A bruising bond market sell-off earlier this year appears to remain high on the minds of Federal Reserve officials, who in a report on Thursday singled out the event as illustrative of continuing liquidity issues in the $21 trillion U.S. Treasury market. The Feb. 25 drubbing followed a historically poor auction of 7-year Treasury notes and sent yields surging as market liquidity evaporated in minutes. The event, coming less than a year after the Fed had to inject $2 trillion into the bond market in the space of about five weeks to keep it from a complete melt down, "highlighted the importance of continued focus on Treasury market resilience," the Fed said in its semi-annual Financial Stability Report.
(Bloomberg) -- Shares of Covid-19 vaccine developers in Asia got some relief after the German Chancellor rejected a U.S. proposal to waive patent protections for coronavirus shots.Chinese vaccine makers rebounded after slumping on Thursday following the initial news that the U.S. would support discussions for a waiver of the rights to develop vaccines. The Biden administration’s plan would create “severe complications” for the production of vaccines, a German government spokeswoman said Thursday in an email.Shanghai Fosun Pharmaceutical Group Co., which has the rights to develop and market BioNTech SE’s shot in China, advanced as much as 7% in Hong Kong after sinking 14% the previous day. Walvax Biotechnology Co. gained 3.7% in Shanghai, one of the best performers in the benchmark CSI 300 Index.In the U.S., Pfizer Inc., BioNTech SE, Novavax Inc. and CureVac NV all pared an earlier slump.Some analysts had urged for caution to the news prior to Merkel’s announcement. The Biden administration’s plans will only open up a negotiation at the WTO and other countries and members remain unwilling, said Barclays analyst Carter Gould in a note.For Evercore ISI analyst Umer Raffat, U.S. support didn’t mean it was a “100% done deal” as other countries are also opposed. It “remains to be seen if U.S. leadership’s position sways others,” Raffat wrote in a note.With many countries struggling with a resurgence of the virus, U.S. Trade Representative Katherine Tai said Wednesday the Biden administration will take part in negotiations for the text of a waiver of the rights at the World Trade Organization. The European Union said Thursday it was willing to participate.Big BusinessVaccines have been a big business for the firms that make them, with Pfizer, BioNTech’s partner outside of China, raising its forecast for 2021 vaccine sales to $26 billion just this week.Read more: Analysts say investor fears of U.S. vaccine waiver support are overblownThe International Federation of Pharmaceutical Manufacturers & Associations condemned the move as “disappointing.”“A waiver is the simple but the wrong answer to what is a complex problem,” the group said in a statement. “Waiving patents of Covid-19 vaccines will not increase production nor provide practical solutions needed to battle this global health crisis.”(Updates with Asian moves)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.
Stable Road is still 6% short of the 65% needed to approve an extension amendment Extension amendment must be approved by May 13 to prevent SPAC from being dissolved Investors show very strong support for deal with stock trading at $11 vs. $10.03 cash in trust If SPAC is dissolved shareholders will receive $10.03 in […]
(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.
It's hard to imagine Berkshire Hathaway without Warren Buffett. Unless you're a stock investor.
Stocks traded mixed Thursday morning, with the Nasdaq looking to extend its losing streak to a fifth straight session as technology stocks came under more pressure.
