|▼ BUSINESS NEWS ▼|
|Bullish: Analysts Just Made An Upgrade To Their Sixt SE (ETR:SIX2) Forecasts|
|Sun, 31 May 2020 02:32:38 -0400|
|Fires, arrests, curfews, confrontations: George Floyd protests continue nationwide|
|Sun, 31 May 2020 02:25:13 -0400|
|Amazon Calls Delivery Drivers Back, Closes Hubs Near Protests|
|Sun, 31 May 2020 02:19:55 -0400|
(Bloomberg) -- Amazon.com Inc. is scaling back deliveries and adjusting routes in a small number of cities including Chicago, Los Angeles and Portland after the death of George Floyd in Minneapolis sparked demonstrations around the country, prompting curfew orders.“We are monitoring the situation closely and in a handful of cities we adjusted routes or scaled back typical operations to ensure the safety of our teams,” an Amazon spokeswoman told Bloomberg News.Amazon’s action shows how protests around the country are complicating operations for the e-commerce giant, which was still catching up from a surge in demand tied to the Covid-19 outbreak.In Chicago and Los Angeles, Amazon delivery drivers received messages Saturday night that said: “If you are currently out delivering packages, stop immediately and return home. If you have not completed your route, please return undelivered packages to the pick-up location whenever you’re able to do so.”Amazon was “in close contact with local officials and will continue to monitor the protests,” and would only re-open delivery stations when it’s safe and will plan delivery routes by monitoring demonstrations in every zip code, according to messages reviewed by Bloomberg.(Updated with additional cities in 1st paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
|George Floyd and the special hell reserved for black journalists covering his killing|
|Sun, 31 May 2020 02:06:39 -0400|
|Trade Alert: The Director Of Ascelia Pharma AB (publ) (STO:ACE), Niels Mengel, Has Just Spent kr204k Buying 42% More Shares|
|Sun, 31 May 2020 02:02:28 -0400|
|It’s Time to Make a Reopening Plan—for Your Wallet|
|Sun, 31 May 2020 01:48:12 -0400|
We were meeting to talk about his recent lay-off, but as my client Jim* fought back tears, I knew we needed to talk about his dad. His dad had always been a tough cookie, dedicated to his family but not necessarily understanding of his dreamer son. Now that Jim (not his real name) had lost his job, it wasn’t just hard to look at the numbers because of what they said about how long he could pay his rent. The numbers were also saying, almost in his father’s voice, that it had been a mistake to pursue such an uncertain career path as a writer. Money is extremely emotional. But we rarely acknowledge that fact, except as a problem to be solved—something we need to “get through,” annoying brush to be cleared on our way to objective, dependable reasoning about our finances. As a financial therapist, I’m here to tell you: it doesn’t work that way. Cutting ourselves off from our emotions can actually undermine our financial health and erode our overall well-being. Instead, we must learn how to process and integrate our feelings, so we’re aware of them but they don’t run the show. This is the emotional labor of money. Emotional labor is the amount of effort it takes to manage our feelings and reactions in order to execute a task, make a decision, or perform in a role. You may have heard this concept applied to the professional environment or to family management, but we never really think about it in terms of our financial lives.For many of us, like Jim, these feelings and associations are not new. They may be issues and challenges that have been with us as long as we’ve been making decisions and trying to behave in financially healthy ways. But for others, this pandemic and the resulting economic upheaval feel like a shock to our system, as even simple tasks require more emotional labor than they did before. Worry about job loss, changes in income, or the health risk incurred by simply going to work make us question how much is safe to spend. And even if our budget hasn’t changed, shutdown disruptions mean that the well-worn routines we had to meet our needs—the ways we get food, spend our time, even the clothes we wear on a daily basis—are all in flux. So how do we begin to broach the barrier we keep between our feelings and our figures? Perhaps it’s the shutdown talking, but I’m thinking about this in terms of a reopening plan. Phase 1: Shelter in Place * Before we open that door we want to make sure it’s the right time to do so. In an active crisis situation, human beings have a kind of psychological firewall that protects our ability to function until we can get ourselves back to safety. You may know someone who, during an emergency, was able to take in extremely upsetting information with apparent