When it comes to every state’s favorite side dish, the answers may surprise you
When it comes to every state’s favorite side dish, the answers may surprise you
Persistent volatility makes the hedge fund billionaire leery of the cryptocurrency's recent rise
(Bloomberg) -- U.S. stocks pulled back from records as investors cast a wary eye on a batch of data that suggest a possible slowdown in economic growth. Treasuries edged higher.The S&P 500 Index opened slightly lower after powering to an all-time high. It remains on track for its best month since April. U.S. markets are closed Thursday for a holiday, leading to a deluge of data. That brought the first back-to-back rise in weekly U.S. jobless claims since July, an uptick in durable goods orders and a widening trade deificit. In earnings, Gap Inc. shares plunged after the clothing retailer’s third-quarter results fell short of estimates.The mediocre economic data dimmed positive vaccine news and the formal start of President-elect Joe Biden’s transition to power -- including the selection of Janet Yellen as Treasury secretary -- that had fueled optimism about the outlook for risk assets. At the same time, restrictions to curb surging coronavirus cases threaten to slow the world’s economic recovery. An MSCI gauge of global shares stalled on Wednesday after gaining 13% in November, still set for the best month since 1988.“We remain on fragile footing heading into the winter as cases continue to climb globally,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “And since the markets are forward looking, this data will likely be taken in stride. The markets tend to cheer on certainty so the presidential transition and vaccine developments are two factors its latched onto lately.”In Europe, the Stoxx Europe 600 Index edged lower, as cyclicals such as mining and energy firms fell, offsetting advances in defensives including utility shares. ABN Amro Bank NV and Commerzbank AG dropped more than 3% and led euro-area lenders lower after the European Central Bank said the industry will probably have to set aside more money to soak up losses when government pandemic support ends.In addition to the U.S. economic data on Wednesday, traders will also be keeping an eye on minutes of the most recent Federal Open Market Committee meeting.“Now, there’s big event risk up ahead: FOMC minutes,” said Ilya Spivak, head Asia-Pacific strategist at DailyFX. “The worry is that the Fed will continue to signal that they’re keeping to a hands-off posture. No tightening, but no new easing either.”Elsewhere, oil held at about $45 a barrel in New York, and copper briefly touched the highest since 2014. Bitcoin edged above $19,000, a level it hadn’t exceeded since 2017.Here are some key events coming up:Minutes of the most recent Federal Open Market Committee meeting are due Wednesday.Thursday sees a policy decision and briefing from the Bank of Korea.U.S. celebrates the Thanksgiving holiday on Thursday.The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.Here are the main moves in markets:StocksThe S&P 500 Index dipped 0.2% as of 9:31 a.m. New York time.The Stoxx Europe 600 Index declined 0.2%.The MSCI Asia Pacific Index was little changed.The MSCI Emerging Market Index fell 0.4%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro gained 0.1% to $1.1901.The British pound fell 0.2% to $1.3334.The onshore yuan strengthened 0.3% to 6.574 per dollar.The Japanese yen was little changed at 104.43 per dollar.BondsThe yield on 10-year Treasuries declined one basis point to 0.87%.The yield on two-year Treasuries decreased less than one basis point to 0.16%.Germany’s 10-year yield fell one basis point to -0.58%.Britain’s 10-year yield declined three basis points to 0.304%.Japan’s 10-year yield dipped less than one basis point to 0.021%.CommoditiesWest Texas Intermediate crude gained 0.8% to $45.25 a barrel.Brent crude gained 0.8% to $48.23 a barrel.Gold strengthened 0.3% to $1,812.70 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Vinyl Flooring Market will grow by 262.94 mn m2 during 2020-2024
Black Friday GoPro HERO 7 Silver and Black deals for 2020, including GoPro HERO 7 bundle offers
Los Angeles, California--(Newsfile Corp. - November 25, 2020) - The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Credit Acceptance Corporation ("CACC" or "the Company") (NASDAQ: CACC) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.Investors who purchased the Company's securities between November 1, 2019 and August 28, ...
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Arkansas Sports Properties, on behalf of the University of Arkansas, today announced an extended relationship with The Libman Company, a family-owned business that has been making quality cleaning tools since 1896.
Propane Market is poised to experience spend growth of more than USD 22 billion between 2020-2024 at a CAGR of over 2.92%.
