Tag Archives: break

Business

Three reasons this struggling fintech stock may break out of its slump

Leave a comment

PayPal tumbled 16% this week, but one top analyst is making a bullish long-term case for the struggling stock.

The company’s underperformance follows leadership uncertainty. PayPal’s chief financial officer, John Rainey, announced last week he’ll leave the company in late May. Yet, Bruderman Asset Management’s Akshata Bailkeri made an optimistic case for PayPal on CNBC’s “Fast Money” this week.

The firm’s equity analyst likes the stock for three reasons:

1. Post-pandemic sales could pick up

Bailkeri, whose firm owns PayPal shares, thinks sales will pick up in a post-pandemic world.

“We believe that the online percentage of these retail sales should pick up in 2023,” said Bailkeri. “PayPal is a primary beneficiary of it.”

2. Its spin-off from eBay is beneficial

She contends PayPal as a stand-alone company also bodes well for the stock. Even though its stock is lower now, PayPal shares reached all-time highs last July.

“EBay is no longer really an overhang,” Bailkeri said. “The company has had significant growth even after spinning out of the company in 2015.”

3. It’s an attractive valuation over a five-year horizon

PayPal is trading at a significant growth-adjusted discount versus its competitors, according to Bailkeri. She sees the stock’s volatility as a buying opportunity for gains over the next five years.

“You’re looking at long-term online trends and movements from cash to cashless growing,” she said. “That’s more reflective in a five-year view than maybe in the next couple quarters.”

Where PayPal is heading

Overall, Bailkeri expects double-digit percentage returns for PayPal over the next five years due to strong secular trends.

“People are going to continue to shop more online and have more payments that are in the digital space,” she said.

PayPal, which reports earnings on Wednesday, is down 26% so far this month.

Disclaimer

Read original article here

Business

Inflation Nightmare Keeps Getting Worse: Producer Prices Break Out. Inflationary Mindset Rules

Leave a comment

Services PPI and Core PPI spike.

By Wolf Richter for WOLF STREET.

The Producer Price Index for Final Demand spiked by 1.4% in March from February, and by 11.2% from a year ago, both the biggest and worst spikes in the year-over-year data going back to 2010, the Bureau of Labor Statistics said today. After having been stuck at around 10% for four months in a row, producer price inflation has now broken out – to use a stock trading term.

The PPI Final Demand tracks the input prices for consumer-facing industries whose selling prices are picked up in future months by the Consumer Price Index which yesterday, WHOOSH, already hit 8.5%. The PPI Final Demand shows what’s in store for the CPI in future months. And there is no “softening” in store, and it’s the PPI for services that has now started to spike.

For the past 15 months, producer prices have soared relentlessly. Five months in a row of double-digit producer price inflation is quite something. And the breakout today is remarkable.

Without the volatile food and energy costs, the core PPI spiked by 1.0% in March from February and by 9.2% year-over-year, the highest in the data, having relentlessly pushed higher since late 2020:

And services! The Producer Price Index for Final Demand Services spiked by 0.9% in March from February and by 8.7% year-over-year, the highest in the data going back to 2010.

What companies all along the supply chains have figured out is that they can pass on cost increases to the next company and to consumers. And consumers have been playing along eagerly, having switched from being fairly astute buyers and price shoppers to paying whatever. This is the inflationary mindset that has taken over.

This inflationary mindset suddenly bloomed and blossomed because of two huge unprecedented factors:

  • The Fed’s reckless monetary policies of interest rate repression and $4.8 trillion in money printing, triggering enormous asset price inflation and the spending power that it throws off;
  • The government’s spreading $5 trillion of borrowed money across the land in just 24 months.

Under this flood of money, leading to the most grotesquely overstimulated economy ever, price no longer matters, and everyone has figured it out.

Price increases move across the economy in uneven waves, with the costs of some goods and services spiking while others might be stable or might even decline, and a month or two later the prices of other goods and services are spiking in a game of inflation Whac-A-Mole.

And companies have figured out that they can not only pass on the higher costs, but under cover of the now blooming inflationary mindset, they can pass on a lot more than the additional costs, leading to huge fat profit margins.

Companies always charge the maximum price they can, constrained only by their desire to reach their sales goals. When price resistance among their customers sets in, companies weigh whether to back off those price increases to stimulate volume, or keep raising prices further until some sort of ceiling is hit. With online purchases, this equation is now being recalculated in real time and constantly.

