Brazil's public sector debt, deficit hit record highs in May – central bank
BRASILIA, June 30 (Reuters) – Brazil’s national debt rose above 80% of gross domestic product for the first time ever and the public sector registered a record primary deficit in May, the central bank said on Tuesday, as the COVID-19 crisis hammered the government’s finances.
The public sector budget deficit excluding interest payments was 131.4 billion reais ($24 billion) in May, the central bank said, less than the expected 135 billion reais shortfall, while gross national debt jumped to 81.9% of GDP.
Chile jobless rate hits 11.2% during pandemic, new record in a decade
SANTIAGO (Reuters) – Chile’s unemployment rate CLUNR=ECI hit 11.2% between March and May, the government said on Tuesday, laying bare the devastating impact of lockdown measures to reduce the spread of the new coronavirus on the South American nation’s economy.
People working in the commerce, accommodation, food services and construction sectors were the worst impacted, the national statistics agency (INE) said, while self-employed people were the worst hit across the board in Chile, once among Latin America´s most stable economies.
Conagra Brands Inc. Q4 adjusted earnings Beat Estimates
Conagra Brands Inc. (CAG) announced a profit for its fourth quarter that climbed from last year.
The company’s profit totaled $201.4 million, or $0.41 per share. This compares with $126.5 million, or $0.26 per share, in last year’s fourth quarter.
Excluding items, Conagra Brands Inc. reported adjusted earnings of $367.6 million or $0.75 per share for the period.
Analysts had expected the company to earn $0.66 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 25.3% to $3.27 billion from $2.61 billion last year.
Conagra Brands Inc. earnings at a glance:
-Earnings (Q4): $367.6 Mln. vs. $174.6 Mln. last year.
-EPS (Q4): $0.75 vs. $0.36 last year.
-Analysts Estimate: $0.66
-Revenue (Q4): $3.27 Bln vs. $2.61 Bln last year.
Next quarter EPS guidance: $0.54 to $0.59
Breakingviews – The Exchange: BIS chief Agustin Carstens
LONDON (Reuters Breakingviews) – It has been a hectic year for central bankers, who are on the front line of fighting a global recession. The head of the Bank for International Settlements joins Swaha Pattanaik to discuss how to unwind massive monetary stimulus, risks in the financial system, and regulation.
Netflix moving $100 million of cash holdings to black-owned banks
Netflix is pledging $100 million to support black-owned banks, the company announced Tuesday.
The streaming video giant announced that it would shift 2 percent of its cash holdings to African American-owned US financial institutions in order to “directly support Black communities in the US.”
In a blog post titled “Building economic opportunity for Black communities,” Netflix cited an FDIC stat that says black-owned or led banks represent “a mere one percent of America’s commercial banking assets,” and that by redirecting its cash to those communities it hopes “to inspire other large companies to do the same with their cash deposits.”
The streaming giant is also putting an extra $25 million of its cash toward a fund called the Black Economic Development Initiative, which will “invest the funds into Black financial institutions serving low and moderate-income communities” as well as community development corporations.
An additional $10 million will go to the Hope Credit Union to “fuel economic opportunity in underserved communities across the Deep South.”
Netflix’s announcement arrives just weeks after CEO Reed Hastings pledged $120 million to black colleges.
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Cheese, Pepperoni And Hate: Little Caesars Workers Fired Over Swastika Pizza
Two workers at an Ohio Little Caesars location were fired after making a pizza with the pepperoni arranged in a swastika.
Customers Jason and Misty Laska said store management told them it was an inside joke that accidentally got out.
The couple told News 5 Cleveland they had picked up the pizza from the grab-and-go section of the location in Brook Park, a suburb of Cleveland.
“I said, ‘What do you guys have left?’ And they said a pepperoni and a cheese and I said ‘Give me the pepperoni,’” Jason Laska told the station.
It wasn’t until the couple returned home that they saw what was in the box. Misty Laska shared an image of the Nazi design on Twitter:
Jason Laska spoke with the location’s owner after the incident.
“According to the owner, it was intended to be a joke internally between just the employees,” he told the Cleveland Jewish News.
“The point is, there should not be this kind of hate happening today. With the climate we’re in right now, why make a joke like that?” Misty Laska told Cleveland’s 19 News.
Little Caesars told local Fox station WJW that it had “zero tolerance for racism and discrimination in any form” and noted that the workers had been fired. But that wasn’t enough for the Laskas: Jason said they’re not going back and Misty added that they support diversity.
“We embrace and love it,” she said. “We just want to see this hate stop.”
Stock Alert: Carver Bancorp Skyrockets
Shares of Carver Bancorp Inc. (CARV) are surging almost 118 percent or $6.91 in Tuesday’s morning to trade at $12.78.
New York-based Carver Bancorp is the holding company for Carver Federal Savings Bank, a federally chartered savings bank that provides consumer and commercial banking services. The bank supports African-American communities.
Video streaming giant Netflix Inc. (NFLX) said it will invest 2 percent of its cash holdings – initially up to $100 million – into financial institutions and organizations that directly support Black communities in the U.S. Carver Bancorp’s stock had surged last week too and touched a new 52-week high amid increased investor interest in companies controlled by African-Americans and those supporting black-owned businesses.
The increased “Buying Black” interest comes after protests in the U.S. over the killing of George Floyd, an unarmed black man, in police custody.
The stock has traded in a range of $12.78 to $16.00 in the past 52 weeks.