares fell 5% to $29, after the company met revenue estimates and posted a narrower net loss than expected, as the company cut costs effectively. But Lyft, like Uber (UBER) - Get Report, may have to halt operations in California.
Micron Stock Cut to Hold - Memory Chips Face 'Tough Quarters'
Memory-chip makers face “tough quarters,” Deutsche Bank wrote as it downgraded Micron shares to neutral from buy. Micron Technology (MU) - Get Report shares fell Thursday after Deutsche Bank analyst Sidney Ho downgraded the semiconductor company to hold from buy and slashed his share-price target 20% to $48 from $60. Memory-chip makers face “tough quarters ahead,” he wrote in a commentary cited by Bloomberg. He has lowered his Micron estimates to account for lower prices and expects analysts’ estimates to fall "sharply" from present levels. Last week, following a call with Micron execs, Mizuho analyst Vijay Rakesh reported Micron was still seeing strong cloud demand.
US REITs Are in Play as China's Role as the World's Factory Wanes
Chin’s reign as the world’s factory is over, according to a key manager of the company that makes iPhones there. Young Liu, chairman of Foxconn Technology Group, told Bloomberg that plans are ongoing to gradually move its factories out of China as trade tensions worsen with the United States. The company is caught in the middle of an escalating trade war, and Young Lui is looking for a way out. Investors should look to pure-play industrial property real estate investment trusts, like Duke Realty ((DRE) -Get Report) and ProLogis Inc. ((PLD) -Get Report). They are primed to be the beneficiary of the retooling of American cities and factories.
Jim Cramer Calls Cisco a Sad Story
Cisco reported earnings. Cisco, which sells networking-focused hardware, software and services, reported drops in revenue across several segments and all regions. "Throughout fiscal 2020, Cisco has demonstrated operational resilience based on our strong customer relationships, solid financial foundation, and differentiated innovation," said Cisco chairman and CEO Chuck Robbins in a statement. Watch the video above to hear what has Jim Cramer calling Cisco a "sad story." Latest Videos From TheStreet and Jim Cramer:
Jim Cramer Calls Vroom 'Surprisingly Disappointing'
Group revenues, the company said, came in at $253.1 million, down 3% from last year but again topping analysts' estimates. "We've noticed a fairly profound shift in the buying preferences of our customers. Specifically, we've seen a downward shift in the price points that our customers are looking for. You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Latest Videos From TheStreet and Jim Cramer:
Cisco, Micron, Fastly: Midday Tech Stock Movers
Stocks were mixed on Thursday as jobless claims dropped, but Congress remained deadlocked on negotiations for a COVID-19 relief package. Here are some of the top tech movers for Thursday, Aug. 13:CiscoShares of Cisco (CSCO) - Get Report plunged 11% to $42.84 on Thursday following its fiscal fourth quarter earnings release. Analysts posted mixed reviews of the stock on Thursday. MicronShares of Micron (MU) - Get Report were falling 3.4% to $46.83 following a downgrade from Deutsche Bank. Fastly's CEO revealed last week that TikTok accounts for 12% of its revenue, but said in an interview this week that its growth outlook remains robust.
What Has Jim Cramer Hopeful About the Return of Sports
Penn National was getting a boost in intraday trading following a Goldman Sachs initiation. Penn National "has unique positioning relative to peers based on mobility and COVID-19 data analysis,” he said. 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:
California on the cusp of reining in COVID-19 surge, data show
Six weeks after California began re-closing swaths of the economy, there is cautious optimism that coronavirus transmission is heading downward, officials say. If it stays that way, the state may be on the cusp of curbing its second surge of the pandemic. AdvertisementAnd statewide, an ensemble computer model known as the California COVID Assessment Tool estimates California’s overall transmission rate at about 0.96. L.A. County has reported 30,827 new coronavirus cases in the last two weeks, which amounts to 305 new cases per 100,000 residents. “In June, the case rate among the young really began to take off,” said Dr. Sara Cody, the Santa Clara County health officer.
Hollywood scion sells Malibu home once owned by Otis Chandler
Set on the sands of Escondido Beach, the multilevel contemporary was once owned by former Los Angeles Times publisher Otis Chandler. Chandler, who died in 2006, owned the property in the early 2000s, records show. Charles Stern, the late Hollywood agent whose clients included Ed McMahon and Mickey Rooney, was the home’s original owner. Broccoli bought the property in 2014 from Red Wing Shoe Co. Chairman Bill Sweasy for $8 million, records show. Shen Schulz and Wailani O’Herlihy of Sotheby’s International Realty were the listing agents.
Burnsville Center will go into foreclosure after closures, other effects of pandemic
The Tennessee real estate investment trust that owns Burnsville Center said it would cooperate with foreclosure proceedings for the suburban mall and three of its other shopping centers. CBL Properties said in public financial filings earlier this year that Burnsville Center had experienced a decline in income due to store closures and rent reductions. Earlier this year, CBL Properties had been in talks with lenders to try to modify the loans of several of its malls, including Burnsville Center. CBL Properties spokeswoman Stacey Keating confirmed the Burnsville Center’s pending foreclosure, but she said shoppers wouldn’t see an immediate change at the center. “Customers can continue to expect business as usual at Burnsville Center,” she said in an e-mail.
Tempe approves $150K settlement for ex-police chief who alleged 'bad-mouthing'
The settlement, approved on July 1, comes months after the Tempe City Council rejected a similar agreement. Ryff retired in 2015 after 37 years with the Tempe Police Department, serving as chief for the last nine years. The Tempe City Council was scheduled to vote on a $150,000 settlement with Ryff in December, but pulled the item off the agenda. The settlement didn’t require council approval, unlike the previous agreement that went before council in December, despite being for the same amount. The City Charter requires that any claim for $75,001 or more be approved by the City Council.
$10K reward offered in murder of 2-year-old girl caught in Hammond crossfire: FBI
The FBI is offering a $10,000 reward for information leading to the shooters responsible for murdering a 2-year-old girl in northwest Indiana. Joette “Jo Jo” Malone was in the backseat of her mother’s car July 29 when they were caught in crossfire from gunmen in two other cars in Hammond, according to police. Jo Jo was shot in her head in the parking lot of the Kennedy Crossing apartment complex and rushed to Comer Children’s Hospital, where she died two days later, authorities said. “Our hearts are heavy today, mourning the loss of Jo Jo with her family,” Hammond Police Chief John Doughty said in a statement. Jo Jo’s death is one of the latest in a string of fatal acts of gun violence against children.
UIC workers to take strike vote over pay raise, PPE
Thousands of workers at the University of Illinois at Chicago are preparing to take a strike vote over working conditions and increased pay. Starting next week, SEIU Local 73, which represents the workers, will open a vote on whether to approve a strike. “Workers are ready to strike for their lives,” union president Dian Palmer said at a news conference Thursday. This is only asking for what we long deserve.”Building service workers start at $12.65 hourly, and the lowest-paid university workers — food service cashiers at the hospital — make $10.49 hourly, said Shea Marshall, executive board member of SEIU Local 73. Angelina Ross, a medical office specialist at UIC, said a lack of access to PPE and staffing levels create a stressful and unsafe work environment.
Worker injured in boom lift incident at Allegiant Stadium in Las Vegas
A boom lift lays on its side on the exterior of Allegiant Stadium in Las Vegas, Thursday, Aug. 13, 2020. (Erik Verduzco/Las Vegas Review-Journal) @Erik_VerduzcoA boom lift lays on its side on the exterior of Allegiant Stadium in Las Vegas, Thursday, Aug. 13, 2020. (Erik Verduzco/Las Vegas Review-Journal) @Erik_VerduzcoA boom lift lays on its side on the exterior of Allegiant Stadium in Las Vegas, Thursday, Aug. 13, 2020. (Erik Verduzco/Las Vegas Review-Journal) @Erik_VerduzcoA boom lift lays on its side on the exterior of Allegiant Stadium in Las Vegas, Thursday, Aug. 13, 2020. (Erik Verduzco/Las Vegas Review-Journal) @Erik_VerduzcoA worker at Allegiant Stadium was injured Thursday morning in an incident involving a boom lift outside of the $2 billion facility.
Memorandum on Authorizing the Other Needs Assistance Program for Major Disaster Declarations Related to Coronavirus Disease 2019
In addition, the Department of Homeland Security’s Disaster Relief Fund (DRF), has more than $70 billion in emergency assistance funding available. 5174(e)(2)) (“lost wages assistance”), to the people of a State, including the members of any tribe residing therein, if the Governor requests lost wages assistance and agrees to administer delivery and provide adequate oversight of the program, for a major disaster I declared pursuant to section 401 of the Stafford Act (42 U.S.C. 5170) for COVID-19, under the following conditions:(i) the Governor requests from the FEMA Administrator a grant for lost wages assistance pursuant to 42 U.S.C. 5174(g)(2); and(ii) the Governor administers delivery of financial assistance for lost wages in conjunction with the State’s unemployment insurance system. (e) The authority vested in the Secretary, acting through the FEMA Administrator, to approve lost wages assistance shall not be construed to encompass authority to approve other forms of assistance.
Tactics for surviving a bidding war
You don’t have to accept the highest offer; you could take a lower offer based on other terms or conditions. You may allow one buyer the chance to submit another bid, or you can tell a few — or even all — to try again. Bear in mind, though, that if you disclose the fact that you have received multiple offers to one potential buyer, you have to disclose it to all of them.
Mr. Rooter Plumbing Of Tucson
Operating since: 1970Our only priority is to provide the highest level of customer service. More About Mr. Rooter Plumbing Of TucsonWe know that plumbing emergencies are enough of a headache without dealing with an ornery customer service rep or repairman. We make your emergency a priority for us, scheduling service as quickly as possible to resolve your problem. Our plumbers are the same way—they treat your home with respect and consideration. Our prices are flat-rate and upfront, so you don’t have to worry about inflating prices as the job goes on.
Photos: El Toro Flicks drive in on a hot night in downtown Tucson
If support one of two insiders in the race to replace Barbara LaWall, you have to believe criminal justice can be reformed by an experienced insider. Otherwise your choice is the total outsider.
Why are coins hard to find during the pandemic?
Arizona’s former state health director says Governor Doug Ducey is “scientifically wrong” in lumping gyms and fitness centers with bars as places that cannot safely be operated during the COVID-19 pandemic. Gyms and fitness centers had originally been closed in March, along with various other businesses, in an attempt to slow the spread of COVID-19. Months into the pandemic, you might not ever wanna buy in bulk again. Buzz60’…But Ducey promised at the time that the health department would develop protocols before July 27 to allow the gyms and fitness centers to reopen. But Ducey has since extended the closure order for those facilities for another two weeks, if not longer.
S&P 500 briefly rises above record close as stocks drift
Updated 4 times AlertMeNEW YORK — Wall Street is drifting on Thursday, and the S&P 500 is again on the verge of erasing the very last of its pandemic losses. The S&P 500 was 0.1% higher in afternoon trading at 3,383.64. Wall Street has erased almost all of the nearly 34% drop the S&P 500 suffered from late February into March, even though the economy is still hobbled despite some recent improvements. Apple, Microsoft, Amazon, Facebook and Google’s parent company together make up more than 22% of the S&P 500, giving their movements extra heft in the index, and each rose at least 0.8%. Cisco slumped 11.2% for the biggest loss in the S&P 500, even though it reported better results for its latest quarter than Wall Street expected.
US jobless claims fall below 1 million but remain high
Applications for jobless benefits declined to 963,000, the second straight drop, from 1.2 million the previous week, the government said Thursday. The total declined last week to 15.5 million, from 16.1 million the previous week. The job gain in August will probably fall short of the 1.8 million added in July, analysts say. For months, on top of their state benefit, unemployed Americans also collected the $600 a week in federal jobless aid. The supplemental federal aid had enabled many jobless Americans to afford rent, food and utilities, and its expiration threatens to weaken consumer spending.
Constant Testing and New Demands: A Look at L.A. Housekeeping During COVID-19
Claudia Kahn’s interactions with clients have changed markedly since California went into COVID-19 lockdown. “But they’re doing so with precautions.”Those include initial Zoom interviews with follow-up meetings taking place on a patio or other outdoor area. Negative COVID-19 tests are expected from client and prospective employee prior to hiring. "If I get a sense that a client isn't flexible, I'm not going to work with them. “We’re scheduled to do a 105-foot yacht in Newport Beach, and they’ve said they’ll want us to come in frequently.
New Look seeks to slash rents with second CVA
New Look has been forced to overhaul its finances to secure a £40m cash injection from lenders to stay afloat. The ailing fashion retailer will trigger a company voluntary arrangement (CVA), its second in two years, to shake up the way it pays rent. It wants to switch most of its 496 stores to paying rent based on revenues for each site. New Look has been struggling for years, although there were green shoots of recovery before the pandemic hit. The retailer's previous CVA won the approval of almost all creditors and landlords but led to 980 job losses.
Childminders and debt collectors in high demand across the UK, employment data reveals
Vacancies for debt collectors and childminders are among the job postings that have surged the most within the last week, new data shows. There are more than 1.1 million active jobs in the UK, according to the Recruitment and Employment Confederation, including an extra 125,000 new vacancies posted in the past week- the highest number since late March. Financial experts say some businesses are emerging from a “frozen state” and can now afford to employ extra workers as they see renewed consumer demand for their services. However, in a sign that many are still in precarious financial positions, there has also been a 20 percent rise in adverts for debt collectors, with 445 active postings last week. Supporting retention and hiring by lowering employers' National Insurance would be a good start,” he added.
Japan’s maglev project derailed by pandemic and environmental fears
Here is a look into the complicated state of affairs surrounding the maglev project — how it started, where it is now and where it is headed. What’s the maglev project? The maglev shinkansen project has been around for decades, having first gotten the nod from the transport minister in 1973. Aside from speed, JR Central also touts the role the maglev can play in firming up Japan’s disaster preparedness. This new normal is threatening to question the raison d’etre of the maglev shinkansen project itself, sparking skepticism among some toward the necessity of its 500-kph speed.
A-Level results: These students were predicted to get As - but an algorithm threw their futures into chaos
Some A-level students say moderators have "ruined their results" as almost 40% of grades were downgraded in England after exams were cancelled due to coronavirus. The teachers' grades are also set against the school's performance in previous years. So, if the algorithm sees too many As and Bs given by the school - it will adjust the lower ranked students downwards. He was expecting A*, A, B but ended up getting B, B, C.He said: "I don't have the grades to go to university. I don't feel I've been fairly marked - my predictions were way higher than this.
American Airlines to cut services in 30 cities in October
American Airlines is preparing to cut service to some 30 small and mid-sized cities after minimum-service mandates imposed by Congress expire on September 30, in the latest sign that the airline industry could be headed off a cliff in the fall without further federal aid. American Airlines was granted $5.8 billion in support under the original program, which was part of the CARES Act. American Airlines is preparing to cut service to some 30 small and mid-sized cities. It was not immediately clear which routes would be affected, and the airline's plans have yet to be finalized. American Airlines told employees on Tuesday the company is extending the window to apply for voluntary exit packages or long-term voluntary leave of absences through August 17.
Jeffrey Epstein's estate lawyers accused of 'belittling' alleged victim
The complaint also names Ghislaine Maxwell, Epstein's alleged accomplice, as a co-defendant. "We have done no such thing, and the inclusion of this claim by plaintiff's counsel further highlights their lack of good faith in these discussions," Epstein estate attorney Mary Grace Metcalfe wrote. Doe's lawsuit alleges that she is the first known child victim of Epstein and Maxwell. "They took her to movies, went shopping with her and lounged around Epstein's estate with her." Maxwell has denied Doe's claims in the civil suit and has pleaded not guilty to the charges in the criminal indictment.
August 13, 2020 – Consortiumnews
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Pandemic Observations -- August 12, Top 40+ Nations (UK Edition):
Clovid-19The UK today found a new way to reduce its Covid-19 death toll, by retroactively culling all such deaths that took place more than 28 days after the date of a positive test result. By this bureaucratic sleight-of-hand, the UK actually made nearly 5,400 (~11.5%) of its total Covid-19 deaths simply disappear, even though those people are all still dead, and the vast majority would not have died when they did were it not for the coronavirus. Yet another reason why the current global total of nearly 750,000 officially acknowledged Covid-19 fatalities is a considerable under count of the true toll this pandemic is exacting. The other point worth noting in this report is the continued rise of India toward overall dominance in this pandemic’s stats. India has already far surpassed both Brazil and the USA in terms of confirmed weekly new cases, and could overtake Brazil in the next week or two in terms of weekly new deaths to move into 2nd place behind the USA.
Seven weeks.
“People will die.” (NYT)Republicans were mighty happy with a month-long shutdown, so they are likely fine with letting people go homeless and starve for seven weeks. To democrats, “seven weeks” probably is that neutral and helpless assessment of how long this could last. To republicans, “seven weeks” is an actual strategy. They must make it last seven weeks, somehow, to hold more cards. Two: the “seven weeks” deadline is a republican strategy, and it should be denounced as such.
Why the Gold Standard Would Fail Us
Once again there is talk of reestablishing a gold standard, a jump back to the time when money was made of gold. The gold standard would cause the second alternative. So what does the gold standard have to do with this? If we base the money supply on gold, the price for gold would have to go up — $15,000 per ounce in one calculation. Although I don’t favor the current system because of the distortions it may cause and how easily it can be manipulated, the only thing worse would be the gold standard.
Trump calls off COVID-19 relief negotiations with Democrats
What's more, Trump is jeopardizing funding for natural disaster response just as wildfire and severe storm season really kicks in. He's taking $44 billion from the FEMA Disaster Relief Fund for the payments—money that is expected to last about five weeks. There are way too many people not on any payroll right now for it to act as any kind of stimulus. Then there's the big issue: It harms Social Security and Medicare, which Trump denies. At this point, McConnell seems to be counting on using that looming disaster to try to force the Democrats' hand on coronavirus relief.
It is Time to Boycott Russian Products
Why are Americans and Europeans still buying Russian caviar and vodka, oil, gas and steel? Russian Standard Vodka is owned by the Russian government, but can be found on thousands of liquor store shelves across the country. Snake River Royal White Sturgeon Caviar,North American Caviar Company and the American Caviar company also produce world-class caviar in the United States. Europe is reliant on Russian gas and oil, but the United States can supply Europe with all the fossil fuels that it needs. With Russia's economy weak, a boycott of Russian products by the United States, Europe and other nations will make the Russian bear flounder.
Billionaire-Funded Think Tanks Call for Pandemic Deregulation to Be Permanent
Two billionaire-funded think tanks — the Mercatus Center at George Mason University and the Heritage Foundation — have issued reports saying that the pandemic justifies permanent deregulation of corporations and shrinking of government. Trump’s EPA issued a rule limiting the power of states and tribes to oppose gas, oil and coal projects within their borders. Naturally, this thumb-on-the-scale change will make it much harder – in many cases impossible – to justify pollution regulations. On July 15, The New York Times listed 100 environmental regulations that the Trump administration has reversed. But, of course, environmental regulations are not the only government protections being trashed by reactionary Republicans.
Amazon workers speak out against inadequate safety measures
“This is a modern-day sweatshop”Amazon workers speak out against inadequate safety measuresBy our reporters13 August 2020The World Socialist Website spoke with Amazon workers about the unsafe conditions at Amazon warehouses during the COVID-19 pandemic. On its website, Amazon claims that “[o]ur top concern is ensuring the health and safety of our employees.” But the reality is just the opposite. The most comprehensive count of infections and deaths at Amazon comes from a former Amazon worker, Jana Jumpp, who has been compiling statistics sourced from the rank and file. Stephanie, a warehouse worker, said: “They gave us a temporary two-dollar raise that ended in May which wasn’t hazard pay. They should give us unlimited time off if we need it.”If you’re an Amazon Worker and want to help forming a rank-and-file safety committee at your workplace, contact the WSWS International Amazon Workers Voice.
UK in record recession as social catastrophe looms
UK in record recession as social catastrophe loomsBy Thomas Scripps13 August 2020The UK is officially in the worst recession on record. In May, the BoE forecast a 14 percent collapse in GDP, the worst recession in 300 years. UK payrolls dropped 730,000 jobs between March and July, according to the ONS, and vacancies are 45 percent lower than a year earlier. As in the crash of 2008-9, government debt will be used to justify the evisceration of essential social services. The author also recommends:Nearly 650,000 jobs lost in UK during pandemic, with much worse to come[18 July 2020]Please enable JavaScript to view the comments powered by Disqus.
Wall Street continues to feed on death and economic devastation
Wall Street continues to feed on death and economic devastationBy Nick Beams13 August 2020Amid mass death, economic contractions not seen since the Great Depression, rising unemployment, and impoverishment for millions, Wall Street continues its relentless surge, siphoning up wealth to the heights of society. The index has risen 3.3 percent so far this month and is up by 4.6 percent compared to the start of the year. The Dow rose by 269 points, or 1 percent, and the tech-heavy NASDAQ index climbed by more than 2 percent. Companies in the Russell 2000 stock index have reported aggregate losses so far of $1.1 billion compared to profits of close to $18 billion a year ago. Predictably, as COVID infections and deaths have continued to mount in the US, President Trump has hailed the rise of the stock market as an indication of economic health.
World Socialist Web Site
12 August 2020By Patrick Martin, 12 August 2020Harris satisfies the advocates of identity politics while reassuring big business with her law-and-order record and close ties to the moneyed elite. 11 August 2020By Jean Shaoul, 11 August 2020By Patrick Martin, 11 August 2020By Kristina Betinis, 11 August 2020By K. Ratnayake, 11 August 2020By the World Socialist Web Site Educators Newsletter, 11 August 2020By Marianne Arens, 11 August 2020More on the back to school drive »By Katerina Selin, 11 August 2020By Peter Symonds, 11 August 2020By Joseph Santolan, 11 August 2020By Alejandro López, 11 August 2020By our reporters, 11 August 2020By Mauricio Saavedra, 11 August 2020By Helen Halyard, 11 August 2020By Nick Barrickman, 11 August 2020By Julian James, 11 August 2020By Tim Rivers, 11 August 2020More on autoworkers struggles »By Shuvu Batta, 11 August 2020By Tom Casey, 11 August 2020By Owen Howell, 11 August 2020New in GermanBenjamin Mateus, 11. New in SpanishPor Bryan Dyne, 12 agosto 2020Sin una explicación seria por parte del Gobierno, el número de pruebas siendo administradas a diario en EE.UU. Por Jean Shaoul, 12 agosto 2020Mientras la causa inmediata de la explosión no ha sido confirmada, el desastre fue el resultado de la negligencia criminal y la indiferencia indolente de varios Gobiernos sucesivos y la élite gobernante libanesa. Por Patrick Martin, 12 agosto 2020Barr hizo una amalgama política que conectaba al Partido Demócrata, Black Lives Matter, Antifa y terrorismo.
Fatburger owner FAT Brands announces $25 million acquisition of Johnny Rockets
FAT Brands, the parent company of chain Fatburger, announced it will acquire the burger restaurant Johnny Rockets for approximately $25 million. "This acquisition is a transformative event for FAT Brands in terms of scale and brand awareness," said Andy Wiederhorn, president and CEO of FAT Brands. Eating out:6 national restaurant chains in deepest trouble amid COVID-19Can shopping malls survive? :Pandemic ushers new slate of permanent store closingsJohnny Rockets currently has over 325 locations across the U.S. and internationally, including nine company-owned locations. FAT Brands has 82 Fatburger locations in the U.S., and owns other restaurant chains including Elevation Burger and Buffalo's.
Car recalls for August 6-13
See the list of this week's car recalls involving ten or more units below, or search USA TODAY's automotive recalls database for more:BuickGeneral Motors, LLC. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 111, "Rearview Mirrors." As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 111, "Rearview Mirrors." As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 126, "Electronic Stability Control Systems." Read moreTo find more recalls for vehicles, groceries, consumer products and more, visit USA TODAY's searchable recalls database.
Here’s how savers — both Republicans and Democrats — should vote to avoid a huge hit to their nest eggs
He used this chart to show how, historically, a Democrat in the White House with a split Congress has delivered the best returns. Republicans have promised to continue the tax cuts and perhaps even introduce more on capital gains and for the middle class, he said. Democrats, on the other hand, are committed to raising the corporate tax rate from 21% to 28%. “In the 34 years (since 1928) that Democrats have ruled with absolute power (sweep of Executive and Legislative Branches), you did not have such a material CORPORATE TAX INCREASE — imminent upon election,” Hayes wrote. “My strong suggestion is that if you vote Democrat for the Executive Branch (and you like your net worth), either don’t vote for the Senate and House, or vote the other party as a check on power,” Hayes said.
Executive Moves at AIG Bolster Position of Possible CEO Successor
The latest management moves at American International Group Inc. provide further signs that Peter Zaffino is positioned to succeed Chief Executive Brian Duperreault. AIG said Thursday that Mr. Zaffino has handed off his role as head of the company’s core property-casualty insurance unit to David McElroy, currently president and chief executive of the North American operations of General Insurance. Mr. McElroy will join the AIG Executive Leadership Team, reporting to Mr. Zaffino.
Legitimate Businesses Are Snared in Hunt for Pandemic-Loan Scammers
To get ahold of government money to help keep his small business afloat, Ryan Bolska first had to get past three armed Secret Service agents. Mr. Bolska, a consultant to aspiring Instagram stars, borrowed $33,000 in July under federal pandemic-aid programs. Efforts to root out scammers in the $670 billion Paycheck Protection Program and $374 billion Economic Injury Disaster Loan program are sweeping up legitimate borrowers. Business owners have had their loan funds frozen, often along with their personal bank accounts, after tripping alarms meant to prevent fraud. More than seven million loans have been made under both federal programs, which aim to blunt the economic impacts of business lockdowns and stay-at-home orders.
A Midwest Transplant Tries Not to Break the Bank in Manhattan
His rent for a one-bedroom apartment overlooking Lake Mendota was less than $1,000 a month. As he prepared to move to New York, he had little idea about how to conduct his apartment search. “At my price point, what could I expect?”[Did you recently buy or rent a home in the New York metro area? Email: thehunt@nytimes.com]The price point was $2,000 to $3,000 for a one-bedroom or for his half of a two-bedroom, if he could persuade a friend to room with him. I thought it was kind of weird to have your bed in the living room.”He realized he would have to hit the higher end of his price range.
New York’s economic outlook ranked worst in the nation
Sign up for our special edition newsletter to get a daily update on the coronavirus pandemic. A conservative think tank ranked New York’s economic outlook the worst in the nation as the state tries to recover from the coronavirus pandemic. Utah, meanwhile, had the best economic outlook for the 13th straight year, followed by Wyoming and Idaho. The list released Wednesday judged states by 15 economic policy criteria — and New York landed among the 10 worst states for 11 of those categories including its top marginal corporate tax rate, which ALEC says is the nation’s highest at 17.26 percent. But that was offset by the state losing 1.3 million people from 2009 to 2018, the report says.
Chinese housing platform KE Holdings CFO on its public debut
Chinese housing platform KE Holdings CFO on its public debutKE Holdings, a Chinese real estate company, priced its initial public offering at $20 per American Depositary Share, above its initial proposed price range of $17 to $19. Tao Xu, KE Holdings CFO, joins "Squawk Alley" to discuss.
The Late Morning Rundown: August 13, 2020
News Update – Late MorningCNBC brings you fast, accurate, and actionable business news and market updates.
Revolve surges on Q2 results
Revolve surges on Q2 resultsRevolve Group shares surged in after-hours trading Wednesday after the fashion retailer's earnings beat Wall Street estimates. Michael Mente, Revolve co-founder & co-CEO and Mike Karanikolas, Revolve co-founder & co-CEO, join "Squawk Alley" to discuss.
Stocks making the biggest moves midday: Lyft, Cisco, Fossil, Penn National, Micron & more
Lyft — The ridesharing stock fell more than 4% after the company reported a 61% drop in revenue for its second quarter. The company reported a loss of 86 cents per share and $339 million of revenue for the quarter, both of which beat Wall Street expectations. Earnings came in at 80 cents per share, versus 74 cents per share as expected by analysts, according to Refinitiv. Fossil — Shares of Fossil jumped 11% after the company reported a smaller loss and more revenue than Wall Street analysts expected, according to FactSet. Vroom did report a smaller-than-expected loss and higher revenue than Wall Street analysts expected, according to FactSet.
Ryan Serhant reacts to a millennial millionaire who invests in real estate
Ryan Serhant reacts to a millennial millionaire who invests in real estate"Million Dollar Listing New York" star Ryan Serhant gives his first reaction to an episode of "Millennial Money" that features Todd Baldwin, a 27-year-old who lives just outside Seattle, Washington, and brings in $615,000 a year. His day job is in commercial health insurance and earns him $150,000 per year before commission. He owns six rental properties with his wife Angela that net $12,500 per month.
People are no longer afraid of coronavirus resurgence and negative headlines that can send markets lower: Josh Brown
People are no longer afraid of coronavirus resurgence and negative headlines that can send markets lower: Josh BrownRitholtz Wealth Management CEO Josh Brown, Aureus Asset Management CEO Kari Firestone, and Decatur Capital Management CIO Degas Wright join CNBC's "Fast Money Halftime Report" to talk about the markets and what could impact stocks.
Chili's parent expects higher delivery and takeout sales to continue long after the pandemic
Chili's parent Brinker International is expecting that customers will order more takeout and delivery in the months and years to come compared to before the coronavirus pandemic. Before the pandemic, only 20% of Brinker's sales came from takeout and delivery. During the pandemic, Brinker unveiled its first virtual restaurant brand, It's Just Wings, through its partnership with Doordash. Chicken wings, fried Oreos and fries are made in Chili's and Maggiano's kitchens but are only available for delivery by Doordash. Roberts said that the virtual brand is expected to gross more than $150 million in sales in its first year.
Bankrupted Stein Mart is closing all of its stores. Here's a map of where they are
The off-price chain Stein Mart, which announced Wednesday it had filed for Chapter 11 bankruptcy protection, will officially be closing all of its stores for good. Stein Mart CEO Hunt Hawkins said the company was ultimately pushed to the brink by the coronavirus pandemic as its liquidity dried up and sales tumbled. Permanent store closures announced by retailers in 2020 have also topped 6,000, according to a tracking by Coresight Research. Stein Mart has said it is still evaluating selling its website and intellectual property during its restructuring process. Here's a list of all the Stein Mart locations in the U.S.:
Ryan Serhant reacts to a millennial millionaire and real estate investor living in Seattle
Real estate mogul and "Million Dollar Listing" star Ryan Serhant is impressed by millennial millionaire Todd Baldwin, who has a job in commercial insurance sales but makes the bulk of his money investing in real estate. "He's worth $1.2 million by the time he's 25," Serhant points out while reacting to a Millennial Money episode featuring Baldwin. Baldwin, now 28, and his wife Angela own six rental properties in the Seattle area and bring in about $460,000 per year in rent. He relates to Baldwin on more than just a real estate level. "I connect to Todd to the core," he says after learning that Baldwin's first job was shoveling manure for $3 an hour.
40% of companies discussed diversity on earnings calls, up from 4% in prior quarter, new data shows
Corporate America is turning a critical eye toward its diversity, equality and inclusion policies in the wake of the coronavirus pandemic and the civil unrest that's swept the nation, new data from RBC shows. The firm found that 40% of S&P 500 companies discussed diversity, equality and inclusion policies during second quarter earnings calls, up from 4% in the first quarter, and 6% during the same quarter a year ago. The firm found that comments came primarily from companies in the staples, discretionary, financials, communication services and utilities sectors. According to RBC, 38% of S&P 500 companies have since announced initiatives and action plans. RBC's data is through August seventh, when roughly 90% of S&P 500 companies had reported quarterly results.
Emirates and Siemens promise to help Lebanon with an airlift and free power
London (CNN Business) Emirates and Siemens have pledged to help the people of Lebanon recover from the cataclysmic explosion that rocked Beirut last week and pushed the country's crisis-ridden economy towards the abyss. The flag carrier of the United Arab Emirates committed on Thursday to establishing an "air bridge" that will move critical aid to Lebanon. "The world is banding together to stand in solidarity with Lebanon, providing urgent relief and immediate recovery support to those affected by this tragic disaster," CEO Sheikh Ahmed bin Saeed Al Maktoum said in a statement. The turbines could be up and running within 12 weeks, according to Siemens, which said they will be provided free of charge for a year. Siemens CEO Joe Kaeser announced the relief measures alongside German Foreign Minister Heiko Maas during a trip to Beirut.
Here's how Robinhood is raking in record cash on customer trades — despite making it free
Payment for order flow is a common practice but it's often criticized for its lack of transparency. TD Ameritrade reported $324 million in order flow revenue, up from roughly $200 million last year. TD Ameritrade's order flow revenue contributed about 20% to its total second quarter revenue of $1.59 billion. The boom in order flow coincided with record retail trading activity and new customer accounts across the industry. Welsh said retail brokers "without a doubt" steer customers to options trades since those provide the bigger payday.
Englewood family loses everything after fire sprinklers flood apartment
ENGLEWOOD, Colo. (KDVR) — George Miller and his family have spent the last couple of days throwing out just about everything. “I’m trying to breathe, and I’m thinking I’m drowning standing up, because there’s so much water coming down with so much pressure,” Miller said. Now, Miller and his two daughters are working to dry out the apartment, and he’s in need of help. On a fixed income, and with no renter’s insurance, Miller is backed into a corner, admitting he’s learned from the whole situation. “If you don’t have renter’s insurance, my advice is to get some ASAP, because you never know,” Miller said.
In Las Vegas, the show cannot go on
A sign advises people to minimize the spread of germs along the Las Vegas Strip, devoid of the usual crowds during the coronavirus outbreak. Jeremy Aguero, an economist with Las Vegas policy research firm Applied Analysis, believes Nevada's jobless rate will soon worsen, because demand tapered off in July. Situation for entertainers getting 'dire'Dealers in masks await customers before the reopening of the D Las Vegas hotel and casino. Desiree Gordon was an exotic dancer at Sapphire Las Vegas -- a gentleman's club on the Vegas Strip. While Vegas is known for its tourism and entertainment, the pandemic has decimated another outsize local industry: conventions, which in 2018 brought 6.5 million people to town and employed nearly 43,000 people, according to the Las Vegas Convention and Visitors Authority.
Sudden sewing boom has sewing machine sellers scrambling
Tacony Corp., in St. Louis, Missouri is a wholesale supplier of Baby Lock sewing machines to hundreds of independent sellers nationwide. Sewing machine sellers faced a run on machines as sewing took off during the pandemic. George Moore runs Moore's Sewing Centers, a fourth-generation family business that sells sewing machines and other household equipment, and offers on-site sewing classes in its six Southern California stores. The business has always maintained stock of refurbished sewing machines but didn't prominently advertise them to customers. Ryliss Bod, a sewing instructor in Tacoma, Washington said more younger people and men have been signing up for sewing classes through the pandemic.
