The big New York City-based marquee investment banks, such as Goldman Sachs, JPMorgan and Morgan Stanley, have required workers to return to their respective offices. This edict bucked the overall corporate trend of providing hybrid, remote and flexible work choices.
Jefferies, an investment bank located in Manhattan, with around 4,500 employees worldwide, reported over 40 new Covid-19 cases in December—with 10 on Tuesday. Peregrine “Peg” Broadbent, the bank’s chief financial officer, previously died from Covid-19 complications back in March 2020.
Reuters reported that CEO Richard Handler wrote in a memo, “Our priority now is to best protect every one of you and your families.” Handler continued, “Effective today, we are canceling all social events and entertainment until January 3rd.” Staff was asked to return home. Moving forward, the company is also requiring a mask mandate in all of its offices, even for those who are already vaccinated.
It may feel easy to fault banks for ordering their teams to return to an office setting. To be fair, they may have some valid reasons. Banks and brokerage firms are held to strict regulatory requirements. Maintaining a distributed workforce could be challenging from a compliance and supervisory perspective. All you need is one rogue broker or trader and the firm could be dealing with a huge public relations disaster, as well as substantial fines levied by regulators for not appropriately overseeing their bankers, brokers, money managers and traders.
Another rationale could be that the securities industry in New York City is a big employer, contributing a large amount of tax revenue, while the tens of thousands of workers support an ecosystem of restaurants, bars, shops, gyms and an array of other businesses. If everyone worked remotely, it could cause the closure of many small businesses.
New York has seen a large increase in crime lately. With fewer people in the City, people will feel like easy targets. Potential workers, tourists or those who were thinking of going into Manhattan may elect to avoid taking the perceived risk.
The fear could be contagious, creating a downward spiral. Back in the mid-1970s, the Big Apple experienced this downturn. Things became so bad that the largest city in the U.S. had to beg then-President Gerald Ford for a bailout, as the “city that never sleeps” risked going bankrupt.
If this strain spreads, workers would likely protest over being required to commute back to an office. Businesses will be concerned over legal liabilities, if they force their staff to commute via bus, train and mass transit into the city—possibly endangering them.
Along with Goldman, Morgan Stanley and JPMorgan, a large number of investment and securities firms have been bringing back bankers. This unfortunate breakout may now make other financial services firms based in New York and other large crowded cities reevaluate their plans.
Darren Herft believes ETFs present a unique investment opportunity – Net Newsledger
Exchange traded funds (ETF) are securities that track a sector, commodity, or an index. Unlike mutual funds that can only be traded once a day, Exchange traded funds (ETF) prices fluctuate all day, much like specific stocks being exchanged on the stock market.
According to veteran investor Darren Herft, ETFs have opened a new vista for investors as they can be traded on most stock exchanges in the same way as regular stocks.
“Exchange traded funds (ETF) can be organised to track a diverse array of investments, ranging from individual commodity prices to any number of securities,” says the Australian entrepreneur.
“They can be designed to track investment strategies!” he adds.
Darren Herft believes that the lower expense ratios coupled with lower brokerage fees makes them a lucrative option for investors looking to diversify their holdings.
“For investors looking for more liquidity, Exchange traded funds (ETF) provide a better avenue than mutual funds,” says Darren Herft.
He believes that in many ways, Exchange traded funds (ETF) hold an edge above stocks.
Darren Herft says, “Rather than holding only one asset like a stock, Exchange traded funds (ETF) hold multiple assets and that has helped their popularity.”
A single Exchange traded fund (ETF) could have numerous stocks under its umbrella. While some are nationally focused, others are global.
Darren Herft says that even within the Exchange traded fund (ETF) world, there are various options for investors to consider.
“Their utility can range from income generation to hedging or partly offsetting risks in an investor’s arsenal,” says Herft.
