Ex-Bank Of England boss warns UK is neglecting deep problems with economy
Ex-Bank Of England boss warns UK is neglecting deep problems with economy
The Steelers got screwed a few weeks ago because of the Titans’ COVID outbreak which cost Pittsburgh a true bye week.
(Bloomberg) -- U.S. equity futures started the week on the back foot as a stimulus deal remained elusive and coronavirus infections hit a record for a second day. Asian stocks were mixed and Treasuries advanced.S&P 500 contracts retreated though were off their session lows. Stocks slipped in China and Japan, fluctuated in South Korea and edged higher in Australia. The dollar strengthened. U.S. House Speaker Nancy Pelosi said the chamber could pass a pandemic relief plan this week, though a deal with the White House remains elusive as chances faded of a resolution before next week’s election. Hong Kong is closed for a public holiday Monday.Ten-year Treasury yields ticked lower though remained above 0.8%. Oil extended a decline. The pound steadied after trade talks between the U.K. and the European Union were extended to Oct. 28. U.S. stocks rose Friday as investors held out hope for a spending package.Investors remain focused on the chances of an agreement on a stimulus package as November’s election fast approaches. Still, concerns are mounting that surging virus cases could force additional business closures. The U.S. added more than 85,000 cases in a record figure for one day.“There is very limited incentive on both sides to get a deal done,” Joseph Shaposhnik, a portfolio manager at TCW, said on Bloomberg TV. “The market has baked that in, has baked in the election and is looking out six months and thinking what are the odds life begins to normalize, a vaccine is introduced.”President Donald Trump’s chief of staff said the U.S. isn’t going to “control” the pandemic. U.S. Vice President Mike Pence’s chief of staff tested positive, raising the prospect of another outbreak within the White House. Cases also continue to surge in Europe and other parts of the world.Meanwhile, China is rethinking its yuan internationalization strategy and a senior central bank official called for more proactive with policies to support markets, including improving bilateral currency swap agreements.These are some events to watch this week:The Chinese Communist Party’s Central Committee holds its all-important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.Here are the major moves in markets:StocksS&P 500 futures fell 0.5% as of 11:11 a.m. in Tokyo. The S&P 500 Index rose 0.3% Friday.Topix index fell 0.2%.Australia’s S&P/ASX 200 Index were little changed.South Korea’s Kospi index fell 0.2%.Shanghai Composite Index fell 0.8%.CurrenciesThe yen fell 0.1% to 104.84 per dollar.The offshore yuan fell 0.1% to 6.6747 per dollar.The euro fell 0.2% to $1.1843.The British pound traded at $1.3035, little changed.The Bloomberg Dollar Spot Index rose 0.1%.BondsThe yield on 10-year Treasuries fell three basis points to 0.82%.Australia’s 10-year bond yield fell four basis points to 0.81%.CommoditiesWest Texas Intermediate crude lost 1.7% to $39.18 a barrel Friday.Gold fell 0.2% to $1,898 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.
(Bloomberg) -- Ant Group Co. has set the price for its initial public offering in Shanghai, paving the way for a blockbuster sale that may give the Chinese fintech giant a valuation higher than JPMorgan Chase & Co.Billionaire founder Jack Ma, speaking at a weekend conference, said Ant has determined the IPO price, though he didn’t disclose the amount. Pricing details for the China shares are expected by Tuesday, with the Hong Kong price to be announced as soon as Oct. 29, people familiar with the matter have said.“This was the first time such a big listing, the largest in human history, was priced outside New York City,” Ma told the Bund Summit in Shanghai Saturday. “We wouldn’t have dared to think about it five years, or even three years ago.”The stock sale by Ma’s finance giant is one of the most hotly anticipated IPOs in years, on course to make history by surpassing Saudi Aramco’s record $29 billion share sale in 2019. Large investors have put in bids of about 68 to 69 yuan a share for the Shanghai stock, Reuters reported. That would value the China portion of the sale at as much as $17.3 billion, or close to $35 billion for the dual listing including the Hong Kong leg.Ant’s IPO Is Said to Lure Fidelity, T. Rowe Price, UBS AssetThe company may raise another $5 billion after it exercises the so-called greenshoe option to meet demand, people familiar with the matter have said, adding the numbers are subject to change. That would give Ant a valuation of about $320 billion, making it bigger than JPMorgan and four times larger than Goldman Sachs Group Inc.The IPO is attracting interest from some of the world’s biggest money managers, and sparking a frenzy among individual investors in China clamoring for a piece of the sale.T. Rowe Price Group Inc., UBS Asset Management and FMR LLC, the parent of Fidelity Investments, are among the money managers angling for a piece of the deal, a person familiar with the matter has said.Each of the firms is considering investments worth several billion dollars in the Hong Kong-listed shares, though they’ve yet to finalize plans and there’s no guarantee they’ll get an allocation, the person said.Singapore’s sovereign wealth fund GIC Pte, Temasek Holdings Pte and China’s $318 billion National Council for Social Security Fund are also jockeying for a slice of the IPO, people familiar with the matter