Rep. Ilhan Omar outlines some of the ways programs like Medicare for All and the Green New Deal could be funded, including taxing the wealthiest Americans up to 90 percent.
Rep. Ilhan Omar outlines some of the ways programs like Medicare for All and the Green New Deal could be funded, including taxing the wealthiest Americans up to 90 percent.
An HSBC representative said the bank has “limited appetite to facilitate products or securities that derive their value from virtual currencies.”
Grab’s record-breaking deal to merge with a special purpose acquisition company (SPAC) will raise an eye-popping $4.5 billion in cash. A quick recap: Singapore-based Grab is poised to have a market value of around $39.6 billion after it combines with a SPAC called Altimeter Growth. Altimeter is basically a $500 million pot of money listed on Nasdaq that was looking for a target to merge with (which is why SPACS are sometimes called “blank check” companies).
(Bloomberg) -- Zimbabwe is considering penalizing domestic banks, telecommunications operators and other businesses over what the government describes as profiteering off the hard currency it makes available at auctions.Lenders could face fines and suspensions, while companies that charge a premium for foreign exchange may be banned from participating in the auctions, central bank Governor John Mangudya said in a phone interview from the capital, Harare.“All the malpractices will be targeted,” he said. “There’s no need to chase foreign currency as if it will run out.”President Emmerson Mnangagwa on Monday threatened unspecified actions against “sharks in the financial sector,” according to the state-owned Herald newspaper, which said unidentified entities are profiteering at the public’s expense. The president’s comments were made during a wide-ranging interview he gave to state-owned television that will be aired on April 17 on the eve of Independence Day celebrations, the paper said.Exchange ClosedMnangagwa has previously issued warnings to private companies he blames for undermining his efforts to turn around an economy plagued by annual inflation of 241% and foreign-currency shortages.Last year, his government closed the Zimbabwe Stock Exchange for five weeks and singled out the largest mobile operator, Econet Wireless Zimbabwe Ltd., for undermining the nation’s currency through its mobile-money service. Econet denied the allegations.The impending action is an attempt to prevent manipulation of the foreign-currency auction system, according to the Herald. The system has provided over $800 million to companies since its introduction in June, though high demand for U.S. dollars by importers means that there is only a limited supply.Monetary authorities met with the Bankers Association of Zimbabwe on April 12 to discuss “due diligence and know-your-customer requirements” in order to ensure economic stability, Mangudya said.Ralph Watungwa, president of the Banker’s Association of Zimbabwe, didn’t immediately answer two calls to his mobile phone seeking comment.Zimbabwe reintroduced its own currency in 2019 after a 10-year hiatus and has been battling bouts of high inflation and shortages of everything from foreign currency to food. The local unit, which was pegged at parity to the U.S. dollar as recently as February 2019, has plunged to 84 per U.S. dollar.The gap between the official exchange rate and parallel market has widened by 36%, with a U.S. dollar selling for 115 Zimbabwean dollars on the streets of Harare.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.
World stock markets extended a five-day run of fresh highs on Thursday, fueled by upbeat earnings and strong U.S. economic data that herald a solid recovery ahead, while Russian markets tumbled at the prospect of the harshest U.S. sanctions in years. Major stock indexes posted record highs, including MSCI's global benchmark, Europe's broad STOXX 600 , the Dow Industrials and the U.S. benchmark S&P 500, as bonds yields tumbled. The 10-year U.S. Treasury note slid below 1.6% to yield 1.563%, a fall of 7.4 basis points that helped spur renewed buying of big tech stocks in the biggest single-day decline in the benchmark's yield in almost three months.