calm, and didn’t break down until after the immediate danger had passed. If you are in an acute crisis—facing potential homelessness, food insecurity, or other safety threats —this work can wait until circumstances are safer. Phase 2: Testing and Tracing * The next step is to map out our emotional money hot spots. Before we put any pressure on ourselves to change a thing, we need to assess where our issues are and what concrete effect they have on our financial and emotional health. Phase 3: Controlled Exposure * Once we have a better sense of the scope of emotional labor connected to our finances, we can work out a plan to integrate it appropriately. For example, for those of us who experience a strong fight, flight, or freeze response to money, restructuring our “rules of engagement” with financial tasks can make a huge difference. Having a regular check-in (with an end time!), breaking large goals into small steps, and enlisting a partner can all help decrease our stress levels and make us more effective managers and decision-makers. Keeping a balance between our emotional state and the task at hand helps us stay grounded as we move through the concrete work. For my client Jim, the small daily steps he took toward creating a stable cash flow plan—looking at his resources, reducing his expenses, applying for benefits, communicating with creditors, and asking for help—allowed him to also face his biggest fear: disappointing his father. As his confidence in his ability to manage hardship grew, he was able to get some distance between his father’s expectations and what was important in his own life. Phase 4: Financial Health * Approaching the emotional work of money in phases helps us to do two things: to “unstick” ourselves when simply trying push through those feelings keeps us from being able to function properly in our financial lives, and two, to recognize when places we need to grow as people are presenting as a financial problem. We don’t just want money to hurt less, or to not be as hard. That’s a good enough beginning, but ultimately doing the emotional work that comes up around money helps us to feel authentic, grounded, and capable. So many of us are going through a crash course in the emotional labor of money right now. Each moment, we’re learning and adapting. We’re learning how to ride the swells and ebbs of anxiety as we wade through benefits applications. We’re learning how to say, “I need help.” We’re learning that tasks or challenges we thought were impossible are within our capability after all. We’re learning that crisis may open the door, but that journey that follows can be toward greater peace and well-being. Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
|Times reporter recounts being hit with tear gas and rubber bullets by Minnesota police|
|Sun, 31 May 2020 01:42:20 -0400|
|George Floyd protests in Minneapolis: Police use tear gas, smoke grenades; more than two dozen arrested|
|Sun, 31 May 2020 01:39:06 -0400|
|Joe Biden on George Floyd protests: 'We must not allow this pain to destroy us'|
|Sun, 31 May 2020 01:27:09 -0400|
|Protests over George Floyd escalate near White House, around DC as Trump warns against 'mob violence'|
|Sun, 31 May 2020 01:24:34 -0400|
|Russian small businesses reopen to uncertain future|
|Sun, 31 May 2020 01:20:09 -0400|
When Moscow authorities closed non-essential businesses to stop the spread of the coronavirus, Boris Kupriyanov began to personally deliver books to his customers. "In many ways this has become our salvation," Kupriyanov, co-founder of Falanster, one of the country's most famous independent bookshops, told AFP. Many small and medium-sized businesses including Kupriyanov's bookstore will be allowed to reopen on Monday as authorities gradually ease confinement restrictions in Russia, which has reported more than 396,000 coronavirus infections -- the third-largest caseload after the United States and Brazil.
|Iranian fuel reaches Venezuelan stations as prices set to rise|
|Sun, 31 May 2020 01:03:53 -0400|
Fuel shipped from Iran began arriving at Venezuela's gasoline stations on Saturday, just hours before President Nicolas Maduro announced higher prices at the pump that are set to end more than two decades of almost-free gasoline. As authorities in the country with the world's cheapest gasoline got ready to expand retail sales under a system combining subsidies and international prices, the fifth cargo of an Iranian flotilla approached the Caribbean Sea and is expected to reach Venezuelan waters on Sunday, according to Refinitiv Eikon. Of 1,800 stations in Venezuela, about 240 have remained working since Maduro announced coronavirus-related lockdown measures in March, which included restrictions on fuel sales due to very low inventories.
