This is what you need to know:.
Coronavirus test site in Los Angeles on Tuesday. Since Pfizer announced promising news about a possible coronavirus vaccine, the actions of the pharmaceutical companies have… Frederick J. G. Brown/ Agence France Press – Getty Images
- Stocks hit new highs on Wednesday as investors prepared for the next phase of the US pandemic, but continued to signal relief from the recent shift to the coronavirus vaccine.
- The S&P 500 rose almost 1% in the middle of the day and fell just below the record level in 2Q09. September. The Nasdaq grew by almost 2%, thanks to the recovery of the huge technological reserves that had served as a refuge for investors during the pandemic. Amazon and Apple grew 3%, while Facebook and Netflix grew 1%.
- There has been a large increase in so-called stocks, which have outstripped those related to the pandemic. Etsy has risen by almost 8%. Widescreen videos have increased by almost 5%.
- Pharmaceutical stocks were among the biggest winners on Wednesday, with shares of the Swiss company Roche and the French company Sanofi trading higher. However, Pfizer, which announced Monday that its potential coronavirus vaccine is more than 90 percent effective according to initial data, has slightly reduced its shares.
- The Stoxx Europe 600 core index rose by 1%, while all the other major European indices rose slightly.
- Oil futures, which have been trading at 25% since 1 November, continued to grow steadily, rising by around 2% on Wednesday. This week’s impulse reflects both the positive sentiment about economic recovery fuelled by vaccine news and a report by the American Petroleum Institute showing a decline in U.S. crude oil reserves.
- Brent Crude Oil reached $45 a barrel for the first time since early September, while mid-West Texas crude oil rose to nearly $43 a barrel.
- The U.S. bond markets closed Wednesday on Veterans’ Day.
California voters have rejected a proposal to lower tax limits on commercial property…. Jim Wilson/New York Times.
California voters defeated motion 15, an initiative to abolish the four-year limit on property tax increases. The approval would have been an important victory for the trade union movement and the progressive groups if part of Proposition 13 had been withdrawn, a revolutionary 1978 law that had long been considered politically inviolable.
The Associated Press announced the result on Tuesday evening, the third day of the conference. November, where the number of votes ranged from 51.8% to 48.2%.
Proposal 15 would amend the constitution of the state to maintain a tax shield for homeowners, but it would shield commercial property such as offices and industrial parks. A non-partisan government agency has estimated that this measure will generate between $6.5 and $11.5 billion a year for public schools, adult education centres and city and district governments.
This initiative was supported by several government associations and by the Chan Zuckerberg Initiative, a charity founded by Facebook Executive Director Mark Zuckerberg and his wife Priscilla Chan. They have used it as a tax on big capital and the necessary investments in public services when the economy and budgets are under pressure.
Opponents of this measure include a number of professional associations and large landowners such as the Blackstone Group. In their view, this proposal will be detrimental to small businesses and will provide opportunities to increase taxes on home ownership.
Both parties spent a lot of money. The supporters raised $67 million and the opponents $75 million.
Proposition 13 was a reaction to the rise in property values – and thus in taxes – in the 1970s, a period of inflation. It limits the tax increases to 2% per year, unless the property has been sold.
This law is still popular with homeowners, but has created a very unequal system in which it is not uncommon for someone to pay two to three times as much property tax as a neighbour in a similar home.
The 1978 initiative, commonly known as the National Tax Rebellion, was announced as a relief for homeowners, not to mention the benefits for entrepreneurs. In the decades that followed, however, some of the largest beneficiaries were companies such as the Walt Disney Company and Chevron, whose real estate was valued on the basis of estimates made decades ago.
Restaurant closed in Spain. Christine Lagarde, President of the European Central Bank, said that the recession has hit young people hard, because they work more often in the hotel sector, for example in restaurants. A loan… Emilio Morenati/Presse Associée
The slowdown caused by the pandemic has posed exceptionally high risks, hitting young people and the poor hardest and potentially leaving lasting economic scars, said European Central Bank President Christine Lagarde, Wednesday.
The coronavirus has caused an extremely unusual recession and should lead to an equally fragile recovery, Lagarde told the ECB’s Central Bank forum, which is normally held in a golf resort in Portugal, but is online this year.
