Encore Wire Announces Earnings Release and Conference Call
(Bloomberg) -- Asian stocks looked poised to track modest U.S. gains Wednesday as lawmakers continued to haggle over an aid package to bolster the economic recovery. The dollar held losses.Futures were little changed in Japan, as were shares in Australia. S&P 500 edged higher after the benchmark bounced back from Monday’s selloff as House Speaker Nancy Pelosi continued to negotiate with the White House on a deal near $2 trillion. Tech shares mostly shook off the U.S. Justice Department’s decision to sue Google for allegedly abusing its power. Netflix Inc. plunged in late trading after it added fewer subscribers than predicted in the third quarter and issued a forecast that missed Wall Street estimates.Elsewhere, Treasuries slumped, along with government bonds in Europe. Oil retreated.In the latest developments, Pelosi said Tuesday she’s hopeful for a stimulus agreement this week, which would be crucial to getting a bill passed by Election Day, although Senate Majority Leader Mitch McConnell has warned the White House against a bigger Pelosi-led deal before Nov. 3. The administration’s offer is now $1.88 trillion, White House Chief of Staff Mark Meadows said on CNBC. Pelosi has pushed for $2.2 trillion along with a number of requirements for how the money should be deployed.A rally built on stimulus hopes has investors weighing the chances of striking a deal against speculation that the looming election will prove too much of a hurdle to overcome. Yet with Federal Reserve policy makers urging for more fiscal support to complement unprecedented monetary aid, many in the market may be willing to let Pelosi’s deadline come and go.“Equity markets are under some pressure following limited advances in stimulus talks,” Sebastien Galy, a senior macro strategist at Nordea Investment Funds SA, said in a note. “The odds of a deal being low, tells us much about the battle between hope and the reality of an economy still under severe shock but recovering.”Amid a resurgence in coronavirus cases, European Central Bank President Christine Lagarde said the unexpectedly early pickup in infections is a “clear risk” to the economic outlook in the region. Europe’s leaders have intensified efforts to slow the contagion, reviving lockdowns in some areas after piecemeal curbs made little impact. New cases hit daily records in Germany and the Netherlands.Here are some key events this week:Brexit trade talks are likely to continue at least into next week if the U.K. and EU fail to reach an agreement.The final presidential debate before the U.S. election, between President Donald Trump and former Vice President Joe Biden, will be live from Nashville, Tennessee on Thursday.Here are some of the main market moves:StocksS&P 500 futures rose 0.4% as of 8:01 a.m. in Tokyo. The S&P 500 Index gained 0.5%.Nikkei 225 futures were flat.Australia’s S&P/ASX 200 Index rose 0.1%.Hong Kong’s Hang Seng Index futures rose 0.2% earlier.CurrenciesThe yen was little changed at 105.48 per dollar.The offshore yuan traded at 6.6622 per dollar.The Bloomberg Dollar Spot Index was flat after falling 0.3%.The euro was at $1.1826.The British pound was at $1.2950.BondsThe yield on 10-year Treasuries increased almost two basis points to 0.79%.Australia’s 10-year bond yield held at 0.76%.CommoditiesWest Texas Intermediate crude fell 1% to $41.26 a barrel.Gold added 0.2% to $1,910.05 an ounce.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.
Netflix has seen a number of top content execs including Cindy Holland, Channing Dungey and Jane Wiseman leave over the last few weeks – a move addressed by Co-CEO Ted Sarandos on the streamer’s third quarter financial results call. Sarandos, who moved up to the co-CEO role, having previously been Chief Content Officer, brought the […]
Up to 2in of rain could fall within three to six hours in some parts of England.
