The furor began after ProPublica, a nonprofit news organization, reported that Burr unloaded the stock around mid-February, about a week before the market started to plunge because of coronavirus concerns.
European stocks rose and U.S. equity futures eked out gains, trimming declines at the end of a week dogged by concern about a second wave of coronavirus infections and simmering tension between America and China. Oil climbed and Treasuries drifted.
Burr’s decision, which will go into effect on Friday, comes at a crucial moment for the committee. It’s expected to vote next week on Rep. John Ratcliffe’s nomination to be the next director of national intelligence and the committee is expected to release its final report on Russian interference in the 2016 election by the August recess.
(2 May 2009)
Mr Rumsfeld, a former chairman of the company, has refused to comment on whether he still holds shares in Californian firm Gilead Sciences, which developed the drug now being desperately stockpiled by governments around the world to combat the threatened pandemic.
October 18, Event 201. New York. Coronavirus nCoV-2019 Simulation and Emergency Preparedness Task Force, John Hopkins Bloomberg School of Health Security. Big Pharma-Big Money Simulation Exercise sponsored by WEF and Gates Foundation
Zhang Xinmin, an official at China’s science and technology ministry, said favipiravir, developed by a subsidiary of Fujifilm, had produced encouraging outcomes in clinical trials in Wuhan and Shenzhen involving 340 patients.
“It has a high degree of safety and is clearly effective in treatment,” Zhang told reporters on Tuesday.
Patients who were given the medicine in Shenzhen turned negative for the virus after a median of four days after becoming positive, compared with a median of 11 days for those who were not treated with the drug, public broadcaster NHK said.
U.S. equity futures jumped alongside stocks in Europe and Asia after the reported death tolls in some of the world’s coronavirus hot spots showed signs of easing over the weekend. The dollar edged higher and Treasuries fell.
It creates big opportunity, which is especially true for face mask companies after the U.S. Health and Human Services says the U.S. only has 10% of face masks needed for a full-blown virus pandemic. They estimate the U.S. would need at least 3.5 billion medical-grade N95 masks.
Better, the Trump Administration has plans to source millions of masks from 3M to help combat the virus threat. If so, that could generate up to $1 billion in sales for the company. Vice President Mike Pence said in a press conference:
Schumer, D-N.Y., called for the investigations on MSNBC Saturday after Burr, R-N.C., Feinstein, D-Calif., as well as Sens. James Inhofe, R-Okla., and Kelly Loeffler, R-Ga., were hit with allegations of selling large amounts of stocks before the coronavirus crisis rocked Wall Street.
“The answer, in one word, is yes. There should be and there will be,” Schumer said on MSNBC. “I don’t own any stocks. I think it’s a very bad idea for senators to own stocks.”
Financial disclosure statements indicated that Sens. Richard Burr, R-N.C.; Jim Inhofe, R-Okla.; Kelly Loeffler, R-Ga.; and Dianne Feinstein, D-Calif.; their spouses or advisers sold large chunks of stock around the time lawmakers received behind-the-scenes briefings about the severity of the coronavirus, which has claimed more than 3,600 lives in the USA.
Top executives at U.S.-traded companies sold a total of roughly $9.2 billion in shares of their own companies between the start of February and the end of last week, a Wall Street Journal analysis shows.
The selling saved the executives—including many in the financial industry—potential losses totaling $1.9 billion, according to the analysis, as the S&P 500 stock index plunged about 30% from its peak on Feb. 19 through the close of trading March 20.
CEOs are departing in droves. Also, America’s corporate insiders dumped company shares at record levels. Bad news for the stock market.
Tuesday, Feb. 25 should be officially named “The Day of the CEO Departure.”
Last month’s total is virtually unchanged from the 147 CEO exits recorded in the same month last year. So far this year, 1,480 CEOs have left their posts, according to Challenger tracking, 12% higher than the 1,323 CEOs who announced their exits through November 2018. It is the highest January-November total since the firm began tracking in 2002, and only four CEOs fewer than the previous full-year high of 1,484 CEO exits tracked in 2008.
Chief executives are leaving in record numbers this year, with more than 1,332 stepping aside in the period from January through the end of October, according to new data released on Wednesday. While it’s not unusual to see CEOs fleeing in the middle of a recession, it is noteworthy to see such a rash of executive exits amid robust corporate earnings and record stock market highs.