(Bloomberg) -- Federal Reserve Chairman Jerome Powell has called the risks emanating from “frothy” stock prices and other potential financial imbalances “manageable.” Some current and former central bankers are not so sure.They worry that the Fed’s rock-bottom interest rates and massive bond buying might lead to asset price bubbles, and excessive risk-taking and leverage that could come back to haunt the economy.“We’re now at a point where I’m observing excesses and imbalances in financial markets,” Dallas Federal Reserve Bank President Robert Kaplan said on April 30. “I’m very attentive to that, and that’s why I do think at the earliest opportunity I think it will be appropriate for us to start talking about adjusting those purchases.”Powell, for his part, has shown no inclination to pull back on the Fed’s support for the pandemic-damaged, yet recovering, U.S. economy. But he’s lately sounded a bit more wary about potential dangers to financial stability.Investors will get further insight into Powell’s thinking when the Fed releases its semi-annual Financial Stability Report at 4 p.m. Washington time on Thursday. The report is a product of the Fed board in Washington and won’t reflect the views of regional central bank presidents like Kaplan.After avoiding calling asset prices elevated earlier this year, Powell surprised investors by using the “f” word to describe the markets when speaking to reporters on April 28.‘Bit Frothy’“You are seeing things in the capital markets that are a bit frothy,” he said, after a two-day meeting at which the Fed opted to maintain its ultra-accommodative monetary posture. “Some of the asset prices are high.”But he argued that a growing number of vaccinations and a faster economic reopening were the main forces driving prices higher, not Fed policy.Powell also pointed out that some of the other factors the Fed looks at to assess financial stability risks are not flashing red. Household balance sheets are in good shape, leverage in the financial system is not high and banks are well-capitalized.“The overall financial stability picture is mixed but on balance, it’s manageable,” he said.Powell is far from alone in sounding wary about exuberance in financial markets.“Asset bubbles are a hot topic these days for the somewhat obvious reasons that so many markets are on fire,” JPMorgan Chase & Co. Head of Cross-Asset Fundamental Strategy John Normand said in an April 30 note.Financial ConditionsThe Fed chief faces a quandary when it comes to the markets. He wants financial conditions to be easy to help the economy and the jobs market recover from the devastation of the pandemic.But he’s also aware that bursting asset bubbles can lead to economic recessions, as occurred in 2001 when high-flying technology company shares crashed, and in 2007 when housing prices crumbled.To help limit the financial fallout from an eventual step-back in Fed support, former Bank for International Settlements Economic Advisor Stephen Cecchetti said policy makers should give investors a clearer idea of how they will adjust bond purchases in response to different economic scenarios.The central bank is currently buying $120 billion of assets per month and has pledged to keep up that pace “until substantial further progress” has been made toward its goals of maximum employment and 2% average inflation.Communicating ShiftPowell has repeatedly declined to be more specific, except to say that it will likely be some time before such progress is achieved.He has though promised to give investors ample warning of a coming shift in the Fed’s plans.That might not be enough to prevent a swoon in a stock market that’s become dependent on the Fed’s largesse.“Speculative markets are tricky,” former Fed Governor Jeremy Stein said. “They’re hard to manage.”That could be especially the case if investors become fixated on the risk of faster inflation.“There’s been some dry kindling for a while (for a steep market decline) but now you can imagine what a spark might be,” Harvard University professor Stein added.More ResilientFormer Bank of England policy maker Adam Posen said the Fed and other regulators should act to make the financial system more resilient and thus better able to handle an eventual increase in interest rates.“There are things they can do now to reduce the likelihood that bad things will happen when they’re forced to raise rates in early 2023,” sooner than they’re currently expecting, said Posen, who’s now president of the Peterson Institute for International Economics in Washington.Kaplan is not the only Fed president who has flagged possible financial risks. Boston’s Eric Rosengren has as well.But unlike Kaplan, he has said it’s premature to talk about tapering bond purchases, though he’s added that it’s “quite possible” that the conditions for scaling back buying might be met toward the end of this year.While asset prices are not yet “unusually buoyant,” Rosengren suggested on a webinar on Wednesday that the Fed’s very patient approach to reducing stimulus could result in them becoming so.“If we get down to full employment by the end of next year with interest rates still quite low, I am going to be highly attuned to what’s happening in financial markets,” he said.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.
Wall Street begins weighing in on Peloton's tread recall.
