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The CEO of the world’s largest wealth manager says stocks have more upside ahead and most investors should put more money to work

October 13, 2020

a man wearing glasses and looking at the camera: Shannon Stapleton/Reuters

© Shannon Stapleton/Reuters
Shannon Stapleton/Reuters

BlackRock CEO Larry Fink told CNBC on Tuesday stocks have more upside ahead and most investors should put more money to work in the market.
“I believe we still have more to go on the upside even in front of probably rising infection rates with COVID-19,” Fink said.
With interest rates lower for longer and the likelihood of a second fiscal stimulus, Fink expects the market to move higher.

BlackRock CEO Larry Fink told CNBC on Tuesday that stocks have more upside ahead and investors should put more money to work in the market.

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“We have a strong conviction that the average investor still is under-invested and they’re going to have to be putting more and more money to work over the coming months and maybe even years,” Fink said. “I believe we still have more to go on the upside even in

Ex-TikTok CEO Kevin Mayer, Former Disney CFO Tom Staggs & Shaquille O’Neal Join Forest Road SPAC For Media M&A

October 9, 2020

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There’s a SPAC born every minute – today a new one called Forest Road Acquisition registered with the SEC to raise $250 million and hunt for media and entertainment deals with executives and advisors from former TikTok CEO Kevin Mayer and former Walt Disney CFO Tom Staggs to basketball legend Shaquille O’Neal.

SPACs, or special purpose acquisition vehicles, proliferate when there’s more money floating around than there are places to invest for various reasons — now that’s mainly COVID.

The SPAC is a shell company of film financing firm Forest Road. Harry Sloane and Jeff Saganksy, formerly of MGM, done a half dozen SPACs over the years. Playboy just launched one last week. They raise cash from investors to go public in a kind of modified IPO and buy companies in any sector they like.

They’re officially called “blank check” entities so investors need to trust they know what they’re

American Airlines CEO Says Co. Will Be Forced To Cut Flights Without New Relief Package: CNBC

October 8, 2020

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(RTTNews) – American Airlines Group Inc. (AAL) will be forced to discontinue service to additional U.S. markets unless new coronavirus relief package is received, CEO Doug Parker told CNBC on Thursday.

The airline has already cut service to 13 cities through the month of November.

The airlines received aid under the federal Payroll Support Program or PSP under the CARES Act passed by Congress in March, that banned furloughs. They were hoping for an additional $25 billion in funding.

However, House Speaker Nancy Pelosi on Thursday said that there won’t be a stand-alone airline aid package without a larger coronavirus stimulus package.

Early this month, with the expiration of US federal payroll program on September 30, American Airlines and United Airlines started to furlough their employees, that is expected to affect around 32,000 workers in total.

However, the companies in their memos to employees reportedly said they will be recalled

Former Goldman Sachs CEO Lloyd Blankfein says a wash of free money is creating ‘bubble elements,’ citing SPAC market

October 8, 2020

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Lloyd Blankfein wearing a suit and tie: Brendan McDermid/Reuters

© Brendan McDermid/Reuters
Brendan McDermid/Reuters

Goldman Sachs’ former CEO Lloyd Blankfein told CNBC on Thursday that a “wash of free money is clearly creating bubble elements in the markets.”
The banking titan blamed low interest rates for creating free money for large investors.
Blankfein also cited speculation in the growing SPAC market: “Look at SPACs and how much money is available on the basis of somebody’s reputation as opposed to a business plan.”

Former Goldman Sachs CEO Lloyd Blankfein told CNBC on Thursday that a “wash of free money” due to low interest rates is “clearly creating bubble elements in the markets.”

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“Given that money is kind of free, it presumably is not being allocated in a disciplined way, and so there are bubble elements to this,” Blankfein said. “Look at the credit market — people are lending to what historically would have been weak credits for

Former Goldman Sachs CEO Lloyd Blankfein says market has ‘bubble elements’

October 8, 2020

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Goldman Sachs’ former CEO Lloyd Blankfein told CNBC on Thursday that a “wash of free money is clearly creating bubble elements in the markets.”
The banking titan blamed low interest rates for creating free money for large investors.
Blankfein also cited speculation in the growing SPAC market: “Look at SPACs and how much money is available on the basis of somebody’s reputation as opposed to a business plan.”

Former Goldman Sachs CEO Lloyd Blankfein told CNBC on Thursday that a “wash of free money” due to low interest rates is “clearly creating bubble elements in the markets.”

“Given that money is kind of free, it presumably is not being allocated in a disciplined way, and so there are bubble elements to this,” Blankfein said. “Look at the credit market — people are lending to what historically would have been weak credits for very little money.”