According to Mrs Lagarde, unlike many other recessions, it has hit service companies such as restaurants, shops, hotels and airlines harder than factories.
The people who work in these sectors often earn less than in other sectors and are often younger. According to Lagarde, they account for half of those who have lost their jobs, although the service sector accounts for a fifth of economic output in the euro area.
Youth unemployment can have a variety of long-term consequences, including lower incomes in 10 to 15 years and poorer health in the future, Lagarde said.
The economic recovery, when it occurs, will be fragile and hesitant and will depend on the rapid deployment of vaccines.
The German Council of Economic Experts (Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung) announced on Wednesday that the German economy will fall by 5.1% this year and grow by 3.7% next year. The Council, which advises the German government on economic policy issues, has warned that a relatively optimistic outlook depends on how the pandemic develops.
The members of the transition team reflect the values and priorities of the President-elect. The loan… Joe Roedle/Getty Pictures
Biden Harris’ team announced its review teams at the agency on Tuesday, appointing 500 people in key departments to lead the transition to the new policy. Mainly made up of volunteers, the transition team reflects the values and priorities of the new government and is currently seeking advice on the ideological direction of President-elect Joseph R. Biden.
Famous figures from business and Wall Street are just some of the comments made in the DealBook newsletter. Instead, the list is filled with academics and the staff from the Obama era – Georgetown University, the City Institute and the Brookings Institution – are among the top employers on the assessment team. Almost 50 people are referred to as self-employed.
We would like to draw your attention to the heads of the assessment bodies, who are of particular importance to industry:
- The Department of Commerce review team is headed by Jevette Washington of the University of Pittsburgh, who previously served as general counsel and senior policy advisor in the Office of Management and Budget.
- The Treasury team will be led by Don Graves, who heads the corporate responsibility at KeyBank, a Cleveland-based regional lender, and who has previously served as Biden’s director of domestic and economic policy.
- Gary Gensler takes over for the Federal Reserve and other financial regulators. Gainsler, currently a professor at MIT’s Sloan School of Management, served as financial supervisor for the Clinton and Obama administrations after being fascinated by Goldman Sachs.
- The Council of Economic Advisers is chaired by Martha Gimbel, an economist and labour market expert from the Schmidt Futures charity initiative.
These teams will be formed to assess the state of the federal government and it is not necessarily the same people who will ultimately be involved in the staffing of the departments. Just because you’re not on the list doesn’t mean the team isn’t listening to you. Biden, who was vice president when the progressives felt repressed by the Obama administration, is also well aware of the Wall Street issue, given the tense relationship between the banks and his former boss during the financial crisis.
In a court case in which an order is contested, ByteDance requests an extension of the deadline by 30 days, the option granted in the original decision. Credit…Mike Blake/Reuters
The Trump administration may have done so in the past few days, but its attempts to force the sale of TicToc in the United States have come to nothing, explains the DealBook newsletter.
Pending the 12. On 11 November, the Chinese social network has not yet reached an agreement with the authority responsible for investigating national security risks related to this Annex. Without an agreement, TikTok’s parent company, ByteDance, would have to split the company. In a legal protest against the elimination order, ByteDance asks for an extension of 30 days – an option provided for in the original order.
As the President provisionally approved our proposal to address these issues almost two months ago, we proposed detailed solutions to refine this agreement – but we haven’t received any significant feedback on our comprehensive security and privacy system, a TikTok spokesperson said.
The statement questioned, among other things, the legitimate authority of the US government over social networks. She said she presented a proposal last week to restructure TikTok U.S. by creating a new organization wholly owned by Oracle, Walmart and existing U.S. investors in ByteDance and asked for more time to work out the details. The statement also challenged President Trump’s claim that the Oracle deal would include $5 billion for education.
TikTok’s ultimate goal may be to carry the process forward to next year, even if the sanctions are short-lived, in the hope that the Biden government can negotiate more easily. The foreign policy of President-elect Joseph R. Biden Jr.’s foreign policy should be more predictable than Trump’s, but not necessarily warmer toward China.
