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- The stock was higher on Friday as investors seemed to have brushed aside current concerns about the spread of the coronavirus and welcomed new developments that cemented Joseph R.’s victory. Biden Jr. in last week’s U.S. presidential election.
- The S&P 500 rose more than half a percent at the start of the session, rose more than 8 percent in November and set a new record on the second trading day. The month of September, after two consecutive weeks of growth, reached almost a record high. Most of this income came last week as clarity about the US election results improved investor expectations, but sentiment was also boosted this week by promising news from Pfizer and BioNTech about a vaccine under development.
- Progress was made on Friday despite an increase in coronavirus cases in the United States and new measures to contain the spread. On Thursday, the health authorities registered for the first time more than 160,000 new cases in a single day, and hospitalization on Kovid-19 also set a national record.
- At Friday’s auction, investors suggested that the potential of the vaccine – which has not yet been approved and is still difficult to use – could help end the pandemic. Pandemic-prone stocks were higher. Simon Property Group, a shopping centre operator, reached almost 3%, while the Norwegian cruise company grew by almost 4%. Airlines and retailers were also more numerous.
- Walt Disney also experienced dramatic growth after announcing that it had 73 million paid subscribers for its Disney+ streaming service and that it had reached its five-year goal in just 11 months. The shares of competitor Netflix fell on Friday.
- However, there is also concern about the increase in the number of virus cases in other markets. Crude oil futures, which meet expectations for economic growth, fell on day 2.
- Two of the world’s most powerful central bankers, Jerome X. Powell of the US Federal Reserve and Christine Lagarde of the European Central Bank, warned on Thursday that despite good news about progress in developing a coronavirus vaccine, the global economic recovery is still threatened by a rapidly increasing number of coronavirus cases worldwide.
- Both called for more fiscal support from governments. But in Washington, the odds of a massive coronavirus package appear to have diminished by the end of the year, as Democrats have renewed their calls for much larger spending proposed by the Republicans.
Kristalina Georgieva, Director General of the I.M.F., said that much remains to be done to help poor countries cope with the economic consequences of the virus. Credit…Remo Casilli/Reuters
On Friday, finance ministers from all over the world agreed on a new debt relief mechanism that could provide debt relief to poor countries fighting the coronavirus pandemic.
The Group of 20 said in a statement that considerable debt vulnerability and deteriorating prospects made it necessary to go beyond the current initiative for a debt moratorium, which expires next year.
More than 40 countries have already received more than $5 billion. This year’s debt relief will be $100 million. Economists warn that poor countries face an unbearable situation when they allocate resources to health initiatives and try to support workers who have lost income due to the coronavirus.
The agreement brings major creditors such as China, India and Turkey in line with the Paris Club on debt rescheduling and restructuring.
A senior finance ministry official said China has been slow to implement global debt reduction efforts and described the agreement as a remarkable success. Debt relief shall be coordinated on a case-by-case basis with the assistance of the International Monetary Fund.
I.M.F. Executive Director Kristalina Georgieva welcomed the agreement on Friday, but said much remains to be done to help poor countries cope with the economic impact of the virus.
This crisis is not over yet, she said in a statement. We need additional support through debt relief and new financing.
For £15 a day, guests can hire a table in Crookwell, the South London neighbourhood pub, to work and enjoy WiFi, unlimited coffee, lunch and a pint at the end of the day. Credit… Ben Quinton for The New York Times.
LONDON – The Christmas menu is at Croisette Well, a neighbouring pub in South London that takes pride in its food. There’ll be game and beef stew. But whether the stew is actually served is another question.
Under the new one-month ban, pubs in England are closed again. From 5:00. Until November 2nd. In December, as part of the government’s efforts to combat the second wave of the coronavirus pandemic, restaurants, gyms and non-essential shops will be closed.
The first British lockout lasted more than three months and since then new restrictions have been imposed. No one knows how long this lockdown will last.
Two nights before closing we were insanely busy, as if all of London was on the move, said Hector Skinner, one of the owners and managers of Crooked Well. Well, I don’t know. I’m sure I don’t know. I have a feeling it’s gonna take longer.
Prime Minister Boris Johnson tried to sell the new blockade to the British, who are tired of the pandemic, and said it would hopefully allow families to be together during the holidays. But he admitted that Christmas this year will be different, very different.
And that is a problem for the hospitality industry, which is afraid to lose in the decisive month. According to the British Beer and Pub Association, about 20-30% of annual income comes from Christmas and public holidays. In Curve Well, a good week in December will yield twice as much as a summer week.
If the taverns cannot reopen in December, these companies will not survive January and February, which are cemetery months for us, according to Emma McClarkin, general manager of an industry and trade group representing some 20,000 taverns.
President-elect Joseph R. Biden, Jr. should strike a balance between competing ideologies within the Federal Trade Commission. A loan… Leah Millis/Raiter.
