Luis Mora stands in front of the closed offices of the New York State Department of Labor on May 7, 2020 in Brooklyn, New York City. Stephanie Keith | Getty Images The economy lost a record 20.6 million jobs in April, but 78.3% of those worker see their layoffs as temporary. The number of employees
Month: May 2020
Just can’t catch a break: Friday after hours, United disclosed it abandoned its junk-bond offering after investors balked. Shares fell. By Wolf Richter for WOLF STREET. Here’s what US airlines are going through: The TSA has been reporting the number of daily checkpoint screenings. This is the number of people in the US who got on a plane for
Getty Some say the U.S. economy should be reopened and this is happening in many states beginning this week. Others say keep the economy on lockdown as cases of Covid-19 continue to rise. It is difficult to reopen the economy with stress in the banking systems. U.S.’ biggest bank, JPMorgan Chase JPM , has increased
TikTok’s London office is based out of a WeWork building in Holborn called Aviation House. WeWork TikTok, the wildly popular social media app that has become a go-to app for young people, has quietly made London its main hub in Europe, according to analysis of LinkedIn, the company’s careers page, and sources with knowledge of the
At the height of the coronavirus outbreak in China, carmaker Geely turned deliveries of its latest sport utility vehicle into an elaborate ritual. A video from a Geely dealership shows a suited salesman spraying down a car interior with clouds of disinfectant and then tying the keys with a red ribbon to a drone that
For many advisors with affluent retiree clients, the CARES Act provision that may have the biggest impact is its suspension of RMDs during 2020. The move will have clear implications for tax planning strategies, so it’s incumbent on advisors to get ahead of their clients’ questions with sound strategic recommendations. RMDs WAIVED Section 2203of the
Nora Tam | South China Morning Post | Getty Images Tesla stock has risen more than 7% since Tesla CEO Elon Musk’s tweet a week ago that the company’s shares were priced “too high.” Shares of Tesla closed down down 10.3% last Friday on Musk’s tweet, but have quickly recovered those losses and then some –
California could face budget deficits until at least 2023-24, with multi-year deficits totaling between $64 billion in a U-shaped recession or $126 billion if the country experiences an L-shaped recession, according to a report released Friday by the state Legislative Analyst’s Office. “There is an unusually high level of uncertainty at this point,” Legislative Analyst
US sees decline in positive tests as key global metric eases Matthew Rocco in New York and Steven Bernard in London The rate of Covid-19 tests in the US that came back positive reached its lowest level in more than seven weeks as a key global metric showed an optimistic trend. There were 25,179 new
While all eyes are on the reverse split, Aurora Cannabis (ACB) investors should be more focused on FQ3 cost controls. The Canadian cannabis company has long had the ability to generate revenues, but the business has never matched those with viable operating expenses. The company plans a reverse split before the market opens on May
An employee of Carmelina’s in the North End of Boston tapes up paper in the windows of the restaurant, which is temporarily closing during the coronavirus pandemic, on March 25, 2020. David L. Ryan | The Boston Globe via Getty Images There was a glimmer of hope in the dismal April jobs report in that
via frontpagemag “Some of you were there. Literally when by end of that lunch we had a handshake,” Biden boasted to the MPAA. “The next year the number of blockbuster foreign films showing in China has increased by over half and our share of the box office revenue has doubled — or your share of the
Vehicles travel along Gloucester Road past commercial buildings in the Wan Chai district of Hong… [+] Kong this month. The coronavirus pandemic has clouded the economic outlook. Photographer: Paul Yeung/Bloomberg © 2020 Bloomberg Finance LP Investment in Asia-Pacific commercial real estate plunged by 26% during the first quarter of 2020 as the spread of COVID-19
A ‘For Sale’ sign stands in a vacant lot near new homes in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images In the past week, 225,000 more borrowers took advantage of government and bank mortgage forbearance programs, according to data firm Black Knight. The rise brings the total to nearly 4.1 million homeowners not
A row has broken out over shareholder rights in the UK after leading advisers criticised Foxtons and The Restaurant Group for shunning retail investors during their recent equity fundraisings. The two companies are among 42 businesses that have raised £3.6bn in equity since April in response to the coronavirus pandemic to shore up their finances.
