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Tag: push

Big tech’s emerging market finance push brings rewards and risk, FSB says

October 11, 2020
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| finance

LONDON, Oct 12 (Reuters) – A push by big technology firms into financial services in developing countries will improve access to them, but might also make traditional lenders more vulnerable, the Financial Stability Board (FSB) said.

The expansion in emerging markets has generally been more rapid and broad-based than that in advanced economies, the FSB, which coordinates financial regulation for the Group of 20 Economies (G20), said in the report released on Monday.

Lower levels of access to traditional banking and financial services developing economies had created demand for services now offered by big tech firms, the report found, particularly among low-income populations and in rural areas.

An increasing availability of mobile phones and internet access supported this trend, the FSB said.

“However the expansion of BigTech activity also gives rise to risks and vulnerabilities,” it said, pointing to lower financial literacy and firms using other data gathered.

“Competition from

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Morgan Stanley to buy Eaton Vance for $7 billion in investment-management push

October 9, 2020
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| business

By Niket Nishant and Matt Scuffham

(Reuters) – Morgan Stanley <MS.N> has agreed to buy Eaton Vance Corp <EV.N> for about $7 billion in a cash-and-stock deal that can quickly expand its investment-management business and add more offerings for retail investors, the bank said on Thursday.

The transaction is the latest move by Chief Executive James Gorman to reshape Morgan Stanley into one of the biggest global money managers through a series of acquisitions that began just before he took over more than a decade ago.

Morgan Stanley’s wealth and investment management businesses already account for 40-50% of the bank’s revenue. Adding Eaton Vance would nearly double assets under management within the investment management division compared with June 30 and boost the business’s annual revenue by about one-third. “Eaton Vance is a perfect fit,” Gorman said.

Eaton Vance shareholders will receive $28.25 per share in cash and 0.5833 Morgan Stanley

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Outdoor dining winterization money comes as some push for tougher Chicago requirements on third-party delivery apps

October 8, 2020
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| money

Mayor Lori Lightfoot on Thursday touted $500,000 the city’s getting from restaurant delivery company DoorDash to winterize Chicago restaurants, while proposals by aldermen to further crack down on such apps during the coronavirus pandemic languish in City Council committees.



Erica Hunt et al. posing for the camera: Mayor Lori Lightfoot visits Camp DoorDash at the 2019 Taste of Chicago in Grant Park.


© Zbigniew Bzdak / Chicago Tribune/Chicago Tribune/TNS
Mayor Lori Lightfoot visits Camp DoorDash at the 2019 Taste of Chicago in Grant Park.

In announcing the grant from the delivery company to help restaurants prepare for winter, Lightfoot thanked DoorDash “for investing in Chicago and its restaurants to assist them in continuing to serve Chicagoans this winter.”

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Third-party apps such as DoorDash, Grubhub and Uber Eats that charge additional fees to restaurants to deliver meals have drawn increasing scrutiny from elected officials since the virus outbreak began, as diners skittish about eating inside restaurants have been ordering more to-go meals, fueling a boom for the companies.

During a May City

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

October 8, 2020
| No Comments
| business

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

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Main Event Push for Ali, Mr. Money in the Bank Otis and More WWE Overreactions | Bleacher Report

October 7, 2020
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| money

0 of 3

    Credit: WWE.com

    A super-cool reveal, the impending WWE draft and behind-the-scenes reports surrounding the Money in the Bank briefcase dominate this week in sports-entertainment overreaction.

    But is any of it warranted or are WWE fans, as they tend to do from time to time, jumping to conclusions and reacting instinctively rather than thinking of the long-term effects of the company’s short-term booking decisions?

    Find out as we dive deeper into those topics.

1 of 3

    WrestleVotes reported Tuesday night that multiple storylines have been pitched regarding Otis losing the Money in the Bank briefcase, but since he is a personal favorite of Vince McMahon’s, it’s a “no go” for now.

    The responses ranged from “I like Otis but…” to “Otis can’t be taken seriously,” with the one constant theme being he never should have won the thing in the first place.

