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Op-ed: Financial professionals need to keep investors safe in these unprecedented times

Op-ed: Financial professionals need to keep investors safe in these unprecedented times

Finance
miodrag ignjatovicThe economic crisis caused by the coronavirus outbreak is  anything the world has ever experienced.Unlike the recession in the 1980s, the bond collapse of 1994, the Asian currency crisis or the 2008 subprime mortgage disaster, this is not a financial crisis. It is an economic crisis. And, although financial crises occur with some regularity, most have more localized impact zones.In this case, almost every major economy in the world has been negatively impacted by some form of societal lockdown. The fact that it came amidst a strong and growing global economy made it nothing short of a seismic systemic shock.This unprecedented crisis demands that finance professionals recognize the leadership role we need to play in guiding investors through ongoing volatility to calm...
Stock futures flat as investors await Fed’s forecast on the economy

Stock futures flat as investors await Fed’s forecast on the economy

Finance
U.S. stock futures were flat in overnight trading as investors await clarity on the state of the economy and further stimulus from the Federal Reserve's policy meeting.Dow futures rose 12 points, indicating a gain of 0.3% at the open Wednesday. The S&P 500 and Nasdaq were also set to open slightly higher, with gains of 2 points and 16 points, respectively.The Dow Jones Industrial Average and S&P 500 were under pressure on Tuesday as stocks benefiting from the economic reopening fell broadly. The Dow fell 300 points or 1.1%, snapping a 6-day winning streak. The 30-stock average was dragged down by a 5.9% drop in Boeing.The S&P 500 lost 0.8%, retreating after briefly turning positive for the year in the previous session."After such a ferocious run in recent weeks, the stock marke...
Woodford investors in line for £225m from biotech sale

Woodford investors in line for £225m from biotech sale

Business
A portfolio of 19 life sciences company stakes accumulated by Neil Woodford, the former star fund manager, will be sold on Friday to an American buyer for just under £225m.Sky News has learnt that Acacia Research Corporation has finalised a deal with Link Fund Solutions, the administrator of the shareholdings, after months of talks. Insiders said on Thursday evening that the transaction would pave the way for a sum of up to £224m to be returned to investors in Mr Woodford's flagship Equity Income Fund, many of whom were hit by huge losses following the implosion of his asset management empire.Acacia's purchase of the stakes - which include holdings in companies such as Theravance Biopharma, Oxford Nanopore and Mereo Biopharma - will come almost exactly a year to the day since Mr Woodford's
Sebi gives exit route to mutual fund investors in wound up schemes

Sebi gives exit route to mutual fund investors in wound up schemes

Finance
The Securities and Exchange Board of India has said that the units of schemes in the process of winding up will have to be listed on recognised stock exchanges. This rule will have to be followed by all open and close-ended schemes. This move by the market watchdog comes after Franklin Templeton Mutual Fund decided to wind up 6 of its debt mutual fund schemes. In a circular issued on Wednesday, Sebi said: "In terms of Regulation 31B(1) of the MF Regulations, the units of Mutual Fund schemes can be listed in the recognized stock exchange. Accordingly, the units of Mutual Fund schemes which are in the process of winding-up in terms of Regulation 39(2)(a) of MF Regulations, shall be listed on recognized stock exchange, subject to compliance with listing formalities as stipulated by the stoc...
Futures flat as investors brace for a tough earnings season amid coronavirus crisis

Futures flat as investors brace for a tough earnings season amid coronavirus crisis

Finance
Stock futures were little changed in overnight trading on Monday as investors brace for an ugly earnings season with the coronavirus wrecking havoc on global corporate profits. Futures on the Dow Jones Industrial Average rose just 20 points. The S&P 500 and Nasdaq futures were also flatEarnings season is set to kick off on Tuesday with JPMorgan Chase, Wells Fargo and Johnson & Johnson reporting numbers in the morning. The first batch of results will give investors a sense of how devastating the hit to corporations could be from the pandemic.Analysts expect S&P 500 earnings growth to decline 10.2% in the first quarter year-over-ear, according to Refinitiv. There is also an unusually wide range of estimates given the unprecedented uncertainty from th...