October 7, 2020 - Zxcoachoutlet

Billionaire Packer Says He Didn’t Consider Stanley Ho Ban in Melco Deal

October 7, 2020

(Bloomberg) —

James Packer wearing a suit and tie

© Getty Images
James Packer

Crown Resorts Ltd.’s billionaire shareholder James Packer pushed for a tie-up last year between Australia’s biggest casino operator and Hong Kong-based Melco Resorts & Entertainment Ltd.

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This was despite prohibitions levied by an Australian regulator against associates of Macau casino tycoon Stanley Ho — whose son Lawrence is Melco’s CEO — from owning a stake in Crown.

Packer on Wednesday said that he had “forgotten” about the conditions on Crown’s license to operate a casino in Sydney. Pressed further, Packer conceded it was probable that his mind didn’t turn to the prohibition.

The acknowledgment came during Packer’s second day of testimony in a probe of alleged money-laundering activities at Crown. Among other issues, the inquiry is assessing whether Crown’s Melco links breached terms of its license to operate a casino in Sydney.

Packer and Lawrence Ho briefly considered a full merger

Australia to Run Record Budget Deficit as Government Cuts Tax, Boosts Job Support | Investing News

October 7, 2020

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By Sam Holmes and Colin Packham

SYDNEY (Reuters) – Australia pledged billions in tax cuts and measures to boost jobs on Tuesday to help pull the economy out of its historic COVID-19 slump in a budget that tips the country into its deepest deficit on record.

Prime Minister Scott Morrison’s conservative government has unleashed A$300 billion in emergency stimulus to prop up growth this year, having seen the coronavirus derail a previous promise to return the budget to surplus.

Treasurer Josh Frydenberg on Tuesday announced A$17.8 billion in personal tax cuts and A$5.2 billion in new programmes to boost employment in a recovery plan aimed at creating one million new jobs over the next four years.

Those measures are forecast to push the budget deficit out to a record A$213.7 billion, or 11% of gross domestic product, for the fiscal year ending June 30, 2021.

“There is no economic recovery

India’s ‘Dovish’ RBI Faces Stubborn Inflation: Decision Guide

October 7, 2020

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India's RBI Unleashes $50 Billion of Liquidity, Slashes Rate — Photographer: Dhiraj Singh/Bloomberg

The Reserve Bank of India’s new set of growth-focused policy makers will need to grapple with stubbornly high inflation in their first meeting this week, preventing them from cutting interest rates.

The Monetary Policy Committee is set to maintain the benchmark repurchase rate at 4% Friday, according to all 24 economists surveyed by Bloomberg. The government appointed three new external members to the six-person MPC this week, academics who have favored monetary and fiscal stimulus in the past to fire up the economy.

While Governor Shaktikanta Das has led the previous MPC in cutting rates by 115 basis points this year, he’s taken a more cautious approach recently as consumer prices spiked. Das is keen to preserve policy space in case economic growth prospects sour further as India becomes a global hotspot for the coronavirus pandemic.

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“The upcoming policy will be a damp squib

Unemployment Is World’s Biggest Risk, Business Leaders Say | Investing News

October 7, 2020

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LONDON (Reuters) – Unemployment is seen as the biggest worry over the next 10 years for business executives around the world, closely followed by concern about the spread of infectious diseases, according to a survey by the World Economic Forum.

Unemployment rates have rocketed due to lockdowns and other restrictions to combat the coronavirus pandemic, with fears of worse to come in countries which have furloughed workers.

“The employment disruptions caused by the pandemic, rising automation and the transition to greener economies are fundamentally changing labour markets,” said Saadia Zahidi, Managing Director at the World Economic Forum (WEF).

“As we emerge from the crisis, leaders have a remarkable opportunity to create new jobs, support living wages, and reimagine social safety nets to adequately meet the challenges in the labour markets of tomorrow.”

The Regional Risks for Doing Business survey, which surveyed 12,012 business leaders from 127 countries, makes up part

TSX Ends On Buoyant Note As Stocks Rally On Positive Lead From U.S.

October 7, 2020

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(RTTNews) – The Canadian market closed on a buoyant note on Wednesday as stocks from across several sectors moved higher on sustained buying support amid renewed optimism about a U.S. stimulus deal.

After asking his administration’s negotiators to halt discussions with Democrats over a coronavirus relief plan earlier on Tuesday, U.S. President Donald Trump tweeted later that night that he would support individual stimulus measures.