He thinks that more fiscally conservative investors might find Bond Exchange traded funds (ETF) to be suited to their needs and temperament. Bond Exchange traded funds (ETF) provide regular income to their holders depending upon the performance of the bonds under their umbrella.
“Bond ETFs could have government bonds, corporate bonds or municipal bonds in their ambit and unlike bonds, they don’t have a maturity date,” says Herft.
Herft says that more risk-tolerant investors might find their match in Stock Exchange traded funds (ETF). Consisting of a basket of stocks that track a whole sector or industry, they provide an investor with a uniquely diverse portfolio with established high performers coupled with newer stocks with growth potential.
“It’s a good collection of stocks and investors don’t have to worry about high fees associated with stock mutual funds,” adds Herft.
Other types of Exchange traded funds (ETF) include Industry ETFs, Commodity ETFs, Currency ETFs, and Inverse ETFs. Herft thinks that the most attractive quality of this investment vehicle is its ability to be diverse and specialized at the same time.
While the AFL aficionado believes that Exchange traded funds (ETF) can be a useful vehicle for many investors, he is of the opinion that they should not be put on a pedestal.
“As with any investment, there are pros and cons and I would recommend anyone looking to invest in anything to do their own independent research and consult experts if they can, before making a decision,” he adds.
Feds announce $3M investment for Calgary’s Energy Transition Centre – Globalnews.ca
As Calgary attempts to become a centre for a transitioning energy industry, a new hub that focuses on clean energy in the city’s downtown core has received a major boost.
Federal ministers, along with Calgary Mayor Jyoti Gondek, were on hand Wednesday to announce a federal investment of more than $3 million towards the clean technology sector in Alberta, including more than $2.1 million to help fund the Energy Transition Centre.
Another $900,000 is earmarked for the Foresight clean technology accelerator, to provide training and investment attraction for Alberta clean technology companies.
“We are moving in the direction of seriously harnessing the potential of Calgary’s energy sector — the technology that we have resident in this sector for the future of the energy second,” University of Calgary chancellor Deborah Yedlin said. “This is our Wayne Gretzky moment, we’re asking towards where the puck is going.”
The Energy Transition Centre will take up an entire vacant floor at the Ampersand building in Calgary’s downtown core.
Barring any issues with COVID-19, officials said the plan is for the centre to open on March 1.
IEA head says Canadian oil industry can be part of energy transition if it gets cleaner
“This innovation hub will help small- and medium-sized businesses develop clean energy technologies that will help meet a growing global demand for environmentally-friendly products and processes,” said Daniel Vandal, federal minister responsible for Prairies Economic Development Canada.
According to officials, the Energy Transition Centre is set to be a space to connect Canadian energy companies with clean energy start-ups, innovators and investors with access resources and experts in the field.
Federal officials hope the centre helps to create 25 new businesses in the clean energy sector over the next three years.
Calgary’s mayor said the investment provides both a boost to the city’s efforts to become an energy transition hub as well as its work to revitalize the downtown core.
“We are seeing bold, innovative and collaborative ideas coming forward that are inspired by entrepreneurial Calgarians,” Gondek said. “This will be a catalyst for success in terms of Calgary’s leadership in climate protection and energy transformation, as well as our downtown revitalization.”
From lithium to hydrogen: How Alberta hopes to power the new energy future
According to a study on energy transition released in December, a clean energy sector could create 170,000 jobs and contribute up to $61 billion to the province’s GDP by 2050. However, the study also estimates a path to net zero would need $2.1 billion in annual investments by 2030, increasing to $5.5 billion by 2040.
Although Wednesday’s announcement was encouraging for some experts, there is some belief that policy changes and not just funding will be key to a successful clean energy sector in the province.
“There are ways that governments can use financial tools to provide guarantees that can stimulate a lot more investment to prove out new technologies, and also to make sure that support is structured fairly,” University of Calgary sustainable energy development masters director Sara Hastings-Simon said.
