Thursday, August 6

Day: 1 August 2020

Billion dollar deals see private credit step out of the shadows
Stock News

Billion dollar deals see private credit step out of the shadows

In the world of private lending, the loans, by Wall Street standards, always skewed small. The typical borrower would be some mid-tier company that lacked access to bond and syndicated loan markets, and the typical deal size would be around $100 million. If a loan climbed to $500 million, it’d be celebrated as a mega-deal. But in a sign of how the pandemic is rapidly changing the shadow lending market, super-charging its emergence this past decade as a major source of credit for corporate America and putting it in direct competition with Wall Street, both the size of the borrowers and the size of the deals are swelling. In a transaction last week that epitomised this shift, Bombardier Inc., the Canadian plane and train maker, said it scored a loan that can be as much as $1 billion, the n...
Economic Preview: Job trouble? Wave of rehiring after economy reopened to fade in July after viral spiral
Stock News

Economic Preview: Job trouble? Wave of rehiring after economy reopened to fade in July after viral spiral

The engine of the U.S. economy may have gotten clogged again — no thanks to the recent acceleration in coronavirus cases. That’s bad news for Americans hoping to return to their old jobs. Just how much damage has been done will become more evident this week, especially from the U.S. employment report for July due next Friday. The number of jobs regained last month is unlikely to match the huge increases in May and June that totaled a combined 7.5 million. Wall Street DJIA, +0.43% economists predict the U.S. added about 1.5 million jobs in July.Even that estimate may be inflated though by seasonal changes in educational employment at the state and local level, Morgan Stanley contends. Private-sector jobs could increase by less than one million, the investment bank calculated. Whatever ...
Outside the Box: How a basic income would help close the racial wealth gap and give Americans needed financial security
Stock News

Outside the Box: How a basic income would help close the racial wealth gap and give Americans needed financial security

“ While providing a minimum income benefits all Americans, it is firmly rooted in racial justice. ” On my commute to City Hall in Atlanta, I pass $1 million duplexes next to the largest block of Section 8 housing in the Southeast United States. This is Atlanta’s Old Fourth Ward — where I live and serve as its representative on the city council. This community is where Dr. Martin Luther King, Jr. was born and raised, and where he pastored. It stands at the intersection of race and class, where cafes with $6 coffee meet plain corner stores, where history meets new development. A tension permeates between residents’ aspirations, values and reality. Here, we grapple with what it means to live in the shadow of Dr. King, who personified justice, amid entrenched inequality that long pred...
FDA’s list of hand sanitizers to avoid grows again with more than 100 identified that may contain methanol – USA TODAY
Stock News

FDA’s list of hand sanitizers to avoid grows again with more than 100 identified that may contain methanol – USA TODAY

Kelly Tyko USA TODAY Published 12:22 PM EDT Aug 1, 2020 The Food and Drug Administration's list of hand sanitizers to avoid because they may contain methanol continues to grow. As of Saturday, the FDA's "do-not-use list of dangerous hand sanitizer products" now includes 101 varieties of hand sanitizer that should be avoided – some that have already been recalled and other products being recommended for recalls – as they may contain methanol, a potentially fatal ingredient. Methanol is a toxic substance when absorbed through skin or ingested. "FDA continues to find issues with certain hand sanitizer products. FDA test results show certain hand sanitizers have concerningly low levels of ethyl alcohol or isopropyl alcohol, which are a...
Bitcoin ‘Fills’ $11.6K Futures Gap, But Is $10K More Likely Than $15K?
Crypto News

Bitcoin ‘Fills’ $11.6K Futures Gap, But Is $10K More Likely Than $15K?

