Monday, March 1

Month: May 2020

Cramer says without more coronavirus stimulus market may ‘sputter out’

Cramer says without more coronavirus stimulus market may ‘sputter out’

investment
CNBC's Jim Cramer said Friday that he's concerned the stock market's rally from its March lows may run out of steam unless Congress approves additional coronavirus relief measures. "Without another package, I know it's trillions of dollars, we're just going to kind of sputter out," Cramer said on "Squawk Box." "I get worried. It's just too many people that don't have jobs, and it's eventually going to catch up to the market." U.S. stock futures were slightly lower as Cramer made his comments, and Wall Street subsequently opened weaker Friday on the last trading day of May.However, as of Thursday's close, the S&P 500 was up more than 39% from its March 23 bottom, with gains of 4% for the month, which can see pressure from the "sell in May and go away" stock trading strategy.Capitol Hil
Amazon’s Jeff Bezos invests in UK digital freight forwarder Beacon

Amazon’s Jeff Bezos invests in UK digital freight forwarder Beacon

business
(Reuters) - Amazon.com Inc Chief Executive Jeff Bezos has picked British startup Beacon, a digital freight forwarder, for his latest investment. Beacon said on Sunday it raised over $15 million in Series A fundraising, from investors including Bezos and venture capital firm 8VC. The startup, formed by two former Uber Technologies Inc executives two years ago, is already backed by Uber founders Travis Kalanick and Garrett Camp, along with former Google CEO Eric Schmidt. Beacon is also a supply chain finance firm that provides real-time data of cargo delivery and a marketplace view of global shipping costs and prices. “With digitalisation accelerating globally as a result of COVID-19, we believe the future of the traditional freight forwarder is more precarious than ever,” CEO Frase
BBB recommends Ashwini Bhatia for post of SBI MD

BBB recommends Ashwini Bhatia for post of SBI MD

Finance
NEW DELHI: The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire i...
Amazon removes racist messages after they appear on some product listings

Amazon removes racist messages after they appear on some product listings

business
FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, April 22, 2020 after Amazon extended the closure of its French warehouses until April 25 included, following dispute with unions over health protection measures amid the coronavirus disease (COVID-19) outbreak. REUTERS/Pascal Rossignol(Reuters) - Amazon.com Inc (AMZN.O) said it was removing certain images after messages using extremely strong racist abuse appeared on some listings on its UK website when users searched for Apple’s (AAPL.O) AirPods and other similar products. The message sparked outrage on Twitter, with the topic “AirPods” trending in the United Kingdom. “We are removing the images in question and have taken action on the bad actor,” an Amazon spokeswoman told Reuters

People can change their minds, which is one big reason behind the market’s recovery

investment
How many times lately have you seen a news story about the incredible disconnect between the stock market, now up 37% from the March bottom, and the dire reality of unemployment heading to 25%, municipal fiscal woes, and widespread concerns about the next surge of Covid-19?The negative tone of the news is reinforced by surveys, such as one published last week in the New York Times, confirming that Americans are still very wary of interacting with each other. Not surprisingly, investors may be confused by those mixed signals.After placing the economy into an induced coma to limit the coronavirus spread, the effort to snap it out of that suspended animation could be harder than expected. Once restrictions are lifted, the majority of survey respondents say they would still not attend a weddi...
National Insurance Company: National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone ‘Amphan’

National Insurance Company: National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone ‘Amphan’

Finance
KOLKATA: The National Insurance Company NIC) has so far has received around 500 claims amounting to Rs 160 crore following the devastation caused by cyclone 'Amphan' in West Bengal and Odisha, a top official said. The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories. "As per initial assessment that is still going on, we have received around 500 claims amounting to Rs 160 crore from the insured," CMD of National Insurance, Tajinder Mukherjee, said. Claims related to dwellings and houses are not that much, the official said. Mukherjee said the coronavirus lockdown is causing some delay and after virtual inspection, which takes 10 to 15 days, the losses co...
Google postpones Android 11 unveiling amid U.S. protests

Google postpones Android 11 unveiling amid U.S. protests

business
FILE PHOTO: The logo of Google is seen in Davos, Switzerland Januar 20, 2020. REUTERS/Arnd Wiegmann/File Photo(Reuters) - Alphabet Inc’s (GOOGL.O) Google on Saturday said it has postponed next week’s planned unveiling of the beta version of its latest Android 11 mobile operating system in light of protests and unrest in the United States. “We are excited to tell you more about Android 11, but now is not the time to celebrate,” Google said in a message posted on its Android developers website. The event was originally scheduled to take place virtually on Wednesday, according to the website. In a tweet, it said that it will announce more details on the new version of Android “soon,” without specifying any dates. Protests have spread across the United States over the killing of George Floyd,
Lufthansa accepts tweaked demands by Brussels over state bailout

Lufthansa accepts tweaked demands by Brussels over state bailout

business
BERLIN/FRANKFURT (Reuters) - Lufthansa’s management board has accepted a more favourable set of demands from the European Commission in exchange for approval of a 9 billion euro ($10 billion) government bailout, the carrier said on Saturday, paving the way for its rescue. FILE PHOTO: Airplanes of German carrier Lufthansa are parked at the Berlin Schoenefeld airport, amid the spread of the coronavirus disease (COVID-19) in Schoenefeld, Germany, May 26, 2020. REUTERS/Fabrizio Bensch/File PhotoThe agreement comes after the airline’s supervisory board on Wednesday rejected an initial deal with Brussels including conditions that were significantly more painful. Lufthansa and the rest of the airline sector have been hard hit by what is expected to be a protracted travel slump due to the coronav
PFC board clears RS Dhillon’s appointment as CMD from June 1

PFC board clears RS Dhillon’s appointment as CMD from June 1

Finance
New Delhi: State-run Power Finance Corporation (PFC) on Friday announced the appointment of Ravinder Singh Dhillon as Chairman and Managing Director from June 1 following superannuation of Rajeev Sharma this month. The board of PFC in its meeting held on Friday approved the appointment of Dhillon as CMD of the company in pursuance of an order of the Power Ministry issued in this regard on April 7, 2020, the power sector financier said in a statement. Dhillon's appointment as Chairman and Managing Director will be with effect from the date of assumption of charge of the post on or after June 2020, it said. He would hold the post till the date of his superannuation (May 31, 2023) or until further orders, the company said. Incumbent CMD Rajeev Sharma is attaining superannuation on May 31,...

Morgan Stanley is bringing traders back to NY headquarters next month

investment
Signage is displayed outside Morgan Stanley & Co. headquarters in the Times Square neighborhood of New York.Michael Nagle | Bloomberg | Getty ImagesMorgan Stanley is planning to kick off the return of trading personnel to its New York headquarters in mid to late June, according to people with knowledge of the situation.The firm expects that, at least at first, only a small number of traders and workers in other departments will make use of the option, said the people, who declined to be identified speaking about the bank's internal goals.Morgan Stanley's plans make it one of the first Wall Street firms to bring more employees back to the trading floor after months of working from home. Rival Goldman Sachs has also said it would bring some trading personnel back to offices in the next ...