Author: Minnie Arwood

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Finance jobs: All your options

Finance jobs: All your options

Finance jobs can offer practical experience, in a diverse set of roles, for graduates with strong financial and analytical skill sets. Graduates may apply their industry knowledge and explore a broad range of finance careers, Alternative Medicine.

From accountants and economic analysts to other fulfilling career options, such as investment bankers and portfolio managers, the opportunities are limitless.

What’s it like to work in a finance job?

Personal finance, corporate finance, and government finance are widely recognized as the three finance subfields. Other subfields include investments, money and credit markets, and financial management.

Graduates and working professionals can pursue careers in corporate financial management, securities analysis, and commercial lending, along with several other financial career institutions. Finance professionals typically interact with attorneys, accountants, and insurance agents. In the right work setting, both introverts and extroverts can enjoy rewarding financial jobs and long-term careers.

Finance job seekers may seek remote opportunities as financial analysts, financial advisors, accountants, and other offsite career opportunities. Industry professionals may work between 50 and 70 hours per week. Investment bankers may log as many as 70 to 100 weekly hours. Long hours can contribute to burnout.

Salaries range from $61,000 to $137.000 plus. Finance professionals are driven by a lively, exciting, and challenging workplace with advancement opportunities and unlimited career opportunities around the world.

Finance career options

The finance industry is ever-growing for those who possess a finance degree and strong analytical and accounting skills. Explore your finance career options below and check out the best online finance master’s programs.

Accountant

Minimum degree level required: Bachelor’s

Salary expectations: $73,560

Good fit for individuals who:

  • Are organized professionals
  • Are skilled at working with numbers
  • Possess strong analytical skills
  • Like collaborating with diverse clientele
  • Are current with accounting trends

Accountants assemble, examine, validate, and organize financial documents. They also monitor the organization’s cash inflow and expenditures and ensure the legalities of financial transactions. Accountants operate with integrity, comply with accounting control procedures, and resolve accounting discrepancies.

Actuary

Minimum degree level required: Bachelor’s

Salary expectations: $111,030

Good fit for individuals who:

  • Are detailed-oriented professionals
  • Are organized and self-motivated
  • Possess strong project management skills
  • Possess advanced statistical analysis and database manipulation training

Actuaries investigate financial outcomes and risk. They also apply financial theory alongside math and statistical data to examine the uncertainty of events and reduce their organization’s risk. Actuaries assist top executives with preparation for risk management, strategic solutions, and company-wide growth.

Budget analyst

Minimum degree level required: Bachelor’s

Salary expectations: $78,970

Good fit for individuals who:

  • Possess advanced mathematical and analytical skills
  • Have strong knowledge of economic trends
  • Are well-versed in financial markets and banking
  • Are experienced in resource allocation

Budget analysts prepare income statements, balance sheets, and cash flow statements. Additionally, budget analysts review the organization’s accounting documents, expenditures, and revenue. Budget analysts oversee payouts, resolve accounting issues, and generate regulatory reports.

Chief financial officer

Minimum degree level required: Bachelor’s

Salary expectations: $137,390

Good fit for individuals who:

  • Are results-oriented professionals
  • Possess leadership and team-building skills
  • Have excellent communication skills
  • Have cash management, financial accounting, and corporate finance competencies

The chief financial officer (CFO) is the organization’s top-ranking finance executive, balancing expenditures and revenue, monitoring financial planning and analysis, and overseeing the company’s overall fiscal health. Additionally, CFOs manage cash flow along with the organization’s assets, mergers, and funding.

Corporate finance manager

Minimum degree level required: Bachelor’s

Salary expectations: $93,714

Good fit for individuals who:

  • Have management consultative experience
  • Possess communication and organizational skills
  • Are proficient in math
  • Possess solid technical skills

Corporate finance managers identify the organization’s financial resources, evaluate and forecast financial earnings and risks, and offer investment recommendations. They also guide leadership on achieving targets, generating capital, and preparing legal records.

Credit analyst

Minimum degree level required: Bachelor’s

Salary expectations: $86,170

Good fit for individuals who:

  • Can communicate effectively with colleagues, superiors, and subordinates
  • Enjoy collecting and processing data
  • Like programming and writing software
  • Can evaluate information
  • Enjoy gathering information from resources

Credit analysts evaluate prospective borrowers’ eligibility for loan approval and repayment. They also evaluate credit data and financial records and generate reports for credit risk. Credit analysts validate financial and credit operations and collect debt for past due balances.

Economic analyst

Minimum degree level required: Bachelor’s

Salary expectations: $61,322

Good fit for individuals who:

  • Are organized
  • Possess analytical thinking and problem-solving skills
  • Have programming expertise
  • Possess statistical and database software experience

Economic analysts study economic trends and develop forecasts about the economy. Additionally, economic analysts use their math and programming knowledge to gather financial data and predict financial outcomes. Economic analysts perform microeconomic analyses and determine the best times to invest the organization’s assets.

Financial analyst

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who:

  • Are analytical and strategic thinkers
  • Have excellent presentation skills
  • Are technologically proficient
  • Are detail-oriented

Financial analysts research business and economic trends, analyze financial records, and define the organization’s value. Financial analysts also explore the organization’s financial projections, weigh the leadership team’s capacity, and propose assortments of investments.

Financial examiner

Minimum degree level required: Bachelor’s

Salary expectations: $81,430

Good fit for individuals who:

  • Possess strong analytical skills
  • Are detail-oriented
  • Are proficient in math, economics, and accounting
  • Have experience with compliance software

Financial examiners evaluate the organization’s profits and losses along with their assets, equity, and liabilities. Additionally, financial examiners guarantee compliance with governing laws for financial institutions and form guidelines that abide by the most improved and latest regulations. Financial examiners generate reports of the organization’s safety and soundness.

