CVLG earnings call for the period ending December 31, 2020.
A question that has long bedeviled bitcoin observers is how to value it. Lately the answer to its worth has been whatever influential people like Elon Musk and star stock picker Cathie Wood say it is. The original crypto asset bounced around this month as influencers weighed in.
Square has been on fire this year but has endured a multi-day dip. Let's look at the charts to see if this latest selloff is an opportunity.
Online platforms like Robinhood in the United States that offer commission-free share trading to retail investors would be illegal in the European Union, officials from the bloc said on Tuesday. Online trading came to the fore last month after retail investors following the Reddit forum WallStreetBets piled into GameStop Corp shares via the Robinhood platform, sending the retailer's stock rocketing more than 1,000% at the expense of prominent investors who had bet against the stock. Ugo Bassi, a senior official in the European Commission's financial services unit, said the EU executive had looked at "payment for order flow" under three aspects of the bloc's securities law.
The Irish High Court this week is hearing arguments concerning the repudiation of some of Norwegian’s liabilities including aircraft leases. Airbus declined to comment. Boeing was not immediately available for comment.
- FX Empire
GBP/USD received strong support above 1.4150 and is trying to get back above 1.4180.
Johnson & Johnson's one-dose COVID-19 vaccine appeared safe and effective in trials, the U.S. Food and Drug Administration said Wednesday, paving the way for its approval for emergency use as soon as this week. The vaccine was 66% effective at preventing moderate to severe COVID-19 in a 44,000 person global trial, the FDA said in documents ahead of a Friday meeting of independent experts who will advise the agency on emergency authorization. New data provided by J&J to the FDA showed the vaccine was 64% effective at stopping moderate to severe cases of COVID-19 after 28 days in thousands of trial participants in South Africa where a worrying new variant has swept across the country.
Spirit gets a big chunk of its revenue from Boeing Co, which was forced to cut back production due to the grounding of its 737 MAX jet and a slump in air travel due to the pandemic. The MAX was finally cleared late last year to fly after being grounded for nearly two years and Spirit hopes to benefit from a ramp-up in production at the planemaker. Boeing 737 MAX deliveries fell to 19 shipsets from 153 a year earlier.
- FX Empire
Price of Gold Fundamental Daily Forecast – A Dovish Powell Could Sink the Dollar, Spiking Gold Prices Higher
A stock market plunge could drive investors into the safe-haven U.S. Dollar that could lead to renewed pressure on gold prices.
(Bloomberg) -- Stellantis NV will decide in the coming days whether to close a car factory in the U.K. that has been in limbo since last year due to Brexit-related uncertainty.The automaker is weighing three options for the plant in Ellesmere Port, England, according to people familiar with the matter. It either will invest in making a new version of the Vauxhall and Opel Astra compact car there, build a different model at the facility, or shut it down, said the people, who asked not to be identified because no decision has been made.The site employing about 1,000 workers has emerged as an early test case for the U.K.’s carmaking prospects after the Brexit trade deal reached in late December. Stellantis Chief Executive Officer Carlos Tavares froze investment in the factory earlier in the year due to uncertainty about Britain’s future trading relationship with the European Union. While a crisis was avoided, the CEO has raised concerns about additional costs and bureaucracy, as well as Prime Minister Boris Johnson’s 2030 ban of combustion-engine cars.“You put your investment close to the market where you sell the highest volume,” Tavares said in January. Given that, he asked rhetorically: “What is left for the U.K.?”Stellantis may announce a decision as soon as Wednesday evening after meeting on the matter, according to a spokesman, who declined to comment further. The company also formed from the merger of PSA Group and Fiat Chrysler makes commercial vehicles at a factory in Luton, England. That plant’s future is secure, the people said.After the U.K.’s passenger-vehicle production plunged to a 36-year low last year, automakers now face more onerous customs procedures and requirements to source higher portions of components locally to avoid tariffs. There’s scarce battery production in the country now, and Stellantis already has a 5 billion-euro ($6.1 billion) project to make them in France and Germany with oil giant Total SE.“If you look at it from a pure logistic perspective or from a paperwork perspective, perhaps it’s better to put it in continental Europe,” Tavares said last month, referring to the company’s EV investments. “It depends also on the U.K. government’s willingness to protect some kind of automotive industry in its own country.”(Updates to add reference to possible timing of announcement in the fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
- Simply Wall St.