(Bloomberg) -- Applications for U.S. state unemployment benefits unexpectedly rose for a second straight week in the first back-to-back increase since July.The data indicate that soaring coronavirus cases and fresh lockdowns are spurring a new wave of layoffs.Initial jobless claims in regular state programs increased by 30,000 to 778,000 in the week ended Nov. 21, according to Labor Department data Wednesday. Without adjustments for seasonal fluctuations, the figure rose by about 78,000 during the week.Follow reaction in real time here on Bloomberg’s TOPLive blogContinuing claims -- the total pool of Americans on ongoing state unemployment benefits -- fell by 299,000 to 6.07 million in the week ended Nov. 14. But the number of Americans on an extended assistance program continued to increase, a sign that more people have exhausted regular state benefits.The main figures compared with economists’ projections for 730,000 initial claims and 6 million continuing claims, based on the median estimates in Bloomberg surveys.The consecutive increase in claims offer evidence that the coronavirus threatens to stall an economic rebound that was already moderating from a breakneck pace in the third quarter, with some economists predicting a contraction for the first quarter.The job market faces additional hurdles as states and cities restrict business activity and hospitalizations spike.“The continued weakness of the labor market is something that is going to drive the whole economy down,” Catherine Mann, global chief economist at Citigroup Inc., said on Bloomberg TelevisionSeveral states recorded significant increases in initial claims, led by Illinois, where Chicago issued a stay-at-home advisory starting last week. Michigan, Washington, New Mexico, California and Minnesota also reported higher filings.U.S. stocks edged lower at the open with 10-year Treasury yields, while the dollar fluctuated.Continuing claims for Pandemic Unemployment Assistance, which provides benefits to self-employed and gig workers, increased by about 466,000 to 9.15 million. The Pandemic Emergency Unemployment Compensation, which provides payments to the long-term unemployed, was used by 4.51 million Americans. Those two programs will expire at year-end, leaving many without government aid.In other economic data released Wednesday:U.S. durable goods orders increased at a faster-than-expected clip in October, supported by demand for computers and metals, underscoring a manufacturing sector that continues to support the economy.The economy expanded at a record 33.1% annualized pace in the third quarter, unrevised from the initial reading.The U.S. merchandise-trade deficit widened in October as imports reached the highest in more than a year, outpacing a gain in the value of exports.Reports are due at 10 a.m. Washington time on personal income and spending, new home sales and consumer sentiment.(Updates with market open. An earlier version corrected the third paragraph to remove reference to survey period for monthly jobs report.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
In today’s Global Bulletin, Entertainment One picks up the rights to Australian drama “The Newsreader," Banijay reorganizes in Iberia, "Downton Abbey" lands on BritBox, Sony Pictures Television hires Jo Porter and Warner Bros. International will distribute Hungry Bear Media’s new game show. SERIES Entertainment One (eOne) has acquired international distribution rights to “The Newsreader,” a […]
Los Angeles, California--(Newsfile Corp. - November 25, 2020) - The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Pintec Technology Holdings Limited ("Pintec" or "the Company") (NASDAQ: PT) violations of the federal securities laws.Investors who purchased the Company's shares pursuant and/or traceable to the registration statement issued in connection with the Company's October 2018 initial public offering (the "IPO"), are encouraged to contact the ...
(Bloomberg) -- As Treasury secretary, Janet Yellen is almost certain to pursue tighter coordination with the U.S. Federal Reserve next year -- repairing recent frictions -- though observers say she will be careful to avoid any specific move that could trigger a wave of Republican protests.President-elect Joe Biden’s pick for Treasury was at the Fed for the better part of two decades, and saw first-hand how vital the cooperation of the two agencies is to ensuring the flow of credit amid stressed economic times.Step one, after winning Senate confirmation, will be deciding how to proceed with several emergency Fed lending facilities backed by Treasury money and authorized by Congress through the Cares Act, after outgoing Treasury Secretary Steven Mnuchin announced he would sunset them by year-end.Yellen will need to make a call on whether she has the legal authority to resurrect the programs, which the Fed said it wanted to extend. The question was made tougher by Mnuchin’s latest plan to put unused Cares Act money into the department’s general account, over which Congress has authority.Both of Mnuchin’s moves have prompted strong partisan reactions, showcasing the charged political atmosphere that Yellen will be entering in her new role. With financial conditions easing amid record stock highs on Wall Street, it could afford her the space to put off any change in direction, as she also attempts to persuade Congress to enact a new fiscal stimulus package.