Tag Archives: coronavirus

Financial Daily Dose 7.30.2020 | Top Story: Fed Recommits to Covid Relief Efforts as US GDP Craters

BY: Michael D. Reif | July 30, 2020

As expected, the Fed left rates unchanged at near zero as the Open Market Committee broke on Wednesday but managed to buoy stocks by pledging to “keep supporting the United States economy as the pandemic continues to depress economic growth and sideline millions of workers” – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace … Continue reading

Financial Daily Dose 7.28.2020 | Top Story: SEC Warns Under Armour Execs of Enforcement Action Over Past Accounting Practices

BY: Michael D. Reif | July 28, 2020

The SEC has served Wells notices to Under Armour, warnings that the company and its execs could “face civil-enforcement action related to the sportswear maker’s past accounting practices,” including “the company’s disclosures around its accounting in 2015 and 2016 and ‘pull forward’ sales during those periods” – WSJ and Bloomberg and Law360 Speaking of both … Continue reading

Financial Daily Dose 7.27.2020 | Top Story: Goldman Sachs Settles Out of 1MDB Scandal for $3.9 B

BY: Michael D. Reif | July 27, 2020

Aaaand, we’re back. Let’s get to it. Goldman Sachs has reached a deal for $3.9 billion with the Malaysian government to resolve allegations of wrongdoing related to the massive 1MDB scandal. Goldman was the “main banker for the Malaysian fund” and raised “billions of dollars” for it, “much of which was allegedly stolen by people … Continue reading

Financial Daily Dose 7.16.2020 | Top Story: Crypto Scheme Hacks Big-name Twitter Users

BY: Michael D. Reif | July 16, 2020

A Twitter-based crypto scam managed to hack some high-profile accounts yesterday. VERY high profile – MarketWatch and NYTimes and WSJ and Bloomberg and Law360 In a surprise ruling, the European Court of Justice—the EU’s top court—has struck down the popular Privacy Shield tool, which more than 5000 companies use “to transfer data from the EU … Continue reading

Financial Daily Dose 7.14.2020 | Top Story: US Deficit Hits New Monthly High in June on Covid Relief Spending

BY: Michael D. Reif | July 14, 2020

The Treasury Department announced on Monday that the U.S. budget deficit hit a new record in June–$864 billion—“as the federal government continued pumping money into the economy to prop up workers and businesses affected by the coronavirus pandemic” – NYTimes and MarketWatch That outlay won’t be shrinking any time soon, either, especially now that a … Continue reading

Financial Daily Dose 7.13.2020 | Top Story: OPEC Weighs Expanded Oil Production Just Months After Agreeing on Cuts

BY: Michael D. Reif | July 13, 2020

OPEC and its oil-producing allies (in Russia and elsewhere) are reportedly working on a plan to ease cuts on oil production they agreed upon in April “amid signs that demand is returning to normal levels following coronavirus-related lockdowns” and internal pressure from the Saudis – WSJ and Bloomberg and NYTimes Disney World’s back open, even … Continue reading

Financial Daily Dose 7.10.2020 | Top Story: Gilead Reports Strong Remdesivir Results

BY: Juvian Hernandez | July 10, 2020

Gilead Sciences Inc. reports that its remdesivir virus treatment has been positively correlated with a 62% reduction in death risks compared with the standard of care in an initial analysis. The results still need to be confirmed by other clinical trials. Bloomberg Market Snapshot: The S&P 500 Index fell 0.5%; The Bloomberg Dollar Spot Index fell … Continue reading

Financial Daily Dose 7.6.2020 | Top Story: Uber to Acquire Food Delivery Rival Postmates for $2.65 Billion

BY: Michael D. Reif | July 6, 2020

Uber has reportedly finalized a deal to acquire Postmates for $2.65 billion in an all-stock deal, a  venture aimed at taking on DoorDash and other food delivery rivals – Bloomberg and NYTimes and MarketWatch and HuffPost Unable to right the ship that’s been traversing choppy waters for years, German lender Commerzbank’s CEO and Board Chair … Continue reading

Financial Daily Dose 6.30.2020 | Top Story: Supreme Court Allows President to Fire CFPB Director, Lets Agency Remain

BY: Michael D. Reif | June 30, 2020

By a 5-4 margin, the Supreme Court has ordered the restructuring of the Consumer Financial Protection Bureau, “ruling the agency’s structure was unconstitutional because its director held too much unchecked power.” The fix, according to the Court, is allowing the President to remove the CFPB’s director “for any reason,” which it deemed sufficient to reject … Continue reading

Financial Daily Dose 6.29.2020 | Top Story: Fracking Giant Chesapeake Energy Files for Ch. 11 Protection

BY: Michael D. Reif | June 29, 2020

Fracking pioneer Chesapeake Energy has filed for bankruptcy, “unable to overcome a mountain of debt that became unsustainable after a decade of stubbornly low gas prices.” The company grew wildly in the early 2000s under co-founder and former CEO Aubrey McClendon, but it also amassed $20 billion in debt before McClendon was pushed out in … Continue reading