• There are many societal benefits of raising the #minimumwage: better mental health outcomes, racial equity, reduced recidivism, increased civic participation and more. Explore a new Boston Fed and @UCBLaborCenter paper examining this: Link
    Boston Fed 12727m

    Jobs that pay low wages result in many families struggling to make ends meet. Black workers face a dual crisis of higher unemployment and disproportionate employment in low-wage jobs. Policies that improve wages or otherwise raise family income can have long-term effects on a range of societal outcomes. Family income is highly correlated with mental and physical health, child development and school achievement, civic engagement, and many other dimensions of individual and social well-being. It can be difficult, however, to separate cause from effect and to disentangle confounding variables.

    In this paper, the authors identify and discuss studies that have used natural experiments to measure downstream effects that are clearly caused by changes in family income, and thus provide firm grounding for policy evaluation. They find strong evidence of a causal effect of higher net income on child development, including math and reading test scores, educational...

  • U.S. Supreme Court hands victory to immigrants facing deportation Link https://t.co/eZtuAZ9wAr
    Reuters 12727m

    The U.S. Supreme Court on Thursday bolstered the efforts of some long-term immigrants to avoid deportation in a ruling that faulted the federal government for improperly notifying a man who came to the United States illegally from Guatemala to appear for a removal hearing.

    The justices, in a 6-3 ruling that divided the court's conservative bloc, overturned a lower court's decision that had prevented Agusto Niz-Chavez from pursuing his request to cancel the attempted expulsion based on having lived in the United States for many years. Niz-Chavez lives in Michigan with his family after entering the United States illegally in 2005.

    At issue in the case was whether federal immigration law requires authorities to include all relevant details for a notice to appear for a hearing in one document or can send the information across multiple documents.

    "In this case, the law's terms ensure that, when the federal government seeks a procedural advantage against an...

  • Yann Le Pallec, head of global rating services at S&P Global Ratings, talks to Financial News about lessons from previous crises and how the firm has reacted to the pandemic. Read more: Link
    S&P Global Ratings 12727m

    Credit ratings agencies received hefty criticism in the wake of the global financial crisis, accused of failing to spot early red flags.

    The pandemic has posed a new challenge as investors look to them as a vital source of information about companies’ credit worthiness and their ability to weather this latest storm.

    Yann Le Pallec, head of...

  • Apple's stock isn’t getting much love even after the company delivered what one analyst described as “blowout” results for its March quarter. Why? There are questions about how long Apple’s hot streak can continue. Link
    MarketWatch 12727m

    Apple Inc.’s stock isn’t getting much love from investors even after the company delivered what one analyst described as “blowout” results for its March quarter.

    Shares of the smartphone giant were down 0.7% in midday Thursday trading, reversing course after earlier gains of as much as 2.6%, following a fiscal second-quarter report in which Apple AAPL,

  • We are seeking comment on supporting diversity and inclusion in the broker-dealer industry. We encourage all interested parties to comment. Comments must be received by June 28. Learn more: Link https://t.co/XukTKOSNWx
    FINRA 12727m
  • Some of the most complex calculations in financial markets could start using quantum computing within five years, considerably earlier than expected, according to research jointly conducted by Goldman Sachs Link
    Financial Times 12727m
  • Live Market Update from the CMC dealing desk - European Closing Prices: #FTSE 6961.48 -0.03% #DAX 15154.2 -0.9% #CAC 6302.57 -0.07% #MIB 24278.2 -0.74% #IBEX 8823.2 0.27% Prices are indicative only. $FTSE $DAX $CAC $IBEX
    CMC Markets 12732m
  • Entering 2020, we set a goal of $750B in sustainable financing activity by 2030. Despite the pandemic, we’re ahead of pace. Read our 2020 Sustainability Report to see how we’re integrating sustainability with purpose across our business: Link #GSsustainability https://t.co/kH4fXMib3H
    Goldman Sachs 12732m

    At Goldman Sachs, we view sustainability through a broad lens. Our approach is driven through our work with clients, how we manage our firm and how we address market gaps, including through partnerships, engagement and impact. Climate Transition and Inclusive Growth are the two holistic pillars that underpin our work, including our $750 billion commitment and our broad focus on driving toward a more sustainable economy that works for all. This includes a cross-cutting focus on economic empowerment and investment in underserved communities to drive more inclusive, sustainable growth.

