September, 2020

• 27 September

  Every day-trader dollar is worth 5 in a new theory on stocks

  

  Bloomberg Day traders claiming bragging rights for this year’s $9 trillion US equity rebound can find some supporting evidence in the latest research. Even as retail trading has grown to represent 20% of daily volume, Wall Street has struggled to figure out how much this modest-sized contingent actually influences prices. After all, the market is teeming with algorithmic funds, long-only …

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• 26 September

  UK budget deficit soars to $222bn under lockdowns

  

  Bloomberg UK government borrowing soared to 173.7 billion pounds ($222 billion) in the first five months of the fiscal year as the costs of the coronavirus pandemic continued to mount. The budget deficit in August alone was 35.9 billion pounds, the Office for National Statistics said. Britain now has borrowed more since a national lockdown was imposed in March than …

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• 26 September

  Oil falls in wake of renewed concerns over virus surge

  

  Bloomberg Oil falls this week amid growing concerns that another wave of the coronavirus pandemic will spark tighter lockdown measures and further stifle crude demand. New York futures edged lower and drop 2.1% on the week. The number of US coronavirus cases rise above 7 million, according to data from Johns Hopkins University. Meanwhile, a second governor tested positive for …

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• 26 September

  BP hits 25-year low a week after climate strategy

  

  Bloomberg Just a week after revealing its plan to turn itself into a clean-energy giant, BP Plc watched its share price drop to a 25-year low. Chief Executive Officer Bernard Looney and his new management team gave more than 10 hours of presentations over three days last week, in a bid to show the world that the oil and gas …

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• 26 September

  Topaz set to test Canada energy appetite with IPO

  

  Bloomberg Tourmaline Oil Corp is betting investors have an appetite for more Canadian energy stocks, offering up the biggest initial share sale to come out of Alberta’s oil patch in three years. The Calgary-based natural gas driller is creating a new royalty and energy infrastructure company through an initial public offering of Topaz Energy Corp, with the new entity and …

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• 26 September

  Apple’s $15 billion tax victory faces EU appeal at top court

  

  Bloomberg Apple Inc.’s victory over a record back-tax order faces a challenge at the European Union’s top court as Competition Commissioner Margrethe Vestager seeks to rescue her crackdown on allegedly unfair fiscal deals doled out to multinational companies. The EU’s General Court “made a number of errors of law” when it sided with Apple in its ruling in July, the …

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• 26 September

  Nissan may return to profit in 2021

  

  Bloomberg Nissan Motor Co. expects to return to profitability in 2021 if the current momentum continues, with demand in China already bouncing back from the pandemic, Chief Executive Officer Makoto Uchida said. The company, which in May reported its first fiscal year loss in a decade and the biggest in 20 years, is forecasting a strong recovery in the Chinese …

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• 26 September

  Google’s search business targeted in antitrust case

  

  Bloomberg Google’s search engine, one of the most-profitable businesses in history, is about to face its biggest challenge as the US government readies an antitrust lawsuit accusing the company of crushing competition to protect and extend its monopoly. After a 14-month investigation, the Justice Department is homing in on whether Google skews search results to favor its own products and …

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• 26 September

  Podcaster Wondery explores sale for hundreds of millions

  

  Bloomberg Wondery Inc., the company behind hit podcasts has hired financial advisers to explore strategic options, including a potential sale, hoping to cash in on growing interest from technology and media firms. Wondery is expected to garner at least $200 million if it pursues a sale and could fetch as much as double that, which would represent the biggest podcasting …

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• 26 September

  Facebook tightens rules on what its staff can discuss

  Bloomberg Facebook Inc. will require employees to use either their own picture or an image of their initials as their internal profile photo as part of a broader effort to encourage more respectful discourse internally. The policy will prohibit using profile images with political content. The company will also create dedicated groups on its internal employee network for people to …

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