(Bloomberg) -- They’re back. Or rather, they never went away.In a market where stock indexes hit record highs almost every other day, a new report from JPMorgan Chase & Co. finds that do-it-yourself investors are jumping back in. Strategists including Peng Cheng studied recent equity and option transactions from retail investors and concluded these prominent players in the yearlong bull market are once again ratcheting up their wagers.Net buying of stocks from this group averaged $565 million a day last week, ranking in the 92nd percentile of the one-year range. Meanwhile call buying has picked up from recent lows that had prompted speculation the retail army might be in retreat.The data is the latest testament to the resilient appetite among a group of investors whose influence has grown in the stock market during the pandemic age. In an E*Trade Financial survey released earlier this week, more individual investors believe the market is “fully or somewhat” in a bubble, and yet they don’t want to miss it.“Retail flows and confidence, especially these days, are heavily momentum driven,” said Dan Suzuki, Richard Bernstein Advisors LLC’s deputy chief investment officer. “And momentum has been picking up again.”Equity gains are gathering steam amid better-than-expected economic data and corporate earnings. The S&P 500 is poised for its fourth straight weekly advance, while the Nasdaq 100 on Thursday crossed the 14,000 milestone for the first time in history.Read: Day Traders Know a Bubble When They See One, and They Want InDay traders flocked to technology shares, with the Invesco QQQ Trust (ticker QQQ), an ETF tracking the Nasdaq 100, attracting $70 million last week, JPMorgan’s data show. The ProShares UltraPro QQQ ETF (TQQQ), one that pays investors three times the return of the tech-heavy benchmark, lured $160 million. Apple Inc., Nvidia Corp., Boeing Co. and United Airlines Holdings Inc. were among their most-favored stocks.“Retail activity appears to be picking up again,” JPMorgan’s Cheng wrote in the note. “AAPL, NVDA and UAL are likely benefiting from a renewed interest in growth names and continued reopening theme,” he said, referring to the companies’ tickers.Arthur Hogan, chief market strategist at National Securities Corp., said in a phone call that investor sentiment is being fueled by a combination of strong market performance, perceptions that the economic outlook is brighter and the sheer availability of cash. He added that these things are “colliding right now to get retail investors more involved in this marketplace.”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) -- PT Dayamitra Telekomunikasi, the infrastructure services unit of state-owned PT Telkom Indonesia, has picked banks to arrange its potential initial public offering in what could be the country’s biggest first-time share sale, according to people with knowledge of the matter.Mitratel, as the company is known, has chosen HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley to work on the planned Jakarta IPO, the people said. BRI Danareksa Sekuritas and Mandiri Sekuritas were also selected to help arrange the listing, the people said, asking not to be identified as the process is private.The company aims to raise about $1 billion from the first-time share sale as soon as this year, Bloomberg News reported on Tuesday. At $1 billion, the IPO would be the largest in the country to date since PT Indofood CBP Sukses Makmur’s $696 million offering in 2010, according to data compiled by Bloomberg.Mitratel could add more banks to the lineup at a later date, one of the people said. Deliberations are ongoing and details of the offering including size and timeline could change, the people said.Preparations for the Mitratel IPO are underway and the company will give more details in due course, Ririek Adriansyah, president director of Telkom Indonesia, said in response to a Bloomberg News query.Representatives for HSBC, JPMorgan and Morgan Stanley declined to comment.A representative for Mandiri Sekuritas couldn’t immediately comment. A representative for BRI Danareksa Sekuritas didn’t immediately respond to requests for comment.Mitratel manages more than 16,000 telecommunication towers throughout Indonesia, according to its website. It signed a deal in October with PT Telekomunikasi Selular, another Telkom Indonesia unit, to buy 6,050 towers.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.
(Reuters) -Citigroup Inc trounced first-quarter profit expectations, thanks to a rebound in the broader economy and a jump in investment banking activity, and said it will exit some overseas businesses as new chief executive Jane Fraser starts to make her mark on the country's third-largest lender. Citigroup's share price was broadly flat in afternoon trading. "Our first impression is the incoming CEO Jane Fraser is striking the right cord on messaging a sense of urgency to undertake strategic changes that enhance the profitability profile," UBS analyst Saul Martinez wrote in a note.
China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support gold prices after a months-long decline. China is the world's biggest gold consumer, gobbling up hundreds of tonnes worth tens of billions of dollars each year, but its imports plunged as the coronavirus spread and local demand dried up. With China's economy rebounding strongly since the second half of last year, its appetite for gold jewellery, bars and coins has also recovered, and since January domestic prices have been higher than global benchmark rates, making it profitable to import bullion.
Bitcoin fell early on Friday, after Turkey’s central bank decided to ban cryptocurrency payments from the end of the month.
Citibank has hinted there won't be any possible layoff and closure of physical branches in the countries it is exiting.
It’s not a good sign that wide divergences between the Dow Jones Industrial Average (DJIA) and the Nasdaq Composite Index (COMP) have become almost commonplace. Consider the number of trading sessions in which there is at least one percentage point spread between the returns of these two indices. On Tuesday, the Nasdaq rose 1.1% while the Dow fell 0.2%.
China's GDP expanded by a dizzying 18.3% in the first three months of 2021 from a year earlier, sealing its status as COVID-19's "first in, first out" economy. It was the only major economy that showed an increase in gross domestic product (GDP) last year after successfully controlling the spread of the coronavirus pandemic at home. HOW BIG IS CHINA'S FIRST-QUARTER GDP GROWTH EXACTLY?
The IRS sent out COVID-19 relief checks to nearly 2M more Americans, including over 700,000 'plus-up' payments for people eligible for more money.
The IRS commissioner says the child credit payments will arrive on time after all.
Lawmakers and advocacy groups are pushing the president to take immediate action.
