The company laid out its hydrogen fuel cell vehicle plans today, but the stock is moving with the sector.
(Bloomberg) -- Turkey’s $736 billion economy outperformed major competitors in the final quarter, as rate cuts and a spending-and-credit binge beat back pandemic restrictions even as the lira collapsed, data will likely show Monday.Gross domestic product probably rose 6.9% from a year earlier, according to the median of 20 forecasts in a Bloomberg survey, more than in any other G-20 nation, including China. The growth push weakened the currency by 20% in 2020 and kept headline inflation in double digits for the entire year.The data will expose the challenge facing central bank Governor Naci Agbal as he looks to cool growth and restore price stability without triggering a steep slowdown in activity and a jump in unemployment.“The key drivers of the economic activity in the last quarter were industrial production and credit growth,” said Can Ayan, an Istanbul-based economist at Aktif Bank, who ranks second among forecasters of Turkish GDP data. Consumption and government spending will support activity in the first quarter of 2021, lifting growth over the year to 5.2%, Ayan said.The government had pushed banks to ramp up lending to help businesses and consumers ride out the Covid-19 emergency. The credit boom was coupled with a front-loaded easing cycle that helped prime the economy.Agbal has raised the benchmark interest rate by 675 basis points to 17% following his appointment in November, signaling a return to more market-friendly monetary policy. The lira has strengthened 15% since his appointment.The International Monetary Fund raised its growth forecast for Turkey’s economy to 6% in 2021 amid the coronavirus vaccine rollout, while warning the pandemic response worsened pre-existing financial risks despite leading to a strong rebound in economic activity.“With some stability in the currency market, Turkish exporters can finally enjoy the price competitiveness accumulated over recent years,” said JPMorgan Chase & Co.’s London-based analyst Yarkin Cebeci. “Depending on the pace of vaccinations, tourism will most probably be stronger than last year as well.”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.
- Associated Press
Seeing city streets in 2019 flooded by tourists enjoying its beauty was a dream come true for residents of Gjirokastra, a city in southern Albania recognized as a UNESCO World Heritage Site for its Ottoman-period architecture. Called “the city of stone” due to its two-story houses with turrets dating back to the 17th century, Gjirokastra and a second Albanian town, Berat, were inscribed as a UNESCO Heritage Site in 2005 as “rare examples of an architectural character typical of the Ottoman period.” Following renovation of the city’s center, Hysen Kodra was among locals who turned their 200-300-year-old houses with wooden facades and stone slabs roofs into a guest lodging.
Warren Buffett's enthusiasm for the future of America and his company Berkshire Hathaway Inc has not been dimmed by the coronavirus pandemic. Buffett used his annual letter to investors to assure he and his successors would be careful stewards of their money at Berkshire, where "the passage of time" and "an inner calm" would help serve them well. Despite the disappearance last year of more than 31,000 jobs from Berkshire's workforce, Buffett retained his trademark optimism, buying back a record $24.7 billion of its stock in 2020 in a sign he considers it undervalued.
- Simply Wall St.
Air New Zealand Limited (NZSE:AIR) Just Reported Interim Earnings: Have Analysts Changed Their Mind On The Stock?
Investors in Air New Zealand Limited ( NZSE:AIR ) had a good week, as its shares rose 4.6% to close at NZ$1.59...
- Simply Wall St.
Barratt Developments (LON:BDEV) Has Compensated Shareholders With A Respectable 46% Return On Their Investment
One simple way to benefit from the stock market is to buy an index fund. But if you pick the right individual stocks...
- FX Empire
Investors are selling bonds in anticipation of higher inflation, driving up interest rates while making the U.S. Dollar a more attractive asset.
Brazos Electric Power Cooperative Inc is one of dozens of electricity providers facing enormous charges stemming from a severe cold snap last month. The fallout threatens utilities and power marketers who collectively face billions of dollars in blackout-related charges, executives said. Brazos and others that committed to provide power to the grid and could not, were required to buy replacement power at high rates and cover other firms' unpaid fees.
As the market nosedived last year, my older brother advised me to sell. I lost $80,000. How can I ever forgive him?