said earlier this month. Ma’s Alibaba Group Holding Ltd. will also buy new Ant shares to maintain its ownership stake at around 32%.Leveraged LoansHong Kong stockbrokers are so confident Ant IPO will go smoothly that they’re offering to let mom-and-pop investors buy the stock with as much as 20 times leverage. That matches the highest ratio ever offered by brokerages including Bright Smart Securities & Commodities Group and UP Fintech Holding Ltd. HSBC Holdings Plc has set aside more than HK$100 billion ($13 billion) of margin loans for retail investors to subscribe to the Hong Kong IPO, Hong Kong Economic Journal reported, citing the lender.With the pricing this week, investors will have to commit to the deal just days before a U.S. presidential election that could have ramifications for both Ant’s overseas expansion plans and investor risk-appetite. Shares will almost certainly start trading only after the U.S. vote on Nov. 3.The company will issue no more than 1.67 billion shares in China, equivalent to 5.5% of the total outstanding before the greenshoe option, according to its prospectus on the Shanghai stock exchange. It will issue the same amount for its Hong Kong offering. The Shanghai shares will be listed under the ticker “688688,” according to the prospectus.Ant has picked China International Capital Corp. and CSC Financial Co. to lead the Shanghai leg of the IPO. CICC, Citigroup Inc., JPMorgan and Morgan Stanley are heading the Hong Kong offering.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.
"The Lakers were the better team. Period."
Rays runner tries to steal home in the World Series, which hasn't happened in 18 years.
Protesters targeted Catholic churches across Poland on Sunday in the fourth straight day of upheaval against a near-total ban on abortion in the EU country.
Parts of Nottinghamshire are expected to be the next to enter Tier 3 as the disease continues to spread.
(Bloomberg) -- Cenovus Energy Inc. is getting more than just a rival Canadian oil producer with its acquisition of Husky Energy Inc. It’s also shoring up its defenses against an anti-oil sands movement that could get a boost if Joe Biden is elected as the next president of the U.S.Calgary-based Cenovus said Sunday morning it’s reached a C$3.8 billion ($2.9 billion) all-share deal to buy Husky, which is controlled by Hong Kong billionaire Li Ka-shing. Li and his CK Hutchison Holdings Ltd. will own about 27% of the combined firm if the deal goes through.Oil sands companies in Alberta sell their crude at a discount to West Texas Intermediate because export pipelines are usually too full to accept all the oil that producers want to ship. That discount can be steep at times -- $20 a barrel or more -- and is currently more than $10.The situation could get worse if Biden wins the Nov. 3 election and makes good on his promise to rescind the permit granted by President Donald Trump for the development of Keystone XL, the biggest of three major Canadian export pipelines under construction.By acquiring Husky’s refineries in Ohio and Wisconsin, Cenovus will reduce its exposure to that problem. The merged company will be able to refine as much as 70% of its crude directly in the U.S. Midwest, the biggest market for Canadian crude, meaning the company won’t have to sell as much oil locally at depressed prices.“Our firm view is that Keystone is not going to be built,” Jeffrey Craig, an analyst at Toronto-based Veritas Investment Research Corp., said of the proposed 830,000-barrel-a-day line from Alberta to Nebraska. Access to Husky’s heavy-oil refineries is “probably the biggest reason to do this deal,” he said.The acquisition will make Cenovus more like rivals Suncor Energy Inc. and Imperial Oil Ltd., which have larger refining businesses and are therefore less exposed to pipeline risk.As concern about climate change has increased, Canada’s oil sands companies have faced criticism about the carbon emissions produced from mines and steam-injected wells in northern Alberta. In alliance with some indigenous groups, environmentalists have gone to court to stop pipelines and, more recently, appealed directly to banks not to fund projects.The region’s carbon footprint has become an issue for investment firms that are growing more concerned with the environmental and social risks taken by the companies they own. Norway’s massive wealth fund, for example, cut its holdings of Canadian oil sands stocks, including Cenovus and Suncor.For ESG data on Cenovus, click hereEnvironmentalists’ efforts have partly paid off. Keystone XL’s future remains in doubt 12 years after it was first proposed by TC Energy Corp. The Trans Mountain pipeline expansion to Vancouver and Enbridge Inc.’s Line 3 are under construction, but only after years of delays that brought new oil sands development to a near halt.For Cenovus, the Husky deal means that pipeline risk “has been materially decreased,” Chief Executive Officer Alex Pourbaix said on a conference call Sunday. “I’ve been talking to investors for three years, telling people I was optimistic the pipes were going to come.”Two years ago, Alberta’s government was forced to impose output limits on producers when oil sands production overwhelmed pipeline capacity, causing a glut of crude to form in Western Canada that temporarily depressed local prices to discounts as large as $50 a barrel.Those limits are due to be lifted in December after the collapse in oil demand caused by the Covid-19 pandemic prompted the industry to shut in some production.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.
