Aug 17 (Reuters) - Beijing Media Corp Ltd:
* PENG LIANG RESIGNS AS EXECUTIVE VICE PRESIDENT Source text for Eikon: Further company coverage:
Aug 17 (Reuters) - Beijing Media Corp Ltd:
* PENG LIANG RESIGNS AS EXECUTIVE VICE PRESIDENT Source text for Eikon: Further company coverage:
(Bloomberg) -- Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up hereBrazil’s central bank is set to deliver a second straight increase of 75 basis points to its benchmark interest rate, while weighing how much more monetary tightening is needed to pull next year’s inflation forecasts back down to target.The bank will likely lift the Selic to 3.50% on Wednesday, as previously signaled by policy makers and forecast by all analysts in a Bloomberg survey. What’s less certain is whether it will reaffirm plans to keep part of the stimulus in place, and what kind of guidance on rates it may offer.While the latest inflation readings have come in below economist expectations, many traders in interest rate futures keep calling for one additional rate increase of 0.75 percentage point later this year, in a cycle that’s expected to boost borrowing costs by at least 350 basis points before the end of 2021.Policy makers led by Roberto Campos Neto are required to be tough on consumer prices without harming a fragile economic recovery. It’s an increasingly difficult task, as the country grapples with a slow vaccination campaign on one hand, and annual inflation that’s running above target on the other.Wednesday’s decision will be published on the central bank’s website at 6:30 p.m. local time in Brasilia, together with a statement from the bank’s board. These are the most important points investors will be focusing on:Rate NormalizationA crucial clue about the size and length of the central bank’s monetary tightening cycle will come from whether board members keep plans for a “partial” normalization of rates -- meaning that borrowing costs would remain stimulative. A change to that phrase, or even its elimination, can signal that the Selic will go even higher than previously thought.What Bloomberg Economics Says“There’s no reason for the central bank to deviate form its commitment to a 75bps hike. Therefore, what will be key is not the decision itself but what they will say regarding future steps. We see the Selic at 5.5% through end-2021. But if the central bank drops their reference to “partial normalization” the market will understand it as signaling that they want to go to 6%-7% at the end of this cycle.”--Adriana Dupita, Latin America economist--Click here for the full report.InflationInvestor eyes will dart to the central bank’s latest inflation forecasts. At their previous rate-setting meeting in March, board members predicted cost of living increases will converge to the 2022 goal of 3.5%. Since then, private sector economists have raised their consumer price estimates above target for both this year and next.If policy makers follow suit, it may be a sign of more prolonged rate increases ahead. Indeed, food and fuel prices have risen sharply, and there’s continued political pressure for more spending against the pandemic. The bank board will likely issue harsher warnings on inflation in response to its short-term surge, according to Cassiana Fernandez, an economist at JPMorgan SA.Economic GrowthFinancial markets will seek out central bank comments on the strength of Brazil’s economic recovery and its resilience against a deadly virus wave. Since the last policy meeting, the government has started to pay out a new round of emergency aid to help the poor weather the outbreak.At the same time, the administration has faced fresh challenges in securing a steady supply of vaccines that are seen as the centerpiece to the economy’s permanent reopening. “There’s still a lot of uncertainty regarding the pandemic, the economy and also politics,” said Alberto Ramos, chief Latin America economist at Goldman Sachs Group Inc.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.
Cathie Wood's ARK Innovation exchange-traded fund is significantly oversold and due for a bounce, but if it doesn't come the popular fund risks suffering a “waterfall” decline, says one chart watcher.
(Bloomberg) -- Jeff Bezos sold about $2.5 billion of Amazon.com Inc. stock, his first big disposal this year after offloading more than $10 billion worth of shares in 2020.Bezos sold around 739,000 shares this week under a pre-arranged trading plan, according to U.S. Securities and Exchange Commission filings. He plans to sell as many as 2 million shares, according to a separate filing.The world’s richest person continues to hold more than 10% of Amazon.com, the primary source of his $191.3 billion fortune, according to the Bloomberg Billionaires Index. In the 15 years after Amazon.com went public in 1997, Bezos sold about a fifth of the online retailer for roughly $2 billion. The value of his stake has ballooned in recent years to such an extent that he can now sell relatively small amounts for billions of dollars.Amazon stock is little changed this year after rallying 76% in 2020 as the Covid-19 pandemic kept people away from physical stores and encouraged online shopping.The Amazon founder has used stock sales to fund rocket company Blue Origin, while he’s committed $10 billion to the “Bezos Earth Fund” to help counter the effects of climate change.The rocket maker said Wednesday it has set July 20 for its first mission carrying people to space and plans to auction off one seat on its New Shepard rocket.Bezos would be far richer if it weren’t for his divorce from MacKenzie Scott. She received a 4% stake in Amazon as part of the split and quickly became one of the world’s most important philanthropists.(Updates with Blue Origin plans in seventh 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.
