(Bloomberg) — The world’s biggest cruise lines have roughly doubled the number of lobbyists they’re dispatching to congressional offices and several federal agencies this year. But as they try to resume sailing from U.S. ports, one of their most effective targets has been the White House.A former adviser to the White House Coronavirus Task Force says she and other advisers fielded a stream of calls and emails from cruise line officials, including Carnival Corp.’s in-house lobbyist. Their message: Help lift a “no-sail” order from the U.S. Centers for Disease Control and Prevention that has banned passenger cruises from U.S. ports since March.“Whenever the no-sail order started to come up, the cruise lines would always engage,” said Olivia Troye, who was involved in the task force’s discussions of cruise lines before she left government in August. “The phone calls would start. They called all over.”Since her exit, Troye has endorsed Democratic … Read the rest
By Denise A. Valdez, Senior Reporter
PHILIPPINE SHARES declined on Thursday as investors secured profits amid declining global markets.
The 30-member Philippine Stock Exchange index (PSEi) erased 128.40 points or 2.01% to close at 6,249.39, while the broader all shares index cut 55.21 points or 1.45% to end at 3,753.08.
“Local shares saw one of its worst sell-offs in months amid rising COVID (coronavirus disease 2019) cases and jitters over the (US) election outcome,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.
More than 500,000 new coronavirus cases were recorded across the globe on Wednesday, with the majority coming from the United States (US), India, France, and other European countries.
This resulted in a second national lockdown declared in France and Germany, and the United Kingdom being expected to follow the same track.
The upcoming US election on Nov. 3 is also causing … Read the rest
The Canadian dollar is getting hammered, along with most of the G-10 major currencies. A wave of safe-haven demand for U.S. dollars washed over FX markets yesterday, leading to substantial losses. Those losses consolidated overnight.
The stampede into safe-haven currencies was sparked by steep increases in the number of new coronavirus cases reported in Europe and America. France was hit so hard that President Macron imposed new lockdown measures on the country beginning Friday. French restaurants and bars will be closed, and travel will be restricted. Germany imposed similar measures. There were a record-setting 80,125 new COVID-19 cases reported in the U.S. on Wednesday.
The resurgence of COVID-19 cases aggravated equity markets. Volumes were reduced due to an abundance of caution ahead Tuesday’s U.S. election, and the poor liquidity exacerbated Wall Street’s selloff. The Dow Jones Industrial Average fell more than 900 points.
Sentiment may change later today when US … Read the rest
November 3 is fast-approaching, and Wall Street is bracing for a Biden win. But what would a Democrat-controlled White House mean for the markets?Even though some investors think a Biden presidency would be detrimental to stocks and put pressure on the markets, Marko Kolanovic, the global head of macro quantitative and derivatives strategy at J.P. Morgan, begs to differ. In a recent note to clients, he writes that regardless of the election’s outcome, its conclusion will remove significant uncertainty.Additionally, the strategist believes the release of a COVID-19 vaccine as well as the reopening of the economy could serve as catalysts that spur a rotation into value stocks. “We think those two catalysts will be catalysts for value, and we think it's going to have legs… The decline of COVID should be a powerful catalyst for value,” Kolanovic commented.Taking Kolanovic’s outlook to heart, J.P. Morgan analysts are offering up concrete recommendations, … Read the rest
By Denise A. Valdez, Senior Reporter
THE MAIN INDEX continued to decline on Wednesday as selling pressure grew and overseas concerns over rising coronavirus cases loomed on the market.
The bellwether Philippine Stock Exchange index (PSEi) lost 37.29 points or 0.58% to close at 6,377.79. The broader all shares index also gave up 9.82 points or 0.25% to end at 3,808.29.
“More investors are now securing profits from the recent rally, which is giving investors who have not been able to ride the rally a chance to pick up shares at lower prices,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.
The PSEi is now on its second consecutive day of decline and has been down 113.4 points or 1.75% since its six-day rally ended.
Foreign investors have also returned to selling, ending five straight days of bullishness, after it posted P442.88 million worth of … Read the rest
The Canadian dollar opened sharply lower compared to yesterday’s close.
USD/CAD climbed from $1.3185 in Asia to $1.3252 in Europe, and prices are just below the top in Toronto trading.