(Bloomberg) -- Amazon.com Inc. secured relief in its dispute with Future Group after a court put a temporary hold on the debt-strapped Indian conglomerate’s $3.4 billion deal to sell assets to billionaire Mukesh Ambani’s Reliance Industries Ltd.An arbitration court in Singapore restrained Future Retail Ltd. and its founders from going ahead with the sale, according to people with knowledge of the matter who asked not to be identified as the proceedings were private. The ruling was on Amazon’s request for an interim order before main tribunal hearings start.In a statement issued late Sunday in Mumbai, the U.S. e-commerce giant said it got all the relief it sought, without providing specifics.“We welcome the award of the Emergency Arbitrator,” Amazon said. “We remain committed to an expeditious conclusion of the arbitration process.”Representatives for Future Group, which has a partnership with Amazon in India, declined to immediately comment when reached outside of business hours in India.The ruling marks provides some respite for Amazon as it seeks to halt a deal that could give Ambani, Asia’s richest man, unparalleled dominance in the race for India’s estimated $1 trillion consumer retail market. Reliance is already India’s biggest brick-and-mortar retailer and has ambitious plans for the online segment that would see it take on Amazon in what is a rising market. Battle LinesAmazon drew the battle lines earlier this month when it accused Future of violating a contract between the two sides by agreeing to a buyout by Reliance. The deal would have been a bailout for Future, which faces another potential cash crunch as competition in the Indian retail space intensifies and the economy slows amid the coronavirus pandemic. A spokeswoman for the Seattle-based e-tailer told Bloomberg on Oct. 8 that it had initiated steps to enforce its contractual rights with Future, without giving more details. The deal between Reliance and Future, announced late August, is awaiting regulatory approval, which won’t necessarily be delayed by the Singapore court’s order.Amazon agreed to purchase 49% of one of Future’s unlisted firms last year, with the right to buy into their flagship, Future Retail, after a period of between three and 10 years. But about two months ago, rival Reliance announced it would buy the retail, wholesale, logistics and warehousing units of the indebted Future Group, almost doubling its footprint.In May, Amazon was considering increasing its stake in Future’s retail unit to as much as 49%, people familiar with the matter said at the time. But that transaction didn’t materialize in time for Future, seeing it instead cut a deal with Ambani’s refining-to-retail conglomerate.Blocking Reliance’s rising stronghold on India’s retail sector is crucial for Amazon if it wants to dominate the only billion-people plus consumer market that’s still open to foreign firms.(Updates with Amazon-Future partnership in fifth 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.
The veteran broadcaster enjoyed a long career at the BBC and was well known for hosting programmes such as Grandstand and Breakfast Time.
