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LONDON (Reuters) - British Prime Minister Boris Johnson appointed Dan Rosenfield, a business consultant and former treasury official, as his new chief of staff on Thursday. MOST RECENT JOB:Rosenfield joins No10 from Hakluyt, a strategic advisory firm for businesses and investors, where he has been global head of corporate clients and head of the UK business since 2016. BANK OF AMERICARosenfield worked as managing director of investment banking at Bank of America from 2011 to 2016. UK TREASURYHe spent 11 years at the British finance minister as a policy adviser and then principal private secretary to Chancellors Alistair Darling and George Osborne. EDUCATIONRosenfield was educated at Manchester Grammar School and University College London.
Persons: Boris Johnson, Dan Rosenfield, Rosenfield, Hakluyt, Alistair Darling, George Osborne Organizations: British, AMERICA, Bank of America, TREASURY, Manchester Grammar School, University College London Locations: No10
Johnson picks new chief of staff to lead post-Cummings 'reset'
  + stars: | 2020-11-26 | by ( William James | ) www.reuters.com + 0.99   time to read: +2 min
LONDON (Reuters) - British Prime Minister Boris Johnson appointed Dan Rosenfield, a business consultant and former treasury official, as his new chief of staff on Thursday as he tries to restore trust in his leadership. Johnson is reshaping his senior team of advisers following the departure of Dominic Cummings earlier this month. The chief of staff is traditionally the most powerful political appointment in the prime minister’s office. Though exact responsibilities vary according the leaders’ preference, the job involves providing strategic and political advice to help the prime minister take decisions. Rosenfield will begin work on Dec. 7 and officially take up the Chief of Staff role on Jan. 1, Downing Street said.
Persons: Boris Johnson, Dan Rosenfield, Johnson, Dominic Cummings, Cummings, Rosenfield, Hakluyt, Alistair Darling, George Osborne, “ Dan, , Rupert Harrison, Osborne Organizations: British, Bank of America, Blackrock, Conservative Party, Downing
Martino expects legalization will be the growth engine driving the industry, he believes 40 states will be legalized over the next decade. Sports betting landscapeThe US sports betting industry has exploded since Martino first invested in FanDuel. Legalization will be the growth engine driving the industry, Martino said. There are currently 20 operational sports betting states - 19 allow land-based sports betting, 14 allow online sports betting and 6 allow online casinos, according to the Bank of America research report. iGaming is the wider industry focused on gambling online through activities like online poker, sports betting and online casinos.
Persons: Paul Martino, Martino, FanDuel, else's, Matt Ocko, Morgan Stanley, William Hill, It's, Bank of America Martino, Martino's Organizations: San, Capital, Capital Bullpen, Data, Sports, of America, MGM Resorts, MGM, Bank of America, Pennsylvania, Companies, GameAccount Network, Grand View Research Locations: San Francisco, FanDuel, Edinburgh, Scotland, PENN, Canada, Pennsylvania, Illinois, California, New York, Philadelphia, Denver, Chicago, Detroit
Strategists led by Savita Subramanian detailed their preferred sectors, key investment themes, and a 2021 year end S&P 500 price target of 3,800. The strategists told investors 2 critical rules to follow for higher returns: extend your investment horizon and avoid panic selling. Subramanian's team also highlighted why value stocks are poised to make a comeback next year. In a 2021 outlook note, strategists led by Savita Subramanian laid out two rules every investor should follow for the next 12 months. Subramanian said the top two sectors—financials and energy— are "unapologetically cyclical and value-focused," and reflect BofA's preference for value stocks over growth stocks.
Persons: Savita Subramanian, Emma Powell, Subramanian, hasn't, we've, Russell Organizations: of America, Bank of America
UK PM Johnson appoints business consultant as new chief of staff
  + stars: | 2020-11-26 | by ( ) www.cnbc.com + 0.99   time to read: +1 min
British Prime Minister Boris Johnson appointed Dan Rosenfield, a business consultant and former treasury official, as his new chief of staff on Thursday. Johnson is reshaping his senior team of advisers following the dramatic departure of Dominic Cummings earlier this month. "The Prime Minister has today appointed Dan Rosenfield as his chief of staff," a statement from Johnson's office said. He will begin work in Downing Street on Dec. 7 and officially take up the Chief of Staff role on Jan. 1. Rosenfield joins from Hakluyt, a strategic advisory firm for businesses and investors, where he has been global head of corporate clients and head of the UK business since 2016, the government said.
