Biden Clean-Energy Plan Would Accelerate State Efforts on Carbon
Joe Biden’s $2 trillion plan to revive the economy would rely on boosting jobs in clean energy, and would accelerate the effort to shift to carbon-free electricity.
Latest From Bloomberg
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Ontario Decries ‘Reckless’ U.S. Effort to Reopen After Covid
The U.S. response to Covid-19 has been “reckless,” the leader of Canada’s largest province said as the two countries moved closer to a deal to extend limits on cross-border travel.
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Contender for Bailout Watchdog Chair Drops Out of Consideration
Retired Marine General Joseph Dunford has withdrawn from consideration to head the bipartisan Congressional Oversight Commission that’s policing about $500 billion in coronavirus rescue loans, according to five people familiar with the matter.
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Mboweni Says South Africa Can’t Spend Its Way Out of Low Growth
South African Finance Minister Tito Mboweni said the country can’t spend its way out of low growth and needs to focus on structural reforms.
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Ghislaine Maxwell Denied Bail in Sex-Trafficking Case
Ghislaine Maxwell was ordered to remain in custody while she awaits trial on charges that she recruited underage girls for sexual abuse by her longtime friend, disgraced financier Jeffrey Epstein.
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Harvard and U.S. Make Deal on Foreign Student Visas
Harvard and the U.S. struck a deal in their dispute over visas for foreign students who take online-only classes, ending a tense standoff that could have sent thousands of students back to their home countries and left colleges scrambling to plan for the fall.
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OPEC+ may temper supply restart with extra oil cuts from cheats
A technical committee that met online on Tuesday outlined plans for countries including Iraq, Nigeria and Kazakhstan to make an additional 842,000 barrels a day of compensatory cuts in August and September, according to delegates.
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Australian Investors Brace for Biggest Dividend Cuts in a Decade
Australia’s largest companies are expected to slash dividend payouts over the August reporting season by the most since the global financial crisis as the coronavirus pandemic eroded corporate balance sheets.
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Another Cloud IPO Has a Triple-Digit Debut, But Beware
A hot market for tech stocks is stoking demand for fast-growing companies like nCino. Look out for second-tier candidates like Rackspace.
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China Reacts With Fury After U.K. Bans Huawei From 5G Networks
China reacted with fury after the U.K. said Huawei Technologies Co. will be banned from its next-generation mobile networks, in a sweeping crackdown on the company that will delay 5G rollout and hit businesses with billions of pounds in extra costs.
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Spotify Enters Russia and 12 Other Countries in the Region
Spotify Technology SA introduced its services in 13 countries on Tuesday, including Russia, one of the last big music markets that the streaming giant has yet to crack.
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Bridgewater Spars With Ex-CEO in Gender Discrimination Dispute
Bridgewater Associates and former co-Chief Executive Officer Eileen Murray are still negotiating an exit package three months after she left the world’s biggest hedge fund -- a fight that has dragged on because Bridgewater’s offer is both less than what has been paid to men who left the firm and below the status of her position, one of Murray’s advisers said.
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California Workers Hit by Pandemic Will Pay More for Health Care
The California Public Employees’ Retirement System on Tuesday approved an increase in health care costs for state and local government employees as the economic slowdown caused by the coronavirus pandemic batters tax collections.
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Trump to address China tensions in Tuesday Rose Garden event
President Donald Trump will address actions the administration plans toward China during an event at 5 p.m. Tuesday in Washington, according to a person familiar with the plans who requested anonymity.
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FAA’s Failure to Cull Bad Pilots Cited in Fatal Atlas Crash
The fatal crash of a cargo plane last year was caused in part by the failure of the U.S. federal government to establish a reliable system of weeding out unqualified airline pilots, investigators concluded.
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Florida’s Covid-19 Deaths Might Rival New York's
The state’s daily fatality count could hit 600 in a few weeks.