(Bloomberg) -- Technology startup investor Vickers Venture Partners has been caught up in the allegedly fraudulent nickel trading scheme of a Singaporean businessman and his Envy Global Trading, prompting a review by the city-state’s monetary authority.Vickers would be the highest-profile investor yet to have fallen victim to the suspected $740 million swindle, which Singaporean authorities have said could be the biggest investment fraud the financial hub has ever seen. The alleged mastermind, Ng Yu Zhi, has been charged with a range of suspected crimes from faking the purchase and sale of nickel to falsifying transfers from Citibank and account statements that showed millions in funds.Licensed fund managers must have policies to manage risks, including proper checks before investments, MAS said in an emailed response to Bloomberg’s queries on Thursday. “We are performing a supervisory review” of Vickers Venture Partners (S) Pte Ltd. to “ascertain that it has met these requirements.”Vickers Venture’s founder Finian Tan said in a reply to Bloomberg’s query that he was a personal investor in the receivable financing funds floated by Envy Global Trading, which authorities believe involved false contracts. Two Vickers funds were also investors in companies with exposure to the same trade, he said, adding that the initial due diligence process did not raise any red flags.Tan also confirmed that Ng is among investors in a company that made a small investment in Vickers and another company that put a small amount in one of its seven funds. A representative for Ng didn’t immediately respond to an emailed query.Vickers has $953 million of assets under management, including co-investments. Its founder and chairman was an early investor in Chinese technology giant Baidu Inc. Vickers said in 2020 it received $200 million in commitments for its sixth fund, which is targeted at $500 million.“We are expecting this year to be the best ever year for both funds even if we have to write off the RFEGT investments to zero,” Tan said in a statement, referring to the receivable financing investment. “As venture capitalists, we swing for the fences. And when mistakes occur, we should of course try to minimize them.”Tan said his fund’s ability to hit a “home-run” by taking risks has allowed it to produce outsized returns in the past. “If we slow down our swing and can no longer hit home-runs, then we are done for.”The fraud allegations against Ng center on his dealings at Envy Asset Management and Envy Global Trading, companies he controlled and where he was a director. Of the more than S$1 billion ($749 million) that was invested in the companies, S$300 million was transferred to Ng’s personal account while an estimated S$200 million remains unaccounted for, prosecutors alleged in court proceedings last month.While investors received payments worth S$700 million, they’re owed another S$1 billion based on the face value of outstanding contracts, prosecutors said.Singapore’s High Court last week approved KPMG LLP as the interim judicial manager of three companies that are linked to the case.(Updates with Vickers fundraising details in sixth 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) -- The U.K.’s financial regulator handed down its first penalty over the Cum-Ex tax scandal, fining a broker 178,000 pounds ($248,000) for failings regarding its relationship with hedge-fund manager Sanjay Shah.Sapien Capital, which executed more than 6 billion pounds of trades in Danish and Belgian stocks on behalf of Shah’s Solo Capital group through 2015, had inadequate financial-crime controls in place, the Financial Conduct Authority said in a statement Thursday.Shah has emerged as a key figure in a scandal over alleged tax fraud that has engulfed multiple European countries, with investigators raking over a trading strategy that allowed investors to claim multiple refunds on a dividend tax that was paid only once. The FCA said the trading “is highly suggestive of sophisticated financial crime.”“These transactions ran money-laundering and other financial-crime risks, which Sapien incompetently failed to see,” Mark Steward, the agency’s director of enforcement and market oversight, said. The fine was reduced due to serious financial hardship.Ramesh Kumar Ahuja, Sapien Capital’s chief executive officer, declined to comment by phone. The firm told the FCA that “it is only with the benefit of hindsight that the shortcomings in relation to the Solo business have become apparent,” according to a summary of its submissions.While more than 25 bankers, traders and lawyers have been charged in Denmark and Germany, U.K. authorities have faced criticisms from the courts for the speed of their investigations.Danish prosecutors said earlier this year that Shah was the mastermind behind a a 9.6 billion-krone ($1.6 billion) tax-fraud case. Shortly after that, Shah and six others were indicted by Hamburg prosecutors over more than 50 cases of money laundering relating to Cum-Ex trades in Denmark and Belgium that went through German accounts.Shah has consistently said he did nothing wrong other than take advantage of loopholes in national laws.The FCA said Sapien had just 40 clients before adding more than 160 customers linked to Solo. The brokerage was expecting to take in as much as 700,000 pounds in brokerage fees annually.Even when Sapien couldn’t be sure about the identity of one of the Solo clients, a mix of offshore companies and pension plans, it proceeded to add the firm as a customer anyway, the FCA said. The client presented mismatched signatures as part of a bundle of documents and Sapien simply asked it to re-sign the forms, the regulator said.Inside Sapien, the mismatched signatures were known as a “touchy subject,” according to the FCA.