Boris Johnson is facing a growing backlash against his proposed 1 per cent pay increase for NHS staff — including the threat of strikes by nurses — in the first test of the prime minister’s commitment to post-pandemic fiscal discipline. UK nurses’ leaders said they were preparing for possible industrial action after denouncing what they
Investing
If you find yourself unemployed, it’s natural to think about accessing 401(k) funds to make ends meet. Here’s a recap on how 401(k) accounts work and the rules governing withdrawals, including new rules helping those impacted by economic downturns and pandemics. Key Takeaways A 401(k) plan helps workers save for retirement via contributions of pre-tax
Not since he was last seen jumping on Oprah Winfrey’s sofa has a video of Tom Cruise generated so many headlines. Except this time it was not Tom Cruise, but a set of sophisticated deepfakes so convincing that they quickly generated nearly 12m views when they appeared on TikTok last week under the account @deeptomcruise.
Virgin Galactic leaders in front of the New York Stock Exchange, from left: CEO George Whitesides, founder Richard Branson and Chairman Chamath Palihapitiya. Virgin Galactic Billionaire investor Chamath Palihapitiya, the chairman of Virgin Galactic who took the company public through a SPAC deal in 2019, sold his remaining personal stake this week, a securities filing
Disruption caused by Brexit took its toll on Anglo-French trade at the start of this year, mirroring declines in commercial activity between the UK and other large EU countries. French exports to the UK were down 13 per cent in January compared with the average of the previous six months, while French imports from the
Between October 2007 and November 2008 the Dow Jones lost more than 40%, and investors posted losses of more than $50 trillion globally. In a December 2008 report, AARP said, “The economic downturn underway is likely to be the worst since World War II. Its impact on older Americans could be devastating.” A March 2010
Tanger Outlets in National Harbor, Md. Mark Gail | For The Washington Post | Getty Images Shares of Tanger Factory Outlet Centers surged 20% in early trading on Thursday, becoming the latest heavily shorted stock to make a rapid move higher this year. The retail stock could be following in the footsteps of other names
Libor will formally cease by the end of the year for most currencies, UK regulators said on Friday, a step that will raise the pressure on banks and assets managers to The Financial Conduct Authority, which oversees the global benchmarks, said publication of Libor would cease at the end of 2020 for sterling, euro, Swiss
The Indonesia Stock Exchange has become the third Asian bourse, after Hong Kong and Singapore, to explore allowing special purpose acquisition vehicles, prompting concerns about investor protection as Wall Street’s mania for the vehicles extends to the region. Investors have poured almost $3bn into Spacs focused on acquiring Asian companies this year, nearly doubling the
Key Takeaways EPS was $2.14 vs. the $2.42 analysts expected. Revenue beat analyst expectations. Comparable sales growth was faster than what analysts expected. What Happened Costco reported mixed financial results for Q2 FY 2021, the three-month period that ended February 14, 2021. EPS missed analysts’ expectations by a fairly wide margin. However, revenue exceeded analysts’
Connecticut unveiled a reopening plan that will allow restaurants to operate at full capacity and loosen other coronavirus restrictions later this month. Ned Lamont, the Democratic governor of Connecticut, announced the decision after the north-east state registered a sustained decline in cases and hospitalisations from a winter surge, saying officials have a better understanding now
The SpaceX Falcon 9 rocket and Crew Dragon capsule stand upright on the launchpad at NASA’s Kennedy Space Center ahead of the Demo-2 launch. Elon Musk’s SpaceX denounced a subpoena from the Department of Justice for its corporate hiring records, saying in a court filing that the investigation by the federal agency’s Immigrant and Employee
Manchester United, the richest football club in England, recorded its first quarterly profit since before the coronavirus pandemic wiped out vital match day revenue. The club’s efforts to recover from the debilitating effects of the virus are closely watched by rivals and investors in the sport, which continues to attract interest from private equity firms
Contrarian investors seeking to capitalize on stock market declines can profit during a bear market using an inverse exchange-traded fund (ETF). A bear market is typically defined as a situation where securities prices fall 20% or more from recent highs amid widespread investor pessimism. The spread of COVID-19 and its effect on investor sentiment triggered a
As with AIG in 2008, once again it is insurance — the supposedly sober, even sleepy, side of finance — that is key to understanding the Greensill crisis. In supply chain finance, a large company such as Vodafone would tell its suppliers that, rather than wait weeks for their invoices to be paid by the