What has changed compared to 2019 is that the buyers are now infected with the inflationary mindset and are now able and willing to pay whatever, instead of pushing back. That pushback puts a damper on price increases – and thereby on broader inflation. But that pushback has now been broken from consumers on up all the way up the supply chains. The whole pricing dynamics got knocked loose.

We have seen that a ceiling is now getting hit in used cars where prices spiked by 40% and buyers’ resistance has set in, and sales volume industry-wide is now declining despite plenty of supply. But in other products and services, buyers’ resistance has not been met yet. And even if the price of one product hits resistance, the price of another product breaks loose.

And these double-digit increases in producer prices show that even higher inflation is heading towards consumers, and will continue to do so until consumers start pushing back, either because they’re no longer able to, or because they’re no longer willing to pay whatever. That’s far from happening, and these trillions of dollars are still floating around out there at state and local governments, companies, and consumers, and they’re going to get spent, though that spending might shift to different categories, such as from goods to services.

Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate. I appreciate it immensely. Click on the beer and iced-tea mug to find out how:

Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.

Read original article here

Entertainment

Andrew Garfield and Girlfriend Alyssa Miller Break Up

Leave a comment

It’s over for Andrew Garfield and Alyssa Miller.

A source close to the situation tells E! News that the Sports Illustrated model and the actor ended their relationship some time ago.

And where do they stand now? The source has shared that “things remain amicable.”

In an Instagram post on April 4, Alyssa seemed to address the speculation that she and Andrew were no longer an item while also making it clear that they’re on good terms.

“If you must gossip at least use a cute photo,” Alyssa captioned a photo of the two of them mugging for the camera. “Lol love you AG.”

The photo Alyssa used appears to be a selfie taken on the same day as the 2022 Screen Actors Guild Awards, where the two made their red-carpet debut as a couple on Feb. 27.

Before the duo walked the red carpet, they had sparked romance rumors walking the streets of NYC. Andrew and Alyssa caught fans’ attention back in November, when they were spotted hand in hand in the city.



Read original article here

World

Costa Rica elects maverick Chaves as president in break with establishment

Leave a comment

SAN JOSE, April 3 (Reuters) – Anti-establishment economist Rodrigo Chaves clinched Costa Rica’s presidency on Sunday, upending decades of political consensus in the Central American country that is grappling with growing social discontent and mounting national debt.

Chaves, a veteran former official of the World Bank, was projected to win about 52.9% of the vote in the run-off ballot, a preliminary tally by the electoral tribunal showed, based on returns from some 97% of polling stations.

Rival candidate and former Costa Rican president Jose Maria Figueres was seen securing about 47.1%.

Register now for FREE unlimited access to Reuters.com

Register

Speaking to supporters in San Jose, the capital, the 60-year-old Chaves said he accepted his victory with humility, and urged Figueres to help him move the country forward.

“I humbly beg Jose Maria and his party to work together to make possible what Don Jose Maria himself called the Costa Rican miracle,” he said, referring to Figueres’ father, Jose Figueres Ferrer, who served as president three times.

“Let’s put aside pettiness and vanity. Tonight we will begin together to serve our country,” added Chaves, who is set to assume office on May 8.

Figueres quickly conceded defeat after results came in.

“I congratulate Rodrigo Chaves, and I wish him the best,” he told supporters.

Caravans of cars sporting the flag of Chaves’ Social Democratic Progress Party (PPSD) crowded the streets of downtown San Jose in celebration.

Polls had shown Chaves to be a slight favorite heading into the election after he unexpectedly finished runner-up to Figueres in an indecisive first round of voting in February.

Chaves, who briefly served as finance minister for outgoing President Carlos Alvarado, ran as a maverick. He has vowed to shake up the political elite, even pledging to use referendums to bypass Congress to bring change. read more

“If the people go out to vote, this is going to be a sweep, a tsunami,” Chaves said after casting his ballot on Sunday.

Figueres campaigned on his experience and family political legacy in Costa Rica, a tourist destination and bastion of environmentalism long regarded as one of the most stable democracies in Latin America.

On Twitter, Alvarado said he had called to congratulate Chaves and pledged an orderly handover of power.

Turnout was 57.3%, the electoral tribunal said, less than the 60% who cast ballots in the first round.

Going into Sunday’s vote, some voters said they were lukewarm on both candidates, whose political careers have been tainted by accusations of wrongdoing.