    And he shouldn’t have.

    Otis got

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Top global traders push to cut shipping emissions

October 7, 2020
| No Comments
| business

By Jonathan Saul



a large ship in the water: FILE PHOTO: Shipping containers sit at the Port of Long Beach in Long Beach, California


© Reuters/Bob Riha Jr
FILE PHOTO: Shipping containers sit at the Port of Long Beach in Long Beach, California

LONDON (Reuters) – Some of the world’s biggest commodities and energy players on Wednesday launched an initiative to cut and track emissions from the ships they charter as efforts intensify to reduce the maritime industry’s carbon footprint.

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About 90% of world trade is transported by sea, and the UN shipping agency – the International Maritime Organization (IMO) – aims to reduce overall greenhouse gas emissions by 50% from 2008 levels by 2050.

Carbon emissions from shipping rose in the six-year period to 2018 and accounted for 2.89% of the world’s CO2, the latest IMO-commissioned study showed, mounting pressure on the industry to bring levels down.

Under the Sea Cargo Charter, 17 companies, including agrigroups Cargill, ADM and Bunge, oil majors Royal Dutch Shell and Total and

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NatWest in new Libor transition push as COVID-19 slows customer switch over

October 7, 2020
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| business

By Sinead Cruise

LONDON (Reuters) – Britain’s NatWest Group <NWG.L> has kicked off a campaign encouraging customers to dump the discredited Libor lending rate, as the coronavirus pandemic slows the pace at which borrowers are shifting to alternatives.

The lender is writing to 3,500 companies to explain how delays in switching could increase the volatility of their borrowing costs and how to choose the most suitable new benchmark before Libor disappears at the end of 2021.

The campaign coincides with the banking sector’s third quarter deadline on offering alternative risk-free rates on new loans, and comes six months before new lending referencing Libor is banned.

Authorities decided to phase out Libor after finding it had been rigged for profit, but Reuters reported in April that some businesses and banks were struggling to make the switch in the midst of a global pandemic. [nL5N2BW06G].

Global regulators are sticking to the current

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Newcrest CEO Says Toronto Listing Can Support Americas Push

October 6, 2020
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| business

(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


© Bloomberg
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

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SLV: ETF Investors Can Push Its Price Back To Its YTD High By Adding Just ~500 Tonnes To Their Holdings (NYSEARCA:SLV)

October 5, 2020
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| business

We have been particularly bullish on the iShares Silver Trust ETF (NYSEARCA:SLV) in recent months after the massive policy from the Fed in response to the COVID-19 macro shock. In this regard, we have not been disappointed by the substantial appreciation in SLV – SLV rose as much as 120% from its mid-March low to its year YTD high established in August.

Source: Bloomberg, Research

The iShares Silver Trust ETF

SLV seeks to track the performance of silver spot prices by physically holding silver bars in England or New York.

The physically-backed methodology used by SLV prevents investors from getting hurt by the current contango structure of the COMEX silver forward curve (forward>spot) contrary to a futures contract-based methodology.

Its expense ratio is 0.50% per year.

SLV has come under renewed downward pressure since it reached its highs since April 2013 earlier this summer. In this note, we investigate whether

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Australian PM Pledges $1 Billion for Manufacturing in Push to Rebuild Economy | Investing News

October 1, 2020
| No Comments
| business

SYDNEY (Reuters) – Australia will spend A$1.5 billion ($1 billion) to revitalise manufacturing across six sectors, Prime Minister Scott Morrison said, as the government pushes to get the economy out of the deep slump triggered by the coronavirus pandemic.

The move to put manufacturing at the centre of a long-term recovery plan comes amid a realisation that Australia has been too reliant on Asia for the supply of essential goods. Sour relations with top trading partner, China, and the pandemic’s impact on global supply chains have also strengthened that view.

“We make things in Australia. We do it well. We need to keep making things in Australia. And under our plan we will,” Morrison said in a speech in Canberra on Thursday, as he outlined the plan to spend on manufacturing over a decade.

Five days ahead of the federal budget, Morrison used his speech to pledge funding and support

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