Exxon CEO Darren Woods emphasized the oil giant’s commitment to its dividend after the company lost more than $20 billion in 2020, and as activist investors push for change. “We’re going to continue to return cash to shareholders through a very strong dividend,” Woods said Thursday on CNBC’s “Squawk Box.” He noted that 2020 was
Rishi Sunak, chancellor, will be forced to impose further tax rises on British households in the years ahead to address his “implausible” public spending plans, economists warned on Thursday. In the traditional post-Budget briefings, a wide range of economists from the Institute for Fiscal Studies, the Resolution Foundation and the government’s own fiscal watchdog, the
Investors looking to enjoy the touch, feel and security of owning gold may wish to buy gold bars instead of intangible investments such as gold exchange-traded funds (ETFs). Physical, investment-grade gold, also referred to as gold bullion, can be purchased at spot price, which is the price of un-fabricated gold plus additional costs, which vary
Asia-Pacific equities fell on Thursday after negative sentiment on Wall Street and concerns about rising bond yields spilled over into the region. Japan’s Topix index lost 1.8 per cent while in China the CSI 300 index of Shanghai- and Shenzhen-listed stocks dropped 2.7 per cent. In Hong Kong, the Hang Seng lost 2.6 per cent,
Chinese tourists wear masks as protection from the pollution outside the Forbidden City during a day of high pollution in Beijing, China. Getty Images Sustainable investing is taking off in Asia-Pacific as institutional investors accelerated their environmental, social and governance (ESG) investments during the coronavirus pandemic last year. ESG investing prioritizes a company’s positive contributions
Lufthansa warned that it will not come close to pre-crisis levels of traffic until at least the middle of the decade, after the airline slumped to the worst loss in its history in 2020. The German group, which includes brands such as Austrian, Brussels, Swiss and Eurowings, made an operating loss of €5.5bn for the
A flexible spending account (FSA) is an account into which a worker can contribute pretax earnings to pay for qualified medical expenses, including co-pays, prescription medications, chiropractor visits, eyeglasses, and LASIK eye surgery. But what happens if you don’t use all the money in your account during the calendar year? Does that money rollover? Keep
CNBC’s Jim Cramer said Wednesday he anticipates a ferocious travel recovery from the Covid pandemic, a development that would have significant implications for companies with exposure to the industry and for the U.S. economy overall. “It’s going to be a boom here in this country, and I don’t think people are ready for it,” Cramer
President Joe Biden criticised the governors of Texas and Mississippi after they moved to end mask mandates and other coronavirus restrictions in their states. Several states have loosened or rescinded curbs on businesses and social activity in recent days, encouraged by the decline in Covid-19 hospitalisations and the increasing number of people vaccinated against the
The Sputnik V Covid-19 vaccine’s general efficacy of 92 per cent compares with 66.9 per cent overall efficacy of the Johnson & Johnson vaccine. An article on February 26 compared the Sputnik V general efficacy level with J&J rates of efficacy in preventing severe or critical disease of more than 80 per cent.
Ordinarily, a tenth anniversary is a cause for celebration and reflection. But there were hardly any encomiums for bitcoin, which celebrated the tenth anniversary of its introduction to the world in 2018. Satoshi Nakamoto, who authored the whitepaper that introduced bitcoin to the world, is supposed to have created the digital currency in 2008 in
A Reddit logo seen displayed on a smartphone with stock market prices in the background. Omar Marques | LightRocket | Getty Images Shares of Rocket Companies dropped more than 11% in premarket trading Wednesday following a surprise rally in the previous session, as Wall Street analysts raised red flags on the frenzy trading. The online
Germany’s financial watchdog BaFin has filed a criminal complaint against Greensill Bank’s management for suspected balance sheet manipulation, according to people directly familiar with the matter. The complaint was filed on Wednesday with criminal prosecutors in Bremen, where the bank’s headquarters are based. It relates to interim findings of an ongoing forensic probe of the
Deloitte has struck an $80m settlement with Malaysia over its role as an auditor to 1Malaysia Development Berhad, the state investment fund at the centre of a multibillion-dollar embezzlement scandal. The Malaysian government said on Wednesday that the settlement will resolve all claims linked to Deloitte’s fiduciary duty when auditing accounts for 1MDB and its
Founded in 1935, the Pentagon Federal Credit Union, generally known as PenFed, is a large financial institution with branches across the U.S. and on military bases around the world. While PenFed does cater to those in military service and their families, its membership isn’t limited: Anyone can join the credit union and use its variety