Financial manager

Minimum degree level required: Bachelor’s

Salary expectations: $134,180

Good fit for individuals who:

  • Are proficient in math
  • Possess strategic and analytical skills
  • Have strong oral and written communication skills
  • Have commercial awareness
  • Possess problem-solving skills

Financial managers monitor assets of large-scale and small-scale organizations. Additionally, financial managers and their team members manage accounting processes and prepare fiscal reports, cash flow statements, and profit and loss forecasts. Financial managers adhere to laws and regulations and assist employees with understanding the organization’s reports.

Financial planner

Minimum degree level required: Bachelor’s

Salary expectations: $64,993

Good fit for individuals who:

  • Are knowledgeable about personal finance
  • Have budgeting and investment experience
  • Possess analytical skills
  • Have debt management experience

Financial planners assist clients with investing, retirement savings, and maintaining wealth. These professionals also develop and monitor financial programs for employee benefit packages. Financial planners may specialize in niche areas such as estate planning, risk management, and tax planning.

Insurance agent

Minimum degree level required: Bachelor’s

Salary expectations: $52,180

Good fit for individuals who:

  • Possess strong customer service skills
  • Have sales and marketing experience
  • Possess solid math and critical thinking skills
  • Are knowledgeable about legal codes and laws

Insurance agents market health, long-term care, life, and property and casualty insurance along with several other insurance types. They also review insurance policies, personalize insurance plans, and maintain policy renewals with new and existing clients.

Investment banker

Minimum degree level required: Bachelor’s

Salary expectations: $101,237

Good fit for individuals who:

  • Possess analytical and numerical skills
  • Have interpersonal Skills
  • Are well-versed in financial markets
  • Have a background in investment trading

Investment bankers raise capital for an organization’s expansion and improvement efforts. Investment bankers also negotiate mergers, arrange bond offerings, and organize confidential placement of bonds. Investment bankers crunch numbers and effectively communicate with financial institutions.

Loan officer

Minimum degree level required: Bachelor’s

Salary expectations: $63,960

Good fit for individuals who:

  • Are data-driven and organized
  • Are accountable and responsive
  • Possess excellent communication skills
  • Welcome and encourage questions

Loan officers communicate with applicants to assess their needs for loans. Additionally, loan officers discuss loan options and terms, respond to applicants’ questions, and review financial documentation. Loan officers approve or deny applications, examine loan agreements, and adhere to federal and state regulations.

Management analyst

Minimum degree level required: Bachelor’s

Salary expectations: $87,660

Good fit for individuals who:

  • Are accounting professionals
  • Have auditing experience
  • Possess analytical and communication skills
  • Have a background in computer systems analysis

Management analysts evaluate financial records such as profits, costs, and employment reports. These professionals also propose organizational changes, methods, and systems. Management analysts interview staff and administer in-person observations to assess the organization’s needs.

Personal finance advisor

Minimum degree level required: Bachelor’s

Salary expectations: $89,330

Good fit for individuals who:

  • Have a background in accounting and economics
  • Possess math and analytical skills
  • Are good at public speaking
  • Have sales experience

Personal finance advisors communicate with clients and ascertain their income, costs, and insurance coverage while assessing their financial goals and risk tolerance. Additionally, personal finance advisors develop financial plans, oversee clients’ portfolios, and provide cash management and investment planning strategies.

Portfolio manager

Minimum degree level required: Bachelor’s

Salary expectations: $89.286

Good fit for individuals who:

  • Are leadership Professionals
  • Are goal-oriented
  • Possess analytical and quantitative skills
  • Exhibit initiative

Portfolio managers invest mutual, closed-end funds or exchange traded holdings. They also institute investment plans and monitor daily portfolio trading. Portfolio managers develop investment strategies and determine best times for purchasing and selling assets.

Quantitative analyst

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who:

  • Are economics and accounting professionals
  • Possess statistical and complex problem-solving skills
  • Have expertise in computers and electronics
  • Are good critical thinkers

Quantitative analysts apply math techniques to assist organizations with business and financial decisions. Quantitative analysts also determine lucrative investment opportunities and minimize risk. Quantitative analysts evaluate cost effectiveness and benefits of the organization’s developments, products, and services.

Risk specialist

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who:

  • Possess analytical or scientific software skills
  • Have financial analysis and word processing software skills
  • Are good problem-solvers and project managers
  • Pay attention to details

Risk specialists investigate potential risks that could reduce cash flow and increase the organization’s insurance rates. They also develop strategic plans to lessen the organization’s losses. Risk specialists examine financial records, design risk assessment models, and institute contingency plans.

Trader

Minimum degree level required: Bachelor’s

Salary expectations: $131,000

Good fit for individuals who:

  • Are analytical professionals
  • Are excellent at product sales
  • Enjoy working with financial data
  • Are detail-oriented
  • Possess solid customer service skills

Traders purchase and sell securities such as stocks and profits to generate revenue. These professionals may work for large-scale investment management firms, banks, or exchanges. Traders are typically hired by hedge funds or partnerships investing in stocks, currencies, and other investment options.

Venture capitalist

Minimum degree level required: Bachelor’s

Salary expectations: $192,525

Good fit for individuals who:

  • Are detail-oriented
  • Have excellent decision-making skills
  • Are excellent notetakers
  • Have experience in the financial sector
  • Are proficient in locating new profit opportunities

Venture capitalists supply investments at various stages of the venture process. These professionals are also private equity investors that allocate capital to organizations with strong potential to generate large financial gains. Venture capitalists provide capital for startup companies and small businesses seeking to expand their products and services.

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Stock futures extend gains after S&P 500’s best day in seven weeks

Stock futures opened higher Thursday evening to hold gains after a recovery rally, with an initial wave of concerns over the economic impacts of the Omicron variant at least temporarily easing.

