Wednesday, August 4

PMN Business

PMN Business, REU

UK retailer M&S to announce hundreds of job cuts -Sky News

Article contentBritish retailer Marks and Spencer Group Plc plans to announce hundreds of job cuts in the coming week, Sky News reported on Sunday, citing sources.The job cuts would be part of redundancy plans the company will be announcing in the coming days, according to the Sky report https://news.sky.com/story/coronavirus-ms-to-announce-hundreds-of-job- cuts-this-week-12032189. Several thousand jobs are expected to be cut during coming months, the report added without specifying the number.M & S was not immediately available to a Reuters request for comment.(Reporting by Aakriti Bhalla in Bengaluru; Editing by Peter Cooney) business.financialpost.com
PMN Business, REU

EU grapples with’mission impossible’ at deadlocked recovery summit

Article content continuedThere were also differences over a proposed new rule-of-law mechanism that could freeze funding to countries flouting democratic principles. Hungary, backed by Poland, threatened to veto the package if its disbursement was made dependent on meeting conditions on upholding the rule of law .For some, the summit was a critical moment for nearly 70 years of European integration, and failure to agree could unnerve financial markets and fuel doubts about the bloc's viability. ($1 = 0.8752 euros)(Additional reporting by Kate Abnett, Marine Strauss, Tom Sims, Bart Meijer, Toby Sterling, Jan Lopatka, Marton Dunai, Balazs Koranyi, Andreas Rinke and Jessica Jones, Writing by John Chalmers and Gabirela Baczynska Editing by Timothy Heritage and Sonya Hepinstall) business....
BLOOM, energy, PMN Business

Arthur Samberg, Founder of Hedge Fund Pequot Capital, Dies at 79

Article content(Bloomberg) — Arthur Samberg, the founder of Pequot Capital and a pioneer in the hedge fund industry, has died. He was 79.Samberg died on July 14, according to a death notice published in the New York Times. No cause of death was given.A graduate of MIT, Stanford and Columbia, Samberg had a 40-year career as an investor and began his first fund in 1986, when there were fewer than 100 hedge funds. By 2001 Pequot had become one of the largest in the world, according to the Wall Street Journal. The fund closed in 2010, following an insider trading charge by the Securities and Exchange Commission that resulted in a $28 million fine. Samberg denied any impropriety.Samberg, an aeronautical engineer by training, discussed his approach to investing as an exercise in problem-solvi...
BLOOM, Canada, PMN Business

Australia Budget Blowout to Hit Post-War Record Amid Second Wave

Article content(Bloomberg) — Australia's government will deliver an economic and fiscal update that's set to show the biggest budget blowout since World War II, while a second wave of infections delays the pivot of stimulus toward the recovery.Treasurer Josh Frydenberg will forecast a budget deficit of A$191.5 billion ($133.7 billion) — around 10% of GDP — for the 12 months through June 2021, a Bloomberg survey of economists showed ahead of the release in Canberra Thursday morning. They estimate the budget shortfall was A$93 billion in the fiscal year that ended last month.The run-up to the Treasurer's statement will also see addresses from the top monetary and finance officials: Reserve Bank of Australia Governor Philip Lowe on Tuesday and banking regulator chair Wayne Byres Wednesday....
PMN Business, REU

Trump pledges COVID outbreak coming under control as Florida cases surge for fifth day

Article content continuedAt least 14 states have reported record coronavirus hospitalizations so far in July, including Alabama, Arizona, Georgia, Florida, North Carolina, Nevada and Texas.Trump said he did not agree with CDC Director Robert Redfield that this fall and winter will be one of the most difficult times in American public health, as hospitals deal with the seasonal flu on top of COVID cases. “I don't know and I don't think he knows," Trump said.Trump also called Dr. Anthony Fauci, the government's top infectious diseases expert, “a little bit of an alarmist.”Fauci has warned that cases could soon top 100,000 a day if Americans do not come together to take steps necessary to halt the spread of the virus. The country is averaging 60,000 new cases a day and reported a record on...
PMN Business, REU

EU recovery fund plan hangs in balance on day three of deadlocked summit

Article content continued"Because Europe is not a grocery where you can choose what you want. Europe is, above all, the values ​​that we protect," he said.For some, the summit is a critical moment for nearly 70 years of European integration, and failure to agree during such a severe health and economic crisis could fuel doubts about the viability of the bloc and unnerve financial markets.Greek Prime Minister Kyriakos Mitsotakis, whose country was recovering from a 10-year debt crisis when the pandemic hit, called for unity, saying the EU could not afford to look “divided or weak.”Italian Prime Minister Giuseppe Conte has accused the Netherlands and its allies, Austria, Sweden, Denmark and Finland, of “blackmail.” business.financialpost.com
PMN Business, REU

EU recovery fund plan hangs in balance on third day of deadlocked summit

Article content continuedGreek Prime Minister Kyriakos Mitsotakis, whose country was recovering from a 10-year debt crisis when the pandemic hit, called for unity, saying the EU could not afford to look “divided or weak.”Some EU diplomats said the talks could run into Monday, though they said another summit later in July, or in August, was more likely if there was no deal.Italian Prime Minister Giuseppe Conte has accused the Netherlands and its allies, Austria, Sweden, Denmark and Finland, of “blackmail.”Dutch Prime Minister Mark Rutte's position reflects political realities at home, where voters resent that the Netherlands is, proportionately, among the largest net contributors to the EU budget. business.financialpost.com
PMN Business, REU

Florida COVID cases surge for fifth day as Trump pledges outbreak coming under control

Article contentFlorida reported over 12,000 new cases of COVID-19 on Sunday, the fifth day in a row the state has announced over 10,000 new infections, even as President Donald Trump pledged that the virus was coming under control.The virus has claimed over 140,000 US lives total since the pandemic started, and Florida, California, Texas and other southern and western states shatter records every day. Despite record levels of new cases nationwide, the Trump administration is pushing for school to reopen in a few weeks and resisting a federal mandate to wear masks in public.Trump defended his handling of the coronavirus pandemic in an interview broadcast on Sunday, including his statement that there were only embers of the virus popping up around the country."We have embers and we do hav...
BLOOM, Canada, PMN Business

Low Pricing Is Key in the Lure to Legal Markets: Cannabis Weekly

Article content continued"Anybody who tells you where it's going to be in 12 months I think is crazy," he said. "You have to have flexibility and agility to take advantage of short-term opportunities."Events This WeekTUESDAY 7/21Organigram Holdings Inc. is expected to file fiscal third-quarter resultsTHURSDAY 7/23Acreage Holdings Inc. holds its annual meeting of shareholders at 10 am New York TimeLast Week's Top StoriesAphria and Aurora Explored Merger, Talks Failed: BNN BloombergAurora-Aphria Merger Talks Are Not Just Smoke: Bloomberg IntelligenceGrassroots Cannabis Sued by Shareholder Eyeing Curaleaf MergerCannabis Parties Can Sway Control of Minnesota LegislatureCanopy Growth Signs Pact to Add More Black Executives to Firm©2020 Bloomberg LPBloomberg.com business.financialpost.com