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Nomura to Close U.S. Instinet Research Arm, Cut Analyst Jobs
Nomura Holdings Inc. is closing its Instinet equity-research division in the U.S. as the investment bank pulls back from the business of providing its own market intelligence to clients.
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Trump Poised to Streamline Nixon-Era Environmental Reviews
The Trump administration is scaling back requirements that agencies consider environmental consequences when approving new oil wells, pipelines, highways and other projects.
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Merkel to Bring a ‘Reserve of Compromise’ to EU Recovery Talks
German Chancellor Angela Merkel said she’s prepared to compromise in difficult talks on assembling a European recovery plan this weekend in Brussels, as Spanish Prime Minister Pedro Sanchez urged leaders to reach an accord at the meeting.
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Trump Clan ‘Dirty Laundry’ in Book May Not Violate Secrecy Deal
The New York judge who ruled it was too late to block a tell-all memoir by President Donald Trump’s niece, Mary Trump, also signaled that the controversial airing of “family laundry” probably doesn’t violate a 2001 confidentiality agreement at the center of the case.
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Aegon Is Betting on Sustainability-Minded Securitized Credit
Issuers of structured bonds backed by consumer debt can boost their resilience and outperform in the long run by focusing on sustainability, according to Aegon Asset Management.
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Ghislaine Maxwell pleads not guilty in sex-trafficking case
Ghislaine Maxwell pleaded not guilty to charges that she helped her longtime friend, financier Jeffrey Epstein, run a sex-trafficking scheme targeting girls as young as 14.
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Burberry to cut jobs in revamp after lockdown causes sales fall
A Burberry Group Plc reorganization will include job cuts in the British fashion brand’s head office that follow a lockdown-induced plunge in sales, according to people familiar with the situation.
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Union for Laid-Off Workers Wants to Know If Hotel Took PPP Loans
A union in California is seeking to force a luxury hotel to disclose how much it borrowed from a small business relief program and whether it’s using the money to pay workers.
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Wall Street Eyes Banks’ Worsening Outlooks, ‘Blow-Out’ Markets
Shares of JPMorgan Chase & Co. were little changed, Citigroup Inc. slipped and Wells Fargo & Co. sank as analysts assessed the banks’ better-than-expected second-quarter capital markets results and cautious views as the coronavirus pandemic rippled through the global economy.
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California Homeowners Are Doomed to Repeat Their Past Mistakes
An insurance industry report shows simple steps that could have slowed the historic Camp and Tubbs Fires haven’t been taken.
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Branson Rescues Virgin Atlantic as 70th Birthday Gift to Himself
Richard Branson has spent decades cultivating an image as a daredevil entrepreneur, glorifying risk with stunts such as sky-diving or hot-air ballooning across the ocean to promote everything from soda to space travel. Now, less than a week shy of his 70th birthday, Branson is taking one of the biggest gambles ever to save his flagship airline from the ravages of the coronavirus outbreak.
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Delta's Grim Outlook Offers Encouragement, Too
The pandemic will depress demand for the foreseeable future, but the airline’s discipline on restarting flights is commendable.
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California Gasoline Already Falling With State Back In Lockdown
Gasoline demand in America’s biggest fuel market is headed toward a decline with California imposing a new round of business closures to fight a spike in coronavirus cases.
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Ethiopia Open to Continue Nile Dam Talks Amid Dispute With Egypt
Ethiopia pledged to continue talks with Egypt and Sudan on the operation of its 140-meter deep dam on the Nile River’s main tributary, but said demands from downstream nations were thwarting the chances of an agreement.
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Faster QE Is On the Menu at Bank of Canada: Decision Day Guide
Bank of Canada Governor Tiff Macklem gets a chance on Wednesday to say how much of the government’s record spending he intends to finance.
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Andrew Johnson’s Abuse of Pardons Was Relentless
Worried that the presidential power to undo convictions can be taken too far? Look no further than Lincoln’s successor.