(Bloomberg) -- For investment-grade companies on the cusp of junk, it might not be so bad on the other side.The additional cost for firms to borrow in the U.S. high-yield market versus high grade narrowed to 197 basis points Monday, the tightest since before the global financial crisis, according to Bloomberg Barclays index data. The spread last dipped below 200 basis points in 2007, the data show.A relentless rally in junk-rated debt is narrowing the gap, as high-yield spreads also hit a pre-crisis tight Monday. Yields dropped to an all-time low as investors pile into riskier assets for higher returns, betting a recovery will boost particularly the most speculative names.Cheap borrowing costs are encouraging a barrage of high-yield issuance, which has broken records in every month this year after setting a new high mark in 2020. It’s especially helping the lowest-rated companies tap the market, with CCC yields dropping 34 basis points to a new low of 5.72%.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.
It appears that Shark Tank investor Kevin O’Leary no longer thinks bitcoin is “garbage.” The chairman of O’Shares ETF told Yahoo Finance Live that he’s allocated 3% of his portfolio to the world’s largest cryptocurrency after his native Canada, and a handful of other countries, eased restrictions on institutional buying of the asset.
A year into the pandemic, some homeowners say loan servicers aren't giving them clear information about mortgage forbearance.
The cryptocurrency that no one was meant to take seriously spiked to just under 70¢ before losing a little ground.
Wealthy investor Mike Novogratz says that the run-up in dogecoin is a reflection of the disenchantment of younger investors in the current state of financial markets and the economy and cautioned that trying to bet on the parody coin at these current levels is dangerous.
Since January, the price of Bitcoin has surged 89%. But another major cryptocurrency has posted even larger returns.
Caesars Entertainment Inc. shares spiked in after-hours trading Tuesday after the casino company revealed another big loss in the first quarter, but outlined a strong rebound in the works in Las Vegas.
(Bloomberg) -- It’s the postponed weddings and family reunions. It’s meeting newborn grandchildren and attending memorial services for loved ones lost to the pandemic. It’s the rebooked trips to Maui and adventures in new cities.All that travel demand has been piling up for more than a year, and now it’s about to burst out into one hot summer for U.S. domestic flights -- and the jet fuel producers hammered by 2020’s lockdowns.Jet fuel use is expected to jump 30% this summer from where it was in the first quarter, the government projects. The extra demand comes as airlines revamp routes to offer more nonstop flights and boost capacity to reach more leisure destinations like beaches in Florida and national parks in the West. Executives from Hawaiian Airlines, Boeing Co. and U.S. oil refiner Valero Energy Corp. are all looking at the explosion of pent-up demand as an “inflection point.” United Airlines is adding hundreds of flights, and in June will fly its largest schedule since the pandemic hit.With travelers switching on the spending, it’ll be a boon to reopening economies as money pours into restaurants, hotels, rental cars and attractions. But the big question is: What kind of staying power will the summer crescendo have? To truly get things moving again, the domestic leisure trips will need to turn into a recovery for business and international flights, the real money makers for airlines and the crude refiners who produce jet fuel.For many Americans, their first flights in the pandemic era will serve as a litmus test for future travel. If the summer trips go well -- and there’s no accompanying spike in Covid infections -- the real surprise could be that demand stays at elevated levels into the fall and beyond as consumers clamor for a return to normal life.Lindsay Crosby, a 36-year-old commercial banker and morning radio show host, is flying with his wife and two kids from Atlanta to Dallas in late June. It’ll be their first trip since the pandemic started, and he’s feeling confident because not only are he and his wife vaccinated, but so are the other family members he’ll be reuniting with in Texas.“It was $1,000 to fly four of us to Texas and back, but I have the money to spend. I didn’t take any vacations last year, so we have no problem spending the money so I don’t have to be behind the wheel for 12 hours,” he said.