Chaves faced accusations of sexual harassment during his World Bank tenure, which he denied. Figueres resigned as executive director of the World Economic Forum in 2004 amid accusations that he had influenced state contracts with Alcatel, a telecoms company. That case was never tried in court.

David Diaz, 33, said he was not enthused by Chaves or Figueres. He left home early to vote by 7 a.m. in the rural town of Tacacori, about 30 km (19 miles) from San Jose.

“I see very little movement, there is a lot of apathy,” said Diaz, a mechanic at a medical device factory.

Chaves faces the challenges of reviving an economy battered by the COVID-19 pandemic, and alleviating the poverty in which about 23% of a population of 5.1 million live.

Growing income disparity makes Costa Rica one of the world’s most unequal countries, with unemployment of almost 15%. read more

In January 2021, the country agreed to $1.78 billion in financial assistance from the International Monetary Fund.

In return, the government vowed to adopt a raft of fiscal changes and austerity measures, but lawmakers have only passed a law to make savings on public sector workers’ benefits.

Register now for FREE unlimited access to Reuters.com

Register

Reporting by Diego Ore and Alvaro Murillo, writing by Cassandra Garrison; Editing by Clarence Fernandez

Our Standards: The Thomson Reuters Trust Principles.

Read original article here

Business

Dow Jones Futures: Stocks Jump On Russia-Ukraine Talks; Apple, Dutch Bros Break Out

Leave a comment

Dow Jones futures fell slightly overnight, along with S&P 500 futures and Nasdaq futures. The stock market rally powered higher Tuesday on hopeful signs from Russia-Ukraine peace talks and as Moscow pulled some troops away from Kyiv. Crude oil and commodity prices fell, though they pared losses.




X



Apple stock, Dutch Bros (BROS), Microsoft (MSFT), Fortinet (FTNT) and Tesla (TSLA) are stocks to watch. Apple (AAPL) and BROS stock broke out Tuesday, while Microsoft and FTNT stock are offering early entries. Tesla stock continues to  run up the right side of its base.

Concentrix (CNXC), Micron Technology (MU), RH (RH) and Lululemon Athletica (LULU) were among the notable earnings reports after the close.

Russia-Ukraine Talks

A Russian negotiator called Ukraine talks “constructive.” Russia said it will “radically” cut military activity around Kyiv and the nearby northern city Cherniv to “build trust.” That seems cover for a military retreat, with some units moving back into Russia ally Belarus. Ukrainian forces have been reclaiming territory around Kyiv — and elsewhere — in the past several days, as Russia has taken heavy losses in troops and equipment in its Ukraine invasion. Russia continued to shell the Kyiv area and other key Ukrainian cities hard.

Russia said a peace deal would require Ukraine staying out of NATO, but doesn’t object to Ukraine joining the European Union.

Ukraine and Western officials expressed skepticism that Russia is serious about peace talks. U.S. officials signaled the troops may be redeploying to the Donbas area in the southeast, where Russia continues to press attacks.

While the major indexes continued to move higher, oil, agriculture, mining and other commodity plays sold off with the underlying commodity prices. But the commodity prices and stocks came off lows as some of the optimism faded over Russia-Ukraine talks. Defense names also retreated.

Earnings

Concentrix earnings were slightly better than expected. CNXC stock was not yet active overnight. Shares rose 1.1% on Tuesday to 196.75, bouncing from the 50-day line. Concentrix stock is working on a flat base, or base-on-base formation, with a 208.58 buy point.

Micron earnings topped Q2 views, with the memory-chip giant also offering bullish guidance. MU stock rose solidly in extended trade. Shares climbed 2.7% to 82.05 on Tuesday, rebounding from the 200-day line. Micron stock is well off buy points after tumbling in early March.

Lululemon earnings topped forecasts while sales just missed. But the yoga apparel maker and retailer gave upbeat Q1 guidance and announced a $1 billion LULU stock buy back. LULU stock jumped in overnight action. Shares popped 3.7% on Tuesday, continuing to rebound from the 50-day line. Lululemon stock has a long way to go to reach its late 2021 peak.

RH earnings topped while Q4 sales missed. RH stock fell solidly despite plans for a 3-for-1 stock split. Shares had climbed nearly 5% Tuesday, moving just above the 50-day line but far off highs.