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Star Mountain Hires Anne Yang as Partner, Portfolio Manager
Middle-market lender Star Mountain Capital has tapped Anne Yang as partner and strategic portfolio manager while it looks to expand its footprint.
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Hard Hit Direct Lenders Still Set to Beat Rivals, Stepstone Says
Direct lenders should outperform their competitors in the leveraged loan and junk bond markets despite investing in some of the sectors worse hit by the coronavirus pandemic, according to advisory firm Stepstone.
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Wells Fargo’s Scharf Vows to Cut $10 Billion in Costs After Loss
Wells Fargo & Co.’s chief has set his sights on the bank’s costs.
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Moderna Set to Start Final-Stage Vaccine Trial in 30,000 People
Moderna Inc. posted details of its final-stage vaccine trial on an official government website, confirming that the widely-anticipated trial was still on track to begin this month.
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European Stocks Fall With Tech Shares Amid Renewed Virus Woes
European stocks fell on Tuesday, led by declines in tech shares and travel firms, as worries over rising coronavirus cases weighed on investor sentiment as the earnings season kicks off.
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6:20Oil regains footing with OPEC compliance easing U.S. demand fear
In the longer-term, OPEC expects demand for its crude to rebound next year, surpassing levels seen before the pandemic, as rival producers struggle to revive output.
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Axon Says It’s a Software Firm, But Its Tasers Still Dominate the News
Shares of stun-gun maker Axon Enterprise Inc. saw a meteoric rise as protests and outrage against racism and police brutality gripped the U.S. in late May, but the company is banking on a future focused on software, not gear.
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3:26Spotify's spring podcast rally priced in, UBS says in downgrade
Although UBS sees podcasting as “a positive thematic narrative,” Eric Sheridan wrote in a note, Spotify’s “long-term opportunity” is “now solidly reflected at current levels.”
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Tepper, Einhorn, Soros Stock Holdings Would Go Dark in SEC Plan
John Paulson, Stanley Druckenmiller and George Soros are among billionaire investors who would no longer have to reveal which stocks they own under a U.S. plan to ease disclosure rules -- hardly the smaller fund managers that regulators say the overhaul is supposed to benefit.
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Value stocks' advantage is probably short-lived
Bill Miller is counting on a comeback for growth.
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Florida, Haven for NBA and Trump, Sets Covid Death Record
Florida was supposed to be the solution: a virus-fighting success story that could relaunch stalled professional sports and host the relocated Republican National Convention.
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TikTok’s India Rival Booms With 500,000 Users Added Every Hour
In late June, when India banned 59 Chinese apps, including global sensation TikTok, the short-video platform stopped working for its 200 million local users. Within hours, an avalanche of new sign-ups pushed the servers of one of its Bangalore-based rivals, Roposo, to breaking point.
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Bankers Shocked by 45% China Tax Rate Consider Leaving Hong Kong
Fears of a Hong Kong brain drain are increasing after China moved to tax its citizens’ global income, undermining the financial hub’s appeal to thousands of bankers and other white-collar workers from the mainland.Faced with a tax rate as high as 45% -- up from about 15% previously -- Chinese professionals across Hong Kong are considering moving back home to avoid getting squeezed by both the new levy and sky-high living costs in the former British colony, according to interviews with workers an
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Shopify Gets 47% Target Bump as Bank Takes Long-Term Tech View
Shopify Inc. garnered a new top bull, with National Bank Financial boosting their price target to a Street-high of $1,250.
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Assassin's Creed Maker Finally Confronts Its Toxic Culture
The French video game company was too slow to address complaints of sexual harassment.
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Congrats, Frequent Flyers. You Helped Save Branson
A plan for the billionaire’s Virgin Atlantic sees a hedge fund inject cash. The job now: Win back grounded flyers whose bookings helped Virgin muddle through.