In the months prior to the most ferocious stock market crash in history and the eruption of the biggest public health crisis of our generation, we witnessed the biggest exodus of corporate CEOs that we have ever seen. And as you will see below, corporate insiders also sold off billions of dollars worth of shares in their own companies just before the stock market imploded. In life, timing can be everything, and sometimes people simply get lucky. But it does seem odd that so many among the corporate elite would be so exceedingly “lucky” all at the same time. In this article I am not claiming to know the motivations of any of these individuals, but I am pointing out certain patterns that I believe are worth investigating.
The U.S. Federal Reserve has hired asset management giant BlackRock to help it execute the purchase of commercial mortgage-backed securities announced this week as part of the central bank’s aggressive efforts to shore up the U.S. economy.
CureVac in 2015 and 2018 secured financial backing for development projects from its investor the Bill & Melinda Gates Foundation, working on shots to prevent malaria and influenza.
In the field of so-called mRNA therapeutics, CureVac competes with U.S. biotech firm Moderna and German rival BioNTech, which Pfizer has identified as a potential collaboration partner.
In the Event 201 Simulation of a Coronavirus Pandemic, a 15% collapse of financial markets had been “simulated”.
It was not “predicted” according to the organizers and sponsors of the event.
Private sector initiative. Participation of corporate execs, foundations, financial institutions, Banks, Big Pharma, CIA, CDC, No health officials on behalf of national governments or the WHO. The simulation exercise was held on the same day as the opening of the CISM World Militaty Sports Games in Wuhan.
Saudi Arabia escalated the situation further over the weekend. The kingdom slashed its April official selling prices by $6 to $8, according to analysts, in a bid to retake market share and heap pressure on Russia.
The S&P 500 (SPX) fell about 6%. The Dow (INDU) fell as many as 2,046 points. The Nasdaq Composite (COMP) was down 5.4%. The New York Stock Exchange halted trading for 15 minutes after stocks plunged more than 7%. They retraced some of their losses after the market reopened.
Here is a list of the major coronavirus drugs that pharmaceutical companies across the world are developing that have the potential to become major coronavirus vaccines or antivirals for treating the contagious coronavirus infection.
The S&P 500 headed for its second gain in three days after former Vice President Joe Biden won a majority of state primaries on Super Tuesday, dulling some investors concerns about the possibility of a more liberal candidate challenging President Donald Trump in November.
Commenting on the market reaction, Adam Seagrave, head of global sales trading at Saxo Markets, said: “The initial reaction has been weaker GBP but we are now seeing a rally to a new high. This is presumably the market interpreting the announcement as Boris wanting advisors who are more willing to back aggressive fiscal stimulus.”
Bernie Sanders leads in Iowa polls ahead of Monday’s Iowa Democratic presidential caucus.
If he wins Iowa and New Hampshire, strategists say he could gain a lot of momentum toward winning his party’s nomination.
Traders who thought Johnson would use his considerable parliamentary majority to cut ties with the Brexit hard-liners in his party and deliver a soft divorce were “caught by surprise,” said Kit Juckes, chief foreign-exchange strategist at Societe Generale SA.
It was the currency’s biggest slump in a year.
Saudi Arabia’s oil company Aramco gained 10% in its first moments on the stock market Wednesday in a dramatic debut that held until closing and pushed its value up to $1.88 trillion, surpassing Apple as the largest listed company in the world.
Perhaps the most infamous recent example was the breakdown of the 127-year-old Denver Post. Since private equity firm Alden Global acquired the paper, it has cut two out of every three staff positions — twice the industry rate for downsizing.
To add insult to injury, the firm has been using staff pension funds as its own personal piggy bank. In total, they’ve moved nearly $250 million into investment accounts in the Cayman Islands.
Russia is set to be a major winner after an attack on Saudi Arabian oil facilities slashed production and ramped up tensions in the Middle East, analysts predict.
In a frantic day for the world’s markets, oil prices climbed by almost 15% Monday following the drone attacks on Abqaiq, Saudi Arabia’s largest oil refinery, which pumps around 5% of the world’s oil supply.
A leaked shortlist for the next Governor of the Bank of England made its way from the highest levels of the Treasury to the pages of The Times last Saturday, and has now been followed up by an orchestrated letter signed by Remain supporting MPs. The letter is a not-so-subtle attempt to confirm the leak by making the Civil Service’s recommendation list public and therefore making it politically harder for the Chancellor to appoint a Brexiteer to the role.