Tesla stock and Microsoft are on IBD Leaderboard and the IBD 50. MSFT stock and Fortinet are on IBD Long-Term Leaders. Dutch Bros was Tuesday’s IBD Stock Of The Day.

The video embedded in this article reviews Tuesday’s market action while also analyzing Apple, Marriott Worldwide (MAR) and BROS stock.

Dow Jones Futures Today

Dow Jones futures fell 0.1% vs. fair value. S&P 500 futures retreated 0.1% and Nasdaq 100 futures dipped 0.1%.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

Stock Market Rally

The stock market rally extended gains, closing near session highs with techs and small caps leading the way.

The Dow Jones Industrial Average rose 1% in Tuesday’s stock market trading. The S&P 500 index jumped 1.2%. The Nasdaq composite popped 1.8%. The small-cap Russell 2000 leapt 2.7%.

U.S. crude oil prices sank 1.6% to $104.24 a barrel on the Russia-Ukraine talks, after briefly undercutting $100. April gold fell 1.4% to $1,912.20 an ounce after sinking below $1,900 intraday. Wheat futures fell solidly, but also pared losses.

The 10-year Treasury yield fell 8 basis points to 2.4%. The two-year Treasury yield dipped 2 basis points to 2.365%. The 2-year to 10-year yield spread is now below four basis points, after briefly inverting intraday. Fed chief Jerome Powell has signaled that he’s more interested in the yield spread from the short end of the curve. The three-month to 10-year yield spread remains wide.

ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) climbed 0.7%, while the Innovator IBD Breakout Opportunities ETF (BOUT) edged up 0.3%, reflecting a number of commodity-related components. The iShares Expanded Tech-Software Sector ETF (IGV) popped 2.4%. Microsoft is a major IGV component, with FTNT stock also in the ETF. The VanEck Vectors Semiconductor ETF (SMH) rallied 2.3%.

SPDR S&P Metals & Mining ETF (XME) fell 1.4% and Global X U.S. Infrastructure Development ETF (PAVE) rose 0.8%. U.S. Global Jets ETF (JETS) ascended 3.5%. SPDR S&P Homebuilders ETF (XHB) popped 3.2%. The Energy Select SPDR ETF (XLE) edged down 0.3% and the Financial Select SPDR ETF (XLF) tilted 0.2% higher. The Health Care Select Sector SPDR Fund (XLV) climbed 0.6%.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) rallied nearly 4% to just below its 50-day line. ARK Genomics ETF (ARKG) leapt 6.5%, reclaiming its 50-day line for the first time in 2022. Tesla stock remains the No. 1 holding across Ark Invest’s ETFs.

Five Best Chinese Stocks To Watch Now

Key Stocks

Apple stock rose 1.9% to 178.96, clearing a 176.75 double-bottom buy point. After rising for 11 straight sessions, AAPL stock could be due for a break. That might provide an opportunity to buy into the iPhone giant. The relative strength line is right around record highs again, reflecting Apple stock’s performance vs. the S&P 500 index. The RS line is the blue line in the charts provided.

BROS stock leapt 12.4% to 62.77, breaking out past a 62.11 buy point from a cup-with-handle base within a larger consolidation. The Dutch Bros stock buy zone runs to 65.22. On Tuesday morning, BROS stock broke the downtrend of its handle, offering an early entry. The Dutch Bros coffee chain is in the midst of a big expansion.

Microsoft stock climbed 1.5% to 315.41, gaining a little more distance from its 200-day line. Investors could buy the software and cloud-computing giant now as an early entry or as a Long-Term Leader. MSFT stock is now just above the midpoint of its base and just above its Feb. 2 short-term high of 315.12. The official buy point is 349.77, according to MarketSmith analysis.

Fortinet stock climbed 2.6% to 347.48, the highest close of 2022. FTNT stock broke a trendline entry Tuesday and is nearing another actionable point of 351.61. The official buy point is 371.87. Since a big spike in heavy volume on March 18, FTNT stock has moved higher in below-average trade.

Tesla stock edged up 0.7% to 1,099.57. Shares are approaching a 1208.10 cup-base buy point, with an early entry around 1,150. TSLA stock has surged 43% since March 14, so ideally the EV giant would pause and form a handle before flashing buy signals.

Tesla Vs. BYD: Which Booming EV Giant Is The Better Buy?

Market Rally Analysis

The stock market rally continued to advance Tuesday on Russia-Ukraine talks and Russian troop movements, closing near session highs even as U.S. and Ukrainian officials tempered optimism.