In a preview for next week's episode of The Real Housewives of Potomac, Monique Samuels files a counterclaim against her former friend after being charged with assault
(Bloomberg) -- Oil extended its slide to a second day on a toxic cocktail of surging coronavirus cases in the U.S. and Europe, dwindling prospects for pre-election stimulus in Washington and a steady resumption of supply from Libya.Futures in New York fell toward $39 a barrel after dropping 1.9% on Friday. The U.S. reported record infections for a second straight day, while Italy approved a partial lockdown and Spain announced a national curfew. Democrats and Republicans accused each other of “moving the goalposts” in interviews on CNN as hopes for a deal before next week’s election appeared to be in tatters.The worsening demand outlook is coinciding with Libya’s push to almost double crude output, which is gaining momentum as rival sides prepare for a new round of talks aimed at ending a nearly decade-long conflict. A force majeure has been lifted on the Ras Lanuf and Es Sider ports, and the country’s state oil company said output would surpass 1 million barrels a day in four weeks.A little more than six months after Covid-19 sent oil prices into a tailspin, a second wave is threatening to take another bite out of energy demand. There are several reasons why a repeat of April’s bloodbath is unlikely, however. Flagging consumption isn’t coinciding with a price war, governments may be less likely to impose major lockdowns and demand in Asia is holding up.See also: It’s Asia to the Rescue Again as Oil Demand Falters Elsewhere“Demand issues tied to resurgent virus cases have taken the market’s attention for the past few weeks,” said Daniel Hynes, a senior commodity strategist at Australia & New Zealand Banking Group Ltd. “The supply side issues have now certainly started to gain a little bit more prominence with Libya suggesting that their supplies will rise significantly over the next couple of months. That presents a new headwind for OPEC.”Brent’s three-month timespread widened to 97 cents a barrel in contango - where prompt prices are cheaper than later-dated ones - from 86 cents on Friday. The change suggests concerns about over-supply have risen slightly.If virus cases keep rising in Europe and the U.S., it’s possible the OPEC+ alliance will push back a planned easing of production cuts from January. Russian President Vladimir Putin last week signaled openness to delaying the taper. The group will decide on whether to stick to the current plan at a meeting scheduled for Nov. 30-Dec. 1.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.
Harvest Technology Group Ltd (ASX:HTG) shareholders might be concerned after seeing the share price drop 14% in the...
Australia on Monday condemned Qatar authorities' treatment of women passengers on a flight to Sydney who were subjected to internal examinations after a newborn baby was found abandoned at a Doha airport. The women, including 13 Australians, were examined at Hamad International Airport on October 2 after Qatar Airways Flight 908 to Sydney was delayed. Australia's foreign affairs department described the treatment of the women as inappropriate and beyond circumstances in which they could give free and informed consent. "This is a grossly, grossly disturbing, offensive, concerning set of events," Foreign Minister Marise Payne said. "It's not something that I've ever heard of occurring in my life, in any context. We have made our views very clear to the Qatari authorities on this matter." Australia would await a report from the Qatari government before "we will determine the next steps", Ms Payne said. She said the incident had been reported to Australian Federal Police, but did not explain which action police might take.
National Security Adviser Robert O'Brien joins 'The Next Revolution' to compare Trump's and Biden's foreign policy accomplishments.
(Bloomberg) -- Chile voted overwhelmingly on Sunday to draft a new constitution, launching a two-year struggle over first principles expected to blunt the neo-liberalism that has made it an investor favorite but plunged it into riots over inequality.With 87% of votes counted, a larger-than-expected 78.2% backed a fresh charter, a key demand of protesters who took to the streets last year in the largest civil unrest in decades. The current document dates back to the dictatorship of Augusto Pinochet.The result sets off almost two years of debate and uncertainty before a final vote on a new charter. Many investors fear that a new constitution means Chile will do away with the pro-business rules and fiscal discipline they say created one of Latin America’s most stable and prosperous economies. Protesters say that model -- enshrined in the current charter -- has left millions grappling with low wages, poor social services and injustices.“This plebiscite is not the end, it is the start of a road that we must travel together to agree a new constitution for Chile,” President Sebastian Pinera said in a national address Sunday evening.The referendum was one of several concessions that the government and lawmakers agreed to in order to quell riots that started last October. Sparked by a metro fare increase, the protests quickly spiraled into a broader social movement with grievances ranging from pensions to education. While pandemic-fighting lockdowns kept a lid on tensions most of this year, violent protests flared up again in recent weeks.Read more: Protesters Clash With Chile Police, Burn Church in SantiagoAbout 80% of voters also backed a constitutional convention of newly elected representatives to write up the charter, rather than a mixed convention with 50% of existing lawmakers.“This isn’t a triumph for political parties,” Paulina Astroza, a political analyst from Universidad de Concepcion, said in via Twitter. “Parties will have a huge challenge: they must modernize, clean up, be transparent, allow new leaderships and end with” their strongman tactics.What’s at Stake in Chile Debate Over New Constitution: QuickTakeAfter renewed violence in the run-up to the referendum, voting was peaceful and orderly, with many people lining up for hours to cast their ballot.Thousands later congregated at Plaza Italia, the Santiago square that has become the symbolic center of the protest movement, to celebrate. After initially using water cannons to deter the protesters, the police withdrew.“Until now the constitution has divided us,” Pinera said. “As of today, we must all collaborate so that the new constitution be a great framework for unity, stability and the future.”Two ThirdsChileans will vote again in April to elect delegates to the assembly in charge of writing the new text. To avoid more radical viewpoints from making it into the constitution, legislators agreed on a clause that all articles must be approved by two-thirds of the assembly members.Still, the difficulty in meeting that threshold means Chile could end up “with an excessively abbreviated constitution that would likely fail in bringing greater political stability,” Leonardo Suarez, head of research at brokerage firm LarrainVial, wrote in a report last week.Amid the constitutional process, Chile will also hold a presidential election in November 2021. With the center-left opposition deeply divided and the current government unpopular, the outcome is far from clear.On expectations that a peaceful vote may quell some of the unrest, some investors have started to bet again on the Chilean market.“While the medium-term political uncertainty on the back of the constitutional process and presidential election in 2021 might continue to cap market performance, we do believe that the momentum for the Chilean market is positive,” JPMorgan analyst Diego Celedon said in a note last week.(Updates with new count of vote in second paragraph and analyst in seventh 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.
