White House Says It’s Bracing for an Autumn Wave [NYT]
“We are filling the stockpile in anticipation of a possible problem in the fall,” [Peter] Navarro told Jake Tapper on the CNN program “State of the Union.” “We’re doing everything we can.”
Mr. Navarro also said that a comment by President Trump over the weekend about wanting to slow down virus testing had been “tongue in cheek.”
New York City Enters Its Broadest Reopening Yet: Offices [NYT]
[Mayor Bill] de Blasio estimated that as many as 300,000 workers would return to their jobs this week — a far cry from the numbers that usually jostle elbows on crowded subways and cram into high-rise elevators….
JPMorgan Chase, one of the city’s largest commercial tenants, said it would not send employees back to their offices this week and has not set a return date. Other financial services firms, like Goldman Sachs, anticipate a small number of employees returning to their offices but have said that most workers will not come back until well into next year.
Fed adds coronavirus scenarios to this year’s bank stress tests [CNBC]
“The larger issue is the unprecedented uncertainty about the course of the COVID event and the economy,” [Federal Reserve Vice Chair for Supervision Randal] Quarles said in prepared remarks. “The range of plausible forecasts is high and continues to shift. We don’t know about the pace of reopening, how consumers will behave, or the prospects for a new round of containment. There’s probably never been more uncertainty about the economic outlook.”
Consequently, the Fed has added three conditions that examine how banks would fare going forward:
· A V-shaped recovery that mirrors how quickly the economy fell, with much of output and employment regained by the end of the year.
·A U recovery that is slower with a smaller level of output and employment regained.
·A W-shaped situation with “a short-lived recovery followed by a severe drop in activity later this year due to a second wave of containment measures.”
Treasury Dept. Agrees to Release Data on Small-Business Relief [NYT]
The decision is a reversal for the administration, which had closely guarded the information and argued that private businesses should not have their names or the amount of money that they took from the federal government disclosed…. [Treasury Secretary Steven] Mnuchin signaled on Monday that he was prepared to change course and he engaged in discussions with Senator Marco Rubio, Republican of Florida and the chairman of the Senate’s small-business committee, to find a compromise solution.
Stocks of Black-Owned Companies Surge on Juneteenth Holiday [WSJ]
Shares of Broadway Financial Corp., Urban One Inc. and Carver Bancorp Inc. traded so heavily they were all briefly halted for volatility on Friday by Nasdaq. Another stock, American Shared Hospital Services, was halted Thursday…. On social media, people have been encouraging each other to support black-owned businesses and buy the stocks of black-owned companies.
Jack Ma’s Fintech Giant Ant to Drop ‘Financial’ From Its Name [WSJ]
A spokesman said the company wants to be referred to in English as “Ant Group Co.,” better reflecting its role as “an innovative global technology provider” to businesses, including financial institutions. “More than 60% of Ant employees are in technology-related jobs, he added…. Ant has been trying to shed its financial-services image. Executives earlier said they prefer that Ant be called a “TechFin” company rather than a “fintech” one. In March, Alipay said it plans to build a “one-stop digital lifestyle platform” that connects 40 million service providers—from grocery-delivery companies to hotels and transportation providers—with its users.
Companies Are Paying a Lot More to Insure Their Directors and Officers [WSJ]
Driving the increases is the rise in shareholder litigation, both in the number of cases and size of jury awards and settlements, brokers said. Another connected factor is the growth of litigation-finance firms, which invest in corporate legal disputes….
In the U.S., premium rates for directors-and-officers insurance jumped 44% to 104% in the first quarter compared with the year-earlier period…. “It’s a real Catch-22…some of our clients say that, ‘If we didn’t take out a higher limit, we wouldn’t be a target for litigation funders,’” said Scott Curley, a director at GSA Insurance Brokers in Sydney.
Biden’s $80.8 Million Outpaced Trump’s Fund-Raising in May [NYT]
Priorities USA took in $2 million from James H. Simons, a New York hedge-fund billionaire, as well as $500,000 each from John Pritzker, who runs an investment firm in California, and David E. Shaw, a scientist who served as an adviser on science and technology to President Bill Clinton and President Barack Obama.
Private Equity Donors Favor Biden Over Trump on Bet to End Chaos [Bloomberg]
Supporters linked to those industries have poured more than $21 million into his campaign and outside groups backing him, according to the Center for Responsive Politics, a rate much higher than the support they gave Hillary Clinton in 2016. By contrast, they’ve given President Donald Trump and his allied super-PACs just $3.6 million…. Big Republican donors who in the past have given millions to super-PACs, like Paul Singer of Elliott Management Corp. and Robert Mercer, the former co-chief executive officer of Renaissance Technologies, have mostly stayed on the sidelines so far this cycle…. Since the president took office, Trump Victory hasn’t received a single donation from employees of Bain Capital, Warburg Pincus LLC, the Carlyle Group Inc. or KKR & Co.
NYC Tries to Curb Rise in Illegal Fireworks, Track Down Source [NBC4 New York]
There have already been more than 1,700 fireworks-related complaints to the city’s noise complaint hotline through the first half of June. Usually, there are just a few dozen such complaints during that time period, with only 21 registered during this time in 2019…. “They are a block from my house,” she said. “I see them from my window and it freaks out my dog.”