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(Bloomberg) -- Goldman Sachs Group Inc. made the most of a historic market rebound in the second quarter as the Federal Reserve’s stimulus efforts handed a bonanza to Wall Street trading desks.Revenue from trading stocks and bonds surged 93%, surpassing what analysts had expected by about $2.5 billion and mirroring similar gains reported Tuesday by JPMorgan Chase & Co. and Citigroup Inc. The bank also raked in record fees from helping companies raise cash needed to weather the coronavirus pandemic.“The turbulence we have seen in recent months only reinforces our commitment to the strategy we outlined earlier this year to investors,” Chief Executive Officer David Solomon said in a statement Wednesday.The full force of the Fed helped rescue markets reeling from the outbreak and government stay-at-home orders, which had ground economies to a halt around the world. Policy makers’ emergency measures sent companies racing to tap funding sources, and the biggest...
(Bloomberg) -- A hedge fund manager who returned 47% this year by betting on gold and Treasuries says the next decade is going to be marked by inflation that central banks are powerless to control.Diego Parrilla, who heads the $450 million Quadriga Igneo fund, says unprecedented monetary stimulus is fueling asset bubbles and corporate debt addiction -- rendering interest-rate hikes impossible without an economic crash. In the ensuing market mania, the manager whose portfolio is loaded up with cross-asset hedges says gold could rise to $3,000 to $5,000 an ounce in the next three to five years, up from the current price of $1,800.“What you’re going to see in the next decade is this desperate effort, which is already very obvious, where banks and government just print money and borrow, and bail everyone out, whatever it takes, just to prevent the entire system from collapsing,” Parrilla said in an interview from...
On this episode of Yahoo Finance Presents, Secretary Ben Carson joined Yahoo Finance's Sibile Marcellus to discuss the state of affairs in America, including the current coronavirus pandemic, Bank of America's statement regarding the Housing and Urban Development's disparate impact rule, President Trump and Dr. Fauci, as well as racial inequality....
(Bloomberg) -- It took 200 million pounds ($250 million) of Richard Branson’s own money to secure the rescue of his Virgin Atlantic Airways Ltd.The outlay marks the latest example of the industry’s enduring capacity to shrink fortunes, although the British billionaire may not be surprised, having once said: “If you want to be a millionaire, start with a billion dollars and launch a new airline.”The airline business has long proved irresistible to a cohort of larger-than-life tycoons. From AirAsia Group Bhd’s Tony Fernandes to JetBlue Airways Corp. founder David Neeleman, some of the world’s most celebrated entrepreneurs have built fortunes shuttling people through the sky. But with air travel dwindling in lockdown, coronavirus has battered even those long hardened to the volatility and thin margins of the capital-intensive industry.The market values of 10 large, publicly traded airlines linked to prominent magnates tracked by the Bloomberg Billionaires Index have fallen in value...
Goldman Sachs (GS) reported stronger-than-expected second-quarter earnings results on Wednesday, as surging revenues despite the pandemic buttressed the bottom line and its stock price....
Healthcare giant UnitedHealth (UNH) has reported its second quarter earning results with Q2 Non-GAAP EPS of $7.12 beating Street estimates by $1.88. Similarly GAAP EPS of $6.91 easily topped consensus expectations by $1.73.However revenue of $62.14B fell short of estimates by $1.4B, despite rising 2.5% year-over-year, as growth in serving public-sector and senior programs was partially offset by commercial enrollment declines.According to UNH earnings were substantially higher than anticipated due primarily to the unprecedented, temporary deferral of care in the company’s risk-based businesses. UNH expects these results will be offset in the quarters ahead by the assistance measures already taken, the resumption of deferred care and future COVID-19 cost and economic impacts.Encouragingly, Optum second quarter revenues and operating earnings of $32.7 billion and $2.2 billion surged from $28 billion and $2.1 billion a year ago, led by earnings growth at OptumHealth. Indeed, OptumHealth served approximately 97 million people in the second quarter, compared...