|Byte Computer S.A.'s (ATH:BYTE) Stock Is Going Strong: Have Financials A Role To Play?|
|Sun, 31 May 2020 01:00:24 -0400|
|Could OPEC+ Become a Victim of Its Own Success?|
|Sun, 31 May 2020 01:00:07 -0400|
(Bloomberg Opinion) -- With oil prices roaring back, the OPEC+ output cuts are undoubtedly doing their job.But they’re due to be reviewed in a little over a week, and the unwieldy group needs to ensure the fault lines between its de facto leaders, Saudi Arabia and Russia, don’t resurface. We all know what happened last time they couldn’t agree on the way forward.For now, the results of the collaboration are almost too good to be true. In the first month of execution, the level of compliance achieved by most of the 20 countries that signed up to the deal has been astonishingly good. That may be a sign of their desperation as crude prices plunged below zero, or a reflection of the struggle to sell cargoes in a world where demand has collapsed.Perhaps not surprisingly, countries outside the deal have played their parts too, as economic forces drove oil companies to slash output. But the extent of the moves are eye-popping. Weekly data show U.S. production down by 1.6 million barrels a day, or 12%, in two months. The real drop may be even bigger, as the Energy Information Administration can only make its supply and demand estimates balance with a -999,000 barrel-a-day “adjustment factor.” That’s the biggest negative potential-adjustment number ever and at least some of it is almost certainly an overestimation of production. In Canada, production in Alberta has fallen by a quarter, or 1 million barrels a day.Things are definitely moving in the right direction, but the question is how producers should respond. The view from the Moscow office of Russian Energy Minister Alexander Novak is that all of the output cuts, combined with recovering Chinese oil demand, will bring global supply and demand back into balance in June or July.That may be glossing over the details a little too quickly. It's really too soon for producers to relax. The demand recovery has yet to take hold in the U.S. or Europe, or in much of Asia beyond China. Fuel consumption in India is currently about 40% below last year’s levels, while in the U.S., a surprise second dip in demand in last week’s data means it remains about 25% lower than at the same point last year.Producers should keep this in mind as they prepare to meet again in another series of virtual gatherings on June 9 and 10, to assess the effectiveness of the output deal and confirm their next steps.They’ll have plenty to celebrate, not least the recovery in oil prices. They need to exercise caution, though. The temptation to begin raising production is all too seductive, but the recovery in oil prices should not be taken as a license to open the taps — especially since it’s being helped by the extracurricular efforts of some in group memebers. Saudi Arabia and its neighbors decided earlier this month to make additional output cuts in June, beyond those already agreed. That could take another 1.2 million barrels a day off the market and send Saudi Arabia’s oil production as low as 7.5 million barrels a day next month, a level not seen for 20 years, except in the immediate aftermath of the attacks on Saudi oil processing plants last year. Still, some in the OPEC+ group, most noticeably Russia, are eager to stick to the deal they agreed to in April and to begin reopening the taps at the start of July. A challenge for OPEC+ is that it has every right to do so. Their hard-fought deal has built-in sunset clauses that allow participants to start easing their restraint in July. If they do, that could trigger the rapid return of anywhere between 2 million and nearly 4 million barrels a day of oil supply. Luckily other participants seem more cautious, and Saudi Arabia, Kuwait and the United Arab Emirates may be among them. One idea that has been floated is to revise April’s agreement and extend the May-June production targets all the way to the end of the year. It's a suggestion that hasn't found favor in Moscow.But Saudi Arabia and Russia — the group's biggest producers by a large margin — appear to be trying to avoid another conflict. For this coming round, the two countries agreed to closely coordinate during a phone call between Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman last week. They have held similar talks before previous OPEC+ meetings.But it wasn't so long ago that Russia's refusal to accept deeper output cuts being pushed by Saudi Arabia led to the collapse of talks altogether and triggered the market-share battle that saw the kingdom boost production above 12 million barrels a day — and we all know how that ended, with storage being filled to near capacity and the lowest oil prices in 20 years. After April’s hard-won deal, it’s up to the OPEC+ group to make sure it's not a short-lived success story now that the imminent threat of collapsing oil prices has receded. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Julian Lee is an oil strategist for Bloomberg. Previously he worked as a senior analyst at the Centre for Global Energy Studies.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
|This is why Warren Buffett thinks you should refinance your mortgage|
|Sun, 31 May 2020 00:15:00 -0400|
|Latin America's stricken airlines facing long haul to recovery|
|Sun, 31 May 2020 00:12:17 -0400|
Latin America's beleaguered airlines will take up to three years to recover losses due to the coronavirus pandemic, and in the meantime desperately need government help, according to experts surveying the damage to the industry. The International Air Transport Association (IATA) estimates it will take at least that time for the region's airlines to inch back to their pre-pandemic level for domestic and regional flights. Long-haul services to the United States and Europe will take until 2024 to come back, it says.
