Tag Archives: financial vehicles

Futures Rise After Capitol Riot Inquiry Commission Is Announced | Instant News

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The future of startup cryptocurrency Ripple hangs on the SEC’s case | Instant News

Brad Garlinghouse, Ripple’s chief executive, last year publicly contemplated at the World Economic Forum in Davos, Switzerland, the initial public offering for the San Francisco startup.

The company recently raised about $ 200 million in a venture funding round led by Tetragon Financial Group, with a valuation of $ 10 billion. The value of its flagship product, a cryptocurrency called XRP, has fallen over the previous year. But Ripple is poised to rebuild the infrastructure for cross-border trade, said Garlinghouse, promising that its future is bright.

A year later, the IPO was canceled. Instead, Ripple’s future hinges on the judge’s decision in a civil suit filed in December by the Securities and Exchange Commission.

Regardless of the outcome, this case is expected to set a major precedent for how US regulators create rules and laws covering cryptocurrencies. It also highlights a broader truth about most digital currencies: Beyond the two largest, bitcoin and ether, most of the hundreds of others have struggled to find utilitarian value beyond speculation.

At the heart of the SEC’s suit is the debate about XRP, a bitcoin-like digital asset created by the founder of Ripple that will grow to become the world’s third-largest cryptocurrency. It is designed to be part of a network that will help banks cut costs in cross-border transfers. The related software, however, never gained traction, the SEC accused, leaving XRP with no apparent purpose, other than to funnel sales to Ripple.


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This SPBU Entrepreneur Prioritizes Food Over Fuel and Becomes Rich | Instant News

Two brothers who became billionaires in Britain with a focus on food rather than fuel at gas stations are looking for ways to launch the model globally in hopes of finding wider success.

As teenagers, Mohsin and Zuber Issa worked at a gas station in northern England owned by their parents, who emigrated from India in the 1960s. They used that experience to expand from purchasing one abandoned site nearby to one of the largest independent gas station operators in the world, with more than 6,000 locations across Europe, and more recently in Australia and the US.

They took profits because the big oil companies sold underperforming gas stations, taking locations in the UK and later in Europe. Their guidebook: multiplying higher-margin foods, selling fresh and packaged groceries, and franchising some of the world’s most famous fast food brands.

Now the Issa brothers are looking to repeat the trick at US EG Group – a business they co-own with private equity firm TDR Capital – achieving its sixth American acquisition in just two years in November.

But as the brothers scoured the stock market list for the business, they faced scrutiny over corporate governance and debt that was building up to fund its rapid expansion. And some retail analysts say the EG Group faces a tougher test in the United States.


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Airline stocks take a massive sell off as travel demand declines and COVID-19 cases rise | Instant News

AFP via Getty Images Shares of airline operators were broadly and in some cases significantly weaker on Monday, as the number of weekly trips fell for the first time since the post-Labor Day crisis, amid growing concerns over potential fallout from the outbreak of the new COVID -19 cases. The number of people passing through Transportation Security Administration checkpoints fell to a daily average of 844,217 for the week ended Sunday, from a daily average of 871,513 the week before, according to MarketWatch analysis of TSA flow data. . This is the first drop since the week ended September 20. The daily average had declined at the time after receiving an increase the week before in the increase in travel on Labor Day. The drop in travelers comes as the daily number of new COVID-19 cases in the United States hit record highs over the weekend, and a number of European countries moved to tighten restrictions as the continent was hit by an increase in cases. Don’t Miss: Coronavirus Update: U.S. Death Toll Surpasses 225,000 and Trump Chief of Staff Says United States ‘Will Not Control the Pandemic’. U.S. exchange-traded fund Global Jets JETS, -4.81%, fell 5.3% in the afternoon session, while the Dow Jones Transportation Average DJT, -2.31%, fell 5.3% fell 2.6%, with all six airline components losing ground. The airline industry’s losses significantly underperformed the stock market as a whole, with the Dow Jones Industrial Average DJIA, -2.29% falling 735 points, or 26% and the S&P 500 SPX Index, -1.85 %, having lost 2.1%. Among the most active airline stocks, American Airlines Group Inc. AAL, -6.34% sank 6.0%, United Airlines Holdings Inc. lost 7.6% UAL, -7.02%, Delta Air Lines Inc. lost 6.3% DAL, -6.08%, JetBlue Airways Corp. JBLU, -6.47% slipped 7.0% and Southwest Airlines Co. LUV, -3.95% lost 4.7%. Elsewhere, shares of Alaska Air Group Inc. ALK, -7.19% fell 7.8% to accelerate the declines of Dow Transportation Airlines, Spirit Airlines Inc. SAVE, -7.80% fell by 8.3%, Hawaiian Airlines, parent company Hawaiian Holdings Inc. HA, -5.75% decreased 5.4% and Mesa Air Group Inc. MESA, -5.69%, decreased 5.7% . Uncertainties over a government stimulus, which have been a key driver of the airline industry in recent months, are also weighing on airline stocks. “The US stimulus is not a slam dunk,” wrote Savanthi Syth, airline analyst Raymond James, in a note to customers. “While negotiators adopt a more optimistic tone, our Washington political analysts continue to view the post-election period as the first chance to finalize a deal, with the remaining risks in this scenario tied to the election outcome.” See related: “It’s about midnight” for a stimulus deal, a key GOP senator said. On the positive side, the daily average of travelers for weeks ended Sunday reached a post-COVID high of 871,513 for the week ended October 18, nearly nine times the post-COVID low of 97,799 for the week ended October 19. April. The Jets ETF is down 43.9% year-to-date, but is up 48% since closing at a post-COVID-19 low of $ 12.00 on May 15.