Contracts on the S&P 500 advanced. The blue-chip index closed higher by 1.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the regular session, marking its biggest jump since Oct. 14 Thursday. The Dow and Nasdaq each also advanced. Volatility from earlier this week retreated, and the CBOE Volatility index (^VIX) dipped 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to below 28. And travel stocks including airlines, hotel and lodging firms held onto earlier gains in late trading as traders bought the pullback in these virus-sensitive areas of the market. 

The move higher in stocks on Thursday came as market participants digested recent headlines on the Omicron variant, including the discovery of multiple cases in the U.S. While vaccine-makers and epidemiologists have still been assessing the new variant’s transmissibility and severity of infection, investors have at least temporarily eased back from peak levels of concern. 

“The markets … have been pricing in, really, a worst-case scenario,” Jim Smiegiel, SEI chief investment officer, told Yahoo Finance Live. “So obviously, there was a ton of uncertainty … [but] you’re seeing today some signs of positive outlooks coming into play. The cases that we’ve seen so far in the States have been mild.” 

“I think the market is now switching gears a little bit and perhaps lessening the intensity on the potential for negative outcomes,” he added. “The big issue still remains more about the world government’s reaction to the variant and what that means from a lockdown perspective. And that’s what the market is still kind of struggling with at this stage.” 

Others have struck an even more optimistic tone, suggesting the economic impact of the Omicron variant will ultimately prove less drastic than initially feared. 

“If you look back at Delta, there really wasn’t a meaningful impact in terms of actual consumption … maybe we saw a little bit of a shift away from services in the early stages of the reopen back towards goods, but overall consumption held up just fine,” Garrett Melson, Natixis Investment Managers Solutions portfolio strategist, told Yahoo Finance Live on Thursday.

“And on the capex front, we still see signs that companies are saying they’re going to invest in their businesses and they’re doing just that,” Melson added. “Lockdowns are certainly not happening here in the U.S. There’s no appetite from the government and certainly no appetite from consumers.” 

Traders are also awaiting the U.S. Labor Department’s latest monthly jobs report Friday morning. The November jobs report is expected to show another more than half a million payrolls returned last month, with the unemployment taking another step down to reach a March 2020 low of 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The report comes following a slew of other positive data points on the labor market in recent days, with weekly unemployment claims coming in lower than expected, and ADP’s private payrolls report topping expectations on Wednesday.

—

6:31 p.m. ET Thursday: Stock futures jump ahead of jobs report

Here were the main moves in markets during the overnight session:  

  • S&P 500 futures (ES=F): +11.5 points (+0.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,587.25

  • Dow futures (YM=F): +94 points (+0.27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,716.00

  • Nasdaq futures (NQ=F): +34.50 points (+0.22{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 16,023.00

NEW YORK, NEW YORK - AUGUST 10: People walk by the Wall Street Bull near the New York Stock Exchange (NYSE) on August 10, 2021 in New York City. Markets were up in morning trading as investors look to a rare bipartisan effort in the Senate to pass a massive infrastructure bill that, if passed, will infuse billions into the American economy. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – AUGUST 10: People walk by the Wall Street Bull near the New York Stock Exchange (NYSE) on August 10, 2021 in New York City. Markets were up in morning trading as investors look to a rare bipartisan effort in the Senate to pass a massive infrastructure bill that, if passed, will infuse billions into the American economy. (Photo by Spencer Platt/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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14 Ways Remote Teams Can Impact A Company’s Financial (And Overall) Health

Around the world, the pandemic spurred a significant rise in remote work arrangements. Regardless of industry or business model, remote teams can have significant impacts—both positive and negative—on a company’s overall financial health. In some cases, remote teams require a company to buy new technology in order for employees to accomplish their work. On the other hand, many companies are saving significant amounts of money by not maintaining a physical office—and some are even seeing increased productivity.

As more companies are beginning to make the decision on whether to continue with remote work, head back to the office or settle on an arrangement that combines the two, it’s essential for leaders to carefully consider what’s right for their unique situation. Below, 14 members of Forbes Finance Council share ways your remote team may be impacting your company’s finances.

1. Increased Procrastination And Competition For Resources

I faced one of the negative effects of remote work: increased procrastination caused by a lack of communication. Additionally, there was a cost increase caused by remote market globalization—more and more businesses began going remote, so they started hiring employees globally. Before the pandemic, we had to compete for resources locally. Now we have to compete globally. – Peter Shubenok, RNDpoint

2. Potential Communications Breakdowns

A lack of communication can create headaches for remote teams. I have worked remotely since 2005, and I have found that increased communication is critical to meeting deadlines and avoiding misunderstandings. – Paul Davis, Strategic Resource Management

Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?

3. Higher Travel Costs

As we start coming back to work, remote teams will need to begin meeting up with their broader team at a central location every few months. This will mean that employees who rarely traveled, such as product managers and engineers, will be making four to six trips in a year that they didn’t before. Finance teams need to account for enabling these remote employees to spend time together, along with the associated costs. – Robin Gandhi, TripActions Liquid

4. The Need For A Robust Culture 

Working for a remote-first fintech, remote teams are quite literally the lifeblood of our organization. It can be easy to dismiss the concept of culture in remote teams, but when created, supported and pushed to thrive, culture can have a dramatic impact on the financial and overall success of an organization. Happy, engaged employees undisputedly do better work. – Michelle Prohaska, NYMBUS

5. Lower Overhead Costs

Remote work enables companies to remove traditional fixed overhead costs from their financials. Specific expenses, including rent, office supplies, utilities and salaries based on “handcuffed” geographies tied to a central office, can be reduced or eliminated from forward-looking plans. With these savings, management can invest more in R&D or employee learning to drive top-line growth. – John Tytko, Caremerge, Inc.