“We’re going to be in a world that looks very different from an energy perspective in just a couple years from now, and so we don’t have a lot of time really left to wait — we really need to be preparing now for that future.”
The investment was also welcomed by Alberta’s opposition NDP, who were also critical of the notable absence of the provincial government during the announcement.
“There is zero investment from the province in this initiative. Why is the UCP ghosting Alberta’s efforts to diversify the economy and promote clean energy?” NDP energy critic Kathleen Ganley said in a statement.
A spokesperson for the Ministry of Jobs, Economy & Innovation said the province wasn’t involved in the announcement because there was no provincial funding for the initiative.
“We remain committed to responsible energy development, reducing emissions and supporting jobs,” Alberta government spokesperson Tricia Velthuizen said in a statement to Global News. “Through innovation and technology, industry can continue to reduce emissions, even with increased oil and gas production.”
Kenney touts energy industry success at Chamber of Commerce speech
According to Vandal, the federal government is looking at projects with Alberta’s provincial government and that both are “aligned on job creation and diversifying the economy.”
“Those consultations and communications are occuring,” Vandal said. “All levels of government need to be on the same page.”
© 2022 Global News, a division of Corus Entertainment Inc.
Ford sees $8.2 billion gain on its investment following Rivian’s IPO – Driving
Ford continues to gain, despite abandoned plans to jointly develop an EV with the startup
Ford Motor Co. expects to record a gain of $8.2 billion in the fourth quarter on its investment in RivianAutomotive Inc. after the electric-truck maker’s blockbuster initial public offering late last year.
The legacy automaker disclosed the gain Tuesday along with several special items it intends to report when Ford releases earnings on Feb. 3. The Dearborn, Michigan-based company will also reclassify a non-cash gain of about $900 million on the Rivian investment from the first quarter of last year as a special item, meaning it will be excluded from the full-year adjusted results, according to a statement.
The disclosures show Ford continues to gain from its connection to the startup even after the auto giant exited Rivian’s board in September and subsequently announced it had abandoned plans to jointly develop an electric vehicle. Ford, which has invested a total of $1.2 billion in Rivian since early 2019, has a 12 per cent stake that the company has said was valued at more than $10 billion in early December.
Rivian delays big battery packs to prioritize more deliveries
Tesla doubles down on accusations rival Rivian stole its battery secrets
Since a November listing that was the largest IPO of 2021, Rivian has been on a roller coaster. The shares peaked at more than $172, but have tumbled 57 per cent since then as the company faced new competition in the electric-vehicle market. Rivian was briefly valued at more than $100 billion, then more valuable than Ford, but Ford has subsequently reclaimed the lead after it topped $100 billion in value for the first time last week.
Ford shares were little changed in after-hours trading Tuesday in New York, while Rivian climbed less than one per cent.
Cornwall Hive's Art 4 All event hopes to grow – Standard Freeholder
From howitzers to heli-bombs: Canadian province fights rising avalanche risk
China’s international flight suspensions leave travellers stranded, hurt businesses
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Business23 hours ago
Leveraging LinkedIn to Get a Job – Part 1
Health22 hours ago
Grey Bruce Health Services Has Highest Number Of COVID-19 Patients Yet – Bayshore Broadcasting News Centre
Sports4 hours ago
Soccer-USMNT embrace the cold as World Cup qualifying heats up
Art16 hours ago
At Art Basel, FLUF Haus Breaks Barrier Between Metaverse And Physical World – Forbes
Tech24 hours ago
Samsung unveils Exynos 2200 chip with Xclipse graphics based on AMD RDNA 2 – MobileSyrup
Economy23 hours ago
'Throwaway economy' thwarting climate goals: report – FRANCE 24
Art14 hours ago
300-pound local art heist took 4 minutes | News | pentictonherald.ca – pentictonherald.ca
Art16 hours ago
First artist chosen for Art @ the Library – Delta-Optimist