Persons: Boris Johnson, Dan Rosenfield, Johnson, Dominic Cummings, Cummings, Rosenfield, Hakluyt, Alistair Darling, George Osborne Organizations: British, Bank of America Locations: Downing
Wall Street banks slam lending proposal as 'unworkable' and 'political'
  + stars: | 2020-11-25 | by ( Michelle Price | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: A person wearing a face mask walks along Wall Street after further cases of coronavirus were confirmed in New York City, New York, U.S., March 6, 2020. The letter was signed by three other major Washington bank groups, which combined represent dozens of major lenders including JPMorgan Chase & Co., Bank of America Corp. Goldman Sachs and Morgan Stanley. It applies to the largest banks that may wield pricing power over sectors of the economy. The proposal aims to address concerns among Republicans and business groups that oil and gas majors are being deprived of funding as banks come under increasing investor pressure to curb lending to controversial sectors. Banks have a relatively short 45-day period to review the proposal if Brooks, who is seen by Democrats and consumer groups as too industry-friendly, doesn’t permit more time.
Persons: Andrew Kelly WASHINGTON, Brian Brooks, Goldman Sachs, Morgan Stanley, John Court, Banks, Brooks, Joe Biden, , Organizations: REUTERS, Wednesday, Trump, Bank Policy Institute, BPI, JPMorgan Chase &, Bank of America Corp, Democratic, OCC Locations: New York City , New York, U.S, Major U.S, Washington
She recently interviewed Square cofounder Jim McKelvey for the INBOUND2020 conference, where he discussed what it was like building a startup during a recession, competing against Amazon, and fighting imposter syndrome. In 2009, glassblowing artist Jim McKelvey lost a sale in his St. Louis-based studio because he couldn't accept American Express cards. The duo launched Square, a startup that would enable small merchants to accept credit card payments on their smartphones. We started Square back in 2008 and 2009, in the depth of the last recession. So a business person would copy another successful business, and that's how business is done and money is made.
Persons: Jim McKelvey, McKelvey, couldn't, Jack Dorsey, Dorsey, Mr, We're, Joe Lonsdale, There's, Wright, Orville, Wilbur Wright, That's, it's, we're, that's, Herb Kelleher, Read, Jack, you'll, Jim Organizations: Amazon, American Express, San, FAA, MasterCard, Ikea, Bank of America, Southwest Airlines Locations: St, Louis, New York, San Francisco
With the right rewards credit card, you'll earn cash back or travel points for each dollar you spend. Note that credit card lenders may use many different variations of credit score models when considering your application. Excellent A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Editor's Rating Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value. Note that credit card lenders may use many different variations of credit score models when considering your application. Excellent A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Editor's Rating Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value.
Persons: Cash, it's, Chase, you've, You'll, you'll Organizations: Business, Finance, Citi, American Express, PayPal, of America, Walmart, Target, Chase, Chevron, Citi Flex, Citi Flex Plan, Bank of America, Amex Locations: Chase, U.S, Chevron
After a year dominated by mega-cap tech stocks, Bank of America says the technology sector has more room to run in 2021. "The world is long FAANG," said Subramanian, but software and semiconductors aren't at as much of a crowding risk. "Technology to us is secular growth with a cyclical price tag," said Savita Subramanian, head of US equity and quantitative strategy, in a Tuesday webinar. Semiconductors and software are two areas within the tech sector that are poised to gain next year, said Subramanian. Subramanian's team also noted that investor crowding is a risk to the technology sector more broadly.
Persons: Savita Subramanian, Subramanian, Read Organizations: Bank of America, Semiconductors, RBC
Deciding on the best rewards credit card for your purchase can seem daunting, with many cards offering extra rewards in the same bonus categories. Excellent A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Editor's Rating Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value. Note that credit card lenders may use many different variations of credit score models when considering your application. Excellent A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Editor's Rating Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value. These will stack on top of the earnings from your rewards credit card.
Persons: We're, you'll, you'd, it's, Cash, That's, you've, You'll, JC Penney, There's, Chase, Uber Cash, Uber, It's, there's Organizations: Finance, Citi, American Express, Business, Black, it's Citi, Mastercard, Walmart, PayPal, Target, Sapphire, Amazon, Staples, Chase, Bank, U.S . Bank, Department, Flex, Chevron, Citi Flex, Citi Flex Plan, Bank of America, . Gas, Supermarkets, American, Fine Hotels, Resorts, Saks Fifth, Hilton, Marriott, Saks Locations: Chase, U.S, drugstores, Chevron
Vaccine Hopes Send Record Funds to Emerging Markets
  + stars: | 2020-11-24 | by ( Anna Hirtenstein | ) www.wsj.com + 1.00   time to read: +1 min
The amount of money flowing into emerging-market funds last week hit an all-time high, as advances in vaccine development and a weaker dollar boosted investors’ risk appetite. The largest net purchases by foreign investors included Indian and South Korean equities, as well as Mexican government debt, according to data from Capital Economics. Fund managers pulled more than $70 billion out of emerging markets in March, April and May, according to Morningstar. “Investors are becoming more risk loving,” said Jan Dehn, head of research at Ashmore Group. “If the world is going to slowly get better, the case for emerging markets in particular becomes quite compelling.”