The S&P 500, Nasdaq composite and Russell 2000 moved above their February short-term highs. The Dow Jones reclaimed its 200-day line. The Nasdaq’s 200-day line is the next big resistance level for the market rally.

Advancers led decliners overwhelmingly in Tuesday’s broad-based advance.

It wouldn’t be surprising to see the market pause or pull back. Of course, that’s been true for a while. That would be healthy, letting the major indexes digest gains. That could allow stocks such as Tesla and Apple stock to form handles, creating new or less-risky buying opportunities.

The market rally remains headline driven. It’s hard for Wall Street to price in major news shifts — war vs. peace — especially when the news may quickly change.

Market Leadership

Which stocks and sectors will lead?

The winners during the correction — energy and other commodity plays — had a rough morning, but pared losses and don’t seem finished yet. Energy stocks in particular came off intraday lows as crude oil prices slashed losses.

Defensive growth names, notably medical stocks such as UnitedHealth (UNH), HCA Healthcare (HCA) and Eli Lilly (LLY), are holding around buy points but aren’t charging higher in the past several sessions.

A lot of the big winners during the recent rally have been beaten-down, highly valued growth leaders. Many are still well off highs. One notable exception is Tesla stock. BROS stock is well off all-time highs, but did break out of a legitimate base Tuesday.

Apple stock, Microsoft and Google parent Alphabet (GOOGL) are megacap tech leaders with relatively modestly price-earnings ratios that are flashing buy signals.

While the stock market rally powers ahead, the Treasury yield spread suggests that bond traders are more concerned about the economic outlook, from the Russia-Ukraine war to Fed rate hikes. A Russia-Ukraine cease-fire or peace deal could give the Fed more of a free rein to enact 50-basis point hikes to combat inflation.

Time The Market With IBD’s ETF Market Strategy

What To Do Now

The stock market rally continues to move higher, clearing key resistance levels. Leadership remains in flux. In the best-case scenario, the market rally will be broad-based. Or narrow leadership may reassert itself in the coming weeks.

Either way, investors should be looking to have a diversity of leadership right now, continuing to slowly add exposure.

Keep working on those watchlists. The strong market gains are repairing a lot of broken charts.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader

Best Growth Stocks To Buy And Watch

IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today

3 Biggest S&P 500 Winners Tuesday



Read original article here

US

Florida: Over 160 arrested in Panama City beach as spring break crowds disrupt the area

Leave a comment

NEWYou can now listen to Fox News articles!

Law enforcement officials have detained over 160 people in Panama City Beach following a spring break weekend that saw massive crowds of people disrupting the area, officials said. 

Bay County Sheriff Tommy Ford said that 161 people were arrested and jailed over the weekend and that officers seized 75 guns amid their clashes with these individuals, WRIC reported.

FLORIDA’S PANAMA CITY BEACH SPRING BREAK REVELERS PROMPT POLICE STREET CLOSURES, REPORT SAYS

“What we saw this past weekend is absolutely unacceptable. Period,” said Police Chief J.R. Talamantez, who also confirmed that several businesses closed their doors on Friday as the crowds gathered and disrupted the normal flow of business, according to the report. 

Spring breakers party at popular hotspot in Panama City Beach – Hammerhead Fred’s Wet and Wild Foam Party.
(Joshua Comins/Fox News Digital)

“The crowd that has been here this weekend, there is [sic] no words that can describe the way they have behaved themselves, conducted themselves, and the amount of laws they have broken,” he added.

Videos taken at a local Walmart showed rowdy shoppers tossing around merchandise, WRIC reported.

Spring breakers pulled over by police along front beach road in Panama City Beach, Florida.
(Joshua Comins/Fox News Digital)

A heavy police presence was then called into the area to assist these businesses, who did not wish to risk any inconvenience or harm to their customers or business, the Panama City chief said.

SPRING BREAKERS LET LOOSE AMID NATIONWIDE CRIME SPIKE, CURFEW ENACTED IN ONE POPULAR DESTINATION

There were no reports of violence from the first day of the weekend, but a shooting incident on Saturday left one person injured, Talamantez explained, noting that many of the arrested people had firearms with them.

Police break up spring break crowd at Panama City Beach.
(Joshua Comins/Fox News Digital)

“I personally encountered an individual holding an AR-15 who is now in custody,” Talamantez said, according to the WRIC report.