– Sterling surges to five-week high against dollar and euro after MPs defeat Government over no-deal
– China and US agree to continue negotiations next month, sending stock markets up
– German factory data shows continued slowdown
Jeremy Corbyn, the scourge of bankers and avowed opponent of capitalism, is winning support from unexpected new quarters: two of the biggest global banks operating in the City of London are warming to the Labour leader.
Unlikely as it may seem, he is now seen as the lesser of two evils by analysts at Citibank and Deutsche Bank, respectively American and German titans of the financial system.
The New Zealand dollar rose after Reserve Bank governor Adrian Orr painted a rosy picture of the local economy and described the 50 basis point cut in the official cash rate earlier this month as „a pre-emptive double cut“ to reduce the need to cut more later.
Japan’s Nikkei dropped 1.2% while Hong Kong’s Hang Seng Index was last in positive territory after sharply recovering from early losses. The Shanghai Composite fell 0.8% while the smaller-cap Shenzhen Composite slipped 1%. Benchmark indexes in Taiwan , Singapore and Indonesia all retreated, and Australia’s S&P/ASX 200 slumped 2.2%. South Korea’s Kospi was closed for a holiday.
Bank stocks led the decline Wednesday as the inversion of the yield curve is seen making it harder for banks traditional business model to work when short term borrowing costs are higher than longer term lending rates.
Bank of America BAC, -4.69%, Citigroup CITI, -5.40% and J.P. Morgan JPM, -4.15% all ended sharply lower.
Investors are on edge because the German economy shrank in the second quarter, and the US-China trade war still looms large over markets, despite the latest truce. Industrial production in China grew at the weakest rate in 17 years.
The deposit is part of a package with the United Arab Emirates worth $500 million announced in April. Both countries pledged an overall $3 billion in aid, with the rest going toward fuel, wheat and medicine.
John Gershman and Alec Irwin state in “Dying for growth”:
„100 countries have undergone grave economic decline over the past three decades. Per capita income in these 100 countries is now lower than it was 10, 15, 20 or in some cases even 30 years ago. In Africa, the average household consumes 20 percent less today than it did 25 years ago. Worldwide, more than 1 billion people saw their real incomes fall during the period 1980-1993. Meanwhile, according to the United Nations Development Program’s 1998 Human Development Report, the 15 richest people in the world enjoy combined assets that exceed the total annual gross domestic product of sub-Saharan Africa. At the end of the 1990’s, the wealth of the three richest individuals on earth surpassed the combined annual GDP of the 48 least developed countries.“
The Thistle won’t waste ink on how the wealthy have fared since the mainstream corporate press does a very commendable job in this respect.
The focus of the IMF programs was never institutional improvement but structural adjustments, which only protected the interests of a small elite, as these neoliberal policies worked well for them and not the general people.
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
The World Bank has approved $722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi – the largest metropolis that needs nearly $10 billion additional investment to make it liveable.
For decades, the Pakistani authorities have been unable to establish effective tax collection practices. Currently, only one percent of Pakistanis pay their taxes and the country has one of the lowest tax-to-GDP ratios in the world.
Successive governments have avoided imposing stricter controls because they have been staffed by members of the same elites that are actively evading taxes. They are able to do so not only because of government inaction but also because of widespread corruption. In fact, it is cheaper for them to bribe than to pay their dues.
17h ago 21:22
Wall Street closes at record high
Boom! Hopes that US interest rates will be cut next month have sent Wall Street to a new all-time closing high.
A spokesman for the US Navy’s Fifth Fleet in Bahrain told the Associated Press that his command was „aware“ of the incident and was seeking further details. U.S. Naval ships are in the area and are „rendering assistance“ after forces in the region received two separate distress calls, the Fifth Fleet said.
Nations which do not repay money they have borrowed – those which default on their sovereign debt – are punished by international markets.
A debt default leads to devaluation of the currency, an increase in the price of servicing national debt, and a lower national credit score – although it is unknown whether the international financial markets would respond in line with historical precedent in this case.
U.S. Treasury Secretary Steven Mnuchin tweeted that he had a „candid“ and „constructive“ talk on trade issues with People’s Bank of China Governor Yi Gang.
Mnuchin had earlier played down expectations for the meeting with Yi, which took place on the sidelines of a gathering of Group of 20 finance ministers and central bankers in Fukuoka, Japan.
With the outlook of the global economy clouded by the ongoing U.S.-China trade war, finance leaders from the Group of 20 nations kicked off a two-day meeting Saturday in Fukuoka to discuss measures to guard against economic risks.
