Three Baltimore high school students will receive life-changing scholarships. The scholarships are in honor of Destiny Harrison, who was shot and killed in her beauty shop in 2019 . Her family said the scholarship will help keep Harrison's memory alive while also help others achieve their dreams.
Leon's Furniture Limited ( TSE:LNF ) stock is about to trade ex-dividend in four days. Investors can purchase shares...
Amazon's campaign against a union drive in Alabama has drawn fire from President Biden.
Joe Biden's approval rating remains at honeymoon levels, a new IBD/TIPP Poll finds. Presidential job approval held near the highest level since June 2009.
In this article we are going to estimate the intrinsic value of Euromoney Institutional Investor PLC ( LON:ERM ) by...
Omeros (OMER) delivered earnings and revenue surprises of 15.63% and -41.76%, respectively, for the quarter ended December 2020. Do the numbers hold clues to what lies ahead for the stock?
Magic Software (MGIC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Late last week, a $1.9 trillion coronavirus relief package passed a House vote and is now heading to the Senate. Perhaps the most highly anticipated relief measure featured in the new bill is a third round of stimulus checks, this time worth up to $1,400 apiece. The relief bill also includes a $400 weekly boost to unemployment benefits through Aug. 29.
Early Saturday, the U.S. House of Representatives passed the $1.9 trillion COVID relief bill that will bring extended unemployment benefits and additional stimulus money to Americans. The American...
The answer to this question comes down to whether your stimulus check increases your "provisional income."
One of the major components in President Biden's $1.9 trillion economic stimulus package was raising the minimum wage from $7.25 per hour to $15 per hour by 2025. CNBC reports that Democratic senators...
The largest and oldest electric power cooperative in Texas filed for bankruptcy protection in Houston on Monday, citing a disputed $1.8 billion debt to the state's grid operator. Brazos Electric Power Cooperative Inc, which supplies electricity to more than 660,000 consumers across the state, is one of dozens of providers facing enormous charges stemming from a severe cold snap last month. The fallout threatens utilities and power marketers, which collectively face billions of dollars in blackout-related charges, executives said.
In his first month in office, President Donald Trump was riding high after scoring the most shocking upset in modern political history. The economy was roaring, the stock market was soaring and...
(Bloomberg) -- One of the hottest trades in emerging market debt hasn’t paid a penny of interest in five years.Prices on the defaulted bonds issued by Samarco Mineracao SA, the Brazilian iron ore mining venture jointly owned by Vale SA and BHP Group Ltd., have skyrocketed to 83 cents on the dollar from just 34 cents at the onset of the Covid-19 pandemic, handing creditors a return of 144%.There are a handful of factors driving the rally: Iron ore prices are surging; Samarco officials have begun prepping a debt restructuring plan; and the mine is finally producing again, albeit at a fraction of the levels it was at before a 2015 dam burst that killed 19 people and wiped out much of two villages downstream.But still, even at a time of wild froth in global financial markets, the sheer scope of the gains is somewhat perplexing. The bonds had only traded a few pennies higher in the days prior to the catastrophe. The bankers advising Samarco and its shareholders have been taken by surprise. They see the 83-cent price as being markedly higher than the amount that will be offered in the restructuring, according to people with direct knowledge of the matter who asked not to be identified.The only way the current price would make sense, they said, is if Vale and BHP were to inject fresh capital into Samarco to help pay back the debt, something they insist will not happen. The company needs to shrink its $3.8 billion debt and adjust its payment schedule to reflect its new smaller size, they said.Bankers are clearly trying to temper expectations -- but investor interest in the bonds remains high. A difficult debt restructuring negotiation may be resuming soon.“Bondholders simply won’t accept a haircut because Samarco has two healthy shareholders that they believe could inject money,” said Carlos Gribel, a managing director at Andbanc Brokerage in Miami. “To compromise they could agree to a delay on payments, for instance.”BHP, Vale, Samarco and New York-based investment bank Houlihan Lokey Inc., which is advising a group of bondholders, declined to comment.To put the defaulted bond rally in perspective, an average of emerging market materials bonds have returned about 33% since April 7 while Brazilian government notes have returned 11%, according to Bloomberg Barclays indices. Iron ore prices have jumped more than 10% this year alone.Some creditors aren’t willing to wait for an out-of-court restructuring and are pursuing their claims in court.A group of Samarco bondholders filed a lawsuit in New York in October asking the firm to fork over $2.7 billion in principal and interest on the defaulted notes. Davis Polk & Wardwell is representing the creditors