U.S. weekly jobless claims fall below 1 million
Top NewsU.S. weekly jobless claims fall below 1 millionPostedThe number of Americans seeking unemployment benefits dropped below one million last week for the first time since the start of the COVID-19 pandemic in the United States, likely as the expiration of a $600 weekly jobless supplement discouraged some from filing claims. This report produced by Yahaira Jacquez.
Factbox: Oil refiners shut plants as demand losses seen continuing
HOUSTON/MANILA (Reuters) - Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses. The pandemic initially cut fuel demand 30% and refiners temporarily idled plants. Here are some of the plants involved:* Royal Dutch Shell (RDSa.L) will permanently shut its 110,000-barrel-per-day Tabangao facility in Philippines’ Batangas province, one of only two oil refineries in the country. However, Gunvor Group said in June it was considering mothballing its 110,000 bpd refinery in Antwerp as COVID-19 hurt the plant’s economic viability. * Other plants in Japan, Australia and New Zealand could be likely candidates for closure ahead, said Mi Gene, at consultancy FGE.
S&P 500, Nasdaq rise as Apple nears $2 trillion in market cap
(Reuters) - The S&P 500 and Nasdaq rose on Thursday, with Apple inching toward $2 trillion in market capitalization, as data showed jobless claims fell below one million last week for the first time since the start of the pandemic in United States. Apple Inc (AAPL.O) rose 2.2% as a report said the iPhone maker was readying a series of subscription bundles for its digital services. At its current share price of about $457, the company is about $10 a share shy of hitting $2 trillion in market capitalization. Declining issues outnumbered advancers for a 1.10-to-1 ratio on the NYSE and for a 1.03-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and 14 new lows.
European stocks end four-day winning run as UK's FTSE drags
(Reuters) - European stocks broke a four-day winning streak on Thursday as ex-dividend trading and a stronger pound hit the UK’s blue-chip companies, while investors sold off banks and energy stocks that have outperformed this week. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 6, 2020. Meanwhile, U.S. Democrats and Republicans remain deadlocked after weeks of wrangling over a fifth coronavirus aid bill to support a struggling economy. Trillions of dollars in stimulus and a stellar rally in technology stocks have helped the U.S. S&P 500 index .SPX reach striking distance of a record high. Graphic: S&P 500 lags STOXX 50 in euro terms from mid-March lows here
U.S. hits fiscal cliff with jobs, economic recovery in the balance
“It’s promising that initial unemployment claims have fallen, but there’s still a long road ahead.”The risks may be mounting. The pandemic payments had been authorized by lawmakers in March along with forgivable loans extended to hundreds of thousands of small businesses. The combination of that support led personal income to grow despite widespread layoffs, supported jumps in retail spending in May and June, and allowed many Americans to bolster savings and pay down debt - unusual in a recession. Retail sales are expected to have risen 1.9% last month, according to the consensus estimate of analysts polled by Reuters. An Oxford Economics index combining health, economic and social data fell last week, and has shown little change since mid-June.
Oil slips after IEA lowers demand forecast
NEW YORK (Reuters) - Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions, but resilience in equities markets and a weak dollar limited losses. The International Energy Agency cut its 2020 oil demand forecast on Thursday and said reduced air travel because of the COVID-19 pandemic would lower global oil consumption this year by 8.1 million barrels per day (bpd). The Organization of the Petroleum Exporting Countries (OPEC) also said that world oil demand will fall by 9.06 million bpd this year, more than the 8.95 million bpd decline expected a month ago. Last month OPEC+ eased the cuts to around to 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand. “The underlying oil market deficit is becoming more evident and, along with a broader reflation narrative, is keeping oil prices on an even keel.”Graphic: Demand/supply balance hereGraphic: Global Oil Supply here
U.S. weekly jobless claims fall below 1 million; labour market pain far from over
FILE PHOTO: People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky, U.S. June 18, 2020. Initial claims for state unemployment benefits decreased 228,000 to a seasonally adjusted 963,000 for the week ended Aug. 8. The government reported last week that the economy created 1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of the 22 million jobs lost between February and April. Industry groups and Republicans claimed the $600 weekly supplement, which was higher than the minimum wage in many states, was encouraging some unemployed people to stay at home.
Europe has mixed reactions to updated US tariffs over Airbus
The ongoing competition between Airbus and Boeing has been a source of trade friction between the U.S. and EU | Daniel Slim/AFP via Getty Images Europe has mixed reactions to updated US tariffs over Airbus New tariff targets cry foul, while others see opportunity to make progress in long-running dispute over aircraft subsidies. By changing targets without increasing tariffs, Washington managed to please some countries, such as Italy, while upsetting others. EU Trade Commissioner Phil Hogan said he would keep working "to find a negotiated solution to ongoing trade irritants." But France's Trade Minister Franck Riester criticized Washington for maintaining tariffs, which he called "unjustified." Trump decided to "grace" Italian food products by not introducing new tariffs on Italian food products, Italy's largest farm lobby Coldiretti said.
Landlords could exploit COVID-19 victims to fast-track evictions, housing advocates say
Housing advocates say that in the push for gentrification and higher-paying tenants, landlords are trying to find any excuse to turn out renters, upgrade the now vacant unit and offer it at a premium. “It’s a complete and utter crisis,” said Matt Shapiro, president of the New Jersey Tenants Organization, which advocates on behalf of tenants facing eviction. The family took a $6,000 payment to leave the apartment in 2018, according to an agreement obtained by NBC News. The average list price for a two-bedroom apartment in Downey is about $1,500, according to the real estate website Zillow. Many cities affected by evictions were already in the midst of mass displacement of Black and Latino residents following attempts at gentrification, according to the National Community Reinvestment Coalition, a nonprofit organization based in Washington.
Nebraska traffic back to level seen before virus outbreak
(AP) — Traffic on Nebraska highways is approaching normal levels after falling sharply this spring when restrictions related to the coronavirus were first imposed. On the interstate system of highways around Omaha and between Omaha and Lincoln, traffic was down 9% last week. At the height of the coronavirus restrictions in early April, traffic was down 44% in that area. In Omaha, traffic on streets and highways was 6% below average. Interstate 80 traffic west of Lincoln was up 8% and rural highway traffic in the state was up 5%.
SPGI, IBD Stock Of The Day, In Buy Zone Amid Coronavirus Borrowing Spree
S&P Global (SPGI), the market-research and debt-rating firm, is the IBD Stock Of The Day. However, SPGI stock tends to trade tightly anyway, making moments when it settles less meaningful. The relative strength line has fallen over the past month, as S&P Global stock consolidated. S&P Global Earnings Growth Picks UpS&P Global earnings rose by 14% in the fourth quarter, followed by a 29% gain in Q1 and a 40% gain in Q2. SPGI stock has a 96 Composite Rating out of a best-possible 99.
Microsoft Stock: How To Gain Leveraged Exposure With An Option Trade
Microsoft stock is one of the strongest stocks in the market with a Composite Rating of 96 and an Earnings Per Rating of 95. XInvestors wanting leveraged exposure to Microsoft stock can do so via an option strategy called a long call. Assuming an investor wanted to buy 100 shares of Microsoft stock, they would have to invest around $20,900 at the current price. If Microsoft stock goes to $0, the investor loses only $4,500 while still maintaining a similar exposure to the gains. The Microsoft 170 call option gives the investor the right to buy 100 Microsoft shares at 170 up until the expiration date.
RedBall Acquisition, First Blank Check IPO For Sports, Set To Raise $500 Million
RedBall Acquisition (RBAC), the blank check firm led by Billy Beane of "Moneyball" fame, is looking to raise $500 million through its initial public offering. XThe company, which is the first special purpose acquisition company dedicated to the sports business, priced 50 million units at $10 each. RedBall Acquisition units rose 2.3% to 10.23 on the stock market today. But the firm is far from the most lucrative blank check offering of 2020. That honor goes to the $4 billion that hedge-fund billionaire Bill Ackman raised for his blank check firm, Pershing Square Tontine.
Luxury Goods Hit by Pandemic, Start to See Turnaround -- Earnings at a Glance
Luxury-goods companies posted losses amid store closures due to the Covid-19 pandemic but also noted signs of a turnaround. Tapestry Inc., the parent of the Coach, Kate Spade and Stuart Weitzman brands, swung to a loss for the fiscal fourth quarter as sales fell 53% due to efforts to curb the pandemic. Tapestry said digital sales rose triple...
White House Says Most Coronavirus Job Losses Likely to Be Temporary
WASHINGTON—Four-fifths of the increase in unemployment between February and May was likely temporary, the Trump administration estimated Thursday in a report that said relief spending significantly reduced the economic pain caused by the coronavirus pandemic. The number of unemployed Americans rose from 5.8 million in February to more than 23 million in April, as large swaths of the economy were shut down to slow the novel coronavirus’ spread. The jobless rate was 10.2% in July, with 16.3 million people out of work.
Legitimate Businesses Are Snared in Hunt for Pandemic-Loan Scammers
To get ahold of government money to help keep his small business afloat, Ryan Bolska first had to get past three armed Secret Service agents. Mr. Bolska, a consultant to aspiring Instagram stars, borrowed $33,000 in July under federal pandemic-aid programs. He sent the money to his central Florida credit union, which quickly froze the funds on suspicion of fraud.
On The Market in Milwaukee
On The Market in Milwaukee Bruce and Jami Ross are selling their 9,200-square-foot mansion for $2.495 million.
This Investment Burned Almost Everyone
Experience is the best teacher, but the tuition is high. Novice investors have had years to learn about the insidious toll of daily compound interest by buying certain exchange-traded products. The wildest rides and steepest losses were offered by products that provided leveraged, inverse returns on some underlying asset that was itself volatile. The math said that losses should exceed 95% a year.
Value stocks, which trade lowest to growth stocks since 2001, look like a smart play as the economy rebounds
Value stocks have started to perform better than growth stocks. Over the past week (through Aug. 11), the Russell 1000 Value Index RLV, -0.66% has returned 2.8%, while the Russell 1000 Growth Index RLG, +1.10% is down 1.4%. Jaffee is the lead portfolio manager for the TCW Relative Value Large Cap Fund TGDIX, +0.81% , the TCW Relative Value Dividend Appreciation Fund TGDFX, +0.97% and the TCW Relative Value Mid Cap Fund TGVOX, +0.37% . It was the second-largest holding of the TCW Relative Value Mid Cap Fund and the fifth largest holding of the TCW Relative Value Large Cap Fund as of June 30. But there’s no denying how poorly value stocks have fared against growth stocks in recent years.
New Unemployment Benefits Funding Could Run Out in Six Weeks
An extra $300 weekly federal unemployment benefit will likely take a couple of weeks to reach workers and funding could be exhausted just a month and a half later, according to a senior Labor Department official. The benefits, which were part of Saturday’s executive action by President Trump, replace the $600-a-week payments for unemployed people that expired last month. If all states participate, based on the current number of people receiving benefits, the $44 billion of funding allocated for the payments could be spent in five or six weeks, the official said. In the week ending Aug. 8, 15.5 million people collected unemployment benefits through regular state programs, which cover the majority of workers. More than 30 million workers were receiving some form of unemployment benefits in the week ended July 18, according to the Labor Department.
Two Cheers for Lower Jobless Claims
Are fewer people filing for unemployment because the job market is getting better? Or is it because filing isn’t as worthwhile as before? The Labor Department on Thursday reported that the number of people filing new unemployment-insurance claims in the week ended Saturday fell to a seasonally adjusted 963,000, dropping below the one million mark for the first time in months. That is still extremely elevated—the highest that jobless claims reached following the 2008 financial crisis was 665,000—but it is vastly better than...
These WFH tech employees moved to another state and kept the same job
“COVID pushed us over the edge,” Tootle, 35, an account rep at Oracle Corp. ORCL, -0.47% , told MarketWatch, explaining his relocation to Savannah from Washington, D.C., in March. “And this is where I want to raise my kids.”“COVID in a weird way represented an inflection point for us,” Alan Gilchrest, senior vice president of conversational AI at LivePerson, told MarketWatch. The trio’s exodus from tech strongholds to the hinterlands is becoming as commonplace during the pandemic as working from home. Ottawa is readying a recruitment program to lure tech workers to the Canadian capital. It has filled roughly a third of the 60 slots it has available, spokesman Bob Ross told MarketWatch.
Here’s how savers — both Republicans and Democrats — should vote to avoid a huge hit to their nest eggs
He used this chart to show how, historically, a Democrat in the White House with a split Congress has delivered the best returns. Republicans have promised to continue the tax cuts and perhaps even introduce more on capital gains and for the middle class, he said. Democrats, on the other hand, are committed to raising the corporate tax rate from 21% to 28%. “In the 34 years (since 1928) that Democrats have ruled with absolute power (sweep of Executive and Legislative Branches), you did not have such a material CORPORATE TAX INCREASE — imminent upon election,” Hayes wrote. “My strong suggestion is that if you vote Democrat for the Executive Branch (and you like your net worth), either don’t vote for the Senate and House, or vote the other party as a check on power,” Hayes said.
Refinancing your mortgage will cost more thanks to a new fee from Fannie Mae and Freddie Mac
Fannie Mae FNMA, +1.18% and Freddie Mac FMCC, +1.43% announced Wednesday evening that they will now be charging a 0.5% adverse market fee on all refinances, including both cash-out and non-cash-out refis. Fannie and Freddie also provide guarantees to investors and advance payments even when borrowers are delinquent on the loans. Therefore, if you applied this fee to a mortgage on a home worth that much, assuming a 20% down payment, the fee would cost over $1,100. Since March, mortgage rates have dropped to record lows on eight separate occasions. “By this artificial increase, it requires a larger drop in rates for it to be worthwhile for borrowers to refinance,” Broeksmit said.
After 150 days of the COVID-19 pandemic, here are the best- and worst-performing stocks
Here are the 20 strongest performers during the first 150 days of the pandemic:Company Ticker Price change - March 10 through Aug. 7 Price change - 2020 West Pharmaceutical Services Inc. US:SPG -44.2% -58.3% Xerox Holdings Corp. US:FE -34.5% -39.4% Federal Realty Investment Trust US:FRT -33.6% -38.8% Ralph Lauren Corp. Class A US:RL -33.3% -43.7% Norwegian Cruise Line Holdings Ltd. US:BA -26.4% -47.8% Source: FactSetNadaq-100 winnersHere are the top 10 performers among components of the Nasdaq-100 index during the first 150 days of the pandemic:Company Ticker Price change - March 10 through Aug. 7 Price change - 2020 Moderna Inc. US:WBA -15.5% -29.6% Fox Corp. Class A US:FOXA -15.3% -33.5% Marriott International Inc. Class A US:MAR -14.7% -38.1% Ulta Beauty Inc.
Calculating America’s eviction crisis: Up to 40 million people are at risk of being kicked out of their homes
Between 30 and 40 million people in the U.S. could be at risk of eviction in the next several months, according to a report released Friday by a group of housing researchers. The report aggregated existing research related to the housing crisis caused by COVID-19. The researchers said the current situation could be “the most severe housing crisis” in the nation’s history. And even as the economy has recovered jobs lost because of the pandemic, America’s renters are struggling to make their monthly payments. The tenuous situation facing renters is in sharp contrast with the current state of affairs for homeowners and home buyers.
Apple Isn’t Just a Tech Stock. It’s a Play on Payments.
Apple (ticker: AAPL) is making inroads into financial services with its recently launched credit card, co-branded with Goldman Sachs Group (GS). Indeed, Apple owns the platform and device that millions of people are increasingly using to send money and conduct e-commerce—making it an emerging competitor in financial services. “I own Apple primarily because they’re becoming a large player in the payments space,” says Dave Ellison, manager of the Hennessy Large Cap Financial Fund (HLFNX), which has Apple as a top-10 holding. “Apple controls the phone and you want to buy stocks where business happens on the phone.”Apple is one of several financial technology stocks that Ellison owns in his fund. Apple is at 28 times estimated 2021 profits, and Fidelity National goes for 21 times forward earnings.
Vaping could make teens more likely to catch COVID-19 and why some people are still waiting for stimulus checks
Should I have gotten my stimulus check by now? Why some people are still waiting — and what to do about itNext week, an IRS watchdog agency will help track down stimulus payments for taxpayers facing certain scenarios. The actual number of coronavirus cases worldwide is likely far higher than 20 million due to asymptomatic carriers, scientists say. When will I get my extra $300 a week in unemployment benefits? Trump signed an executive order calling for an extra $300 a week in unemployment benefits — but it’s best to read the small print.
Here’s how savers — both Republicans and Democrats — should vote to avoid a huge hit to their nest eggs
He used this chart to show how, historically, a Democrat in the White House with a split Congress has delivered the best returns. Republicans have promised to continue the tax cuts and perhaps even introduce more on capital gains and for the middle class, he said. Democrats, on the other hand, are committed to raising the corporate tax rate from 21% to 28%. “In the 34 years (since 1928) that Democrats have ruled with absolute power (sweep of Executive and Legislative Branches), you did not have such a material CORPORATE TAX INCREASE — imminent upon election,” Hayes wrote. “My strong suggestion is that if you vote Democrat for the Executive Branch (and you like your net worth), either don’t vote for the Senate and House, or vote the other party as a check on power,” Hayes said.
Here’s how savers — both Republicans and Democrats — should vote to avoid a huge hit to their nest eggs
He used this chart to show how, historically, a Democrat in the White House with a split Congress has delivered the best returns. Republicans have promised to continue the tax cuts and perhaps even introduce more on capital gains and for the middle class, he said. Democrats, on the other hand, are committed to raising the corporate tax rate from 21% to 28%. “In the 34 years (since 1928) that Democrats have ruled with absolute power (sweep of Executive and Legislative Branches), you did not have such a material CORPORATE TAX INCREASE — imminent upon election,” Hayes wrote. “My strong suggestion is that if you vote Democrat for the Executive Branch (and you like your net worth), either don’t vote for the Senate and House, or vote the other party as a check on power,” Hayes said.
Stocks gain altitude after jobless claims slide below 1 million but Dow industrials pressured by Cisco shares
Initial claims for unemployment benefits, perhaps the most closely followed government data series of the pandemic, showed marked improvement in the most recent week, falling to 963,000. Economists surveyed by MarketWatch, on average, had forecast a higher number of seasonally adjusted initial claims for the week ended Aug. 8. But questions still remain about fiscal stimulus for an economy that is still reeling from the effects of the pandemic. That fiscal stimulus is super important.”Jaffee, herself a value investor, is carefully watching the market’s attempt to rotate toward value stocks. The yield on the 10-year Treasury note TMUBMUSD10Y, 0.682% was little changed at 0.684% after the jobless claims report was released.
Charting a tandem breakout attempt: S&P 500, Nasdaq press record territory
U.S. stocks are mixed early Thursday, vacillating as better-than-expected jobs data vie with fiscal-stimulus uncertainty to set the market tone. Against this backdrop, the S&P 500 and Nasdaq Composite have concurrently rallied within striking distance of record closes — S&P 3,386.15 and Nasdaq 11,108.07 are the levels to beat. Before detailing...
Are Third-Party Sellers Damaging Amazon's Customer Relationships?
It follows a related Wall Street Journal investigation from November that identified thousands of unsafe items sold by foreign third-party sellers on the site. Bezos also testified that he wasn’t sure if these third-party sellers are required to provide their names, addresses, or phone numbers to Amazon. With millions of these companies who can sell and ship directly to consumers, Amazon appears to have lost control of its own site. Unfortunately, the information that is available about Amazon’s third-party listings has been subject to blatant manipulation. Amazon must also take product quality and safety seriously when managing products from third-party sellers.
Tesla, Apple, and the Real Power of the Stock Split
Text sizeStock splits are all the rage after Tesla and Apple recently announced their plans to do just that. Stock splits are supposed to matter because they generate more retail-investor ownership and they could be a sign of management confidence. And Apple and Tesla stocks are up 18% and 13%, respectively, after announcing their splits. A 2018 analysis by the Wharton School of Business found that 86% of the share of such a tax cut would go to people whose adjusted gross income is in the top 1% of all Americans. That means a capital-gains tax cut almost certainly won’t happen.
What a Biden and Harris Pairing Would Mean for the Economy
Former Vice President Joe Biden and Sen. Kamala Harris of California are set to be the Democratic presidential ticket. And though President Donald Trump’s campaign will look to paint them as a kind of trojan horse for far-left policies, many strategists see a moderate pairing. RBC Capital Markets economists Tom Porcelli and Jacob Oubina believe the Harris pick was “far more neutral” than someone like Sen. Elizabeth Warren. Biden’s plan to increase for the corporate tax rate to 28% from 21%, which is a 33% hike, could raise about $1 trillion through 2030, they note. “The effective nonfinancial corporate tax rate (on a NIPA, national account basis) sank to about 17% just before the pandemic from 23% back in 2016 and ahead of the slash in the corporate tax rate,” they note.
Roku Will Continue to Benefit in the Streaming Wars, Analysts Say. The Stock Is Rising.
Text sizeCovid-19 has accelerated a consumer shift to connected TV, which has helped streaming platforms like Roku. Deutsche Bank initiated coverage of Roku (ticker: ROKU) Tuesday with a Buy rating and a price target of $185, which is roughly 25% higher than the current price. Roku, which produces and sells TV players for online streaming, benefited from the early streaming wars among tech giants like Amazon.com (AMZN), Apple (AAPL) and Alphabet’s Google (GOOGL), Rand said. “Roku is the Switzerland of streaming,” he said of its foothold scaled through various partnerships in an effort to maximize content distribution. Roku users can also view subscription-based streaming content such as Walt Disney’s (DIS) Disney+, and videos they can purchase or rent with one-time transactions from other providers.
What a Biden and Harris Administration Would Mean for the Economy, According to RBC
Text sizeFormer Vice President Joe Biden and Sen. Kamala Harris of California are set to be the Democratic presidential ticket. RBC Capital Markets economists Tom Porcelli and Jacob Oubina believe the Harris pick was “far more neutral” than someone like Sen. Elizabeth Warren. Biden’s plan to increase for the corporate tax rate to 28% from 21%, which is a 33% hike, could raise about $1 trillion through 2030, they note. “The effective nonfinancial corporate tax rate (on a NIPA, national account basis) sank to about 17% just before the pandemic from 23% back in 2016 and ahead of the slash in the corporate tax rate,” they note. And as Barron’s has noted, clean energy, infrastructure, and some health care companies can likely gain no matter who wins.
Why Personal Data Is a National Security Issue
The U.S. can only address the threat of misused or manipulated personal data by enacting an effective and comprehensive approach to personal data protection. Concerns about the national security threat from personal data held by foreigners first emerged in 2013. Personal data troves can also be cross-referenced to identify individuals, putting both personal security as well as national security at risk. Chinese-owned data firms could be a threat to national security if they share data with the Chinese government. The only way to prevent Chinese firms from misusing personal data is to adequately protect personal data at home.
Can I Keep Collecting Unemployment After Covid Restrictions Are Lifted?
Text sizeIf your employer hasn’t reopened, you are still able to collect unemployment benefits, provided you meet the other requirements. But in general, to be eligible for unemployment benefits, you need to: meet your state’s work and wage requirements, be actively seeking work, and be unemployed through no fault of your own. Through December, the Pandemic Emergency Unemployment Compensation allows states to extend unemployment benefits by up to 13 weeks, says Bitler. Additionally, if you’ve exhausted your available 13 weeks, you may also be eligible for unemployment benefits through the Pandemic Unemployment Assistance program. Under the PUA program, you can receive unemployment benefits during a period of up to 39 weeks.
Disney, Apple and more voice concerns over WeChat ban to White House
After President Donald Trump signed an executive order that would ban all US transactions with messaging app WeChat, some of the biggest names in American industry have begun to voice concerns about the shift directly to White House officials. President Trump’s executive order was meant to curtail the app’s use because the Chinese government allegedly uses it as a tool to harvest “personal and proprietary” information from US citizens and traveling Chinese nationals. While the administration’s national security concerns are clearly laid out, the rest of the order’s language is broad and unspecific. Ironically, the many American companies that rely on WeChat on some level stand to suffer far more than WeChat’s own parent company. The same could be true for the money UPS collects from Chinese customers who pay for shipments via WeChat, and the list goes on from there.
3 Big Dividend Stocks Yielding Over 8%; Analysts Say ‘Buy’
These are stocks with a specific set of clear attributes, that frequently indicate a strong defensive profile: a high dividend yield — over 8%; and a considerable upside potential. Holly Energy Partners (HEP)We’ll start in the energy industry, where Holly Energy Partners provides transportation services – pipelines, terminalling, and storage – for crude oil and petroleum distillates. It’s important to note here that back in April the company slashed its dividend payment by 48%. Looking at numbers, HEP’s dividend payment offers investors a yield of 8.9%, almost 4.5x higher than the average yield among S&P 500-listed companies. (To watch Jenkins’ track record, click here)Overall, Holly Energy Partners has a Moderate Buy rating from the analyst consensus, with 4 Buys and 3 Holds set in recent weeks.
Sonic sales are going bonkers during COVID-19 — here's the major reason why
Inspire Brands CEO Paul Brown tells Yahoo Finance’s The First Trade sales growth for Sonic is currently running up 30%. But also our digital sales we have gone from 4% of sales at Sonic to over 10% because of our order-ahead digital platform. More recently, Sonic unveiled a new restaurant design that emphasizes safe eating outside alongside the traditional eating in your car format (see new design above). As for Inspire’s other brands (it also owns Buffalo Wild Wings, Arby’s, Rusty Taco and Jimmy John’s), performance has been more mixed. Arby’s sales are up about 15% this quarter, while the likes of Buffalo Wild Wings battles limited dine-in service and a spotty season for major sports.
Klarna CEO: Large retailers on edge as consumers love online shopping amid pandemic
Klarna CEO Sebastian Siemiatkowski joins Yahoo Finance's On the Move to talk about what consumer trends the global payments giant is seeing amid the COVID-19 pandemic.
These 3 states suffer from the worst unemployment rates
Those have stacked up in some states to see unemployment rates shoot as high as 20%. According to the Department of Labor’s latest report, which breaks out the insured unemployment rate (a ratio of people on unemployment benefits divided by labor force) through July 25, Nevada is currently suffering the worst employment picture with a nation-leading insured unemployment rate of nearly 24%. Hawaii and the U.S, territory of Puerto Rico round out the top three, with insured unemployment rates at 21.1% and 19.1%, respectively. New York, California, and Connecticut follow closely behind, all with insured unemployment rates above 15%. Compared to pre-pandemic levels, those unemployment rates are notably higher than the worst states listed in the week ended February 22.
White House official says permanent payroll tax cut not on the table, despite Trump comments
The White House on Thursday clarified President Trump's comments suggesting that he will permanently eliminate payroll taxes at the start of 2021 if he's re-elected in November. “On the assumption I win, we are going to be terminating the payroll tax after the beginning of the new year,” Trump said during a White House press briefing on Wednesday evening. Currently, all employees and employers pay a 6.2% payroll tax on wages capped out at $137,700. During the period that payroll taxes are paused, Americans can expect to see a bigger paycheck. One estimate from JPMorgan Chase found that a payroll tax deferral would add $40 billion to Americans' paychecks per month.
5 unexpected sources of retirement income
Most of us are looking forward to retirement, though it's also likely that we're at least a little worried about our income in retirement. I've written before about sources of retirement income, such as fixed annuities, Health Savings Accounts (HSAs), reverse mortgages, and life insurance policies. 1: Refinancing your mortgageLet's start with an easy source of unexpected income -- refinancing your mortgage. 4: Collecting credit card rewardsIf you're saddled with hefty credit card debt, this income-generating route isn't best for you. If you spend, say, $1,000 per month with credit cards, that's $12,000 per year, which would get you $240 back each year.
An OPES Acquisition Trade with BugerFi in Mind
When I saw the news theaters will begin to open on a wider basis, it got me thinking restaurants. Today, we're seeing a breakout higher in shares of OPES Acquisition Corp. (OPES) . OPES does not yet have options, but I'm content buying the stock. That presents a setup where I see the reward outweighing the risk both in probability and nominal value. I view this as a split approach picking up shares to trade as well as buy and hold.
Let's Get Up Close on ZoomInfo
During the Lightning Round segment of "Mad Money" Wednesday evening, a caller asked host Jim Cramer about ZoomInfo Technologies (ZI) . In this daily Japanese candlestick chart of ZI, below, we can see the start of trading back in early June. The trading volume was active in the early going but diminished as we moved into July and August. The 12-day price momentum study, which shows a higher low from July to August even though prices made a slightly lower low. Bottom line strategy: Not everyone is suited to trade new issues but if you are comfortable with it you could consider going long ZI on a close above $43 and risk a close below $36.
Why Jim Cramer Doesn't See Even Small Stimulus Deal Getting Done
Jim Cramer said he simply doesn't see even a small deal getting done due to a "toxic" environment on Capitol Hill, and yet he noted that markets don't seem to care. Watch: Market Doesn't Care About Stimulus Stalemate Thursday: Jim Cramer Explains WhyAnd this comes as we get the weekly jobless claims data which shows that less than 1 million Americans filed for first-time unemployment benefits last month. The Labor Department reported Thursday that 963,000 Americans filed for first-time jobless benefits in the week ended Aug. 8, down from a revised 1.186 million claims the week earlier. You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Latest Videos From TheStreet and Jim Cramer:
American Airlines to Cancel Some Smaller-City Routes
American Airlines (AAL) - Get Report is preparing to discontinue as many as 30 routes to two dozen medium and small cities due to the coronavirus pandemic, a media report said. As part of the rescue, American was required to maintain minimum levels of service through Sept. 30, with layoffs also prohibited through the end of the third quarter. An executive at the airline told CNBC of the plan to discontinue the routes. Last month, American reported that it swung to a narrower-than-expected second-quarter loss on an 86% decline in revenue. At the time, American said that its daily cash burn had improved to $35 million in June from $100 million in April.
Why Jim Cramer Doesn't Like Tapestry Stock
Analysts surveyed by FactSet were expecting a loss of 56 cents a share. The company has taken "decisive actions taken to adapt our business to the rapidly evolving environment and enhance financial flexibility." Sales at Kate Spade fell to $164 million from $332 million and Stuart Weitzman's sales declined to $33.3 million from $85.2 million. Putting in place a strategic review of its business, Tapestry said it would be streamlining the organization and selectively closing stores. You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss.
Amazon Cuts More Than 1,200 Contract Delivery Jobs
Amazon is cutting some 1,200 delivery drivers after it severed contracts with several small firms that employed them. Amazon (AMZN) - Get Report is cutting more than 1,200 delivery drivers after the online-retail and tech giant severed contracts with small delivery companies that employed them. Amazon informed at least seven firms that were part of its Delivery Service Partner program that it was severing their contracts, CNBC reported. Launched in 2018, the DSP program has enabled Amazon to quickly scale up its last-mile delivery capabilities and compete with shipping partners like UPS (UPS) - Get Report and FedEx. They are responsible for picking up packages from Amazon delivery stations and dropping them off at doorsteps.
Aspen Technology Gets KeyBanc Price Target Increase on Earnings
KeyBanc analyst Jason Celino lifts the target to $137 from $120 and maintains his overweight rating for Aspen. Aspen Technology (AZPN) - Get Report shares soared Thursday after KeyBanc analyst Jason Celino raised his share-price target on the asset optimization software company after it posted stronger-than expected earnings. Aspen Technology shares recently traded at $127.76, up a whopping 30.75%. Aspen Technology showed best-in-class performance for the fiscal 2020 fourth quarter ended June 30, Celino said. “Customers in our core markets continued to make significant investments in Aspen Tech products despite the challenges facing their own businesses,” Aspen Technology CEO Antonio Pietri said in a statement.
Peloton Charts Flash Bullish Despite Looming Apple Competition
Peloton is flicking bullish as the stock flirts with a move higher despite Apple entering the virtual fitness subscription business. The stock is now up about 2% on the day despite the looming threat of Apple (AAPL) - Get Report entering the virtual fitness subscription space. Trading Peloton StockDaily chart of Peloton stock. Chart courtesy of Stockcharts.comBased on the pre-market action, investors were likely looking to buy the dip down towards the 50-day moving average. Should the 20-day moving average reject Peloton stock, look for a possible move below Thursday’s low.
Jim Cramer Explains Stimulus Stalemate, Why Markets Don't Care
And stocks finished broadly higher Wednesday with the S&P 500 closing just 0.2% off its all-time high. So why aren't markets reacting more to the stimulus stalemate? Jim Cramer said stocks are more interested in looking to positive vaccine news and what it could mean for the future. You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Latest Videos From TheStreet and Jim Cramer:
Can Uber, Lyft Reach Profitability? Jim Cramer Doesn't Think So
Lyft reported earnings on Wednesday. Lyft reported second-quarter revenue of $339.34 million with a net loss of 86 cents per share. “While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see,” said CEO Logan Green, who added that rideshare rides in July were up 78% compared to April. Lyft reported a net loss of $437.1 million in the quarter versus a net loss of $644.2 million in the same period in 2019. You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss.
EPA expected to roll back limits on methane leaks from oil and gas fields
Pennsylvania is of prime importance in November’s presidential election, and the natural gas industry is already playing a central role in TV campaign ads in the state. The oil and gas industry is responsible for nearly 30% of the nation’s methane emissions, according to the EPA. AdvertisementBut killing the methane emissions rule also blocks a legal requirement for the EPA to extend the rule to cover equipment installed before 2015, environmental advocates say. Some major oil companies, including BP, Shell and Exxon Mobil, have called on President Trump to strengthen efforts to cap methane emissions instead. AdvertisementIndustry trade associations say companies have slashed rates of methane emissions and helped shut down dirtier coal power with the tide of cheap natural gas flooding the marketplace.
Minneapolis police officer fired for decorating offensive Fourth Precinct Christmas tree gets job back
A former Minneapolis police officer who was fired for decorating a Christmas tree with racially insensitive items two years ago has won his job back through arbitration, department officials confirmed this week. Bohnsack was ordered to serve a 320-hour suspension without pay, or about two months, officials said. Details of the arbitration proceedings weren’t immediately available, including whether Bohnsack will receive back pay and benefits from the day he was fired. While on leave, Bohnsack and Steberg continued to collect pay for months while internal affairs investigators looked into the matter. Bohnsack has also received several commendations for outstanding police work, but details of them were not available.
Commercial Metals to invest $300 million in new steel micro mill
Irving-based Commercial Metals Co. will invest $300 million to build a new steel micro mill, creating 185 jobs in Mesa, Arizona. The rebar facility, announced Thursday, will be the company’s third micro mill and will produce merchant bar quality steel. CMC manufactures, recycles and sells steel and metal products made at mills and processing plants across the U.S. and Poland. When fully operational, CMC said the new mill will create nearly half a billion dollars of economic activity in Mesa. The company expects the mill to generate $50 million in earnings before taxes, interest and depreciation.
