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Stocks extended Tuesday declines as a prospects of a stimulus package before the election dimmed even further.


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[Click here to read what’s moving markets heading into Thursday, October 15]

Treasury Secretary Steven Mnuchin said Wednesday afternoon that achieving a deal and advancing any measures through Congress before the November election would be “difficult.” The remarks came shortly after Pelosi and Treasury Secretary Steven Mnuchin spoke on the phone Wednesday morning to discuss further stimulus, in a conversation Pelosi’s spokesperson earlier called “productive.” The two are set to speak again Thursday.

An impasse among U.S. lawmakers in Washington has kept hopes running low that more virus relief aid will come to fruition before the November election. Senate Majority Leader Mitch McConnell said Tuesday he will have the Senate take up relief legislation after the chamber’s return on Monday, with his narrower proposal set to include funds chiefly targeted to

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Macy’s  (M) – Get Report named Boston Consulting’s Adrian V. Mitchell, who has extensive experience with retailers, as chief financial officer as the department-store chain recovers from the coronavirus-pandemic shutdown.

Mitchell on Nov. 2 will join the Cincinnati company, reporting to report to Chairman and Chief Executive Jeff Gennette.

He succeeds Felicia Williams, who is joining CEO Action for Racial Equity, an initiative aimed at advancing diversity and inclusion within the workplace, as Macy’s fellow.

Williams had been interim CFO since Paula Price left at the end of May.

Mitchell will be responsible for all finance functions including accounting, treasury, investor relations, internal audit, financial/capital planning and analysis, and procurement. 

“In a retail environment where change is accelerating beyond what we could have imagined a year ago, Adrian’s depth of financial and operational experience, coupled with his leadership in strategy, innovation, and transformation, will help us on our

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Firsthand Technology Value Fund (SVVC) is a BDC focused on venture capital. Readers with limited familiarity with BDCs should read my recent article that serves as a primer on BDCs as well as warnings about their fees, conflicts of interest and potentially poor governance.

SVVC has been trading recently around $4 per share despite the Company’s estimate that its NAV is well over three times that amount. The next few sections briefly describe the path that eventually led to SVVC’s dismal state.

Past Bright Spots

On July 17, 2014 SVVC reported an NAV of $27.30 per share and disclosed that its top two holdings were Twitter and Facebook! But the early bright spots soon began to be overshadowed by the poor performance of other portfolio companies.

Nevertheless, on 10/19/18 SVVC announced a “Preliminary NAV of $29.18 Per Share as of September 30, 2018″ and that “Holdings Include Pivotal,

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(Bloomberg) — Bank of America Corp.’s traders didn’t seize on the markets boon that lifted rival banks in the third quarter.


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Revenue from trading rose 3.6% to $3.34 billion, falling short of the $3.5 billion that analysts had forecast. While JPMorgan Chase & Co. and Citigroup Inc. each posted jumps of at least 17% at their trading desks, Bank of America’s small increase wasn’t enough to boost overall revenue as the bank’s consumer unit saw a 17% slide.

Wall Street trading desks have benefited from active markets during the pandemic, and those results have propped up lending units that are grappling with broader economic hardship in the U.S. after the coronavirus pandemic shuttered businesses and put millions of Americans out of work.

Bank of America’s results were “underwhelming,” with only a small increase in fixed-income and equities trading, Vital Knowledge founder Adam Crisafulli wrote in a note to

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SYDNEY, Oct 14 (Reuters) – Only 28% of participants in the air cargo industry feel they are well prepared to distribute a COVID-19 vaccine once available, according to a survey released on Wednesday, as the industry begins to gear up for a major logistical challenge.

Ground handlers and airports feel less prepared than freight forwarders and airlines, according to the survey conducted by The International Air Cargo Association (TIACA) and Pharma.Aero which found 36% of participants planned to invest in additional physical or digital infrastructure.

TIACA Vice Chairman Sanjeev Gadhia, who heads Nairobi-based air cargo operator Astral Aviation, said the global distribution of the COVID-19 vaccine would be the toughest logistical challenge ever faced, with an estimated 10 billion doses requiring distribution in 2021 and 2022.