“Knowing that this is going to be a normal summer has been very, very much needed -- like for our mental health.”Airline passenger numbers in the U.S. have already grown steadily from the pandemic lows, with a fast acceleration in recent weeks. At first the demand rebound just meant that planes were filling up again, but now additional flights are being added to schedules. U.S. departures in March were being added at a rate of dozens of flights per day, including large gains in Denver and Las Vegas, according to the latest data compiled by BloombergNEF.The added travel means signs of life are appearing in the market for jet fuel, the corner of the oil market that’s so far had the slowest recovery. If jet fuel can come back to even close to normal levels, it will give crude prices more room to surge, further fanning global inflation prospects.Soybean Oil and Crude Lead Best-in-a-Decade Commodities ReboundIn the third quarter, jet fuel demand is projected to reach 1.47 million barrels a day, up from 1.13 million in the first quarter and more than 50% higher than a year earlier, according to the U.S. Energy Information Administration. U.S. airlines in March used 33% more fuel than in February, reaching the highest monthly consumption level since March 2020, U.S. Department of Transportation figures showed Wednesday. Jet fuel for pipeline loading outside Houston to serve major airports like Atlanta’s and New York’s has been trading about 20 cents a gallon below Nymex diesel futures since mid-April. A year ago, the discount was closer to 30 cents. Still, there’s a long road to a full recovery: In April 2019, the figure was about 8 cents.Even the small recovery for prices is helping to boost profits for the refiners who turn crude oil into fuel products. Jet fuel in April provided 7% of U.S. refinery margins, BloombergNEF data show. That’s up from 3% at the start of the pandemic, but still down from 10% in April 2019.“We’re getting to an inflection point where now they’re starting to add flights,” Valero Executive Vice President and Chief Commercial Officer Gary Simmons told analysts in April. “You can see that in jet fuel nominations and also the fact that airlines are calling their pilots and their crews back.”The big wildcard for both the airlines and the fuel market: What happens after the Labor Day holiday? That’s when many U.S. schools reopen and airline traffic becomes much more dependent on business demand.While domestic leisure traffic is nearly back to 2019 levels for many airlines, U.S. business traffic remains nearly 80% below pre-pandemic levels, holding back a broader rebound. At United Airlines Holdings Inc., for example, even with the added flights for June, the company will still be at just 67% of its domestic schedule compared with June 2019.Airlines could get squeezed if that trend continues. Leisure-goers usually pay for cheaper seats, while business travelers are the big-money ticket buyers. Accelerating vacation demand would likely mean a continued recovery for jet fuel, raising airline costs without margins getting beefed up from the higher fares.Already, the average gallon of jet fuel has increased 23% since late January to $1.79 a gallon on April 28, according to the Argus U.S. Jet Fuel Index.A lack of “higher-quality traffic,” as Airlines for America, the carriers’ trade group puts it, will cause the industry’s financial recovery to lag as average fares remain 29% below pre-pandemic levels. The group predicts that total passenger volumes won’t return to those of 2019 until 2023.Energy industry consultant FGE has a similar outlook for jet fuel demand, forecasting that it won’t return to 2019 levels until 2024. That estimate is also factoring in that airlines are replacing old jets with fuel-efficient models, said Krista Kuhl, a Houston-based oil consultant with FGE.Other thorns for the industry: Jet fuel inventories have built up in the past year, and global travel isn’t recovering at the same pace as U.S. domestic demand.That will make it hard for the Gulf Coast refining industry “to export as much jet as it did in the past,” said Robert Campbell, head of oil products research at Energy Aspects.But the U.S. jet fuel market is about 80% dependent on domestic demand, Simmons of Valero estimates. So even if exports lag for some time, the industry can see a healthy recovery as long as Americans keep flying.And there’s at least some anecdotal evidence that if travelers feel comfortable on their first flights back, they’ll keep taking more.Crosby, the commercial banker who’s flying to Dallas, said he expects he’ll feel safe at the airport and on the plane, but he’ll also be on alert: “Because you always see horror stories about people flying right now who don’t want to wear their mask or refuse to leave it on,” he said. Still, he’s already thinking about more flights, including a fall trip to see his sister in Washington D.C., and his wife has her sights on a vacation in Mexico in September.“I’m actually making plans to travel and go somewhere. I can go buy concert tickets. I bought sporting event tickets, and it’s like ‘Okay, we’re getting back to life now,’” he said.(Adds March fuel use in 12th 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.
