Cash Archives - Zxcoachoutlet

Big money managers flee cash despite coronavirus, election worries

October 13, 2020

BMO Capital Markets chief investment strategist Brian Belski argues traders shouldn’t let near-term issues affect long-term investing.

Big money investors have over the last six months poured cash into the markets at the fastest pace in 17 years as they fretted over COVID-19 and the upcoming presidential election, according to a new survey from Bank of America.

Cash holdings fell to 4.4% in October, down from 4.8% in September, and have now dropped 1.5 percentage points since April, the fastest decline since 2003. A reading below 4% is considered investor greed.

Respondents “said the recession is over, reduce cash, pause cyclical rotation, and price in contested election & February vaccine,” wrote Michael Hartnett, chief equity strategist at Bank of America. “We say sell SPX > 3600 and cyclical rotation via banks/energy to resume in Q4.”

Ticker	Security	Last	Change	Change %
SPX	n.a.	n.a.	n.a.	n.a.

TRUMP’S STOCK GAINS HIT

Europe’s Record Cash Pile Set to Prime Next Stage of Bond Rally

October 10, 2020

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(Bloomberg) — An upcoming surge in euro-area bond sales should be more than swept up by the record amount cash of sitting idly in the economy, potentially adding fuel to the rally sweeping across the region’s debt markets.

Next week, bond offerings in the eurozone are expected to rise five-fold, with Germany, Italy and France, among others issuing a combined 30 billion euros ($35.4 billion) worth of securities, according to Commerzbank AG. That’s still less than the amount of debt coming due.

The supply also comes as excess liquidity in the euro area ballooned past the 3-trillion-euro mark for the first time ever last week, thanks to unprecedented support from the European Central Bank.

chart: Italy sells debt next week with yields at record lows

© Bloomberg
Italy sells debt next week with yields at record lows

The monetary authority’s liquidity injections have already pushed yields on some of the region’s riskiest borrowers to record lows. With speculation now growing that

5 ways freelancers can increase cash flow while their income is down

October 8, 2020

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Many freelancers have taken a financial hit since the start of the pandemic, and most government relief has run out.
If you need to increase your cash flow to save or pay bills, financial planner Ben Henry-Moreland recommends looking first at your spending to see where you can cut back.
Then, look into any government programs that are still available, such as the EIDL, and consider reducing your health insurance costs if you’re able.
You can also reach out to your network to get more work, and reduce your quarterly tax payments to the IRS if your income has gone down.
Get Personal Finance Insider’s free guide to financial planners

1 In 5 Americans Say They Will Have No Cash In 3 Weeks

October 8, 2020

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Are you one of the millions of Americans who may be out of cash in three weeks?

Here’s what you need to know—and what to do about it.

Survey

According to a survey from Credit Karma, one out of five Americans could run out of cash by next month. The economy, lack of economic stimulus and job losses have led many Americans to face significant economic hardship.

“People are going to be forced to make tough choices,” Credit Karma Chief People Officer Colleen McCreary told USA Today. “There are a lot of Americans who either haven’t been in this situation in a long time or have never had to face this reality. Many will have to sacrifice and prepare because it could get worse before it gets better.”

Why are some Americans out of cash?

There are a host of issues that have led some Americans to

Cash No Longer King in Italy as COVID Helps Government Push for Plastic | Investing News

October 8, 2020

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By Elisa Anzolin and Gavin Jones

ROME/MILAN (Reuters) – Italy’s love affair with cash is fading. The coronavirus is turning Italians off notes and coins and the government is launching a raft of incentives to accelerate the trend, believing plastic payment can curb rampant tax evasion.

The Treasury estimates some 109 billion euros of tax is evaded annually, equal to about 21% of the revenue actually collected. The government believes the problem can be tackled by boosting digital payments which, unlike cash, leave a trace.

Prime Minister Giuseppe Conte is offering refunds on some money spent electronically, tax breaks for outlets with card machines and a new 50-million euro ($58.93 million) state lottery for card users only.

The coronavirus, which forced the government to lock down the economy between March and May, is helping his efforts.

