The semiconductor giant posted solid quarterly results and strong guidance, but it wasn't all good news.
(Bloomberg) -- Chancellor of the Exchequer Rishi Sunak is set to unveil his second U.K. budget as he tries to balance the need for prolonged aid to stem the damage wrought by the pandemic with calls to control the deficit.With the prospect of the economy fully reopening still months away -- Prime Minister Boris Johnson has set June 21 as the earliest that can happen -- here’s what to expect in the chancellor’s statement on Wednesday:More Covid AidSunak says his priority is to protect jobs through the pandemic. He’s promised to support “people and businesses” as lockdown measures are gradually lifted.On Tuesday night he announced:An extension of the flagship furlough program, under which the state pays idled workers 80% of their usual wages, up to a maximum of 2,500 pounds ($3,500) a month. It was due to expire at the end of April but will be extended to the end of June, and the allowance will then decline over the following three months.Grants for self-employed workers will be extended to next month, and details of further support in April will be set out Wednesday. More than 600,000 people who previously weren’t eligible will qualify for these grants.Other measures are likely to entail:An extension of the business-rates holiday for retail, hospitality and leisure beyond the end of the tax year next month.An extension in the temporary reduction of value-added tax for the hospitality and attractions sectors beyond the end of March. The Telegraph on Monday reported that the rates holiday and VAT cut may be extended beyond June 21 for pubs.An extension in the 20-pound a week uplift in Universal Credit social security payments. Options debated by the Treasury included one-off bonuses in lieu of an extension, and extensions of six or 12 months. The BBC reported Tuesday that the six-month option has been chosen.A new loans program for struggling firms that are up to 80% backed by the state.TaxationThe chancellor has also signaled there’s pain ahead as he tries to rein in a fiscal deficit that the Office for Budget Responsibility has predicted will swell toward 400 billion pounds this tax year.“If we don’t do anything, borrowing will continue to be at very high levels even after we’ve recovered from Covid -- debt will continue to rise indefinitely,” Sunak told Sky News on Sunday. “That’s not a good situation.”Sunak may announce some tax increases on Wednesday, or he may detail what taxes are set to be lifted in the future. Here are some potential measures:Corporation tax seems the most likely to rise. Officials signal that a planned hike in the U.S. would give the U.K. scope to raise its own rate in the coming years to as high as 25% from 19%, while still retaining the lowest level among the Group of Seven major economies.The Sunday Times reported that Sunak plans to freeze the thresholds at which people start paying the basic and higher rates of income tax, pushing 1.6 million people into a higher bracket by 2024. That would still heed a Conservative Party electoral pledge not to raise the three main rates of tax -- income tax, national insurance and value-added tax -- during this five-year Parliament.The Times reported last week that Sunak is drawing up plans to freeze the lifetime allowance on pensions savings at just over 1 million pounds, meaning those who exceed it will be liable to pay more tax on income from their pension pot.A Treasury-commissioned review into capital gains tax last year suggested changing rates to align with income tax could raise as much as 14 billion pounds.Treasury AnnouncementsAlongside the budget, Sunak is expected to publish an independent review into U.K. stock market listing rules as part of an effort to bolster the City of London post-Brexit.As is customary in the runup to the budget, the Treasury has already trailed a number of other measures to be outlined, from changes to visa rules to billions of pounds of capitalization for a new infrastructure bank. Here’s a selection:22 billion pounds of capital and loan guarantees to capitalize a new national infrastructure bank, with the aim of supporting 40 billion pounds of infrastructure investment.5 billion pounds of grants worth up to 18,000 pounds each to help nearly 700,000 eligible businesses in the retail, hospitality, accommodation, leisure and personal care sectors reopen.The world’s first sovereign green savings bond for retail investors. The funds raised will be earmarked for projects such as renewable energy and clean transportation.A mortgage guarantee program for 95% mortgages to help people get on the property ladder.1.65 billion pounds of funding for the U.K.’s Covid vaccination drive.55 million pounds to develop vaccines against new Covid variants and to study the effects of combinations of vaccines.375 million pounds for a new public-private fund to invest in fast-growing tech start-ups.A 520 million-pound ‘Help to Grow’ program to provide small and medium-sized businesses with subsidized management training, discounted software and technology advice.A 300 million-pound summer sports recovery package to get sports such as cricket, horse racing and tennis re-opened.408 million pounds of funding for museums and the arts.126 million pounds for traineeships, and an increase to 3,000 pounds in the cash incentive for hiring apprentices.150 million pounds to help community groups take over struggling local facilities such as pubs and sports clubs.A new fast-track visa program to ease entry to the U.K. for highly-skilled researchers, engineers, scientists as well as those working in the financial technology and cyber sectors.(Updates with furlough plan details in first two bullet points)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.
Chris Harrison, who has stepped aside as host of The Bachelor after controversy erupted after he defended a contestant and her past photos and social media posts, will sit down this week with Michael Strahan on Good Morning America, Extra reported on Tuesday. GMA is not commenting on the interview, and Harrison’s spokesperson did not […]
New Texas Rangers right-hander Kohei Arihara struck out two and allowed five hits while facing 11 batters in two shortened innings in his spring training debut. Arihara gave up a three-run homer in the 5-5, six-inning tie. After Arihara struck out Yoan Moncada with the bases loaded for the second out in the second, the inning was stopped because of his pitch count.
With us today from the Company are President and Chief Executive Officer, Mr. Brian Recatto, and the Chief Financial Officer, Mr. Mark DeVita. At this time, I would like to turn the call over to Brian Recatto. This morning, we'll begin with a quick update on the impact of the pandemic and a brief review of our fourth quarter results and full year 2020 performance.
AMRC earnings call for the period ending December 31, 2020.