Coinbase is the first of many crypto startups to go public. But, as crypto continues to eat traditional finance, will those listings matter?
(Bloomberg) -- The chief executive officer of AMC Entertainment Holdings Inc. said the movie-theater chain is once again “under attack” from short sellers after skirting bankruptcy during the Covid-19 pandemic.The volume of short sales -- bets that the stock will go down -- rose about 50% in March to 73.8 million shares, CEO Adam Aron said in a discussion with the social-media finance commentator Trey Collins. In a wide-ranging interview, he also touched on a proposal to raise new equity and praised the meme investors who bid the stock up to more than $20 a share in January.The shares have since retreated from that lofty level. But they rose as much as 9.4% on Thursday after Aron said he has no immediate plans to issue any of the 500 million new shares the company is asking shareholders to authorize. The company won’t seek to sell those shares in 2021 but rather in the coming years. Aron is seeking to carry out a long-term growth plan that could silence AMC’s doubters.“There are strategies we have that are very good for AMC, to come out of this pandemic, to rebuild this company,” Aron said. “But not only get back to where we were, I’d like to keep going. And I’d like to grow this company even more so.”Shirting CollapseAron also reflected on the difficult stretch the theater chain endured. In 2019, revenue averaged $450 million a month. It slumped virtually to zero a little over a year ago, after the pandemic forced theaters to close. The chain was weeks away from running out of cash at least five times, and has since restructured its finances, banking enough cash to last through most of 2021.Other theaters have succumbed to the Covid-19-struggle. ArcLight Cinemas and Pacific Theatres, two jointly owned California movie-theater chains, announced plans this week to close permanently, underscoring the still-tenuous state of the industry.If short-term funding needs arise, AMC has a prior authorization to sell 43 million new shares. Aron said that’s enough to get the company through the pandemic, but limits its growth opportunities. If investors at the May 4 annual meeting approve the plan for additional stock, he’ll gain flexibility to buy back debt at a discount or acquire another chain at an attractive price, which would counteract any dilution.The theater chain has about 450 million shares outstanding now, according to data compiled by Bloomberg. Aron’s remarks were included in a regulatory filing Thursday.Praise for TradersAron, who has long been known as outspoken, also praised the internet investors who see themselves as fighting against “conventional” market participants, like short sellers who profit when stock prices decline. He connected with Collins, who offers online investment commentary under the username Trey’s Trades, after his 30-year-old son saw a tweet that Collins had sent to his nearly 50,000 followers, known as “apes.”“My hat’s off to you,” Aron said. “I’m well aware that you have been talking about AMC a lot over the last few months and you have, you know, hundreds of thousands of subscribers, tens and tens of thousands of people watching your shows on the YouTube channel,” Aron said.“I actually work for you,” he said, “and for that reason it’s a special reason for me to engage with all of you.”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.
Federal tax returns are due May 17, but many people still need to pay their first quarter 2021 estimated tax payments April 15. Plus more tax tips.
The investment comes a little over a week after Grayscale confirmed that it would convert GBTC into an ETF.
(Bloomberg) -- New York State collected $3 billion more tax revenue in the last fiscal year than projected by Governor Andrew Cuomo two months ago, boosted by strong personal income tax receipts, state Comptroller Thomas DiNapoli said.However, collections for the budget year ending March 31 were $82.4 billion, which is $513.3 million lower than the prior year, as social distancing and lockdowns due to the coronavirus depressed sales tax revenue.“The state’s year-end financial position was significantly better than anticipated,” DiNapoli said in a statement Thursday. “We face a long road to recovery, and the state’s economy still faces serious challenges, both in the short-term and long-term.”States from California to New Jersey avoided dire predictions of fiscal collapse as the federal government pumped $3 trillion into the economy last year through enhanced unemployment benefits, small business loans and direct payments to individuals and families. The surging U.S. stock market and Wall Street’s most profitable year since 2009 boosted capital gains tax revenue in New York, New Jersey and Connecticut.And the federal money will continue to flow. New York state and its localities are slated to get almost $24 billion from President Joe Biden’s $1.9 trillion stimulus package. The Empire State passed a $212 billion budget for the fiscal year beginning April 1, almost $20 billion more than Cuomo proposed in his executive budget. Despite the federal largess, New York raised taxes on the richest residents by $2.8 billion.“State policymakers must ensure that spending commitments are in line with recurring revenue sources,” DiNapoli said.Personal income tax collections totaled $55 billion last year, exceeding the prior year by $1.3 billion. Consumption and use taxes, which include sales tax receipts, totaled $16.1 billion, a 10.6% decline from the prior year. Business tax collections were $203.4 million lower.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.