Turkey exempts non-resident financial institutions from FX tax

© Reuters. ISTANBUL (Reuters) – Turkey has exempted non-resident financial institutions from paying a foreign currency purchase tax, the country’s Official Gazette said on Saturday. The Bank Insurance and Transaction Tax (BSMV) was raised in May to 1% from 0.2% in a move to discourage a so-called dollarization trend among Turks buying dollars and other […]

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Hong Kong markets watchdog says it does not think sanctions will affect financial firms

HONG KONG (Reuters) – Hong Kong’s markets watchdog is not aware of any aspect of U.S. sanctions imposed on Hong Kong officials that will affect how financial firms carry on their normal operations in the city, a spokesman said on Saturday. The United States on Friday imposed sanctions on Hong Kong Chief Executive Carrie Lam, […]

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El Salvador supreme court rebukes president’s decree to reopen economy

© Reuters. Outbreak of the coronavirus disease (COVID-19) in El Salvador By Nelson Renteria SAN SALVADOR (Reuters) – The constitutional chamber of El Salvador’s Supreme Court of Justice on Friday declared an executive decree that would establish protocols for the gradual reopening of the economy as unconstitutional. President Nayib Bukele and Congress have clashed over […]

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Free trading app Robinhood may be behind Virtu’s stellar 2Q

Mom-and-pop investors spending their stimulus checks on no-fee trading apps like Robinhood weren’t all winners in the June rally they fueled, but one Wall Street firm that executed their trades appears to have made out big. Virtu Financial, a $10 billion Manhattan-based provider of trading services, announced gangbuster trading income on Friday, which Wall Streeters […]

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Bob Greenblatt out at HBO-parent WarnerMedia as larger layoffs loom

WarnerMedia’s new chief executive is wasting no time putting his stamp on the film and TV giant behind “Game of Thrones” and “Aquaman.” Jason Kilar, best known as founding CEO of Hulu, sent three top WarnerMedia executives packing on Friday after his third month on the job, including Bob Greenblatt, chairman of WarnerMedia Entertainment. Also […]

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Dwayne ‘The Rock’ Johnson wants to tap the XFL’s reality-TV potential

The XFL has new owners — and they plan to tackle their investment with Hollywood flair. Dwayne “The Rock” Johnson and a group of investors have scooped up the floundering football league for just $15 million in a deal that got rubber-stamped by a US bankruptcy judge on Friday. But instead of rushing to push […]

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Italy extends furlough support in new stimulus package

4/4 © Reuters. FILE PHOTO: Coronavirus disease (COVID-19) outbreak in Naples 2/4 By Giuseppe Fonte ROME (Reuters) – Italy approved on Friday a new stimulus package aimed at helping businesses and families survive the coronavirus crisis, while Rome waits to receive funds from the European Union’s Recovery Fund. The government would use the extra spending, […]

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DOJ kills 1948 rule separating Hollywood studios from movie theaters

Shares of struggling cinema chains jumped on Friday after the Department of Justice scrapped 72-year-old rules severely limiting Hollywood’s ability to buy movie theaters. Friday’s ruling paves the way for film studio giants like Disney and Netflix to look beyond one-off purchases of small theaters and set their sights on buying larger swaths of cinemas. […]

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January Jones isn’t very subtle flirting with Kawhi Leonard

Actress January Jones took to social media to swoon over Los Angeles Clippers star Kawhi Leonard. Jones posted two Instagram stories of the two-time NBA champion, taken after he led the Clippers to an easy 126-111 victory over the Dallas Mavericks on Thursday night. In the first story, the former star of “Mad Men” added […]

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Delta wants at least 3,000 flight attendants to take unpaid leave

Delta Air Lines will need at least 3,000 of its roughly 20,000 flight attendants to take unpaid leave of four to 12 months, or consider other options, to avoid involuntary furloughs, a person with knowledge of the matter said Friday. Airlines are suffering their worst crisis in history due to the coronavirus pandemic, which decimated […]

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Fed’s Powell continued regular meetings with Treasury’s Mnuchin in June

© Reuters. FILE PHOTO: U.S. House of Representatives Financial Services Committee hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), in Washington (Reuters) – Federal Reserve Chair Jerome Powell continued to stay in frequent contact with Treasury Secretary Steven Mnuchin and top lawmakers in June, […]

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New U.S. Postal Service chief warns of ‘dire’ finances as quarterly loss narrows

3/3 © Reuters. FILE PHOTO: U.S. postal workers load their trucks with mail for delivery from their postal station in Carlsbad 2/3 By David Shepardson WASHINGTON (Reuters) – The head of the U.S. Postal Service (USPS) on Friday said the agency faces a “dire” financial position even as it posted a slightly narrower third-quarter loss […]

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‘Bull everything’ rally leaves investors wondering what to own