Few bright spots for gaming industry amid pandemic’s toll
The coronavirus pandemic is “undoubtedly” the most difficult economic challenge the gaming industry has faced, the head of the American Gaming Association said. (Ellen Schmidt/Las Vegas Review-Journal/File) @ellenkschmidt_The coronavirus pandemic is “undoubtedly” the most difficult economic challenge the gaming industry has faced, according to Bill Miller, president and CEO of the American Gaming Association. The AGA found commercial casinos faced strong consumer demand in 2020 when open for business. In comparison, tourism-driven Nevada’s average daily slot and table game gross gaming revenue fell 23 percent. As of Thursday, more than 85 percent of U.S. casinos have reopened, including nearly 9 in 10 commercial casinos.
Nevada Highway Patrol clears crash on I-15 near Tropicana
One lane of Interstate 15 was blocked at Tropicana Avenue early Thursday because of a reported motorcycle crash with injuries. (Las Vegas Review-Journal)One lane of Interstate 15 was blocked at Tropicana Avenue early Thursday because of a reported motorcycle crash with injuries. The Nevada Highway Patrol and Las Vegas police were on scene investigating. The Regional Transportation Commission of Southern Nevada said the accident was cleared by approximately 8:23 a.m. The Nevada Highway Patrol had not released any information on the crash as of Thursday morning.
After 85 positive COVID-19 cases, Smithfield in Cudahy plans to build a bigger breakroom for social distancing
Following a short-term closure and 85 positive cases of COVID-19, Smithfield wants to construct a larger permanent breakroom at its Cudahy facility to allow for social distancing. Currently, employees are taking breaks under tents outside to allow for proper social distancing to be maintained. When the Milwaukee Journal Sentinel contacted Smithfield, a representative shared a link to the company’s COVID-19 response plan, which listed standard sanitation practices and protective equipment. Smithfield, based in Smithfield, Virginia, employs about 1,000 workers at its Cudahy plant. RELATED:Workers, advocates say Strauss fired meatpacking workers after COVID-19 safety complaintsContact Erik S. Hanley at (262) 875-9467 or erik.hanley@jrn.com.
South Side groups call for federal investigation of Chicago’s zoning
The groups bringing the complaint are the Southeast Environmental Task Force, the Southeast Side Coalition to Ban Pet Coke, and People for Community Recovery. That agreement is helping General Iron leave its longtime North Side home by the end of the year. Hopkins (2nd) represents Lincoln Park and the current site of General Iron. The complaint does not name General Iron, its owner or any other businesses. “The city’s primary role in enabling the relocations occurred in response to significant public pressure by Lincoln Park residents and elected officials,” the complaint said.
New 2020 Chevrolet Equinox LT w/1LT
*The site owner or the dealership are not responsible for any errors or omissions concerning any data presented. We strive to ensure that all data is correct and up-to-date, but errors may occasionally occur that affect the accuracy or reliability of such data. All prices plus government fees and taxes, any finance charge, any dealer document processing charge, any electronic filing charge and any emissions testing charge. The dealer or auto publishers is not responsible for any loss or damage caused by your reliance on any data contained on this website. Please contact the dealer directly to confirm that the information provided on this page is accurate.
Top Workplaces Cincinnati: Which firms have been on the list all 11 years?
The EnquirerFor 11 years, The Enquirer and Cincinnati.com honored the companies, agencies and governments on the Top Workplaces Cincinnati list. A constant on the list has been four stalwarts: Episcopal Retirement Services, Greater Cincinnati Behavioral Health, Meadowbrook Care Center and Total Quality Logistics. The human services organization is a medium-sized company with 370 employees and 12 locations in the Cincinnati region. Episcopal Retirement Services (ERS), founded in 1951, values collaboration and diversity of thought, according to its leaders. Greater Cincinnati Behavioral HealthThe East Walnut Hills-based nonprofit offers comprehensive services for people who have mental illness, addiction or other related challenges.
New book tells stories of women who shaped Cincinnati’s cultural legacy
It’s a book called “Imagineers | Impresarios | Inventors: Cincinnati’s Arts and the Power of Her.” Published by ArtsWave, it explores the lives of the many women who have shaped Cincinnati’s cultural legacy. Neither Kintner nor Merchant is downplaying the role that men have played in Cincinnati’s arts. But Cincinnati’s arts history is filled with important and influential women. “This book is a legacy book,” said Wilson, best-known to Cincinnati readers as the author of CityBeat’s “Your Negro Tour Guide” column. Get the bookWhat: “Imagineers | Impresarios | Inventors: Cincinnati’s Arts and the Power of Her”Where: Available now online at artswave.org/imagineersPrice: $55
Top Workplaces Cincinnati: Mercy Montessori wins number one spot among small businesses
After being recognized as one of the best places to work in the Cincinnati area for years, Mercy Montessori School took the title of Top Workplace Cincinnati in the small business division this year. While working to that love of learning, Mercy staff members said they’ve become a part of a community that they love to be a part of. In light of those initiatives and of the caring community at Mercy, Normile said she was honored, but not surprised, to be recognized as a top workplace. “The fact that we have been honored in this way makes me incredibly proud, not of my work, but of the work of the staff,” Normile said. Fun facts: First Montessori school in Cincinnati to start a junior high program (1992).
Top Workplaces Cincinnati: 'This is wonderful' as BRG Realty Group leads midsize division
Despite the economic uncertainty surrounding the pandemic, BRG Realty Group didn't let COVID-19 affect its employees' pay and personal lives. This guiding principle, along with many other company-wide initiatives, helped BRG Realty Group be named the highest-ranked Top Workplace in the midsize category for the second year in a row. Every day is unique and challenging for many BRG employees, according to anonymous responses submitted on the employee-engagement survey used to rank the companies on the top workplaces list. "BRG management team treats me with respect. BRG Realty GroupBusiness: Operates apartment communities in Southwest Ohio, Northern Kentucky; Dayton, Ohio; Columbus; and Louisville.
Top Workplaces Cincinnati: Which leaders, companies won 'best of show' in key categories?
In addition, three separate "best in show" awards for leadership were handed out among the 130 Top Workplaces Cincinnati organizations. Leadership – large divisionJeff O'NeilGreater Cincinnati Behavioral HealthWhat the company does: It's the most comprehensive service provider for people with mental illness, addiction and related challenges. Leadership - small divisionPatty NormileMercy MontessoriWhat the company does: It's the Cincinnati area's first Catholic Montessori elementary school, with students in grades preschool through 8th. BenefitsUnlimited Systems LLCWhat the company does: Helps manage oncologists' offices through software tools and business intelligence. Work/life flexibilityTruepoint Wealth CounselWhat the company does: Wealth management and financial advisory services, including tax preparation and estate planning.
New Michigan unemployment claims lowest since pandemic hit
Michigan's unemployment filings statewide last week were the lowest since the start of the coronavirus pandemic, according to data from the Associated Press. The state reported the filing of 14,462 new claims during the week ending Aug. 8. That's down from a high of 388,554 claims during the first week of April. But it's still a nearly 240% increase from the same week last year, when less than 4,300 claims were filed. Between March 15 and July 24, the state of Michigan paid $19 billion to close to 2 million claimants, according to the Unemployment Insurance Agency.
EPA expected to undo methane leak rule for oil, gas industry
Pennsylvania is of prime importance in November’s presidential election, and the natural gas industry is already playing a central role in TV campaign ads in the state. The oil and gas industry is responsible for nearly 30% of the nation’s methane emissions, according to the EPA. But killing the methane emissions rule also blocks a legal requirement for the EPA to extend the rule to cover far more pieces of equipment installed before 2015, environmental advocates say. “Methane emissions are increasing rapidly, and the oil and gas industry is clearly part of the problem.”Oil and gas industry representatives are pushing hard for the Trump methane rollbacks, fearing tougher, more expensive rules to stop the emissions. Some oil majors including BP, Shell and ExxonMobil have called on Trump to strengthen efforts to cap methane emissions instead.
Fact check: Trump payroll tax cut is Social Security risk
Josh BoakAssociated PressBaltimore – President Donald Trump’s proposed payroll tax cut is a threat to Social Security no matter how he casts it. He said economic growth would offset the revenue losses. A 12.4% payroll tax split between employers and workers funds Social Security, while a 2.9% payroll tax finances Medicare. Indeed, Trump suggested that his 2017 income tax cuts would propel economic growth as high as 6% annually. Just 26,000 factory jobs were added in July, down from 357,000 added jobs in June.
US long-term mortgage rates rise; 30-year at 2.96%
WASHINGTON (AP) — U.S. average rates on long-term mortgages rose this week but remained at historically low levels. The key 30-year loan stayed below 3%. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan increased to 2.96% from 2.88% last week. The average rate on the 15-year fixed-rate mortgage rose to 2.46% from 2.44% from last week. Homebuying demand continues as one of few bright spots in the pandemic-struck economy, especially for prospective buyers considering a first-time purchase, Freddie Mac noted.
Yost warns 36 to preserve HB 6 records for potential scandal lawsuit
Ohio Attorney General Dave Yost has issued 36 letters warning the recipients to preserve records concerning House Bill 6 for use in a potential lawsuit seeking damages stemming from an alleged racketeering and bribery scheme. The letters, including ones to the Ohio House and Senate, were sent out beginning three days after former House Speaker Larry Householder and four others were arrested July 21. The letters put parties on "notice to preserve all HB 6 documents and communications." Yost’s letter informs notified parties to preserve all records involving HB 6, Generation Now, FirstEnergy and a host of related dark-money groups involved in supporting Householder and the legislation. The communication states that those asked to preserve records should not consider themselves to be the target of any action by the attorney general’s office.
Trump administration continues push for Ohio petrochemical plant
A high-ranking Trump administration official visited the eastern Ohio site proposed for a massive petrochemical complex on Thursday. A proposed petrochemical plant in eastern Ohio got another push from the Trump administration Thursday, with a top official saying that he’s optimistic a new partner will be found to invest in its development. Mark W. Menezes, deputy U.S. Energy secretary, visited the site of the proposed complex in Shadyside along the Ohio River. "We’re very optimistic that we’ll find a replacement partner on the project,’’ Menezes told The Dispatch, noting that the coronavirus has forced companies of all kinds to put off investment decisions. The proposed plant would take ethane, a component of natural gas, and break it down to produce ethylene, which is used in chemical and plastics manufacturing.
Detroit-to-Ann Arbor self-driving vehicle corridor moving ahead
Detroit — Southeast Michigan is moving another step closer to becoming home to a first-in-the-nation connected and autonomous vehicle corridor stretching from downtown Detroit to Ann Arbor. The company is partnering with Ford and the Michigan Department of Transportation to explore infrastructure and financing challenges to build the roadway and leverage the region's engineering prowess. Other partners include the American Center for Mobility and the University of Michigan. The roadway will be called the "MDOT Connected and Autonomous Vehicle Corridor," according to sources. Gretchen Whitmer, Ford Executive Chairman Bill Ford, and U.S. Rep. Debbie Dingell, D-Dearborn, among others, are expected to attend.
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Napier to face Nanos in rematch to be Pima County's sheriff
Mark Napier will face a familiar political foe in the November election to keep his post — Chris Nanos, whom he beat in the 2016 race for Pima County sheriff. Nanos defeated his democratic challenger Kevin E. Kubitskey with about 65% of the vote, the county’s vote tally showed Wednesday. Nanos lost to Napier after serving as interim Pima County sheriff for a year. “This just has a different feel to it,” Nanos said Tuesday night. “We’re going to show the community why I should be the sheriff,” Nanos said.
Photos: Diane Keaton lists historic Tucson home she bought in 2018
Oscar-winning actress Diane Keaton has put her historic Barrio Viejo Tucson home on the market for $2.6 million. That's $1.1 million more than she paid. But some renovations have led to city code violations. The late-19th-century adobe structure hit the market last month. Realtor.com, which first reported on the new listing, described the renovations — including an upgraded kitchen, oversized light fixtures in the exposed wood-beam living room and a large backyard swimming pool — as a “gangbusters glow-up.”The city’s code enforcement division has visited the home several times in the past year, most recently on July 24 when an inspector noted a detached cabana with electrical service and a roughly 20-foot-tall wooden water tower that may have been put in without the proper permits.
Tucson workers, families hurt financially by pandemic can soon apply for grants
Tucson workers and families who have experienced financial hardship due to the COVID-19 pandemic will soon be able to apply for $3 million in grants, the City Council says. As part of the city’s CARES Act funding, the Workers and Families Grant Program will provide emergency assistance to individuals and families affected by the public-health emergency. The program will prioritize individuals and families who have not yet received any state or federal COVID-19 relief money and those whose income does not reach the self-sufficiency standard for Pima County. If eligible, the one-time grant will provide up to $700 per individual and $1,200 per family. The Women’s Foundation of Southern Arizona will administer the grant program and begin accepting applications Wednesday, Aug. 19 at 10 a.m. until 5 p.m. Wednesday, Sept. 9.
1,300 Tucson-area companies got federal loans to help during COVID-19
John Kalil realized early on in the coronavirus pandemic that it was nothing the Kalil Bottling Co. had faced before. With demand for products fluctuating, the company — founded in Tucson in 1948 — considered everything to cut costs, from layoffs to furloughs to closures. Kalil applied and was awarded between a $5 million and $10 million loan from the federal government through the federal Paycheck Protection Program. The program is scheduled to expire Aug. 8 but is expected to be extended as part of the next federal stimulus package. The loans were meant to help small businesses avoid layoffs during the COVID-19 crisis, but they have also garnered controversy over the application process and questions about whether the money has been distributed fairly.
Tim Steller's opinion: Multiplying Mexican restaurants with 'berto' names derive from common ancestor
Roberto Robledo was from a rancho — a small rural settlement — in San Luis Potosí state in central Mexico, Reynaldo told me. “When my dad opened the stores, he started bringing relatives from this ranch to come and work for him,” Reynaldo Robledo said. A dispute over one of Rodriguez’s stores led to him changing the name to Alberto’s, Reynaldo Robledo explained. With that, the first descendent of the Roberto’s chain was born — Alberto’s — and it spread fast across Southern California. As time went on, they all brought relatives and friends from San Luis Potosí to start new restaurants, and gradually some of them branched off with new names.
Actress Keaton looks to turn a tidy profit on downtown Tucson house she bought in 2018
The community’s first African Methodist Episcopal Church opened in 1910 at Convent and 17th, kitty-corner from where Keaton’s home now stands, Otero said. Barrio Viejo grew “intensely crowded” after World Wars I and II, she said, as old homes and businesses were sectioned off into apartments and the neighborhood swelled with renters. Her father’s house was demolished with dozens of other buildings in the mid-1960s, when almost 80 acres were cleared to make way for the Tucson Convention Center complex. From near-demolition to celebrity “glow-up”The patchwork of “renewal” that followed in what was left of the barrio took its time to find the row house at Convent and 17th. Photos from the 1970s and 1980s show the building boarded up and beginning to fall down.
EPA expected to undo methane leak rule for oil, gas industry
Pennsylvania is of prime importance in November’s presidential election, and the natural gas industry is already playing a central role in TV campaign ads in the state. The oil and gas industry is responsible for nearly 30% of the nation’s methane emissions, according to the EPA. But killing the methane emissions rule also blocks a legal requirement for the EPA to extend the rule to cover equipment installed before 2015, environmental advocates say. “Methane emissions are increasing rapidly, and the oil and gas industry is clearly part of the problem.”Oil and gas industry representatives are pushing hard for the Trump methane rollbacks, fearing tougher, more expensive rules to stop the emissions. Some oil majors including BP, Shell and ExxonMobil have called on Trump to strengthen efforts to cap methane emissions instead.
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The Morning Call to vacate Allentown office building after 100 years in downtown location
“Out of an abundance of caution we do not anticipate having employees that can work remotely coming back into the office for the remainder of the year and into 2021,” Tribune spokesperson Max Reinsdorf said. “With no clear path forward in terms of returning to work, and as the company evaluates its real estate needs in light of health and economic conditions brought about by the pandemic, we have made the difficult decision to permanently close the office.”
Hundreds Quarantined in Schools That Followed Trump’s Advice
© Bloomberg A U.S. flag hangs over an empty common area at Torrey Pines High School in San Diego, California, U.S., on Friday, July 10, 2020. The U.S. economy is caught in the middle of President Trump's tug-of-war to reopen schools -- and could end up damned no matter what happens. Schools that reopened fully and early are seeing hundreds of students, staff and teachers put into quarantine as Covid-19 spreads. The high school had to close again. Nearby Paulding County also had to close its high school for cleaning this week, after students, teachers and staff tested positive.
Cathay Pacific owner Swire faces ejection from Hang Seng
The firm is the quoted arm of the family-owned Swire conglomerate, which has its origins in a Liverpool-based import–export company founded by John Swire in 1816. He said: “Whether we’re in the index or not, we’re in Hong Kong. The Hong Kong Stock Exchange takes into account both market cap and turnover when it reviews membership of the Hang Seng. Only HSBC – which is under pressure over its support for Hong Kong’s new national security law – has performed worse on the index this year. The lender remains among the largest Hang Seng members and is highly unlikely to face relegation.
London City airport puts expansion on hold
London City airport is halting its expansion plans following a collapse in business travel by Square Mile bankers. It comes after the Covid pandemic sent demand for business travel plummeting. City is favoured by finance executives because of its proximity to central London and Canary Wharf, and has been particularly hard hit. The airport shut down in March when coronavirus was at its most intense and did not reopen until June 21. The airport has welcomed back four airlines since reopening, including BA City Flyer, with more expected to return over the autumn.
Almost a third of buildings with Grenfell-style cladding yet to undergo removal work
Almost a third of the buildings still wrapped in Grenfell-style flammable cladding have yet to undergo work to remove it, figures have shown. A nationwide safety operation was launched in the wake of the 2017 disaster after the aluminium composite material (ACM) cladding blamed for fuelling the inferno was found on hundreds of buildings. ACM cladding systems are no longer in place at 215 buildings, according to the statistics. It led the Government to ban the use of combustible materials on new high-rise homes, with emergency remediation work ordered on existing buildings. Labour has previously warned thousands of people remain living in buildings wrapped in cladding which needs replacing and insisted the Covid-19 pandemic cannot be an excuse for failing to take swift action.
Repossessions plunge 93pc after banks banned from seizing homes
Property repossessions have plunged 93pc after homeowners rushed to use mortgage holidays and banks were banned from seizing the houses of coronavirus-hit customers. Just 90 owner-occupied homes were repossessed in the second quarter of 2020, a drop of 93pc from a year earlier. All repossessions were banned unless the homeowner agreed or the property was empty. FCA bosses also told banks and building societies to grant mortgage payment holidays to all homeowners who requested one to help them get through the crisis. The FCA has said that mortgage lenders should not start or continue court action for repossession until at least October 31.
Single malt whisky remains a casualty in transatlantic trade war
Liz Truss has vowed to keep fighting for Scotland’s whisky industry after the US spared other British alcoholic drinks from tariffs amid a transatlantic trade war. The Trade Secretary welcomed a White House decision to avoid slapping charges on imports of gin and blended whisky - but hit out at the continued duties on single malts. She vowed to continue talks with her American counterpart Bob Lighthizer in a bid to get the tax lifted. Ms Truss said: “These tariffs damage industry and livelihoods on both sides of the Atlantic and are in nobody’s interests. A reciprocal claim about US aid for Boeing is expected to get a verdict from the WTO in the next few months, paving the way for similar action.
The day reporter Keith Naughton checked out Donald Trump's hair
Reporter Keith Naughton met Republican Donald Trump a few years ago and asked him about his hair. Credits: Christopher Furlong/Getty Images
US jobless claims below 1m for first time since March
Image copyright Getty Images Image caption More than 28 million Americans remain on unemploymentThe number of Americans filing new claims for unemployment has dipped below 1 million for the first time since March. About 963,000 people sought the benefits last week, down from nearly 1.2 million the week before, the Labor Department said. More than 28 million people - nearly one in five American workers - were still collecting benefits in the week ended 25 July, the Labor Department said. Prior to the pandemic, the highest number of new jobless claims recorded in a week was 695,000, set in 1982. "Another larger-than-expected decline in jobless claims suggests that the jobs recovery is regaining some momentum but with a staggering 28 million workers still claiming some form of jobless benefits, much labour market progress remains to be done," said Lydia Boussour, senior US economist at Oxford Economics.
Frankfurt sniffer dog catches whiff of hidden cash stash
Image copyright DPA Image caption Aki sniffed out nearly €250,000 hidden by passengers between the end of June and beginning of JulyA sharp-nosed sniffer dog has helped German authorities to seize €247,280 (£223,673) worth of undeclared money from travellers at Frankfurt airport. The German shepherd, named Aki, found 12 people's secret stashes between the end of June and start of July. Officials said all the passengers were travelling to destinations outside the EU, and there are strict rules on registering cash. "The saying 'money doesn't stink' doesn't seem to apply to Aki," said Isabell Gillmann, a customs spokesperson at Frankfurt am Main airport. In January last year, the intrepid pooch gained media attention after helping customs to seize €10,775 from a man leaving for China.
WE Charity lays off staff, looks to sell Toronto real estate in wake of scandal
Article contentOTTAWA — WE Charity is scaling back its operations, making dozens of layoffs in Canada and the United Kingdom and looking to sell some of its real estate holdings in Toronto. The charity has been embroiled in a political controversy since the Trudeau government chose it to run a now-abandoned youth volunteer program. Try refreshing your browser, or WE Charity lays off staff, looks to sell Toronto real estate in wake of scandal Back to videoWE Charity says its financial position has been greatly affected by the COVID-19 pandemic and “recent events,” prompting a need to shift programming and reduce staff. Peter J ThompsonAt its global headquarters in Toronto, 22 full-time employees will be laid off and another 59 employees working on fixed-term contracts with the charity won’t have their contracts renewed when they expire at the end of the month. WE Charity’s U.K. operations will be centralized in Canada, which means 19 full-time and contract employees in London will be laid off.
Amazon severs ties with delivery firms, more than 1,200 drivers may get laid off
Amazon has made a move that will leave more than 1,200 delivery drivers and package dispatchers without jobs. The tech giant recently ended its relationship with several small delivery firms across the U.S. By shedding the contracts, roughly 1,205 drivers will lose their jobs, CNBC reports. Amazon's delivery service partners (DSP) made the revelation via Worker Adjustment and Retraining Notification filings submitted to various state governments in recent weeks. Amazon's contracted delivery providers are letting go of staff across several states, including Pennsylvania, Wisconsin, Georgia and New York. Sheffield Express in Connecticut said it's losing 95 delivery drivers by closing its shop next month.
Shares of Fatburger parent soar 128% after $25 million Johnny Rockets acquisition
Fat Brands Inc. FAT, +123.22% stock soared 128% in Thursday trading after the company announced it was acquiring the Johnny Rockets chain restaurants from private-equity firm Sun Capital Partners Inc. for $25 million. Johnny Rockets is a 50's-style burger-and-shake chain with 325 locations around the world, including nine that are company-owned. The acquisition will bring Fat Brands' total number of owned and franchised locations to more than 700 with annual sales that exceed $700 million. Fat Brands stock has rallied 77% for the year to date while the S&P 500 index SPX, +0.04% is up 4.8% for the period.
Fashion’s Big Question: What to Do With All Those Unsold Clothes?
Apparel companies, from elite fashion houses to mass-market chains, are saddled with an inventory glut following monthslong closures during the pandemic. Some fashion companies have for years quietly destroyed unsold goods rather than allow them to be sold at a discount. In the U.S., brands and retailers locked out of an entire fashion season are flooding charities with unsold products, in addition to sending goods to discount stores and liquidators. “Brands don’t want their unsold products winding up at flea markets or on Craigslist,” said Matt Connelly, Chief Executive of Good360. “We provide assurance that’s not happening.”In France, home to much of the world’s luxury fashion industry, the government this year passed the world’s first law forbidding companies from destroying unsold, usable goods.
Siebert Williams Shank Chairman on its partnership with Microsoft
Siebert Williams Shank Chairman on its partnership with MicrosoftSiebert Williams Shank, a woman- and minority-owned investment bank, announced its partnership with Microsoft to provide debt and equity support to women- and minority-owned businesses amid the coronavirus pandemic. Siebert Williams Shank Chairman Christopher Williams joins "Squawk Alley" to discuss.
Amazon's self-delivery boosted 75 percent in July
Amazon's self-delivery boosted 75 percent in JulyCNBC's Frank Holland joins "Squawk on the Street" to talk about Amazon's role in the growth of retail e-commerce.
What it would take for Walmart to catch Amazon in e-commerce
How Walmart is trying to catch Amazon in e-commerce, as it launches Walmart+ to compete with PrimeFrom partnering with Instacart to launching Walmart+ as a competitor to Prime, here are all the ways Walmart is looking to catch up with Amazon's dominance in e-commerce as the pandemic pushes more shoppers online.
I expect more negatives about China coming out next week: Jim Cramer
I expect more negatives about China coming out next week: Jim CramerCNBC's Jim Cramer discusses Apple's investment in movie and TV rights and how the company is handling China security concerns.
Brinker International CEO on outlook and demand
Brinker International CEO on outlook and demandWyman Roberts, Brinker International CEO, joins "Squawk on the Street" to talk about the impact of the coronavirus pandemic on its fourth quarter results.
Needham portfolio manager on 5G and tech investing
Needham portfolio manager on 5G and tech investingChris Retzler, Needham Growth Fund portfolio manager and Stuart George, Macquarie Global Head of Equity Trading, join "Squawk Alley" to discuss economic activity and tech stocks.
What is overdraft protection and how does it work?
Overdraft fees cost up to $35 and are one of the most expensive and common checking account fees, since you can incur multiple overdraft fees in one day. CNBC Select explains how overdraft protection works, and we offer some tips on how to avoid overdraft fees. What is overdraft protection? Many banks and credit unions provide the option to enroll in overdraft protection, also known as overdraft coverage/service. If you sign up for overdraft protection, but ultimately decide it's not the best service for your needs, you can opt out at any time.
Money missing from your stimulus check? Why some Americans will get catch-up payments soon
Some Americans may still be recovering from the disappointment they felt after receiving stimulus checks for less than anticipated. One particular cohort that may have received reduced checks: those who were due $500 payments for children under age 17. The U.S. government rushed out $1,200 stimulus checks to Americans this spring after Congress passed the CARES Act, which authorized the payments. 5 money moves to make now39% of younger millennials will move home amid Covid-19 recessionBut some checks excluded the $500 payments for children, even though they qualified. Starting Aug. 5, the government began sending direct deposits with those $500 payments to those families who were missing that money.
Turkey's plummeting lira could have further to fall, analysts say
Pedestrians pass a giant Turkish national flag hanging above a DenizBank AS bank branch in Istanbul, Turkey, on Tuesday, July 19, 2016. Turkey's central bank slowed the pace of interest rate cuts at its meeting on Tuesday after the failed coup attempt triggered a sell-off in the currency and sovereign debt. The Turkish lira has depreciated rapidly since the turn of the year, recently notching its weakest ever level against the dollar, but analysts suggest the risks are still skewed to the downside. Central to the currency's weakness has been Turkey's unconventional monetary and fiscal policy moves and the diminished independence of its central bank (TCMB). Goldman Sachs has raised its three-month USD/TRY outlook to 7.75, but said the medium and long-term direction will depend on the path of policy.
Main Street forced to trade profits for safety in Covid-19 reopening
That leaves about four in 10 small businesses that have closed and either reopened fully (8%), reopened at limited capacity (19%), or that are still waiting to reopen (11%). Small business owners are having to reimagine what work will look like from several different angles: What are their customers demanding? More than half (54%) of small business owners say they are spending money on new coronavirus-related safety measures. CNBC | SurveyMonkey Q3 Small Business SurveyRegenerating demand after emerging from lockdown is proving to take longer than would be ideal. More than 4 in 10 small business owners (41%) say that demand for their business's core products or services has decreased in the last three months.
U.S. weekly jobless claims fall below 1 million; labor market pain far from over
The report from the Labor Department on Thursday did little to change economists’ views that the jobs market recovery was faltering. Initial claims for state unemployment benefits decreased 228,000 to a seasonally adjusted 963,000 for the week ended Aug. 8. The government reported last week that the economy created 1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of the 22 million jobs lost between February and April. Industry groups and Republicans claimed the $600 weekly supplement, which was higher than the minimum wage in many states, was encouraging some unemployed people to stay at home.
Business & Financial News, U.S & International Breaking News
S&P 500, Nasdaq rise as Apple nears $2 trillion in market capThe S&P 500 and Nasdaq rose on Thursday, with Apple inching toward $2 trillion in market capitalization, as data showed jobless claims fell below one million last week for the first time since the start of the pandemic in United States.
U.S. weekly jobless claims fall below 1 million
BusinessU.S. weekly jobless claims fall below 1 millionPostedThe number of Americans seeking unemployment benefits dropped below one million last week for the first time since the start of the COVID-19 pandemic in the United States, likely as the expiration of a $600 weekly jobless supplement discouraged some from filing claims. This report produced by Yahaira Jacquez.
German coffee association demands U.S. drop 'unfair' tariffs
BERLIN (Reuters) - The German Coffee Association said it was relieved the United States had held off expanding tariffs on coffee products from Europe imposed in retaliation for subsidies for planemaker Airbus (AIR.PA), but said existing tariffs should be dropped. “From the perspective of the German coffee industry, the U.S. administration’s decision has prevented worse for U.S. consumers and the German coffee industry,” Director Johannes Hielscher said in an emailed statement. “Nevertheless, the unfair special tariffs on coffee continue to exist. For this reason, the next step must also be to withdraw the special tariffs on coffee that still exist.”On Wednesday, the U.S. government said it would maintain 15% tariffs on Airbus aircraft and 25% tariffs on other European goods, despite moves by the European Union to resolve a 16-year-old dispute over aircraft subsidies.
U.S. weekly jobless claims fall below one million; labor market pain far from over
The report from the Labor Department on Thursday did little to change economists’ views that the jobs market recovery was faltering. Initial claims for state unemployment benefits decreased 228,000 to a seasonally adjusted 963,000 for the week ended Aug. 8. The government reported last week that the economy created 1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of the 22 million jobs lost between February and April. Industry groups and Republicans claimed the $600 weekly supplement, which was higher than the minimum wage in many states, was encouraging some unemployed people to stay at home.
Tapestry sees falling store traffic pressuring sales for rest of 2020
(Reuters) - Coach handbag maker Tapestry Inc (TPR.N) on Thursday forecast full-year revenue below Wall Street expectations, saying falling store traffic would continue to pressure sales in the coming months despite a surge in online shopping. The downbeat outlook took the shine off a smaller-than-expected fourth quarter loss which had sent the company’s stock up as much as 8% in premarket trading. Analysts were expecting a 6.4% increase in sales in fiscal 2021, according to IBES data from Refinitiv. “Stores are not marketing exercises, and they will be held to higher profitability standards globally,” said Todd Kahn, Coach’s brand president. Tapestry’s net sales fell nearly 53% to $714.8 million, but beat analysts’ average estimate of $663.4 million.
Dollar falters as U.S. stimulus stalemate persists
FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. Investors remained focused on the stimulus package talks, which broke down last week. “This remains a key point in favor of the dollar-bearish argument.”The dollar though shrugged off better-than-expected U.S. jobless claims data. The Japanese yen recouped some of its losses from the previous day, against the dollar, which was last down 0.1% at 106.78. The onshore yuan CNY=CFXS briefly rose to a five-month high before steadying at 6.9421 per dollar.
Historical society raises funds for flood-damaged museums
MIDLAND, Mich. (AP) — The Historical Society of Michigan is expected to present donations to two Midland County organizations damaged by flooding due to dam failures along the Tittabawassee River. Checks of just over $5,000 will be presented Thursday to the Midland County Historical Society and the Sanford Area Historical Society. The Sanford Area Historical Society operates the Sanford Centennial Museum. The funds were raised by contributions through an online effort sponsored and promoted by the statewide Historical Society of Michigan and direct donations to the nonprofit organization. ADVERTISEMENTThe Edenville dam failed during a steady rain in May, draining Wixom Lake and unleashing the Tittabawassee River, which then overwhelmed the Sanford dam, about 140 miles (225 kilometers) north of Detroit.
Midland-area dam operators file for bankruptcy protection
BAY CITY, Mich. (AP) — Two companies that own or operate dams that failed in the Midland area have filed for Chapter 11 bankruptcy protection, which would allow them to reorganize their finances. Boyce Hydro and Boyce Hydro Power owe at least $6.1 million for a series of loans through Chicago-based Byline Bank, according to a filing Friday in U.S. Bankruptcy Court in Bay City. The Edenville dam failed during a steady rain in May, draining Wixom Lake and unleashing the Tittabawassee River. Mueller said Boyce Hydro and Boyce Hydro Power “do not believe that they in any way caused the flooding — quite the opposite.” He blamed regulators and an insistence on a high lake level. “I am personally devastated and am in despair for all property owners who have been impacted — many of whom I know personally,” Mueller said.
Construction begins on dam broken in historic 2015 floods
LEXINGTON, S.C. (AP) — Construction has begun to repair a historic dam nearly five years after it broke during the once-in-a-lifetime floods that swept through South Carolina in 2015. Lexington’s Old Mill Pond has stood empty since the flooding broke the pond’s earthen dam and disrupted nearby businesses. The dam’s owner has worked with the state Department of Health and Environmental Control to create plans for the pond, which include a walking trail, WLTX-TV reported . ADVERTISEMENTThe construction, which started this week, is estimated to take about four months. More than 40 dams across the state failed in the devastating floods that led to 19 deaths and caused about $2 billion in damage.
4 motels to be sold and demolished for flood mitigation
ADVERTISEMENTAbout $2 million of the grant is for purchase, while the other $454,000 is for demolition, engineering and legal costs. The Federal Emergency Management Agency grant is for removing structures that have had repetitive flood insurance losses greater than the value of the properties, Miller said. The area, which is one of three main entryways to Atlantic City, has long been criticized as blighted. “This federal funding will help with the robust mitigation and resiliency project that the township has planned, and it will help enhance the gateway into Atlantic City,” Menendez said in a press release. The Economy Inn refused to sell to the township, so it will be left in the middle of the empty properties, Miller said.
