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Pie Insurance Sees Record Growth and Surpasses $100M in Premium

October 14, 2020

DENVER, Oct. 14, 2020 /PRNewswire/ — Pie Insurance, an insurtech specializing in workers’ comp insurance for small businesses, today announced it has exceeded $100 million in cumulative written premium and surpassed $100 million in annualized run rate premium. In less than 3.5 years since being founded, Pie Insurance has cemented its spot as the fastest insurtech company to hit these milestones. This monumental growth is evidence that small businesses, and the insurance agents who serve them, are ready to adopt a modern and automated insurance experience.

“Commercial insurance in the United States generates $300 billion in annual premiums. However, the industry operates in an almost entirely analog environment,” commented Dax Craig, Co-Founder and President of Pie Insurance. “Pie leverages technology to modernize the entire insurance experience for small businesses, and our rapid growth is a testament to the huge unmet need in the market.”

Today’s milestones follow Pie’s

Extreme Networks Stock Up as JMP Sees Resurgent Demand

October 9, 2020

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Extreme Networks shares jumped Friday after JMP analyst Erik Suppiger offered enthusiastic commentary for the cloud-driven-networking company.

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Extreme shares recently traded at $4.91, up 19%. They’d climbed 7% year to date through Thursday.

Suppiger has an outperform rating and a $6 share-price target for the San Jose, Calif., company.

Extreme produced “strong execution” and better operating leverage in the fiscal 2021 first quarter, he wrote in a commentary cited by Bloomberg.

“We are encouraged with the company’s relative improvement, as we believe it suggests that demand sustained its recovery across the sector after a severe shortfall in” the fiscal 2020 third quarter, he said.

Suppiger says Extreme can reach its target of double-digit revenue growth for the fiscal 2021 third quarter.

He sees a high-single-digit drop for first-quarter revenue. That’s a “significant improvement” from the mid-teens slide in the second half of fiscal 2020, Suppiger noted.

In other

RBI holds rates steady, sees economic recovery taking root

October 9, 2020

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By Swati Bhat, Euan Rocha

MUMBAI (Reuters) – The Reserve Bank of India (RBI) left key interest rates unchanged on Friday as widely expected, while keeping policy accommodative to help pull the coronavirus-ravaged economy out of its worst slump in four decades.

FILE PHOTO: A worker walks past the logo of Reserve Bank of India (RBI) inside its office in New Delhi, India July 8, 2019. REUTERS/Anushree Fadnavis

India’s economy has been the worst hit by the pandemic among major countries and new infections continue to climb, but RBI Governor Shaktikanta Das said there were some encouraging signs of a business turnaround and activity could return to growth in the January-March quarter.

As expected, the monetary policy committee (MPC) kept the repo rate, its key lending rate, at 4.0%, while the reverse repo rate or the key borrowing rate stayed at 3.35%.

The RBI has slashed the repo rate by

Smoking From Home: Imperial Brands Sees Revenue Lift From Pandemic | Top News

October 8, 2020

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LONDON (Reuters) – Demand for cigarettes has picked up in the COVID-19 pandemic, helped by a rise in home working that has given smokers more opportunities to light up, Imperial Brands said on Thursday.

The maker of Gauloises and West cigarettes nudged up its full-year revenue forecast.

A spokesman for the British firm said consumers appeared to be spending more on tobacco as they saved money in other areas, such as travel and holidays, while working from home meant many of them were not restricted by when they could smoke.

The news came as Ladbrokes and bwin owner GVC Holdings raised its annual earnings outlook, helped by a surge in online gaming, in another sign consumers are looking to escape the stresses of the pandemic.

Imperial said it expected full-year net revenue to be broadly flat, with a 1% increase in its tobacco business offsetting a 30% drop in its

Imperial Brands sees FY revenue flat as pandemic spurs smoking

October 8, 2020

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Adds detail, context

LONDON, Oct 8 (Reuters) – British tobacco company Imperial Brands IMB.L on Thursday forecast full-year net revenue to be broadly flat and in line with market estimates, as it works through the impact of the coronavirus pandemic.

The forecast is slightly above guidance provided at its half-year results, the maker of Gauloises and West cigarettes said in its first indication of performance under CEO Stefan Bomhard, who joined in July.

However, the company forecast earnings per share down around 6%, also in line with market expectations it said, due to increasing its provisions as a result of COVID-19-related additional COVID-19-related manufacturing costsand uncertainties.

Imperial said the pandemic has increased demand for tobacco, resulting in better-than-expected sales volumes.

Improvements were seen in key European markets and the United States, which helped offset weaker performance at duty-free shops and in some traditional summer tourist destinations.

Overall,

Crypto Conversation: Facing U.S. Probe, BitMEX Sees $818M Exit

October 7, 2020

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What’s hot in crypto this week?

