The Securities Exchange Board of India (SEBI) has done small investors a good turn by restricting their access to so-called innovative debt instruments such as perpetual non-cumulative preference shares and perpetual bonds (also known as AT-1 bonds). It has said that offers of such instruments should henceforth take the electronic book provider route, with participation restricted to Qualified Institutional Buyers (QIBs). The minimum ticket size for initial offers and secondary market trading in these bonds has been raised to ₹1 crore. Explicit disclosures will now be required on the perpetual character of these bonds, and the Point-of-Non-Viability (PONV) clause that allows the RBI to direct a troubled bank to completely write-off the principal value. These new requirements are a welcome attempt by SEBI to ward off YES Bank-like situations, where the write-off of AT-1 bonds as a part of the bank’s restructuring plan came as a rude shock to the

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China reported a new cluster of coronavirus infections in the eastern port city of Qingdao, snapping a streak of over two months without local transmission, underscoring the risk of resurgence in countries that have achieved near-eradication of the pathogen.

The city in Shandong province said on Sunday that it found three asymptomatic cases linked to a hospital which treats Covid-19 patients coming from abroad. Expanded testing of hospital patients and staff then found another nine infections — of the total of 12 in the cluster so far, six are asymptomatic.

More testing is underway and aims to cover the entire city of 9.5 million within five days, the local health commission said on Monday.

The cluster has now become China’s biggest in months, reflecting the difficulty of stamping out the coronavirus in any one country when outbreaks are still spreading rapidly in places like India and the US while rebounding

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NEW YORK (AP) — The final three months of the year, usually a boom time for many small businesses thanks to holiday shopping and celebrations, looks precarious as the coronavirus maintains its grip on the economy.

Owners contending with government restrictions or crumbling demand are trying to hold on, with some creating new products and services or desperately searching for new customers. Others, however, have found they’re already well equipped to meet the lifestyle changes brought about by the pandemic.

The big corporate and non-profit parties and events that Sophia D’Angelo ran before the virus outbreak have just about vanished. Large in-person gatherings that companies typically use to launch or promote their brands aren’t possible because of social distancing requirements.

“The fourth quarter was always the bulk of my business,” says D’Angelo, who owns Boston Experiential Group, based in Boston.

D’Angelo has had to get creative. She’s using her expertise

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NEW YORK (Reuters) – Oil prices slipped more than 1% on Friday after an oil worker strike in Norway ended, which should boost crude output even as Hurricane Delta forced U.S. energy firms to cut production.

Brent futures

fell 49 cents, or 1.1%, to settle at $42.85 a barrel, while U.S. West Texas Intermediate (WTI) crude

fell 59 cents, or 1.4%, to settle at $40.60.

Despite Friday’s price slide, both benchmarks gained about 9% this week, their first increase in three weeks and the biggest weekly rise for Brent since June.

Oil futures climbed earlier in the week due to concerns the strike in Norway and the hurricane headed for the U.S. Gulf Coast would cut crude output.

Norwegian oil firms struck a wage bargain with labour union officials on Friday, ending a 10-day strike that had threatened to cut the country’s oil and gas output by close to 25%

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(RTTNews) – The Canadian market closed on a buoyant note on Wednesday as stocks from across several sectors moved higher on sustained buying support amid renewed optimism about a U.S. stimulus deal.

After asking his administration’s negotiators to halt discussions with Democrats over a coronavirus relief plan earlier on Tuesday, U.S. President Donald Trump tweeted later that night that he would support individual stimulus measures.

“The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now!” Trump tweeted.

He later added, “If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now.”

Stocks in Canadian and U.S.

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(Reuters) – U.S. stocks ended down more than 1% on Tuesday after President Donald Trump said he was calling off negotiations with Democratic lawmakers on coronavirus relief legislation until after the election.

Stocks were higher before the remarks, but reversed course after Trump made the comments on Twitter.

The S&P 500 fell to a session low shortly after the tweet, taking the index down more than 2% from its session high. Airline shares also tumbled, with United Airlines UAL.N ending down 3.6% on the day, and the Cboe Volatility index .VIX climbed to a session high.

