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Added on the 20/10/2015 13:58:14 - Copyright : Euronews EN
Members of the Lebanese army gather outside the Hamra branch of Federal Bank as a customer, armed with a rifle and threatening to set himself ablaze, holds the bank's workers hostage, demanding to withdraw his trapped savings to pay hospital fees. The incident is the latest between local banks and angry depositors unable to access their savings held in cash-starved banks because of informal capital controls in economic crisis-hit Lebanon. IMAGES
The recent storming of the US Capitol seems to be hitting President Donald Trump not only politically, but financially as well. CNN reports a growing number of businesses suddenly want very little to do with Trump after he incited a mob of his supporters to attack the Capitol. Twitter and Facebook banned Trump indefinitely, and Stripe is no longer processing credit card payments for his campaign. Shopify stopped operating online stores for the Trump Organization and the campaign and the PGA is pulling a major golf tournament from a Trump resort. It's also unclear which, if any, banks will want to loan money to the Trump Organization.
Business Insider reports Norwegian deputy central bank governor Jon Nicolaisen resigned on Friday. Nicolaisen was in charge of Norway's $1.2 trillion sovereign wealth fund, the biggest in the world. He stepped down after Norway's security service rejected his security clearance because his wife is Chinese and lives in China. The pair have been married for ten years, but Norway has become stricter on ties to China and Russia in recent years. Norway's intelligence service says the two countries are trying to find out information about Norway's petroleum industry.
On Thursday, lGoldman Sachs said large-cap mutual funds are on the verge of fueling a massive rally for Tesla shares. Business Insider reports that Tesla is set to join the S&P 500 on December 21 as one of its 10 most valuable members. Of the 189 large-cap core funds tracked by Goldman, 157 funds managing roughly $500 billion don't yet hold Tesla stock, the bank said. Goldman says some funds may aim to hold Tesla at benchmark weight when it joins the index. If so, Goldman said, funds will buy about $8 billion worth of shares soon after the automaker's inclusion.
On Tuesday Deutsche Bank said working from home should be taxed to help support people on low incomes who cannot do their jobs remotely People choosing to work from home despite their company providing a permanent desk should pay the tax. According to Business Insider, that would be 5% of their salary. The report argued that if companies do not offer permanent desks, they should pay instead, the report argued. Deutsche said the tax could raise $49 billion per year in the US, $23.6 billion in Germany, and $9.3 billion in the UK.
California biotech company Vaxart is under federal investigation and is being sued by a number of investors. According to CNN, Vaxart was served with a grand jury subpoena in July from the US District Court for the Northern District of California. It's under fire for exaggerating its involvement in the US government's Operation Warp Speed program for developing COVID-19 vaccines and treatments. Vaxart issued a June press release saying 'Vaxart's Covid-19 Vaccine Selected for the US Government's Operation Warp Speed.' The news pumped Vaxart's stock price from $3 to $17. Hedge fund Armistice Capital, which partly controlled Vaxart, sold its shares, profiting more than $200m. A few weeks before it announced its supposed inclusion in the Operation Warp Speed program, Vaxart granted amendments to its warrants agreements. That allowed Armistice to sell almost all of their stock, which they did once the stock price skyrocketed. In July, the HHS said it had neither entered into a funding agreement nor negotiations with Vaxart.
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