“The immediate need for some of these facilities certainly has subsided,” said Michael Gapen, chief U.S economist at Barclays Plc in New York and a former Fed Board economist. Yellen is “likely to wait and see if there is a vulnerability” that shows up in financial markets, he said.Here some issues and questions about the facilities.What’s the Current Plan?Mnuchin last week said five Fed facilities must sunset at the end of next month, and asked for the central bank to return unused funding. On Tuesday, the Treasury said it plans to move that unspent money into its general account -- from where it cannot be released without congressional approval. Congress had authorized those funds to go into the Treasury’s Exchange Stabilization Fund, over which the secretary otherwise has substantial discretion.Mnuchin said his intention was to make the money readily available to Congress to be used for helping small businesses and unemployed Americans, arguing that grants were better than loans for distressed parts of the economy.What about the politics?Democrats have charged Mnuchin with trying to hamstring the incoming administration’s ability to address a flagging economic recovery amid the resurgence of the coronavirus.The Biden transition team last week called Mnuchin’s clawing back of unspent money from the Fed “deeply irresponsible.” Congressional Democrats said the money ought to have been left in place.Republicans underscored Mnuchin’s argument that the facilities had done their job. Record corporate bond issuance has shown that businesses have ready access to capital markets.Senator Pat Toomey, a Pennsylvania Republican and member of a congressionally appointed watchdog panel overseeing Fed and Treasury Covid-19 programs, signaled a warning against any move by Yellen to restart the funding of Fed facilities.“I look forward to discussing with her a variety of issues, especially the legal requirement for Cares Act temporary emergency lending facilities to shut down by year-end and remain shut down, absent further congressional action,” Toomey said.Are they needed?The emergency lending facilities were vital in calming jittery markets in March and April. Mnuchin agreed to extend a minority of them, including for commercial paper and money market mutual funds -- both key parts of the financial system’s plumbing -- underscoring the importance of at least some backstops.But the Main Street Lending Program for smaller businesses has had trouble finding lenders and borrowers alike, and the corporate-bond programs have had little to do of late.“The take-up in 2020 so far has been underwhelming,” Wharton professor Peter Conti-Brown pointed out in a Tuesday blog post for the Brookings Institution.That said, economists and some central bankers have warned that there’s still a risk of a renewed economic contraction, with the potential for fresh credit strains alongside. And financial markets might not yet have accounted for the phasing out of the facilities.“There’s a big potential pothole over year-end,” Bob Michele, JPMorgan Asset Management chief investment officer, said on Bloomberg TV Wednesday. The withdrawal of Fed backstop facilities is “something that the market still has to digest. I don’t know that it’s fully digested it.”Do the facilities shut down completely?No. The assets already lent out will remain in place. For example, the Main Street program has $5.3 billion in assets that will stay in place. But those being sunsetted will not be able to make new loans.Does the Fed have to return the money not yet allocated?Yes. Fed Chair Jerome Powell said on Friday that the Fed would send the money back, given that the Treasury chief has ultimate authority over the funding.What is Yellen expected to advocate for?Wall Street economists, including some who worked at the Fed when Yellen was there, said she is likely to remain flexible. The corporate bond markets, which are functioning well, may not be a high priority, and fighting Senate Republicans on that could burn up both time and political capital.Seth Carpenter, a former deputy director in the Fed Board’s policy strategy unit, said reinstating the municipal, corporate-credit and small business facilities depends importantly on how the economy evolves.Given that use of the municipal and Main Street Lending Facility is relatively low, Yellen may also want to consider if the Fed is the right place for such programs in the first place, he said.“The underlying question is, did they have the right structure to address the issues they needed to address?” said Carpenter, who is now chief U.S. economist at UBS Group AG in New York.Can anything be done without Congress?The Fed used to have broader emergency authority to extend credit, but that was significantly curtailed in the wake of the unprecedented actions it took in the 2007-09 financial crisis. The Dodd-Frank financial reforms of 2010 left the central bank with limits on what it can do. Some of the actions it took back then would need approval by the Treasury secretary.The Fed can still lend directly to banks through the discount window, and it can swap dollars for foreign currency to any foreign central bank without Treasury approval.With backing from the Yellen Treasury, the Fed could also resurrect emergency lending facilities or establish new ones using funds from outside the Cares Act. And there’s just under $80 billion in the Treasury’s Exchange Stabilization Fund.What does the Fed want?Powell’s stated preference was to keep all facilities open. A central banker typically wouldn’t call the end of an emergency with a new wave of contagion spreading through the country even if markets were functioning well.He called the recovery “incomplete” in a Nov. 17 conference, and said the time to close them was not “yet or very soon.” He noted in last week’s response to Mnuchin that Exchange Stabilization Funds were available to the Treasury secretary should a Fed facility need a backstop. A Fed spokesperson declined further comment Tuesday.(Adds cautionary comment on markets, in paragraph above ‘Do the facilities shut down completely’ subheadline.