Saturday, 4 Jul 2020

Democrats' bid to immediately pass coronavirus small business bill stalls in U.S. Senate

Basketball legend Chris Mullin sells Long Island home for $2.8M

Basketball legend Chris Mullin has let go of his Empire State real estate.

The 56-year-old New York City native played for the Golden State Warriors for most of his career and later served as head coach at St. John’s, his alma mater.

Now the Hall of Famer — who lives in California, where he is an NBC Sports analyst for the Warriors — has sold his Manhasset, New York, manse for its $2.8 million asking price.

The sprawling, 5,344-square-foot at 370 Manhasset Woods Road had been on the market for a few years before Nest Seeker International’s Zachary Elliott nabbed the listing. Built in 1938, the Tudor-style home comes with six bedrooms and eight bathrooms, and sits on one acre.

The home has large entertaining rooms that lead to a bluestone patio overlooking a backyard.

The home features a formal living room with a fireplace, a library with another fireplace, a gourmet eat-in kitchen and a master suite with a spa-like ensuite bathroom and a balcony. There’s also a gym on the lower level.

The listing brokers are Elliott and Dylan Eckardt, of Nest Seekers International.

Crude Oil Futures Settle Higher Again

Crude oil futures settled higher on Wednesday on reports the OPEC+ will likely extend production cuts by another month.

Data showing a drop in U.S. crude inventories last week, and expectations of increased demand for oil amid reopening of the economies also contributed to the uptick in crude oil prices.

West Texas Intermediate Crude oil futures for July ended up $0.48 or about 1.3% at $37.29 a barrel, the best closing level for a front-month contract since March 6.

Brent crude futures were up $0.16 or nearly 0.4% at $39.73 around late afternoon.

Data released by Energy Information Administration this morning showed crude stockpiles in the U.S. fell by 2.1 million barrels in the week ended May 29, against expectations for an increase in inventories.

Gasoline inventories increased by 2.8 million barrels last week, while distillate stockpiles climbed by 9.9 million barrels, both significantly higher than expected volumes.

The American Petroleum Institute said on Tuesday that U.S. crude inventories fell by 483,000 barrels for the week ending May 29.

The 23-nation OPEC+ group will decide on whether to extend production cuts during their next meeting. It is widely expected that the cartel will extend output cuts through July or August.

Earlier, they had agreed in April to cut their total oil output by 9.7 million barrels per day from May 1 through June 30.

Zoominfo aims to price IPO above target in largest 2020 tech listing

Zoominfo Technologies is looking to price its initial public offering on Wednesday above its upwardly revised target range in what is set to be the largest US technology listing so far this year, people familiar with the matter said.

A B2B data-seller, Zoominfo — not to be confused with Zoom Video Communications, the firm that offers video conferencing — is looking to sell shares in the IPO at $21 each, above its upwardly revised $19 to $20 target range, the sources said, cautioning that the final price has not yet been settled.

The Carlyle Group-backed business intelligence platform has said it is looking to sell 44.5 million shares, which at $21 would raise $934.5 million to value the company at just over $8 billion.

Zoominfo declined to comment.

The listing is the latest in a packed week for IPOs, which have rebounded after market turmoil in March and April over the COVID-19 pandemic delayed many listings.

Earlier on Wednesday, Warner Music Group Corp’s stock popped 8 percent on its Nasdaq debut, after selling $1.9 billion in shares toward the higher end of its target range in the largest US IPO so far this year.

Zoominfo said its customers in industries most affected by the pandemic, including retail, restaurant, hotels, airlines and oil and gas, may reduce their technology or sales and marketing spending, which could adversely impact its business.

JPMorgan and Morgan Stanley were lead book runners for the IPO. Zoominfo shares are due to begin trading on Nasdaq on Thursday under the trading symbol “ZI.”

Germany approves 130 bln euro coronavirus stimulus package

BERLIN, June 3 (Reuters) – Chancellor Angela Merkel said her conservatives and their Social Democrat coalition partners agreed on Wednesday on a stimulus package worth 130 billion euros that is designed to speed up Germany’s economic recovery from the coronavirus pandemic.

The coalition partners resolved differences on incentives to buy new cars and relief for highly indebted municipalities, paving the way for a fiscal programme that is substantially bigger than similar packages by Germany’s euro zone partners. (Reporting by Joseph Nasr Editing by Paul Carrel)

Coronavirus: Will COVID-19 quarantine plan cripple travel industry?

On this edition of the Sky News Daily podcast with Dermot Murnaghan, we examine the impact of the measures coming in on Monday for the sector and travellers.

We are joined by our deputy political editor Sam Coates and Sean Tipton from ABTA – plus we look at the future of work and the economy following the coronavirus crisis as part of our special series After The Pandemic: Our New World.

Democrats' bid to immediately pass coronavirus small business bill stalls in U.S. Senate

WASHINGTON, June 3 (Reuters) – U.S. Republican Senator Ron Johnson on Wednesday stopped an attempt by Democrats to immediately pass a bill giving small businesses more flexibility in using new federal loans during the coronavirus pandemic.

Johnson said the legislation, which overwhelmingly passed the House of Representatives on May 28, possibly could be passed later on Wednesday or on Thursday pending closed-door negotiations that were continuing.

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