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BayWa Unit to Introduce First Climate-Change Resistant Apple
A unit of German agribusiness BayWa AG is introducing what it says is the world’s first climate-change resistant apple, as part of a program to develop fruit for growing in warm locations.
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Skyscanner Cutting Jobs and Offices After Bookings Collapse
Skyscanner Ltd., the travel-booking service owned by China’s Trip.com Group Ltd., is preparing to cut as much as a fifth of its workforce and close several offices after revenues collapsed following the Covid-19 lockdown.
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Walgreens Reports $75 Million of Looting Damage Last Quarter
Damage related to looting cost Walgreens Boots Alliance Inc. at least $75 million, offering a look at the cost of U.S. unrest for one of the nation’s largest retailers.
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Boston Scientific Puts Snake Venom Unit Up for Sale
Boston Scientific Corp. is exploring a sale of its specialty pharmaceutical business focused on treatments for snake venom, which could fetch close to $1 billion, according to people with knowledge of the matter.
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South African Township Taverns Face Ruin From Second Booze Ban
South Africa’s latest ban on alcohol sales is likely to force 35,000 bar owners in the poorest communities into bankruptcy, according to industry bodies representing the country’s biggest drink makers.
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AMC, Regal Ask Judge to Order N.J. Cinemas Opened for Summer
AMC Entertainment Holdings Inc., Cinemark Holdings Inc., Regal Cinemas Inc. and other movie theater operators asked a federal judge in New Jersey to let them reopen in time to save the summer movie season.
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The Shrink Next Door’s Other Patients
After our series on Ike Herschkopf and his strange, controlling relationship with Marty Markowitz, other patients surfaced—and many were angry.
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Traders Set Record Bets on Amazon, Chinese Stocks Jumping Higher
Beneath the surface of the highest-flying stock markets in the world, animal spirits keep rampaging like rarely seen before.
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Florida Posts Record 132 Daily Covid-19 Deaths; Cases Slow
Covid-19 deaths among Florida residents rose by a record 132, another sign that the virus’s resurgence across the Sun Belt is starting to have severe consequences.
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Biden touts union jobs in US$2T plan to build clean energy
Joe Biden unveiled plans Tuesday to spend $2 trillion galvanizing a clean energy economy, with ambitions to spur millions of union jobs building the wind turbines, sustainable homes and electric vehicles needed to rapidly throttle U.S. greenhouse gas emissions driving climate change.
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Lebanon PM Says In Contact With Kuwait, Qatar, Iraq for Help
Lebanon is in contact with Kuwait, Qatar and Iraq to help the country tackle its worst financial crisis in decades, Prime Minister Hassan Diab said Tuesday.
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How Much Is a College Campus Worth?
It’s hard to answer that question without also asking how much a college education is worth.
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BOJ to Stand Pat With Economic Outlook in Focus
The Bank of Japan is widely expected to keep its main policy settings unchanged Wednesday amid signs the virus-hit economy is past the worst, with attention likely to focus on the BOJ’s quarterly economic projections.
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4:57Boeing lost 60 Max jet orders in June with virus vexing buyers
The planemaker recorded 60 Max cancellations in June, including 47 that had already been announced, according to data posted on the company’s website Tuesday.
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Croatia and Bulgaria May Adopt Euro in 2024, Dombrovskis Says
Croatia and Bulgaria may join the euro area in January 2024, European Commissioner Valdis Dombrovskis said.
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U.S. Banks Signal No V Recovery With Provisions Near 2008 Record
Swift action from the Federal Reserve and U.S. government staved off a pandemic-led spike in missed loan payments. The message from the nation’s biggest banks: It’s coming.
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China books record deal for U.S. corn, stepping up buying spree
The U.S. Department of Agriculture said Tuesday that exporters sold 1.762 million metric tons of corn, the fourth-biggest spot deal ever for the grain. The agency on July 10 reported a sale of 1.365 million tons to China.