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- International Business Machines Corp. is planning to cut about 10,000 jobs in Europe in an attempt to lower costs at its slow-growth services unit and prepare the business for a spinoff.The wide-ranging losses will affect about 20% of staff in the region, according to people familiar with the matter. The U.K. and Germany are set to be most impacted, with cuts also planned in Poland, Slovakia, Italy and Belgium.IBM announced the job cuts in Europe earlier in November during a meeting with European labor representatives, according to a union officer briefed on proceedings. The person asked not to be identified because the talks are private. IBM shares fell 1.6% at 9:37 a.m. in New York. They’ve declined 8.6% this year.“Our staffing decisions are made to provide the best support to our customers in adopting an open hybrid cloud platform and AI capabilities,” an IBM spokeswoman said in an emailed statement. “We also continue to make significant investments in training and skills development for IBMers to best meet the needs of our customers.”Hardest hit will be IBM’s legacy IT services business, which handles day-to-day infrastructure operations, such as managing client data centers and traditional information-technology support for installing, operating and repairing equipment.IBM said in October it’s planning to spin off the business and focus on its new hybrid-cloud computing and artificial intelligence unit, which the company hopes will return it to revenue growth. IBM said it aims to complete the carve-out as a tax-free spinoff to IBM shareholders by the end of 2021.“We’re taking structural actions to simplify and streamline our business,” said IBM Chief Financial Officer James Kavanaugh during the company’s third-quarter earnings call in October. “We expect the fourth-quarter charge to our operating results of about $2.3 billion.”Once an iconic blue-chip company, IBM’s star has faded over the years as its legacy in mainframe computing and IT services fell behind while newer technology firms like Amazon.com Inc. swooped in to dominate the emerging cloud-computing market.IBM was already cutting jobs earlier this year, although the company wouldn’t say how many positions were being eliminated. The company has traditionally declined to disclose the numbers of job cuts for decades, with arguably one exception in 1993 when Lou Gerstner, a CEO hired from outside the company, announced 60,000 dismissals.The spin-off of its services unit is the first big move by Chief Executive Officer Arvind Krishna, who took over from Ginni Rometty in April and has been pushing to revive growth after almost a decade of shrinking revenue. Krishna earlier this year cut thousands of jobs as he began reshaping the business.The current round of job cuts should be completed by the end of the first-half of 2021, one of the people added.(Updates with opening shares in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
OneRecord, a consumer-facing health platform with apps on iOS, Android, and web – announced today it has achieved full Trusted Dynamic Registration & Authentication Accreditation Program (TDRAAP)-Basic certification from the Electronic Healthcare Network Accreditation Commission (EHNAC). Developed in collaboration with UDAP.org, TDRAAP-Basic supports interoperability requirements within the Office of the National Coordinator's (ONC's) Cures Act Final Rule and related CMS Interoperability and Patient Access Final Rule.
Los Angeles, California--(Newsfile Corp. - November 25, 2020) - The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Tactile Systems Technology, Inc. ("Tactile" or "the Company") (NASDAQ: TCMD) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.Investors who purchased the Company's securities between May 7, 2018 and June ...
Tesla Inc plans to start manufacturing electric vehicle (EV) chargers in China in 2021, according to a document submitted to the Shanghai authorities by the U.S. firm which is seeking to expand sales in the world's biggest car market. Tesla, which now sells its Model 3 electric cars in China and plans to deliver its Model Y sport utility vehicles in 2021, plans to invest 42 million yuan ($6.4 million) in a new factory to make the chargers, also known as charging piles, near its car plant in Shanghai, the document seen by Reuters said.
"A coalition led by people of color is now the dominant political reality in the United States," said national pollster Henry Fernandez.
Los Angeles, California--(Newsfile Corp. - November 25, 2020) - The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Peabody Energy Corporation ("Peabody" or "the Company") (NYSE: BTU) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.Investors who purchased the Company's securities between April 3, 2017 and October 28, ...
Alfa Laval today hosted its 2020 Capital Markets Day. Presenters Tom Erixon, President and CEO, and Jan Allde, CFO, focused on the group transformation and growth journey, with a particular emphasis on long-term growth driven by global mega trends such as energy efficiency, water scarcity and sustainability.
Intuit (Nasdaq: INTU), proud maker of TurboTax, QuickBooks, and Mint, with 57 million customers, and Credit Karma, the consumer technology platform with more than 110 million members in the U.S., Canada and the U.K., today announced that they have entered into a consent decree with the U.S. Department of Justice (DOJ), an important step in completing their previously announced merger. The companies also announced that they have entered into an Assurance of Discontinuance with the New York State Attorney General that, along with the DOJ action, moves Intuit’s acquisition of Credit Karma one step closer to closing, subject to the satisfaction of customary closing conditions.