The price of Bitcoin (BTC) has seen a great week with a surge to $11,700. After two months of consolidating inside a range, the price of Bitcoin finally broke through the psychological barrier of $10,000 and currently faces the final hurdle before the bull market can start.  Most often, people become bullish once they see green candles, with which extraordinary targets can be found on social media. Can these be justified or is a cool-down period more likely in the near term?  Cryptocurrency market daily snapshot 1/8/2020. Source: Coin360 Bitcoin closes one-year-old CME gap and faces significant resistance  As Bitcoin’s price broke through the barrier of $10,000, the next significant resistance zone became the $11,500-11,800 area. Since BTC was range-bound for two month...
Oil Giant Vitol Handed Record $2.2 Billion Payout to Its Traders – Yahoo Canada Finance
Commodities

Oil Giant Vitol Handed Record $2.2 Billion Payout to Its Traders – Yahoo Canada Finance

(Bloomberg) -- Vitol Group paid a record $2.2 billion to its executives and staff through share buybacks last year, an unusually large payout that comes as the oil trader undergoes a generational transition in leadership. The buyback -- Vitol’s main way of rewarding about 350 top employees who own the privately-held company -- means the trading house has distributed a total of more than $14 billion in the past 15 years to its partners, according to the company’s audited annual accounts, seen by Bloomberg News. The figure highlights how the riches of the commodities trading industry have accrued to a small cadre of senior executives who have surfed the ups and downs of the energy markets over the past two decades. Led by Chief Executive Officer Russell Hardy, Vitol is the world’s la...
Dalal Street week ahead: Risk-on cooling off, but no big fall likely
Stock News

Dalal Street week ahead: Risk-on cooling off, but no big fall likely

Milan Vaishnav, CMT, MSTAAfter testing a couple of important levels during the prior week, Nifty took a breather and consolidated over the last five sessions. In the previous weekly note, we had highlighted that the market momentum is diminishing at higher levels and this might lead to some consolidation. The market spent the entire week in a limited range oscillating in a 320-point range. While showing no intent of making any strong move on the upside, the index also did not show any sign of major weakness. The rangebound consolidation left the headline index with a net loss of 120 points, or 1.08 per cent, on a weekly basis. July was one of the best month in the recent times, as Nifty gained 771 points, or 7.49 per cent on monthly basis. The market has shown sustained rise after Nifty...
China Forex Regulator Vows Greater Opening, Eyes Reform on Private Equity Investment – The New York Times
Forex News

China Forex Regulator Vows Greater Opening, Eyes Reform on Private Equity Investment – The New York Times

SHANGHAI — China will continue to expand financial market opening, including exploring reforms to the rules governing cross-border investment management involving private equity funds, the country's foreign exchange regulator said on Saturday. The State Administration of Foreign Exchange (SAFE) said in a statement it would maintain a push to "steadily expand two-way opening and interconnectivity of financial markets," following a conference hosted by the regulator on Friday. China has moved to relax restrictions on access to its financial markets in recent months amid rising tensions with the United States, including revising rules to scrap quotas under two major inbound investment schemes. SAFE also pledged on Saturday to keep fighting foreign exchange risks, including those involving...
Florida teen arrested as mastermind of Twitter hack – Times of India
Stock News

Florida teen arrested as mastermind of Twitter hack – Times of India

The official Twitter accounts of Bill Gates, Joe Biden and other high-profile accounts were hijacked on July 1...Read More MIAMI: A Florida teen was identified Friday as the mastermind of a scheme earlier last month that commandeered Twitter accounts of prominent politicians, celebrities and technology moguls and scammed people around the globe out of more than $100,000 in Bitcoin. Two other men were also charged in the case. Graham Ivan Clark, 17, was arrested Friday in Tampa, where the Hillsborough State Attorney's Office will prosecute him as an adult. He faces 30 felony charges, according to a news release. Two men accused of benefiting from the hack - Mason Sheppard, 19, of Bognor Regis, UK, and Nima Fazeli, 22, of Orlando - were charged separately in California federal court. I...
Namibia to close schools, limit public gatherings
Stock News

Namibia to close schools, limit public gatherings

Namibian schools will be suspended for the second time in four months next week, while limits on public gatherings will be tightened further to 100 from 250 amid surging cases, President Hage Geingob said. In a televised speech on Friday, Geingob said the decision to suspend schools from Aug. 4 for 28 days came after considering the risks associated with the spread of the virus. The measure affects early childhood development, pre-primary, primary and the first two grades of high school. Namibia has 2,129 confirmed cases and 10 deaths with the country’s rate of daily new cases now the fourth highest on the continent following South Africa, Eswatini and Gabon, according to Geingob. People will also not be allowed to consume alcohol at bars and taverns. They will only be permitted to...