Persons: , Jan Dehn Organizations: Bank of America, Capital Economics, Ashmore Group Locations: Indian
Popular trading platforms run by Bank of America Corp., TD Ameritrade Holding Corp. and Vanguard Group suffered glitches Tuesday that rendered them inaccessible or slow to use, frustrating investors on a landmark day for the U.S. stock market. The snafus began as markets opened at 9:30 a.m. ET, before the Dow Jones Industrial Average surpassed 30000 for the first time, according to the tech-service tracker Downdetector.
Organizations: Bank of America Corp, Ameritrade Holding, Vanguard Group, Dow Jones Industrial
(This story is for CNBC Pro subscribers only.) Bank of America sees modest gains in U.S. stocks next year as the major averages already have a successful Covid-19 vaccine and economic recovery mostly baked in. The Wall Street firm's 2021 year-end price target for the S&P 500 is 3,800, implying about 6% upside from its current levels.
Organizations: CNBC Pro, Bank of America
ET Wall St. Trades in Record Territory as Biden Transition Begins: Live Updates RIGHT NOW S&P 500 and Dow approach records as Biden administration takes shape. President Trump, who has consistently warned that markets would tumble if he lost re-election, took credit for the record on Tuesday. “The stock market’s just broken 30,000 — never been broken, that number,” Mr. Trump said in brief remarks at the White House. The automaker said it would no longer back the Trump administration in a fight with California over clean-air standards. G.M.’s support for the Trump administration surprised many auto experts given the president’s repeated attacks on the company and Ms. Barra.
Persons: Dow, Dax, Ella Koeze, Joseph R, Biden, Janet L, Trump, Mr, , they’d, Yellen, Russell, Ms, — Eshe Nelson, Trump’s, Matt Phillips, Carrier —, Lockheed Martin, , Barry Ritholtz, Janet, Janet Yellen, Eric Thayer, The New York Times Janet Yellen, , she’s, ” Ms, Steven Mnuchin, Michael Feroli, Morgan, ” — Michelle Meyer, Bank of America Merrill Lynch, “ She’s, — she’s, John C, Williams, “ Yellen, Jay Powell, Powell, ” — Ian Katz, ” — Tim Adams, — Henry M, Paulson Jr, George W, Bush, “ Janet Yellen, Wells, Elizabeth Warren, ” — Lawrence Summers, Bill Clinton, ” — Gary Cohn, Goldman Sachs, , Mark Schiefelbein, Jan, ’ ” Wilbur Ross, Mary Barra, Stephen Crowley, Mary T, Mary B, Barra, McCormick, Charles Sheehan, Lawrence E, Kurzius, Jose Cuervo, Green Pepper, Victor J, Anthony Fauci, BioNTech, JPMorgan Chase, Darin Oduyoye, Edward W, Stack, Lauren R, Stack’s, Dick’s Organizations: Biden, Dow U.S, Nikkei, Federal Reserve, Treasury, Dow, White, Airlines, West Texas, UBS Global Wealth Management, Fed, General Services Administration, Mr, Aviation, British Airways, Whitbread, Twitter, Amazon.com, U.S . Postal, General Motors, Ford, United Technologies, Lockheed, Boeing, Air Force, Federal, The New York Times, White House’s Council, Economic Advisers, Bloomberg Television, Congress, Investors, Chief U.S, Economist, Bank of America, Federal Reserve Bank of New, Capital Alpha Partners, Institute for International Finance, Associated Press, China’s Semiconductor Manufacturing International Corporation, Defense Department, Commercial Aircraft Corp of, Aviation Industry Corporation of China, Reuters, Commerce Department, , Commerce, New York Times, Toyota Motor, Fiat Chrysler, Ford Motor, BMW, Volkswagen, Michigan, Associated, McCormick, Company, La Guardia, ., Transportation, Centers for Disease Control, AAA, Pfizer, JPMorgan, Sporting Goods, Dick’s Sporting Goods Locations: Record Territory, Britain, United States, Michigan, Pennsylvania, Europe, Asia, England, IAG, York, China, New York, Federal Reserve Bank of New York, Massachusetts, Hong Kong, Xinjiang, Beijing, Commercial Aircraft Corp of China, G.M, Ohio, U.S, California, Barra, Cholula, Hunt Valley, Md, McCormick, Mexico, Chipotle, Chile, Hobart, Parkland, Fla
BofAML: Generation Z may be the most "disruptive" generation ever
  + stars: | 2020-11-23 | by ( ) www.cnbc.com + 0.99   time to read: 1 min
BofAML: Generation Z may be the most "disruptive" generation everHaim Israel of Bank of America Merrill Lynch discusses the results of a new study on the economic power of Gen Z, and how they'll pass millennials in 10 years.