CLICK HERE TO GET THE FOX NEWS APP

“These are the type of individuals that we’re facing,” he added. “Throwing beer bottles at police officers. Shooting right down the road. There were blue lights up and down the road as these shootings took place. The blatant disregard for public safety that these individuals are having will not be tolerated.”

Mayor Mark Sheldon said the crime was not caused by the spring breakers, but by criminals who came out under the shroud of the crowds. 

Read original article here

US

Miami Beach business owners react to spring break curfew: ‘We’ll lose at least $10,000 a day’

Leave a comment

Here are your FOX Business Flash top headlines for March 25.

Miami Beach business owners reacted to the curfew and business restrictions imposed by the city’s government in response to recent violence, telling FOX Business that it is causing them to lose tens of thousands of dollars.

After two shootings left five people injured, Miami Beach officials implemented a curfew and several restrictions on businesses that are intended to “mitigate dangerous and illegal conduct.”

The curfew will run from 11:59 p.m. to 6 a.m. through March 28, and businesses are expected to “close sufficiently in advance of the curfew” in order to give individuals enough time to leave before violating the curfew.

MIAMI BEACH STEAKHOUSE SUES CITY OVER ‘IMPERMISSIBLY OVERBOARD’ SPRING BREAK CURFEW

From 11:59 p.m. through 6 a.m., businesses other than hotels can operate, but through delivery services only. Takeout and pickup are not permitted, according to the city.

Additionally, alcoholic beverage sales “for off-premises consumption” is prohibited in the area of the curfew past 6 p.m. on Thursday, Friday and Saturday.

For Rick Silverberg, owner of Portofino Wine Bank, this means his wine store cannot sell or make deliveries to individuals past 6 p.m., which is translating to a loss of at least $10,000 per day. (The Mega Agency)

For Rick Silverberg, owner of Portofino Wine Bank, this means his wine store cannot sell or make deliveries to individuals past 6 p.m., which is translating to a loss of at least $10,000 per day.

“I estimate we’ll lose at least ten thousand dollars a day in sales in these hours. Normally we stay on until midnight. And, you know, now being forced to close at 6 p.m. And 6 p.m. to 10 p.m. are the busiest hours for sure,” Silverberg said. “So it has a big adverse effect and impact as well as my staff because my staff also, you know, I don’t pay them to stand around, so they all lose hours. I mean, I have to let guys go home and they don’t necessarily want to do that.”

Silverberg also said that the decision to allow bars and restaurants to operate until almost midnight but force liquor, beer, and wine stores to close at 6 p.m. is “absurd.”

MIAMI BEACH STREETS QUIET AS CURFEW GOES INTO EFFECT FOLLOWING SPRING BREAK VIOLENCE

“There are already laws in place that make it illegal to drink wine or alcohol of any sort on the beach, Silverberg said. “So closing a liquor store? Doesn’t seem like it does anything when you can walk across the street and belly up to the bar and slam as many shots as you want with no restriction until midnight.”

Portofino Wine Bank must close at 6 p.m. due to the emergency order. (The Mega Agency)

He’s also concerned that this emergency action by Miami Beach officials will be used again when there’s a spike in violence.

“I’m concerned that they’re going to do it next weekend, and the following weekend, and the following weekend, until they decide that, OK, we’re going to go back to our original hours,” Silverberg said. “I’m concerned that there’s no end in sight.”

The curfew is also having a massive effect on restaurants and bars like Mango’s Tropical Café in Miami Beach, which is typically open until 5 a.m., but is now forced to close before midnight due to the curfew.

Joshua Wallack, chief operating officer of Mango’s Tropical Café, told FOX Business that the curfew shuts down Miami Beach and sends tourists over to Miami.

“The curfew, you know, effectively shut down a beach and sends all the tourists over to Miami,” Wallack said. “Two idiots that really ruined it for tens of thousands of people that were having a good time in Miami Beach in March, which is supposed to be the best month of the year.”

Joshua Wallack, chief operating officer of Mango’s Tropical Café, told FOX Business that the curfew shuts down Miami Beach and sends tourists over to Miami. (The Mega Agency)

He added that the whole city is “paralyzed” because of the emergency actions being taken, and said that it could have been avoided, stating that the curfew is only hurting businesses.

