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Thursday, December 3, 2020
NBA star Stephen Curry is set to launch a new line of sports apparel on Tuesday called “Curry Brand” with longtime retail partner Under Armour. Curry Brand will include footwear, apparel and accessories and extends the hoopster’s relationship with Under Armour beyond his original 2013 basketball sneaker deal to include golf, other sports and a women’s line, the company said Monday. Financial details of the deal were not disclosed, but the Golden State Warriors point guard is ranked No. 8 in endorsement deals totaling $42 million, according to Forbes, with his Under Armour shoe contract comprising the biggest chunk. In 2015, Curry and Under Armour agreed to extend their contract through 2024, according to reports, including an equity stake in the Baltimore-based company. But it was around that time that sales of performance basketball shoes began to decline, according to NPD Group. The category has dropped 20 percent year to date versus a year ago, accounting for just 3 percent of the overall sneaker market in the US. In 2017, performance basketball shoes accounted for 5 percent of sneaker sales and 6 percent in 2016, according to NPD Group. Fashion sneakers, by comparison, represent 50 percent of sneaker sales. “Under
US stocks tumbled Monday as investors closed out a record-setting month by locking in some profits. The Dow Jones industrial average slid as much as 446.73 points, or about 1.5 percent, to 29,463.64 but was still on pace for its biggest monthly gain since 1987 after crossing the 30,000 mark last week. The blue-chip index had surged 2,962 points in November, or some 11 percent, even at Monday’s intraday low, helped by strides toward a coronavirus vaccine and Joe Biden’s presidential election victory. The S&P 500 was on track to end the month with a more than 11 percent gain — its largest for any November ever — despite dropping as much as 1.2 percent Monday. The tech-heavy Nasdaq also slid as much as 1.5 percent after touching a new intraday record of 12,244.65 in early trading. “We’ve had such a run here in short order and I just think people are saying, ‘OK, dump a little bit of my big winners and if it does pull back here at some point, I’ll probably go in after it again,'” Jim Paulsen, chief investment strategist at the Leuthold Group, told The Post. Wall Street’s major indexes ironically soared to record highs
The price of Bitcoin hit a new all-time high on Monday as investors increasingly scoop up risky assets amid the topsy-turvy pandemic economy. The controversial cryptocurrency’s value hit an all-time peak of $19,864.15, shattering its previous high-water mark of $19,783.21 which was set back in December 2017.  It was recently up 6.1 percent at $19,306.35. Bitcoin has gained more than 170 percent this year, with most of that growth coming since September. Investors cite demand for riskier assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies will win mainstream acceptance as payment companies including PayPal and Square have recently allowed their use. “Bitcoin is a natural safe haven for those seeking shelter from rapidly increasing central bank money printing and the inflation that everyone agrees is already increasing,” said Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain. This most recent crypto craze is benefiting from an unprecedented, pandemic-marred market reality in which stocks are trading at nosebleed prices while bond yields are hovering around zero. That combination, experts say, has created a whole new class of crypto investor that is viewing
Holiday shoppers will be spending $13 million a minute online on Monday — more than twice as much as on Black Friday — as they rush to ring up the final sales of the biggest online shopping day in history. Consumers are expected to spend up as much as $12.7 billion on Cyber Monday, or 35 percent more than last year, as hunkered-down shoppers do more spending online than ever amid the pandemic, according to Adobe Analytics. Most consumers believe that Cyber Monday discounts will be steeper than any other day of the holiday shopping season. Among the best deals today will be markdowns of about 30 percent on computers, 26 percent on electronics, 21 percent on appliances and 20 percent on toys, according to Adobe, which tracks online shopping data for 80 of the largest retailers in the US. Online shopping is expected to peak on Monday between 5 p.m. and 6 p.m. EST. “Cyber Monday is on track to break all previous records for online sales,” Taylor Schreiner, director of Adobe Digital Insights said in a statement. “Consumers will likely take advantage of the best discounted items today like TVs, toys and computers before price levels start creeping