“The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now!” Trump tweeted.

He later added, “If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now.”

Stocks in Canadian and U.S.

After Market Hours: GoPro, Alphatec Holdings, CareDx Gain; Resources Connection, EXFO Slip

October 7, 2020

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(RTTNews) – GoPro Inc. (GPRO) – Shares of the action camera maker gained nearly 5% in extended session on top of its 30% rise in regular trading Wednesday. GoPro announced that its subscribers increased to over 500,000, up from 400,000 in August. It also said that the target of 600,000 to 700,000 subscribers by year-end should be exceeded if adoption rates continue as expected.

Alphatec Holdings, Inc. (ATEC) – Shares of the medical device company surged 45% in after-hours trade Wednesday on its third-quarter outlook. Alphatec expects third-quarter revenues of $40.7 million to $41.1 million, which is above analysts current estimates of $30.98 million. The company expects U.S. revenue growth of 41% to 43%.

CareDx, Inc (CDNA) – The health care company’s stock gained 15% in after-hours Wednesday driven by its strong outlook. For the third quarter, CareDx expects revenues of about $53.0 million, an increase of 57% compared to

US Fines Citibank $400 Mn For Poor Risk Management Practices

October 7, 2020

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US authorities fined Citibank $400 million over deficiencies in risk management practices and required an overhaul of internal controls at the global financial powerhouse, officials announced Wednesday.

The US Treasury’s Office of the Comptroller of the Currency issued the fine, in parallel with a related action from the Federal Reserve citing failings at the bank.

The Fed said the crackdown reflected the fact Citi had “not taken prompt and effective actions to correct practices previously identified by the Board in the area of compliance risk management, data quality management and internal controls.”

The Fed said the issues date back to 2013, but had not been adequately addressed.

Under the settlement with the OCC, Citi promised to appoint a compliance committee that will provide quarterly updates to the company’s board on actions to improve compliance. Other requirements include upgrades to data collection and a staffing assessment to ensure adequate resources for

Fed policy makers cite risks to US economy if Congress fails to provide more aid

October 7, 2020

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Federal Reserve officials expressed concern at their most recent meeting that the US economic recovery could falter if Congress fails to approve another round of pandemic relief.

Minutes of the meeting showed that officials believe the economy was growing faster than expected. But they based their forecasts on expectations that Democrats and Republicans would resolve their differences and provide more economic aid, including expanded unemployment benefits and help for small businesses.

The minutes said that “most forecasters were assuming that an additional pandemic-related fiscal package would be approved this year, and noted that, absent a new package, growth could decelerate at a faster-than-expected pace in the fourth quarter.”

The prospects for a new package being passed before the Nov. 3 elections, however, have significantly diminished with President Trump’s decision to end negotiations with Democrats. Trump has instead proposed that Democrats approve individual rescue items, such as money for ailing airlines

Paid family and medical leave insurance program

October 7, 2020

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Proposition 118 would create a statewide paid family and medical leave program for workers who’ve earned at least $2,500. The program would allow workers to take up to 12 weeks of leave in most cases, and 16 weeks in the event of pregnancy or childbirth complications. Payments would come from a state-run insurance fund. In workplaces with 10 people or more, workers and employers would each contribute to the fund — at a rate of 0.9% of an employee’s wages — but employers in workplaces of nine or fewer people would be exempt from having to contribute to the premium. Companies with their own programs that meet criteria could opt out.

The case for: Paid family and medical leave would allow workers to stay at home longer with their newborns, care for loved ones in need, or simply prioritize their own health. Without paid leave, workers are often under

300,000 patients in Cook County could lose insurance if Obamacare repealed, analysis warns

October 7, 2020

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Cook County’s public health system would take a $1.4 billion hit and more than 300,000 residents who depend on the system would lose their insurance if Obamacare is repealed, according to an analysis announced Wednesday.

The estimates reflect the number of patients who are enrolled in Medicaid expansion plans made possible by the 2010 law and who receive treatment at Cook County’s public health system, officials said.

Cook County President Toni Preckwinkle, joined by six Democrats from Illinois’ congressional delegation, said she believes the law, known as the Affordable Care Act, is in danger because President Donald Trump’s administration has taken aim at repealing it and his Supreme Court nominee, Amy Coney Barrett, has been critical of it.

“A repeal of the ACA would not only financially cripple Cook County Health by dramatically increasing the amount of uncompensated health care we already provide, it would be catastrophic to the patients