Bill Ackman bets on quick economic recovery after coronavirus pandemic
Mega investor Bill Ackman, who hit headlines around the world when he made a whopping $2.6 billion in March betting the stock market would tank due to the coronavirus, is betting that the economy will recover quickly once the crisis ends.
Ackman’s Pershing Square Capital Management reinvested his windfall this week — betting on Hilton, Berkshire Hathaway, Starbucks and a few other unnamed companies, expecting them to get back to profitability sooner rather than later according to the Financial Times, and that the “economy’s turnaround [will happen] before insurance’s full premiums are due.”
The economy is on shaky grounds as unemployment is expected to hit 20% in the coming months and while many will be rehired once the virus is contained, experts have said it will remain at 6% throughout 2021.
Ackman was slammed last month after he went on television last week to tearfully warn that “hell is coming” and beg the White House to shut down the country for 30 days, and then made billions when the economy tanked. He was knee-deep in a bet against the markets that netted him $2.6 billion.
Debt markets soon floundered on fears of the coming pandemic — fears, critics say, that he helped stoke.
More than 500,000 in US infected with coronavirus
Confirmed cases in world’s largest economy have been sky-rocketing in the month since a pandemic was declared.
The United States is on the brink of overtaking Italy for the highest number of coronavirus-related deaths in the world.
That is after it recorded more than 2,100 deaths in its latest daily report – the highest single-day toll in the world.
More than half a million people in the US have been infected so far.
And critics of President Donald Trump say his slow response is largely to blame.
Al Jazeera’s White House correspondent Kimberly Halkett reports.
Stormy Daniels Attorney Michael Avenatti Released From Prison, Will Move To California
Michael Avenatti, the former Stormy Daniels attorney, would-be presidential candidate, CNN pundit and convicted felon, , has been temporarily released from prison.
A federal judge in California said today that the pandemic concerns required that Avenatti should be released from a federal detention center in New York for 90 days.
He will be in quarantine for 14 days before moving to Los Angeles. Avenatti won his release when attorneys argued a recent bout with pneumonia left him vulnerable to the coronavirus.
The judge required Avenatti to post a $1 million bond, wear an electronic monitoring device and shelter in place at a friend’s house in Venice. Avenatti cannot open bank accounts or credit cards nor use computers and the internet during his release.
In February, Avenatti was found by a federal jury in New York to have attempted to extort as much as $25 million from Nike over threats that he would expose misdeeds in its grassroots basketball division. He was convicted on felony charges of transmission of interstate communications with intent to extort, attempted extortion, and honest services wire fraud.
He faces sentence Avenatti on June 17 and could get a potential penalty of 42 years in prison.
In addition, Avenatti has two other federal criminal cases pending, one in which the federal government has charged him with stealing Daniels’ $300,000 book advance.
B.C. announces 3 new COVID-19 deaths and 35 new cases, 5 from Mission prison in hospital
B.C.’s top doctor announced three new deaths and 35 new confirmed cases of the novel coronavirus Saturday, while continuing to urge people to stay home during the Easter long weekend.
The province has now confirmed 1,445 cases of COVID-19, 58 of whom have died.
Jason Kenney to announce Alberta support for other provinces through COVID-19
Alberta Premier Jason Kenney is set to make an announcement Saturday afternoon on moves the province is making to support other areas of Canada as the COVID-19 pandemic continues.
The premier is scheduled to speak in Edmonton at 2 p.m. MT, according to a news release, in regards to “how Alberta is supporting other provinces during the COVID-19 pandemic.”
Empty Caribbean Beaches Seen as a Once-Per-Century Shock: Chart
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Caribbean nations are facing their biggest shock in at least a century as tourism slumps amid the coronavirus pandemic, according to Marla Dukharan, an independent Barbados-based economist. Tourism accounts for between 34% and 48% of gross domestic product in The Bahamas, Barbados, and Jamaica, according to data from the Inter-American Development Bank. Even under the most optimistic scenario, the region will lose about 50% of its tourist revenue this year, wrote Dukharan, who was formerly a Caribbean economist at theRoyal Bank of Canada.
Babyface Reveals He And His Family Tested Positive For Coronavirus
Kenneth “Babyface” Edmonds says he and his family tested positive for coronavirus, but they are now doing much better.
The Grammy-winning singer, songwriter and producer shared the news Friday on Instagram as he celebrate his 62nd birthday.
“I would like to warmly thank everyone for all the many birthday wishes today. I feel so blessed to be able to celebrate another birthday,” he began. “I tested positive for the Covid-19 virus, as did my family,” he wrote “It’s an incredibly scary thing to go through my friends.”
He urged fans to “stay home, stay safe.”
Stay Home, Stay Safe
A post shared by Kenny Edmonds (@babyface) on
Babyface said he’s back to “full health” and will be participating in an Instagram Live concert on Saturday, April 18, with fellow chart-topping producers, Swizz Beatz, Timbaland and Teddy Riley.
He described it as a “Celebration of Black Music Excellence,” and will include a “Teddy vs. Babyface” performance.
“So get ready for a night of groove and love. Ladies…put on your red dress…light the candles, pour some wine, and don’t forget to bring your dancing shoes,” he wrote.