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ZION earnings call for the period ending March 31, 2021.
(Bloomberg) -- From factory closures to the Suez Canal logjam and the global chip shortage, Sea-Doo manufacturer BRP Inc. was caught in all the supply-chain headaches of the past 15 months. But there’s been an upside, according to its chief executive officer: “a complete reset” of the industry that’ll mean fewer price promotions.The pandemic, with its restrictions on travel and close contact, sent consumers rushing to buy recreational products such as snowmobiles, all-terrain vehicles and person
(Bloomberg) -- The size and type of defaults that have occurred in China in recent times indicate that the notion of “too big to fail” may no longer apply to the nation’s borrowers, according to Goldman Sachs Group Inc.There has been a noticeable up-tick in defaults by Chinese state-owned enterprises since late 2019 and some of the borrowers that have failed to repay debt recently such as China Fortune Land Development Co. have had large amounts of outstanding bonds, analysts including Kenneth H
(Bloomberg) -- Members of the Walton family have sold 16.7 million shares of Walmart Inc. this year as they try to keep their stake in the world’s biggest retailer from ballooning amid the company’s stock buybacks.The Walton Family Holdings Trust sold $430 million worth over the past week, taking their total sales to almost $2.1 billion since Jan. 1, according to Securities and Exchange Commission filings. The notifications were filed on behalf of second-generation family members Alice, Rob and
The country is testing the currency in different pilots.
With President Biden about to unleash a potential trillion-dollar spending spree on green infrastructure, ESG investors could see opportunities in the years to come
The chief executive of Rolls-Royce has come under fire for remarking that its workforce is “frankly a bit too old”. Speaking at a technology conference in London, Warren East said one of the challenges he faced when he joined the jet engine maker was its older workforce. His comments were in response to a question about inspiring young engineers at the company and ensuring it had an “exciting” atmosphere. However, the remarks sparked a furious backlash with critics calling his comments "disgrace
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.The Federal Reserve’s much awaited interest-rate meeting this week is just one of a panoply by global central banks whose policies are increasingly diverging as economies respond in different ways to the coronavirus crisis.An anticipated decision in Washington on Wednesday to stay the course with an easing stance for the duration of the American summer may only underscore how what was o
(Bloomberg) -- Many of the issues thrown up in the transition away from sterling Libor appear to have been addressed, Bank of England Governor Andrew Bailey said Monday, delivering a confident assessment of the U.K.’s exit from the discredited benchmark.Britain, the home of Libor, is making faster progress than the U.S. and Japan. U.K. replacement rate Sonia, the Sterling Overnight Index Average, has seen widespread take-up the derivatives market, and firms were instructed in April to stop issui
(Bloomberg) -- Dimensional Fund Advisors just became one of the biggest players in the $6.5 trillion exchange-traded fund arena.In a milestone moment for the money management industry, the $637 billion quant pioneer founded by David Booth has converted four equity mutual funds with $28.8 billion of assets into ETFs.At a stroke, it puts Dimensional on the cusp of being one of the 10 biggest U.S. ETF issuers by assets and takes its lineup to seven funds.Meanwhile the Austin, Texas-based firm has a
The spread of cryptocurrencies without any clear regulation is a cause for concern and could damage the way the market operates, the head of Italy's stock market regulator said on Monday. Paolo Savona joined a host of institutional leaders who have clamoured for more regulation and said cryptocurrencies could facilitate illegal activity such as money laundering and even undermine central banks' ability to conduct monetary policy. "Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators," the Consob chairman said as he presented the watchdog's yearly report.
(Bloomberg) -- The European Union is testing investors’ appetite to fund nearly $1 trillion of debt over five years as it seeks to finance its recovery from the coronavirus pandemic.The bloc opened books on debut 10-year bonds as part of its NextGenerationEU (NGEU) program, which will finance grants and loans to member states. European Central Bank President Christine Lagarde said in an interview published Monday the NGEU stimulus will “transform the future of Europe.”The bonds, which are likely
(Bloomberg) -- Shares of companies controlled by billionaire Gautam Adani recouped a part of their day’s losses after refuting a local report that said accounts of three Mauritius-based funds that own the group’s stocks were frozen.The Economic Times reported Monday that National Securities Depository Ltd. froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. It said the action was probably due to insufficient disclosure of information regarding beneficial ownership
(Bloomberg) -- Gold slid to the lowest in almost a month as a U.S. bond rally lost steam ahead of this week’s Federal Reserve meeting, which may give clues on future monetary policy. Copper also fell.Bullion retreated as Treasury yields ticked higher, curbing the appeal of the non-interest-bearing metal. Bullion has posted two straight weekly declines.Economic stimulus and low interest rates have helped boost precious and base metals this year, and investors are wary that economic growth and inf
(Bloomberg) -- Ferrari NV’s plan to go green could be costly for investors in the short term, according to Goldman Sachs Inc.The broker flipped its recommendation on the supercar maker to sell from buy Monday, citing the firm’s efforts to launch a battery-powered vehicle by 2025, alongside weaker volume expectations for existing models.“While we would view any Ferrari push to be at the forefront of evolving technologies positively in the long-term, for investors today, the transition brings unce
GBP/USD settled below the 20 EMA and is trying to settle below the support at 1.4100.
The Fed’s two-day policy meeting will likely dominate investor behavior this week. Its forecasts could move the markets.
Bitcoin option's smile shows persistent fears of deeper drop and low expectations for a quick rally.
(Reuters) -The U.S. Supreme Court on Monday gave Microsoft Corp's LinkedIn Corp another chance to try to stop rival hiQ Labs Inc from harvesting personal data from the professional networking platform's public profiles - a practice that LinkedIn contends threatens the privacy of its users. The justices threw out a lower court ruling that had barred LinkedIn from denying hiQ access to the information that LinkedIn members had made publicly available.
(Bloomberg) -- Washington Prime Group Inc., a real estate investment trust that operates enclosed malls and strip centers across the U.S., filed for bankruptcy after the Covid-19 pandemic drove away shoppers.The Chapter 11 filing in Houston lets Washington Prime stay in business while it restructures its debts in a deal that it reached with certain creditors, according to the bankruptcy. The company, with assets estimated at $4 billion and debt of almost $3.5 billion, secured a bankruptcy loan o
"Musk's latest tweet will put the juice to the upside," a market observer said.