10 September 2020

1) The renowned Mall of America announced plans to lay off and furlough hundreds of employees. Located in Bloomington, Minn. the shopping center will permanently lay off 211 workers across various departments at the end of the month with an additional 178 workers to remain on furlough beyond the end of September. The Mall employs about 1,000 workers. Like most other malls in America, the Mall of America has suffered severely from the pandemic and need for social distancing. The malls across America have suffered a decline in recent years as people’s shopping habits and revenues decline. The Mall of America has been delinquent on its $1.4 billion dollar mortgage for May, June and July, and in turn some of its 500 retail tenants are unable to pay rent or having skip out on lease obligations.

2) Federal report warns of the threat from climate change to the economy. The report considers there are consequences that can create chaos in the financial system and disrupt the American economy. It’s considered that climate change poses a major risk to the stability of the U.S. financial system to sustain the American economy, that jobs, income and opportunity are at stake. This is just another indication of the increasing difficulty and expense of keeping individuals in a high technology society. The report makes 53 recommendations for dealing with the climate risks.

3) With the start up of college and return to campus life, there has been a sharp increase in coronavirus cases stemming from universities. For instance, the University of Tennessee has more than 2,100 students and staff members quarantined for Covid-19. As of Monday the university has 600 active cases of Covid-19. Of the 2,100 quarantined cases, about half are on-campus students and the other half off-campus. The surge is blamed on reckless behavior by a small portion of the students, especially traditional college parties with close personal contact. Many other American universities are having similar experience such as the University of Notre Dame, and North Carolina State. Some universities have implemented curfews, restrictions on visitors and even lockdowns of fraternities and sororities.

4) Stock market closings for – 9 SEP 20:

Dow 27,940.47 up 439.58
Nasdaq 11,141.56 up 293.87
S&P 500 3,398.96 up 67.12

10 Year Yield: up at 0.70%

Oil: up at $37.78

27 January 2020

1) Bayer AG is facing a fourth jury trial over its Roundup weed killer causing cancer. Plaintiff’s claim glyphosate, the active ingredient in Roundup, is a carcinogen. In the three previous trials, Bayer was found liable for causing cancer resulting in damages of tens of millions of dollars, which are being appealed. The number of claimants are more than 75,000 although so far less than 50,000 claims have been formally filed.

2) Banks are raising the limit on people’s credit cards, even when they don’t ask for the raise. This is at a time when Americans are drowning in debt, in a effort to further boost their profits. For years Capital One financial Corp. resisted increasing limits of customers who looked vulnerable to getting over their heads in debt, but now have reversed their policy actively seeking more debt from customers.

3) A second coronavirus case has been confirmed in the U.S., a Chicago resident who had traveled to Wuhan in December. Wuhan is the center of virus outbreak in China, having already killed a couple of dozen or more people. China is now shutting down several very large cities in an attempt to stop the spread of the disease. Fears over the economic damage to the American economy has cause a sharp drop in the U.S. markets from news of a second coronavirus case. Presently, the U.S. government is monitoring passengers flying in from China for early signs of the illness hoping to quarantine the sick and prevent spreading of the virus.

4) Stock market closings for – 24 JAN 20:

Dow               28,989.73    down    170.36
Nasdaq            9,314.91    down      87.57
S&P 500           3,295.47    down       30.07

10 Year Yield:    down   at    1.68%

Oil:    down   at    $54.20