This time last year, when the market was nosediving, my older brother advised me to get out of the market, and go to cash to conserve my assets. The Moneyist: ‘Warren Buffett and Harry Potter couldn’t get those two retired early’: Our spendthrift neighbors said our adviser was ‘lousy.’
(Bloomberg) -- Hang Seng Indexes Co. plans what will be one of the biggest revamps to Hong Kong’s 51-year-old stock benchmark, a move that will affect tens of billions of dollars in funds tracking it.The wide-ranging overhauls to the Hang Seng Index include increasing the number of constituents to 80 companies from 52 and limiting a stock’s weighting to 8%, the firm said in a statement on Monday. Implementation of the changes will begin as early as its May index review and go through mid-2022.The HSI, which in 2020 lagged global peers by the most in decades, has been moving away from being filled with financial and property stocks in recent years at a time when China’s tech giants hold growing sway. In 2019, the information technology sector overtook financials as the index’s largest industry by market value, according to a December consultation paper detailing proposed changes to the benchmark.The changes include reducing the 10% maximum weighting a company could have in the HSI. The new limit will be 8% and apply to all members, and will also be applied to the Hang Seng China Enterprises Index, effective from the index rebalancing in June. The benchmark currently caps secondary listings or shares with unequal voting rights at 5%.The announcement follows a record buying frenzy from mainland traders that sent the stock gauge past the 30,000 point level in January for the first time since May 2019, led by heavyweights like Tencent Holdings Ltd. and Hong Kong Exchanges & Clearing Ltd.READ: Alibaba Among Stocks to Benefit From HSI Reform: Street WrapThe Asian financial hub has become a preferred venue the past several years for a wave of Chinese megacaps to sell shares. Kuaishou Technology, backed by Tencent, surged 161% on its debut last month in the world’s biggest internet initial public offering since Uber Technologies Inc. The HSI revamp will also shorten the listing history requirement to three months for new companies effective May.In addition, Hang Seng Indexes will ensure 20 to 25 of constituents in the benchmark are classified as Hong Kong firms, a number that will be evaluated every two years. The proportion of mainland companies in the index by market value was 79% in 2020, it said in December’s paper.On Friday, the company said it would add Alibaba Health Information Technology Ltd., Haidilao International Holding Ltd. and Longfor Group Holdings Ltd., expanding the benchmark to 55 members from 52 effective March 15.(Updates throughout, adds chart and table. A previous version of this story corrected month of Kuaishou’s debut in second last 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.
Hyatt Hotels Corp called symbols of hate "abhorrent" on Sunday after the design of a stage at the Conservative Political Action Conference at one of its hotels drew comparisons to a Norse rune used by Nazis during World War Two. High-profile Republicans including former President Donald Trump were attending the four-day event in Orlando, Florida, as conflict rages between Trump allies and establishment politicians trying to distance the party from him. A photo of the CPAC stage went viral on social media on Saturday, with thousands of Twitter users sharing posts comparing its distinctive design to an othala rune, one of many ancient European symbols that Nazis adopted to "reconstruct a mythic 'Aryan' past," according to the Anti-Defamation League.
- Motley Fool
A recent study estimated that 1 in 5 Americans delayed seeking healthcare during the pandemic. When those patients return, the influx will require caregivers -- and that's where the country's largest healthcare staffing company, AMN Healthcare Services (NYSE: AMN), shines. The company is a leader in talent solutions for the healthcare industry, and is in the perfect position to staff clinics, operating rooms, and hospital units to meet the demand.
The payments in President Biden's COVID relief plan will rely on an IRS formula.
As Washington awaits the House of Representatives' vote on the $1.9 trillion COVID-19 relief bill on Friday, California Governor Gavin Newsom signed a coronavirus aid package worth $7.6 billion,...
The legislation, which just passed the U.S. House, includes several tax savers.
Find out Tiger Woods' net worth after he won his fifth Masters title on April 14. The victory was Woods' first major win in more than a decade.