(Updates with details on Sapien Capital’s submissions in fifth 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) -- Unilever Plc and other big retail brands are among consumer giants adopting a toolkit to audit their shipping supply chains in an effort to help bring seafarers stuck on commercial vessels back home and eliminate human rights risks.The voluntary initiative, which launches later this week, calls on companies that put cargo on shipping containers to address problems stemming from government-imposed restrictions on crew changes. It’s estimated more than 200,000 crew around the world are still stuck on vessels beyond the expiration of their contracts and well past globally accepted safety standards.The program -- part of a project by the UN Global Compact -- is also expected to be endorsed by the powerful Consumer Goods Forum, a body that counts hundreds of the world’s biggest consumer companies as members, including Coca-Cola Co., Marks & Spencer Group Plc and Nestle SA.“Businesses, from multinational firms to global brands, have a responsibility to respect the human rights of seafarers as workers along their supply chain,” said Sturla Henriksen, a UN Global Compact special adviser for sea issues. “There is a vast gap between business aspiration and business action on human rights. This tool seeks to address that.”Practical StepsAny company that puts any sort of cargo on ships will be encouraged to use the checklist, which includes asking ship owners and those who charter space on vessels to support crew changes and ensure clauses aren’t being added to contracts that prevent crew relief.Earlier, Bloomberg reporting found that some big commodities firms are avoiding hiring certain vessels or imposing conditions that block crew changes to relieve exhausted seafarers. Brands are also being encouraged to work with the union and shipping chamber to request a detailed audit of their supply chain -- down to the ships that are being used to ferry their cargo as part of the human rights due diligence initiative.Unilever, which like Bloomberg was able to review the program’s details before its launch, plans to adopt the toolkit, according to Chief Supply Chain Officer Marc Engel. The company last year spearheaded a letter urging world leaders to help stuck seafarers. This latest initiative spells out practical, concrete steps that all businesses can take to make sure their sea logistics address human rights flags, Engel said.Engel said the tool kit should prompt some frank discussions with suppliers as well as encourage dialog around costs within the shipping industry, which is fragmented and often employs a network of ship owners, charterers and brokers.Since the pandemic, some countries and their governments have either stopped or limited access for ships to conduct seafarer changes in a bid to prevent the spread of Covid-19. A Bloomberg investigation published in September found numerous violations of international maritime law designed to protect seafarers, including allegations of unpaid overtime and insufficient medical attention. There’s fear governments may again tighten restrictions as countries try to contain mutant virus strains.The International Chamber of Shipping, the industry association that represents ship owners, is on board with the new initiative, said Secretary General Guy Platten. “The crew change crisis is far from over,” he said. The initiative also calls on companies to put pressure on governments to support the industry, which Platten says will help.Some of those brands that have made the effort to dig into their supply chains have been surprised.Fashion retailer TFG London conducted an investigation of its supply chain in 2020. It asked its shipping partners for a detailed map of the logistics network at sea and sought help from the seafarers’ union to undertake welfare checks on some of the ships carrying its cargo. The company found that five vessels didn’t have agreements with the union.“We felt powerless to act as we didn’t have meaningful tools or leverage to respond to this crisis,” said Francesca Mangano, TFG London’s corporate social responsibility and sustainability executive. “This tool is set to drive change.”Separately, a number of firms, including MSC Mediterranean Shipping Company S.A., have launched an emergency relief fund. Targeting $1 million, the aim is to support seafarers and their families in India. The escalation of Covid-19 cases in the South Asian country has prompted some major ports to prohibit changes for crew with a recent travel history to India, Bangladesh, Nepal, Pakistan and Sri Lanka.(Updates with detail on emergency relief fund in 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.