(Bloomberg) -- Investors are piling back into some of the fringe corners of the cryptocurrency world, with the frenzy sending Dogecoin surging more than 50% again and crashing Robinhood’s trading app.Other so-called altcoins also took off, with Dash spiking 18% over a 24-hour period through the European morning on Wednesday and Ethereum Classic rising almost 45%. In the world of DeFi, tokens such as Force DAO and Tierion surged more than 1,000% on Tuesday, according to CoinMarketCap.com data. Meanwhile, Robinhood said it resolved earlier issues with crypto trading on its platform.“You have money looking for a home and this is one of those areas of the market where there is speculation happening, there is significant appreciation happening in a short period of time,” said Chad Oviatt, director of investment management at Huntington Private Bank. “You get that excitement there.”The rallies defied easy explanation and continued a trend that’s seen the value of all digital tokens surge past $2.3 trillion. Doge, created as a joke in 2013, has been used in marketing gimmicks -- the latest by the Oakland A’s baseball team, which offered two seats to games this week for 100 Dogecoin. The Gemini crypto exchange backed by Tyler and Cameron Winklevoss said it now supports Doge, and will soon enable trading of it.Dogecoin’s red-hot advance from around 0.002 cents a year ago -- when it was worth about $300 million -- has captured the interest of many on Wall Street. It’s even caught the attention of the Federal Reserve -- the central bank’s chairman last week answered “some of the asset prices are high” when asked if things like GameStop Corp.’s and Dogecoin’s supercharged rallies created threats to financial stability.As a sign of Dogecoin’s rising popularity, the Robinhood app is among the top 10 downloads at the Apple App Store. Meanwhile, Coinbase Global, the largest U.S. crypto exchange -- which doesn’t offer Doge trading -- saw its shares fall 4.6% Tuesday, its lowest close since its market debut last month.“It’s pretty amazing that something that started out as a joke has become so popular,” said Matt Maley, chief market strategist for Miller Tabak + Co.Though interest in digital assets has picked up in recent months as more traditional firms who were long hesitant to the crypto space warm up to cryptocurrencies, it’s alternative coins that have captured the most attention in recent days. Bitcoin has taken a backseat following record-setting rallies from Ether and Doge, wrote Edward Moya, senior market analyst at Oanda.“The Dogecoin bubble should have popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher,” he said in a note. “Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.”Elsewhere, a new Ether ETF trading in Canada called the CI Galaxy Ethereum ETF (ETHX) broke its record volume on Tuesday. It’s up more than 20% in the first two days of the week.Bitcoin rose modestly on Wednesday, snapping a three-day losing streak. It was up 0.8% to $55,213 as of 9:29 a.m. in London on Wednesday.Meanwhile, many -- including famed crypto investor Mike Novogratz -- have warned that the rallies could be unsustainable. Novogratz, chief executive officer of Galaxy Digital Holdings, said recently he’d be “very, very worried” were one of his friends to invest in Doge.“It seems that investors are careening from one hot dot to another, like a pinball game,” said Mike Bailey, director of research at FBB Capital Partners. “My sense is this speculative wave will suffer the same fate as the GME and other Robinhood ‘flash-in-the-pan’ stocks. Cryptocurrencies may have become a new asset class, like precious metals, but surges such as these seem unsustainable.”(Updates prices throughout.)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.
The trading app experienced issues with crypto trading, and users are furious.
The housing market is red hot at the moment, with the Case-Shiller index soaring. But Morgan Stanley has some good reasons why the current situation isn't a bubble.
In July, the IRS will begin sending monthly payments of $250 or $300 to low- and moderate-income families who qualify for the child tax credit.
Though mortgage rates are at their lowest levels in months, refinance activity is quieter.
Prices are on the rise, but there are ways you can lessen the impact on your wallet.
In one of the more light-hearted moments of Berkshire Hathaway's annual shareholders meeting on Saturday, Ajit Jain, vice chairman of Insurance Operations, was asked if he'd be willing to underwrite the insurance to cover Elon Musk's SpaceX mission to Mars, assuming Musk asked.
If you want a financially comfortable retirement with ample money available, you need to take two basic steps. In a recent article I described how to design a withdrawal strategy that will keep your portfolio healthy if you have saved enough (but only enough) to meet your needs. If you retire with a portfolio that’s at least 25 times the size of the annual withdrawal you need (in other words, with $1 million if you need $40,000 from it the first year), you will most likely succeed.
Some of your favorite consumer brands want more of your money because of surging inflation.