Dogecoin (CRYPTO: DOGE), the joke cryptocurrency popularized by Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, has received an under-the-hood upgrade. What Happened: The release of the Dogecoin Core 1.14.3 was announced on the r/dogecoin discussion board on Reddit on Sunday. The update includes “important performance improvements," and is a “strongly recommended update for everyone [running a DOGE node].” Why It Matters: Significant improvements to the speed at which a node can upload blocks will be made by removing expensive integrity checks which were previously carried out each time a block was sent to another node after the update is applied. The default time that transactions are cached in the mempool — a mechanism for storing information on unconfirmed transactions — will be reduced from 336 hours to 24 hours. See Also: In Bitcoin's Path Back To ,000, Institutional Investors, Whales Battle Miners The default setting can be modified by inputting a value in hours that makes the most sense for the use cases the node serves. Technical development in DOGE has mirrored Bitcoin (CRYPTO: BTC), according to CoinDesk. “Since March 2014, “[Dogecoin Core] has always been based on Bitcoin,” said DOGE developer Maximilian Keller, as per CoinDesk. The price increase in the meme cryptocurrency has hastened the improvements in the Shiba-Inu-themed cryptocurrency. DOGE has risen 812.56% since the year began. In the same period BTC has given 58.12% returns. Price Action: DOGE traded 0.82% higher at $ 0.049 at press time, while BTC traded 0.54% higher at $46,637.15. Read Next: Dogenomics: What's So Special About Dogecoin Anyway? See more from BenzingaClick here for options trades from BenzingaIn Bitcoin's Path Back To ,000, Institutional Investors, Whales Battle MinersWhy Cardano Is Surging Amid Bitcoin-Led Crypto Slump© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Biden administration announced a slew of changes to the Paycheck Protection Program today, which aims to help "the smallest businesses" and women and minority-owned businesses, according to a...
My brother owes $10K to our late father’s estate. There’s no loan agreement and I’m executor. How should I approach repayment?
‘He feels that if he had paid this money back before dad passed, he would still get half back and, therefore, owes $5,000.’
(Bloomberg) -- Bitcoin is nursing losses after its worst weekly plunge in almost a year and on one view its longer term outlook could be even worse because of environmental concerns and tightening regulations.The sheer amount of energy needed to mine Bitcoin and the prospect that governments will create more obstacles for the largest cryptocurrency point to the token losing “most of its value over time,” BCA Research Inc. said.The expense and slowness of Bitcoin transactions make it “unsuitable as a medium of exchange,” BCA Research Chief Global Strategist Peter Berezin wrote in the report released Friday. In addition, environmental, social and governance-focused funds are likely to shun companies associated with Bitcoin due to the large energy consumption by miners on computer networks.Bitcoin is still up more than five times over the past year, a divisive rally pitting believers in a new asset class against naysayers who see a speculative bubble. Among notable recent developments are Tesla Inc.’s $1.5 billion purchase of the token. At the same time, Microsoft Corp. co-founder Bill Gates and Treasury Secretary Janet Yellen are among those signaling caution.Governments will create more obstacles because they could lose billions of dollars in revenue from seigniorage -- the difference between the face value of money and the cost to produce it -- according to BCA.“Many companies have cozied up to Bitcoin in order to associate themselves with the digital currency’s technological mystique,” BCA’s Berezin added. “As ESG funds start to flee Bitcoin, its price will begin a downward spiral. Stay away.”Bitcoin, the largest cryptocurrency, was up 3% to about $46,615 as of 8:13 a.m. in London on Monday. That leaves it well off the record high of $58,350 set just over a week ago.Other commentators remain bullish on the outlook for digital currencies. While there are many risks, Bitcoin is at a tipping point and we may be “at the start of massive transformation of cryptocurrency into the mainstream,” Citigroup Inc. wrote in a report.The Citi team including Kathleen Boyle highlighted the token’s increased attractiveness for institutional investors and the argument that it can help to hedge inflation risk.In the shorter term, investment flows into Bitcoin funds may be among the keys to the price outlook. JPMorgan Chase & Co. strategists said inflows into the Grayscale Bitcoin Trust -- the largest traded crypto fund -- are “ceasing,” and the cash going into other Bitcoin vehicles isn’t “strong enough to prevent an overall slowing in the Bitcoin fund flow impulse.”(Updates with comment from Citigroup from the eighth 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.
