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Tag: recovery

S&P 500 barely strikes record high as Federal Reserve commits to economic recovery

S&P 500 barely strikes record high as Federal Reserve commits to economic recovery

Business
April 7 (UPI) -- The S&P 500 scraped its way to a record close on Wednesday in a mixed day of trading as the Federal Reserve indicated it would remain committed to policies supporting economic recovery. The equity benchmark gained 0.15% to a new closing high of 4,079.95. The Dow Jones Industrial Average rose 16.02 points, or 0.048%, while the Nasdaq Composite dipped slightly to close down 0.07%. Advertisement Markets reacted to minutes from the Fed's March policy meeting where officials indicated the pace of asset purchases is likely to remain the same as the central bank works toward its economic goals. "Participants noted that it would likely be some time until substantial further progress toward the Committee's maximum-employment and price-stability goals would be realized and that...
Glastonbury Festival gets grant as part of £400m Culture Recovery Fund

Glastonbury Festival gets grant as part of £400m Culture Recovery Fund

Entertainment
Glastonbury Festival will receive a £900,000 grant as part of the government's £400 million Culture Recovery Fund.The festival was forced to cancel two events due to the pandemic and has announced a global livestream this year, on the first weekend music venues can reopen. Its co-organisers Michael and Emily Eavis said they were "extremely grateful to be offered a significant award"."After losing millions from the cancellation of our last two festivals, this grant will make a huge difference in helping to secure our future," they said.The Department for Digital, Culture, Media and Sport said the money will help the event this year and carry it through to 2022.

Stock futures are flat amid renewed concern about pandemic recovery

Finance
U.S. stock futures were flat in overnight trading on Tuesday amid renewed investor concern about the global recovery from the coronavirus pandemic.Dow futures rose 20 points. S&P 500 futures gained 0.08% and Nasdaq 100 futures rose 0.3%.On Tuesday, stocks tied to an economic recovery led the losses amid rising new coronavirus cases in the U.S. and abroad.The Dow Jones Industrial Average lost more than 300 points, dragged down by a 3.4% drop in Caterpillar's stock. The S&P 500 fell 0.76% with major losses from airlines and cruise lines. The Nasdaq Composite dropped 1.12% as Facebook, Apple and Tesla all closed lower.The small-cap benchmark Russell 2000 fell 3.58%, for its worst day since June.Many regions of the world are seeing rising Covid-19 cases as highly contagious varian...
Wage growth at highest level since 2008 and payrolls show signs of recovery

Wage growth at highest level since 2008 and payrolls show signs of recovery

Business
Rates of pay growth are running at their highest level since 2008, according to official figures which also show "early signs" of stabilisation for payrolled employment despite the continuing coronavirus pandemic.The Office for National Statistics (ONS) reported average weekly earnings were up by 4.7% on an annual basis during the three months to December. It suggests that many of those in work were being rewarded for their performances during the crisis as, when the effects of bonuses are stripped out, the rate of growth slows to 4.1%.Live COVID news from UK and around the world However, experts said they also reflected the fact that many of those to have lost work - stripping them from the wage figures - were more likely to have been in lower-paid jobs. ...
PNB expects Rs 3,800 cr recovery from Bhushan Power resolution; sees good amount from DHFL too

PNB expects Rs 3,800 cr recovery from Bhushan Power resolution; sees good amount from DHFL too

Finance
NEW DELHI: State-owned (PNB) is expecting to recover a substantial Rs 3,800 crore from Bhushan Power and Steel under debt resolution in NCLT, which will help it achieve the target of Rs 8,000 crore cash recoveries during this fiscal, its managing director and CEO S S Mallikarjuna Rao said. Besides, the city-based lender also hopes to make good recovery of its exposure in crisis-hit , which is undergoing a resolution process currently. Sticking to the bank's previous guidance on restricting the gross NPAs below 14 per cent and net NPAs lower than 5 per cent by the end of the current fiscal, Rao said there has been an improvement in collection efficiency as well in January after a dampened December. Across the banking industry, the collections were much better in October and November, befor...