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Brazil Central Bank Director Says Environment Key for Investment
Brazil must come up with a clear strategy to prevent environmental crimes in the Amazon or risk losing international investments, according to a central bank director.
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Have App, Will Deliver: NYC Picnic Boom Has One Tech Bro Dreaming Big
With dining in limbo, picnics are now NYC’s version of eating out. A software developer, bike and cooler in hand, looks to capitalize — one delivery at a time.
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Judge Says He Won’t Pre-Approve Weinstein Sex-Abuse Settlement
A federal judge declined to give preliminary approval to a proposed $18.9 million settlement between Harvey Weinstein and nine women who say he sexually assaulted or abused them, saying the tentative agreement wouldn’t be fair to the women who suffered the most from his conduct.
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BlackRock Shows Resolve and Restraint in Public Climate Test
In the first major test of BlackRock Inc.’s commitment to use its vast influence and resources to fight climate change, the asset manager showed a capacity both for combativeness and restraint.
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Jamie Dimon Secures JPMorgan's Fortress With Billions
The biggest U.S. bank set aside more money for credit losses than analysts expected, part of a plan to be “prepared for all eventualities.”
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World-Beating EM Fund Warns of Rough Decade for Emerging Markets
Investors in Lewis Kaufman’s emerging-market equity fund have quadrupled the returns of the benchmark index over the past half decade. That doesn’t mean the man behind it is optimistic about the asset class.
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Fee War Hit Its Limit With Fund That Paid You to Invest
The wave of cost-cutting that has been sweeping the more than $6 trillion global market for exchange-traded funds for the past two years may finally have reached its limit.
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Brazil Recovery Looks Weak After Activity Lags All Forecasts
Brazil’s economy expanded less than expected in May, according to a key measure of activity, indicating an unchecked coronavirus outbreak is holding back demand even as some establishments reopen.
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Amazon develops smart shopping cart for cashierless checkout
Amazon.com Inc. has developed a smart shopping cart that will ring up purchases and let consumers check out more speedily.
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Future of 3D Printing Is in U.S. and Europe, Patent Study Shows
The future of manufacturing may lie with companies like Italy’s Isinnova SRL, which saw a need for respirator valves in its Covid-stricken area and was able make hundreds in two days using 3D printing rather than waiting a week for ones made in Chinese factories.
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Domestic Cruises Unlikely to Resume This Year, Analysts Say
Cruise stocks fell on Tuesday after analysts at SunTrust Robinson Humphrey and Macquarie said they don’t anticipate a resumption in North American sailings until 2021.
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8:29Black-owned firms still close at double whites' rate in U.S.
Nationwide, 26 per cent of African-American business owners closed between February and May, compared with 11 per cent for their White counterparts, a National Bureau of Economic Research paper shows.
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Ivory Coast Reinforces Northern Borders Against Islamist Threat
Ivory Coast is deploying more troops to its northern borders after recording its first Islamist attack since 2016.
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Swiss Central Bank Defends Currency Intervention as Essential
Currency intervention is an “essential” policy tool for Switzerland, its central bank chief said, in a riposte to the U.S. which has the country on a watchlist for allegedly manipulating its exchange rate.
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Tesla Loses German Autopilot Case, Competition Center Says
Tesla Inc.’s ads for its Autopilot driver-assistance system was rebuffed by a German court, which said the carmaker is misleading consumers, according to the non-profit organization that brought the case.
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Covid Shot Derived From Tobacco-Like Plant Tested in Humans
Medicago Inc. has been using plants to develop potential vaccines for more than two decades. A new partnership with GlaxoSmithKline Plc. putting its unproven technology to the test against the novel coronavirus is pushing the Canadian biotech into the limelight.
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Big Four urged to challenge clients as audit quality slides
The dominant accounting firms must do a better job of challenging their clients in order to reach a satisfactory level of audit quality, the industry’s U.K. watchdog said.