Cheniere Energy: 2Q Earnings Snapshot
HOUSTON (AP) _ Cheniere Energy Inc. (LNG) on Thursday reported second-quarter net income of $197 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Houston-based company said it had net income of 78 cents. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share. ADVERTISEMENT_____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LNG at https://www.zacks.com/ap/LNG
Nine Energy: 2Q Earnings Snapshot
HOUSTON (AP) _ Nine Energy Services Inc. (NINE) on Thursday reported a second-quarter loss of $24.2 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Houston-based company said it had a loss of 81 cents. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 88 cents per share. The oilfield services company posted revenue of $52.7 million in the period, which also fell short of Street forecasts. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
Quanta Services: 2Q Earnings Snapshot
HOUSTON (AP) _ Quanta Services Inc. (PWR) on Thursday reported second-quarter earnings of $73.9 million. Earnings, adjusted for one-time gains and costs, came to 74 cents per share. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share. ADVERTISEMENTQuanta Services shares have climbed 5% since the beginning of the year, while the Standard & Poor’s 500 index has risen 3%. Access a Zacks stock report on PWR at https://www.zacks.com/ap/PWR
Bellicum Pharmaceuticals: 2Q Earnings Snapshot
HOUSTON (AP) _ Bellicum Pharmacueticals Inc. (BLCM) on Thursday reported a loss of $43.2 million in its second quarter. Bellicum Pharmaceuticals shares have fallen 42% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $7.49, a fall of 40% in the last 12 months. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BLCM at https://www.zacks.com/ap/BLCM
EOG Resources: 2Q Earnings Snapshot
HOUSTON (AP) _ EOG Resources Inc. (EOG) on Thursday reported a second-quarter loss of $909.4 million, after reporting a profit in the same period a year earlier. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 14 cents per share. ADVERTISEMENTEOG Resources shares have decreased 39% since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 4%. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EOG at https://www.zacks.com/ap/EOG
Cardtronics: 2Q Earnings Snapshot
HOUSTON (AP) _ Cardtronics Inc. (CATM) on Thursday reported a second-quarter loss of $1.9 million, after reporting a profit in the same period a year earlier. The Houston-based company said it had a loss of 4 cents per share. Earnings, adjusted for one-time gains and costs, came to 13 cents per share. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
Exterran: 2Q Earnings Snapshot
HOUSTON (AP) _ Exterran Corp. (EXTN) on Monday reported a loss of $31.9 million in its second quarter. On a per-share basis, the Houston-based company said it had a loss of 97 cents. The provider of services for the oil and natural gas industry posted revenue of $171.6 million in the period. Exterran shares have dropped 28% since the beginning of the year. Access a Zacks stock report on EXTN at https://www.zacks.com/ap/EXTN
RigNet: 2Q Earnings Snapshot
HOUSTON (AP) _ RigNet Inc. (RNET) on Thursday reported a loss of $4.3 million in its second quarter. On a per-share basis, the Houston-based company said it had a loss of 21 cents. The communications provider for the oil and gas industry posted revenue of $53.4 million in the period. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RNET at https://www.zacks.com/ap/RNET
Bristow Group: 2Q Earnings Snapshot
HOUSTON (AP) _ Bristow Group Inc. (VTOL) on Thursday reported second-quarter profit of $71.5 million. The provider of helicopter transportation services posted revenue of $270.2 million in the period. Bristow Group shares have fallen 46% since the beginning of the year. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VTOL at https://www.zacks.com/ap/VTOL
Vertex Energy: 2Q Earnings Snapshot
HOUSTON (AP) _ Vertex Energy Inc. (VTNR) on Tuesday reported a loss of $9 million in its second quarter. The Houston-based company said it had a loss of 25 cents per share. The environmental services company posted revenue of $21.4 million in the period. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VTNR at https://www.zacks.com/ap/VTNR
Sysco: Fiscal 4Q Earnings Snapshot
HOUSTON (AP) _ Sysco Corp. (SYY) on Tuesday reported a fiscal fourth-quarter loss of $618.4 million, after reporting a profit in the same period a year earlier. Losses, adjusted for one-time gains and costs, came to 29 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 39 cents per share. Sysco shares have fallen 30% since the beginning of the year, while the Standard & Poor’s 500 index has increased 4%. Access a Zacks stock report on SYY at https://www.zacks.com/ap/SYY
Goodrich Petroleum: 2Q Earnings Snapshot
HOUSTON (AP) _ Goodrich Petroleum Corp. (GDP) on Tuesday reported a second-quarter loss of $15.7 million, after reporting a profit in the same period a year earlier. Losses, adjusted for non-recurring costs and asset impairment costs, came to 25 cents per share. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GDP at https://www.zacks.com/ap/GDP
Occidental: 2Q Earnings Snapshot
HOUSTON (AP) _ Occidental Petroleum Corp. (OXY) on Monday reported a second-quarter loss of $8.13 billion, after reporting a profit in the same period a year earlier. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of $1.66 per share. The oil and gas exploration and production company posted revenue of $2.98 billion in the period, which also did not meet Street forecasts. ADVERTISEMENTOccidental shares have declined 60% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 4%. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
RCI Hospitality: Fiscal 3Q Earnings Snapshot
HOUSTON (AP) _ RCI Hospitality Holdings Inc. (RICK) on Monday reported a fiscal third-quarter loss of $5.5 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Houston-based company said it had a loss of 60 cents. RCI Hospitality shares have declined 29% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.54, a fall of 10% in the last 12 months. ADVERTISEMENT_____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
WSFS: 2Q Earnings Snapshot
(AP) _ WSFS Financial Corp. (WSFS) on Thursday reported a second-quarter loss of $7.1 million, after reporting a profit in the same period a year earlier. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share. In the final minutes of trading on Thursday, shares hit $29.04, a decline of 28% in the last 12 months. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WSFS at https://www.zacks.com/ap/WSFS
Regulators lose bid to avoid subpoenas in wastewater case
(AP) — Delaware’s Supreme Court has rejected an attempt by state environmental regulators to challenge a judge’s decision ordering them to turn over information to property owners suing a poultry processing company over wastewater violations. An interlocutory appeal is a challenge to a court ruling in a lawsuit before the lawsuit itself is decided. ADVERTISEMENTThe company agreed in December to pay a $420,000 penalty and upgrade its wastewater system as part of a proposed consent decree with DNREC filed in federal court. The plaintiffs in the state lawsuit against Mountaire also have intervened in the federal lawsuit and argue that the consent decree is not fair, reasonable or consistent with federal environmental laws. They are seeking permission from a federal judge to obtain information about the settlement negotiations between DNREC and Mountaire.
The Bancorp: 2Q Earnings Snapshot
(AP) _ The Bancorp Inc. (TBBK) on Thursday reported second-quarter net income of $20.1 million. The Wilmington, Delaware-based bank said it had earnings of 35 cents per share. The Bancorp shares have dropped 32% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $8.78, a fall of 12% in the last 12 months. Access a Zacks stock report on TBBK at https://www.zacks.com/ap/TBBK
Artesian Resources: 2Q Earnings Snapshot
(AP) _ Artesian Resources Corp. (ARTNA) on Wednesday reported second-quarter profit of $4.6 million. On a per-share basis, the Newark, Delaware-based company said it had net income of 49 cents. Artesian Resources shares have dropped 4% since the beginning of the year. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARTNA at https://www.zacks.com/ap/ARTNA
Chesapeake Utilities: 2Q Earnings Snapshot
(AP) _ Chesapeake Utilities Corp. (CPK) on Wednesday reported second-quarter net income of $11 million. On a per-share basis, the Dover, Delaware-based company said it had profit of 66 cents. The energy and utility company posted revenue of $97.1 million in the period. Chesapeake Utilities shares have declined 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $83.85, a decline of nearly 8% in the last 12 months.
Corteva, Inc.: 2Q Earnings Snapshot
(AP) _ Corteva, Inc. (CTVA) on Wednesday reported second-quarter net income of $760 million, after reporting a loss in the same period a year earlier. Earnings, adjusted for amortization costs and non-recurring costs, came to $1.26 per share. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share. In the final minutes of trading on Wednesday, shares hit $28.55, a drop of 4.5% in the last 12 months. _____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
BioSpecifics: 2Q Earnings Snapshot
(AP) _ BioSpecifics Technologies Corp. (BSTC) on Monday reported second-quarter net income of $116,000. The Wilmington, Delaware-based company said it had net income of 2 cents per share. Earnings, adjusted for non-recurring costs, came to 11 cents per share. BioSpecifics shares have increased 15% since the beginning of the year. Access a Zacks stock report on BSTC at https://www.zacks.com/ap/BSTC
Nike’s layoffs in Oregon will total at least 500
Nike’s layoffs in Oregon will total at least 500PORTLAND, Ore. (AP) — Nike has filed documents with the state of Oregon that show its recently announced layoffs will eliminate at least 500 jobs at the company’s world headquarters near Beaverton. The number of layoffs worldwide will be higher than the 500 in Oregon losing their jobs. ADVERTISEMENTJohn Donahoe, Nike’s new CEO and president, has enacted a plan to simplify Nike’s complex corporate organizational chart. Multiple product category teams responsible for specific products for specific sports and consumers will be cut to just three -- men, women and kids. In its notice to the state, Nike said the cuts will include some members of its corporate leadership teams and their executive assistants.
Portland Commissioner receives flood of racist messages
PORTLAND, Ore. (AP) — Amid work to address systemic racism under a national spotlight, Portland, Oregon, Commissioner Jo Ann Hardesty says she has been sent a high volume of racist messages. Hardesty, a former state legislator and the first Black woman elected to the Portland City Council, said while racists messages directed toward her aren’t uncommon, she has been shocked “at the high level of racist, white supremacist rhetoric” that she’s received in recent months, The Oregonian/OregonLive reported . She said she’s been getting letters at her home, texts as well as emails and messages on social media. Many of her proposals led the City Council to approve redirecting $15 million previously budgeted for police to other city programs and initiatives in June. Hardesty’s office shared copies of about a dozen emails and instant messages she received in July with The Oregonian/OregonLive.
Oregon to offer quicker benefits to unemployed workers
PORTLAND, Ore. (AP) — Oregon officials said Friday that an administrative change will enable the state to offer early prepayments to “tens of thousands” of unemployed workers waiting to have their claims adjudicated. ADVERTISEMENTQualifying workers will receive prepayments while their claims work through the adjudication process. The prepayments will still take “several weeks,” according to David Gerstenfeld, the Oregon Employment Department’s interim director. The state says it will notify employees who qualify for the adjudication prepayments by email or robocall. The department, wrestling with outdated technology, says it has been unable to determine how many people are waiting for adjudication.
Northwest Natural: 2Q Earnings Snapshot
PORTLAND, Ore. (AP) _ Northwest Natural Holding Company (NWN) on Friday reported a second-quarter loss of $4.9 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Portland, Oregon-based company said it had a loss of 16 cents. Northwest Natural expects full-year earnings to be $2.25 to $2.45 per share. Northwest Natural shares have fallen 27% since the beginning of the year. Access a Zacks stock report on NWN at https://www.zacks.com/ap/NWN
Changes to Oregon public pension benefits upheld
SALEM, Ore. (AP) — The Oregon Supreme Court on Thursday upheld the reductions in public employee pension benefits that state lawmakers passed last year to help address the state’s pension funding deficit and rein in the escalating pension costs. ADVERTISEMENTTheir lawyers argued that the changes constituted an impairment of contract under the state and federal constitutions, a “taking without just compensation” and a breach of public employees’ PERS contract rights. The law redirected a portion of the required retirement contributions that employees make to an individual, 401(k)-like account that supplements their pension benefits to support the pension fund. Employees making more than $30,000 a year and hired on or before Aug. 28, 2003 are now required to send 2.5% of their salary to support the pension. The remainder of their required retirement contributions – another 3.5% of salary - will still flow to the individual account.
N.C. governor says he’ll seek jobless aid that Trump offered
He also wants the GOP-controlled legislature to raise the weekly state benefit maximum from $350 per week to at least $500 and double the current 12-week state benefit period when it returns to Raleigh. The legislature failed to reach an agreement in the spring that would have raised the maximum state benefit by another $50 per week. He asked legislators to direct the matching amount be paid from the state’s unemployment benefit reserve fund, which currently has close to $3 billion. The 2013 state unemployment overhaul helped eliminate debt owed to the federal government for benefits during the Great Recession. The state’s benefit reserve was up again to nearly $4 billion when a wave of job losses began in March.
Greece: Wildfire that forced home evacuations is contained
A firefighting helicopter drops water as fire burns outside the port town of Lavrio, some 60 kilometers (37 miles) south of the Athens, on Thursday, July 16, 2020. A children's summer camp and dozens of homes have been evacuated due to a wildfire south of Athens, where high winds hampered an effort to contain the blaze. A children's summer camp and dozens of homes have been evacuated due to a wildfire south of Athens, where high winds hampered an effort to contain the blaze. (AP Photo/Petros Giannakouris)LAVRIO, Greece (AP) — A children’s summer camp and dozens of homes had to be evacuated Thursday due to a wildfire south of Athens, where for hours high winds hampered efforts to contain the blaze. The evacuations had been ordered as a precaution and homes had not faced an immediate threat, Fire Service and municipal officials said.
New Mexico wants Trump unemployment offer, says no to match
New Mexico wants Trump unemployment offer, says no to matchSANTA FE, N.M. (AP) — New Mexico is saying yes to President Donald Trump’s offer to extend a weekly federal supplement to unemployment benefits — without increasing the state’s standard payout as suggested. Workforce Solutions Secretary Bill McCamley on Wednesday said the state has submitted an application to the U.S. government that would provide an additional $300 per week to residents who receive unemployment benefits. State labor officials believe existing payments from the state’s unemployment trust fund can act as a match to lock in a $300 weekly supplement from a federal disaster relief fund. “If that’s approved, people will see an additional $300 for the weeks they are eligible,” he said. McCamley said it is unclear how soon the additional $300 might be available or how long the extra payments might be sustained to unemployment beneficiaries.
Alaska oil checks smaller, but they help pay virus bills
Street musician Cal Austermuhl performs on a street in downtown Anchorage, Alaska Wednesday, July 1, 2020, the same day Alaska residents began receiving their share of the state's oil wealth. (AP Photo/Mark Thiessen)Street musician Cal Austermuhl performs on a street in downtown Anchorage, Alaska Wednesday, July 1, 2020, the same day Alaska residents began receiving their share of the state's oil wealth. It was set up for the people of Alaska.”ADVERTISEMENTRegardless of the check size, dividend day is a big one for Alaska retailers. “It’s a nice little shot,” said Mike Miller, a bartender at Flattop Pizza in downtown Anchorage. “When the dividend checks come in, you know, everybody’s a thousandaire for a couple few days,” he said, standing in an empty restaurant during what would typically be the noon rush hour.
Anchorage names businesses visited by customers with virus
ANCHORAGE, Alaska (AP) — The Anchorage Department of Health released a list of businesses where people who later tested positive for COVID-19 spent extended periods of time. The health department named 19 locations in the Municipality of Anchorage, Palmer and Seward to which the coronavirus patients were traced on specific dates in mid- to late-June. Several of the most popular bars in downtown Anchorage were on the list the city released Friday. ADVERTISEMENTThe city is unfairly singling out bars and restaurants as officials have not named other types of businesses visited by infected people, he said. The number of infections is thought to be far higher because many people have not been tested, and studies suggest people can be infected with the virus without feeling sick.
Anchorage bars called on to adopt more virus precautions
ANCHORAGE, Alaska (AP) — Anchorage officials and trade groups have announced new suggested guidelines they hope bars and restaurants will adopt to slow the spread of the coronavirus. Anchorage health officials said several entertainment and hospitality businesses in the municipality have been linked to recent COVID-19 cases, The Anchorage Daily News reported Wednesday. The suggestions were announced during a Wednesday briefing by Anchorage Mayor Ethan Berkowitz, Anchorage Health Department Director Natasha Pineda and trade group officials. Officials said 15 new confirmed cases are associated with local bars, a strip club and a restaurant. One of the businesses had a log book, which the city is using to send messages to customers, Pineda said.
Alaska fishing boat has 85 crew members infected with virus
FILE - Workers harvest whiting aboard the factory fishing vessel American Triumph off the coast of Alaska on May 28, 1996. Officials say a that the ship docked in the Alaska fishing port of Dutch Harbor in the Aleutian Islands with 85 crew members infected with the coronavirus on board. Officials say a that the ship docked in the Alaska fishing port of Dutch Harbor in the Aleutian Islands with 85 crew members infected with the coronavirus on board. (Benjamin Brink/The Oregonian via AP, File)UNALASKA, Alaska (AP) — A factory fishing vessel that docked in the Alaska fishing port of Dutch Harbor in the Aleutian Islands has 85 crew members infected on board with the coronavirus, officials said. Lagoni cited privacy protection when declining to provide a breakdown of the nationalities of crew members.
Lawsuit: Police fired 31 times at wounded man on ground
9 and Hammond Street in Brookline, Mass., that started near Brigham and Women's Hospital in Boston. 9 and Hammond Street in Brookline, Mass., that started near Brigham and Women's Hospital in Boston. Norfolk District Attorney Michael Morrissey said in March that the six officers who shot Root were were justified in their use of deadly force. Root’s interaction with police on Feb. 7 began when officers responded to a report of a man with a gun near Brigham and Women’s Hospital threatening security, authorities said. An officer approached Root and pulled his gun while Root pulled out an unloaded, clear plastic paintball pistol, the lawsuit says.
Mississippi city’s police department gets new chief
(AP) — The Wiggins Police Department has a new chief who is no stranger to the department. Jeff Thomas has been named to replace Chief Matt Barnett, who will retire at the end of August. Thomas began his law enforcement career in 1997 at the Wiggins Police Department. Since 2008, he’s served as deputy chief under Barnett, WLOX-TV reported. “They made a great team,” Miles said of Thomas and Barnett.
Police chief: Officer wounded suspect in accidental firing
CINCINNATI (AP) — A Cincinnati police officer’s gun fired accidentally during a struggle, wounding an unarmed drug suspect in the back, the police chief said Wednesday. Hamilton County Prosecutor Joe Deters is reviewing the shooting for potential charges, Isaac said. He identified the officer as John Brown, a plainclothes officer who was part of an investigation of drug sales on a residential street. ADVERTISEMENTWhen the suspect drove off, officers followed him to a gas station in nearby Colerain Township, the chief said. Police vehicles boxed him in, and the struggle ensued, he said.
Family of South Carolina man killed by police files lawsuit
CHESTER, S.C. (AP) — Family members of a South Carolina man who was fatally shot by police in November filed a wrongful death lawsuit Monday against the police department and the city and store where the shooting happened. Lawyers for the family of Ariane Lamont McCree, 28, filed the lawsuit at the Chester County courthouse following a march of about 200 people rallying in support, The Herald of Rock Hill reported . The officers weren’t named in the lawsuit and haven’t been identified by police, the newspaper said. McCree ran out of the store because he was “fearing for his life,” the lawsuit stated. The agency declined to release video of the confrontation after The Herald filed a request in December.
3D Systems: 4Q Earnings Snapshot
ROCK HILL, S.C. (AP) _ 3D Systems Corp. (DDD) on Wednesday reported a loss of $4.7 million in its fourth quarter. On a per-share basis, the Rock Hill, South Carolina-based company said it had a loss of 4 cents. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share. The maker of 3D printers posted revenue of $164.6 million in the period, also topping Street forecasts. Access a Zacks stock report on DDD at https://www.zacks.com/ap/DDD
Trooper: DUI prosecutor charged with DUI, fired from job
ROCK HILL, S.C. (AP) — A South Carolina DUI prosecutor was fired from his job after he was arrested and accused of driving drunk and fleeing the scene, authorities said. Jamie Terrell Nichols, 28, was charged Saturday with DUI and leaving the scene of a crash, The Rock Hill Herald reported . Highway Patrol Master Trooper Gary Miller said Nichols left the scene of a two-car crash outside of Rock Hill Saturday night. Later that night, Rock Hill Police Lt. Michael Chavis said Nichols was found at the scene of a second crash inside the city limits. Nichols worked as a DUI prosecutor and was terminated from the position after his arrest, 16th Circuit Solicitor Kevin Brackett said.
AP FACT CHECK: Trump’s risk to Social Security, economy myth
President Donald Trump speaks at a news conference in the James Brady Press Briefing Room at the White House, Wednesday, Aug. 12, 2020, in Washington. (AP Photo/Andrew Harnik)BALTIMORE (AP) — President Donald Trump’s proposed payroll tax cut is a threat to Social Security no matter how he casts it. A 12.4% payroll tax split between employers and workers funds Social Security, while a 2.9% payroll tax finances Medicare. There were 257,000 more manufacturing jobs on the day Trump became president than now. Just 26,000 factory jobs were added in July, down from 357,000 added jobs in June.
Duck Creek IPO Looks To Raise $360 Million As It Boosts Price Range
The Duck Creek IPO is scheduled to price tonight and begin trading Friday. At the IPO price Duck Creek is valued at about $3 billion. The Duck Creek IPO will trade on the Nasdaq under the ticker DCT. Moreover, as it pertains to Covid-19, it has not experienced a material disruption on bookings or sales to date, said the Duck Creek IPO filing. The lead underwriters for the Duck Creek IPO are Goldman Sachs, JPMorgan and BofA Securities.
Gold Stocks Take A Small Bath Lately: How To Trade Franco-Nevada After Its Sell-Off
Nasdaq Makes It Seven Straight, Jumps Above 11,0008/06/2020 Nasdaq could be ready for a breather as it approaches an upper channel line. 8/06/2020 Nasdaq could be ready for a breather as it approaches...
Fidelity Launches Digital Bond-Trading System for Financial Advisors
DreamstimeFidelity is launching a fully digital fixed-income trading system for financial advisors who use the brokerage as a custodian. The system, called Bond Beacon, could help Fidelity, which has about 3,900 custody and clearing clients, appeal to even more advisory firms.
Bullish indicators point to more gains for S&P 500
The S&P 500 index is about to trade at new all-time highs. It lags behind Nasdaq Composite , Nasdaq-100 and S&P 100 in doing so, but it is ahead of the Dow Jones Industrial Average and Russell 2000 , which still have a ways to go to recover their losses since February. Our indicators are all bullish (with one pending, conditional sell...
Cisco stock slides toward worst day since 2011 after earnings
Cisco Systems Inc. shares CSCO, -11.00% are off 11.6% in Thursday morning trading after the company reported declining fiscal-fourth quarter revenue and gave a downbeat outlook for the current period. The stock is on track for its worst single-day percentage drop since Feb. 10, 2011, when it fell 14.2%. Long has a neutral rating and $50 price target on the stock. RBC Capital Markets analyst Robert Muller kept his outperform rating on the stock and bumped his price target up to $48 from $47 but warned of "choppiness" in the near term. Cisco shares have increased 1.5% over the past three months as the Dow Jones Industrial Average DJIA, -0.18% has gained 20%.
Chili’s parent says its weeks-old virtual chicken chain It’s Just Wings will soon be a $150 million brand
Wyman said on the Wednesday fourth-quarter earnings call that the chicken chain is generating more than $3 million in weekly sales, much of it incremental business. Brinker stock has gained 16.3% for the week to date, but has tumbled 17.8% for the year so far. Analysts also note the same-store sales recovery happening at Chili’s, with the chain ending the month down 10.9%. Watch:4 sectors that are well-positioned for the stay-at-home economyKeyBanc rates Brinker stock sector weight. “Even with shares up significantly on earnings, and ongoing risk from COVID spikes and pressured discretionary income, opportunities for greater upside exist with continued execution.”UBS rates Brinker stock neutral with a $38 price target, up from $27.
Gold prices move up after brief dip in the wake of a fall in weekly U.S. jobless claims
Gold futures headed higher on Thursday, looking to extend their modest gain from a day earlier, after taking a brief dip in the wake of weekly U.S. jobless claims data that showed a fall below one million for the first time since the coronavirus pandemic began almost five months ago. The slight improvement from 1.19 million jobless claims at the end of July is somewhat of a bearish development for haven seekers. Gold futures fell briefly below $1,930 an ounce immediately after the jobless claims data, then saw a bumpy ride higher. Despite the reduction in jobless claims, some experts say that gold has managed to hold its ground because claims still remain elevated from the pre-pandemic levels. “The initial jobless claims number was much better than the market anticipation and this has pushed the equity futures higher,” he wrote.
Montreal Home Breaks Quebec Price Record
A sprawling stone mansion near the heart of downtown Montreal has set a price record for the entire province of Quebec, according to Sotheby’s International Realty Quebec, the firm that brokered the deal. The asking price had been C$20 million (US$18 million), and the house sold for C$18 million on Thursday, according to records. We’re seen as a safe harbor.”Eric Lemieux, senior economist with the Quebec Professional Association of Real Estate Brokers, agreed. Montreal real estate was set for a record-breaking 2020 before the pandemic hit. In July, 160 homes over $1 million sold in greater Montreal, according to the association—a 139% increase over July 2019.
Boom in Demand for U.K. Housing Could Lead to Bust
The U.K. housing market continued to pick up steam in July, as a flood of new buyers drove a sharp rebound in agreed-to sales in every region of the country. A measure of home prices in July turned positive for the first time since the pandemic gripped the U.K., according to the survey. The sentiment mirrors the Halifax House Price Index, a separate report, which also reported a rebound in prices in July. A combination of historically low interest rates and a shortage of homes for sale are driving demand and price growth. Agents expected sales and prices to pick up the pace over the next three months.
Chili’s parent says its weeks-old virtual chicken chain It’s Just Wings will soon be a $150 million brand
Wyman said on the Wednesday fourth-quarter earnings call that the chicken chain is generating more than $3 million in weekly sales, much of it incremental business. Brinker stock has gained 16.3% for the week to date, but has tumbled 17.8% for the year so far. Analysts also note the same-store sales recovery happening at Chili’s, with the chain ending the month down 10.9%. Watch:4 sectors that are well-positioned for the stay-at-home economyKeyBanc rates Brinker stock sector weight. “Even with shares up significantly on earnings, and ongoing risk from COVID spikes and pressured discretionary income, opportunities for greater upside exist with continued execution.”UBS rates Brinker stock neutral with a $38 price target, up from $27.
Cisco stock slides toward worst day since 2011 after earnings
Cisco Systems Inc. shares CSCO, -11.01% are off 11.6% in Thursday morning trading after the company reported declining fiscal-fourth quarter revenue and gave a downbeat outlook for the current period. The stock is on track for its worst single-day percentage drop since Feb. 10, 2011, when it fell 14.2%. Long has a neutral rating and $50 price target on the stock. RBC Capital Markets analyst Robert Muller kept his outperform rating on the stock and bumped his price target up to $48 from $47 but warned of "choppiness" in the near term. Cisco shares have increased 1.5% over the past three months as the Dow Jones Industrial Average DJIA, -0.19% has gained 20%.
EIA reports a weekly rise of 58 billion cubic feet in U.S. natural-gas supplies
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 58 billion cubic feet for the week ended Aug. 7. That was slightly higher than the average increase of 51 billion forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.332 trillion cubic feet, up 608 billion cubic feet from a year ago, and 443 billion cubic feet above the five-year average, the government said. September natural gas NGU20, +0.69% traded up by 2.9 cents, or 1.4%, at $2.181 per million British thermal units. It was trading at $2.171 before the data.
Oil Is Down Because Jet Fuel Demand Could Stay Weak
The International Energy Agency (IEA) said in a monthly report released on Thursday that weak jet fuel demand is the main reason it is reducing its overall demand expectations for this year and next. The IEA had some positive things to say about the oil market, noting that demand outstripped supply in June. “Ongoing uncertainty around demand caused by Covid-19 and the possibility of higher output means that the oil market’s rebalancing remains delicate,” the IEA said. While driving is rebounding in the U.S. and elsewhere, jet fuel “remains the major source of weakness,” it said. “With few signs that the picture will improve significantly soon, we have downgraded our estimate for global jet fuel and kerosene demand,” the IEA said.
Apple Stock Climbs Because Music and TV+ Might Be Bundled in a Subscription Service
For the quarter ended in June, Apple had services revenue of $13.2 billion, about 22% of total revenue. Justin Sullivan/Getty ImagesApple plans to offer subscription bundles for services including Apple Music, Apple TV+, Apple News and Apple Arcade to drive higher consumer adoption of the offerings, according to a media report on Thursday. Bloomberg News reported that the service bundles could debut in October, along with the introduction of the next generation of iPhones and the debut of iOS 14, an update to the software used to run the phones. The story noted that the goal would be to offer the combined services at a discount, with tiered pricing that adds services as the monthly subscription price increases. Bloomberg reported that the bundling program is known internally as “Apple One.”
Shares of Fatburger parent soar 128% after $25 million Johnny Rockets acquisition
Fat Brands Inc. FAT, +121.24% stock soared 128% in Thursday trading after the company announced it was acquiring the Johnny Rockets chain restaurants from private-equity firm Sun Capital Partners Inc. for $25 million. Johnny Rockets is a 50's-style burger-and-shake chain with 325 locations around the world, including nine that are company-owned. The acquisition will bring Fat Brands' total number of owned and franchised locations to more than 700 with annual sales that exceed $700 million. Fat Brands stock has rallied 77% for the year to date while the S&P 500 index SPX, +0.04% is up 4.8% for the period.
Apple is planning to bundle its subscription offerings: report
Apple Inc. AAPL, +1.81% is reportedly planning to offer bundles of some of its services that will give users a discount if they sign on with multiple offerings, according to Bloomberg News. The company's bundles could launch as soon as October when the company debuts its new iPhones, the Thursday report said. The forthcoming bundles could include a more basic plan that combines Apple Music and Apple TV+ as well as more expensive tiers that add on the Apple Arcade gaming service, the Apple News+ service, and iCloud storage, per the report. Apple is also looking at a subscription service for online fitness classes, according to Bloomberg. Apple didn't immediately respond to a MarketWatch request for comment on its services plans.
Shares of Fatburger parent soar 128% after $25 million Johnny Rockets acquisition
Fat Brands Inc. FAT, +121.95% stock soared 128% in Thursday trading after the company announced it was acquiring the Johnny Rockets chain restaurants from private-equity firm Sun Capital Partners Inc. for $25 million. Johnny Rockets is a 50's-style burger-and-shake chain with 325 locations around the world, including nine that are company-owned. The acquisition will bring Fat Brands' total number of owned and franchised locations to more than 700 with annual sales that exceed $700 million. Fat Brands stock has rallied 77% for the year to date while the S&P 500 index SPX, +0.04% is up 4.8% for the period.
Apple is planning to bundle its subscription offerings: report
Apple Inc. AAPL, +1.81% is reportedly planning to offer bundles of some of its services that will give users a discount if they sign on with multiple offerings, according to Bloomberg News. The company's bundles could launch as soon as October when the company debuts its new iPhones, the Thursday report said. The forthcoming bundles could include a more basic plan that combines Apple Music and Apple TV+ as well as more expensive tiers that add on the Apple Arcade gaming service, the Apple News+ service, and iCloud storage, per the report. Apple is also looking at a subscription service for online fitness classes, according to Bloomberg. Apple didn't immediately respond to a MarketWatch request for comment on its services plans.
The dollar has weakened. Here’s why that actually entrenches its role as the world’s reserve currency
It doesn’t make much sense for the dollar to be as widely used as it is. Countries, most notably China and Russia, also are upset the U.S. is able to wield its currency dominance to sanction government officials across the world. “A weaker dollar thus typically results in higher not lower demand for dollars from the world’s reserve managers.”And how do these reserve managers accumulate dollars? “Many export-based economies with large external surpluses are willing to let their currency fall against the dollar, but they remain reluctant to let their currency appreciate against the dollar when the tide turns. And thus the bulk of the world’s accumulation of dollar reserves has tended to come when the market is pushing the dollar down not up,” he writes.
Fidelity Launches Digital Bond Trading for Advisors
Text sizeDreamstimeFidelity is launching a fully digital fixed-income trading system for financial advisors who use the brokerage as a custodian. Newsletter Sign-up Advisor Center Barron’s scans the world’s major publications each day to find news that helps financial advisors serve their clients better. PREVIEWThe system, called Bond Beacon, could help Fidelity, which has about 3,900 custody and clearing clients, appeal to even more advisory firms.
A small subset of Vanguard investors moved entirely into cash when the market tumbled. Here’s how they did
Fund management giant Vanguard Group looked at the investors who did exactly that, in a study recently published. The defined contribution cash panickers went from having 69% of their $105,000 portfolios in stocks at the end of 2019, and the retail cash panickers went from having 77% of their $70,000 portfolios in stocks. About two-thirds of the defined contribution cash panickers were female; the retail cash panicker split was 46% male, 29% female and 25% a household of two or more members. At the end of March, the cash panickers had done better, with 56% of defined contribution and 58% of individual investors sporting better returns. By the end of May, 84% of the defined contribution cash panickers had worse returns than their pre-pandemic portfolio, with 86% of retail cash panickers doing worse.
‘Apple remembers the time it almost went bankrupt’ as it eyes future outlook: Analyst
Rene Ritchie, Tech Analyst, joins Yahoo Finance’s The First Trade with Alexis Christoforous, Brian Sozzi and Ines Ferre to discuss Apple’s potential subscription bundle, future outlook for the company and much more.
Apple Stock Climbs Because Music and TV+ Might Be Bundled in a Subscription Service
Text sizeFor the quarter ended in June, Apple had services revenue of $13.2 billion, about 22% of total revenue. Justin Sullivan/Getty ImagesApple plans to offer subscription bundles for services including Apple Music, Apple TV+, Apple News and Apple Arcade to drive higher consumer adoption of the offerings, according to a media report on Thursday. Bloomberg News reported that the service bundles could debut in October, along with the introduction of the next generation of iPhones and the debut of iOS 14, an update to the software used to run the phones. The story noted that the goal would be to offer the combined services at a discount, with tiered pricing that adds services as the monthly subscription price increases. Bloomberg reported that the bundling program is known internally as “Apple One.”
Oil Is Down Because Jet Fuel Demand Could Stay Weak
The International Energy Agency (IEA) said in a monthly report released on Thursday that weak jet fuel demand is the main reason it is reducing its overall demand expectations for this year and next. The IEA had some positive things to say about the oil market, noting that demand outstripped supply in June. “Ongoing uncertainty around demand caused by Covid-19 and the possibility of higher output means that the oil market’s rebalancing remains delicate,” the IEA said. While driving is rebounding in the U.S. and elsewhere, jet fuel “remains the major source of weakness,” it said. “With few signs that the picture will improve significantly soon, we have downgraded our estimate for global jet fuel and kerosene demand,” the IEA said.
Google’s next Wear OS update will bring more speed and a weather app
A Wear OS update rolling out this fall will bring improved performance and a new weather app. Today, Google announced that the next update will allow faster access to info and apps, more intuitive controls for managing watch modes and workouts, as well as a simplified pairing process. The updated Wear OS will also support Qualcomm’s new Snapdragon Wear 4100 and 4100+ chips. Aside from speed and more intuitive controls, Wear OS users will notice a new weather interface. View photos Wear OS updated weather app More“It aims to be easier to read while on the go, with an hourly breakdown of today’s weather to help you plan ahead and provide information about important weather alerts in your area,” Google wrote on its Android Developers blog.
McDonald's found nude photos of employees sent by former CEO on company servers: lawsuit
McDonald's accused ousted CEO Steve Easterbrook of sending nude photos of employees from his company email account to a personal email, in a lawsuit attempting to recover Easterbrook's multimillion-dollar golden parachute. McDonald's said its board would never have terminated Easterbrook "without cause," allowing him to collect the generous severance, had he not allegedly covered up sexual relationships with three employees. A second investigation turned up "dozens of nude, partially nude, or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company e-mail account to his personal e-mail account," according to the suit. Easterbrook deleted the explicit images from his company-issued phone before turning it in after his termination, but the images were preserved on company servers, the company said. GET FOX BUSINESS ON THE GO BY CLICKING HERERead the SEC filing containing McDonald's suit here.