in New York while Samarco is being advised by Cleary Gottlieb Steen & Hamilton LLP.Some litigants pursuing export prepayment loans have been more successful in Brazil.Judge Jeferson Maria in Belo Horizonte ruled on Feb. 8 that Samarco needs to pay a promissory note of $125 million which matured on Dec. 3 to York Global Finance BDH, LLC. The notes were used as collateral in a loan from Mizuho Bank Ltd. in 2013 that was sold to York in June 21 2018, according to court documents. The company can still file a motion to stay the enforcement proceeding.Padis Mattar Advogados and Ferro, Castro Neves, Daltro & Gomide Advogados are representing York in Brazil, while Cescon, Barrieu, Flesch & Barreto Advogados is representing Samarco.Some creditors of another $1.6 billion of export prepayment loans and other obligations are planning to go to court in Brazil after the success on the first lawsuit, one person said. They are mostly investment funds, after banks sold most of their holdings.Ahead of a new round of restructuring talks expected on the $2.2 billion of bonds maturing in 2022 and 2024, a group of creditors is being advised by Houlihan Lokey. Samarco is getting advice from JPMorgan Chase & Co., Vale is working with Moelis & Co. and BHP with Rothschild & Co.Depending on how the lawsuits play out, Samarco may be forced to file for bankruptcy protection against creditors in Brazil, three of the people said, while adding that this isn’t the most probable outcome for now. Samarco is prepared to go to court if its cash gets seized by creditors or if operations are harmed in any way by lawsuits, the people said.On Feb. 4, Vale announced a 37.7 billion reais ($7.03 billion) settlement agreement with Brazilian authorities for a separate dam collapse that killed 270 people in 2019.“The timing for Samarco to restructure all its liabilities is very good right now, since the company is back producing, the real is weak and prices of iron ore and pellets had an amazing rally,” said Rafael Fritsch, chief investment officer for distressed-asset funds at Sao Paulo-based Canvas Capital SA, which holds Samarco debt.“The firm’s two shareholders have resolved some of their legal issues and have clear business plans, and that adds to the optimism,” Fritsch 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.
Find out Tiger Woods' net worth after he won his fifth Masters title on April 14. The victory was Woods' first major win in more than a decade.
The payments in President Biden's COVID relief plan will rely on an IRS formula.
(Bloomberg) -- The European Central Bank will reveal on Monday how serious it is about countering rising bond yields.After days of top policy makers saying they won’t tolerate higher yields if they undermine the economy, the institution will publish its latest bond-buying figures at 3:45 p.m. Frankfurt time. A significant increase in purchases would show they are backing their words with action.Yet if the amount is little changed it could convince investors to push on with reflation trades, which are effectively bets the ECB will tolerate higher borrowing costs as the economy begins to recover.Last week, those wagers sent yields across the region surging. Perhaps worryingly for President Christine Lagarde, they also widened the premium investors demand to hold the debt of the region’s riskiest nations, like Italy and Greece.The trend is raising fears that the economic recovery being fostered by the torrent of cheap central bank money could be derailed for the region at large.“Actions speak louder than words,” said Mark Dowding, a money manager at Bluebay Asset Management, who bet on Friday morning that European debt prices will rebound. “If the ECB is serious about wanting to stem a rise in yields, which could bring about a premature tightening in financial conditions, then it will need to act.”European bond markets rallied Monday, lead by Italy, which saw the yield on 10-year bonds drop six basis points to 0.70%. Those on their German peers fell three basis points to -0.29%, marking the second day of declines.The focus is on the ECB’s most-flexible bond plan, the 1.85 trillion-euro ($2.2 trillion) pandemic emergency purchase program, the key crisis-fighting tool unveiled by the central bank in the early days of the outbreak. In the week ended Feb. 19, the central bank increased its holdings by 17.2 billion euros, barely any higher than the previous week.The weekly ECB data will be for the euro area as a whole -- country breakdowns for the pandemic program are only published every two months, so it won’t be clear if policy makers are targeting specific bond spreads.Over in the U.S., the economy is rapidly recovering as vaccines are rolled out quickly and where the government is preparing a massive fiscal stimulus package. In contrast, the euro-zone has been slow in inoculating the population and has had to extend business and social restrictions to contain the virus.Its fiscal support is also smaller, and a breakthrough recovery fund won’t kick in until the middle of the year. The economy is set to contract this quarter, and the ECB expects any inflation spikes this year to be only temporary, with job losses and uncertainty pushing down on prices.Read more: Europe’s Recovery Choices Will Leave It a Year Behind the U.S.Lagarde