“We used to program Ocean Drive and Loomis Park beautifully, you know, and they still haven’t figured it out yet, and they want to punish the businesses that have been there for 30 years and say it’s our fault, when it’s not our fault,” Wallack added.

One restaurant owner has already sued Miami over the curfew, stating that it’s an “arbitrary” measure that will ultimately hurt businesses, according to the Miami Herald.

CLICK HERE TO GET THE FOX NEWS APP

The Outside of Papi Steak. (The Mega Agency)

The owner of Papi Steak in Maimi beach sued the city in an attempt to block the curfew.

“While Plaintiff fully understands and appreciates the City’s desire to ensure the safety of City residents and visitors in light of recent violent events, the Curfew is impermissibly overbroad and indiscriminately targets areas of the City that have been safe, secure and free from the violence … east of Collins Ave.,” the lawsuit states.

Read original article here

US

Miami Beach streets quiet as curfew goes into effect following spring break violence

Leave a comment

NEWYou can now listen to Fox News articles!

The streets of Miami Beach were quiet after midnight early Friday after authorities were forced to impose a curfew due to a spike in violence allegedly driven by spring breakers, violence that included two shootings last weekend.  

The curfew is in effect in the city from 12 a.m. to 6 a.m. Friday. The city also declared a state of emergency earlier this week. 

Police patrol the streets as a curfew goes into effect in Miami Beach at midnight Friday morning. 
(Fox News)

“The city of Miami Beach is under emergency curfew … please clear the streets,” police patrolling the streets could be heard saying on bullhorns after nightfall. 

An armed guard stands watch outside a high-end boutique sneaker store on Collins Avenue in Miami Beach Wednesday.
(Fox News Digital)

“Certainly, the guns that are here didn’t come on an airplane, so we know much of the worse conduct is coming from people who live somewhere near South Florida,” Mayor Dan Gelber told reporters in a news briefing this week.

MIAMI BEACH VIOLENCE DRIVEN BY GUN-TOTING SPRING BREAKERS COMING IN BY CAR

Michelle Moyer, a tourist who said that she and her husband saw one of the shootings last weekend, told WPLG-TV that she didn’t think the curfew was useful. “I think they’re just going to go somewhere else to be stupid,” she said. 

Miami Beach police officers enforce an 8 p.m. curfew imposed by local authorities on spring break festivities, amid the coronavirus disease (COVID-19) pandemic, in Miami Beach, Florida, U.S., March 26, 2021. REUTERS/Marco Bello

Her husband disagreed. “I think it’s a great idea,” Lance Moyer said of the curfew. “I think it’s at least a step.”

Authorities are also requiring liquor stores in the city to stop selling alcohol by 6 p.m. over the weekend, the station reported. 

CLICK HERE TO GET THE FOX NEWS APP

Police said they’d arrested 618 people between the start of the season and March 20. Sunday was also the busiest day in history at Miami International Airport, a spokesperson told Fox News Digital.

Other tourists were frustrated by the curfew, saying they wouldn’t come back next year. “We came out to have a good time and the fact that we have to go in early it’s feels [sic] just like, wow,” a tourist who didn’t give their name told WPLG. 

Read original article here

US

Russia stocks jump as trade resumes after month-long break

Leave a comment

  • Energy stocks see double-digit gains on Moscow reopening
  • Sanctioned lender VTB, Aeroflot suffer falls
  • Rouble strengthens vs dollar, euro after Putin statement
  • OFZ benchmark 10-year yield nudges lower to 13.64%
  • Moscow Exchange to restart trading more instruments

March 24 (Reuters) – Energy and metals firms led a jump in Russian stocks on Thursday as trading resumed after almost a month’s suspension, reflecting soaring global prices for oil, gas and other commodities on fears the Ukraine crisis will threaten supply.

The market was also underpinned by a government commitment to support stocks, leading a senior U.S. official to dismiss the limited resumption of trading as a “a charade: a Potemkin market opening”.

Stocks had not traded on Moscow’s bourse since Feb. 25, the day after President Vladimir Putin sent troops into neighbouring Ukraine, prompting Western sanctions aimed at isolating Russia economically and then Russian countermeasures.

Register now for FREE unlimited access to Reuters.com

Register

The reaction has cut off Russian financial markets from global networks and sent the rouble currency tumbling. Stocks had also plunged immediately after Moscow launched what it calls “a special military operation” to disarm and “denazify” its southern neighbour.

