New York Stock Exchange to partially reopen May 26, with 'vital new safety measures,' president says (Bloomberg by Yun Li)
Trump farmer: America's food supply in danger if we don't use immigrant workers legally / There's a direct line between having guaranteed labor and being able to pivot to meet the changing needs of this new crisis (Fox Business by Fred Leitz)Wall Street Heavyweights Are Sounding Alarm About Stocks (Bloomberg by Katherine Burton, Melissa Karsh, and Sophie Alexander)Post-coronavirus, Morgan Stanley, Goldman Sachs could look very different / Morgan Stanley boasts the biggest brokerage sales force on Wall Street, with close to 16,000 financial advisers (Fox Business)UPDATE: Federal Court Orders Rare TRO In Favor Of Terminated Rep Against Investacorp (BrokeAndBroker.com Blog)In the Matter of the Application of Securities Industry and Financial Markets Association for Review of Action Taken by CAT LLC and Certain Self-Regulatory Organizations (SEC Order)
The New York Stock Exchange will reopen its trading floor to some brokers on May 26, following two months of closure due to the coronavirus pandemic, according to president Stacey Cunningham.The NYSE will reopen its facility to "a subset of floor brokers" the day after Memorial Day with "vital new safety measures," Cunningham said in a Wall Street Journal op-ed on Thursday after the closing bell.
It's a notion catching on among Wall Street money managers. And it's coming as investors start to suspect that the Federal Reserve's support, as well as $3 trillion in Treasury stimulus, may not be enough to compensate for soaring unemployment, a wave of bankruptcies and no end in sight to the pandemic. Managers including Bill Miller, Paul Singer and Paul Tudor Jones have all voiced doubts about markets or the economy.
Big firms, meanwhile, are looking to reduce their real estate holdings and offices in high-density places like New York City because of fears of a second wave of the virus and to cut costs given the sky-high rents in Manhattan and the surrounding areas. Firms have begun to eye expanding investment banking and sales jobs in lower-density urban locals such as Denver; Jacksonville, Florida; Nashville, Tennessee; Austin, Texas; and Charlotte, North Carolina, financial services recruiters tell FOX Business.
In a new forecast, CBRE predicts that after hitting $35.66 per square foot per year in the first quarter of 2020, the average office rent will hit a low of $33.23 in the fourth quarter and then gradually recover back to current levels by the first quarter of 2022. The average vacancy was at 12.3% in the first quarter of 2020. CBRE sees that rising to a high of 14.9% by first quarter of 2021, then gradually recovering to current levels the following year.
According to the SEC's complaint against Applied BioSciences, filed in federal court in the Southern District of New York, the company issued a press release on March 31 stating that it had begun offering and shipping supposed finger-prick COVID-19 tests to the general public that could be used for "Homes, Schools, Hospitals, Law Enforcement, Military, Public Servants or anyone wanting immediate and private results." The complaint alleges that contrary to these claims, the tests were not intended for home use by the general public and could be administered only in consultation with a medical professional. The complaint further alleges that Applied BioSciences had not shipped any COVID-19 tests as of March 31, and its press release failed to disclose that the tests were not authorized by the U.S. Food and Drug Administration.The SEC's complaint against Turbo Global and Singerman, filed in federal court in the Middle District of Florida, alleges that the company issued false and misleading press releases on March 30 and April 3 regarding a purported "multi-national public-private-partnership" to sell thermal scanning equipment to detect individuals with fevers. According to the complaint, the company claimed in its press releases that this technology could be instrumental in "breaking the chain of virus transmission through early identification of elevated fever, one of the key early signs of COVID-19." As alleged, the press releases also included statements, attributed to the CEO of Turbo Global's supposed corporate partner in the partnership, that the technology "is 99.99% accurate" and was "designed to be deployed IMMEDIATELY in each State." In fact, the complaint alleges, Turbo Global had no agreement to sell the product, there was no partnership involving any government entities, and the CEO of Turbo Global's supposed corporate partner did not make or authorize the statements attributed to him. According to the complaint, Singerman drafted the releases, which he knew to be false. The SEC charged Singerman with fraud in 1999 based on his fraudulent sale of securities through a network of boiler rooms, and obtained a permanent injunction against him.
[I]n late 2013 and early 2014, Ronald Swanson, then a resident of Connecticut, falsely told investors that his employer, Texas-based Sonic Cavitation LLC, was in discussions with a publicly-traded oil and gas company for a large order of Sonic Cavitation units, which supposedly implemented a liquid purification technology. According to the SEC's complaint, Swanson also falsely told current and prospective investors that the oil and gas company was poised to acquire a 10%-12% equity interest in Sonic Cavitation LLC, despite knowing that the oil and gas company's staff did not consider Sonic Cavitation's technology to be viable. Further, Swanson allegedly misrepresented the liquid purification technology's testing history, capabilities, and performance in real-life applications, such as falsely stating that an independent research and development company had verified the technology's practical use, when in fact the research and development company found that the technology did not work as Swanson claimed.
Most farms these days falter or fail because immigration restrictions and a loss of interest in farm work among Americans has drastically decreased the labor supply. That's why, when my first group of migrant workers bounded off the bus wearing facemasks in early April, I gave them a warm welcome and thanked them profusely for showing up to work.Many were happy for a job, but apprehensive about traveling to Michigan, now a COVID-19 hot spot.I'm a conservative Republican who voted for Trump, and I firmly believe that we need a streamlined immigration system that welcomes foreign-born visa workers where needed.
The state's recommendations for reopening include using paper menus, seating no more than eight customers at one table, spacing tables six to eight feet apart and taking employees' temperatures before they start a shift.Lata and his team are drawing up floor plans and using measuring tape to ensure that tables are far enough apart. But they face many more decisions, like if they should take reservations or how to encourage customers to act responsibly, even when drinking alcohol. They're even considering adding a second door to FIG.