The Daily Biotech Pulse: Mesoblast Awaits Adcom Test, BioCryst Rallies On Insider Buying, Sorrento Hits Back At Short Seller
The stock was edging up 0.88% to $85.68 in premarket trading Thursday. The stock was advancing 9.19% to $13.55 in premarket trading Thursday. The stock was jumping 24.36% to $1.94 in premarket trading Thursday. The stock was moving down 4.39% to 85 cents in premarket trading Thursday. In premarket trading Thursday, the stock was trading 0.98% higher at $1.03.
1 in 5 retirees are entirely dependent upon Social Security
Social Security is an important source of retirement income for most people, but it was never intended to replace personal retirement savings. Continue Reading BelowYet approximately 1 in 5 baby boomers and older retirees don't have any other sources of retirement income beyond Social Security, according to a Nationwide survey. How much will Social Security cover in retirement? Social Security was originally designed to replace about 40% of pre-retirement income for the average worker, according to the Social Security Administration (though it gives no indication of what average earnings are). Make sure you're getting the most from Social Security possibleDelaying Social Security means fewer checks, but every month you don't claim benefits increases the size of your checks until you reach your maximum benefit at 70.
Trump pledges to cut capital gains tax in second term
President Trump pledged on Thursday to cut capital gains tax as a way to help the U.S. economy recover from the coronavirus-induced recession if he's elected to a second term in November. Continue Reading BelowWASHINGTON IMPASSE ON CORONAVIRUS RELIEF THREATENS US ECONOMY“I’m going to do a capital gains tax cut to 15% in the second term," he told FOX Business' Maria Bartiromo on Thursday. Short-term capital gains on assets sold within a year are typically taxed as ordinary income. Trump cannot use executive authority to slash the 20% long-term capital gains rate without Congress; however, he could try to bypass Congress and lower the tax by indexing gains to inflation. But indexing capital gains taxes would do very little to actually spur economic growth, according to the Tax Foundation.
Morning Bell With Jim Cramer: Trading the Tesla Stock Split
Jim Cramer shares stock market news including the Tesla stock split, Moderna's government funding, and why Joe Biden's VP pick is good news for UnitedHealth. Tesla (TSLA) - Get Report announced a 5-for-1 stock split, sending shares higher after the innovative car company announced the news. TheStreet looked at the charts to determine if the stock split could send Tesla shares higher. TheStreet's Tesla Daily explored the bull case for Tesla shares following the stock split. Cramer likes the Tesla stock split but doesn't believe the stock should be up because of the stock split.
Tapestry Shares Off After Swing to Loss on 53% Lower Sales
Tapestry, the parent of Coach and Kate Spade, swung to a fiscal-fourth-quarter loss on 53% lower sales. Tapestry TPR shares on Thursday were lower after the parent of luxury-product brands swung to a fiscal-fourth-quarter loss on 53% lower sales. Sales at Kate Spade fell to $164 million from $332 million and Stuart Weitzman's sales declined to $33.3 million from $85.2 million. To implement the plan, Tapestry took $87 million of charges in the fourth quarter and full year 2020. At last check Tapestry shares were off 2.7% at $15.19.
Jim Cramer's Action Alerts PLUS Members-Only Call - Live at 11:30 a.m. ET
Jim Cramer and his Action Alerts PLUS team will be holding their August members-only call at 11:30 a.m. Similar to previous calls, Cramer and the Action Alerts PLUS team will devote a large portion of the call to answering subscriber questions, like: "Have I missed the rally?" Click here to join Action Alerts PLUS, and have Jim Cramer help you find investing opportunities in this market. Click here to join Action Alerts PLUS today! Cramer and the Action Alerts PLUS team looks forward to addressing your most pressing investing concerns on its monthly members-only calls.
Former Rams star Todd Gurley posts Chatsworth home for $2.3 million
Todd Gurley is ready to field offers in the San Fernando Valley. The former L.A. Rams tailback, now with the Atlanta Falcons, has put his Chatsworth home of three years on the market for $2.295 million, records show. Gurley purchased the 5,100-square-foot house in 2017 for $1.825 million, public records show. He appeared in 15 games for the Rams last year, racking up 857 yards on the ground and 12 rushing touchdowns. In March, he joined the Falcons as a free agent one day after being released by the Rams.
How a rushed L.A. reopening sparked more COVID-19 cases
When the infection curve flattened in early May, elected officials believed it was safe to rapidly reopen the economy. The Times review shows how the messaging from officials radically changed as they went from urging people to stay home to reopening with safety rules. They faced intense pressure to help an economy devastated by coronavirus, which caused record unemployment and threatened to destroy countless businesses. But it is also clear that the shift to a rapid reopening and the easing of the lockdown rules had deadly results. More coronavirus coverage: See which California counties are reopening and how we're tracking the coronavirus in California
Mass. Gaming Commission says ‘no dice’ to poker, roulette, craps at casinos
The Massachusetts Gaming Commission on Thursday declined to allow casinos to offer poker, roulette, or craps in the state, citing concerns about the continued risk from COVID-19 even as the facilities have reopened with other games. Encore Boston Harbor and MGM Springfield have been open for a month with offerings including slot machines and blackjack, but regulators have not allowed them to offer games that may be harder to arrange with social distancing. Plainridge Park, the state’s other casino, only has slot machines. Commission members and staff said the casinos have been doing a good job of adhering to the health protocols that are under their control. The facilities require patrons to wear face masks at all times, have reduced the number of people allowed inside, and have installed hundreds of thousands of dollars worth of plexiglass and other safety equipment.
Minneapolis police officer fired for decorating offensive Fourth Precinct Christmas tree gets job back
A former Minneapolis police officer who was fired for decorating a Christmas tree with racially insensitive items two years ago has won his job back through arbitration, department officials confirmed this week. Bohnsack was ordered to serve a 320-hour suspension without pay, or about two months, officials said. Details of the arbitration proceedings weren’t immediately available, including whether Bohnsack will receive back pay and benefits from the day he was fired. Department officials at the time described the incident as a prank, but MPD Chief Medaria Arradondo placed the two officers on leave after a public outcry, and fired them the following fall. While on leave, Bohnsack and Steberg continued to collect pay for months while internal affairs investigators looked into the matter.
Heidel House Resort & Spa in Green Lake could reopen in May after owner accepts offer to buy
GREEN LAKE - The Heidel House Resort & Spa could reopen next spring for the first time in two years after its owner accepted an offer from a new buyer. "Lighthouse Hotel Development, with an investment group, Green Lake Hotel Group LLC, led by Mike White of Green Lake, made an offer for the Heidel House property to Fiore Companies, and it was accepted," Green Lake Mayor Ray Radis told the Oshkosh Northwestern on Tuesday morning. RELATED:A potential buyer for Green Lake's Heidel House backed out due to 'economic restraints'RELATED:Green Lake's Heidel House to shut down May 20, news report saysRELATED: Green Lake's iconic Heidel House for sale"This is very, very exciting for us to have the Heidel House back," Radis said. The Heidel House was built in 1890 as a private estate before it was converted into a family-run resort in 1945. In March 2016, Fiore announced it was putting the Heidel House up for sale as it was trying to unload its last remaining hotel property, Fiore CEO Stacy Nemeth told The Northwestern at the time.
This new Bay View urban farm grows broccoli and other vegetables. It wants to expand with a back yard hoop house.
A home-based Milwaukee business that grows broccoli, arugula and other vegetables would add a hoop house under a new proposal. The firm grows its greens at the Bay View home of co-owner Zack Vrana, using space in both the house and garage. The hoop house requires a special use permit from the board, which next meets on Sept. 10. The hoop house would increase the firm's weekly capacity from 100 pounds of fresh greens to 900 pounds, Vrana told JSOnline.com. The Bay View operation uses organic fertilizers, indoor LED growing lights and a closed system that prevents runoff, according to the zoning board filing.
Quirky, narrow ‘pie house’ in Deerfield, featuring 3-foot-wide wall on tiny suburban lot, sells for $260,000
The home’s sellers paid a little over $284,000 for it in 2007 and are currently moving out of the area, listing agent Alan Berlow of Coldwell Banker told Elite Street. The sellers first listed it last year for $339,000, and later reduced its asking price to $325,000, and then $309,000, before taking it off the market. They placed it back on the market in January for $299,900 and cut their asking price to $269,900 in June.
‘Who’s going to be left standing?’ Hartford restaurants feeling the pain as coronavirus empties downtown of workers, travelers and theatergoers
At Max Downtown, the restaurant will reopen Sept. 15 with regular hours, full menu and happy hour. “We’re cautiously optimistic, we’re going to make it work,” Abrams said. “We predict our sales will be about 50% of normal. We want to be able to make the numbers work at 50% and we’re going to do our best trying.”
Woman charged in drug death of former Green Twp. police officer
A Lebanon woman was indicted this week on a manslaughter charge following the drug-related death of a former Green Township police officer. Vande Ryt, who lived in Green Township, died March 16. She is being held at the Hamilton County Justice Center on a $500,000 bond. "We want people to realize there are repercussions to provide people drugs," Deters said. The first manslaughter charges filed against a drug dealer in Hamilton County date back to at least 2014.
Grains higher, livestock higher
\CHICAGO (AP) — Grain futures were higher on Thursday in early trading on the Chicago Board of Trade. Wheat for Sept. rose 2.40 cents at $4.9560 a bushel; Sept. corn gained 10.60 cents at $3.2160 a bushel; Sept. oats was up 1.60 cents at $2.6420 a bushel; while Aug. soybeans advanced 23 cents at 9.05 a bushel. Beef and pork were higher the Chicago Mercantile Exchange. Aug. live cattle gained 1.30 cents at $1.0715 a pound; Aug. feeder cattle was up .07 cent $1.4555 a pound; Aug. lean hogs rose .37 cent at .5322 pound.
Ex-Boston police union head arraigned on charges including aggravated rape of child
The former head of the Boston police union was arraigned Thursday on what prosecutors said was a “heinous” set of charges including aggravated rape of a child in connection with the alleged abuse of a girl between the ages of 7 and 12 years old. Rose joined the Boston Police Department in 1994 and spent most of his career working in Dorchester. He was voted union president in December 2014, replacing longtime head Thomas Nee. “I am deeply disturbed by these horrific allegations, which must be investigated to the fullest extent of the law,” Walsh said. Boston Police Department spokesman John Boyle had no immediate comment on the charges.
APD chief of staff’s actions are under investigation
ADVERTISEMENTSkip................................................................After this story was published online Wednesday evening, Police Chief Michael Geier issued this statement: “I take responsibility for what happens in my office with my chief of staff and my assistant. “I explained to John that his actions portrayed him as possibly using his position to benefit himself,” Geier wrote. ADVERTISEMENTSkip................................................................An APD spokesman said the investigation into Ross is ongoing and he is not on leave. “I sign a lot of documents and am very busy at times and it is possible I missed it,” Geier wrote. “In addition Sophie would poop and pee on the carpet in the offices,” Diaz wrote.
Trump rolls back methane climate standards for oil and gas industry
The oil and gas industry is the biggest source of the pollutant. “Methane is the second most important gas after carbon dioxide,” Howarth said. The world essentially cannot meet the near-term goals nations agreed to in an international climate agreement without reducing methane, Howarth said. The methane rollbacks are part of a broad deregulatory campaign by the Trump administration, which has weakened environment and climate standards. By 2021, methane emissions from existing oil and gas operations could total 9.8m metric tons, Miller said, citing a report from the Environmental Defense Fund.
Sales at Very.co.uk and Littlewoods top £2bn for the first time
The owner of shopping websites Littlewoods.com and Very.co.uk is back in the black after locked-down consumers snapped up Airpod headphones, Nintendo Switch consoles and video games, pushing sales past £2bn for the first time. Underlying profits are expected to be between £255m and £270m, with revenues topping £2bn. Sales at Very.co.uk rose by 36pc in the quarter to the end of June, as shoppers flocked online after non-essential stores were forced to shut. Overall group retail sales, including at clothing and homeware seller Littlewoods, rose by 28pc. Chief executive Henry Birch said the websites attracted “masses of new customers” because they have “the right brands at the right price”.
Ghislaine Maxwell fails to block release of more documents involving Epstein 'sex slave' accuser
Article contentNEW YORK — A U.S. judge on Wednesday rejected Ghislaine Maxwell’s request for a three-week delay in the unsealing of additional documents related to her dealings with the late financier Jeffrey Epstein. We apologize, but this video has failed to load. Try refreshing your browser, or Ghislaine Maxwell fails to block release of more documents involving Epstein 'sex slave' accuser Back to videoBut in a two-page order, U.S. District Judge Loretta Preska in Manhattan said she had no reasonable basis to order a delay, because a protective order in the criminal case meant the new information could not be disclosed. Lawyers for Maxwell did not immediately respond to requests for comment. The documents come from a long-settled civil defamation case against Maxwell by Virginia Giuffre, who said Epstein kept her as a “sex slave” with Maxwell’s help.
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Weekly Jobless Claims Fall Below 1 Million For First Time Since March
Around 963,000 Americans filed new unemployment claims last week, marking the first time the figure dropped below 1 million since March, according to the Department of Labor. The Bureau of Labor Statistics figure released Thursday represented a decrease of 228,000 new jobless claims compared to week that ended Aug. 1. Economists surveyed by Dow Jones estimated the number of jobless claims for the first full week in August to come in at 1.1 million, CNBC reported. (RELATED: US Economy Added 1.8 Million Jobs In July, Unemployment At 10.2%)Continuing claims, or those collecting benefits for at least two weeks, numbered 15.5 million. That number represented a decrease of 604,000 from the week before.
Apple reportedly pushes Foxconn to invest $1B to expand iPhone manufacturing in India
Taiwanese contract manufacturer Foxconn is reportedly preparing to infuse up to $1 billion into a production facility in India, an investment supposedly made at the behest of Apple. Citing sources familiar with the matter, Reuters reports Apple is quietly pushing supply partners to expand beyond China amid political tensions and the coronavirus pandemic. "There's a strong request from Apple to its clients to move part of the iPhone production out of China," one source told the publication. Foxconn reportedly plans to expand operations at its Sriperumbur plant, which is currently responsible for iPhone XR production. Currently, iPhone accounts for approximately 1% of the country's smartphone market, but dominates the ultra-premium segment with an estimated 63% share.
China's days as 'the world's factory' are over says iPhone manufacturer
The world’s biggest electronics manufacturer has called time on China as the centre of global production, saying the country’s days “as the world’s factory are done”. Young Liu, the company’s chairman, said that while China will be a major production hub, the country’s “days as the world’s factory are done”. China became the fulcrum of electronics manufacturing over the last two decades as enormous factories and markets were set up in supercities such as Shenzhen. The tariffs have led manufacturers to either increase consumer prices or move production outside of China, although rarely to America. Foxconn promised to open a $10bn (£7.7bn) factory in Wisconsin in 2017 although it has scaled back plans and made slow progress on opening.
Steve Mnuchin: Employees Who Reject Offer To Resume Work Ineligible For Unemployment
With more reports surfacing of employees refusing to return to work due to the benefits of unemployment, Treasury Secretary Steve Mnuchin said on Tuesday that people who persist in staying home despite an offer to work will not be eligible for federal unemployment benefits. “If you offer a person a job…and that person does not take the job…then that person would not be allowed to get unemployment,” Mnuchin said Tuesday, as reported by Fox News. The treasury secretary said that companies receiving benefits from the Payroll Protection Program should notify unemployment offices if the employee refuses to work. “The vast majority of workers are going to have to face a really tough choice,” Hirsch told Newsweek. The employer probably can order them to do that and a state could lawfully say, ‘if you refuse, you are not going to get unemployment benefits.
Weekly Unemployment Claims Beat Expectations, Fall Under 1M For First Time Since Pandemic Began
The number of weekly unemployment claims fell under 1 million last week for the first time since government shutdowns were instituted in mid-March. During the week ending on Aug. 8, roughly 963,000 workers filed unemployment claims, according to data released by the Department of Labor on Thursday. The total number of unemployment claims, a proxy for lost jobs, made since the pandemic began in now nearly 56 million. Weekly unemployment claims still remain historically high, hundreds of thousands of claims above the pre-pandemic record of 695,000 filings in a week. The latest unemployment report is the first time weekly claims have totaled under 1 million since the week ending on March 14.
China Hopes US Will Create Conditions to Implement Phase 1 Deal, Commerce Official Says
China hopes the United States will stop taking restrictive and discriminatory action against Chinese firms and create conditions for the implementation of a Phase 1 trade deal, Assistant Minister of Commerce Ren Hongbin said on Thursday. Senior U.S. and Chinese officials are due to review the deal during a video conference this weekend, and are likely to air grievances in an increasingly tense relationship. Ren told a news conference that the coronavirus pandemic and U.S. export control measures had undoubtedly had an impact on Chinese purchases of U.S. goods and services. In January-July, Chinese imports from the United States fell 3.5% from a year earlier, falling short of the commitments made in the Phase 1 trade deal to increase purchases of American goods. “We hope U.S. would stop taking any restrictions and discriminatory action against Chinese companies and create conditions for the implementation of the Phase 1 trade agreement.”U.S.-China tensions have been rapidly escalating ahead of the United States presidential election in November.
US Weekly Jobless Claims Fall Below One Million, but Labor Market Recovery Faltering
Initial claims for state unemployment benefits totaled a seasonally adjusted 963,000 for the week ended Aug. 8, compared to 1.191 million in the prior week, the Labor Department said on Thursday. President Donald Trump on Saturday signed an executive order, including extending the supplement, though he reduced the weekly payout to $400. Industry groups and Republicans claimed that the $600 weekly supplement was encouraging some unemployed people to stay at home. The government reported last week that the economy created1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of 22 million jobs lost between February and April.
Liberal and Conservative Agree: Fathers Matter, Case Closed
But since the publication of her father's controversial report, the percent of Black children entering the world without a father in the home has almost tripled. One of the most prominent, if not the most prominent, liberal think tanks in America is the Brookings Institute. Yet despite their ideological differences, they agree on America's most important domestic issue: Fathers matter. The growth of such families since 1970 has increased the overall child poverty rate by about 5 percentage points (from 20 to 25 percent). According to the U.S. Census, the poverty rate for single parents with children in the United States in 2009 was 37.1 percent.
U.S. weekly jobless claims drop below one million; labor market still weak
The expiration of a $600 weekly jobless supplement at the end of July likely contributed to the decline in claims reported by the Labor Department on Thursday. Industry groups and Republicans claimed the $600 weekly supplement was encouraging some unemployed people to stay at home. A total of 28.3 million people were receiving unemployment checks in the week ending July 25, down 3.066 million from the prior week. The government reported last week that the economy created 1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of the 22 million jobs lost between February and April.
Jobless claims end streak of weeks above 1 million
(WASHINGTON EXAMINER) -- The number of new applications for unemployment benefits last week was 963,000, the Labor Department reported Thursday, as jobless claims for the first time dropped below a million after 20 consecutive weeks of being above that figureEconomist had projected that claims would total 1.1 million. Still, the persistently high number of claims suggests the jobs recovery is moving at a slow pace. Read the full story ›
Breakthrough? Weekly jobless claims drop below 1 million for first time
For the first time since states began shutting down commerce to prevent the spread of COVID-19, the weekly initial jobless claims level has dropped below one million new claims. The 4-week moving average was 1,252,750, a decrease of 86,250 from the previous week’s revised average. The 4-week moving average was 16,169,500, a decrease of 454,500 from the previous week’s revised average. Jobless claims had totaled above 1 million for 20 consecutive weeks as the U.S. economy went into lockdown to contain Covid-19. True enough; no one’s arguing that 15.49 million on jobless benefits is an objectively good number, or for that matter, 963,000 new jobless claims.
Boom: Voters give Fulton County DA the boot after corruption allegations, charges against police
Voters in Fulton County booted the longtime DA from office in Tuesday’s primary, with challenger Fani Willis leading by forty-five points. Willis becomes the first female Fulton County DA, and the first new DA since 1997. It seems as though Fulton County voters were a just a wee bit unhappy with that chain of events, set in motion by Howard. That means we haven’t seen the last of Howard, and Howard hasn’t seen the last of courtrooms, although perhaps so as an attorney. The state bar will likely have something to say about Howard’s future career, given all of the corruption allegations around him.
Foxconn says trade war means China can no longer be 'the world's factory'
As it announces better than expected financial results, Apple supplier Foxconn is also reportedly planning to increase moving production away from China. According to Bloomberg, the chair of Foxconn's parent Hon Hai Precision Industry Company, says that the company is planning to move ever more manufacturing away from China. Young Liu said it was specifically to avoid the escalating tariffs on Chinese-made goods intended for the US. Reuters reports that he added that China will still remain a key part of its production, but the country's "days as the world's factory are done." Reportedly, the current proportion of Foxconn manufacturing made outside China is now 30%.
Instapundit » Blog Archive » DRAGON LADY PREPARES TO TAKEOFF: A venerable U-2 “Dragon Lady” spy plane advances down the runwa…
DRAGON LADY PREPARES TO TAKEOFF: A venerable U-2 “Dragon Lady” spy plane advances down the runway at Osan Air Base, Republic of Korea. Photo taken August 12, 2020. InstaPundit is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com
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This marks the highest employment rate recorded since the 91.9% rate for the Class of 2007. • 74.3% of graduates with known employment status were employed in a full-time, long-term bar passage required job. • The national mean salary for the Class of 2019 was $100,540, up 2.4% when compared to $98,150 for the Class of 2018. • The national median law firm salary for Class of 2019 graduates was $125,000, up 4.2% over the previous year. • The percentage of jobs that are solo practice was at a historic low of 1.5% of all law firm jobs and 0.8% of all jobs.
Xi calls on Chinese not to waste food as crop shortage fears grow
SHANGHAI -- Chinese President Xi Jinping is urging people not to waste food as concerns grow over crop shortages stemming from the coronavirus pandemic and natural disasters. Xi has advocated legislation and supervision to prevent food waste, calling it "shocking and distressing," state media Xinhua reported on Tuesday. A video last month on Weibo, China's microblogging platform, showed a rotten corn stockpile at state-owned China Grain Reserves Group, or Sinograin. But there are no signs yet of a stockpile shortage -- summer grain output stood at 142.8 million tons this year, up 1.21 million tons from a year earlier, official data show. Cereal imports in the first six month of the year rose 20.6%, in line with Sinograin's quota of 22 million tons of imports in 2020.
Mnuchin Begs For Coins Amid Shortage; Avoid Depositing These Pennies
Treasury Secretary Steve Mnuchin urged his Twitter followers on Tuesday to swap out their spare coins for cash at banks amid a continuing nationwide coin shortage that appears to be worsening. Here's the complete list of what coins are worth in terms of face value versus metal value. It has been nine years since Kyle Bass first suggested the 'nickel trade', and the metal value is about 82% of face value. Though the trade is underwater, it's not far off from the face value breakeven when considering other coins in circulation. While Bass' nickel trade underperforms, readers should think twice before depositing pennies from 1909-1982 at the bank because they're worth way more in scrap.
Failure To Reach Deal On Federal Stimulus Plan Risks Consumer Spending Recession
Submitted by Joseph Carson, former chief economist at AllianceBernsteinFailure to reach a compromise on a broad federal stimulus plan creates a big “hole” in consumer’s cash flow. Record Federal Stimulus In Q2According to the Bureau of Economic Analysis (BEA), special federal payments to individuals (and small businesses) in Q2 totaled more than $ 3.2 trillion annualized. That means the record federal stimulus payments were the equivalent of 33 million jobs. With each passing day, failure of Congress and the Administration to reach a deal on the federal stimulus plan raises the risk of a hard fall in consumer spending. Millions of people have not paid rent or mortgages over the last few months and the federal stimulus payments offered them a short-term "lifeline" just to sustain minimum household spending.
Futures Drop From All Time High As Concerns Over Stimulus Stalemate Grow
In commodities, oil steadied after rising earlier on signs of improving demand while gold resumed its advance after the Monday crash. Sweden’s controversial virus policy may have saved the economy from a further 4% drop in GDP, according to Capital Economics. In terms of base metals, LME copper trades softer despite Shanghai September copper futures closing higher, as the former tracks European stock performance. Shanghai Stainless steel futures also saw a session of gains amid robust demand and recent slump in inventories. Meanwhile, the USD struggled with the Dollar index ending -0.20% (is down a further -0.21% overnight) while the Japanese Yen was the worst-performing G10 currency for a second day running.
How Reality Became A James Bond Movie: Rabobank Explains
We live in a world where all can agree on very little – but one thing that should be clear is that it’s all very James Bond. Ironically, Bond himself is absent because the latest movie iteration, “No Time To Die”, has been delayed because of Covid-19: when it eventually comes out, is it going to be a wilder ride than what we already see in real life? And could Hollywood ever tell a story that contains any elements of real life developments given how it is now financed? Maybe “Die Another Day” or “Another Way to Die" for those --just chastised by the Fed-- who say the virus isn’t a real threat? In which case there’s “Moonraker” for those billionaires dreaming of colonizing space – once they have sorted out downtown LA traffic.
After "Big Jobs Numbers", Initial Jobless Claims Fall Below 1 Million For First Time In 21 Weeks
For the first time in 21 weeks, Initial Jobless Claims for the last week was less than 1 million, printing at 963k (vs 1.1mm exp)Following last week's "big jobs numbers", Continuing Jobless Claims fell (improved) for the second week in a row (after a brief blip higher)...Nevada, Puerto Rico, and Kansas saw the biggest jumps in jobless claims last week while Florida, New York, and Georgia saw big drops...A total of 56.29 million Americans have now applied for jobless benefits for the first time since the pandemic lockdowns began (that's over 360 layoffs for every COVID death in America), and massively more than the 22.1 million during the great financial crisis. However, Despite today's relatively positive news (yes 963,000 Americans still filed for first time benefits), following President Trump's EOs, leaving the latest round of virus relief continuing to be stuck in gridlock, we suspect things will get depressingly worse before they get better.
250 Million Reasons Why MicroStrategy Adopted Bitcoin... And Why Others Will Too
image courtesy of CoinTelegraphMicroStrategy has adopted Bitcoin (BTC) as its reserve currency - and stunned commentators by purchasing over 21,000 BTC on Aug. 11. “Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it,” he commented. Very few companies will be able to copy this strategy,” What Bitcoin Did podcast host Peter McCormack tweeted in response. Eventually every public company will do the same.”This week, Cointelegraph noted that Bitcoin’s value appeared to be tracking central banks’ inflating balance sheets in 2020. Bitcoin’s “Schelling point”Finally, Saylor was highly complimentary about Bitcoin in particular — and did not mention that the company even considered any other cryptocurrencies.
Apple Launches Unprecedented Second Bond Offering To Fund Billions In Buyback: How Much Will The Fed Buy
Other tech giants such as Amazon.com and Google recently got in on the action, outdoing each other to set a new floor for yields. As per the filed prospectus, the Cupertino company is selling bonds in four parts, of which the longest maturity, a 40-year security, may yield around 135 bps above Treasuries. The other tranches include a 5, 10 and 20 years bond. Outside of tech, Visa and Chevron set record low rates on new issues earlier this week, but for bonds that mature sooner. The only question is whether the Fed, which has been on a record Apple bond buying spree buying no less than 8 CUSIPS in the past two months...... will buy even more Apple bonds, in its ongoing crusade to fight inequality by making the rich richer.
Bankruptcies And Unpaid Rents Cost Mall Landlords Hundreds Of Millions In Q2
For Q2 Taubman Centers logged $32.6 million in uncollectible rent it attributed to tenant bankruptcies and nonpayment during mall closures. Another mall landlord, Washington Prime Group, said that it collected just 44% of owed rent during the quarter while more than 25% of Q2 rent it deemed uncollectible because of bankruptcies or pandemic-related lease modifications. As Jefferies analysts put it in an emailed note, "Unpaid rents, abatements and retailer [bankruptcies] hurt 2Q earnings predictably." Much of the trouble across the market stems directly from the spring store and mall closures. "Well, as you might imagine we're in active negotiations with all of our retailers," Simon told analysts this week.
After "Extraordinary Event" Crushes Traders, Credit Suisse Forced To Accelerate "Berserk" NatGas ETN
Following yesterday's "berserk" price action in Credit Suisse's 3x Inverse Natural Gas ETN, the Swiss banking giant has been forced to do something about it. And given the stock is halted, this means because Credit Suisse was completely lazy, greedy and incompetent, some traders are about to eat a 99% loss if they bought in the last few days. The ETNs were originally listed on the NYSE Arca, but were delisted from the NYSE Arca as of July 12, 2020. On June 22, 2020, Credit Suisse suspended further issuances of the ETNs. Credit Suisse expects to deliver notice of the acceleration of the ETNs via the Depository Trust Company on August 12, 2020.
'Tampon Tax' lawsuit against Michigan aims to end sales taxes on menstrual hygiene products
DETROIT — Paying taxes on menstrual hygiene products could possibly come to an end because an organization has sued Michigan over the additional costs. Jennifer Weiss-Wolf, co-founder of Period Equity, called the menstrual product taxes "unfair, inequitable and unconstitutional." Weiss-Wolf said that the pandemic has added strains to people in Michigan, and relieving menstrual product taxes could help. She says that menstrual products should not be a luxury item, but she's heard too often that it is. And Michigan isn't the only state that has been sued over the menstrual product taxes.
Report: Amazon severs ties with delivery firms, more than 1,200 drivers laid off
Amazon has reportedly made a move that will leave more than 1,200 delivery drivers without jobs. CNBC reports that the tech giant recently ended its relationship with several small delivery firms across the U.S. By shedding the contracts, roughly 1,205 drivers will lose their jobs, the publication reports. Amazon's delivery service partners made the revelation via Worker Adjustment and Retraining Notification filings submitted to state governments this month, according to CNBC. The WARN Act helps ensure employers offer advance notice in cases of qualified plant closings and mass layoffs. Amazon's contracted delivery providers are letting go of workers across several states, including Pennsylvania, Connecticut and New York, reports CNBC.
Stocks waffle a day after latest run at record
U.S. stocks were virtually unchanged Thursday, a day after the S&P 500 finished just below its record high before the coronavirus pandemic battered the global economy in the spring. Big Tech stocks were once again leading the market, with all five of the market’s biggest titans making modest gains. “The labor market is continuing its gradual improvement,” Doug Duncan, chief economist at Fannie Mae, said in a note. “While the pace of decline in claims had paused briefly, it appears to be accelerating again, an encouraging sign for the labor market recovery. In other trading, benchmark U.S. crude edged down 2 cents to $42.65 per barrel.
EIA reports a weekly rise of 58 billion cubic feet in U.S. natural-gas supplies
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 58 billion cubic feet for the week ended Aug. 7. That was slightly higher than the average increase of 51 billion forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.332 trillion cubic feet, up 608 billion cubic feet from a year ago, and 443 billion cubic feet above the five-year average, the government said. September natural gas NGU20, +0.41% traded up by 2.9 cents, or 1.4%, at $2.181 per million British thermal units. It was trading at $2.171 before the data.
Trump claims Biden win would crash market, cause depression
President Donald Trump on Thursday cast his election battle with Joe Biden as a fight for the future of the U.S. economy, saying the stock market would tank and a depression would ensue if the his Democratic rival wins in November. “If Biden gets in, this market’s SPX, +0.07% DJIA, -0.20% going to crash,” Trump asserted in an interview on Fox Business Network with host Maria Bartiromo. Invoking Biden’s tax plans, Trump also claimed that the former vice president would “tax this country into a depression like in 1929.”
Weekly Unemployment Claims Drop Below One Million for First Time Since March
U.S. unemployment claims fell to less than one million last week for the first time since the coronavirus pandemic hit the U.S. in March, a sign the labor-market recovery is regaining steam. New applications for unemployment benefits dropped to seasonally adjusted 963,000 in the week ended Aug. 8, the Labor Department said Thursday. Claims are down significantly from a peak of near seven million in March, but remain at historically high levels and higher than the pre-pandemic record of 695,000. The number of people collecting unemployment benefits through regular state programs, which cover the majority of workers, also decreased at the beginning of August. That figure, at about 15.5 million, was still well above the pre-pandemic peak of 6.6 million in 2009.
Apple Music and Apple TV+ reportedly to be bundled at a discount
Apple is reportedly preparing a number of packages which would bundle its subscription services at a discount. The bundles, which the iPhone maker is internally calling “Apple One,” according to Bloomberg, will launch alongside Apple’s new family of iPhones this fall. The goal of the bundles — the most basic of which pairs Apple Music and Apple TV+ together, and can add other services like Apple Arcade or Apple News+ for additional monthly fees — is to grow the company’s recurring revenue streams, according to the report. Bloomberg also reported that Apple is delaying a subscription for virtual fitness classes designed to rival offerings from Peloton and Nike. Apple’s services business, which includes iCloud storage and Apple Music, has been growing rapidly as the company adds more subscription offerings to keep customers within the iPhone ecosystem.
Dr. Martens repays UK COVID-19 aid after sales boom
British boot maker Dr. Martens has paid back a government aid package meant to support its workers during the coronavirus pandemic following a massive sales surge. The company took advantage of the UK government’s Job Retention Scheme as COVID-19 forced it to close stores around the world. The aid covered 80 percent of the salaries for its retail staff and UK manufacturing workers during the shutdown, while Dr. Martens said it kicked in the other 20 percent. E-commerce and retail sales accounted for about 45 percent of that revenue, while the rest came from the company’s wholesale business. The brand also opened 16 new retail stores, ending the fiscal year with 122 locations in all.
Wendy Williams sells New Jersey home for $1.4M after slashing price
The daytime talk show host, 56, unloaded it for $1.4 million, records show, after slashing the price from its original asking price of $1.895 million when they listed it in August 2019. The former couple originally paid $2,100,000 in 2008 for the Livingston property, which is located in the exclusive Bel Air gated community. Williams moved to New York City shortly after putting the home up for sale. Page Six exclusively reported that Williams filed for divorce from Hunter, with whom she shares one son, Kevin Hunter Jr., in April 2019 after 21 years of marriage. Hunter received an undisclosed lump sum from Williams, as well as severance pay from Wendy, Inc., which he was fired from shortly after the divorce filing.
The administration’s revision of recent economic history reaches impressive new lows
Over Obama’s two terms in office, the economy added 11.6 million jobs, 10.4 million of those in his second term alone. We had over 9 million, substantially more than 9 million jobs. They’re from where?”“It’s from BLS Jobs Report,” Trump was told, referring to the Bureau of Labor Statistics. The jobs report released at the beginning of each month covers the preceding month. By ending with the July jobs report and not the July jobs numbers, you show a graph with a steady uptick in the month-over-month percentage.
Mortgage rates increase but remain below 3 percent
Freddie Mac, the federally chartered mortgage investor, aggregates rates from around 80 lenders across the country to come up with weekly national average mortgage rates. “Mortgage rates moved higher this week, rising in recent days at the fastest pace in months,” said Matthew Speakman, a Zillow economist. “This is sending mortgage rates higher. The question now becomes, is this just a temporary correction or the beginning of a new trend to higher rates? The July data signals that lenders saw conditions improve this summer, as forbearance requests flattened, and record-low mortgage rates spurred strong levels of purchase and refinance activity.”