More than 40 vaccine candidates are already undergoing clinical trials, according to the World Health Organization.

“We know that as from November the first

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Driven by revenue strength, Goldman Sachs GS reported third-quarter 2020 earnings per share of $9.68, significantly surpassing the Zacks Consensus Estimate of $5.58. Also, the bottom-line figure compares favorably with the earnings of $4.79 per share recorded in the year-earlier quarter.

The stock rallied more than 2% in pre-market trading, reflecting investors’ optimism with the results. Notably, the full-day trading session will display a clearer picture.

With an increase in global equity prices and tightening of credit spreads, the bank’s results were aided by higher Fixed Income, Currency and Commodities Client Execution (FICC) revenues during the reported quarter. Also, the underwriting business displayed strength. In addition, wealth management and consumer banking business witnessed an upswing, reflecting rise in credit card loans. Moreover, fall in provisions was a tailwind.

The investment bank, nevertheless, disappointed with the rise in operating expenses. Additionally, lower financial advisory revenues, due to the decline in industry-wide

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BRUSSELS (Reuters) – French luxury goods group LVMH

is set to gain EU antitrust approval for its acquisition of U.S. jeweller Tiffany

, people familiar with the matter said.

The EU decision comes amid a legal battle between LVMH and Tiffany, with the latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal.

Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, which was agreed in November last year before the COVID-19 pandemic emerged and hit countries and companies worldwide.

LVMH has countersued Tiffany, alleging that the U.S. company has been mismanaged during the COVID-19 pandemic.

The European Commission, which is scheduled to decide on the deal by Oct. 26, declined to comment. LVMH and Tiffany did not immediately respond to a request for comment.

The two companies had several overlaps in some

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* Canadian dollar rises 0.1% against the greenback

* Loonie trades in a range of 1.3116 to 1.3157

* Price of U.S. oil increases 1.6%

* Canadian bond yield ease across a flatter curve

TORONTO, Oct 14 (Reuters) – The Canadian dollar edged higher
against its U.S. counterpart on Wednesday as oil prices rose and
Wall Street steadied, with the loonie clawing back some of the
previous day’s decline ahead of comments by Bank of Canada
Deputy Governor Timothy Lane.

The loonie was trading 0.1% higher at 1.3126 to the
greenback, or 76.18 U.S. cents, having traded in a range of
1.3116 to 1.3157. Tuesday’s decline for the loonie broke a
string of four straight daily gains.

Futures tracking the S&P 500 were slightly higher after
being pressured the previous day by fading hopes of a deal on
federal aid as well as a halt in trials of a COVID-19

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President Donald Trump touted his pro-fracking policies at a campaign rally in Johnstown, Pa. Oct. 14, 2020.

York Daily Record

With the election weeks away, fracking has once again become a hot button issue for President Donald Trump’s campaign. 

In a Tuesday rally in Johnstown, Pa., Trump drilled former Vice President Joe Biden’s campaign, saying Biden promises “no more fracking” in Pennsylvania if elected. 

“This went on for a year and a half, no fracking, no fracking, no fracking,” he told the crowd. 

Fracking is the act of extracting Marcellus shale natural gas by way of hydraulic drilling, or fracturing. Pennsylvania is the second top producer of natural gas in the country.

More: In Johnstown, Trump predicts victory in Pa. against the polling odds — just like 2016

Pennsylvania sits on trillions of cubic feet of Marcellus shale natural gas, with most of the state’s active wells drilled in

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UnitedHealth Group beat forecasts for its earnings in the third quarter, and the U.S.’s largest health insurance provider finally hiked its 2020 outlook after holding off while trying to sort out COVID-19’s impact.

Health insurers had approached 2020 forecasts cautiously so far this year, even though many reaped huge profits in the first half as the spreading pandemic kept people home and out of the health care system.

Both analysts and insurers have said they expected medical costs to rise in the second half of the year, as communities that had shut down opened back up and people felt more comfortable seeking elective surgeries.

UnitedHealth said Wednesday that both care patterns and prescription volumes approached normal levels in its recently completed quarter. The company now expects adjusted net earnings to range between $16.50 to $16.75 per share for 2020.

That’s up from a forecast it first laid out late last

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