6. Reduced Need For Physical Expansions

We had considered expanding the physical footprint of our business regionally and nationally before Covid. Then everyone became more comfortable meeting virtually using services such as Zoom. Now, without leaving our office, we’re meeting with clients nationwide. So we’ve expanded our business not through remote teams as much as a remote business model—working with clients in other cities virtually. – Bill Keen, Keen Wealth Advisors

7. More Time Saved For Working And Expense Savings For Employees

Remote workers don’t need to spend money on commuting, eating out, dry cleaning, pet care and so on. On average, Americans spend almost one hour per day in total commute time. If employees capture 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of their “no-need-to-commute” expense savings but allocate 30 minutes more per day to working—splitting the time savings differential with their employer—they win, and their employers win. – Sean Brown, YCharts

8. Boosted Productivity

A hybrid model with some team members working remotely seems ideal. Less office space and resources are required, and studies have shown that working from home has boosted productivity in many ways. This is also a keen “perk” or benefit in today’s competitive recruiting landscape. Many would even take slightly less pay to be able to work from home. – Leslie Heimer, American Liberty Mortgage | Stockworth

9. Savings On Health Benefits

Offering benefits to a remote team, often scattered across the country, presents its share of unique financial challenges—but also potential savings opportunities. Extra vigilance is required when selecting and structuring benefit offerings. A high-deductible health plan paired with an employer-sponsored health savings account program can realize short- and long-term financial benefits for both the company and its employees. – Tom Torre, Bend Financial

10. Compromised Company Security

When employees are too relaxed about security compliance, it can put your entire company at risk for cyberthreats. To mitigate risk, invest in implementing automated phishing simulations and training videos and set up two-factor authentication. Educating remote teams on cybersecurity is crucial for keeping your company secure from costly threats. – Jody Grunden, Summit CPA Group

11. Access To Global Talent Pool

Remote teams empower companies to access the global talent pool at a fraction of the cost, which in turn drastically reduces recruitment costs—thereby directly impacting the bottom line of organizations that rely heavily on the brainpower of their workforce. – Anil Grandhi, AG FinTax

12. More Focus On Teamwork, Communication And Goals

Remote teams can get the business to focus on teamwork, communication and goals. There are software tools to help you monitor all areas of your business and track the output of employees. This higher level of business monitoring can help focus teams on profitability and customer-centric actions. Trusted employees may be more productive remotely with the time added to the workday and measured output. – Dave Sackett, Visibility Corporation

13. Lower Tax Liability

Among the positive financial aspects of remote teams are the cost savings that come from reduced office spaces and insurance. But other savings include not dishing out huge local payroll taxes in cities such as San Francisco and New York. Utilizing remote teams can also lead to savings for the employees, including the elimination of commuting expenses—plus, they’re not losing any time commuting, which adds to the company’s benefit. – Kurt Kunselman, AccountingSuite™

14. Better Client Engagement

Unlike the days when client meetings meant costly travel and time away for commuting, remote teams can reach clients more frequently for video or call check-ins. Technology such as Zoom meetings also allows you to keep more members of your team engaged. – Sonya Thadhani Mughal, Bailard, Inc.

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Tips to Identify Fresh Business Ideas

Tips to Identify Fresh Business Ideas

There are two schools of thought when it comes to starting a company: one values money, and the other values personal preference/passion.

But whatever your belief, you can’t just go with the flow and hope for the best. You have to be proactive and learn as much as possible about the new opportunity.

How to Research a New Business Idea

You really want to launch a startup but haven’t decided what to do just yet. So where do you start the search for an excellent business idea? Try these 3 useful resources.

  1. Use Industry lists

For instance, if you want to become a franchisee, one option is to look at Entrepreneur.com’s Franchise 500 list or other annual lists of top-performing brands and dig deep into their cultures.

Entrepreneur.com’s comprehensive document carries all the important information you may need including investment data, business categories, and plenty of details about the top 500 franchising companies.

Such resources can make it easier to spot new investment opportunities. But business owners must be patient enough to extract meaningful data from this diverse list. So what else can an entrepreneur do?

  1. Network

People should target friends, acquaintances, and other individuals in the industries they are passionate about to gain access to better business opportunities. Some of the best business ideas come from networking in this way.

  1. Social Media

These days, one of the easiest and most accessible ways to find good mentors is through social media. It offers a quick and cost-effective way for you to validate an idea or get advice from someone who’s already been there and done that.

Social media has made it easier to connect with successful people, and this has accelerated the growth of many businesses. Using your knowledge to grow your business is better than waiting around for your business to grow. Learning from others can help you climb up the ladder very fast.

Final Words

Business can be satisfying and money-spinning if you target the right niche. Always take this phase seriously as it determines your fate moving forward.

Author Bio

Michael Hollis is a Detroit native who has helped hundreds of business owners with their cash advance solutions. He’s experimented with various occupations: computer programming, dog-training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.

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Bill Ackman says the Covid omicron variant could end up being bullish for markets

Bill Ackman, founder and CEO of Pershing Square Capital Management.

Adam Jeffery | CNBC

Investor Bill Ackman said the new omicron variant of the coronavirus could actually give U.S. stocks a boost if symptoms turn out to be less severe.

“While it is too early to have definitive data, early reported data suggest that the Omicron virus causes ‘mild to moderate’ symptoms (less severity) and is more transmissible,” Ackman said in a tweet Sunday evening. “If this turns out to be true, this is bullish not bearish for markets.”

The founder and CEO of Pershing Square Capital Management added it would be bullish for the equity market and bearish for the bond market.

First detected in South Africa, the new Covid variant has now been found in more than a dozen countries, causing many to restrict travel from southern Africa. The World Health Organization labeled the omicron strain a “variant of concern” on Friday when the Dow Jones Industrial Average dropped 900 points to suffer its worst day since October 2020.

Covid symptoms linked to the omicron variant have been described as “extremely mild” by the South African doctor who first raised the alarm over the new strain.