Federal Trade Commission Chairman Joe Simons said in a speech Thursday that monopolies can suppress smaller competitors by buying them, a possible warning shot before the agency’s expected lawsuit against Facebook. The statement highlights how the agency’s approach to competition law under the Biden government could change, as the left wing of the Democratic Party insists on even stricter enforcement, reports the DealBook newsletter.
There has been a debate between the freer conservatives and the so-called progressive antitrust movement, which is looking for a stronger competition policy, especially with regard to key technologies. President-elect Joseph R. Biden, Jr. should strike a balance between these competing ideologies.
The FTC has five commissioners – three Republicans and two Democrats – who resolve disputes over rulings and disagreements. The Democrats Rohit Chopra and Rebecca Slaughter are often against the authoritative attitude of the majority towards business, and one of them can be appointed to lead the committee. Parliament’s Committee on Energy and Trade recently asked Mr Simons to stop all controversial guerrilla issues immediately, noting that the leadership would undoubtedly change. A member of the committee, Illinois Democratic member Ian Shakowski, believes there’s a real chance to wake up the F.T.K.
Waking up can be slow. The C.T.F. supervisory directors in turn receive the approval of the Senate, which may take some time to change the party balance. Nevertheless, experts say that the political climate is not yet ripe for a review of aggressive policies. The FTC Review Advisory Panel, which is part of the new administration, includes Bill Baer of the Brookings Institution, who previously headed the Department of Justice’s Competition Department and the FTC’s Competition Department. It is assumed that its presence indicates an interest in minimal friction.
Although the antitrust laws have not worked very well in the digital economy, David Vladek of Georgetown Law, former director of the consumer protection department of the F.T.C., doubts whether a revolution is desirable or possible. Also Eleanor Fox and Harry First of NYU, who recently set up new rules to curb big technology, say there is a lot of room in the ideological environment for a consensus that balances the nuances of views on market efficiency and consolidation. The change we’re expecting is generally quite moderate, says Sean Royall, partner at Kirkland & Ellis and former deputy director of the FTC Contest Bureau.
WeWork rents office space in office buildings and then passes on the use to the self-employed, start-ups and large companies. Credit… Hiroko Masuicke/The New York Times…
On Thursday, WeWork released financial data that gives a bleak picture of how office buildings are being demolished during the coronavirus pandemic in major cities – particularly office buildings.
The company’s sales for the third quarter were $811 million, about 26 percent lower than in the first quarter and 8 percent lower than in the second quarter, WeWork CEO Sandeep Matrani and CFO Benjamin Dunham said in an e-mail to employees.
The private company WeWork has not published full annual accounts. For example, the email did not indicate how much money the company had earned or lost in the third quarter.
WeWork rents office space in office buildings and then passes on the use to the self-employed, start-ups and large companies. Managers once said the company would revolutionize people’s work, but last year’s rapid growth led to a financial collapse that forced the company to abandon the IPO and accept the approval of the Japanese conglomerate SoftBank, its main shareholder.
With tens of millions of people working from home during the pandemic, many WeWork customers withdrew from membership. According to management, the Company had 542,000 members at the end of the third quarter, a decrease of 11% compared to 612,000 members at the end of the second quarter.
The Heads of State and Government stated that there were signs of improvement. The gross turnover in the table, i.e. the number of newly leased premises excluding departing customers, was 8% higher in the third quarter than in the second quarter.
SoftBank has invested billions of dollars in the company to keep it running. In the third quarter, management stated that free cash flow was a term that they had not defined, but that generally describes the amount of money raised or spent by a company in a given period, was negative and amounted to $517 million. This is an improvement on the second quarter when free cash flow was negative at USD 671 million. The company had $3.6 billion in cash and cash liabilities from investors or creditors at the end of the third quarter compared to $4.1 billion at the end of the second quarter.
Based on the agreements made a few months ago, WeWork is still expanding. In the third quarter it scored 859 points in 151 cities, compared to 843 points in the second quarter. According to Matrani and Dunham, the company is trying to renegotiate contracts with the owners and has signed agreements for the removal of 66 seats by September.
- The Guitar Center plans to file for bankruptcy in the coming weeks, according to people who are aware of the situation in the DealBook newsletter. The company, which is the largest retailer of musical instruments in the United States, has a debt of approximately $1.3 billion and is currently in the final stage of bankruptcy proceedings with its creditors. It will continue to pay its suppliers and employees and does not expect to announce the closure of around 300 stores by submitting documents.
- Disney reported on Thursday that on the 3rd. In October, 73.7 million subscribers to Disney+’s flagship streaming service exceeded the lower limit of the original five-year target in just 11 months. Disney also includes Hulu (36.6 million subscribers, an increase of 27% over last year) and ESPN (10.3 million, an increase of three times last year). The company also reported an 82% decline in quarterly earnings due to heavy losses in the Coronavirus ruined theme park division and delays in the release of major films.
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