|Four Charts Showing How April Lockdown Hurt South Africa’s Economy|
|Sun, 31 May 2020 00:00:00 -0400|
(Bloomberg) -- As South Africa loosens its lockdown from Monday, data for April is proving just how bad the economy was hit by regulations that shuttered almost all activity except essential services during that month.The country will move to alert level 3 on Monday, from level 4, allowing most businesses to reopen and an additional 8 million people to return to work. However, restaurants will still be limited to offering takeouts, services such as hairdressing are prohibited and most movement of people between provinces, towns and districts remains restricted.These charts show some of the impact of the level 5 lockdown in April.The trade balance swung to a record deficit in April. That was mainly due to a 55% slump in exports as the lockdown stifled mining activity, which accounts for about half of the South Africa’s outward shipments, and as restrictions abroad weighed that demand from most trading partners.Disruptions at ports also affected trade in manganese, iron ore, coal and most bulk shipments, the Minerals Council of South Africa said on Friday. The export of mineral products, which includes coal and iron ore, dropped by 39%, while precious metals and stones and base metals fell by more than 60%.“Hopefully, the systematic scaling back of lockdown restrictions in June, both locally and internationally, will allow South Africa to start to increase exports, albeit off a much lower base,” Kevin Lings, chief economist at Stanlib Asset Management in Johannesburg, said in a note. “We still expect the trade balance to remain positive on a trend basis, especially in the second half of 2020 -- assuming that lockdown restriction can remain at level 3 or lower.”Business closures because of the lockdown and steps announced by the South African Revenue Service to give more time for tax payments to be made led to a budget shortfall of 52.1 billion rand in April, the first month of the government’s fiscal year. While Finance Minister Tito Mboweni will only present an adjustment budget in late June, he has said the tax take could fall by 32%.“For markets, the medium-term picture that is drawn with the end-June adjustment budget, with detail on spending as well as structural-reform plans, will be of far greater importance,” Razia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank, said in an emailed note.Credit extended to households dropped month-on-month for the first time in three years. That was despite the central bank lowering borrowing costs by 225 basis points from the start of the year to the middle of April. The value of credit-card purchases dropped to a nine-year low.“The economic fallout from the implementation of measures to contain the spread of the Covid-19 pandemic is envisaged to include job losses or salary reductions,” said Kamilla Kaplan, an economist at Investec Bank Ltd. “This will erode households’ ability to service debts.”The sale of new vehicles dropped by 98.4% in April, the most on record, as car dealerships had to close their doors for the full five weeks of South Africa’s level 5 lockdown. Although auto dealers could start trading again from May 1, subject to conditions, sales probably dropped by 86.3% in May from a year ago, according to the median of six economists’ estimates in a Bloomberg survey.The National Association of Automobile Manufacturers of South Africa has reduced its domestic new-vehicle sales forecast by 23% to 405,000 units for the year, saying demand will continue to remain under pressure until there is greater economic stability.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
|South Africa leader faces thorny test over virus lockdown|
|Sat, 30 May 2020 23:59:46 -0400|
Admired by some but berated by others for imposing a tight lockdown, South African President Cyril Ramaphosa faces a fresh leadership test over his handling of the coronavirus outbreak. Africa's most industrialised nation is preparing to reopen its economy on Monday as it moves into level three of a five-tier lockdown, in force since March 27, sowing bitter divisions. "Initially there was such a big support for this thing," political analyst Ralph Mathekga told AFP, referring to the shutdown.
|China's manufacturing still sluggish as virus hits exports|
|Sat, 30 May 2020 23:55:13 -0400|
A monthly purchasing managers’ index issued Sunday slipped to 50.6, down from 50.8 in April. A reading above 50 means that manufacturing is growing. The figures indicate that manufacturing picked up in May, although more slowly than the previous month, said Zhao Qinghe, a senior statistician at the National Bureau of Statistics.
|US workers face an unequal future when virus recedes|
|Sat, 30 May 2020 23:38:53 -0400|
As the coronavirus worked its way across the United States, it cleaved the country's workforce in two: those who have the ability to work from home, and those who do not. From baristas to hotel workers to tourism operators, people whose job requires them to show up in-person were among the hardest hit in the waves of layoffs, and also those on the low end of the US pay scale. Unemployment is now at a level not seen in since the Great Depression nearly a century ago, and moving higher, while the coronavirus is expected to threaten the country for months to come, factors analysts fear will only serve to deepen inequality for workers in the world's largest economy.