Wall Street Firms Consider Moving Jobs Out of NYC, Study Says
Work from home and the reduced need for employees in New York’s financial and professional-services industries have prompted some companies to consider paring their presence in the city by at least 20%, according to astudy on the economic impact of Covid-19.
About one in four office employers intend to reduce their footprint by at least a fifth, and about 16% expect to move jobs out of the city, according to thePartnership for New York City, an influential group composed of corporate chief executives, which hired over a dozen consulting firms to conduct the study.
Companies also expect only 10% of their employees to return to the office this summer and just 40% by year-end, according to the survey, which was conducted in May and released Monday.
The study estimated that city and state tax revenue losses may exceed $37 billion during the next two years, as the state’s economic output drops 7%. The city’s economy could shrink as much as 13% this year.
The report concluded that top priorities beyond health should be aiding small and minority-owned businesses; improving online education and job training; producing affordable housing; reforming budgeting and taxes; and advancing renewable energy, digital infrastructure and freight-delivery optimization.
Zions Bancorp Announces Decline In Q2 Earnings
Zions Bancorp (ZION) revealed a profit for second quarter that dropped from last year.
The company’s bottom line totaled $57 million, or $0.34 per share. This compares with $189 million, or $0.99 per share, in last year’s second quarter.
Analysts had expected the company to earn $0.38 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
Zions Bancorp earnings at a glance:
-Earnings (Q2): $57 Mln. vs. $189 Mln. last year.
-EPS (Q2): $0.34 vs. $0.99 last year.
-Analysts Estimate: $0.38
Hibbett Sports Expects Q2 Comps. To Rise In Excess Of 70% – Quick Facts
Hibbett Sports, Inc. (HIBB) said its total comparable store sales for the second quarter are anticipated to increase in excess of 70% from prior year. The brick and mortar comparable store sales are expected to increase approximately 60% while digital comparable sales are forecasted to increase approximately 200%.
For the first half of the year, total comparable stores sales are projected to rise approximately 20% from last year, including an approximate 7% increase in brick and mortar comparable sales and an expected 140% comparable sales growth in digital.
Petrobras sells remaining 10% stake of TAG pipeline, says Engie
BRASILIA, July 20 (Reuters) – Engie Brasil, the Brazilian subsidiary of France’s Engie SA, said on Monday it has agreed a deal with state-owned oil giant Petrobras to buy the remaining 10% stake in the natural gas pipeline company TAG.
In a statement, Engie Brasil said it, GDF International and Canadian investment fund Caisse de Depot and Placement du Quebec (CDPQ) will pay Petrobras 1 billion reais ($187.5 million) for the remaining stake. Petrobras sold a 90% stake in TAG to Engie Brasil and CDPQ in April 2019 for $8.6 billion. (Reporting by Jamie McGeever and Roberto Samora; Editing by Muralikumar Anantharaman)
Big Tech stocks add $291 billion in market value in one day
- Big Tech companies added $291.66 billion in combined market valuation Monday.
- Amazon led the rally, adding $116.92 billion in market cap.
- Tesla stock also popped,adding $26.36 billion to its market cap.
Shares of Amazon, Tesla, Microsoft, Apple, Alphabet, Facebook and Netflix popped Monday, adding $291.66 billion in combined market valuation.
Tech stocks have been among the top performers during the Covid-19 pandemic, with many reaching all-time highs in recent weeks despite a broad economic downturn across the globe.
Amazon stock rose 7.93% after a Goldman Sachs analyst hiked his price target to $3,800 per share, which ties it for the highest target on Wall Street. The company added $116.92 billion in market valuation Monday, bringing Amazon's market capitalization to $1.59 trillion.
Tesla stock also rose 9.47%, as investors prepare for the company's June earnings later this Wednesday, adding $26.36 billion to its market cap.
Microsoft, which closed 4.3% higher, added $66.82 billion to its market cap. Apple, which closed up 2.11%, added $35.53 billion. Alphabet, up 3.1%, added $32.08 billion. Facebook added $9.67 billion after closing up 1.40%, while Netflix, up 1.91%, added $4.28 billion in valuation.
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South Australia Tightens Border With Jail Penalty for Breaches
South Australia will further tighten its state border to guard against renewed outbreaks of the coronavirus by introducing a maximum two-year jail term for people who breach the rules.
Emergency legislation will be amended Tuesday to introduce the new penalty, the state government said in a statement.
The state border isclosed to residents of neighboring Victoria, which is seeing a surge in Covid-19 infections. Travelers from New South Wales and the Australian Capital Territory have to self-quarantine for 14 days and submit for virus testing.
UK intelligence report to disclose Russian meddling in Scottish independence vote: The Telegraph
(Reuters) – The British Parliament’s intelligence and security committee’s report on Russian influence in politics will disclose that the Kremlin tried to influence the result of the Scottish independence referendum but not the Brexit vote of 2016, The Daily Telegraph reported.
The report, which will be published on Tuesday, will describe that Russia tried to divide the UK in 2014 and that it was “the first post-Soviet interference in a Western democratic election,” the newspaper added, citing comments from the 50-page report.