The banking titan also

Allianz CEO: Vast COVID-19 Cost Will Anger Many Ordinary People | Investing News

October 7, 2020

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By Guy Faulconbridge, Kate Holton and Paul Sandle

LONDON (Reuters) – Allianz

CEO Oliver Baete said on Tuesday that European governments needed to be careful about spending record amounts on the COVID-19 crisis as many ordinary people would be angry when they were handed such a vast bill.

The coronavirus pandemic has prompted a debt-fuelled spending splurge by governments across the world as lockdowns batter economies, shred millions of jobs and push whole sectors towards collapse.

The boss of Allianz, which has 2.3 trillion euros under management, said that there were a lot of “zombie” companies being kept afloat with government money though many private households were more resilient than some thought.

Many ordinary people, Baete said, were clearly smarter than the political classes who were spending record amounts of money – an issue that he said could one day hurt social cohesion.

“Our people are apparently much smarter than

Welltower CEO Resigns | Nasdaq

October 6, 2020

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One of the top names in healthcare real estate investment trusts (REITs) has changed its leadership.

On Monday after market hours, Welltower (NYSE: WELL) announced that its CEO and chairman of the board of directors, Thomas DeRosa, has stepped down from both positions. Company insider Shankh Mitra has replaced him as CEO, and real estate sector veteran Kenneth Bacon takes his place as chairman. All of these moves were effective Monday.

Welltower didn’t provide a detailed reason for the departure of DeRosa, who had served as the REIT’s leader for over six years. In its press release announcing his resignation, the company quoted him as saying vaguely that “the Board and I have decided that now is the right time for me to hand the reins to Shankh.”

Image source: Getty Images.

Mitra, who most recently served as Welltower’s chief investment officer, has been an executive at the REIT since

Barstool Sports CEO joins WWE board

October 6, 2020

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Tiki Barber, former NY Giants running back, on UGA fans slammed for not wearing masks.

WWE, primarily known for its professional wrestling broadcasts, announced Tuesday that Barstool Sports CEO Erika Nardini is joining its board.

WARREN BUFFETT PASSED UP CHANCE TO BUY WHOLE FOODS, CEO SAYS

Nardini has headed Barstool, a sports and pop culture blog founded by Dave Portnoy, since 2016. She oversaw the partnership with one of Barstool’s primary investors, Penn National Gaming, which acquired 36 percent of the company for roughly $163 million in cash earlier this year and launched Barstool Sportsbook.

The deal valued Barstool at $450 million and positioned the casino operator to take a majority stake in the company in the future.

“Erika is a seasoned executive with a tremendous track record of building businesses, developing experiences and engaging different audiences across the media ecosystem,” Vince McMahon, WWE chairman and CEO, said in a

Alteryx Lifts Sales Outlook and Taps New CEO; Stock Higher

October 6, 2020

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Alteryx (AYX) – Get Report shares jumped on Tuesday after the data-analytics-software company raised its sales outlook and named a new chief executive.

The company now expects third-quarter revenue of $126 million to $128 million, representing 22% to 24% growth from a year earlier.

Those figures top the company’s previous guidance of $111 million to $115 million. Alteryx plans to report results on Nov. 5.

Its shares recently traded at $142.25, up 25%. They’d risen 14% year to date through Monday. The stock of the Irvine, Calif., company had risen 51% since touching a 52-week low above $75 in mid-March. The stock traded at a 52-week high above $185 in mid-July.

As for the personnel move, Alteryx named Mark Anderson, a current board member, as CEO, succeeding Alteryx Co-Founder Dean Stoecker.

Anderson formerly was president of Palo Alto Networks. (PANW) – Get Report He also worked

Newcrest CEO Says Toronto Listing Can Support Americas Push

October 6, 2020

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(Bloomberg) — Newcrest Mining Ltd., Australia’s largest gold producer, will be better positioned to push ahead with growth in the Americas after winning approval for a new listing in Toronto, according to its top executive.

The producer won conditional clearance to list on the Toronto Stock Exchange from next week, and is returning to the bourse amid renewed investor appetite for gold equities and to reflect the company’s emphasis on growth in the region, Chief Executive Officer Sandeep Biswas said Tuesday in a phone interview.

a man wearing a suit and tie: Newcrest Is Scanning the Market for Gold Assets, CEO Sandeep Biswas Says

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Newcrest Is Scanning the Market for Gold Assets, CEO Sandeep Biswas Says

Sandeep Biswas

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Photographer: Carla Gottgens/Bloomberg

Melbourne-based Newcrest has spent about $1.3 billion since last year to acquire the Red Chris mine in Canada and to increase its exposure to the Lundin Gold Inc.’s Fruta del Norte operation in Ecuador. It’s also focused on exploration in the U.S., Mexico and