The big shareholder groups in Bluejay Mining plc ( LON:JAY ) have power over the company. Insiders often own a large...
Shares of Churchill Capital IV Corp fell more than 40% on Tuesday, as its merger with electric vehicle maker Lucid Motors sparked concerns about the real worth of the company which has yet to start regular production. The share slump followed weeks of speculation about the deal that had pushed the stock of Churchill Capital IV, a special purpose acquisition company (SPAC), up more than 500%. Still, even after the slide, Churchill Capital IV's stock price implied a $56 billion market capitalization for Lucid once the deal closes, making it one of the highest valued vehicle makers in the world, and marking a hefty premium to the price at which the Lucid agreed to merge with Churchill Capital IV.
- FX Empire
The direction of the April WTI crude oil market into the close will be determined by trader reaction to Monday’s close at $61.70.
(Bloomberg) -- Meatpacking powerhouses like JBS SA and Marfrig Global Foods SA have borne the brunt of watchdog efforts to root out illegal deforestation in Brazil’s beef industry. But a new report is transferring attention further down the supply chain, seeking to tie French supermarket giants Carrefour SA and Casino Guichard-Perrachon SA, plus a company controlled by Advent International Corp., to the destruction of the Amazon.The findings from Reporter Brasil, an independent research group focused on environmental and labor issues, show that some of the Brazil units of all three chains stocked meat originating from slaughterhouses that have at one point or another obtained cattle from deforested farms. The six-month project began with sending researchers to more than two-dozen supermarkets in each of the six biggest cities in the Amazon region, plus Sao Paulo. Reporter Brasil was able to trace samples of beef sold in these stores back to specific slaughterhouses, then reviewed the plants’ network of direct and indirect suppliers.A store in Manaus belonging to Carrefour—which earlier this month pledged 4 million reais per year (about $735,000) to preserve a plot of the Amazon—was found to source beef from a plant owned by Frizam, a midsized meatpacker for the domestic market, according to Reporter Brasil. At least until 2019, the most recent data available, Frizam bought cattle directly from a rancher who’s been fined more than 30 times over the past 25 years for environmental crimes.The samples represent a tiny fraction of Carrefour’s sales, and there’s no way to know if the meat on the shelf came from the offending farm. Even so, Reporter Brasil says, it shows Carrefour has room to step up monitoring if it’s serious about helping to fight Amazon deforestation.“It’s very easy to block these kinds of transactions” by the slaughterhouses, said Marcel Gomes, executive secretary of Reporter Brasil. Supermarkets “need to demand transparency” from their suppliers.Carrefour said that it’s constantly monitoring its suppliers and is initiating a project to analyze indirect suppliers, a key link in the livestock chain. Without addressing this specific case, the company said it has suspended slaughterhouses in the past for irregularities and refused to do business with them again until they proved conformity with best environmental practices. Bloomberg Green was unable to reach Frizam by either phone or email. Read More: Why It’s So Hard to Stop Amazon Deforestation, Starting With the Beef IndustryBrazil’s beef supply chain is one of the most complex in the world, with 2.5 million ranchers, 2,500 slaughterhouses, and about 215 million heads of cattle spread out over 3.3 million square miles. The government has largely left it up to companies purchasing tens of thousands of cattle monthly to police this vast and opaque network. Big meatpackers like JBS already use satellite monitoring to make sure direct suppliers aren’t part of the problem, but so far they haven’t mapped out their indirect suppliers—i.e. the breeders who sell cattle to the feeder farms that supply the slaughterhouses.Unscrupulous ranchers who seek to circumvent environmental regulations will sometimes act as both direct and indirect suppliers, meaning they’ll supply slaughterhouses from their “clean” farms while maintaining nearby ranches cleared of forestland where many of their animals are actually raised. Reporter Brasil said in its report that it found at