kicked off the past week by saying policy makers are “closely monitoring” nominal government bond yields because banks use them as benchmarks for the cost of loans to companies and households.Chief Economist Philip Lane said on Thursday that the central bank will use the flexibility of its pandemic program to prevent any tightening of financial conditions that is “inconsistent” with its inflation goal. Those remarks only briefly stemmed the selloff.Executive Board member Isabel Schnabel, who is responsible for market operations, said on Friday that a rise in real long-term rates may withdraw vital policy support too early, and that “policy will then have to step up its level of support.”Economists at BofA Global Research said the central bankers appear to be getting nervous, and that persistently rising yields show the increase in buying so far clearly isn’t sufficient.“When the ECB is not making words and actions match, questions are asked,” they wrote in a report on Friday. “Letting market dynamics run further risks making a correction more costly.”This week:Aside from PEPP purchase figures on Monday, preliminary CPI data for February from across the region has the potential to add further impetus to the bond sell off if it comes in higher than expected on TuesdayEuro area CPI YoY estimate is 1%, with a prior reading of 0.9%; Some focus will also be on final PMI readingsScheduled central bank speakers include ECB’s Guindos, Makhlouf and Villeroy on Monday, while Knot and Centeno speak ThursdayFor the U.K., the BOE’s Tenreyro speaks Wednesday, followed by Haskel Friday, while focus is also on the government’s budget and corresponding gilt outlook WednesdayThe bond supply outlook could help support markets with net supply turning negative in the face of sales from France and GermanyThe EU will sell more SURE bonds via syndicationFor 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 Massachusetts financial professional who gained notoriety as GameStop bull "Roaring Kitty" is no longer a broker registered with the Financial Industry Regulatory Authority, according to the organization's online records. Keith Gill, known as Roaring Kitty on YouTube and DeepF***ingValue on Reddit, is no longer a registered financial broker as of Feb. 26, the FINRA records show. Gill became a central figure in a January trading frenzy in which shares of the ailing videogame retailer surged more than 1,000% in two weeks, driven by interest among retail investors in online forums.
The National Highway Traffic Safety Administration is investigating the 2013-18 Toyota RAV4, which involves more than 1.86 million vehicles.
(Bloomberg) -- The world’s largest meat packer JBS SA will offer Covid-19 vaccines to about 8,500 workers at its American subsidiaries.Employees of JBS USA and Pilgrim’s Pride Corp., the U.S.’s second-largest chicken producer, will be offered the shot in eight states, the company said in a statement on Saturday. Some vaccinations will be administered on site, like in Greeley, Colorado, while others will be provided to the company’s workers through local health departments.Vaccinations of meat workers are starting to accelerate, with some JBS employees already headed for a second dose. Cargill Inc. said it’s preparing to offer the vaccine to employees at three protein facilities, while Tyson Foods Inc. said it will compensate staff for four hours if they seek vaccinations outside normal shift hours or through an external provider.A JBS USA spokesperson said some plants have age restrictions “but most do not.”Thousands of meat-plant employees across the country have been infected with the coronavirus, and hundreds have died as the disease spread through the cold and crowded facilities. The disruptions were so large that many plants were last year forced to close, fueling concerns about meat shortages.“We have been focused on doing everything we can to prioritize our essential workforce in state vaccination plans across the country,” Andre Nogueira, chief executive officer of JBS USA, said in the statement.JBS and Pilgrim’s will help vaccinations by leveraging their health and safety staff, coordinating logistics and partnering with third-party health organizations to ensure medical professionals are available to administer the shot. About 700 workers in Beardstown, Illinois, will receive their second dose this week.The companies announced earlier this year that they’d offer a $100 incentive for team members who choose to get vaccinated.“Our role is to be flexible in helping our team members and local officials in the communities where we operate,” Nogueira said. “Whether that includes shutting down a facility to execute a mass vaccination or providing paid time off, incentives and facilitating transportation for our workforce to get where they need to go to get their vaccine, we’re committed to ensuring they have every opportunity possible to be vaccinated.”Vaccinations will be offered to employees at the following facilities:Beardstown, IllinoisBooneville, MississippiCactus and Lufkin, TexasGrand Island, NebraskaGreeley, ColoradoHyrum, UtahMarshalltown, IowaMoorefield, West VirginiaFor 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.
Americans could get $1,400 more from Uncle Sam — and many won't know what to do with it.