  • Millions of Dutch tulips bloom again, in a spectacle few will see Link https://t.co/ujfYZIMXND
    Reuters 12732m

    With dazzling displays of colour including tulips in purple, yellow, and crimson, the Keukenhof flower garden outside The Hague usually rivals Amsterdam's top museums as one of the Netherlands' biggest tourist attractions.

    This year, for the second year in a row, millions of tulips in the park and nearby fields are blooming and will likely fade largely unseen, as the Keukenhof remains closed to visitors amid the coronavirus pandemic.

    "Keukenhof is only open 8 weeks a year, end of March until mid-May," said Managing Director Bart Siemerink.

    He said that given the country's current lockdown regime, his best guess is that the park will be allowed to open from mid-May.

    "And then the tulips are gone, and probably no visitors will come at all this year," he said.

    The Keukenhof attracted around 1.5 million visitors annually in the years before the pandemic, most of them from abroad.

    Like many venues, the park is attempting to maintain some revenue...

  • Three things you need to know about Standard Chartered’s first quarter Link
    Financial News 12732m

    Standard Chartered's profits jumped by 18% in the first quarter as the emerging markets-focused UK lender slashed provisions for bad loans related to the Covid-19 pandemic.

    The bank followed its rivals by cutting the money it put aside to cover the impact of the pandemic, which helped bolster its profits, as its sales and trading and wealth management units surged to a record quarter.

    The...

  • JPMorgan’s 52 new MDs in Emea revealed Link
    Financial News 12732m

    JPMorgan has promoted 52 people to managing director within its corporate and investment bank in Europe, the Middle East and Africa following a record quarter for the unit.

    Financial News can reveal the list of newly-anointed managing directors (below),  with dealmakers, traders, sales, technology and accounting staff all making the cut after a bumper period for the US investment bank. Around 20% of the new promotes are women, roughly the same as 2020.

    Among...

  • Corporate America was instrumental in pressuring legislators to reform discriminatory laws such as HB2. The same could happen with voting rights Link
    Businessweek 12732m

    The intense focus on racial justice, spurred by events from George Floyd’s killing to Republican voter restrictions, has created a growing expectation that corporations respond or face censure from their employees, customers, and local communities. On April 20 a coalition of Georgia faith leaders representing more than 1,000 churches launched a boycott of Atlanta-based

  • Retailers sued the Federal Reserve to win a reduction in the fees they pay to banks each time a consumer swipes a debit card Link
    Bloomberg 12732m

    Two lobbying associations representing merchants in North Dakota sued the Federal Reserve to win a reduction in the fees they pay to banks each time a consumer swipes a debit card.

  • Credit Suisse risk committee head is considering stepping down after the $5.5 billion hit from Archegos meltdown and Greensill scandal raised investor ire, source says Link
    Bloomberg 12732m

    The board is discussing Gottschling’s role, and he’s weighing an exit ahead of the annual general meeting on Friday, according to a person with knowledge of the matter, asking not to be identified as the deliberations are private. He emerged as a target after shareholder advisory firms including Glass Lewis had urged the bank’s investors to vote against re-electing him for another yearly term.

  • Congratulations to the entire @Endeavor (NYSE: $EDR) team on this historic milestone for your company! Welcome to our #NYSECommunity ? #EndeavorIPO https://t.co/vwilY4VGvk
    NYSE ? 12732m
  • More EU member states join forces to support local chip production - Breton Link https://t.co/3SJhPjAH6k
    Reuters 12737m

    European industry chief Thierry Breton said on Thursday there are now 22 EU member states joining forces in a new alliance to support the local production and development of semiconductors to reduce the bloc's reliance from foreign suppliers.

    Speaking to reporters in Berlin following talks with German Economy Minister Peter Altmaier, Breton underlined the European Commission's ambition to double Europe's market share in global chips and semiconductor production from 10% to 20% by 2030.

    Our Standards: The Thomson Reuters Trust Principles.

  • Increase in home cooking and a strong demand from China helped Unilever beat forecasts in the first quarter Link https://t.co/yAWbGMKepV
    Reuters 12737m

    Unilever (ULVR.L) announced a 3 billion euro ($3.6 billion) share buyback and said it was confident of hitting sales targets this year, after demand from home cooks and China helped it to beat first-quarter sales expectations.

    Shares in the maker of Dove soap and Ben and Jerry's ice cream climbed as much as 4% on Thursday, after it joined rivals such as Nestle and Procter & Gamble in reporting strong sales of food and cleaning products respectively in the pandemic.