By April Joyner and Ira Iosebashvili NEW YORK (Reuters) – With assets of all stripes rallying and the S&P 500 Index () approaching fresh records, investors are facing a dilemma: stay in or get out. Surging U.S. stocks, Treasuries and gold prices have come to the brink of simultaneously notching record highs for the first […]

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Goldman Sachs restates quarterly earnings on 1MDB settlement

Goldman Sachs on Friday lowered its previously stated quarterly earnings as the bank set aside more money to pay for its settlement with the Malaysian government over the multi-billion-dollar 1MDB scandal. Goldman lowered its net earnings applicable to common shareholders to $197 million from $2.25 billion, in a filing published Friday. The revised earnings reflect […]

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More businesses will tap Fed loan program if economy worsens, Rosengren says

© Reuters. FILE PHOTO: The Federal Reserve Bank of Boston’s President and CEO Eric S. Rosengren speaks in New York By Jonnelle Marte (Reuters) – A key Federal Reserve official told a congressional watchdog on Friday that participation in a $600 billion loan program meant to carry small and medium-sized firms through the coronavirus crisis […]

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Insured losses from Beirut blast seen around $3 billion: sources

2/2 © Reuters. FILE PHOTO: A soldier stands at the devastated site of the explosion at the port of Beirut 2/2 By Noor Zainab Hussain and Carolyn Cohn LONDON (Reuters) – Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese […]

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Coronavirus helps subscription numbers at struggling Dish Network

The coronavirus pandemic has helped stanch the bloodletting at Charlie Ergen‘s struggling satellite TV company Dish Network. The Englewood, Colo.-based company on Friday reported fewer than expected subscriber losses for the three months ended June 30, thanks to stay-at-home orders that kept customers at home watching TV. Dish, which has been hurt by the growth […]

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Canada adds more jobs than expected in July; most were part-time positions

By Julie Gordon and Kelsey Johnson OTTAWA (Reuters) – Canada added 418,500 jobs in July, though the vast majority were part-time positions, and the unemployment rate fell to 10.9% as the economy continued to reopen from COVID-19 closures, Statistics Canada said on Friday. Analysts in a Reuters poll had predicted a gain of 400,000 jobs […]

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Lebanon’s investors wary as blast upends debt revamp plans

© Reuters. Workers fix damaged cables following Tuesday’s massive blast in Beirut’s port area By Tom Arnold LONDON (Reuters) – Lebanon’s creditors are wary of the risk of even steeper losses as a devastating blast in Beirut complicates an already stalled debt restructuring process. Even before Tuesday’s explosion in Beirut’s port that killed 154 people, […]

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Facebook gives employees $1,000 as it extends remote work to July 2021

It’s looking like Big Tech isn’t going back to the office anytime soon. Facebook this week announced it will allow its employees to work from home until next July, following in the footsteps of Google, which has also told workers to stay home until summer 2021. The social networking giant will also give employees $1,000 […]

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Fed’s Rosengren says 509 financial institutions have registered with Main Street Lending Program

© Reuters. FILE PHOTO: File Photo: The Federal Reserve Bank of Boston’s President and CEO Eric S. Rosengren speaks in New York NEW YORK (Reuters) – Since registration opened in mid-June, 509 financial institutions have signed up with the Main Street Lending Program, Boston Federal Reserve Bank president Eric Rosengren said on Friday. Over $530 […]

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Take Five: We’re all going on a summer holiday (maybe)

© Reuters. Tourists are seen at Stradun street in Dubrovnik 1/WANTED: AUGUST LIFELINE FOR TOURISM August conjures up images of beaches and sunshine but it may not bring much respite to travel and tourism stocks. Battered by lockdowns, tourism has lagged a broader market recovery, with airline, hotel and leisure shares 20%-50% lower year-to-date. After […]

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UK says progress made on Brexit; EU trade deal can be done

2/2 © Reuters. FILE PHOTO: British PM May meets German Chancellor Merkel to discuss Brexit in Berlin 2/2 LONDON (Reuters) – Britain’s top minister overseeing Brexit talks said on Friday that progress had been made with the European Union so he believed the two sides would clinch a free trade agreement. The United Kingdom left […]

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US economy’s growth slows in July, adding 1.8 million jobs amid COVID-19

The US economy’s growth slowed in July, adding just 1.8 million jobs following skyrocketing numbers of COVID-19 cases in states like Texas and Florida. The unemployment rate dropped to 10.2 percent, from 11.1 percent in June, data from the Bureau of Labor Statistics show. The numbers are the first look at the economy following the […]

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TikTok threatens legal action against Trump’s executive order to ban app

TikTok has threatened legal action following President Trump’s late-night executive order banning transactions beginning in 45 days between American firms and the Chinese parent company of the popular social media app. In an unsigned blog posted on its website, TikTok said that it was “shocked” by the president’s order, which it said was “issued without […]

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