Election 2020 live updates: Biden, Harris to deliver remarks on coronavirus as U.S. daily death toll rises
Postal Service because Democrats are seeking to expand mail-in voting during the coronavirus pandemic, making explicit the reason he has declined to approve $25 billion in emergency funding for the cash-strapped agency. But he went further in remarks Thursday morning, blaming Democrats’ efforts to make it easier for Americans to vote amid the pandemic. Democrats earlier in the spring rallied to the Postal Service’s defense when it sat on the brink of insolvency. Postal Service. … So, when the president goes after the Postal Service, he’s going after an all-American, highly approved-by-the-public institution,” she said.
Fatburger owner to acquire Johnny Rockets
Fat Brands Inc. is buying burger chain Johnny Rockets Group Inc., expanding its stable of restaurant brands in a bet that casual-dining demand will bounce back from the coronavirus pandemic. Fat Brands Chief Executive Andy Wiederhorn said the deal for Johnny Rockets reflects his expectation that customers will come back to casual-dining chains after the pandemic subsides. He said Fat Brands would consider bringing more casual-dining brands into a portfolio that also includes Fatburger and Hurricane Grill & Wings. By buying regional chains, Fat Brands can gain scale and negotiate better deals for advertising and supplies, Mr. Wiederhorn added. He said Fat Brands expressed interest in Johnny Rockets when Sun Capital Partners Inc. started a sales process for the company in January.
American Airlines prepares to drop some service to smaller cities as expiration of federal aid nears
American Airlines is preparing to scrap flights serving two-dozen medium and small cities as the expiration of federal coronavirus aid that placed restrictions on carriers from cutting service approaches, according to an executive at the carrier. Airlines are required to maintain minimum levels of service through Sept. 30 under a $25 billion federal aid package that also prohibited layoffs through the end of the third quarter. The deal was meant to preserve both jobs by providing payroll assistance and air service around the country, even though most planes were flying with a fraction of their normal passenger loads. The new cancellations for up to 30 destinations could show up in fall schedules as early as next week, the American Airlines executive told CNBC. If the Department of Transportation had to inform airlines by Aug. 1 if it were to extend the minimum service requirements.
Apple's Cook has a tremendous level of confidence but still runs scared––he'll end up a titan in this industry: Cramer
Apple's Cook has a tremendous level of confidence but still runs scared––he'll end up a titan in this industry: CramerCNBC's Jim Cramer discusses news that Apple will unveil subscription bundles to boost its digital offerings.
Encouraged by drop in jobless claims: Larry Kudlow
Encouraged by drop in jobless claims: Larry KudlowLarry Kudlow, National Economic Council director, joins 'Squawk on the Street' to discuss last week's jobless claims numbers and what needs to be done to fight the economic impact of the coronavirus pandemic.
Opening Bell, August 13, 2020
Opening Bell, August 13, 2020CNBC's "Squawk on the Street" team announces the bell ringers at the Nasdaq and New York Stock Exchange.
Market Open: August 13, 2020
News Update – Market OpenCNBC brings you fast, accurate, and actionable business news and market updates.
Mortgage refinancing will be more expensive as Fannie Mae and Freddie Mac raise fees
Consumers will have to pay more to refinance their mortgages after Fannie Mae and Freddie Mac announced that they are raising fees for lenders on the loans. In a letter to lenders, Fannie Mae specifically cited "market and economic uncertainty resulting in higher risk and costs." "Requiring Fannie Mae and Freddie Mac to charge a 0.5% fee on refinance mortgages they purchase will raise interest rates on families trying to make ends meet in these challenging times." Mortgage refinances have been surging for months, as interest rates continue to set new record lows almost weekly. The increase in fees was only levied on mortgage refinances, not on loans used to purchase a home.
Investor up 37% this year sees Big Tech concentration as an opportunity to find smaller gems
The Wall Street Bull (The Charging Bull) is seen during Covid-19 pandemic in New York, on May 26, 2020. (This story is for CNBC Pro subscribers only). The manager of one mutual fund that's beating the market this year said that the concentration of the market in a few megacap tech stocks is not a concern but an opportunity. The Growth Leaders Fund, as measured by its R3 share class, has gained more than 37% year-to-date, according to Morningstar. The fund's top positions as of June 30 were in trillion-dollar stocks, but O'Halloran said his background as a small-cap investor means that his team often looks to move "down cap" to smaller companies.
German digital bank N26 is facing outcry from its staff over management
German digital bank N26 is grappling with discontent from some of its employees, who are trying to organize a works council to express their concerns with management. But on Thursday, the employees organizing the works council said their elections would still take place after German labor union ver.di offered to chair the meeting. "Trust and confidence in the management of N26 ensuring the wellbeing of the workforce as a whole is at an all time low," the N26 workers claimed in a statement on their website. "After this initial meeting the process will begin to elect candidates to a Works Council." N26's co-founders Valentin Stalf and Maximilian Tayenthal have argued for an alternative, saying they believe the traditional German works council excludes international employees.
Burger merger: Fatburger owner is buying Johnny Rockets for $25 million
New York (CNN Business) Burger lovers, rejoice: FAT Brands, the owner of Fatburger, is buying the 1950s diner-themed chain Johnny Rockets for $25 million. Johnny Rockets, which had been owned by private equity firm Sun Capital Partners, is known for its retro feel as well as decadent burgers and milkshakes. Johnny Rockets' menu does include a black bean burger, but there are no trendy plant-based offerings such as those popularized byand Impossible Foods. Andy Wiederhorn, CEO of FAT Brands, said in a statement Thursday that FAT Brands is "eager to take the brand to new heights." And in case you were wondering, the FAT in FAT Brands isn't meant to describe what happens if you eat the company's burgers.
Amazon cuts more than 1,200 delivery contract jobs, even as that part of its business booms
A view of Amazon Prime delivery vans in Amazon hub, Woodside, a day after protest in Staten Island Borough in New York City amid Coronavirus Pandemic on April 1, 2020. More than 1,200 Amazon delivery drivers have been laid off in recent months after the company cut contracts with several small delivery companies across the country. DSPs are contracted delivery providers, usually distinguishable by Amazon-branded cargo vans, that are responsible for picking up packages from Amazon delivery stations and dropping them off at doorsteps. While Amazon continues to cull poor-performing delivery partners, the program has grown quickly since it launched two years ago. For others, Amazon's decision to end a contract can seem abrupt, including at IntelliQuick Delivery, an Arizona-based delivery contractor.
First-time jobless claims fall below 1M
Another 963,000 Americans filed for first-time unemployment benefits last week on a seasonally adjusted basis, the Department of Labor said. It is the first time in five months that fewer than 1 million have filed for first-time jobless benefits.
C$ rises to six-month high amid signs of global recovery
FILE PHOTO: A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015. REUTERS/Mark BlinchTORONTO (Reuters) - The commodity-linked Canadian dollar advanced to its strongest level in nearly six months against the greenback on Thursday as data from the U.S. Labor Department supported optimism on global economic recovery. The number of Americans seeking unemployment benefits dropped below 1 million last week for the first time since the start of the COVID-19 pandemic in the United States, signaling a recovery in the job market was on track. Canada sends about 75% of its exports to the United States, including oil. The Canadian dollar CAD= was trading 0.3% higher at 1.3208 to the greenback, or 75.71 U.S. cents.
TSX edges lower as energy stocks weigh
(Reuters) - Canada’s main stock index fell on Thursday, weighed down by energy stocks as crude prices weakened after the International Energy Agency (IEA) cut its 2020 forecast for oil demand due to coronavirus-led travel restrictions. * The energy sector dropped 0.9% as U.S. crude Brent crude prices lost about 0.5% each. [GOL/]* On the TSX, 111 issues were higher, while 104 issues declined for a 1.07-to-1 ratio favouring gainers, with 22.53 million shares traded. * Great Canadian Gaming Corp fell 3.6%, the most on the TSX, after posting a quarterly loss of 57 Canadian cents per share. * Across all Canadian issues there were 10 new 52-week highs and no new low, with total volume of 41.63 million shares.
Oil steady after IEA lowers demand forecast, U.S. stocks fall
LONDON (Reuters) - Oil prices held largely steady on Thursday after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions and data showing a decline in U.S. inventories provided some support. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. “The oil market enjoys some calm summer weeks, seemingly taking a break from the turbulent times earlier this year,” said Norbert Rücker, analyst Swiss bank Julius Baer. The Organization of the Petroleum Exporting Countries (OPEC) also said on Wednesday that world oil demand will fall by 9.06 million bpd this year, more than the 8.95 million bpd decline expected a month ago. Last month OPEC+ eased the cuts to around to 7.7 million bpd until December from a previous reduction of 9.7 million bpd, reflecting a gradual improvement in global oil demand.
Shrugging off COVID-19, RWE eyes upper end of profit forecast
FRANKFURT/DUESSELDORF (Reuters) - RWE (RWEG.DE), Germany’s biggest electricity producer, on Thursday said it will reach the upper end of its 2020 profit estimate thanks in part to its increasing focus on renewables, in particular solar and wind power. This compares with 2.5 billion euros and 1.3 billion euros respectively in 2019. “RWE did comparably very well with its renewables core business, especially given the tough COVID environment E.ON (EONGn.DE) showed yesterday,” a Frankfurt-based trader said. Among RWE’s business units, the strongest increase occurred at its coal and nuclear division, where higher wholesale prices led adjusted EBITDA to more than double in the first half. Adjusted EBITDA at the group’s offshore wind unit rose 19%.
Lanxess sees 2020 core profit at lower end of forecast, tough third quarter
FILE PHOTO: The headquarters of chemicals maker Lanxess are seen in Cologne, Germany November 15, 2018. REUTERS/Wolfgang Rattay(Reuters) - German specialty chemicals maker Lanxess (LXSG.DE) said on Thursday its full-year core profit was likely to come at the lower end of its outlook, predicting some headwinds in the third quarter and improvement only later in the year. Lanxess’ shares were down 4.2% at 1310 GMT, among worst performers on the German mid-cap index .MDAXI. The group’s second-quarter earnings before interest, tax, depreciation and amortization before exceptional items (EBITDA) fell by a fifth to 224 million euros, still ahead of a consensus estimate of 217 million euros, and it reiterated its full-year forecast of between 800 million and 900 million euros. The deal, expected to close around mid-2021, will mark Lanxess’s complete withdrawal from leather chemicals business after it sold off its chrome leather chemicals segment last year.
Australian insurers ask courts to decide on pandemic payouts
The ICA, whose members represent about 95% total premium income written by private sector general insurers, submitted pleadings to the New South Wales Supreme Court for a test case. The industry is turning to the courts following numerous complaints to the Australian Financial Complaints Authority (AFCA) by small businesses whose claims on business interruption policies because of the pandemic have been denied by their insurers. The ICA said the Australian units of Hollard Insurance Group and HDI Global Specialty had offered two rejected claims from a caravan park and a food distribution business for the test case. A similar test case is already underway in the United Kingdom, while another is being considered in South Africa. QBE Insurance Group Chief Executive Patrick Regan said on Thursday that Australian insurers had included specific pandemic exclusions in their policies after the SARS pandemic of 2002 and 2003.
Column: Trump tax deferral poses a bigger threat to Social Security than you might think
“I think of it as an insurance premium that we pay for Social Security,” said Bill Arnone, chief executive officer of the National Academy of Social Insurance, a network of research and policy experts on the nation’s social insurance programs. LEVERAGE FOR REFORMThat could fundamentally alter the balance of power on reform of Social Security in favor of proposals long favored by Republicans, argues Nancy Altman, president of Social Security Works, a leading progressive advocacy group. The Republican Social Security agenda has been spelled out in legislative proposals and bipartisan reform commissions convened over the years. Under President George W. Bush, they proposed changing Social Security into a system of voluntary personal investment accounts. Defunding Social Security is a surprising proposal to hear in an election year - but that does not mean we should not pay attention.
U.S. weekly jobless claims drop below one million; labor market still weak
REUTERS/Robert Galbraith/File PhotoThe expiration of a $600 weekly jobless supplement at the end of July likely contributed to the decline in claims reported by the Labor Department on Thursday. Industry groups and Republicans claimed the $600 weekly supplement was encouraging some unemployed people to stay at home. A total of 28.3 million people were receiving unemployment checks in the week ending July 25, down 3.066 million from the prior week. The government reported last week that the economy created 1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of the 22 million jobs lost between February and April.
Senior U.S. diplomat heads to Lebanon to stress need for 'urgent' reform
3 U.S. diplomat will head to Lebanon on Thursday to stress the “urgent need” for the country to embrace fundamental reform, the State Department said, in the aftermath of a blast that caused large-scale damage in the capital Beirut. “Hale will stress the urgent need to embrace fundamental economic, financial, and governance reform, ending endemic corruption, bringing accountability and transparency, and introducing widespread state control through functioning institutions,” it said. Humanitarian aid has poured in but foreign countries have made clear they will not provide funds to help pull Lebanon from economic collapse without action on long-demanded reforms to tackle systemic graft, waste, mismanagement and negligence. His cabinet’s talks with the International Monetary Fund for a bailout had already stalled over internal differences about the scale of financial losses. Forming a new government could be daunting amid factional rifts and growing public discontent with a ruling class that many Lebanese brand as responsible for the country’s woes.
U.S. weekly jobless claims drop below 1 million; labor market still weak
FILE PHOTO: People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston/File PhotoThe expiration of a $600 weekly jobless supplement at the end of July likely contributed to the decline in claims reported by the Labor Department on Thursday. Industry groups and Republicans claimed the $600 weekly supplement was encouraging some unemployed people to stay at home. A total of 28.3 million people were receiving unemployment checks in the week ending July 25, down 3.066 million from the prior week. The government reported last week that the economy created 1.763 million jobs in July after adding a record 4.791 million in June.
Singapore court appoints supervisor for Lim family's Xihe Holdings: source
SINGAPORE (Reuters) - The Singapore High Court has appointed Grant Thornton Singapore as the supervisor of Xihe Holdings Pte Ltd and four of its subsidiaries, a source with knowledge of the matter said on Thursday. The court decision followed an application by Oversea-Chinese Banking Corporation Ltd (OCBC) to place Xihe Holdings and the subsidiaries under the business adviser’s supervision. The subsidiaries involved are Da Xin Tankers (Pte) Ltd, Hua Guang Shipping Pte Ltd, Nan King Maritime (Pte) Ltd and Hua Xin Shipping Pte Ltd and these units together own five ships. Xihe Holdings, OCBC (OCBC.SI) and Grant Thornton did not immediately respond to requests for comment. Lim, with his son Evan Lim Chee Meng and daughter Lim Huey Ching, owns 77 companies under the Xihe Group, which consists mainly of Xihe Holdings and Xihe Capital.
Nasdaq rises as Apple nears $2 trillion in market cap
(Reuters) - The Nasdaq Composite rose on Thursday as Apple inched toward $2 trillion in market capitalization, while the S&P 500 and Dow indexes were flat with data signaling a faltering labor market recovery. ET, the Dow Jones Industrial Average .DJI was down 10.02 points, or 0.04%, at 27,966.82, and the S&P 500 .SPX was up 2.10 points, or 0.06%, at 3,382.45. Apple Inc (AAPL.O) rose 1.6% as a report said the iPhone maker was readying a series of subscription bundles for its digital services. At its current share price of about $457, the company is about $10 a share shy of hitting $2 trillion in market capitalization. The S&P index recorded 5 new 52-week highs and no new low, while the Nasdaq recorded 29 new highs and 12 new lows.
Opinion | How to Rescue the Economy and Help Black Workers at the Same Time
Here are some of the ways a paycheck guarantee would rescue the economy and also lend a hand to Black workers:A paycheck guarantee would help save an economy in free fall. This spring, less than half of unemployed workers were able to get unemployment insurance payments, and Black workers were even less likely. A paycheck guarantee can also help prevent another so-called jobless “recovery.” Displacing workers in a contracting economy risks condemning them, especially Black workers, to long-term unemployment. If Black lives matter, we can’t allow the financial stability of millions of Black families to be needlessly eroded by economic policies that disadvantage Black workers. If Black lives matter, exposing Black workers to disparate displacement and sending them back to work before it’s safe is immoral.
U.S. says Iran briefly seizes oil tanker near Strait of Hormuz
The Iranian navy also handles all operations in the Gulf of Oman on the eastern side of the Strait of Hormuz, through which 20% of all oil traded passes. The U.S. military officials did not offer any reason for Iran seizing the vessel. Suspected limpet mine attacks the U.S. blamed on Iran targeted several tankers. In July, a U.S.-sought oil tanker was “hijacked” off the coast of the United Arab Emirates after allegedly smuggling Iranian crude oil. The vessel later ended up back in Iranian waters, suggesting Iran itself seized the vessel.
Trump's order on eviction protections unravels into 'nothing'
We are stopping evictions. "It's not quite an eviction moratorium, but it's certainly eviction protection," he said. The article added:Trump's order does not extend the lapsed four-month eviction moratorium, which itself covered only about a quarter of the nation's 44 million rental units.... House Financial Services Chair Maxine Waters (D-Calif.) explained, in reference to the executive order, "It means nothing." And yet, there Trump stood, repeatedly declaring with pride that he's "protecting people" from evictions and "stopping evictions."
Oil Prices Fall As Full Recovery Expected To Take Even Longer
XThe International Energy Agency now sees global 2020 oil demand at 91.1 million barrels per day. That's down 140,000 bpd from its July outlook and 8.1 million bpd lower than demand in 2019. Oil prices have bounced back from a historic crash in April but have been stagnant in recent weeks as infections surge again. IBD Live: A New Tool For Daily Stock Market AnalysisOil Prices FallBrent oil prices fell 0.6% to $45.18 per barrel. U.S. crude oil prices were down 0.5% to $43.84 per barrel.
MCRB Stock Slips As Secondary Offering Priced After Big Jump
Seres Therapeutics stock slipped premarket Thursday after the small biotech priced and boosted the size of a stock offering two days after reporting positive drug trial news that sent MCRB stock soaring. XSeres Therapeutics (MCRB) will sell 10.5 million shares at $21.50 per share, the company said late Wednesday. In premarket trading on the stock market today, MCRB stock slipped 0.7%, near 23.40. MCRB stock had been trading below 7 for the past 15 months. On Tuesday, Seres announced its planned to sell 8 million shares of stock in a secondary offering, also offering underwriters an additional 1.2 million shares.
In Milwaukee, an Old Home with Modern Amenities
In Milwaukee, an Old Home with Modern Amenities Built in 1902, this three-story home has plenty of space to work from home and is walkable to Lake Michigan. It is on the market for $1.249 million. —Jessica Dailey
Fashion’s Big Question: What to Do With All Those Unsold Clothes?
Apparel companies, from elite fashion houses to mass-market chains, are saddled with an inventory glut following monthslong closures during the pandemic. Now, they are trying to get rid of the excess without angering waste-conscious consumers—or harming their brands. Some fashion companies have for years quietly destroyed unsold goods rather than allow them to be sold at a discount. But that practice is drawing increasing scrutiny from environmental groups, shoppers and governments, forcing brands to find fresh ways to move...
European stocks dip as trade disputes resurface and stimulus doubts mount
European stocks dipped on Thursday despite positive U.S. jobless claims data as trade disputes were thrown back into the spotlight. The pan-European Stoxx 600 SXXP, -0.58% fell 0.5%, while the German DAX DAX, -0.57% was 0.5% lower and the French CAC PX1, -0.56% was 0.4% down. The FTSE 100 UKX, -1.34% , which surged 2% on Wednesday despite the U.K. economy’s record plunge in the second quarter, was 1.3% down. U.S. stocks DJIA, -0.26% SPX, +0.04% COMP, +0.85% were mixed at the open after better-than-expected U.S. jobless claims data. The U.S. raised tariffs on €7.5 billion of EU products last year as retaliation for subsidies provided to Airbus.
Treasury yields bounce off lows after jobless claims come in below 1 million
U.S. Treasury yields trimmed their decline Thursday after jobless claims fell for a second week in a row, underlining the steady but slow improvement in the U.S. labor market. The 10-year Treasury note yield TMUBMUSD10Y, 0.687% fell a basis point to 0.675%, after trading as low as 0.651%, while the 2-year note rate stood at 0.159%. The number of Americans filling for jobless benefits for the first time fell to 963,000, falling for two weeks in a row. Meanwhile, continuing claims fell to 15.5 million. Still, analysts say the elevated number shows the long road ahead for the U.S. labor market recovery.
Biden’s selection of Harris is ‘modestly positive’ for cannabis industry, but ‘negative for financial stocks,’ analysts say
The Democratic-controlled House Judiciary Committee passed the MORE Act in November, but the bill hasn’t gotten anywhere in the Republican-run Senate. That is positive, but Team Biden already was going to sign whatever legalization measure Congress could deliver,” Seiberg wrote. The Cowen analyst said his shop also views Biden’s pick of Harris as “modestly negative for financials,” noting she opposed a 2018 bank deregulation law. Related:Here’s how a Biden presidency could hurt financial stocksOther analysts see Harris potentially touching a range of industries. Here’s whyThe senator “notably oscillated” on health-care policy during the Democratic presidential primary, initially supporting “Medicare for All” before “walking that support back,” the Height analysts added.
Dow's 70-point drop led by losses in Cisco, Walgreens Boots stocks
Behind declines for shares of Cisco and Walgreens Boots, the Dow Jones Industrial Average is down Thursday morning. Shares of Cisco CSCO, -11.35% and Walgreens Boots WBA, -1.38% are contributing to the index's intraday decline, as the Dow DJIA, -0.25% was most recently trading 70 points, or 0.3%, lower. Cisco's shares are down $5.14 (10.7%) while those of Walgreens Boots are down $0.68, or 1.6%, combining for a roughly 40-point drag on the Dow. Also contributing significantly to the decline are Exxon Mobil XOM, -1.49% , Raytheon Technologies Corp. RTX, -0.90% , and UnitedHealth UNH, -1.21% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
FedEx Stock Is Taking Off as Wall Street Gets More Upbeat
FedEx stock received its third positive call in just a few days from Wall Street Thursday. Any effort by the post office to stem its tide of losses could push prices higher for private parcel shippers. FedEx stock is up 85% over the past three months. Wall Street, overall, seems to be warming to FedEx shares. The average analyst price target is just $178 a share, below where the stock is trading.
Sell Deere Stock, Analyst Says. ‘The Fundamentals for U.S. Farmers Remain Challenged.’
Thursday morning, J.P. Morgan analyst Ann Duignan said sell Deere (ticker: DE) stock. Duignan’s price target, however, rose to $160 from $140 a share, although $160 is still well below where Deere shares are trading. Earlier this week, Deutsche Bank analyst Nicole Deblase downgraded Deere shares to Hold from Buy. The downgrades come after relative strength for Deere stock. The average Buy-rating ratio for stocks in the Dow Jones Industrial Average is about 55%.
Trump claims Biden win would crash market, cause depression
President Donald Trump on Thursday cast his election battle with Joe Biden as a fight for the future of the U.S. economy, saying the stock market would tank and a depression would ensue if the his Democratic rival wins in November. “If Biden gets in, this market’s SPX, +0.02% DJIA, -0.27% going to crash,” Trump asserted in an interview on Fox Business Network with host Maria Bartiromo. Invoking Biden’s tax plans, Trump also claimed that the former vice president would “tax this country into a depression like in 1929.”
Stocks open mixed after jobless claims falls below 1 million
U.S. stocks traded mixed at the start of Thursday's trade as investors monitored the state of talks between Democrats and Republicans over a coronavirus relief package, while jobless claims showed a larger drop than expected. The S&P 500 SPX, +0.04% fell 0.2% to 3,373. The Dow Jones Industrial Average slipped 81 points, or 0.3%, to 27,895. Initial claims for unemployment benefits showed marked improvement in the most recent week, falling to 963,000. Shares of Lyft Inc. LYFT, -4.71% fell 5.4% after the ride-sharing company late Wednesday said riders and revenue fell by more than half in the second quarter.
Sports Betting Surges in N.J. Even With Few Sports. Why DraftKings Stands to Gain.
Sports betting rose sharply in New Jersey during July despite a limited amount of major sports. The sports betting and other gambling results were released Wednesday by the New Jersey Division of Gaming Enforcement. “We highlight DKNG as the clearest beneficiary of the strong iGaming/sports betting results given it is a near pure play on these markets,” Allen wrote. When it issued equity in June, DraftKings guided to $70 million to $75 million in second-quarter revenue, down from $113 million in the first quarter. IGaming revenue, which get less attention than online sports betting, was strong again in July, rising 123% year-over-year to $87.5 million.
The government kept the economy afloat in the second quarter, so why are Republicans in a rush to pull the support away right before the election?
As part of the CARES Act relief package, Congress sent out $1,200 checks to tens of millions of Americans. Altogether, the CARES Act provided about $600 billion to households in the second quarter, the Bureau of Economic Analysis said. Excluding government transfer payments such as the $1,200 checks and unemployment checks, real disposable incomes plunged a record 6.1% quarterly (22.3% annualized). No one knows if they’ll get another $1,200 check, or if unemployment checks will get another boost, or if state and local governments will get any relief at all. Democrats want another huge package of aid totaling more than $3 trillion, including extension of the controversial $600-a-week payment to people receiving unemployment benefits.
Biden’s selection of Harris is ‘modestly positive’ for cannabis industry, but ‘negative for financial stocks,’ analysts say
The Democratic-controlled House Judiciary Committee passed the MORE Act in November, but the bill hasn’t gotten anywhere in the Republican-run Senate. That is positive, but Team Biden already was going to sign whatever legalization measure Congress could deliver,” Seiberg wrote. The Cowen analyst said his shop also views Biden’s pick of Harris as “modestly negative for financials,” noting she opposed a 2018 bank deregulation law. Related:Here’s how a Biden presidency could hurt financial stocksOther analysts see Harris potentially touching a range of industries. Here’s whyThe senator “notably oscillated” on health-care policy during the Democratic presidential primary, initially supporting “Medicare for All” before “walking that support back,” the Height analysts added.
Lisbon’s High-End Prices Have Jumped 98% in a Decade
Having gone from strength to strength in the past decade, the prime residential real estate market in Lisbon, Portugal, has seen its values soar, according to a report Wednesday from Savills. High-end prices in the city—famed for its technicolored tiles, yellow trams and fondness for sardines—have jumped 98% over the past 10 years, the London-based estate agency said. As of June, 8,389 golden visas residence permits have been issued with close to €4.9 billion invested in Portugal’s real estate market, the lion's share in Lisbon, the report said. Prime residential property values in Lisbon now stand at an average of €8,400 per square meter. “Looking ahead, Lisbon’s prime residential market is forecast to be one of the strongest performers in Savills World Cities Prime Residential Index, both for the remainder of 2020 and the next five years,” Paul Tostevin, director of Savills World Research, said in the report.
Trump claims Biden win would crash market, cause depression
President Donald Trump on Thursday cast his election battle with Joe Biden as a fight for the future of the U.S. economy, saying the stock market would tank and a depression would ensue if the his Democratic rival wins in November. “If Biden gets in, this market’s SPX, +0.04% DJIA, -0.26% going to crash,” Trump asserted in an interview on Fox Business Network with host Maria Bartiromo. Invoking Biden’s tax plans, Trump also claimed that the former vice president would “tax this country into a depression like in 1929.”
EIA reports a weekly rise of 58 billion cubic feet in U.S. natural-gas supplies
The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas rose by 58 billion cubic feet for the week ended Aug. 7. That was slightly higher than the average increase of 51 billion forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.332 trillion cubic feet, up 608 billion cubic feet from a year ago, and 443 billion cubic feet above the five-year average, the government said. September natural gas NGU20, +0.51% traded up by 2.9 cents, or 1.4%, at $2.181 per million British thermal units. It was trading at $2.171 before the data.
Trump claims Biden win would crash market, cause depression
President Donald Trump on Thursday cast his election battle with Joe Biden as a fight for the future of the U.S. economy, saying the stock market would tank and a depression would ensue if the his Democratic rival wins in November. “If Biden gets in, this market’s SPX, +0.03% DJIA, -0.26% going to crash,” Trump asserted in an interview on Fox Business Network with host Maria Bartiromo. Invoking Biden’s tax plans, Trump also claimed that the former vice president would “tax this country into a depression like in 1929.”
Lisbon’s High-End Prices Have Jumped 98% in a Decade
Text sizeHaving gone from strength to strength in the past decade, the prime residential real estate market in Lisbon, Portugal, has seen its values soar, according to a report Wednesday from Savills. High-end prices in the city—famed for its technicolored tiles, yellow trams and fondness for sardines—have jumped 98% over the past 10 years, the London-based estate agency said. As of June, 8,389 golden visas residence permits have been issued with close to €4.9 billion invested in Portugal’s real estate market, the lion's share in Lisbon, the report said. Prime residential property values in Lisbon now stand at an average of €8,400 per square meter. “Looking ahead, Lisbon’s prime residential market is forecast to be one of the strongest performers in Savills World Cities Prime Residential Index, both for the remainder of 2020 and the next five years,” Paul Tostevin, director of Savills World Research, said in the report.
A Biden-Harris sweep would be best for markets, says Fidelity
That’s the take of Fidelity International, the sister company of Fidelity Investments, and its lead cross-asset strategist Wen-Wen Lindroth, published in a note on 13 August after Biden picked Harris as his running mate. Meanwhile, Schroders, one of the UK’s biggest fund managers, said markets are not yet pricing in a Biden victory — but they should. A Biden administration backed by a Democratic Congress, however, would be likely to “look the other way on deficits for several years, until unemployment returns to pre-Covid-19 levels”. “We think a Biden presidency could see the US and Europe work together to put pressure on China to meet its climate commitments. “A Biden victory, especially if combined with the Democrats taking the Senate, would add huge impetus to the [renewable energy] transition.
Treasury yields bounce off lows after jobless claims come in below 1 million
U.S. Treasury yields trimmed their decline Thursday after jobless claims fell for a second week in a row, underlining the steady but slow improvement in the U.S. labor market. The 10-year Treasury note yield TMUBMUSD10Y, 0.685% fell a basis point to 0.675%, after trading as low as 0.651%, while the 2-year note rate stood at 0.159%. The number of Americans filling for jobless benefits for the first time fell to 963,000, falling for two weeks in a row. Meanwhile, continuing claims fell to 15.5 million. Still, analysts say the elevated number shows the long road ahead for the U.S. labor market recovery.
This British Defense Contractor Is Powering Through the Pandemic. Here’s How That Offers Investors Security.
However, QinetiQ is very real and has powered through the crisis, armed with contracts that were little affected by coronavirus. QinetiQ has a £1.7 billion ($2.2 billion) market value and employs 6,787. In May it posted flat pretax profit of £123.1 million for the year to March 31 on sales of £1.1 billion. “Looking forward, very strong order intake and the full-year contribution of three acquisitions should boost earnings performance,” Stifel’s Hewson said. Investors will never really know the specifics of what QinetiQ is developing for governments, but as geopolitical tensions worsen an investment may offer some security.
Investors Are Betting Big Against 5 Oil and Gas Companies
Text sizeWenbin Yu/DreamstimeOil stocks have rebounded in recent weeks, as the price of crude oil has moved slightly higher and companies’ second-quarter earnings results have largely avoided worst-case scenarios. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is up nearly 20% in the past month. While most oil stocks are still down by double digits over the past year, the once free-spending companies have been changing their ways, potentially making them good investments.
Palladium Prices Hit Bump in the Road With Lower Car Sales
Text sizeAfter more than half a decade of record-busting price moves, the palladium market hit a bump in the road. Palladium prices hit an all-time high of $2,866 a troy ounce on Feb. 27 before retreating in the wake of the pandemic-led lockdowns. The palladium market has been in a supply deficit for the past three years, according to CPM estimates. The combined drop in both supply and demand is hardly conducive to either a rally or a plunge for the palladium price. Also, the palladium market is thinly traded and volatile, says Victor Sperandeo, CEO of EAM Partners in Dallas.
For FedEx, the Stars Are Aligning. Just Ask Wall Street.
Any effort by the post office to stem its tide of losses could push prices higher for private parcel shippers. We wrote positively about FedEx shares in July 2019, believing that e-commerce was an opportunity and not a threat to the parcel shipper’s profits. FedEx stock is up 85% over the past three months. Wall Street, overall, seems to be warming to FedEx shares. The average analyst price target is just $178 a share, below where the stock is trading.
The ‘Reflation Trade’ Could Support Returns in TIPS—for Now
Text sizeIt was difficult to imagine in March that investors would be able to earn solid returns buying Treasury inflation-protected securities. The entire bond market has rallied since Congress responded with a stimulus package and the Federal Reserve cut rates and announced ambitious bond-buying programs. For example, the iShares 20+ Year Treasury Bond ETF (TLT) has posted a 21% total return this year. The Fed’s pledge to keep rates low may also explain why inflation-adjusted Treasury yields, or “real yields,” reached a record low on Aug. 6, says BCA. But that doesn’t mean that the TIPS market will remain strong until then.
Sports Betting Surges in N.J. Even With Few Sports. Why DraftKings Stands to Gain.
Text sizeSports betting rose sharply in New Jersey during July despite a limited amount of major sports. The sports betting and other gambling results were released Wednesday by the New Jersey Division of Gaming Enforcement. “We highlight DKNG as the clearest beneficiary of the strong iGaming/sports betting results given it is a near pure play on these markets,” Allen wrote. When it issued equity in June, DraftKings guided to $70 million to $75 million in second-quarter revenue, down from $113 million in the first quarter. IGaming revenue, which get less attention than online sports betting, was strong again in July, rising 123% year-over-year to $87.5 million.
Cube closes $5M Seed round to scale its financial planning software
This morning Cube announced that it has closed a Seed round worth just over $5 million. The software startup, focused on financial planning and analysis (FP&A) work, raised $3.8 million of the total recently, with remaining $1.25 million having come in an earlier Pre-Seed round. Eventually the startup picked Bonfire Ventures' Brett Queener to lead the round, with Operator Collective, Clocktower Technology Ventures, Alumni Ventures Group, Techstars, and others taking part. So, what is FP&A and why is Cube attracting so many interested investors? From there the company's FP&A denizens can control and sort the data, viewing it using Cube's own visualization tool, spreadsheets, or web interface.
Treasury Wine CEO: Demand in China Recovering 'Strongly'
Aug.13 -- Tim Ford, chief executive officer of Australia's Treasury Wine Estates Ltd., discusses how the Covid-19 pandemic is affecting his business. Its full-year profit fell 25% while its shares rose as much as 15% Thursday on signs of demand recovery in China. Ford speaks with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia."