Still, the WHO said it will take weeks to understand how the variant may affect diagnostics, therapeutics and vaccines.

Ackman’s comments have been widely watched throughout the health crisis and the market’s turbulent ride over the past two years. At the height of the Covid-19 crisis in March 2020, Ackman came on CNBC to warn investors that “hell is coming” and urged President Donald Trump and corporate America to shut down the country for 30 days to contain the outbreak, calling it the only option to rescue the economy.

Days after the interview, Ackman revealed his firm exited the short positions just as the S&P 500 bottomed, pocketing more than $2 billion in bets against markets that month.

In July when Wall Street was grappling with the Covid delta variant, Ackman said it doesn’t pose a significant threat to the economic reopening and he sees interest rates rising on the back of the big comeback.

More recently at the end of October, the hedge fund manager called for the Federal Reserve to begin reining in the support it has provided to the economy during the pandemic. He said the central bank should “taper immediately and begin raising rates as soon as possible.”

Pershing Square manages about $13 billion in assets and the hedge fund was up 27.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} through October and 21.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} net of fees, according to the company’s statements. It followed a banner 2020 during which the fund returned a whopping 70.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on net.

Ackman has been betting big on a rebound in the restaurant, retail and hotel industries. His top holdings at the end of the third quarter included Lowe’s, Hilton, Restaurant Brands and Chipotle. He picked up Domino’s Pizza shares earlier this year following a pullback.

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Stocks and oil drop again, as Omicron’s arrival in the U.S. whips markets.

By Eshe Nelson and Matt Phillips

Stocks on Wall Street slid on Wednesday for a second consecutive session, continuing their tumultuous ride since the discovery of the Omicron variant of the coronavirus last week.

The S&P 500 fell 1.2 percent, as an early gain quickly faded after news that the variant had been detected in the United States. The Nasdaq composite lost 1.8 percent.

Early gains by oil futures also faded. West Texas Intermediate, the U.S. benchmark, fell about 1 percent to $65.57, erasing earlier gains of as much as 5 percent.

Shares of companies likely to be most affected by an increase in pandemic precautions were among the hardest hit. American Airlines fell 8 percent and was one of the worst performers in the S&P 500. United Airlines was down nearly as much, as were the cruise lines like Norwegian and Carnival.

Even as they have cautioned against overreacting to the news of a new variant before much is known about it, several world governments have put in place restrictions on travel — including limits on entry for visitors from southern Africa, where the variant was first detected, and blanket bans on all foreigners.

In the United States, the Centers for Disease Control and Prevention has said it plans to toughen coronavirus testing and screening requirements for international fliers bound for the country. The agency is considering requiring travelers to provide a negative result from a test taken within 24 hours before departure, among other steps, a spokesman said Tuesday night.

Investors also snapped up shares of companies that could benefit from a renewed vigilance to a spreading virus. Clorox rose nearly 2 percent. Quest Diagnostics, a lab company with a fast-growing Covid testing business, rose 1.7 percent. Becton Dickinson and Company, which makes an at-home Covid test, rose 1.9 percent.

As they consider the risk of the Omicron variant, and the potential impact on the global economy as governments again restrict travel and tighten testing requirements, investors are also grappling with a shifting outlook for interest rates.

On Tuesday, the S&P 500 declined 1.9 percent when the head of the Federal Reserve said the central bank might speed up its plan to reduce support for the economy because of high inflation. The back-to-back declines added up to a 3.1 percent drop for the U.S. benchmark index, its worst two-day dive since October 2020.

A measure of volatility in the U.S. stock market surged to its highest since early March on Friday after the Omicron variant was reported by researchers in South Africa. The VIX index has declined a little since then, but it remains above levels seen in the past two months.

Traders had pushed back their expectations about when the Fed might eventually raise interest rates, in light of the news about the variant and some predictions that current vaccines will be less effective against it. But Jerome H. Powell, the Fed chair, said on Tuesday that the risk of higher inflation had increased. If the central bank finishes tapering its bond-buying program sooner than expected, it could also raise interest rates sooner.

Yields on long-term Treasury bonds dropped, suggesting that investors were moving money out of shares and into the safety of government securities as they await more information about the Omicron variant. (Yields on Treasury bonds fall as prices rise.)

The yield on the 10-year Treasury note, often viewed as a barometer of the market’s expectations for economic growth and inflation, dropped to about 1.43 percent, the lowest level in over two months.

The Omicron variant could prolong the bottlenecks and shortages that have caused inflation to run hotter than expected, a risk Fed officials will assess as they “grapple” with how quickly to remove economic support, another Fed official said.

“Clearly, it adds a lot of uncertainty to the outlook,” John C. Williams, president of the Federal Reserve Bank of New York, told The New York Times in an interview that was published on Wednesday.

Credit…Jim Wilson/The New York Times

The payments company Square said on Wednesday that it was changing its name to Block, a nod to one of the main focuses of the company’s chief executive, Jack Dorsey, an enthusiast for cryptocurrency and the blockchain technology it runs on.

Mr. Dorsey said Monday he was stepping down from the helm of his other company, Twitter, a move that many believed was so that he could dedicate more of his attention to cryptocurrency and to Square.

Block will become the name of the “corporate entity,” with Square continuing to be the segment of the company that helps people and businesses process payments, the company said in a news release. The parent company also owns Tidal, a music streaming service, Cash App, a payment service, and a developer platform focused on Bitcoin called TBD54566975. Square said there would be no organizational changes made to the company other than the name change.

“The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome,” the company said in its release. It expects the name change to be official on Dec. 10.

Mr. Dorsey has in recent years grown more fascinated by cryptocurrencies and the promise of decentralization that blockchain technology could allow for. In 2019, he said Twitter would help create a decentralized type of social media in which users could make their own algorithms and moderate their own communities. The only thing in his Twitter bio is “#bitcoin.”