(Bloomberg) -- Nintendo Co. shares slid as it warned that component shortages could affect production and gave a conservative profit forecast for the year, overshadowing better-than-expected earnings for the past quarter.The Kyoto-based studio forecast a 22% drop in operating profit in the current fiscal year, to 500 billion yen ($4.6 billion), significantly below analysts’ expectations. Nintendo, like many Japanese companies, often begins the year setting expectations low so it has room to upgrade its outlook later.Shares fell as much as 3.1% in Friday trading in Tokyo following the cagey outlook and chip warning, extending a 6.4% decline for the year. “There has been considerable stock market pessimism about Nintendo’s longer-term prospects,” Citigroup analyst Kota Ezawa wrote in a note after the results. “The possibility is emerging of positives finally drying up.”The company is targeting sales of 25.5 million consoles in the year ending March 2022, having sold 28.8 million units in the prior period. Internally, Nintendo’s management is shooting for production of between 28 and 29 million consoles, according to people familiar with the projections who asked not to be named disclosing company targets.Nintendo’s results do suggest that the Covid-era boom in gaming that turned Animal Crossing: New Horizons into a global online town hall has legs. It reported operating income of 119.5 billion yen for the March quarter, trouncing the average forecast of 68.3 billion yen.President Shuntaro Furukawa told reporters on Thursday that Nintendo wasn’t able to produce as many Switch devices as it had hoped due to component shortages. Recent demand has been higher than the company anticipated and the console hasn’t yet reached its peak, he added. Nintendo’s goal is now to surpass its official target of selling 190 million software units this year.The handheld-hybrid Switch maintained momentum in the face of newer gaming machines from Sony Group Corp. and Microsoft Corp., both of which have also suffered from chip shortages limiting production. Buoyed through most of 2020 by Animal Crossing’s runaway success, Nintendo’s signature device rode blockbuster titles including Capcom Co.’s latest Monster Hunter installment and Konami Holdings Corp.’s Momotaro Dentetsu during the most recent quarter.Nintendo’s own product lineup has been relatively quiet in recent months. Bloomberg News has reported that the company plans a big rollout of new titles alongside an upgraded version of the aging Switch -- with a faster Nvidia chip and a Samsung OLED display -- in the latter half of the year. The original console is now more than four years old and was joined by a more affordable Switch Lite variant in late 2019.What Bloomberg Intelligence SaysNintendo needs to drive software sales, live services and mobile games to support earnings growth beyond this fiscal year ending March, in our view, as the Switch platform enters the mature phase of its cycle. Switch hardware sales may peak in 2020 absent a reported but as yet unconfirmed Pro version, putting greater onus on software to drive profit.- Matthew Kanterman and Nathan Naidu, analystsClick here for the research.Read more: Nintendo Is Said to Target Record Year in Switch, Game SalesThe coronavirus outbreak was at first a brake and then an accelerant for Nintendo, choking its supply chain before triggering a demand surge with global lockdowns driving people to seek entertainment and escape. The company’s hardware sales improved by 37% and its software sales also rose 37% to 231 million units over the past fiscal year. It increased its proportion of sales coming from digital downloads to 43% from the previous 34%.(Updates with share price and analyst comment 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.©2021 Bloomberg L.P.
U.S. stock index futures rose on Thursday ahead of data that is expected to show a decline in weekly jobless claims, while shares of vaccine makers looked to extend losses after President Joe Biden's plan to back intellectual property waivers on COVID-19 shots. Shares in Pfizer Inc, Moderna Inc, Johnson & Johnson and Novavax Inc, all involved in the making of COVID-19 vaccines, fell between 0.6% and 5.4% in premarket trading.