“We have seen a surge in digital payments since the lockdown, I think mainly

U.K. Seizes Millions in Cash, Knightsbridge Properties in First Use of Dirty Money Law

October 7, 2020

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(Bloomberg) — The U.K. reached a 9.8 million pound ($12.7 million) settlement in its first successful use of a controversial power designed to crack down on dirty money.

© Photographer: Dan Kitwood/Getty Images Europe
LONDON, ENGLAND – OCTOBER 07: A general view of The National Crime Agency building in Westminster on October 7, 2013 in London, England. The NCA replaces SOCA, the Serious Organised Crime Agency, which was formed in 2006. Dubbed “the British FBI”, the NCA will be tasked with tackling the most serious of crimes in the UK and replaces a number of existing bodies. (Photo by Dan Kitwood/Getty Images)

The National Crime Agency settled a so-called Unexplained Wealth Order with Mansoor “Manni” Mahmood Hussain, a Leeds businessman, the agency said Wednesday in a statement. The 40-year-old handed over more than 45 properties in London, Leeds and Cheshire, four parcels of land, and nearly 600,000 pounds in cash.

DraftKings, Patriots’ Kraft cash in on betting-fueled surge

October 6, 2020

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DraftKings Inc. and some early investors, including New England Patriots owner Robert Kraft, are taking advantage of the stock’s 264 percent surge from an April debut to sell a combined 32 million shares.

The offering, underwritten by Credit Suisse Securities LLC and Goldman Sachs Group, will include 16 million shares sold by DraftKings while the other half are being offered by some investors, the online gaming company said in a statement. Boston-based DraftKings said its proceeds from the offering will be used for general corporate purposes.

DraftKings shares closed at a record high $63.78 on Friday, up more than 260 percent since April and 56 percent above the price when 40 million shares were offered at $40 each in June. The stock fell 5.1 percent Monday to close at $60.55 after news of the latest planned share sales.

Shalom Meckenzie, a billionaire Israeli executive who merged his company with DraftKings

Lufthansa CEO Says No End in Sight to Burning Through Cash | Investing News

October 5, 2020

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FILE PHOTO: Lufthansa CEO Carsten Spohr awaits the arrival of a Lufthansa Cargo aircraft from Shanghai, carrying 8 million protective masks in Munich, Germany, April 7, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Andreas GebertReuters

FRANKFURT (Reuters) – Deutsche Lufthansa

is burning cash at a rate of 500 million euros ($590 million) per month and is far from breaking even, the German airline’s chief executive said on Monday.

Speaking at an event run by the BDI association of German industrial companies in Berlin, Carsten Spohr said the airlines group, hit by Europe’s worsening coronavirus situation, was hoping to stop the outflow of cash once it reached a utilisation rate of about 50% for seat capacity.

“That is absolutely not foreseeable. We are happy if we can reach 20% during winter,” he added.

Lufthansa, which in June received a 9 billion euro government bailout, last month announced

3 things to do with extra cash if you’re earning more than you need

October 2, 2020

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

If you’re earning more than you need to cover your bills, congratulations! You can use that cash to build wealth for the long term.
I recommend directing extra cash to any tax-advantaged accounts offered by your employer, or making additional payments on any debts you owe.
You could also use your extra cash to invest in your personal or professional development — additional training pays dividends in the long term.
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If we’re lucky, there comes a point in our lives when we don’t have an immediate need for every dollar we earn.

Rolls-Royce to Raise $6.5 Billion to Cope With COVID Cash Crunch | Investing News

October 2, 2020

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LONDON (Reuters) – Rolls-Royce

plans to raise a total of 5 billion pounds ($6.5 billion), including 2 billion from shareholders, to cope with a “worst case scenario” as the coronavirus travel crisis crushes the British engine maker’s cashflow.

Airlines pay Rolls based on how many hours its engines fly in their larger jets and worries over a long-haul travel slump have knocked more than 80% off its shares this year, reducing its market value to just 2.5 billion pounds.

Rolls, whose engines power the Boeing 787 and Airbus 350, said in May it would cut 9,000 jobs as a result of the pandemic and its finances have come under intense scrutiny, which its chief executive said should end with Thursday’s plan.

“This is a comprehensive package which will take any liquidity questions off the table through this crisis,” CEO Warren East told reporters on a call.

“We wanted this package

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