A foray deeper into cryptocurrencies and blockchain could be alluring for Mr. Dorsey, who in his last few years as a social media chief executive spent increasing amounts of time defending Twitter’s role in disseminating misinformation, testifying in front of politicians and receiving frequent criticism from former President Donald J. Trump, who was barred from Twitter shortly after the Jan. 6 attack on the Capitol.

Mr. Dorsey did not reference cryptocurrencies or the blockchain in a brief quote in the news release about his company’s name change, saying only that despite the new name, “our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

Credit…Mark Blinch/Reuters

Workers at three plants owned by the luxury apparel-maker Canada Goose in Winnipeg, Manitoba, have voted overwhelmingly to unionize, according to results announced by the union on Wednesday.

Workers United, an affiliate of the giant Service Employees International Union, said it would represent about 1,200 additional workers as a result of the election.

Canada Goose, which makes parkas that can cost more than $1,000 and have been worn by celebrities like Daniel Craig and Kate Upton, has union workers at other facilities, including some in Toronto, and has frequently cited its commitment to high environmental and labor standards. But it had long appeared to resist efforts to unionize workers in Winnipeg, part of what the union called an “adversarial relationship.”

The company denied that it sought to block unionization, and both sides agree that it was neutral in recent weeks, in the run-up to the election. The union said 86 percent of those voting backed unionization.

“I want to congratulate the workers of Canada Goose for this amazing victory,” Richard A. Minter, a vice president and international organizing director for Workers United, said in a statement. “I also want to salute the company. No employer wants a union, but Canada Goose management stayed neutral and allowed the workers the right to exercise their democratic vote.”

Reacting to the vote, the company said: “Our goal has always been to support our employees, respecting their right to determine their own representation. We welcome Workers United as the union representative for our employees across our manufacturing facilities in Winnipeg.”

Canada Goose was founded under a different name in the 1950s. It began to raise its profile and emphasize international sales after Dani Reiss, the grandson of its founder, took over as chief executive in 2001. Mr. Reiss committed to keeping production of parkas in Canada.

The private equity firm Bain Capital purchased a majority stake in the company in 2013 and took it public a few years later.

The union vote came after accusations this year that Canada Goose had disciplined two workers who identified themselves as union supporters. Several workers at Canada Goose’s Winnipeg facilities, where the company’s work force is mostly immigrants, also complained of low pay and abusive behavior by managers.

The company has denied the accusations of retaliation and abuse and said that well over half its workers in Winnipeg earned wages above the local minimum of about 12 Canadian dollars (about $9.35).

Workers United is also seeking to organize workers at several Buffalo-area Starbucks stores, three of which are in the middle of a mail-in union election in which ballots are due next week.

Nearly 30 percent of workers are unionized in Canada, compared with about 11 percent in the United States.

Credit…Miguel Riopa/Agence France-Presse — Getty Images

Inditex, the giant Spanish fashion retailer, has appointed Marta Ortega, daughter of the company’s co-founder, as its chairwoman, unexpectedly fast-tracking a generational handover at a time when the fashion sector is facing important supply chain challenges linked to the pandemic, the company said on Tuesday.

Ms. Ortega, 37, will take over in April from Pablo Isla, who has led the company since 2011 and has been widely credited with steering the group’s online and international growth, including into the Chinese market. Inditex sells brands that include Zara, Massimo Dutti, Bershka and Pull & Bear.

Ms. Ortega has spent the past 15 years working for her family’s company, starting as an assistant at Bershka.

“I have always said that I would dedicate my life to building upon my parents’ legacy, looking to the future but learning from the past,” she said in a statement.

Inditex also appointed a new chief executive, Óscar García Maceiras, a former state attorney who joined Inditex in March. The current chief executive, Carlos Crespo, is switching back to his former job, chief operating officer.

Ms. Ortega had long been considered in line to take over from her father, Amancio Ortega, 85, who is regarded as Spain’s richest man and is the majority shareholder in the company.

Inditex shares tumbled more than 5 percent on Tuesday after the appointment was announced. Investors were concerned that the new team of Ms. Ortega and Mr. García Maceiras lacked operational experience at a time when retailers have been struggling with the coronavirus pandemic, as well as its resulting supply bottlenecks.

The share price, however, rebounded on Wednesday, gaining 4.5 percent.

“The timing is not the best,” Kepler, a brokerage, wrote in a note to investors. “We believe that both Marta Ortega and the C.E.O. Óscar Maceiras have a lot to prove when it comes to their ability to run this big monster in the middle of the Covid crisis.”

Inditex was founded by Mr. Ortega and his then-wife, Rosalía Mera, in 1975 in Galicia, in northwestern Spain, where Inditex still makes some of its clothing. The company also produces in other parts of Europe, Asia and Africa, and has more than 6,000 stores worldwide.

Credit…Fabrizio Bensch/Reuters

A new Covid-related downturn would probably cause more severe unemployment in the United States, while in Europe growth would suffer more, the Organization for Economic Cooperation and Development said on Wednesday.

The prediction came as the organization released its latest economic outlook, which reported a fast but uneven recovery from the disruption of the pandemic, emphasizing the stark imbalances in growth between advanced and less developed countries, as well as among the biggest industrial nations. .

Differing policy choices were the primary reason distinguishing the Europe and the United States, said Laurence Boone, the organization’s chief economist. “Europe has been focusing on protecting jobs throughout the crisis, and as a result employment is now already at its pre-crisis level,” she said.

By contrast, the United States has “largely focused on supporting households’ incomes rather than jobs,” she said, resulting in a quicker rebound in gross domestic product.

If the economy were to be walloped again, Ms. Boone said, “in Europe, it would be output that would be hurt more while in the U.S., it would be jobs that would take the hit.” At the start of the pandemic in 2020, Europe’s output fell much more sharply than in the United States.