LONDON (Reuters) -The Bank of England slowed the pace of its trillion dollar stimulus program and forecast a faster recovery for Britain from the coronavirus slump on Thursday, but stressed it was not tightening monetary policy. Governor Andrew Bailey said it was good news that the economy looked set for a stronger recovery than previously forecast, with less unemployment.
(Bloomberg) -- Coinbase Global Inc. sank to a record low as investors fled high-flying market newcomers.The operator of the largest U.S. cryptocurrency exchange slumped 6% to $256.76 on Thursday, dropping for a fourth straight day. That left the shares just above the $250 reference price for its April direct listing. An exchange-traded fund that tracks shares of companies that recently went public plunged for an eighth day, the longest slide since 2015. Virgin Galactic Holdings Inc. and Opendoor Technologies Inc., companies that came to market through blank-check offerings, each sank at least 3.8%.“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers,” said Mike Bailey, director of research at FBB Capital Partners.Coinbase’s slide comes as investors pour into extremely speculative cryptocurrencies such as Dogecoin and Binance Coin -- tokens that the exchange doesn’t offer. Most of its traffic had come from Bitcoin trades, but the price of the largest crypto coin has been mired in a narrow band for weeks. Coinbase started trading at $381 on April 14 before briefly topping $400. It’s now down 22% from the close on its first day.Nasdaq had set a reference price of $250 a share on April 13 for Coinbase’s direct listing, a number that’s a requirement for the stock to begin trading, but not a direct indicator of the company’s potential market capitalization.“What has really hurt Coinbase, now that their direct listing has taken off, you’re seeing expectations that other exchanges are coming on board,” said Edward Moya, senior market analyst at Oanda. “There’s this belief this could be as good as it gets for Coinbase in the short-term.”The Renaissance IPO ETF dropped 4.2% on Thursday, bringing its year-to-date loss to about 14%.(Updates prices.)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.
In an interview with Fortune, Alba talked about taking her “fourth baby” (a.k.a. her company) public.
You could be entitled to additional money, based on your 2020 income tax return.
(Bloomberg) -- Oil declined as the coronavirus crisis in India and a slowing demand rebound in the U.S. highlighted the uneven nature of the global recovery.Futures in New York fell 1.4% Thursday after hitting a nearly two-month high earlier in the week. While signs of rising oil consumption have put prices on track for a weekly gain, spiking Covid-19 cases in major crude importer India is capping gains. At the same time, U.S. gasoline consumption slipped for a second straight week.“What’s keeping the market from going higher are these Covid-19 issues in several countries along with not quite enough of a demand rebound here in the U.S. to juice prices toward that $70-a-barrel mark,” said John Kilduff, founding partner at Again Capital LLC.Despite near-term concerns, oil has rallied more than 30% this year as key economies including the U.S. and China rebound from the depths of the pandemic. Spain’s Cepsa is restarting a processing unit that was previously idled, while U.S. refineries are running at five-year average levels for the first time since the pandemic began. The strength in crude has helped drive the Bloomberg Commodity Spot Index to the highest level in almost a decade.The promise of a summer travel boost is also keeping prices supported, said Bob Yawger, head of the futures division at Mizuho Securities. “With Memorial Day weekend so close here, the gasoline demand scenario is just too strong to see crude oil fall apart.”Elsewhere, Japan plans to extend a state of emergency brought on by Covid until the end of the month, local media reported. The country’s capital, Tokyo, had wanted to extend it in a bid to stem a surge in infections ahead of hosting the Olympics from July.Beyond headline crude prices, the market’s underlying structure has weakened in recent sessions. The backwardation between Brent’s two nearest contracts -- which signals tightening supplies -- has narrowed since the end of last week. The backwardation in WTI’s so-called prompt spread has also softened compared to last Friday.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.
Bill Gates transferred stakes in several companies to Melinda Gates on the day the power couple announced their divorce
The crypto run this time has two features the 2017 version didn’t—institutional adoption and actual applications.