BitMEX — it’s a peer-to-peer cryptocurrency exchange and derivatives trading website dealing in bitcoin. It was founded in 2014 in Hong Kong, but is currently based in the Seychelles. BitMEX offers a variety of trading services, including margin trading with up to 100-times leverage. That means a deposit of $1,000 will result in a trader having the ability to trade $100,000 worth of BTC and futures trading, allowing investors to bet on the future prices of BTC.

The platform only handles prices in bitcoin, rather than fiat currencies, meaning that all gains and losses are in BTC. In 2016, BitMEX became the first Bitcoin denominated futures contract on a Chinese A Share index.

Why?

On Oct. 1, the U.S. Attorney’s Office for the Southern District of New York unsealed a criminal indictment against several BitMEX executives, including the chief technology officers, alleging they failed

PIMCO Sees Low-Return Environment Likely for Next 3-5 Years | Investing News

October 7, 2020

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NEW YORK (Reuters) – In spite of the rally in risk markets this year, Pacific Investment Management Company (PIMCO) expects low returns across asset classes in the coming three to five years as the global economy recovers from the coronavirus pandemic.

Published on Wednesday, the investment giant’s outlook argues that given the current high valuations in credit and equity markets, and the likelihood that interest rates will be kept near zero, investors should expect a stagnation or decline in profit as a percentage of gross domestic product.

Credit and equity markets have been bolstered this year by investors’ hunt for yield. With interest rates near zero, share prices have risen and borrowing costs have fallen for riskier companies. But the pandemic’s economic realities still mean that revenue – especially in sectors like travel, entertainment and hospitality – won’t quickly recover, and central banks are unlikely to intervene to prevent defaults

Indonesia’s Labor Law Sees Stocks Rally as Workers Protest

October 6, 2020

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(Bloomberg) — Indonesia’s new law, aimed to simplify labor and investment rules, has been met with a rally in local markets and concern from global investors as well as labor unions.

a group of people walking down the street: Workers transport carts loaded with boxes at Tanah Abang market in Jakarta, Indonesia, on Tuesday, Aug. 4, 2020. Indonesia is scheduled to announce its second-quarter gross domestic product (GDP) figures on Aug. 5.

© Bloomberg
Workers transport carts loaded with boxes at Tanah Abang market in Jakarta, Indonesia, on Tuesday, Aug. 4, 2020. Indonesia is scheduled to announce its second-quarter gross domestic product (GDP) figures on Aug. 5.

Parliament agreed to pass the omnibus bill on jobs creation in a plenary session Monday, sending the rupiah and stocks to gain as much as 1.3% the next day. The vote was brought forward from Oct. 8, preempting a three-day strike by about 2 million workers who sought to reject it. The strike will still happen from Tuesday.

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Indonesian Workers Rally Against New Job Bill, Massive Layoffs

The law, which revises more than 70 existing regulations, has aroused controversy since President Joko

California Sees Zinc As Likely Successor To Lithium-Ion In Energy Storage

October 6, 2020

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Zinc mine nugget — California is betting that zinc batteries can be better, cheaper and safer than lithium-ion.

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California officials expect zinc energy-storage technologies to help the state attain 100-percent clean energy by 2045, proving cheaper and safer than lithium-ion while holding a charge longer.

“Some of them are looking for 25 to 50 hours of storage,” said Mike Gravely, research program manager at the California Energy Commission.

“Some of them are looking to provide residential homes the storage they need to ride through these PSPS (public-safety power shut-off) events that California has, or to provide the reliability and resiliency that a home should have, and they’re in the size that they would fit in your garage, or they would fit something about the size of your outside air conditioner.”

California recently invested $16.8 million in energy-storage technologies beyond lithium-ion, many of which employ zinc.

“If you look past lithium ion, probably zinc

Bank of England’s Haskel keeps door open to negative rates, sees risks to growth

October 5, 2020

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By David Milliken and Andy Bruce

LONDON, Oct 5 (Reuters) – Bank of England rate-setter Jonathan Haskel said on Monday he saw downside risks to the economy, and also some possible benefits from cutting interest rates below zero, though it was too soon to reach a firm conclusion on this.

The BoE, which cut interest rates to a record-low 0.1% in March, is now looking at whether it is technically feasible to cut its main interest rate below zero, something that has already been done in Japan and the euro zone.

The Bank of England’s chief economist, Andy Haldane, and one of its deputy governors, Dave Ramsden, have expressed doubts about whether this would be helpful, but one external policymaker, Silvana Tenreyro, has been more supportive.

Haskel, like Tenreyro, said evidence from the European Central Bank suggested that cutting interest rates below zero could boost lending, and that banks

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