Ms. Boone said that despite the new coronavirus variant, Omicron, the economic outlook remains “cautiously optimistic.” Global growth this year is expected to come in at 5.6 percent before dropping to 4.5 percent next year and 3.2 percent in 2023, according to the report.

She did warn, however, that Omicron adds to already high levels of uncertainty and could threaten the recovery.

The organization also emphasized that whatever imbalances may exist among countries in North America and Europe, the starkest asymmetries are between advanced and emerging economies, where growth and vaccination rates are lagging far behind.

Ms. Boone noted that the Group of 20 countries have collectively spent $10 trillion in response to the virus, while a scant fraction of that amount has gone to providing vaccinations to poorer countries — even though such support is crucial to the global economy’s recovery.

The organization’s latest forecast echoed concerns about prolonged inflation that were voiced on Tuesday in Washington by Jerome H. Powell, the Federal Reserve chair.

Ms. Boone cautioned that the severity of the pandemic could play out in different ways. More disruptions in the supply chain could aggravate inflation, but a new wave of Covid-related restrictions could instead cut into demand and cause inflation to recede faster.

Rising prices on essentials like food would be particularly burdensome on the poor, the organization said.

Credit…Andrew Kelly/Reuters

The Consumer Financial Protection Bureau said on Wednesday that it would begin closely examining banks that had an outsize reliance on overdraft fees, the much-maligned charges that turn $3 coffees into $38 gotchas.

Overdraft fees ensure that consumers’ bills will be covered and purchases won’t be denied when spending exceeds their account balance. Initially marketed as a convenience, the fees have proliferated over the past quarter-century and have become known as an aggressive way to siphon money from consumers.

They’re a moneymaker: The banking industry collected $15.47 billion in overdraft fees in 2019, according to a report that the consumer bureau released on Wednesday.

Though overdraft revenues dipped in 2020 when Americans received stimulus money, Rohit Chopra, the bureau’s director, said the fees had been steadily rising before the pandemic struck. They remain a major revenue source for many institutions, dwarfing other fees like those for account maintenance and A.T.M. use, he added.

“Large financial institutions are still hooked on exploitative junk fees that can quickly drain a family’s bank account,” Mr. Chopra said in a statement.

The bureau did not identify any banks it may be targeting, but Mr. Chopra said it had asked its examiners to focus on banks that rely heavily on overdraft fees. Banks with “a higher share of frequent overdrafters or a higher average fee burden for overdrafting” should also expect close supervisory attention, he said.

Mr. Chopra said the bureau would take action against banks that violated rules governing overdraft fees and would “seek to uncover the individuals who directed any illegal conduct.”

Some banks have already begun making changes: Just before the bureau’s announcement, Capital One said it would stop charging retail customers overdraft fees early next year, making it the latest bank to either eliminate them or provide less punitive alternatives.

In May, Ally Bank said it would eliminate its $25 overdraft fee, giving customers six days to get in the black again before it potentially limits how they use their accounts. A number of other banks, like Bank of America and PNC, are taking smaller but still notable steps that include grace periods and small short-term loans — if users qualify.

Customers who have already opted into Capital One’s overdraft program will be automatically moved to the no-fee version early next year, fully eradicating the $35 fees. The bank said eliminating them would cost it roughly $150 million in revenue annually.

While Capital One is not among the country’s very biggest banks — JPMorgan Chase, Wells Fargo and Bank of America generated 44 percent of the fees reported in 2019 by banks with assets above $1 billion, according to the consumer bureau — it is large enough for its decision to have some significance, advocates said.

“This move by Capital One will have tremendous benefits for the most vulnerable consumers,” said Lauren Saunders, associate director at the National Consumer Law Center, an advocacy group. It also “puts pressure on the rest of the banking industry to eliminate these predatory fees, which are a back-end way of harming consumers.”

Regulations introduced in 2010 helped curtail some of the worst abuses by requiring banks to receive consumers’ consent to opt into overdraft services on debit transactions and A.T.M. withdrawals, but the practice is still worth billions. From 2015 to 2019, overdraft and related revenue at banks with $1 billion or more in assets increased about 1.7 percent annually to $11.97 billion, according to the bureau’s latest report. But it fell more than a quarter in 2020 to $8.84 billion, a decline credited at least in part to government aid programs in response to the pandemic.

The bureau has already taken action against some banks in recent years. In August, it ordered TD Bank to pay $122 million in penalties and customer restitution. In 2018, TCF National Bank — whose former chief named his boat Overdraft — reached a $30 million settlement.

Capital One customers who do not already have overdraft protection will be able to enroll in the no-fee program, but habitual overdrafters may not qualify. In a memo to staff, Richard Fairbank, the bank’s chief executive officer, said customers would need to show a steady pattern of deposits to be granted overdraft protection — and could not have a history of frequent overdrafts.

If a participant’s overdraft balance is not repaid after 56 days, the bank will write it off — the same procedure the bank follows now, according to a spokeswoman. The missed payment will not affect a consumer’s traditional credit score, but it will be reported to a specialty bureau, Early Warning Services, owned by seven of the largest banks.

The bank will continue to allow customers to sign up for automatic no-fee transfers from their Capital One savings or money market accounts to pay for transactions their checking account cannot cover.

A rushed emergency aid program for small companies devastated by the pandemic improperly sent nearly $3.7 billion to recipients prohibited from receiving federal funds, according to a government audit released on Tuesday.

The finding adds to a mountain of evidence chronicling what the Small Business Administration’s inspector general, Hannibal Ware, called an “unprecedented amount of fraud” in the agency’s pandemic relief efforts. In October, Mr. Ware’s office chastised the agency for improperly doling out billions in relief money to self-employed people who made “flawed or illogical” claims of having additional workers on their payroll.