Real estate trust NetSTREIT prices U.S. IPO below range
Aug 13 (Reuters) - NetSTREIT Corp said on Thursday it had raised $225 million in its U.S. initial public offering after the real estate company sold fewer-than-expected shares at a price below its target range. The company, a commercial real estate investment trust, priced its IPO of 12.5 million shares at $18 per share. NetSTREIT had initially planned to sell up to 15.5 million shares at $19-$21 per share. The commercial real estate business has taken a hit globally due to the COVID-19 pandemic, as most tenants have been unable to pay rent. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta)
New unemployment claims finally dip below 1 million, but layoffs remain incredibly high
New unemployment claims finally dipped below 1 million for the first time since March in the past week, the Labor Department reported Thursday. Unemployment claims first jacked up at the beginning of the coronavirus pandemic in March, hitting a peak of nearly 7 million. They've dropped significantly since then, but recovery recently slowed as unemployment claims lingered over 1 million for weeks on end. A total of 15.5 million people are still receiving unemployment benefits, per the Labor Department's numbers. That's well above the pre-pandemic record of 6.6 million, The Wall Street Journal notes.
Online used car seller Vroom posts weak Q3 outlook
Cisco shares fall, 'but for every Cisco, you have a semiconductor stock that's breaking out to the upside': Analyst
Cisco lays out restructuring plan as coronavirus crisis forces clients to hold spending
Cisco Systems Inc on Wednesday forecast first-quarter revenue and profit below Wall Street estimates and laid out a restructuring plan, as the coronavirus crisis forced its clients to hold back spending. Continue Reading BelowCISCO COMMITTING $225M TO GLOBAL CORONAVIRUS RESPONSEShares of the top network equipment maker fell nearly 5% after the bell. Cisco expects current-quarter revenue to drop between 9% and 11% from last year, implying a range of between $11.71 billion and $11.97 billion, while analysts had expected $12.25 billion. It also forecast adjusted earnings of 69 cents to 71 cents per share, below estimates of 76 cents, according to Refinitiv IBES data. Excluding items, Cisco earned 80 cents per share in the quarter, beating estimates of 74 cents.
Robinhood trading app hiring ‘hundreds’ in job ramp-up
Robinhood, the commission-free trading app, is spreading the wealth in the form of new jobs as it moves to meet the demand of a growing army of day traders as U.S. equity markets return to record levels. RETAIL INVESTORS SCOOPED UP THESE STOCKS IN JULYThe company is not valued at about $8.6 billion after a fresh round of fundraising brought in about $300 million. Now company officials plan to continue expanding in the United States in areas including Denver, Colo., and Lake Mary, Fla., according to the company. “I want to make sure our retail investors know there are risks involved in leverages of all types” Clayton cautioned. Additionally, the company has come under fire after it announced it will longer provide data listing the most popular stocks among customers.
Fatburger owner to acquire Johnny Rockets
Fat Brands Inc. is buying burger chain Johnny Rockets Group Inc., expanding its stable of restaurant brands in a bet that casual-dining demand will bounce back from the coronavirus pandemic. Fat Brands Chief Executive Andy Wiederhorn said the deal for Johnny Rockets reflects his expectation that customers will come back to casual-dining chains after the pandemic subsides. He said Fat Brands would consider bringing more casual-dining brands into a portfolio that also includes Fatburger and Hurricane Grill & Wings. By buying regional chains, Fat Brands can gain scale and negotiate better deals for advertising and supplies, Mr. Wiederhorn added. He said Fat Brands expressed interest in Johnny Rockets when Sun Capital Partners Inc. started a sales process for the company in January.
US companies should consider slavery reparations, Vista Equity CEO says
Continue Reading BelowIn a video interview with Reuters, the CEO of private equity firm Vista Equity Partners said companies that profited from the Transatlantic slave trade should consider making reparations to African-Americans. BET CO-FOUNDER CALLS FOR $14T IN REPARATIONS FOR BLACK AMERICANS"I think that's going to be a political decision that's going to have to be made and decided upon. But I think corporations have to also think about, well, what is the right thing to do?" GET FOX BUSINESS ON THE GO BY CLICKING HERE“The allies weren’t as widespread,” when he was growing up, Smith said. “Employees of companies are also going to hold the leaders accountable to do something about it.
CanSino, China's First Drug Maker To Start Human Trials For Covid-19 Vaccine, Soars In Star Market Trading Debut
The average first-day gain on the Star Market is 167 per cent, according to data provider jrj.com. Xi Jinping's trillion-yuan baby, the Star Market, is poised for the next spurt of growth. What investors need to knowCansino's losses will probably narrow to 100.7 million yuan this year, based on Bloomberg's average estimate of five analysts. Beijing launched the Star Market in July 2019 to support the country's own technology firms in the fields such as chip making, biotech and robotics. On July 16, Semiconductor Manufacturing International Corporation (SMIC), China's biggest chip maker, surged 246 per cent during its debut on the Star Market.
Any Buys I'm Making at This Point Are Incremental
The number of new 12-month highs is down to around 100 and speculative trading action continues to narrow. I'm growing increasingly cautious but I'm still finding some stock picks that are working. In the cannabis sector, I've had two earnings winners in Trulieve Cannabis (TCNNF) and Green Thumb Industries (GTBIF) . There are still stock picks out there but it is becoming more difficult and I'm trying to be more selective. Any buys I'm making at this point are incremental and I'm leaving plenty of room to take advantage of pullbacks.
A Trade on Micron Technology as it Tests Support
When was the last time you considered taking an equity stake in Micron (MU) ? Pick a chart, any chart -- Micron, Western Digital (WDC) , even hard disk drive champ Seagate Technology (STX) -- these stocks are struggling. Way, way below consensus. Micron will test this support level Thursday morning. Should that support show itself, I would be willing to go out small (meaning a trade, and not an investment), and look to sell the position close to $55.
The Charts of J2 Global Don't Inspire Me to Be a Buyer
Prices gapped higher recently but the slope of the 50-day moving average line is still negative and so is the slope of the slower-to-react 200-day moving average line. In this weekly bar chart of JCOM, below, we went back five years to get some additional perspective. JCOM is below the declining 40-week moving average line. In this daily Point and Figure chart of JCOM, below, the price gap on the daily bar chart disappears. Bottom line strategy: The weekly bar chart of JCOM (above) does not make me optimistic even though the Point and Figure chart suggests an upside move.
Real Money Post Industrial Average Again Outperformed, but Watch Valuations
I say stretched market valuations because the S&P 500 is trading at 25.8x expected 2020 EPS of $131.02 and 20.4x expected 2021 EPS of $165.68. As we can see in the chart below, 2019 EPS for the S&P 500 was $163.02, which means two things. Viewed against that backdrop, the current market multiple on 2021 expected EPS of 20.4x means investors are being asked to pay up for very little EPS growth. Circling back with this in mind to the Real Money Post Industrial Average, we can better understand why this basket of stocks is leading the way vs. the major market indices. That 2021 increase is led by meaningful double-digit EPS growth expected at Amazon (AMZN) , Facebook (FB) , PayPal (PYPL) , Netflix (NFLX) and others.
SMIC And Wangfujing, Two Of Mainland's Red-hot Stocks Popular With Investors, To Join MSCI China Index
Semiconductor Manufacturing International Corp (SMIC), China's biggest chip maker, Wangfujing, the Beijing-based department store operator that recently won the franchise to run duty-free shops, and other five companies will join the MSCI China A Onshore Index in September, MSCI said in a statement. The index compiler will also revamp the MSCI China All Shares Index by adding nine stocks and taking off one. Other stocks that will be added to the MSCI China A Onshore Index are China Zheshang Bank, Intco Medical Technology, National Silicon Industry Group, Shanghai Bairun Investment Holding Group and Xiamen Kingdomway Group, according to MSCI's statement. The 713-member index of Chinese onshore stocks had gained 18 per cent this year through Wednesday. Chinese onshore stocks now account for 4.1 per cent of the weighting in the MSCI Emerging Markets Index.
China's Top Bank Regulator Sees Surge Of Bad Loans Straining Financial System In 2020, 2021
Meanwhile, Guo said, Chinese banks have improved their loan structure - with more lending going toward manufacturing, infrastructure, technology and small businesses. The ratio for Chinese commercial banks rose 0.03 percentage points in the second quarter to 1.94 per cent at the end of June. For instance, Panzhihua City Commercial Bank and Liangshan Prefecture Commercial Bank in Sichuan province announced in June that they would merge into a new entity. Yangquan City Commercial Bank reported a bank run in mid-June. However, concerns remain about China's small banks.
Jobless Claims Fall Below 1 Million - a Sign of Recovery?
Less than 1 million Americans filed for first-time unemployment benefits last month. Indeed, the Labor Department reported Thursday that 963,000 Americans filed for first-time jobless benefits in the week ended Aug. 8, down from a revised 1.186 million claims the week earlier. Continuing claims, which are the number of people not just filing but staying on unemployment benefits, came in at 15.486 million for the week ended Aug. 1, down from a revised 16.09 million the week before. The continuing claims numbers are reported with a one-week lag, but are considered a better gauge of the labor market. "It’s promising that initial unemployment claims (non-seasonally adjusted) have fallen, but there’s still a long road ahead," said Indeed Hiring Lab Economist AnnElizabeth Konkel.
What’s Holding Stocks Back Thursday
Stocks were largely struggling to gain traction Thursday, as jobless claims numbers finally improved meaningfully, but a stalling stimulus conversation in the Senate is holding investors back from fully believing in a fast economic rebound. For almost two months, weekly claims were above 1 million as the economic recovery had begun to stall. Consumer discretionary stocks in restaurants and retail were down, while oil and banking were also down a bit less than 1%. Banks stocks, after having outperformed the U.S. market in recent days, have begun to slip again even as the yield curve expands, as investors are skeptical of the recent yield curve expansion. Elsewhere in the market, Lyft (LYFT) - Get Report shares fell 5% to $29, after the company met revenue estimates and posted a narrower net loss than expected, as the company cut costs effectively.
Penn National Initiated Buy on Sports-Gambling Potential
Penn National drew a buy rating from Goldman Sachs due to a "rapidly rebounding regional casino space" and "inflecting growth in sports betting." Penn National Gaming (PENN) - Get Report shares on Thursday rose after Goldman Sachs analyst Stephen Grambling initiated coverage of the casino company with a buy rating and $60 share-price target. “PENN sits at the cross-section of a rapidly rebounding regional casino space and inflecting growth in sports betting,” Grambling wrote in a commentary obtained by TheStreet.com. Penn National "has unique positioning relative to peers based on mobility and covid-19 data analysis,” he said. “Despite starting the second quarter with our entire property portfolio closed due to the pandemic, we ended the quarter in a significantly improved financial position," Penn National Chief Executive Jay Snowden said in a statement.
Inside Fat Brands' Acquisition of Johnny Rockets
Fat Brands Inc. (FAT) - Get Report, owner of restaurant chain Fatburger and other brands, has agreed to buy the 1950s-themed restaurant chain Johnny Rockets. Shares of Fat Brands soared more than 140% on August 13 on the news of the acquisition. Fat Brands plans to fund the purchase through cash on hand and proceeds generated from the company’s securitization facility. With Johnny Rockets in its arsenal, Fat Brands will have more than 700 franchised and company-owned restaurants around the globe. "This acquisition is a transformative event for Fat Brands in terms of scale and brand awareness," said Andy Wiederhorn, Fat Brands' president and CEO.
Cisco Plunges on Weak Outlook - What Wall Street Is Saying
For its fiscal fourth quarter, which ended in July, Cisco reported $12.2 billion in revenue, down 9% year-over-year, and GAAP earnings of 62 cents per share, up 22%. Analysts polled by FactSet were expecting GAAP earnings of 65 cents on sales of $12.09 billion. Cisco shares were down 11% to $42.81 in early morning trading on Thursday. In addition to sustained EPS power, below-market valuations and the dividend yield should help protect downside in the stock. An eventual return to enterprise spending and the 400G upgrade cycle starting next year bode well for the stock."
California’s migrant farmworkers face evictions with no safety net amid pandemic
She had offered to pay rent in installments, but the landlord wouldn’t let her, she said. At the same time, many are falling ill with COVID-19 while also enduring the largest wage losses amid the pandemic-triggered recession. Gavin Newsom allocated $75 million in state funds meant to give up to $1,000 to 150,000 immigrants without legal status. The new landlady is demanding they either leave by the end of the month or pay $650 rent and a deposit. AdvertisementFor many farmworkers, the eviction threat looms largest if they contract COVID-19, can’t work and lose wages.
Trump, denouncing funding sought for post office, says a mail-in voting election isn’t possible without it
But if they don’t get those two items, that means you can’t have universal mail-in voting because they’re not equipped to have it,” Trump said during an interview with Fox Business Thursday morning. President Trump, vowing to block emergency funding for the United States Postal Service in the next coronavirus relief package, said on Thursday that without it, a largely mail-in voting election would not be possible. “They don’t have the money to do the universal mail-in voting. This.”The United States Postal Service is in the midst of a severe budget crunch that has been exacerbated by the coronavirus pandemic. Trump has denounced mail-in voting for months by making unsubstantiated claims about voter fraud — although he briefly reversed himself in a tweet last week, urging voters in Florida to request mail-in ballots.
What No Student Loan Payments Until 2021 Means for You
You don't have to make another federal student loan payment in 2020. "There is no harm or downside in talking to your servicer now," says Scott Buchanan, executive director of Student Loan Servicing Alliance, the trade association of student loan servicers. YOUR FEDERAL LOANS ARE IN DEFAULT OR REHABILITATIONAll collection activities on federal student loans are suspended through Sept. 30, such as wage garnishment and collection calls. YOU'RE PURSUING PUBLIC SERVICE LOAN FORGIVENESSFederal student loan borrowers pursuing Public Service Loan Forgiveness don't need to make payments until Sept. 30. YOU HAVE PRIVATE STUDENT LOANSYour lender may offer private student loan relief in the form of a payment pause or reduced payments.
3M sales turn a corner in July
3M’s sales in July rose over a year ago, turning a corner after double-digit declines the previous three months caused by the effects of the coronavirus pandemic. Maplewood-based 3M Thursday posted total sales of $2.8 billion last month, up 6% over July 2019. Total sales increased 29% in 3M’s health care business; 9% in its consumer division; and 6% in its safety and industrial business. 3M indicated in its second quarter earnings call in late July that sales had started to perk up in the third quarter. Total sales increased 10% in the Americas; 3% in Europe, the Middle East and Africa; and were flat in Asia Pacific.
The best-kept secret in town? An at-home workout provider takes off in the pandemic
Usage of the fitness and wellness coaching service Wellbeats skyrocketed earlier this year, one of those companies that offered what the world really needed in a pandemic. There were a number of hassles with this model, CEO Jason Von Bank said, including coordinating installations all over the country, some of which were complicated. The company had done its homework, Von Bank said. “We were getting great traction,” Von Bank said. “At 1.2 million subscribers, we are not far off of Peloton right now,” Von Bank said, referring to the at home-cycling company.
New Jersey’s new electric vehicle rebate draws 1,800 applications, despite COVID economy woes
The rebates apply only to electric vehicles with a retail price below $55,000 because state officials did not want to subsidize the wealthy. Owners must be registered in New Jersey and get $25 for each mile the car uses to run on electric power, up to $5,000. So, a car with a 200 battery range would qualify for the full amount.
Huge Amazon shipping hub in the works for Forney
Already the biggest industrial building tenant in North Texas, Amazon is gobbling up another 1 million square feet of warehouse space in Forney east of Dallas. The e commerce giant will employ 500 people in its new fulfillment center in the Forney Gateway development on U.S. Highway 80. “Bringing a transcendent company such as Amazon to Forney is a huge step for our community,” Major Mary Penn said in a statement. Goodyear Tire & Rubber Co. also has a 1.2 million-square-foot distribution center in the business park on U.S. at Gateway Boulevard. Amazon is expected to have almost 14 million square feet of distribution space in the area by early next year.
6 national restaurant chains in deepest trouble amid COVID-19 include Outback Steakhouse, IHOP and Denny's
Casual dining chains were already facing challenges before COVID-19, hurt by the rise of fast-casual competition and increased food costs. In contrast to sit-down chains, publicly traded fast-food companies are holding up well, in large part due to robust drive-through offerings. For example, McDonald’s has a less than 1 in 200 chance of defaulting, according to S&P. But the company has taken steps to raise money, including securing new investment financing, that have significantly improved its chances of surviving without defaulting, according to S&P. Outback Steakhouse parent Bloomin' BrandsThis chain, whose famous Bloomin' Onion item shares a first name with the restaurant’s parent company, faces a 13.2% chance of defaulting.
After a worker with special needs was fired from Shorewood's Metro Market, protesters gathered to demand policy changes
Protesters occupied the Oakland Avenue entrance to Shorewood’s Metro Market Wednesday, calling for policy changes after the May 7 firing of a special needs employee. Gina Giacobassi, 25, worked at the Metro Market, 4075 N. Oakland Ave., for four years. According to her mother, Beth, Gina was coerced into buying alcohol for two underage employees in-training. Morris’ children went to grade school with Gina, and Morris’ wife — a substitute teacher — previously taught Gina. A Metro Market manager declined to comment about the protesters, and Kroger representatives have not responded to emails and phone calls from a reporter.
Florida and US weekly unemployment claims drop to COVID-19 pandemic lows
“Thinking back to the early days of the pandemic and the imposition of restrictions, there’s no doubt that the severity of the outbreak has weighed on prospects for a more rapid economic recovery,” he said. “Even when effective vaccines become available, millions of Americans will still be struggling to put their financial lives back in order. But that time, in 2020 pandemic terms, remains a long way off.”
After COVID-19 delay, Rivian plans hiring surge for June launch of electric truck. But legal battle with Tesla looms.
“The very same day — and mere hours after Rivian’s announcement — Tesla sent an email and letter to … inform Rivian of some concerns Tesla claimed to have regarding former Tesla employees’ possession of alleged trade secrets,” Rivian said in the filing. “One week after sending its letter, on July 17, Tesla filed this lawsuit.”
‘A long way to go’ for 43-story apartment proposal on Near North Side, alderman says
“The critical benefits provided by the proposal, including hundreds of well-paying construction jobs, a $5.7 million contribution to the City’s Neighborhood Opportunity Fund and $5.5 million contribution to the Affordable Housing Opportunity Fund, are critical to the future economic recovery of Chicago and we look forward to continuing to work with the alderman’s office on the next steps in his process,” he said in the emailed statement.
Trump says funds for US Postal Service to deal with mail ballots is sticking point in coronavirus aid negotiations
Trump’s executive actions appeared to provide a temporary reprieve, offering $300 in jobless benefits and some other aid. But it could take weeks for those programs to ramp up, and the help is far slimmer than what Congress was considering. More than 20 million Americans risk evictions, and more are out of work.
Customers launch class-action lawsuit against Eversource, claiming negligence in widespread and lengthy outage
About 800,000 business and residential customers were without power for several days, with 99% getting their power back Tuesday, a week after the storm. Eversource has been strongly criticized by elected officials who question whether it fully anticipated the destructive path of Isaias and if it has spent enough money to strengthen its systems against storms.
Beverly Hills Supper Club site development: Some fire victims' families want more say
But some of the victims' family members have not gotten a say in these plans, said attorney Steven Megerle. And a zone change that he said was rushed through is now pending, in the hands of Southgate City Council. TimelineIn May, Southgate City Council entered into a joint agreement with Ashley Builders and Vision Realty Group to develop the site. Southgate City Council has the final say on if the change goes through. The Southgate City Council will meet next Wednesday, Aug. 19 at the Southgate Community Center at 301 W. Walnut St.What remains:The fire and 40 years
S&P 500 drifts close to record heights after jobless report
Stan ChoeAssociated PressNew York – Wall Street is drifting close to its highest-ever levels on Thursday, and the market remains within a breath of erasing the last of its pandemic losses. The S&P 500 was up 0.1% in morning trading after earlier flipping between small gains and losses. Wall Street has erased almost all of the nearly 34% drop the S&P 500 suffered from late February into March, even though the economy is still hobbled despite some recent improvements. Apple, Microsoft, Amazon, Facebook and Google’s parent company together make up more than 22% of the S&P 500, giving their movements extra heft in the index, and each rose at least 0.5%. Cisco slumped 11.6% for the biggest loss in the S&P 500, even though it reported better results for its latest quarter than Wall Street expected.
Wall Street drifts, indexes mixed after latest run at record
Stan ChoeAssociated PressNew York – Stocks are drifting in early trading on Wall Street Thursday, with indexes mixed, and the market remains within a breath of erasing the last of its pandemic losses. The S&P 500 was virtually unchanged after the first 25 minutes of trading. Wall Street has erased almost all of the nearly 34% drop the S&P 500 suffered from late February into March, even though the economy is still hobbled despite some recent improvements. Democrats and Republicans remain far apart, but hope remains on Wall Street that they’ll reach a deal on stimulus that investors say is crucially needed. Cisco slumped 10.8% for the biggest loss in the S&P 500, even though it reported better results for its latest quarter than Wall Street expected.
Global Drilling Waste Management Industry (2020 to 2027) - Market Trajectory & Analytics - ResearchAndMarkets.com
The 173-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. Amid the COVID-19 crisis, the global market for Drilling Waste Management estimated at US$4.7 Billion in the year 2020, is projected to reach a revised size of US$6.4 Billion by 2027, growing at a CAGR of 4.6% over the analysis period 2020-2027. Treatment & Disposal, one of the segments analyzed in the report, is projected to record a 4.4% CAGR and reach US$2.7 Billion by the end of the analysis period. The U.S. Market is Estimated at $1.4 Billion, While China is Forecast to Grow at 4.3% CAGRThe Drilling Waste Management market in the U.S. is estimated at US$1.4 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2027 trailing a CAGR of 4.3% over the analysis period 2020 to 2027.
Thai leader says unity necessary to revive virus-hit economy
BANGKOK (AP) — Thailand’s prime minister, facing growing demands from students for change, warned Thursday that the nation must pull together to overcome the economic damage caused by the coronavirus pandemic. In a speech marking the appointment of a new team of financial specialists to his Cabinet, Prayuth Chan-ocha said the economic crisis will not go away quickly. Thailand has been praised for its handling of the health effects of the coronavirus, with no local cases reported for 80 days. But it has suffered an especially strong shock to its economy because of its heavy dependence on tourism and exports. Prayuth’s speech comes at a time of growing political pressure, as a student-led protest movement issues increasingly strident calls for his government to step down, the military-installed constitution to be revised, and limits to free speech to be lifted to promote democracy.
Bankrupt Alaska airline seeks bonus for its chief executive
ANCHORAGE, Alaska (AP) — The largest rural airline in Alaska has declared bankruptcy and laid off more than a thousand workers but wants to award $250,000 in bonus money to its chief executive and other employees. The final sale of all the assets is expected to generate more than $55 million, exceeding what the company anticipated. Chief Executive Officer Dave Pflieger has already collected $1.4 million in salary, bonuses and expense payments over the past year. It is unclear how much of the $250,000 would go to Pflieger and to the other employees. Company spokeswoman Debbie Reinwand did not respond to a request for comment.
Industrial Pump Rentals Global Market to 2027 - 47 Companies Profiled Including Barco Pump, Cornell Pump & Selwood - ResearchAndMarkets.com
The 290-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. Bypass Pumping, one of the segments analyzed in the report, is projected to record a 7.5% CAGR and reach US$1.7 Billion by the end of the analysis period. The U.S. Market is Estimated at $664.4 Million, While China is Forecast to Grow at 10.7% CAGRThe Industrial Pump Rentals market in the U.S. is estimated at US$664.4 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$868.8 Million by the year 2027 trailing a CAGR of 10.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 6.3% respectively over the 2020-2027 period.
Watch Now: The latest on Sturgis Motorcycle Rally 2020
If you didn't catch this Sturgis Rally video earlier this week, here's your next chance with an update! Hear the latest on what's happening out there as the rally is soon to come to a close. As featured on Watch Now: The latest on Sturgis Motorcycle Rally 2020 Hear the latest on what's happening out there as the rally is soon to come to a close.
For Americans waiting on virus aid, no new relief in sight
“The White House is not budging,” Pelosi and Schumer said in a joint statement. Mnuchin and White House chief of staff Mark Meadows briefed GOP senators privately on Wednesday. Because McConnell has such cool support from his ranks for any bill, Democrats are trying to push the White House to go bold. They want to maintain the $600 jobless benefit and provide nearly $1 trillion to the states and cities, nonstarters for the White House. The Democrats said they are waiting for the White House to put a new offer on the table.
Job vacancies climb as companies begin re-hiring
Hiring is back as the economy reopens and bosses take on more staff, raising hopes that the newly unemployed will be able to get back to work. More than 1.1m jobs are available according to the Recruitment and Employment Confederation (REC), including an extra 125,000 new postings in the past week. Previously closed industries are bringing back furloughed workers, with less than 14pc of all private sector staff now paid to stay at home. This is down by more than half from its peak, indicating that most are now working once more. In the final fortnight of July more than one-quarter of all staff in arts, entertainment, and recreation returned to work, the ONS found, meaning that less than half of that industry’s workforce is now furloughed.
A-Levels 2020: Who are the grade-adjusting algorithm's winners and losers?
This year's cohort of A-level students have been the first ever in England to open results letters with grades determined not by exams, but by an algorithm. With the coronavirus pandemic cancelling assessments, Ofqual, the authority that regulates qualifications, exams and tests in England, instead developed and deployed a statistical model to award students their grades. The process relied on schools sending on predicted grades to the regulator along with a ranking of students by performance, which were then standardised in light of past individual achievement and the historic performance of the school. The result: just under 40 per cent of grades determined by teachers - termed formally by Ofqual as Centre Assessment Grades (CAGs) - have been downgraded by the model, with around 36 per cent downgraded by just one place and the rest dropping by two or more.
US proposes changes to rules on showers to keep Trump’s hair looking ‘perfect’
The Independent employs reporters around the world to bring you truly independent journalism. The US government has proposed changes that would allow more water to flow through showerheads, after president Donald Trump said his hair needs to be “perfect”. Download the new Independent Premium app Sharing the full story, not just the headlinesSpeaking at the White House in July, president Trump said: “So showerheads – you take a shower, the water doesn’t come out. Because my hair – I don’t know about you, but it has to be perfect. Daily coronavirus briefing No hype, just the advice and analysis you need Enter your email address Continue Continue Please enter an email address Email address is invalid Fill out this field Email address is invalid Email already exists.
London bus garage to become world's largest 'trial power station’
Image copyright SSE Enterprise Image caption Northumberland Park garage will be converted to allow parked electric buses to return battery power back into the gridA bus garage in north London is to be converted into the world's largest trial site for a new low-emissions type of power station. Northumberland Park garage will host vehicle-to-grid technology, which feeds energy stored in parked electric buses back into the electricity network. If the government-funded Bus2Grid project is rolled out across London it could power an estimated 150,000 homes. The Bus2Grid project, claims Northumberland Park garage will be the "world's largest" vehicle-to-grid site. If all 9,000 of London's busses were converted with the technology it could meet the energy needs of more than 150,000 homes, according to SSE Enterprise.
New US jobless claims this week drop BELOW one million
New claims for jobless benefits have dropped below one million in a week for the first time since March. The number of continuing claims, including people receiving non-traditional benefits such as gig workers, was 28 million, down slightly from 31 million the week before. New claims for jobless benefits dropped below one million for the first time since MarchThe Department of Labor on Thursday said that 963,000 people applied for unemployment benefits for the week ended August 8. For months, the unemployed had also been receiving the $600 a week in federal jobless aid on top of their state benefit. Last week, President Donald Trump issued an executive order that would provide $300 a week in federal aid to the jobless to replace the expired $600-a-week benefit.
The spectre of Carney now looms over Morneau, but that should be a good thing
Article content continuedA favourite parlour game of influencers around the world for years has been trying to guess where Carney would land next. “He is the real deal,” said a former cabinet-level staffer in Stephen Harper’s government, which installed Carney as Bank of Canada governor in 2007. There’s no shame in being eclipsed by Carney. His combination of intellect, charisma, determination, experience and ambition is rare everywhere. And it’s especially rare in Ottawa, where policy making has fallen to a collection of gen-Xers on both sides of the aisle that have relatively little experience outside the bubbles of partisan politics and professional advocacy.
Trump wins battle over White House water pressure to maintain 'perfect' hair
Article contentWASHINGTON — The U.S. government proposed rule changes on Wednesday that would allow shower heads to boost water pressure, after President Donald Trump repeatedly complained that bathroom fixtures do not work to his liking. The Department of Energy plan followed comments from Trump last month a White House event on rolling back regulations. Try refreshing your browser, or Trump wins battle over White House water pressure to maintain 'perfect' hair Back to video“So what do you do? You just stand there longer or you take a shower longer? “People are flushing toilets 10 times, 15 times, as opposed to once,” Trump told a meeting of small business leaders at the White House.
Posthaste: Soaring government debt isn’t as bad as the ‘90s fiscal crisis — but it’s getting there
Canada has pulled out the stops to support the economy through the coronavirus crisis, flooding the system with aid while piling on record debt. “This latter measure remains shy of the heights recorded during the 1990s fiscal crisis. The federal government has shouldered most of the burden, but TD still expects provincial budget deficits to rise roughly to the peak seen during the fiscal crisis in the early 1990s. The federal and provincial governments have since announced support that could total $10 billion, but TD predicts more will be needed. TD said fixed income investors have been “turning a blind eye to mounting government debt loads,” but that won’t last forever.
A-levels: Heads warn of 'unfair' grades for students
A third of college principals also reported results lower or "dramatically lower" than their historic exam performance. Labour leader Sir Keir Starmer said: "Something has obviously gone horribly wrong with this year's exam results. Mr Peaks said there was "something worrying across the board", with many good students not getting the grades they would have expected. He said basing results, in part, on last year's students' results was wrong because "they're different". But instead this has been an exam results day full of uncertainty, with head teachers warning about volatility below the surface of rising grades.
Stocks open mixed after jobless claims falls below 1 million
U.S. stocks traded mixed at the start of Thursday's trade as investors monitored the state of talks between Democrats and Republicans over a coronavirus relief package, while jobless claims showed a larger drop than expected. The S&P 500 SPX, -0.05% fell 0.2% to 3,373. The Dow Jones Industrial Average slipped 81 points, or 0.3%, to 27,895. Initial claims for unemployment benefits showed marked improvement in the most recent week, falling to 963,000. Shares of Lyft Inc. LYFT, -4.98% fell 5.4% after the ride-sharing company late Wednesday said riders and revenue fell by more than half in the second quarter.
Fatburger Owner to Acquire Johnny Rockets
Fat Brands Inc. is buying burger chain Johnny Rockets Group Inc., expanding its stable of restaurant brands in a bet that casual-dining demand will bounce back from the coronavirus pandemic. The Beverly Hills, Calif.-based company said Thursday it would pay about $25 million for Johnny Rockets, widening its holdings to about 700 locations across nine chains when the deal is completed next month. Many have added outdoor seating or expanded takeout operations to make up for sales in closed or greatly diminished dining rooms. Fat Brands Chief Executive Andy Wiederhorn said the deal for Johnny Rockets reflects his expectation that customers will come back to casual-dining chains after the pandemic subsides. Already, he said, sales have jumped in some markets thanks to outdoor seating and delivery.
The Finance 202: Trump's push to cut capital gains taxes highlights scattered coronavirus relief effort
And it's not very fast.”Hopes of advancing a major legislative package of emergency economic relief remain on ice as talks stall. Take Trump’s bid to continue federal support for unemployed workers after their $600 weekly benefit expired at the end of last month. The president first proposed offering workers $400 a week, with states bearing $100 of that cost. Trump’s other attempt to alter taxes by fiat — by suspending collection of the payroll tax — is hitting its own snags. But then they would be on the hook to withhold extra money next year to repay back taxes.
Here's how much the Cadillac Lyriq electric SUV will really cost
You might be able to buy the electric Cadillac Lyriq for a song, relatively speaking. It's a price that won't be high five digits. It won't start with a seven and it won't start with a six," Carlisle said at the JP Morgan Auto Conference, Automotive News reported. MORE ON THE ELECTRIC CADILLAC LYRIQ FROM FOX NEWS AUTOSEven a starting price as high as $59,999 would undercut current competitors like the Jaguar I-Pace and Audi e-tron and Tesla Model X by around $10,000 to $20,000. However, the Lyriq won’t go on sale until late 2022, so there could be significant changes in the segment by then.
U.S. weekly jobless claims fell below 1 million, first time since mid-March
U.S. weekly jobless claims fell below 1 million, first time since mid-MarchInitial jobless claims for last week were 963,000 versus 1.1 million estimated. CNBC's Rick Santelli reports on the numbers.
What the weekly jobless claims data mean for the U.S. economy
What the weekly jobless claims data mean for the U.S. economyScott Brown, Raymond James chief economist, joins 'Squawk Box' to discuss the weekly jobless claims data and his forecast for the U.S. economy.
Here's what the initial jobless claims number means for the market
Here's what the initial jobless claims number means for the marketWeekly initial jobless claims were 963,000 versus 1.1 million expected. CNBC's Steve Liesman, Rick Santelli and Mike Santoli break down the numbers.
The brunt of the pain is being put on companies that don't trade: Jim Cramer
The brunt of the pain is being put on companies that don't trade: Jim CramerThe 'Squawk on the Street' team discuss the inital jobless claims and what the state of the stimulus talks mean for the market.
The newest fintech unicorn is a credit card, and it's betting against big banks
"While they've been terrified of or hateful towards the concept of credit cards, and rightly so ... the concept of credit is still very necessary. 25 on the 2020 CNBC Disruptor 50, recently launched its Credit Builder Visa Credit Card. Both Apple and Goldman have referred to the card as the most-successful new credit card ever. 33 on the 2020 CNBC Disruptor 50, to launch digital-only credit cards, available immediately for use via Apple Pay or Samsung Pay. Cred.ai founders believe that it's not the credit card, but the credit institution that's ripe for the most change.
Great idea Apple and Tesla split their stocks: JJ Kinahan
Great idea Apple and Tesla split their stocks: JJ KinahanJJ Kinahan, TD Ameritrade chief market strategist, joins 'Squawk Box' to discuss Apple and Tesla's decision to split their stocks and if it was the right move.
You don't need to be a rocket scientist to understand the difference between mutual funds and ETFs
RichVintage | E+ | Getty ImagesETF basicsAn ETF is a cousin, if not a sibling, of mutual funds and index funds, says Kip Meadows, CEO and founder of Nottingham, a Rocky Mount, North Carolina, fund administration firm. An ETF's composition — a diversified collection of securities — is similar to that of a mutual fund. The main difference between these funds and mutual funds is that ETFs trade on an exchange all day, just like an individual stock. Both ETFs and mutual funds have a lot of value. Say you want to buy a mutual fund comprised of tech stocks such as Apple.
Industrials are doing better-than-expected and we have to focus on that: Jim Cramer
Industrials are doing better-than-expected and we have to focus on that: Jim CramerThe 'Squawk on the Street' team discusses the state of the market as the market prepares to open for another day.