The ceremony was held online on Sunday night.
Police said all 22 crew members were safe and well.
NSW weather: flood rescues, power blackouts and transport chaos as storms lash state. Emergency service receives 545 requests for help at weekend while wild weather forecast to continue throughout week with high winds and heavy rain
The United States on Sunday said a new humanitarian ceasefire will take effect on Monday in the conflict between Azerbaijan and Armenia over the enclave of Nagorno-Karabakh, even as fresh fighting erupted between the two sides. The latest ceasefire is due to take effect at 8 a.m. local time (12 a.m. EDT) on Oct. 26, the U.S. State Department and the governments of Azerbaijan and Armenia said in a joint statement."Congratulations to Armenian Prime Minister Nikol Pashinyan and Azerbaijani President Ilham Aliyev, who just agreed to adhere to a cease fire effective at midnight. Many lives will be saved," U.S. President Donald Trump wrote on Twitter.The announcement came after U.S. Secretary of State Mike Pompeo held separate meetings with the foreign ministers of Armenia and Azerbaijan in Washington on Friday."Those meetings were joined by the co-chairs of the OSCE Minsk Group, formed to mediate the conflict and led by France, Russia and the United States, which described them as "intensive discussions" on the ceasefire and the beginning of talks about core elements of a comprehensive solution.The Minsk Group said its co-chairs and the foreign ministers agreed to meet again in Geneva on Oct. 29.A senior administration official expressed confidence that this ceasefire would hold. "U.S. leadership with support from Russia and France brings additional hope that the ceasefire will lead to a lasting peace settlement," said the official.But the eruption of new fighting on Sunday and the collapse of two previous ceasefires brokered by Russia raised questions about the prospects for this fresh push to end the clashes in Nagorno-Karabakh, a part of Azerbaijan populated and controlled by ethnic Armenians.The fighting that broke out on Sept. 27 over the disputed territory has surged to its worst level since the 1990s, when some 30,000 people were killed.Local officials in Nagorno-Karabakh on Sunday accused Azeri forces of firing artillery on settlements in the areas of Askeran and Martuni during the night. Azerbaijan said its positions had been attacked with small arms, mortars, tanks and howitzers.Armenia accused Azeri forces of shelling civilian settlements. Baku denied killing civilians and said it was ready to implement a ceasefire, provided Armenian forces withdrew from the battlefield.The defence ministry of the Nagorno-Karabakh region said on Sunday it had recorded another 11 casualties among its forces, pushing the military death toll to 974.Earlier on Sunday during a meeting with defense officials, Azerbaijan President Ilham Aliyev accused Armenia of bombarding civilian sites and launching two ballistic missiles on the city of Ganja.Armenian President Armen Sarkissian accused Baku of being "aggressively stubborn and destructive".World powers want to prevent a wider war that draws in Turkey, which has voiced strong support for Azerbaijan, and Russia, which has a defence pact with Armenia.Differences over the conflict have further strained relations between Ankara and its NATO allies, with Pompeo accusing Turkey of fuelling the conflict by arming the Azeri side. Ankara denies it has inflamed the conflict.Sarkissian, in comments reprinted by the Armenpress news agency, called on "global players" to step in immediately to bring about a ceasefire and said Russia was "a trusted and pro-active mediator" between the conflicting sides.Aliyev said it was "very hazardous" for Armenia to want Russian military support in the conflict and third parties should not get involved militarily.Russian President Vladimir Putin has said he speaks to leaders of Armenia and Azerbaijan several times a day by phone, and that he hopes the United States will help Moscow broker a solution to the conflict.About 30,000 people were killed in a 1991-94 war over Nagorno-Karabakh. Armenians regard the enclave as part of their historic homeland; Azeris consider it illegally occupied land that must be returned to their control. (REUTERS)