Dave McCabe filed a report
- Chipotle said Wednesday it will open its first all-digital restaurant to meet growing demand as more customers order online during the pandemic. The new restaurant called Chipotle Digital Kitchen opens Saturday in Highland, New York, for the U.S. Military Academy for reception and delivery only. There will be no dining room and no service line.
- The lift said Tuesday that people were still reluctant to use his foot on railings during the pandemic, even though the riders were slow to return. The company reported that third quarter sales declined 48% from last year to $499.7 million, while the net loss was $459.5 million compared to $463.5 million last year. The number of passengers fell by 44% compared to the previous year to 12.5 million, the company announced.
The district police sent Phoenix an eviction notice in September. The phasing out of federal emergency programmes could expose millions of people to the risk of displacement. The loan… John Moore/Getty Pictures…
Two major programs to combat unemployment will end at the end of the year, as millions of Americans face displacement and starvation and there is a risk of short-circuiting the economic recovery that has already lost momentum, writes Ben Kasselman of the New York Times.
This is the breakdown of the issue:
- Up to 13 million people will be paid through programmes set up by Congress last spring to expand and develop the regular unemployment system during the pandemic.
- The leaders of the two major parties were to some extent in favour of resuming the programmes, but Congress could not agree on this point. It is not yet clear how Tuesday’s election results will affect the prospects of an agreement.
- These programs are among the most recent remnants of the trillions of dollars in financial aid, including direct checks on most U.S. households, $600 a week in additional unemployment benefits and hundreds of billions of dollars in support of small businesses.
- However, most of this support ended in the summer. Since then, economic growth has slowed dramatically and studies have shown that millions of Americans have fallen into poverty because aid has dried up.
- At the end of the year, the stone profits can be even more devastating. Many families have exhausted all the savings they had built up when the $600 premium came into effect. A partial federal moratorium on expulsions, although renewable, will expire at the end of the year. And not only are they gonna disappear like summer, they’re gonna disappear too.
The social safety net is still a bit behind and I think we could be lulled into a sense of complacency, said Andrew Stettner, an expert on unemployment benefits at the Century Foundation, a progressive policy research group.
Laelle Brainard, who has maintained a relatively low level of media attention within the Fed, is hardly a household name, despite her decades-long activities in Washington. Cliff Owen/Associated Press…
Laelle Brainard, one of Joseph R.’s most important presidential candidates. Biden, Jr., has opposed changes in Federal Reserve law 20 times since 2018. As the only Democrat on the Federal Reserve Board of Governors in Washington, DC, Brynard used its position to draw attention to efforts to reduce banking regulation.
But her quiet perseverance – and her data-driven approach to policy – has helped her by earning the respect (and sometimes the support) of her Republican counterparts, reports Jeanna Smialek of the New York Times. This ability can make them an attractive choice for better work in the Ministry of Finance.
Other rumors are discussed, including those of former Fed Governor Sarah Bloom Ruskin, who served as Assistant Secretary of the Treasury in the Obama administration, Janet L. Bloom Ruskin, who served as Assistant Secretary of the Treasury in the Obama administration, and Janet L. Bloom Ruskin, who served as Assistant Secretary of the Treasury in the Obama administration. Yellen, former Fed president; Roger Ferguson, president and chief executive officer of TIAA’s pension fund administrator, who was Fed’s first black vice president; Mellody Hobson, co-head of asset manager Ariel Investments; and Raphael Bostick, president of the Federal Reserve Bank of Atlanta.
Each of these options would bring about a significant change in the Ministry of Finance, which has been run by a white man throughout its 231-year history. But Miss Brainard has long been considered an excellent candidate for the position.
Here are some highlights of Miss Brainard’s career.
- The daughter of a foreign service officer from the Cold War, Ms. Brynard, 58, grew up in communist Poland and Germany before reunification. She studied at Wesleyan University and then obtained her PhD in economics at Harvard University.
- In the nineties she worked for the National Economic Council of the Clinton administration. After that, she was Secretary of the Treasury for Foreign Affairs under the Obama administration.
- Obama appointed Brainard a member of the Fed in 2014. It was seen by some as a likely candidate for funding if the Democrats won the 2016 elections.
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