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Airline inventories drop as travel demand declines for first time in 13 weeks | Instant News

Airlines stocks suffered heavy losses on Monday, after data from the US Transportation Security Administration showed travel demand fell last week to interrupt a 12-week streak of increases since the COVID low. 19 in mid-April. The drop in demand comes as the number of new COVID-19 cases in the United States has increased at a record pace. “We are increasingly convinced that the industry’s recovery to 2019 production levels will be a multi-year affair, with traffic levels expected to recover in 2022 at the earliest given recent travel trends. – Jamie Baker, analyst at JPMorgan US exchange-traded fund Global Jets JETS, -2.24%, lost 2.0% in afternoon trading, setting it on track for a third consecutive loss. The ETF is up 35% since hitting its closing post-COVID-19 pandemic low of $ 12.00 on May 15, but has lost 26% since reaching its high of recovery of $ 21.94 on June 8. By comparison, the S&P 500 Index has gained 0.4% since June 8. Don’t Miss: Coronavirus Update: The number of global cases exceeds 14.5 million as the death toll in the United States exceeds 140,000 and new infections continue to rise. The average daily number of trips through TSA checkpoints for the week ended Sunday was 664,022, up from 694,489 the week before, according to a MarketWatch analysis of TSA data. The daily average for the weeks ended Sunday had risen every week since its low at 97,799 during the week ended April 19. “The near-term rise in COVID cases and quarantine measures now appear to be showing in the data and disrupting positive trends,” said analyst Savanthi Syth at Raymond James, echoing recent comments from some companies aerial. He said the quarantine measures for domestic travelers “have added another layer to travelers’ unease.” Learn more about Delta Air’s missed earnings and American Airlines job cuts. Also Read: Travelers From Four Other States Added To New York’s Mandatory Quarantine. The year-over-year decline in the daily average of travelers for the week ended Sunday increased to 74.5%, from 73.1% the week before. This broke a string of 12-week declines, since the drop peaked at 95.8% in the week ended April 19. Among the most active U.S. components of the ETF on Monday, American Airlines Group Inc. AAL, -4.03%, fell 3.7%, United Airlines Holdings Inc. UAL, -4.83%, was down 3.7% and Delta Air Lines Inc. DAL, -2.95%, lost 2.6%. United Airlines has attempted to alleviate the discomfort of travelers by announcing measures to improve air flow and filtration, and by announcing boarding, onboard and disembarkation measures to help increase passenger safety and employees. Elsewhere, Southwest Airlines Co. LUV shear, -3.12% lost 2.7%, Spirit Airlines Inc. SAVE, -4.99% decreased 4.4%, Alaska Air Group Inc. ALK, – 2.78% was down 2.3%, Mesa Air Group Inc. MESA, -3.60% was down 2.9% and Hawaiian Airlines, the parent company Hawaiian Holdings Inc. HA, -2.57% a yielded 3.3%. “We are increasingly convinced that recovering the industry to 2019 production levels will be a multi-year affair, with traffic levels expected to pick up in 2022 at the earliest given recent travel trends. JPMorgan analyst Jaime Baker wrote in a note to clients. .

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