least six cases of such ranchers selling to slaughterhouses run by Marfrig, Minerva, JBS, and four domestic producers in the Amazon region that in turn supply meat to stores operated by Carrefour, Casino’s Grupo Pao de Acucar, and Advent’s Grupo Big.Five of those companies—Grupo Pao de Acucar, Carrefour, Marfrig, Minerva, and JBS—say they have systems in place to monitor direct suppliers and are working to make the checks even more robust. Minerva said that the government’s practice of keeping animal transport documents hidden hinders transparency efforts across the industry, and that it recently started testing a tool called Visipec to track indirect suppliers, along with Grupo Pao de Acucar and Marfrig.JBS, the world’s biggest meat producer, also pointed to the secrecy of transport documents as a significant challenge, and said it’s trying to overcome this via a new blockchain its suppliers will be required to use by 2025. The company “doesn’t tolerate disrespect for the environment,” it said. It also said that it asked Reporter Brasil for documents showing movement between blacklisted farms and direct suppliers, but that Reporter Brasil declined to disclose its source.Grupo Big said its system “guarantees” the products it buys and sells aren’t related to deforestation. Advent declined to comment.The two French supermarket operators may face additional backlash as a 2017 vigilance law forces companies with more than 10,000 employees globally to monitor their supply chains and create plans to avoid environmental, human-rights and corruption risks. While there are no hard and fast penalties for violating the law, it does put bad corporate practices into the spotlight at a time when investors are increasingly discounting stocks and bonds with unsustainable business models.The European Central Bank, which owns Carrefour debt, is also under pressure to make sure it isn't contributing to climate change. It’s strongly considering disclosing climate risks in its bond programs, people familiar with the plans said last week, and has taken steps to green its own investments.“There is evidence linking Amazon deforestation and meat sold by these retailers,” said Elie Favrichon, a forest footprint officer at Envol Vert, an advocacy group that seeks to protect forests through conservation projects in France and Latin America. The French law “is a new tool, and we will try to use it as much as we can to force change.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
- Yahoo Finance
Tesla shares comes under severe selling pressure. Here's the latest.
China's central bank will join a project looking at using central bank digital currencies (CBDC) for cross-border payments, the Bank of International Settlements said on Tuesday. CBDCs are like banknotes or coins, and give holders a direct claim on the central bank, potentially leapfrogging commercial banks. The People's Bank of China (PBOC) has its own domestic CBDC project, the e-CNY, one of the most advanced initiatives of its kind in the world, in which real-life trials took place in several major cities.
"Bytedance plans to make Singapore its epicenter for the rest of Asia-Pacific in its quest to find a neutral ground amid the ongoing trade tensions between the US and China."
- Simply Wall St.
It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also...
- Yahoo Finance
Lordstown Motors gets ready to bring its electric pickup truck called the Endurance to market. Yahoo Finance chats with Lordstown Motors founder and CEO Steve Burns.
Venezuela is shipping jet fuel to Iran in return for vital gasoline imports for the South American nation as part of a swap deal agreed by the two state-run oil firms, three people with knowledge of the matter told Reuters. Iran has ramped up assistance to Venezuela since last year as the United States tightened sanctions on both countries, hitting oil exports by state-run firms Petroleos de Venezuela and National Iranian oil Company (NIOC). Iran has sent flotillas of state-operated tankers carrying gasoline and feedstock for motor fuel to Venezuela, as well as equipment and spare parts to help the once-prosperous OPEC nation restart its dilapidated refineries.
- FX Empire
Powell Has to Choose His Words Carefully When Addressing the Rise in Yields or Rates Could ‘Rip Higher’
Rises in Treasury yields and renewed fears of inflation have raised concerns about how the Fed may react to these events.