Direct Line Insurance Q3 Gross Written Premium Down 0.8%

Norwegian Air says it could run out of cash in early 2021

OSLO, Nov 10 (Reuters) – Pandemic-hit Norwegian Air could run out of cash in the first quarter of 2021 unless it secures fresh funding, the budget carrier said while reporting third-quarter results on Tuesday.

The airline’s cash and cash equivalents stood at 3.4 billion Norwegian crowns ($376.4 million) at the end of September, down from 4.98 billion crowns at the end of June. ($1 = 9.0323 Norwegian crowns)

Joe Biden Shows Off New Hat And Trolls Trump’s MAGA Slogan In The Process

President-elect Joe Biden has a new hat for his new job ― and it doubles as a dig against President Donald Trump.

On Saturday, the president-elect’s wife, Dr. Jill Biden, posted a photo on social media celebrating her husband’s victory to become the 46th U.S. president.

The soon-to-be first couple can be seen posing with a sign from 2008 when Biden was elected vice president. Dr. Biden used her hand to update the sign for 2020.

But there was something else new in the photo: The president-elect was wearing a hat that played off Trump’s red “Make America Great Again” hats. “We Just Did,” Biden’s blue cap reads, with the number “46” underneath it.

Many Twitter users appreciated the shade.

So far, the hat does not appear in the Biden’s campaign’s online store.

Retail Sales Have Largely Recovered From The Pandemic

Retail sales have largely recovered from the COVID-19 pandemic as the holiday season nears. However, the sudden spike in coronavirus cases threatens to affect retailers again.

“Strong growth in retail sales during the last few months points to the resiliency of consumers even in this disruptive pandemic environment,” said National Retail Federation Chief Economist Jack Kleinhenz. “Taking in all the evidence available, the U.S. economic recovery has progressed more quickly than generally expected.”

According to retail sales report released by U.S. Department of Commerce, monthly retail sales hit $549.3 billion, up 1.9 percent in September, the biggest spike in three months, and the fifth month of increases.

Household spending on retail goods has helped bring back overall consumer spending, which was down 16.1 percent year-over-year in April but only 1.9 percent as of August, according to the Commerce Department.

Kleinhenz agreed with Federal Reserve Chairman Jerome Powell’s recent call for additional federal stimulus.

“While there might be sufficient momentum and resiliency to propel the economy in the months ahead, additional fiscal policy support is critical to ensure that the recovery doesn’t stall,” Kleinhenz said.

EARNINGS SUMMARY: Details of Curis Inc Q3 Earnings Report

Below are the earnings highlights for Curis Inc (CRIS):

-Earnings: -$5.97 million in Q3 vs. -$6.44 million in the same period last year.
-EPS: -$0.11 in Q3 vs. -$0.19 in the same period last year.
-Revenue: $2.74 million in Q3 vs. $2.86 million in the same period last year.

Seven-Day Average Of COVID Infections In US Hits New High

The seven-day average for new coronavirus cases in the U.S. reached a new high–83,565, higher than any other time in the pandemic. This figure has increased by about 10,000 each week for the last 3 weeks.

84,089 new coronavirus cases were reported in the U.S. in past 24 hours and 557 new deaths, according to data from Johns Hopkins University. Michigan reported 6,920 new cases, while Illinois reported 6,222, lower than previous day’s report of 14,879. Texas reported 5,487, Florida 4,651, and California 4,533.

On Friday, the country breached 9 million mark breaking its own record for daily new infections for the second day in a row after reporting 100,233 new cases.

The COVID-19 pandemic has so far infected over 9.30 million people in the country and has taken the live of about 232 thousand people. Globally, coronavirus cases topped 47 million and have killed at least 1.21 million people.

More than 47 states are reporting an increase in Covid-19 cases and nearly 50,000 people have been hospitalized across the US, according to Covid Tracking Project. Nearly 10,000 patients are in ICU, while about 2,600 are in ventilator.

Biden calls Trump's refusal to concede election an 'embarrassment'

(Reuters) – President-Elect Joe Biden said on Tuesday that he thinks it is an “embarrassment” that President Donald Trump has not conceded the election.

Speaking at an event in Delaware, Biden added that the transition was well underway despite Trump’s refusal to accept the election results, and that he hoped to put forward names for a least some Cabinet positions by Thanksgiving.

Canal+ Polska scraps Warsaw IPO plans due to volatility

Nov 10 (Reuters) – Polish pay-TV platform CANAL+ Polska said on Tuesday its shareholders had decided to cancel the company’s initial public offering (IPO) in Warsaw due to volatility on financial markets.

The company had eyed an IPO on Nov. 23 and set its maximum price at 60 zloty per share, valuing the whole offering at 1.297 billion zloty ($340 million).

U.S. television and broadband company Liberty Global and Polish broadcaster TVN Media, owned by U.S. group Discovery, planned to sell their stakes in the company.

Direct Line Insurance Q3 Gross Written Premium Down 0.8%

Direct Line Insurance Group Plc. (DLG.L) reported that its third-quarter total group gross written premium declined 0.8 percent to 851.5 million pounds from 858.0 million pounds in the prior year.

Motor own brand in force policies remained flat during third-quarter of 2020 as shopping returned to pre-Covid-19 levels and retention normalised following the increase in the second-quarter.

Commercial direct own brands reported 12.4% growth in premiums in third-quarter driven by a recovery in small to medium enterprise trading on the Direct Line for Business platform which reached a peak in July following the easing of lockdown restrictions.

The company said it is currently on track to deliver a combined operating ratio slightly below its target range of 93% to 95% in 2020, normalised for weather.

The company also reiterated its medium-term combined operating ratio target, however it acknowledge this will inevitably depend on the duration and uncertainties of the Covid-19 pandemic, the impact of Brexit, the FCA pricing practices report and any consequential impact on customer, market and regulatory approaches.