Moderna said it will ask the feds to clear its experimental coronavirus vaccine for emergency use on Monday, adding to hopes that two inoculations could be available by the end of the year. The biotech firm will be the second drugmaker to seek a so-called emergency use authorization for a COVID-19 vaccine from the US Food and Drug Administration after Pfizer and BioNTech submitted their request earlier this month. Moderna announced the move Monday as it revealed new data showing the vaccine was 94.1 percent effective in its late-stage clinical trial — similar to Pfizer’s efficacy rate of 95 percent — and posed no serious safety concerns. The FDA’s vaccine advisory committee is expected to review data from the Phase 3 study at a Dec. 17 meeting, Moderna said. “We believe that our vaccine will provide a new and powerful tool that may change the course of this pandemic and help prevent severe disease, hospitalizations and death,” Moderna CEO Stéphane Bancel said in a statement. Moderna’s submission will come as US officials and drug companies prepare to distribute coronavirus vaccines to vulnerable people around the country as soon as they’re approved. The Massachusetts-based company said it will have about 20
The latest episode of The Short Squeeze is here. This week, Markets Live editor Alex Druce is joined by IG Markets analyst Kyle Rodda to discuss the sharemarket's record setting run in November and whether any more early presents fall off the back of Santa's sleigh. The pair also look at the risks lurking under the surface as we head towards 2021 and take a peek at this week's GDP data, as well as what the RBA board has on its plate as it prepares for its final rates decision of the year. You can find past episodes of the weekly Short Squeeze podcast, which is produced in conjunction with IG, here. Each episode goes for about 10 minutes and is also available through Spotify and Google Podcasts. Markets reporter for the SMH and The Age Most Viewed in Business
A new plan to bail out New York City’s debt-ridden taxi drivers is getting support from top city and state officials — but critics say the numbers don’t add up, and claim that it threatens to wreck the market that finances yellow cabs for good. Under a proposal unveiled this month by the New York Taxi Workers Alliance, a group that represents drivers, the city would attempt to reduce the value and debt on taxi medallions — the pricey permits issued by the city that are required to operate cabs — at $125,000. The city would act as a backstop, responsible for all the accounts that might still default. Introduced by the group’s executive director, Bhairavi Desai, the plan would push cabbies’ monthly payments below $800 over 20 years with an interest rate of 4 percent. That’s well below the payments of $3,000 and $4,000 a month that slammed some cabbies after the medallion market briefly soared above $1 million in 2013. The radical refinancing — which comes as cabbies face as much as another year before the city returns to normal with the help of a COVID-19 vaccine — has grabbed the eye of a few prominent city officials.
Advertisement "Victorian students deserve high-quality financial literacy, free from commercial interests – that’s why we’re banning financial institutions from delivering school banking programs." "The Victorian curriculum sets our expectations for financial literacy and that must be our focus. It is time to draw a line under this issue." The state government's concerns include complaints from students, teachers and families about the quality of the education and the financial literacy outcomes of the programs. There are also concerns about the tactics some banks have used, including luring children with prizes to build brand loyalty in young children. Another concern is the interest rates offered through the school banking programs are low compared to adult banking products. Consumer group Choice has called upon other state and territory governments to follow the Victorian government’s move to ban the programs. "Programs like the Commonwealth Bank’s Dollarmites are little more than slick marketing programs aimed at primary school aged children," Choice chief executive Alan Kirkland said. "Choice has never been able to find any evidence that programs like the Dollarmites have any impact on long-term savings habits. The only impact they have