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Russian Lawmakers Back Tough Stance on Territorial Concessions
Russian lawmakers overwhelmingly backed a tougher stance on territorial concessions in line with the country’s recently revised constitution, dealing a blow to Japanese Prime Minister Shinzo Abe’s hopes of resolving a festering dispute over four islands that dates back to World War II.
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Tesla Euphoria Powers Equity Boom for Electric Vehicle Imitators
Tesla Inc.’s eye-popping run has left stock prognosticators in the dust, brought smaller imitators along for the ride and triggered a race by entrants new and old to cash in.
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Macron Pledges Another $113 Billion to Revive French Economy
President Emmanuel Macron appealed for patience as he discussed the hardships France faces as life returns to normal following the coronavirus pandemic, and said the state would spend another 100 billion euros ($113 billion) on an economic recovery plan.
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Apple's Cook, IBM's Rometty, Ivanka Trump to tout job training
Apple Inc. Chief Executive Tim Cook and IBM Corp. Chairman Ginni Rometty will launch a “Find Something New” campaign with the White House on Tuesday, encouraging Americans to retrain or seek new job opportunities.
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Only Eight U.S. States Have Virus Rules for Farms as Cases Rise
Only eight U.S. states have imposed mandatory protections specifically for farmworkers from coronavirus amid a series of agricultural outbreaks across the country and a national rise in new infections, according to a survey of state regulations by an advocacy group.
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Orban Raises Ante Over EU Virus Aid With Rule-of-Law ‘Blackmail’
Prime Minister Viktor Orban is trying to ratchet up pressure on the European Union to end a rule-of-law probe into Hungary in a showdown with Brussels over the bloc’s coronavirus stimulus fund.
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U.S. consumer prices climb by most since 2012 on higher gasoline
U.S. consumer prices posted the biggest monthly gain since 2012 on a rebound in gasoline costs, though inflation remained subdued more broadly amid the pandemic.
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Zimbabwe Annual Inflation Rates Slows to 737.3%
Zimbabwe continued on its march back to hyperinflation in June, adding to the nation’s economic woes.
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Wells Fargo Declines After First Quarterly Loss Since 2008
Wells Fargo & Co. slumped after reporting its first quarterly loss since 2008 as loan-loss provisions soared with the bank expecting a more severe downturn from the coronavirus pandemic.
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Dimon Sees ‘Huge Benefits’ to People Working From Offices
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon says about 80% of the bank’s traders have been working from home.
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Covid-19 Infection Seen Transmitted From Mother to Fetus
Covid-19 was transmitted from a mother who tested positive for the virus to her fetus during pregnancy, French researchers said.
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America Can’t Wait for More Covid-19 Relief
The legislative calendar should be dictated by the virus, not by Congress.
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Citi sees bad loans pile up as bond trading provides relief
Citigroup Inc. set aside US$7.9 billion for souring loans even as the bank’s revenue from fixed-income trading surged 68 per cent, keeping the bank solidly profitable.
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Shut Bars in Hot Spots as U.S. Deaths to Rise, Testing Czar Says
Top U.S. health officials expect the rate of coronavirus deaths to rise with more hospitalizations, and states with intense outbreaks should close bars and slash restaurant capacity, one of Donald Trump’s top coronavirus advisers said Tuesday, rebutting the president’s downplaying of the pandemic.
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BofA Clients Keep Tight Grip on Cash Amid Ebullient Stock Rally
After slashing cash piles by the most in a decade last month, fund managers with $570 billion are largely hanging on to their dry powder amid one of the most epic stock rallies in history.
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5:07OPEC sees demand for its crude above pre-virus levels in 2021
OPEC expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output.
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Wall Street Signals Economic Worry With Rush to Defensive Assets
The constant refrain on Wall Street is that markets have broken from pandemic reality, yet the evidence keeps suggesting otherwise.
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OPEC+ Risks Triggering Another Oil Price Slump
It will be tempting to start easing production cuts in August, but whether that’s the right answer could depend on Covid-19.