When you buy $1,000 of a company’s stock in your Robinhood account, how much of that cash goes directly to help fund the company and its business operations? The answer is $0. Where Your Cash Goes: The issue of buying shares of stock to help “save” struggling companies like GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE: AMC) has come up frequently on social media since the WallStreetBets-fueled meme stock buying frenzy began in January. However, experienced investors know that publicly traded companies don’t get a dime from the cash you spend buying their shares of stock. Related Link: Kevin O'Leary Of 'Shark Tank,' Benzinga CEO Jason Raznick Talk GameStop, Bitcoin And Economic Recovery Trades Companies typically raise cash in the public market when they first go public via an initial public offering (IPO), a merger with a special acquisition company (SPAC) or a direct listing. However, once their shares are trading on the public market, any shares you buy in your brokerage account are coming directly from another shareholder who is selling, not the company itself. Aside from any trading fees you may spend on the transaction, every dollar you spend buying shares of GameStop, AMC or other stocks ends up in the brokerage account of the person or institution that sold them to you. AMC and GameStop traders on Reddit and Twitter have been celebrating their efforts to “save” these companies by buying shares of stock. In reality, the companies haven’t gotten any funds from any of the recent stock buying. How Public Companies Raise Funds: Once a company is public, it must raise capital via options such as a follow-on public offer (FPO), also known as a secondary offering. FPOs can be both dilutive or non-dilutive. A non-dilutive FPO happens when the founders or other large shareholders sell some of their shares to the public. An FPO may increase a stock’s float, or free-trading shares, but it does not increase the company’s outstanding shares or decrease its EPS. A dilutive FPO happens when a company creates new shares to sell to the public. By creating new shares, the ownership stakes of existing shareholders are decreased slightly the same way the value of a currency erodes when central banks print more money. Companies can also raise capital by borrowing money. However, the company must first find a lender that will agree on a reasonable interest rate. Many lenders don’t want to touch struggling companies like AMC and GameStop because they aren’t convinced they will be able to pay back their debts. What It Means For Meme Stocks: Despite all the publicity and wild volatility in GameStop, the company itself hasn’t actually been directly helped by all the retail buying. GameStop reportedly considered selling more shares during the January rally, but the SEC has said it would closely scrutinize any company that attempted to take advantage of the extreme trading volatility to knowingly sell overpriced shares to vulnerable investors. In June 2020, bankrupt Hertz Global Holdings Inc (OTC: HTZGQ) withdrew a proposed $500 million equity offering after the SEC cracked down on the company for potentially preying on investors. AMC, on the other hand, was able to raise $1.2 billion via debt and equity deals in January after its stock rallied more than 700%. “The irony here, of course, is that GME couldn’t even tap equity markets to take advantage of the recent short squeeze,” DataTrek Research co-founder Nicholas Colas said this week. He said the so-called “dumb money” flowing into the market may not be helping the companies directly, but it is certainly making short sellers think twice. “You don’t have to be long, but betting against people who think their 10-share buy order is going to change the world is both risky and not actually a fundamentally-based investment position,” Colas said. Benzinga’s Take: GameStop hasn’t been helped directly by all the retail stock buying, but investor enthusiasm and a higher stock price definitely help more than it hurts. If GameStop can now demonstrate its army of new investors and its massive amount of free publicity has translated into improved sales and earnings numbers, the company may have several funding options open up in the near future. GameStop reports fourth-quarter earnings in late March. Photo by Sharon McCutcheon on Unsplash. Latest Ratings for GME DateFirmActionFromTo Jan 2021B of A SecuritiesMaintainsUnderperform Jan 2021Telsey Advisory GroupDowngradesOutperformUnderperform Oct 2020JefferiesDowngradesBuyHold View More Analyst Ratings for GME View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaWhy GameStop Stock Traders Should Beware The 'Law Of Twos And Threes'Kevin O'Leary Of 'Shark Tank,' Benzinga CEO Jason Raznick Talk GameStop, Bitcoin And Economic Recovery Trades© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.