More than 1 in 3 Black women are on the front lines of the pandemic, but they aren't even close to equal pay
But, despite Black women playing a crucial role in today's pandemic, they are still disproportionately underpaid for their work, making it even harder for them to build a roadway to economic prosperity. But, Black women, Native American women and Latinas earn $0.62, $0.57 and $0.54, respectively, for every dollar earned by White men. This year, Black Women's Equal Pay Day falls on Aug. 13, the symbolic date for how far Black women have to work into the new year to earn the same pay White men earned the previous year. If the current pay gap for Black women remains unchanged, data from the National Women's Law Center shows that Black women could lose $941,600 over the course of a 40-year career due to pay inequality. Don't miss: How corporate America's diversity initiatives continue to fail Black women
First-time jobless claims fall below 1 million for the first time since March
New York (CNN Business) Another 963,000 Americans filed for regular first-time unemployment benefits last week on a seasonally adjusted basis — the first time in five months that number has dipped below 1 million, the Department of Labor said Thursday. It was the lowest number of weekly initial claims since mid-March, when the pandemic shut down the US economy. For 20 straight weeks, the number of people filing for first time-unemployment consistently came in at more than 1 million, peaking at nearly 7 million at the end of March. In the same week last year, just 218,000 people filed for initial benefits. Even during the Great Recession just over a decade ago, jobless claims weren't as high as in the current crisis.
The stock market rally is not connected to reality, India stock exchange chief warns
An employee walks past an electronic board that indicates the latest stock figures at the National Stock Exchange (NSE) in Mumbai, India, on Monday, May 19, 2014. The chief executive of India's National Stock Exchange highlighted concerns around the recent market rally, as stimulus measures continue to prime stocks from New York to New Delhi. "It's a really uncertain world, and nobody really knows how it's going to develop over the next 12-18 months," Vikram Limaye told CNBC. "At another level, in many markets, the index is not really an indicator of the broader market," he said. The outperformance of tech against a backdrop of dire economic data has even prompted fears that a correction could be coming.
Business & Financial News, U.S & International Breaking News
S&P 500 dips at open as labor market rebound faltersThe S&P 500 and Dow indexes dipped at the open on Thursday as weekly jobless claims fell below 1 million last week, but that was likely due to the expiration of a $600 weekly jobless supplement that discouraged some from filing claims.
Vroom reports smaller-than-expected loss in first post-IPO results
(This Aug 12 story corrects headline and paragraph 1 to remove reference to shares; corrects estimate figure in paragraph 5 to a loss of 70 cents from 7 cents.) (Reuters) - Vroom Inc reported a smaller-than-expected quarterly loss as it posted its first set of results since its blockbuster market debut in June. Vroom also forecast third-quarter revenue of between $268 million and $290 million, while analysts on average had expected $344.6 million, according to Refinitiv data. Excluding items, the company posted a net loss of 34 cents per share, compared with analysts’ expectation of a 70 cents loss. However, Vroom’s e-commerce revenue jumped 45.2% as auto retailers increasingly turn to e-commerce to arrange for vehicles to be picked up or delivered without requiring customers to visit stores.
Wall Street set to edge up as weekly jobless claims drop
(Reuters) - Wall Street was set to open a touch higher on Thursday, with the S&P 500 within striking distance of a record high, after data showed weekly jobless claims fell below 1 million for the first time since March. The U.S. Presidential election is also expected to add another layer of uncertainty into markets, with roughly 12 weeks remaining until Election Day. ET, Dow e-minis 1YMcv1 were up 23 points, or 0.08%. S&P 500 e-minis EScv1 were up 3.5 points, or 0.1% and Nasdaq 100 e-minis NQcv1 were up 65.5 points, or 0.59%. Cisco Systems Inc (CSCO.O) dropped 7.3% after forecasting first-quarter revenue and profit below Wall Street estimates and laying out a restructuring plan.
U.S. weekly jobless claims fall below 1 million, but labor market recovery faltering
REUTERS/Robert Galbraith/File PhotoInitial claims for state unemployment benefits totaled a seasonally adjusted 963,000 for the week ended Aug. 8, compared to 1.191 million in the prior week, the Labor Department said on Thursday. Industry groups and Republicans claimed that the $600 weekly supplement was encouraging some unemployed people to stay at home. Thursday’s claims report also showed the number of people receiving benefits after an initial week of aid totaled 15.486 million in the week ending August 1, compared with 16.09 million in the prior week. The government reported last week that the economy created1.763 million jobs in July after adding a record 4.791 million in June. It has regained only 9.3 million of 22 million jobs lost between February and April.
Groggy Europe keeps world stocks off record highs
LONDON (Reuters) - World stocks’ return to record highs looked set to be delayed for another day on Thursday as a stalemate in U.S. stimulus talks, trade war angst in both Europe and China, and the COVID-19 pandemic all held back the bulls. The global rally has seen MSCI’s world index .MIWD00000PUS rise 50% since its March lows to stand just 1.4% off its all-time high. Dudley said it still had room to run, especially with companies cutting costs and working-from-home arrangements helping high-flying tech and internet stocks. “People are looking at the glass half full, and testing the waters,” said Bank of Singapore currency analyst Moh Siong Sim. Graphic: 2020 Global asset performance hereSlideshow (2 Images)Graphic: World stocks shaking off the virus here
Expert Views: India's July retail inflation dims chances of rate cut
(Reuters) - India’s retail inflation rose to 6.93% in July on higher food prices, remaining above the RBI’s medium-term target for a 10th straight month, according to government data released on Thursday. These factors are likely to keep inflation elevated next month as well.”“The current evolution of inflation reaffirms the RBI’s policy stance of a pause. Rising food prices drove the inflation up for yet another month.”“Five food categories accounting for 18% of CPI basket recorded double-digit inflation which is worrying. This is mostly due to higher food prices. The RBI in its August policy said it expected inflation to remain high in the quarter ending September.
Harris VP choice signals tougher stance on pollution under Biden
Senator Kamala Harris onto the ticket, Democratic presidential candidate Joe Biden has signaled support for the enforcement of U.S. anti-pollution laws and for suing companies that pollute, environmental groups said. “As Attorney General, Kamala sued corporations like Chevron and BP for damaging the environment, and won,” said a fact sheet detailing Harris’ experience released by Biden’s campaign. The sheet also noted that Harris had sued companies for their alleged roles in exposing Californians to excessive levels of diesel exhaust. Over the last month, Harris has sought to highlight how low-income and minority communities are disproportionately affected by pollution. Senator Ted Cruz of Texas and Senator Cory Gardner of Colorado, both Republicans, also blasted Harris on Tuesday for threatening fracking jobs.
India's July retail inflation dims chances of rate cut
A customer carries his daughter as he buys goods at a store inside a shopping mall in Kolkata, India, June 20, 2018. REUTERS/Rupak De Chowdhuri/FilesNEW DELHI (Reuters) - India’s retail inflation rose to 6.93% in July on higher food prices, remaining above the RBI’s medium-term target for a 10th straight month, according to government data released on Thursday. Fearing a sharp rise in inflation the Reserve Bank of India last week kept interest rates on hold, after reducing the repo rate by a total of 115 basis points since February. RBI has set its medium term inflation target at 4%. “Given the distortions in supply chains and transportation, I don’t expect a rate cut in the remaining part of 2020,” said Rupa Rege Nitsure, economist at L&T Financial Holdings.
New unemployment claims fall below 1 million for the first time in five months
Why it matters: Another week of elevated unemployment claims is likely to add more pressure on lawmakers to reach a deal on another coronavirus aid package. A major sticking point in the talks is how much extra aid Congress should give to laid-off workers. President Donald Trump signed a bill in March that included an extra $600 per week in unemployment benefits, but that payment expired on July 31. Democrats want to extend the extra jobless aid into 2021. To prod negotiations along, Trump over the weekend signed an executive action that would offer jobless workers an extra $400 a week.
It took a while, but unemployment filings finally fall below 1 million
Before the coronavirus crisis began in earnest, roughly 210,000 Americans per week filed for unemployment benefits. In early 2009, for example, near the height of the Great Recession, initial jobless claims reached 665,000 -- roughly triple the totals from February. In other words, more than 56 million Americans have filed initial unemployment claims since mid-March -- a total unlike anything the country has seen in modern times. A reader asked me a good question last week about this statistic: if 56 million Americans have sought jobless benefits, why do most reports indicate that roughly 31 million Americans are out of work? That said, the fact that there are roughly 31 million Americans still looking for a job is a brutal total by any fair standard.
Survey: Most teachers to return, but worried about health
PORTLAND, Maine (AP) — Most Maine teachers intend to return to classrooms this fall, but they’re concerned about their health during the pandemic. More than 45,000 people responded to the surveys, including 32,426 families, 9,733 teachers, 1,155 school or district leaders, and 1,823 school support staff. All told, about 80% of school workers said they plan to be return to work, the survey said. They had even greater concerns for their students’ health. Among parents 71% of respondents said they intend to send their children to school even though nearly 60% were concerned about the health and safety of the children.
Weekly initial jobless claims fall below 1 million for first time in 21 weeks
For the first time in almost five months, weekly initial jobless claims have fallen below 1 million, according to data from the Department of Labor. Around 963,000 people filed for first-time unemployment benefits last week, beating economists' predictions of 1.1 million. Booking Holdings, which operates travel sites such as Kayak and booking.com, said it would be laying off 4,000 people. “It is certainly possible that we don’t come back, at least in certain sectors, in the same way as before. “If we don’t follow that, while people may feel freer, the economy will grow slower,” Kaplan said.
Unemployment Claims Dive, But Recovery Faces Stimulus Air Pocket; Dow Jones Futures Rise
XStill, 15.2 million Americans continued to claim regular jobless benefits in the week of Aug. 1, down 625,000 from the prior week. Because Republicans and Democrats haven't agreed on a new stimulus package, those jobless workers are now receiving $600 less per week in unemployment benefits. In early stock market action, Dow futures rose about 0.1%. Pandemic assistance opened jobless benefits to the self-employed, gig workers and those who have exhausted regular benefits or have insufficient recent work experience. Without that additional $600 per week, regular jobless aid replaces roughly 38% of wages and comes to $371 per week for the average earner.
Corporate America Worries WeChat Ban Could Be Bad for Business
U.S. companies whose fortunes are linked to China are pushing back against the Trump administration’s plans to restrict business transactions involving the WeChat app from Tencent Holdings Ltd., saying it could undermine their competitiveness in the world’s second-biggest economy. More than a dozen major U.S. multinational companies raised concerns in a call with White House officials Tuesday about the potentially broad scope and impact of Mr. Trump’s executive order targeting WeChat, set to take effect late next month.
Weekly Unemployment Claims Drop Below One Million for First Time Since March
U.S. unemployment claims fell to less than one million last week for the first time since the coronavirus pandemic hit the U.S. in March. New applications for unemployment benefits dropped to 963,000 in the week ended Aug. 8, the Labor Department said Thursday. Claims are down significantly from a peak of near seven million in March, but remain at historically high levels and well above the pre-pandemic record of 695,000. The number of people collecting unemployment benefits through regular state programs, which cover the majority of workers, also decreased at the beginning of August. That figure, at about 15.5 million, was still well above the pre-pandemic peak of 6.6 million in 2009.
New Jobless Claims Dip Below 1 Million For First Time Since March
New Jobless Claims Dip Below 1 Million For First Time Since MarchEnlarge this image toggle caption Lynne Sladky/AP Lynne Sladky/APFirst-time claims for state unemployment benefits dropped below 1 million last week for the first time since the pandemic hit the economy in March. Claims under a special pandemic program for gig workers and others who are typically not eligible for unemployment also fell. Jobless benefits have also become less valuable, since a $600 per week federal supplement expired at the end of July. Initial claims for state benefits last week totaled 963,000 — a drop of 228,000 from the previous week — breaking a 20-week streak of claims above 1 million. Jobless claims under the federal pandemic program dropped to 488,622 — down 167,377 from the prior week.
Avis Budget Group CFO to Step Down After 18 Months in Position
Brian Choi, an Avis board member and a partner at SRS Investment Management LLC, will succeed Mr. North, effective Aug. 24, the company said. Mr. North will remain as an adviser with the company through the end of the year to facilitate the transition. PREVIEWUpon becoming finance chief, Mr. Choi will resign from the board and SRS Investment Management, the company said. SRS Investment Management holds 23.95% of the company, according to FactSet, making it the largest shareholder in Avis. With Mr. Choi’s resignation, Avis’ board will be reduced to six from seven members, it said.
Stocks Slip Back After Upbeat Jobless-Claims Data
Stocks rallied briefly, but then lost steam, as upbeat figures on U.S. employment failed to counter investors’ concern about friction over trade and the stalemate over another U.S. stimulus package. The FTSE 100, which surged 2% on Wednesday despite the U.K. economy’s record plunge in the second quarter, was 1% lower. The U.S. raised tariffs on €7.5 billion of EU products last year as retaliation for subsidies provided to Airbus. 3M (MMM) shares were up 1.4% after releasing July sales data, which showed a 6% in total sales with health-care related sales jumping 29% and consumer sales climbing 9%. Cisco Systems (CSCO) shares were off by 7% after the company reported a weak outlook for the current quarter, despite fiscal fourth-quarter results coming in better-than-expected.
The smart money is wrong about the battered dollar
Moreover, a weaker dollar provides them with greater scope to support domestic economic activities through more stimulative fiscal and monetary measures. The more the dollar’s credibility is eroded, the more the U.S. risks losing the “exorbitant privilege” that comes with issuing the world’s main reserve currency. Both of these (partly true) consensus narratives imply further significant dollar depreciation. Under these financial conditions, it is hard to imagine that a dollar depreciation will have any more than a marginal effect on real economic performance. Today’s dollar weakness is neither a boon to markets and the U.S. economy nor an augury of the currency’s global downfall.
U-Haul Owner Is Set for Big Move
The much talked about exodus from the big cities appears to be playing out, according to fresh data from Zillow. Shares of still depressed U-Haul parent company Amerco stand to move on this trend. Amerco reported earnings for its first fiscal quarter of 2021 last week, which showed signs that business recovery is well under way. After a big fourth quarter that saw overall sales grow more than 13% year-over-year, sales for the quarter ended June 30 fell nearly 9%, as the coronavirus pandemic initially stopped consumers in their...
Executive Moves at AIG Bolster Position of Possible CEO Successor
The latest management moves at American International Group Inc. provide further signs that Peter S. Zaffino is positioned to succeed Chief Executive Brian Duperreault. AIG said Thursday that Mr. Zaffino has handed off his role as head of the company’s core property-casualty insurance unit to David McElroy, currently president and chief executive of the North American operations of General Insurance. Mr. McElroy will join the AIG Executive Leadership Team, reporting to Mr. Zaffino.
The stock market is too optimistic about a quick economic recovery
Everyone wants the global pandemic to be a short-term problem for the stock market. Equity markets are factoring in a V-shaped economic recovery, with S&P 500 SPX, +0.00% earnings expected to recover in 2021 to a slight increase over 2019. While much of the U.S. stock market is discounting for the perceived pandemic recovery, we believe economic recovery will be more gradual. Market prices have gotten ahead of the fundamentals, so those expecting a short-term V-shaped economic recovery may well be disappointed. These factors should have lingering effects on the high-water mark of pre-COVID-19 economic growth, but there will be ample long-term opportunities for smart — and patient — investors.
U.S. import prices rose for third straight month in July
U.S. import prices rose 0.7% in July, the third straight monthly gain, the Labor Department said Thursday. The increase in import prices over the past three months is the largest since 2011. The gain in July was led by fuel prices, which rose 6.9% in July. Import prices excluding fuels rose 0.2% in July. Export prices rose 0.8% in July and are down 4.4% over the past year.
The smart money is wrong about the battered dollar
Moreover, a weaker dollar provides them with greater scope to support domestic economic activities through more stimulative fiscal and monetary measures. The more the dollar’s credibility is eroded, the more the U.S. risks losing the “exorbitant privilege” that comes with issuing the world’s main reserve currency. Both of these (partly true) consensus narratives imply further significant dollar depreciation. Under these financial conditions, it is hard to imagine that a dollar depreciation will have any more than a marginal effect on real economic performance. Today’s dollar weakness is neither a boon to markets and the U.S. economy nor an augury of the currency’s global downfall.
Stock-market futures perk up after weekly jobless claims put in first reading below 1 million in the pandemic era
U.S. stock-index futures on Thursday popped below one million claims for the first time during the COVID-19 pandemic. Initial U.S. weekly jobless claims came in at 963,000, marking the first time the reading of Americans looking for work have come in under 1 million in more than 20 weeks. The report also was below economists consensus forecast for a reading of about 1.1 million. Futures for the Dow Jones Industrial Average DJIA, -0.24% YMU20, -0.17% YMU20, -0.17% were up 18 points, or less than 0.1%, at 27,882, while those for the S&P 500 SPX, +0.00% ESU20, -0.03% ES00, -0.03% were edging up 0.1% at 3,372. All three main stock-index futures rose into positive territory or firmed their gains after the data.
Recession-proof your portfolio with these 4 stocks, says analyst
As the U.K. economy sinks into recession, with 1 million jobs lost and hundreds of thousands of businesses at risk of collapse, many investors will be tempted to pile into so-called recession-proof stocks. “Potentially ‘recession-proof’ stocks or funds are therefore more likely to come back into their own if the pandemic persists, the number of local lockdowns grow and growth disappoints or — worse — GDP keeps falling,” Mould said. H & TH & T HAT, -0.63% is Britain’s largest pawnbroker and that operation represents roughly half of its revenues. IP GroupThe FTSE-250 constituent invests in, and works to commercialize, the intellectual property (IP) developed by British universities. A commitment to an annual dividend of 57p a share this year could also please income-seekers,” he added.
Why Goldman Sachs International fails to match ‘almost indecent’ earnings from its US parent
Goldman Sachs’ international unit failed to match the huge revenue gains of its overall global business during the first half of 2020, with sluggish investment banking and equities revenues in Europe weighing on results. A Goldman spokesman said that the bank’s international revenues were up by 31% in the second quarter and 18% during the first six months of 2020. However, $1.6bn of this was booked in the second quarter, leading to an 85% increase on 2019. Globally, fixed income revenues at Goldman surged by 143% to $4.2bn in the second quarter — its best results for nine years — leading to an 83% gain for the year. Goldman had 4,229 employees in its international operations at the end of May — an increase of 5% on the same period last year.
In a Surprise, Jobless Claims Fall Below One Million
Economists say the latest jobs report is promising, if still reflective of a job market with a long way to go before returning to normal. Joe Raedle/Getty ImagesThe number of Americans filing for unemployment benefits fell below one million in the latest week, for the first time since the coronavirus pandemic took hold of the U.S. economy. A seasonally adjusted 963,000 workers filed for first-time jobless benefits last week, the Labor Department said Thursday. That is down from a revised 1.19 million a week earlier and below the 1.15 million economists surveyed by FactSet had anticipated. Those continuing to claim jobless benefits fell to 15.5 million in the latest week, while those continuing to receive pandemic unemployment assistance, such as gig workers, fell to 10.7 million from 13 million.
3M Stock Is Rising on Solid July Sales. It’s a Good Sign for the Industrial Economy.
Second quarter sales fell 12% year over year. Industrial sales grew 6% after dropping 9% during the second quarter. Transportation—including sales into the auto market—along with electronics sales fell 7% year over year. During the second quarter industrial, transportation and electronics sales fell 21% year over year. That is a little worse than comparable returns of the Dow Jones Industrial Average and S&P 500, but close to returns of industrial peers.
Jobless claims fall below 1 million for first time since start of coronavirus pandemic
The numbers: Initial jobless claims fell below 1 million in August for the first time since the coronavirus pandemic began almost five months ago, signaling a steady if slow revival in a battered U.S. labor market. These seasonally adjusted figures reflect applications filed the traditional way through state unemployment offices. Millions of unemployed Americans might struggle to pay the rent after a $600 federal stipend expired at the end of July. If new state and federal jobless claims are combined, they totaled an unadjusted 1.32 million last week, down from 1.64 million in the prior week. MarketWatch is reporting select jobless claims data using actual or unadjusted figures to give a clearer picture of unemployment.
Billionaire investor predicts a Trump victory, says Kamala Harris is ‘a little too charismatic’
Not so fast, according to DoubleLine Capital’s billionaire boss Jeffrey Gundlach, who predicted Donald Trump’s win the 2016 election. “ ‘Will Joe Biden beat Donald Trump in November? Harris, he said, won’t likely change that because she’s “a little too charismatic” and her personality “might be a little bit dominant.”Then again, Gundlach didn’t think Biden would win the Democratic nomination, having called him “unelectable” in March. Biden is still the favorite, according to a RealClear Politics average showing a 7.3-point margin in the polls. His lead is narrower in key battleground states, where he’s up an average of 4.3 points.
Gold prices skid lower as weekly jobless claims fall below 1 million
Gold futures were trading lower early Thursday as the number of first-time U.S. jobless claims fell below 1 million last week for the first time since the coronavirus pandemic began almost five months ago, a slightly bearish development for haven seekers. New applications for unemployment benefits, a rough gauge of layoffs, declined to 963,000, the Labor Department said Thursday. It was the second straight large decline and the first below 1 million in more than 20 weeks.
Cord-Cutting Accelerates. Many Traditional Cable Networks Won’t Survive.
The cable and telecom analyst Craig Moffett, co-founder of the research boutique MoffettNathanson, has been chronicling the snowballing cord-cutting trend for many months now. Moffett notes that Disney is shutting its linear networks in Europe and moving the new live-action version of Mulan to a pay-per-view model for Disney+ subscribers. Meanwhile, Moffett also notes that the virtual cable bundles created to offer a cheaper alternative to traditional pay TV are collapsing. Those services—known as virtual MVPDs (multichannel video programming distributors)—have ratcheted up prices to the point where they offer only a modest price advantage over traditional cable. “They know full well, of course, that this will only seal the fate of the cable networks they are increasingly abandoning.”Write to Eric J. Savitz at eric.savitz@barrons.com
Loyalty Wars: company rewards programs gear up to attract customers
PC Optimum, one of the largest rewards programs in Canada, has multiple ways for members to get more value out of their points. So often becomes a word of mouth.”Aeroplan, PC Optimum, Rexall and American Express ramped up their loyalty rewards during 2020 to attract customers during the COVID-19 economics downturn. Rexall dropped Air Miles as its travel rewards partner and started Be Well in May 2020. Patrick Sojka, the founder of Rewards Canada, a website that covers rewards programs, says Rexall’s program allows it to own the platform at a much lower cost. Also, their travel points don’t expire, a feature that could be very important for customers who prefer to avoid travel during a pandemic.
Stocks Slip Back Despite Upbeat Jobless-Claims Data
The FTSE 100, which surged 2% on Wednesday despite the U.K. economy’s record plunge in the second quarter, was 1% lower. The U.S. raised tariffs on €7.5 billion of EU products last year as retaliation for subsidies provided to Airbus. Carlsberg stock slipped 4.5%, as the Danish brewer said it expected operating profit to fall 10% to 15% this year. 3M (MMM) shares were up 1.4% after releasing July sales data, which showed a 6% in total sales with health-care related sales jumping 29% and consumer sales climbing 9%. Cisco Systems (CSCO) shares were off by 7% after the company reported a weak outlook for the current quarter, despite fiscal fourth-quarter results coming in better-than-expected.
3M Stock Is Rising on Solid July Sales. It’s a Good Sign for the Industrial Economy.
Second quarter sales fell 12% year over year. Industrial sales grew 6% after dropping 9% during the second quarter. Transportation—including sales into the auto market—along with electronics sales fell 7% year over year. During the second quarter industrial, transportation and electronics sales fell 21% year over year. That is a little worse than comparable returns of the Dow Jones Industrial Average and S&P 500, but close to returns of industrial peers.
Omaze raises $30M after expanding beyond celebrity campaigns
Omaze, the startup became famous for its celebrity-centric fundraisers, is announcing that it has raised $30 million in Series B funding. Some of the company's best-known campaigns include opportunities to meet Michelle Obama, meet Star Wars cast members and visit the set of "Star Trek Beyond." Plus, by organizing its own campaigns, the Omaze team gets to "pick the causes we're passionate about," rather than being limited to the causes that celebrities want to support. Omaze previously raised $12 million in Series A funding. It will use the new funding to expand those campaigns while also introducing additional campaign categories.
In a Surprise, Jobless Claims Fall Below One Million
Text sizeEconomists say the latest jobs report is promising, if still reflective of a job market with a long way to go before returning to normal. Joe Raedle/Getty ImagesThe number of Americans filing for unemployment benefits fell below one million in the latest week, for the first time since the coronavirus pandemic took hold of the U.S. economy. A seasonally adjusted 963,000 workers filed for first-time jobless benefits last week, the Labor Department said Thursday. That is down from a revised 1.19 million a week earlier and below the 1.15 million economists surveyed by FactSet had anticipated. Those continuing to claim jobless benefits fell to 15.5 million in the latest week, while those continuing to receive pandemic unemployment assistance, such as gig workers, fell to 10.7 million from 13 million.
Trump’s Unemployment Plan Would Provide an Extra $300 per Week: White House
President Trump’s effort to replace a portion of the now-expired $600 per week in supplemental unemployment benefits has produced lots of questions about the size and scope of the program. Following considerable pushback on the plan from state officials, the White House provided some clarifications on Tuesday:Although Trump on Saturday said the plan would provide $400 per week for qualified unemployed workers, the White House said on Tuesday that the weekly aid would top out at $300 per week. Reversing a previously stated requirement that states contribute 25%, or $100, toward the enhanced payment, the White House said Tuesday that there was no requirement for states to cover a portion of the cost. The clarifications – which clearly involve last-minute rule changes, with White House National Economic Council Director Larry Kudlow saying, “We modified slightly the mechanics of the deal” – mean that the Trump plan would replace about half of the lost federal unemployment payments, which will drop from $600 per week to $300. Questions remain: It’s not clear how long it will take the payments to arrive, or if all states will participate in the program.
Number of Americans filing for unemployment falls below 1M for first time since pandemic started
The number of laid-off Americans applying for unemployment benefits fell below 1 million last week for the first time since the coronavirus pandemic started in mid-March. The last time the number was below 1 million was March 14, when just 282,000 Americans filed for aid. Continuing claims, the number of people receiving benefits after an initial week of aid fell by 604,000 to 15.48 million. "Tens of millions of people are still collecting unemployment benefits at a level far above the worst points of the Great Recession. The memo expands unemployment benefits by $400 per week, with states chipping in $100.
Trump rips Dems for holding up coronavirus stimulus deal with demand for post office aid
President Trump on Thursday blamed Democrats for holding up a deal on another coronavirus relief package, and ripped their proposal to give billions of dollars in aid to the U.S. Continue Reading Below“The items are the post office and the $3.5 billion for mail-in voting,” Trump told FOX Business' Maria Bartiromo. “If we don’t make the deal, that means can’t have the money, that means they can’t have universal mail-in voting. The stalemate over the next round of virus aid now appears likely to drag on for weeks, possibly into September. MNUCHIN URGES DEMS TO PASS $1T VIRUS STIMULUS DEAL BUT WON'T SPECULATE ON AID COMPROMISEBut in revised financial data obtained by The Washington Post, postal leaders said a spike in e-commerce transactions may have temporarily saved the USPS from financial ruin.
Jobless Claims Dip Below 1 Million for First Time Since Pandemic
First-time jobless benefit claims processed since Covid-19 hit U.S. shores dip below 1 million as companies laid off workers at a slower pace. First-time jobless benefit claims processed since Covid-19 hit U.S. shores dipped below 1 million last week as companies continued to lay off workers at a slightly slower pace. The Labor Department reported Thursday that 963,000 Americans filed for first-time jobless benefits inthe week ended Aug. 8, down from a revised 1.186 million claims the week earlier. "It’s promising that initial unemployment claims (non-seasonally adjusted) have fallen, but there’s still a long road ahead," said Indeed Hiring Lab Economist AnnElizabeth Konkel. "The expiration of the expanded $600 federal unemployment benefit has only compounded the dire situation they face.
Dow Dips as Jobless Claims Fall but Aid Talks Remain Deadlocked
Initial weekly jobless claims fell below 1 million for the first time since the onset of the coronavirus pandemic. Stocks traded mixed Thursday after initial weekly jobless claims fell below 1 million for the first time since the onset of the coronavirus pandemic and stimulus talks remained deadlocked. The Dow Jones Industrial Average declined 73 points, or 0.26%, to 27,903, the S&P 500 slipped 0.19% and the Nasdaq rose 0.39%. The Labor Department reported Thursday that 963,000 Americans filed for first-time jobless benefits in the week ended Aug. 8, down from a revised 1.186 million claims the week earlier. “Seeing initial claims dip below 1 million is a positive sign that layoffs are easing, but we’re far from celebrating a steady recovery," said Glassdoor senior economist Daniel Zhao.
Fat Brands Soars on $25 Million Johnny Rockets Acquisition
Fat Brands shares take off as the company says it plans to buy Johnny Rockets. Fat Brands Inc. (FAT) - Get Report, owner of such restaurant chains as Fatburger and Ponderosa, said Thursday it had agreed to buy the Johnny Rockets restaurant chain from the private equity firm Sun Capital Partners for about $25 million. The acquisition will be funded through cash on hand and proceeds generated from the company’s securitization facility, Fat Brands said. "This acquisition is a transformative event for Fat Brands in terms of scale and brand awareness," said Andy Wiederhorn, Fat Brands' president and CEO. Founded in 2017, Fat Brands currently owns eight restaurant brands and franchises with over 375 units worldwide.
U.S. jobless claims fall below 1 million but remain high
The viral pandemic keeps forcing layoffs just as the expiration of a $600-a-week federal jobless benefit has deepened the hardships for many. All told, fewer people are also continuing to receive state jobless aid. That figure dropped to 15.5 million, from 16.1 million the previous week. AdvertisementFor months, the unemployed had also been receiving the $600 a week in federal jobless aid on top of their state benefit. The supplemental federal aid had enabled many jobless Americans to afford rent, food and utilities, and its expiration threatens to weaken consumer spending and further slow the economy.
How a rushed L.A. reopening sparked more COVID-19 cases
How a rush to reopen drove Los Angeles County into a health crisisLos Angeles County’s pandemic response in the early weeks was considered a national model. But success is often the enemy of public health. This plan was abandoned for a faster reopening that didn’t leave enough time between each step to notice growing case counts. However, their choice to reopen erased much of the progress made by the initial lockdown and created a public health disaster that claims more Angelenos every day. More coronavirus coverage: See which California counties are reopening and how we're tracking the coronavirus in California
Coronavirus unemployment: California jobless claims fall for third straight week
Unemployment claims in California fell for the third straight week and declined to their lowest point in months, the government reported Thursday, offering hope that the state’s economy has begun to shed some of the ailments unleashed by coronavirus-linked business shutdowns. California workers filed 213,500 first-time claims for unemployment during the week that ended on Aug. 8, which was down about 8,500 from the 222,000 initial claims filed in the week that ended on Aug. 1, the U.S. Labor Department reported. The initial claims for unemployment filed during the Aug. 8 week were the fewest claims filed since the week that ended May 23, when 203,300 claims were filed, according to this news organization’s analysis of reports filed by the Labor Department and the state’s Employment Development Department. Since the shutdowns began about five months ago, a jaw-dropping 7.51 million California workers have filed first-time claims for unemployment. Nationwide, 963,000 workers filed initial claims for unemployment during the week ending on Aug. 8, which was down 228,000 from the 1.19 million jobless claims that were filed in the week ending on Aug. 1.
US jobless claims fall below 1 million but remain high
The pandemic keeps forcing layoffs just as the expiration of a $600-a-week federal jobless benefit has deepened the hardships for many. All told, fewer people are continuing to receive state jobless aid. That figure dropped last week to 15.5 million, from 16.1 million the previous week, reflecting the fact that some employers are hiring or re-hiring. For months, on top of their state benefit, the unemployed had also been receiving the $600 a week in federal jobless aid. Among other things, it provided the $600-a-week benefit and made self-employed and gig workers newly eligible for unemployment aid.
Downtown San Jose project with rooftop cafe takes big step ahead
SAN JOSE — A new restaurant and office project in downtown San Jose that will incorporate a historic building and feature a huge rooftop bar offering sweeping vistas of Silicon Valley has landed final development approvals, clearing the way for construction in 2021. Urban Catalyst envisions its Fountain Alley project as the redevelopment of three downtown San Jose parcels with addresses of 26, 30, and 36 S. First St. Created through a 2017 tax reform plan initiated by President Donald Trump, the opportunity zones include nearly all of downtown San Jose. Although the coronavirus has spawned a host of economic uncertainties, Urban Catalyst is moving ahead with the Fountain Alley project and other development efforts in downtown San Jose. “Restaurants, bars, small markets, urban farms, game-type places, are all asking about our project and about downtown San Jose.”
A back-to-school shopping season like no other has parents, retailers scrambling
MILWAUKEE – The back-to-school shopping season, second only to the holiday season in terms of consumer spending, has been thrown into uncertainty bordering on chaos as parents and retailers do their best to plan for what school will look like in the coming weeks. Set against the backdrop of a highly contagious viral pandemic and the devastation it has woven across the U.S. economy, 2020's back-to-school season is unlike any other. The back-to-school season is "a critical catalyst that the country needs for an economic comeback whether it’s Wisconsin, the Great Lakes region or anywhere across America," Flickinger added. "Do they still need school supplies if they are studying at home? “We haven’t done any back to school shopping yet,” she said.
4 Phoenix gyms receive notices from ADHS for opening despite Ducey order
Four Phoenix fitness facilities received notices from the Arizona Department of Health Services on Wednesday for refusing to shut down operations despite state orders. Doug Ducey issued an executive order on June 29 closing gyms and other businesses for the second time. Some gyms remained open in defiance, while others initially shut down but reopened after the state released reopening guidelines on Monday. Tangible Fitness in PhoenixTangible Fitness is one of the four gyms that received notices for going against state orders. Hours later, they said they were forced to halt classes because of the state order.
Haynes and Boone will anchor new tower north of downtown Dallas
Dallas law firm Haynes and Boone is headed to a new Dallas high-rise that will be the tallest office tower north of downtown. Developer Harwood International plans to build the 27-story building starting the winter. Haynes and Boone will lease 125,000 square feet in the building, making the move in late 2023. 14, the new office building comes on the heels of the developer’s recent completion of its Harwood No. “The Harwood District is 98 percent leased,” Alexis Barbier-Mueller, managing partner, Harwood International, said in a statement.
No talk of bankruptcy here: Watchmaker Fossil says it’s surviving the pandemic
Richardson-based watch and fashion accessories maker Fossil Group posted a weak quarter, but maybe it wasn’t so bad through the lens of the COVID-19 pandemic. Fossil said after the market closed on Wednesday that sales fell 48% in the second quarter to $259 million from $501.4 million a year ago. Companies that don’t make or sell things that Americans consume daily have different challenges for surviving in the pandemic than groc