Persons: Haim Israel, Bank of America Merrill Lynch, Z Organizations: Bank of America
Crude oil climbed to its highest price since September 1 on Monday after AstraZeneca announced an encouraging update to the development of its coronavirus vaccine. The company now plans to submit data for regulatory approval around the world, according to a press release. WTI crude traded at $42.89 as of 8:25 a.m. Brent crude traded at $45.58, down 35% year-to-date. Now read more markets coverage from Markets Insider and Business Insider:The K-shaped economic recovery dividing America also applies to companies.
Persons: , University of Oxford —, Brent, Warren Buffett, BioNTech, teeing, Goldman Sachs Organizations: AstraZeneca, University of Oxford, West Texas, Moderna, Pfizer, COVID, US Food and Drug Administration, Oppenheimer, Co, Markets, Wall Street, Nvidia, Bank of America Locations: COVID, America
Microsoft, Google, Zoom, and Facebook made a variety of feature announcements last week. Enterprise collaboration technology companies such as Microsoft, Google, Zoom, and Facebook made a variety of feature announcements last week. Here are some of the highlights:Microsoft, Google, Zoom, and Facebook made a variety of feature announcements. With the news, Microsoft is taking a shot at rivals with free plans equipped with time restrictions: Zoom offers free video conferencing with a 40-minute limit, Cisco Webex has a 50-minute limit for free video conferencing, and Google Meet extends the limit to 60 minutes. With the news, Microsoft is taking a shot at rivals with free plans equipped with time restrictions: Zoom offers free video conferencing with a 40-minute limit, Cisco Webex has a 50-minute limit for free video conferencing, and Google Meet extends the limit to 60 minutes.
Persons: Cisco Webex, Tesla Organizations: Microsoft, Google, Facebook, Intelligence, Tech, Enterprise, Intelligence Microsoft, Cisco, G Suite Enterprise, Education, Ericsson, Bank of America, Daimler, ServiceNow
Chinese EV rivals line up to challenge Tesla on their home turf
  + stars: | 2020-11-23 | by ( Tim Mullaney | ) www.cnbc.com + 0.00   time to read: +8 min
This is what the argument about the Chinese EV makers boils down to: Is any of them another Tesla? "LI, Nio and BYD are some of the most innovative EV companies in the world and they are focused on the China market," Ives said. Where Ives and Left agree is that the rise of the Chinese automakers shouldn't much trouble Tesla investors. Zoom In Icon Arrows pointing outwards Shanghai-based Nio has reached deliveries of12,206 vehicles, about where Tesla was four years ago. In an August interview on CNBC, President Brian Gu said "EVs are still less than 5% (of China's market) and the smart EV market is just taking shape."
Persons: Citron, Andrew Left, Nio, Evelyn Cheng, , Elon Musk, Tesla, Li, Doug Parks, Tesla's, Dan Ives, Ives, Shen, Li Auto, Humpty, Xpeng, Li Auto's, Morgan Stanley, Tim Hsiao, Hsiao, Brian Gu Organizations: CNBC Electric, Elon Musk &, Li Auto, EV, Motors, Wedbush Securities, Tesla, Bloomberg, Getty, Geely, Volvo, Bank of America, Deutsche Bank, JPMorgan, CNBC Locations: China, Shanghai, U.S, New York, Germany, India, Berlin, Austin
John Heilemann and John Battelle's news startup The Recount is expanding its coverage from politics to areas like technology and culture as it looks to grow its short-form video journalism. Last year, veteran media entrepreneurs John Heilemann and John Battelle launched a video startup called The Recount. Its quick takes on politics have amassed more than 485 million video views this year. Wilson, an investor as well as cofounder, told Business Insider earlier that he thought The Recount could be a $200 million business in seven years. In his new role, Battelle plans to meet with advertisers, media execs, and execs at platforms to talk about new distribution models for The Recount.