“Much of the rally we’ve seen in the last week in particular was based on hopes for an additional stimulus package,” said Robert Phipps, director at Per Stirling Capital Management in Austin, Texas. “There’s now a whole lot less reason to put money to work before the election.”

Cases of the virus are still

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a plane sitting on top of a runway: Air travel has been devastated by a fall in demand during the pandemic


© Reuters
Air travel has been devastated by a fall in demand during the pandemic

US airlines have begun laying off thousands of workers after efforts to negotiate a new economic relief plan in Congress stalled.

American Airlines says it shedding 19,000 workers and United Airlines 13,000.

The carriers – badly hit by the coronavirus pandemic – say they are ready to reverse the decisions if more financing is found.

The airlines have received billions of dollars from the federal government.

Congress agreed the aid agreed earlier in the year as part of the Coronavirus Aid, Relief, and Economic Security Act [Cares Act]. It was conditional that the carriers did not lay off workers until 1 October.

Airlines worldwide have been hit by a massive fall in demand caused by the pandemic.

In a letter to staff announcing the layoffs, American Airlines Chief Executive Officer Doug Parker said: “I am

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The website home screen for Asana


Gabby Jones/Bloomberg


Asana

shares ended their first day of trading at $29.96, their higher level of the day. The stock had opened at $27, above the $21 “reference price” announced by the New York Stock Exchange last night for the company’s direct listing. The stock traded 40.4 million shares, just over a quarter of total shares outstanding.

With about 154 million shares outstanding, San Francisco-based Asana (ticker: ASAN) at the close had a market capitalization of about $4.6 billion. Asana provides cloud-based project management software. The company’s founder and CEO is Dustin Moskovitz, who also was a co-founder of Facebook.

Asana recently reported revenue for its fiscal second quarter ended July 31 of $52 million, up 57% year over year, with a non-GAAP (generally accepted accounting principles) loss of $13.7 million, or 34 cents a share.

For the third quarter, the company

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U.S. stock indexes closed higher Wednesday, but booked their worst month since March, as hopes faded for another round of fiscal stimulus from Washington ahead of November’s election.

Market participants also were wary of a potentially contested November result following Tuesday’s rancorous first presidential debate.

The Dow Jones Industrial Average
DJIA,
+1.19%

rose 329.04 points, or 1.2%, to close at 27,781.70, while the S&P 500 index
SPX,
+0.82%

gained 27.53 points, 0.8%, to end at 3,363. The Nasdaq Composite
COMP,
+0.74%

finished 0.7%, or 82.26 points higher, at 11,167.51.

For the month, the Dow closed 2.3% lower, the S&P 500 down 3.9% and the Nasdaq Composite ended off 5.2%, marking the first monthly decline for each benchmark since March which saw the low point of the sell off resulting from the coronavirus pandemic.

On a quarterly basis, the Dow advanced 7.6%, the S&P 500 rose 8.5% and the Nasdaq Composite

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U.S. stocks finished lower Tuesday, after moving between small losses and gains throughout the session, ahead of the first presidential debate before the November election.

How did stock indexes perform?

The Dow Jones Industrial Average
DJIA,
-0.47%

fell 131.40 points, or 0.5%, to end at 27,452.66; while the S&P 500 index
SPX,
-0.48%

closed 16.13 points, or 0.5%, lower at 3,335.47, and Nasdaq Composite Index
COMP,
-0.29%

slipped
NQ00,
-0.53%

32.28 points, or 0.3%, finishing at 11,085.25. All three major equity indexes snapped three sessions of gains.

On Monday, the S&P 500 rose 53.14 points, or 1.6%, to end at 3,351.60. The Nasdaq climbed 203.96 points, or 1.9%, to close at 11,117.53. The Dow advanced 410.10 points, or 1.5%, finishing at 27,584.06, while booking its third session of gains in a row.

What drove the market?

After a positive start to kick off the final week of trading in September,

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