Roblox Corporation (the "Company"), a global online platform bringing people together through play, today issued guidance for its first quarter ending March 31, 2021, its second quarter ending June 30, 2021 and for the full year ending December 31, 2021. For more information, see below or visit https://ir.roblox.com.
After playing in his first game with the Philadelphia Phillies since his arrest on domestic violence charges two years ago, Odúbel Herrera apologized and vowed he’s a better person. “I feel sorry because I made a big mistake,” Herrera said Tuesday. Herrera had last played on May 26, 2019.
FuboTV grew its internet pay-TV subscriber rolls at a rapid clip last year — and it sustained heavy losses to get there. The company ended 2020 with 547,880 subscribers, up 73% year-over-year. It gained 92,800 net new subscribers in the fourth quarter, an increase of 237% year-over-year. Total net loss for last year was $570.5 […]
President Joe Biden said Tuesday the United States would have enough vaccine for its entire adult population by the end of May, as he announced a deal for pharma giant Merck to produce the shot developed by rival Johnson & Johnson.
EXCLUSIVE: Ed Harris has set Robert Duvall and Garret Hedlund to star in The Ploughmen. This will be the third film that Harris directs, after Pollock and Appaloosa. Harris wrote the screenplay, adapted from Kim Zupan’s 2014 debut novel. Amy Madigan and newcomer Lily Harris are also set for the film. Pic is slated to […]
Joe Exotic of “Tiger King" fame has found new attorneys who say they plan to file a motion for a new trial in a matter of months. Joe Exotic, whose real name Joseph Maldonado-Passage, was sentenced in January 2020 to 22 years in federal prison for violating federal wildlife laws and for his role in a failed murder-for-hire plot targeting his chief rival, Carole Baskin, who runs a rescue sanctuary for big cats in Florida. Baskin was not harmed.
“When the grenade that you’ve been helping build for months finally explodes in your face, that is just inevitable,” the CNN host said,
"I am so excited for what the future holds."
Max Scherzer and Juan Soto should make their delayed Grapefruit League debuts this week for the Washington Nationals. Scherzer, a three-time Cy Young Award winner, hurt his left ankle last month while preparing for the start of spring training but could start Washington’s exhibition game against visiting St. Louis on Friday.
Stock futures opened slightly higher Tuesday evening after sliding during the regular session, as investors weighed optimism over widespread post-pandemic business reopenings against concerns over economic overheating.
Six weeks ago, San Diego State was 3-3 in the Mountain West and mired halfway down the standings. On Wednesday night, Matt Mitchell, Jordan Schakel and the No. 19 Aztecs will play for their 11th straight win and their second straight regular-season conference title when they visit UNLV. It is one of several games the MWC rescheduled to make up for some conference games missed earlier in the season.
Portrayals of Black women and girls in film are showing signs of progress, with those characters more likely to be depicted as leaders or as working in STEM professions than white females, but issues of” colorism” still exist, according to a study released Tuesday. The research by the Geena Davis Institute on Gender in Media, […]
The Trump administration allegedly spent $10bn in hospital relief funds on Operation Warp Speed
Manchester United fans have been told to expect a "realistic and responsible" approach to transfer business this summer by Ole Gunnar Solskjaer. United currently sit second in the Premier League table, but sit 15 points off leaders Man City following a relentless 21-game winning streak for Pep Guardiola's side. The Red Devils are currently the best of the also-rans, but realistically need to strengthen at centre-back and up front - with Erling Haaland a target - if they are to entertain thoughts of a serious title challenge next season.
(Bloomberg) -- Asian stocks looked set for a muted start Wednesday after their U.S. peers retreated on concerns about excessive investor optimism. Treasuries climbed and the dollar weakened.Futures were little changed in Japan, while Australian stocks saw modest gains. S&P 500 futures edged higher after technology shares led losses in the benchmark on Tuesday. Apple Inc. and Tesla Inc. dragged down the Nasdaq 100 -- with the electric-car maker tumbling more than 4%.Benchmark Treasury yields dipped amid comments from Federal Reserve Governor Lael Brainard that bond-market volatility may further delay a pullback in the central bank’s massive asset purchases. U.S. inflation-adjusted yields retreated.Investors are focusing closely on valuations amid concerns about excessive optimism in markets. China’s top banking regulator warned Tuesday about the need to reduce leverage given the rising risk of bubbles in global markets, while bullishness among Wall Street strategists is approaching levels that have presaged potential trouble for stocks, according to a Bank of America gauge.“We believe we’re still very much in a bull market, but certain pullbacks like the one we’ve seen since the beginning of this year are very natural and sometimes needed,” Katerina Simonetti, Morgan Stanley Private Wealth Management senior vice president, told Bloomberg TV. “If interest rates start moving higher and quicker than expected, then there’s a chance there might be more significant pullback in the market.”Elsewhere, oil extended losses below $60 a barrel with the OPEC+ alliance said to be set to agree to a production increase later this week. Bitcoin fluctuated below $50,000.There are some key events to watch this week:U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets:StocksS&P 500 futures rose 0.1% as of 8:04 a.m. in Tokyo. The S&P 500 fell 0.8%.Nikkei 225 futures were little changed.Australia’s S&P/ASX 200 Index rose 0.2%.Hong Kong’s Hang Seng Index futures gained 0.5% earlier.CurrenciesThe yen was little changed at 106.72 per dollar.The offshore yuan traded at 6.4745 per dollar.The Bloomberg Dollar Spot Index fell 0.3%.The euro was at $1.2085.BondsThe yield on 10-year Treasuries dipped 3 basis points to 1.39%.Australia’s 10-year bond yield fell 3 basis points to 1.69%.CommoditiesWest Texas Intermediate crude fell 0.3% to $59.32 a barrel.Gold was steady at $1,739.03 an ounce.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.