Persons: John Heilemann, John Battelle's, Vox, John Battelle, Fred Wilson's, Kenny Miller, Miller, David Bradley, Wilson, Bloomberg's, Battelle, Heilemann, We're Organizations: Fred Wilson's Union Square Ventures, Comcast, Battelle, Bank of America, Disney, iHeartMedia, NFL, CNN
Slideshow ( 2 images )ROME/LONDON/MILAN (Reuters) - Italy has picked Bank of America and Orrick as financial and legal advisers to help the Treasury secure a merger deal for bailed-out bank Monte dei Paschi as part of its privatization plan, three sources close to the matter told Reuters. Rome aims to clinch a merger with a healthier peer in 2021, the sources said, to secure a long-term solution for the bank, which is dogged by legal risks and poor quality assets. Monte dei Paschi (MPS) has said its capital buffers are set to fall below minimum requirements early next year, hit by the cost of a bad loan clean-up it is about to complete as well as provisions against legal risks following the conviction of former top executives. Italy’s Treasury and Orrick were not immediately available for comment, while Bank of America declined to comment.
Persons: Orrick Organizations: of America, Treasury, Reuters, Monte, Italy’s Treasury, Bank of America Locations: ROME, MILAN, Italy, dei, Rome
FILE PHOTO: A man walks in front of the Monte dei Paschi bank in Siena, central Italy, January 29, 2016. Italy’s Treasury and Bank of America declined to comment, while Orrick was not immediately available. Rome is expected to pay about 150,000 euros in financial and legal fees, with the lion’s share going to Bank of America, the sources said. Rome has set aside 1.5 billion euros to shore up MPS but the bank faces a shortfall of at least 2 billion, sources have said. In the case of MPS, that entails a 3 billion euro earnings boost, sources have said.
Persons: Max Rossi, Giorgio Cocini, Patrizio Messina, Marco Nicolini, Orrick, Jean Pierre Mustier, Organizations: Treasury, of America, REUTERS, Bank, America’s, Bank of America, UBI Banca, MPS, Banco Locations: MILAN, dei, Siena, Italy, Tuscany, Rome
The reasoning behind Hussman's call can be distilled into two distinct portions: market valuations and market internals. It's no secret that today's market valuations have been churning on the loftier side of the historical spectrum for quite some time now. On a variety of different metrics, the S&P 500 is churning well above its historical norms, including averages that exclude the tech bubble. Further, their consensus S&P 500 earnings-per-share forecast for 2021 would mark a roughly 17% year-over-year increase, according to Bloomberg data. Predicted in 2000 that the S&P 500 would likely see negative total returns over the following decade, which it did.
Persons: John Hussman —, Hussman, , that's, it's Organizations: Hussman Investment, Bank of America, Bloomberg, FactSet, Equity, Quant, Wall, Fund Locations: Compustat
High-earning sectors' unemployment rate jumped to just 12% and now sits at 5.5%. Yet low-earning industries saw their unemployment rate rocket to 23%, and it now stands at 9.6%. The unemployment rate for low-earning industries rocketed to 23% from 3.5% in the early months of the pandemic, and has so far only recovered to 9.6%. Distribution of a coronavirus vaccine can help rapidly close the current gap between low- and high-earning sectors, Paulsen added. Low-earning industries count for about 56% of total unemployment, but just 24% of total employment, according to Paulsen.
Persons: James Paulsen, Paulsen, Warren Buffett, Read, Ashley Wilson, Rob Arnott, " Paulsen, Jefferies, Tesla's, Goldman Sachs Organizations: Tesla, Markets, Nvidia, Bank of America Locations: rocketed
While this activity can be absorbed in a $95 trillion global stock market, $30 trillion of which is in U.S. stocks, it can send a flutter through the tape nonetheless. Several stocks are added to the S&P 500 every year but Tesla will be by far the largest ever to be admitted. Its market cap was just under $200 billion, in an S&P 500 whose total value was about one-third as large. New Stock SupplyA market that's receptive to new equity issues is a healthy one, keeping capital flowing into businesses and bolstering corporate balance sheets. Again, this rush to sell stock is a feature of a bull market, and only a concern at extremes or times of market stress.
Persons: JP Morgan, Tesla, Elon Musk, Berkshire Hathaway, Yahoo –, indigestion Organizations: New York Stock Exchange, Pension, Wall, Tesla, Berkshire, Yahoo, New Stock Supply, upstarts, Bank of America, ISI Locations: U.S, Airbnb
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