Scandal and Whiskey Cavalier alum — and amateur furniture maker — Scott Foley has been tapped as co-host and lead judge on Ellen’s Next Great Designer, HBO Max’s furniture design competition series starring and executive produced by Ellen DeGeneres. In Ellen’s Next Great Designer, design aficionado DeGeneres will give eight forward-thinking furniture designers the chance […]
Following the news he was the front-runner for the role, 20th Century Studios executive Jeremy Kramer has officially been appointed President of Paramount Players. Kramer, who will report to Watts, will begin his new position effective October 20th. Deadline first reported that Kramer in pole position for the job and Paramount confirmed the news today. […]
(Bloomberg) -- The latest merger between two U.S. shale producers is dealing with an unusual family dynamic that has raised concerns about a potential conflict of interest.Pioneer Natural Resources Co. said Tuesday it agreed to buy rival Parsley Energy Inc. for $4.5 billion in stock. Pioneer is run by Scott Sheffield while his son Bryan is Parsley’s founder and chairman.Pioneer Chief Financial Officer Richard Dealy told analysts and investors on a conference call the two Sheffields were intentionally kept out of takeover talks, which were led by the lead independent directors of both companies.“Given the related-party nature of it, this was a transaction that was managed independently, so Scott and Bryan were not involved,” Dealy said. “We very much made sure we had a robust process of them not being involved in the negotiations.”The deal comes amid a growing wave of consolidation in the U.S. shale industry, which is struggling with low energy prices and pressure from investors to realize cost savings and a more stable financial footing. One such combination was confirmed Monday when ConocoPhillips announced its acquisition of Concho Resources Inc.The Sheffields’ history as Texan wildcatters spans several generations and multiple cycles of boom and bust. Pioneer’s origins go back to the business run by Scott’s father-in-law, Joe Parsley. Scott, 68, is a veteran oil executive who first took the top job at Pioneer predecessor Parker & Parsley in 1985. Bryan, 42, became a billionaire at the time of Parsley Energy’s 2014 initial public offering, months before the oil price crashed from $100-a-barrel levels.The Sheffields have more of their wealth tied up in Parsley than they do in Pioneer, data compiled by Bloomberg show. Bryan is Parsley’s 11th-largest holder of Class A shares, with a 2.7% stake valued at about $106 million. He’s also the largest owner of the unlisted Class B stock, holding 21.2 million of those shares. Scott’s stake in Pioneer is worth about $52 million.The U.S. shale industry has been a lightning rod for accusations of poor corporate governance over the past few years. Executives have raked in millions of dollars in pay, bonuses and stock awards while stock performance languished, and in some cases their companies went bankrupt.“There are some investors who worry this could be an outrageous conflict of interest and there are others who really believe if the deal’s in everyone’s interest then it’s fine,” said Paul Sankey, a New York-based analyst at Sankey Research.Parsley executives stand to share $13.8 million in stock payments for a change of control, filings show, with CEO Matt Gallagher -- a former Pioneer employee -- receiving $5.6 million. Gallagher would also be entitled to $7.8 million if he was ousted from the merged entity. Gallagher will join the board of directors for the new company, Pioneer said, while Scott Sheffield will continue as chief executive. Pioneer is still evaluating senior executives from Parsley for including in the new company, it said Tuesday.Bryan Sheffield, who retired last year as CEO, was removed from the list of Parsley executives entitled to payouts resulting from a merger or acquisition earlier this year. The statement Tuesday announcing the Parsley deal made no mention of Bryan.(Updates with comment from Pioneer CFO in second 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.
Next accused of destroying documents in equal pay claim. Shop staff are seeking parity with warehouse workers who earn up to £6 more per hour
Waitrose and Co-op to cut prices of essential goods by an average of 15%. Move comes as supermarkets prepare to battle it out ahead of a budget Christmas season
Postal workers to collect from the doorstep as Royal Mail shakes up service. Service adapts to online shopping surge in biggest change to the daily rounds since the postbox appeared in 1852
A wheelchair user who lives on her own has praised the effect her cats have on her mental health, saying she does not know how she would have made it through lockdown without them. Fuchsia Carter, from Lewes in East Sussex, has Ehlers-Danlos syndrome and has been particularly hard hit by restrictions introduced during the coronavirus pandemic. Not only has she been unable to go out and see friends, her carers have also stopped coming to her home, meaning her two cats - Lucretia and Aurelia - have been her main source of companionship.
Buyers have been looking for locations which can offer flexibility around working from home, Zoopla said.
The charity said it wanted to end the 'taboo' around the subject.
The Oaks residents are supporting Yazz.
Next denied the claims from lawyers at Leigh Day.
Black business owners have a median turnover which is nearly 30% lower than their white counterparts.
Steve Mac, Dan Smith and Lewis Capaldi were among the winners.
The cost of UK air pollution amounts to nearly £19 billion in total.
A partnership has been formed to research a lack of representation on the GCSE curriculum.
Mental health incidents have increased each month since March, when the Covid-19 lockdown measures were introduced.