Its Economic Injury Disaster Loan program distributed more than $210 billion last year in loans and grants. The program was organized in a hurry by the Trump administration as millions of businesses temporarily shut down because of the coronavirus and was designed to quickly send out money to help companies keep up on their bills.

But the agency failed to do a legally required check of applicants’ identifying details against the Treasury Department’s Do Not Pay system, according to Tuesday’s report from Mr. Ware’s office.

The Do Not Pay system was set up in 2011 to reduce improper payments to people who are dead, convicted of tax fraud or barred from receiving federal contracts, among other red flags. Mr. Ware found 117,135 applicants who got grants and 75,180 recipients who got loans despite matches in the system indicating a “high likelihood” that the payments were improper.

Isabella Casillas Guzman, who became the agency’s administrator in March, said at a House hearing this month that she had heightened the agency’s fraud controls over its Covid-19 relief programs. “The guardrails did not exist” last year, under the prior administration, she said.

In a response included in Mr. Ware’s report, the Small Business Administration said that on April 6, 2021 — more than a year after the disaster loan program began — it started checking Do Not Pay records before sending out funds. The agency also said it would review the loans and grants previously made to recipients who were flagged as ineligible.

“We agree with the S.B.A. Office of Inspector General that the Trump administration should have applied this risk management tool, and, therefore, the S.B.A. has done just that under the Biden-Harris administration,” Han Nguyen, an agency spokesman, said on Tuesday.

Credit…Travis Dove for The New York Times

The furniture companies that dot Hickory, N.C., in the foothills of the Blue Ridge Mountains, have been presented with an unforeseen opportunity: The pandemic and its ensuing supply chain disruptions have dealt a setback to the factories in China and Southeast Asia that decimated American manufacturing in the 1980s and 1990s with cheaper imports.

At the same time, demand for furniture is very strong.

In theory, that means Hickory’s furniture companies have a shot at building back some of the business that they lost to globalization. Local furniture companies had shed jobs and reinvented themselves in the wake of offshoring, shifting to custom upholstery and handcrafted wood furniture to survive. Now, furniture makers like Hancock & Moore have a backlog of orders. The company is scrambling to hire workers.

Yet the same forces that are making it difficult for overseas manufacturers to sell their goods in the United States — and giving American workers a chance to command higher wages — are also throwing up obstacles, Jeanna Smialek reports for The New York Times.

Many of the companies are dependent on parts from overseas, which have been harder — and more expensive — to obtain. Too few skilled workers are seeking jobs in the industry to fill open positions, and businesses are unsure how long the demand will last, making some reluctant to invest in new factories or to expand to towns with bigger potential labor pools.
READ THE ARTICLE →

Credit…Mike Blake/Reuters

  • The star CNN anchor Chris Cuomo was suspended indefinitely by the network on Tuesday after new details emerged about his efforts to assist his brother, Andrew M. Cuomo, the former governor of New York, as he faced a cascade of sexual harassment accusations that led to the governor’s resignation.

    Chris Cuomo had previously apologized for advising Andrew Cuomo’s senior political aides — a breach of traditional barriers between journalists and lawmakers — but thousands of pages of evidence released on Monday by the New York attorney general, Letitia James, revealed that the anchor’s role had been more intimate and involved than previously known.

    “The documents, which we were not privy to before their public release, raise serious questions,” CNN said in a statement on Tuesday, adding: “As a result, we have suspended Chris indefinitely, pending further evaluation.” READ MORE →

  • For four days, Elizabeth Holmes took the stand to blame others for the alleged fraud at her blood testing start-up, Theranos. On the fifth day, prosecutors tried making one thing clear: She knew.

    Over more than five hours of cross-examination on Tuesday, Robert Leach, the assistant U.S. attorney and lead prosecutor for the case, pointed to text messages, notes and emails with Ms. Holmes — and with her business partner and former boyfriend, Ramesh Balwani — discussing problems with Theranos’s business and technology. Mr. Leach had a common refrain: No one hid anything from Ms. Holmes. As Theranos’s chief executive, he argued, she was to blame.

    It was the culmination of three months of testimony and nearly four years of waiting since Ms. Holmes was indicted on charges of wire fraud and conspiracy to commit wire fraud in 2018. READ MORE →

Credit…Aly Song/Reuters

Electric vehicles are central to the Biden administration’s push for clean energy and a revival of American manufacturing. But as Apple did with gadgets, Tesla is forming stronger ties with China to get closer to both its adroit manufacturing supply chain and huge market of car buyers.

China is poised to become a major player in electric cars, and Tesla and a slew of Chinese electric vehicle upstarts are helping its companies become even more competitive.

Tesla’s huge factory in Shanghai works with local suppliers to make increasingly sophisticated components that are helping them go head-to-head with Western and Japanese auto suppliers.

“China is overtaking its competitors by switching lanes in the car race,” said Patrick Cheng, chief executive of NavInfo, a mapping and autonomous driving technology company in Beijing. “The race used to be about internal combustion engine vehicles. Now it’s the electric cars.”

One hears the word “overtaking” a lot in the Chinese auto industry. Many of its executives and engineers believe that the transition to new-energy vehicles presents a similar opportunity as mobile internet did in the last decade, when Chinese companies created powerful platforms such as the mobile messaging app WeChat and the short video app TikTok.

That’s why the Chinese government has embraced Tesla with open arms. It has offered Mr. Musk’s company cheap land, loans, tax benefits and subsidies. It even allowed Tesla to run its own plant without a local partner, a first for a foreign automaker in China.

Beijing is seeking what the business world calls the catfish effect: Toss an aggressive fish into a pool so that the established denizens will swim harder.

Electric cars could shake up the auto industry — and, by extension, jobs, technology and geopolitical influence. READ THE FULL ARTICLE →