Progressive Corp. April Profit Rises – Quick Facts

Progressive Corp. (PGR) reported that its net income attributable to the company for the month of April 2020 rose to $952.6 million or $1.62 per share from $487.8 million or $0.83 per share in the prior year.

Total pretax net realized gains on securities was $537.3 million compared to $131.6 million in the previous year.

Monthly net premiums written grew to $3.76 billion from $3.67 billion in the previous year. Net premiums earned were $3.63 billion up from $3.35 billion in the prior year.

Ex-Green Beret and his son arrested for helping Carlos Ghosn flee Japan

An ex-Green Beret and his son were arrested by authorities in the US Wednesday for allegedly helping Carlos Ghosn escape Japan in a concert equipment box.

Former US special forces soldier Michael Taylor and his son Peter Taylor are charged in the bizarre plot to smuggle the ousted Nissan CEO out of Japan in December.

Ghosn had been out on bail while awaiting trial for allegedly under-reporting $80 million in compensation earnings and siphoning off company cash for his own use.

Court papers announcing the Taylors’ arrest and details of their alleged crimes were unsealed in Massachusetts federal court on Wednesday.

The father and son, who live in Harvard, Mass., will appear via video for a court hearing Wednesday afternoon.

Stock Alert: Atossa Up 28% On Positive Results From Its COVID-19 Drug Candidate

Shares of Atossa Therapeutics, Inc. (ATOS) are spiking more than 28% Wednesday morning after the clinical-stage biotechnology company announced positive results from the in vitro testing of AT-H201, Atossa’s COVID-19 drug candidate.

Preliminary data showed that AT-H201 inhibits SARS-CoV-2 infectivity of VERO cells in a laboratory culture. Vero cells are a lineage of cells used in cell cultures.

“These results support the continued development of AT-H201 for COVID-19 patients and beginning studies in the clinical setting,” said Dr. Steven Quay, Atossa’s President, and Chief Executive Officer.

Atossa stock is currently trading at $2.25. It has traded in the range of $0.76- $3.25 in the past 52-weeks.

Stock Alert: Kornit Digital Trading Higher As Co. Is On Recovery Path

Shares of Kornit Digital Ltd. (KRNT), a leading provider of digital printing solutions for the global textile industry, are surging more than 24% Wednesday morning to hit a new high of $46.20. The stock is currently trading lower at $44.54.

Tuesday while talking to analysts during the first-quarter earnings call, Ronen Samuel, Chief Executive Officer of the company said that Kornit Digital is back to strong recovery after hit badly by coronavirus pandemic. The company has reopened all its manufacturing and R&D sites.

“Some major orders we expected in Q1 have already been received in Q2 with partial implementation in Q2 and the remainder in the second half of the year,” Samuel added.

During the first quarter, revenue for the quarter decreased to $26.2 million from $38.5 million.

Adjusted net loss for the first quarter was $8.9 million, or $0.22 per share, compared with net income of $1.6 million, or $0.04 per share a year ago.

Egypt to take 1 % from public salaries for 12 months due to coronavirus

CAIRO (REUTERS) – Egypt will deduct 1 per cent from public salaries for 12 months beginning on July 1 to offset with the economic repercussions of the coronavirus, the Cabinet said on Wednesday (May 20).

The tax will be imposed across all sectors of the economy, and 0.5 per cent will also be deducted from state pensions, the Cabinet said in a statement.

European Economics Preview: UK Inflation Data Due

Consumer and producer price data from the UK is due on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics is set to release UK consumer and producer prices for April. Inflation is forecast to ease to 0.9 percent from 1.5 percent in March.

UK output prices are expected to fall 0.4 percent annually after gaining 0.3 percent a month ago. At the same time, economists expect input prices to drop 8.7 percent following a 2.9 percent decrease in March.

At 3.00 am ET, producer prices from the Czech Republic and consumer confidence from Turkey are due. The Czech producer prices are forecast to fall 1.1 percent on year in April after rising 0.4 percent in March.

At 4.00 am ET, the European Central Bank is scheduled to issue euro area current account data for March. The current account surplus totaled seasonally adjusted EUR 40.2 billion in February.

At 5.00 am ET, Eurostat publishes euro area final consumer prices for April. Inflation is forecast to slow to 0.4 percent, as initially estimated, from 0.7 percent in March.

Trump says he may host G7 in person, after earlier cancelling

WASHINGTON, May 20 (Reuters) – U.S. President Donald Trump on Wednesday said he may again host the G7 summit in or near Washington, after earlier canceling the in-person meeting amid the novel coronavirus pandemic.

“I am considering rescheduling the G-7, on the same or similar date, in Washington, D.C., at the legendary Camp David,” Trump tweeted. “The other members are also beginning their COMEBACK. It would be a great sign to all – normalization!” (Reporting by Susan Heavey Editing by Chizu Nomiyama)

NY Fed says first requests for TALF program loans will be taken June 17

NEW YORK, May 20 (Reuters) – The Federal Reserve Bank of New York announced that the first requests for loans for the Term Asset-Backed Securities Loan Facility will be taken on June 17, with closings on June 25.

Read more about the program here here (Reporting by Jonnelle Marte Editing by Chizu Nomiyama)