Donald Trump has insisted that the National Health Service must be „on the table“ in negotiations over a future UK-US trade agreement.
Trade unions have called a general strike on 29 May 2019 to oppose austerity measures in Argentina. The Macri government has brought the country to the brink of economic collapse, with workers’ purchasing power decreasing due to high inflation, unemployment, recession and a sharp increase in poverty.
This is the fifth national strike to protest against the Argentinian president, called by different social organizations and the General Confederation of Workers (CGT) union, and it is taking place simultaneously throughout the country.
The General Confederation of Labor (CGT) began a 24 hour general strike at midnight to protest the economic policy of President Mauricio Macri.
Public transport was expected to be paralyzed, including trains, buses, metro and national and international aircraft.
European stocks rose on Friday, recovering from a six-week low as investors hope the United States and China can still resolve their trade dispute, even as a planned increase in US tariffs on Chinese imports comes into effect.
Acknowledging that continued talks on Friday stateside will be „positive,“ Nick Marro, analyst at the Economist Intelligence Unit, said …
The fall in Britain’s currency accelerated on Wednesday afternoon after a leaked paper indicated Brussels would strongly oppose an extension in the Brexit date to the end of June, dealing a fresh blow to the UK prime minister.
UK’s Barclay: There is no set end date to the Irish backstop
Cox’s advice: Legal risk remains unchanged that UK would have no lawful means of exiting arrangement
„So Mark Carney,with his crystal ball economics, has claimed house prices will drop 30% due to a no deal Brexit. Well. If true. So what?. Some people can only afford rent and have to rent forever. I am happy to take 30% hit if it creates a fairer society,“ Andy Alexander tweeted .
(18.10.2018) Palantir is discussing with investment banks Credit Suisse and Morgan Stanley plans to go public as soon as the second half of 2019, the people said. Some bankers have told the firm it could go public with a valuation of as much as $41 billion—depending in part on the timing—or twice what it was most recently…
(17.9.2018) Lagarde: No-deal Brexit would hurt growth and weaken the pound
BREAKING: UK faces massive Brexit workload, says IMF
IMF: UK would be weaker under any Brexit deal
Hammond: We need to heed IMF’s warning
(15.August) The Government’s bill banning foreigners from buying New Zealand homes is now set to become law in weeks after passing its third reading in the House on Wednesday.
The Overseas Investment Amendment Bill was passed with Labour, New Zealand First and the Greens’ 63 in favour and National and Act’s 57 in opposition.
(24.6.2018) At the end of last month, European Commissioner Günther Oettinger scolded rebellious Italian voters who are fed up with European Union bureaucrats and European Central bankers dominating their country. “The market will teach Italians how to vote,” Oettingerm said.
He had made this remark when it seemed Italy was heading toward fresh elections after the latest political crisis. At the time the spread between Italian and German bonds jumped more than 300 points, aggravating Italy’s heavy public debt. In other words, Oettinger was convinced that the need for financial stability would force upstart Italian voters to get back in line with what the bankers want.
Strategists said the turbulence and concerns about Italy may be enough to slow down Federal Reserve’s rate hikes this year, despite an improved U.S. economy.
Italy’s pro-euro elites have overreached disastrously. President Sergio Mattarella has asserted the extraordinary precedent that no political movement or constellation of parties can ever take power if they challenge the orthodoxy of monetary union.
He has inadvertently framed events as a battle between the Italian people and an eternal ‘casta’ with foreign loyalties, playing straight into the hands of the insurgent Five Star ‘Grillini’ and anti-euro Lega nationalists.
5-Star Movement (M5S) leader Luigi Di Maio said Tuesday that the rise in Italy’s bond spread since the effort to form an M5S-League government collapsed showed that the problems lie elsewhere.
Italy’s two populist parties, the anti-establishment 5-Star Movement (M5S) and the anti-migrant Euroskeptic League, led the reaction but were not alone.
Democratic Party bigwig Carlo Calenda, the outgoing industry minister, for instance, called Oettinger’s intervention „intolerable“ and called for him to apologise or resign.
Fallout on the financial markets will prompt Italians not to vote for populist parties, European Budget Commissioner Guenther Oettinger of Germany said Tuesday, according to an excerpt from a Deutsche Welle interview to be published tonight.
Speaking to the nation later Sunday evening, Mattarella was firm in outlining his constitutional role as guarantor of the cabinet lineup. He said he vetoed Savona out of concern for the negative effect that pick would have on financial markets and on the Italian economy.