CLO Reckoning Arrives: Downgrade Wave Tests $700 Billion Market

As U.S. financial markets have rebounded feverishly this past month from the worst of the coronavirus-induced sell-off, one asset has been conspicuously absent from the rally: the collateralized loan obligation. Prices in key parts of the almost $700 billion market — which through large doses of Wall Street alchemy provides financing to companies with less-than-stellar credit scores — have remained […]

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‘UK youth employment prospects crumbling’ in coronavirus crisis

Some of the UK’s biggest employers have cancelled or delayed recruitment schemes and internships, amid concerns that the coronavirus pandemic could hit the job prospects of young people the hardest. Lloyds Banking Group, HSBC and accountants PwC and BDO are among the large companies that have been forced to make changes to their recruitment plans because of the crisis. Callout […]

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Futures Point To Lower Open For Wall Street

U.S. recorded more than 558 thousand infections and total death of 22,129, while 41,831 people recovered from the deadly COVID 19 infection. New York is the most badly affected state in the U.S. during the last 55 days with more than 190 thousand cases and New Jersey comes next with around 62 thousand infections. Spain started easing down restrictions as […]

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Shake Shack Will Return Its Entire $10 Million U.S. Government Loan

Shake Shack, the U.S.-based burger chain, will return its entire $10 million loan from the U.S. government, the company’s leaders said in a statement, amid widespread criticism over who got access to the funds aimed at saving small businesses before they were depleted. More than a dozen publicly traded companies with revenue topping $100 million received funds before the program […]

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Workers without degrees hardest hit by Covid-19 crisis – study

Workers without a university degree will be hardest hit by the Covid-19 crisis, raising fears of increasing inequality across Europe, where up to 59m jobs are at risk. Nearly 80% of workers facing job insecurity – including cuts to hours or pay, temporary furloughs, or permanent layoffs – do not have a university degree, according to new research by the […]

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Wolfgang Puck on closed restaurants: Backbone of America

San Francisco (CNN Business)For local D.C. bakery DC Sweet Potato Cake, $23,000 would have gone a long way. The bakery, known for its eponymous little desserts, sought a Small Business Administration Covid-19 relief loan intended to keep its seven workers, including four full-timers, on payroll. The money would have given the bakery a fighting chance to complete an 11,000-cake order […]

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A $1.2 Trillion Fund Says Skip Earnings Season, Buy U.S. Stocks

Jim McDonald is using all of his four decades of experience in financial markets to navigate the global pandemic’s impact for wealthy and institutional customers at Northern Trust Corp. His main message: be bullish on U.S. stocks. The huge policy response from American authorities and prospects for even more fiscal measures have left McDonald favoring the U.S. over others. For […]

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Fresh Blow for Boeing as China Leasing Firm Scraps Max Order

China Development Bank Financial Leasing Co. canceled an order for 29 Boeing Co. 737 Max planes, worth at least $2.9 billion based on list prices, joining a growing list of customers scaling back plans for buying the grounded jet. The move cuts the company’s outstanding Max order to 70, it said in a statement to the Hong Kong stock exchange […]

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