Restrictions on trade with foreigners and a ban on short selling remained in place on Thursday as the Moscow Exchange cautiously resumed equities trading. On Friday, more securities, including corporate bonds and Eurobonds will be traded, the central bank said.

“We will do everything possible to open all segments of the stock market soon,” Boris Blokhin, head of Moscow Exchange’s stock market department, said.

STELLAR GAINS

The short session saw energy firms make stellar gains, with gas producer Novatek (NVTK.MM), oil majors Rosneft and Lukoil (LKOH.MM) and gas giant Gazprom (GAZP.MM) up 12%-18.5%.

Brent crude oil , a global benchmark for Russia’s main export, was trading near $120.6 per barrel on Thursday, having jumped more than 20% from a month ago as worries about supply disruptions from the Ukraine crisis drive up prices.

Shares in mining giant Nornickel also gained 10.2% (GMKN.MM).

Novatek and Nornickel pared losses sustained since before Feb. 24 by the session’s close. Fertiliser producer Phosagro (PHOR.MM) closed at a record high.

Reuters Graphics

“Large bids to buy Russian shares have been seen since the market opening,” BCS Brokerage said in a note, adding that a promise Russia’s rainy-day fund will buy shares was also underpinning the market.

“The overall sentiment is supported by the confidence that the finance ministry will buy stocks,” BCS said.

The government said on March 1 that it would use up to 1 trillion roubles ($10.4 billion) from the National Wealth Fund to buy battered Russian stocks, although it was not clear whether any purchases were being made on Thursday.

The finance ministry did not immediately respond to a request for comment.

‘POTEMKIN MARKET OPENING’

An interior view shows the headquarters of Moscow Exchange in Moscow, Russia April 27, 2021. REUTERS/Maxim Shemetov

A senior U.S. official said Moscow’s commitment to buy amounted to artificially propping up shares, and called the limited resumption “a Potemkin market opening”.

“This is not a real market and not a sustainable model – which only underscores Russia’s isolation from the global financial system,” deputy White House national security adviser Daleep Singh said in a statement.

Trading in Russian companies listed on the London Stock Exchange remains suspended. Prices of some instruments had plunged to almost zero before the bourse halted trading of them in early March.

The Moscow Exchange said 567,000 private investors had accounted for 58.2% of Thursday’s trading volume, with 121 professional participants conducting the remainder.

“Today the first step was made in our new reality,” said Elbek Dalimov, head of equity trading at Aton brokerage, adding that trading orders were limited with non-residents, who hold more than half the free float on the market, sidelined.

“In the morning we saw a huge number of retail investors who on the one hand were closing short positions and on the other were ready to park their roubles in shares, so as to somehow save them from inflation,” he said.

The benchmark MOEX stock index ended the short trading session 4.4% higher at 2,578.51 points, having earlier reached a day peak of 2,761.17 (.IMOEX).

The dollar-denominated RTS index (.IRTS) fell 9% on the day to 852.64, pressured by the weaker rouble, according to MOEX data that was suspended in the Eikon terminal.

The negative impact of sanctions was clear in some sectors, with shares in Russia’s second-largest lender VTB (VTBR.MM) down 5.5%. And with most European airspace closed to Russian planes, flagship carrier Aeroflot (AFLT.MM) sank 16.44%.

Trading apps of major brokerages with leading banks, including Sberbank, VTB and Alfa, reported temporary problems with processing clients’ orders following the restart.

ROUBLE FIRMS

The rouble meanwhile extended its recovery, gaining 1.3% to trade at 96.50 against the dollar in Moscow trade by 1502 GMT.

The currency had hit its strongest level in three weeks at 94.975 on Wednesday after Putin said Russia would start selling its gas to “unfriendly” countries in roubles. read more

Against the euro, the rouble was 2.1% higher at 105.75 , pulling further away from an all-time low of 132.4 it hit in Moscow trading earlier in March, but far from levels of around 90 seen before Feb. 24.

Russia resumed trading of OFZ treasury bonds on Monday with the central bank helping to stabilise the market with interventions, the amount of which it has not yet disclosed.

Yields of benchmark 10-year OFZ bonds, which move inversely to their prices, stood at 13.68% after hitting an all-time high of 19.74% on Monday .

($1 = 96.0000 roubles)

Register now for FREE unlimited access to Reuters.com

Register

Reporting by Reuters

Our Standards: The Thomson Reuters Trust Principles.

Read original article here