The move was triggered by a wave of safe-haven demand for U.S. dollars as soaring COVID-19 cases in the US, Europe, and the U.K. raised fears that authorities will impose lockdown measures.
President Emmanuel Macron of France will address his nation today as the government is considering a 28-day lockdown for the entire country. German authorities are contemplating a two-week shutdown to help stop the spread of coronavirus. Italy has already imposed strict measures. Things are just as bad in the U.S., with over 73,000 coronavirus cases reported yesterday.
FX traders were also disappointed at the U.S. administrations failure to enact another COVID-19 Relief bill which now appears stalled until January.
EUR/USD extended its losses from yesterday and fell to … Read the rest
(Bloomberg) — The White House on Tuesday appeared resigned to what most observers of the fiscal-stimulus negotiations had long concluded: there won’t be a pre-election package.“We’re confident that we can get something in the coming weeks,” White House spokeswoman Alyssa Farah said Tuesday. When pressed on Fox News about whether that means not this week, she said, “We’re hoping within weeks, I don’t want to get too ahead of any announcements.”The departure of U.S. senators from the Capitol for a pre-election break on Monday had already made the logistics for passing a bill by Election Day practically impossible.The failure of the months-long talks leaves the economy more vulnerable to damage from a resurgent coronavirus pandemic. The shape of any post-Nov. 3 package is also unclear and will likely be influenced by the results.After the latest call between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Monday, there was … Read the rest
THE PESO strengthened against the dollar on Tuesday as the country logged a balance of payments (BoP) surplus last month and on news that patients in the clinical trials of drug company AstraZeneca Plc showed a positive response to its coronavirus vaccines.
The local unit closed at P48.375 versus the dollar on Tuesday, rising by two centavos from its P48.395 finish on Monday, data from the Bankers Association of the Philippines showed.
The peso opened Tuesday’s session at P48.40 against the greenback. It reached a peak of P48.37 while its weakest showing was at P48.48 per dollar.
Dollars traded rose to $838.87 million on Tuesday from $671.25 million on Monday.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso rose after the Bangko Sentral ng Pilipinas (BSP) reported a BoP surplus in September.
“The peso was stronger after stronger BoP surplus data as the highest in four … Read the rest
Stocks opened little changed on Tuesday as Wall Street attempted to rebound from a massive selloff a day earlier while traders pored over news on dealmaking, earnings and the coronavirus.
The Dow Jones Industrials eked higher 5.56 points to 27,690.94, after Monday’s 650-point loss, its biggest one-day drop since Sept. 3.
The S&P 500 restored 5.47 points to 3,406.44.
The NASDAQ recovered 60.38 points to 11,419.32.
AMD said it was buying rival Xilinx in a $35-billion all-stock deal in a push for the data centre market. Xilinx led chip stocks higher, gaining 12.3%. AMD shares dipped 1.7%.
With less than a week of trading left in October, the Dow is down slightly for the month and the S&P 500 has added 1.1%, and NASDAQ is up 1.7%.
A slew of large-cap companies reported quarterly earnings on Tuesday, including manufacturing giants 3M and Caterpillar. Caterpillar reported a steep drop in year-over-year … Read the rest
Dunkin’ Brands (NASDAQ:DNKN) has held preliminary discussions to be acquired by Inspire Brands, a private equity-backed restaurant company, Dunkin’ said in a statement on Sunday.
“There is no certainty that any agreement will be reached,” said Karen Raskopf, Chief Communications Officer of Dunkin’ Brands.
The deal being discussed would take Dunkin’ Brands private at a price of $106.50 a share, said the New York Times which first reported the development.
Inspire Brands, the owner of Arby’s and Jimmy John’s, declined to comment.
The announcement could be made public as soon as Monday, the New York Times said.
Inspire’s portfolio includes more than 11,000 Arby’s, Buffalo Wild Wings, SONIC Drive-In, Rusty Taco, and Jimmy John’s locations worldwide, according to the company’s website.
Inspire Brands was formed in 2018 by private-equity firm Roark Capital as a holding company after Arby’s completed the acquisition of Buffalo Wild Wings.
With more than 21,000 points … Read the rest