A New York man says he and other consumers have been duped into believing that Tecate beer is Mexican when it’s actually made by Dutch company Heineken in Holland, new court papers show. Miguel Schelmetty says the beer is masquerading as Mexican “through the brand name, the traditional Meso-American typeface, the mythical Aztec eagle emblazoned on the product and the statements ‘Original’ and ‘Cerveza,'” on the labeling, according to his Manhattan Federal lawsuit from Friday. Also, Tecate’s website says “Hecha En Tecata Baja California Mexico” and “Born and brewed in the land we are proud to share our name with: Tecate,” the suit points out. Meanwhile, the company only discloses its true origins “in small font on the back of the boxes on the lower left where it states ‘Product of Holland'” and “‘Brewed and canned by HBBV Amsterdam, Holland … Imported by Cervezas Mexicanas, White Plains, NY,'” the court documents note. Schelmetty claims this is deceptive advertisement. And had Schelmetty and other consumers known Tecate is actually made in Holland “they would not have bought the product or would have paid less for them,” the court papers say. Tecate sells for “a premium” at around $11.99 for a 12-pack
Struggling mom and pop owners are desperately hoping for a shot in the arm during Small Businesses Saturday’s annual shopping event, but early reports of lackluster Black Friday sales are dampening expectations, as the coronavirus continues to surge in the boroughs. Steve Bulger, Regional Administrator of the Small Business Administration urged holiday shoppers who are under quarantine or scared off by social distancing measures to find other ways to support the businesses that make up the lifeblood of their neighborhoods. “Tri-state residents can offer it up in easy ways. First, purchasing online or over the phone. Buying gift certificates now to be used at a later date or even helping magnify your favorite small business’ online presence all will pay dividends. This support is crucial to helping New York small businesses weather the revenue and cash flow storms they are now going through due to state and local COVID-19 restrictions,” says Bulger. On Wednesday, Mayor Bill de Blasio announced “Shop Your City,” an initiative to provide interest free loans of up to $100,000 to the city’s small businesses. Business owners can apply for a piece of the 35 million dollar program beginning on Nov. 30. “Shop your city, shop your
Facebook has mistakenly blocked the advertising of some small businesses as it relies more heavily on artificial intelligence to police its platform, according to a report. Bloomberg reported Friday that errors made by AI algorithms looking to rid Facebook of offensive ads has caused already struggling businesses to miss out on online sales opportunities. For many small businesses, Facebook has become a potent financial lifeline, but there have been drawbacks that include problems with the company’s content-moderation software, limited options for customer support and lack of transparency about how to fix problems. New York-based businesswoman Ruth Harrigan told Bloomberg that her honey and beeswax products company, HoneyGramz, was mysteriously blocked for the “violating” Facebook’s policies early this month. Harrigan said HoneyGramz is almost entirely reliant on Facebook ads to drive online sales, as the pandemic has put a chokehold on tourism. “I was getting a little anxious thinking, ‘Oh my God, Black Friday is around the corner, most of my sales for the year happen in November and December and that’s it,’” she told Bloomberg. “I said, ‘If I’m shut down any longer than this, it’ll cripple me.’” Harrigan complained to Facebook and her account was restored days later, but the
Wall Street stocks advanced, with the Nasdaq closing at a record high, on Friday in a holiday-shortened week as retailers kicked off the year-end shopping season amid record COVID-19 hospitalizations. The Nasdaq outperformed as investors favored tech-related, market-leading stocks that have fared well during the pandemic, while economically sensitive cyclical stocks weighed. All three indexes rose for the week, in which the S&P 500 reached a new closing high and the blue-chip Dow ended above 30,000 for the first time ever. “It’s an abbreviated session and volume is light, so the only conclusion is that the rally is not faltering for now,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “It does bode well for next month,” Cardillo added. “Will we see a Santa rally? Most likely. Will it be as robust as November? That’s a big question mark.” Retailers opened their doors to Black Friday shoppers, with social distancing practices and other measures put in place to mitigate infection risks, while offering steep discounts. “Black Friday has been somewhat tarnished – traffic is down due to the pandemic – but the good news is e-commerce sales have reached a new record,” Cardillo said. “That’s