Which firms pay advisors the most? It’s a hot topic at any time — but even more so today following recent changes in compensation policies at some brokerages. To help advisors find the plan that best suits them, On Wall Street conducts an annual analysis of compensation at wirehouses, national and regional broker-dealers. While a
Bill Ackman, founder and CEO of Pershing Square Capital Management. Adam Jeffery | CNBC Bill Ackman has found another typical investment for him: a high quality business with predictable cash flows, durable growth and a catalyst in the coronavirus to separate it from other stocks. Company: Restaurant Brands International Inc. (QSR) Business: A quick service restaurant
TOPLINE The stock market finished nearly 2% higher on Friday, despite one of the worst monthly jobs reports in history, as investors continued to look toward a reopening of the economy and bet that the worst of the economic impact from coronavirus has passed. The market moved higher, despite over 20 million job losses in
The short end of the municipal curve rallied hard on Friday as ratios enticed crossover buyers, investors considered the potential for a negative Fed funds rate, and the Fed buying on the one- to three-year pushed yields down by as much as 15 basis points. Triple-A benchmarks also saw bumps out longer of three to
Triple-drug treatment shows promise in Hong Kong study Nicolle Liu in Hong Kong Therapy combining three antiviral drugs is safer and more effective than single-drug treatments in reducing the viral load in less severe Covid-19 patients, a small trial undertaken by the University of Hong Kong has discovered. The study, published in The Lancet on
Which strategy is a favorite of billionaires like Warren Buffet and Benjamin Graham? Value investing. This tactic, which involves looking for stocks that appear cheap when compared to their competitors on a price-to-earnings basis, hasn’t exactly been a fan-favorite among investors in the last decade. However, during a period riddled with uncertainty as a result
Lay Guzman stands behind a partial protective plastic screen and wears a mask and gloves as she works as a cashier at the Presidente Supermarket on April 13, 2020 in Miami, Florida. Joe Raedle | Getty Images Investors will watch the economy’s reopening progress, as well as a series of economic reports in the coming
From Birch Gold Group Last September, the Fed’s emergency liquidity operation in the repo markets signaled serious distress in the economy. The topic deserved the attention that we gave it at the time, but looking back on it now, those actions are dwarfed by those that the Fed has taken in recent months. In March, in order to stave off
Ornate pre-war apartment buildings in the Upper West Side of Manhattan, New York City, USA Getty Even though 80.2% of renter households paid rent fully or partially in the first week of May, according to the National Multifamily Housing Council, pressure is starting to simmer for tenants as well as landlords already struggling to cover
A month-long battle with the coronavirus made it difficult for Esteban Giron and his husband to pay their $990 rent. ”I was so sick I could barely walk to the bathroom,” Giron, 41, said. He’s lived in his apartment in Crown Heights, Brooklyn, for over seven years, and if he had to move out, it would be
FT premium subscribers can click here to receive Due Diligence every day by email. One scoop to start: Mukesh Ambani has sold a stake in his Indian digital services group Reliance Jio for a third time in three weeks, agreeing to a $1.5bn deal with US buyout group Vista Equity Partners. More here. © REUTERS
When I started covering the wealth management beat six years ago as a cub reporter, my first assignment was a doozy: write the annual compensation report for wirehouse and regional BD advisors. It was a complex topic for a newbie, akin to taking down a grizzly bear with a BB gun on your first hunting
Peloton machine Source: Peloton Many on Wall Street were convinced the usual playbook would occur when this market and economic downturn hit. Bubble-like tech stocks that led the way up would get crushed as a bear market exposed their hype and sent stock speculators scrambling. But the opposite has happened. The names skeptics used to
S&P Global Inc. said Wednesday that it kicked out big-name companies and added others to its sustainable version of its bellwether S&P 500 index, a move that will impact a growing swath of investments tied to the benchmark. Following this year’s rebalance of the S&P 500 ESG Index, the New York–based ratings agency firm now
Projections for U.S. unemployment hitting 20% or higher may be too severe, according to a paper released Thursday by the Federal Reserve Bank of Cleveland. The authors forecast the jobless rate for April would come in at 12% and top out at 16% in May, assuming that social distancing measures end some time in June.