    Underlying sales jumped 5.7% in the three months to the end of March, topping analysts' average forecast of 3.9%, according to a company supplied consensus.

    "These are encouraging numbers," said Steve Clayton, portfolio manager of Hargreaves Lansdown's Select UK Shares funds. "Unilever gains much of its strength through the group's diversity."

    The company said it was confident of delivering full-year underlying sales growth within its mid-term target range of 3-5%, with the first half...

  • Exclusive: President Biden's top labor official said most gig workers in the U.S. should be classified as ‘employees’ deserving of related benefits, in what could be a policy shift for companies like Uber and Lyft Link
    Reuters 12737m

    President Joe Biden's top labor official said Thursday that most gig workers in the United States should be classified as "employees" deserving of related benefits, in what could be a policy shift that is likely to raise costs for companies that depend on contractors such as Uber (UBER.N) and Lyft (LYFT.O)and impact millions of workers.

    Shares of Uber fell as much as 8 percent while Lyft dived as much as 12 percent. Doordash fell nearly 9 percent and Grubhub was down 3.3 percent.

    Labor Secretary Marty Walsh, a son of Irish immigrants and a former union member, has been expected to boost President Biden's efforts to expand workers' protections and deliver a win for the country's organized labor movement.

    "We are looking at it but in a lot of cases gig workers should be classified as employees... in some cases they are treated respectfully and in some cases they are not and I think it has to be consistent across the board," Walsh told Reuters in an interview,...

  • Fidelity Investments is ramping up a business that helps money managers profit on those eager to bet against stocks. Link
    Financial News 12737m

    Fidelity Investments is ramping up a business that helps money managers profit on those eager to bet against stocks.

    Fidelity said this week it is launching a platform for fund managers looking to lend out their holdings to other investors, including short-sellers. Fidelity’s move is the latest sign that the money-management industry, which once dismissed the business as unnecessary and even a bit unseemly, has come full circle. Lending out securities has emerged as an important source of extra revenue, juicing returns and...

  • Average UK house prices rose more than 8% in a year, data shows Link
    BBC Business 12737m

    "People are making big decisions about moving, assuming they won't have the commute anymore, assuming they're going to have the time to spend on a big garden… I worry because they're making big financial decisions based on these lifestyle factors."

  • RT @irishjourno: On today's #BBCMarketplace Morning Report with @BBCVishalaSP ?? Samsung profits hit a post-pandemic high ?? Turkey prepa…
    BBC Business 12737m
  • RT @BBCTech: Confusion over use of NHS App as Covid passport Link
    BBC Business 12737m

    People can use the NHS app to request repeat prescriptions, message their doctor and organise online consultations. It is completely separate from the NHS Covid-19 app, which is used for contact-tracing.

  • LA-based Dulan’s Soul Food Restaurant reinvented its business during the pandemic, purchasing a food truck with financing through our Open for Business Fund. We’re donating roughly $420M to nonprofits helping diverse small businesses make a way through COVID-19.
    Wells Fargo 12737m
  • Increase in home cooking and a strong demand from China helped Unilever beat forecasts in the first quarter. Read more here: Link https://t.co/Z1sKAVT3t3
    Reuters Business 12737m

    Unilever (ULVR.L) announced a 3 billion euro ($3.6 billion) share buyback and said it was confident of hitting sales targets this year, after demand from home cooks and China helped it to beat first-quarter sales expectations.

    Shares in the maker of Dove soap and Ben and Jerry's ice cream climbed as much as 4% on Thursday, after it joined rivals such as Nestle and Procter & Gamble in reporting strong sales of food and cleaning products respectively in the pandemic.

    Underlying sales jumped 5.7% in the three months to the end of March, topping analysts' average forecast of 3.9%, according to a company supplied consensus.

    "These are encouraging numbers," said Steve Clayton, portfolio manager of Hargreaves Lansdown's Select UK Shares funds. "Unilever gains much of its strength through the group's diversity."

    The company said it was confident of delivering full-year underlying sales growth within its mid-term target range of 3-5%, with the first half...

  • US Sells Treasury Bills At 0% For The First Time Since The Covid Crash Link
    zerohedge 12737m

    While 4-week Treasury Bill rates had dipped negative on occasion over the past several months, the last time the 4-Week Bill priced at a 0.000% investment rate was during the post-covid crash scramble, when the 4-Week printed at 0.000% on the March 26 auction.

    Until today that is, because moments ago, the Treasury sold $40BN in 4-week bills at a price of 100.000% representing a rate of 0.00%.

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