5 Best Stories on Real Money: Beating Covid, Market Bubble

Quiz: What’s one advantage the president has that the market does not?

Answer: He can get a doctor’s note telling you everything is wonderful. 

But investors? They’re left on their own, left trying to forecast when a stimulus bill will land, left watching every vaccine trial to spot a winner, left waiting up at night for earnings reports, and left tracking technical indicators for clues about what’s churning underneath the surface. 

Fortunately, investors do, however, have experts who can guide them. Helping us get through this messy, mucky October are Real Money and Real Money Pro writers Jim Cramer, Paul Price, Maleeha Bengali, Alex Frew McMillan, and Jim Collins.

Jim Cramer: Let’s Beat Covid-19

Cramer lays out what is happening right now to get the pandemic under control and what it will look like not that long from now — even before a vaccine is available.

Here’s the tests and

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Covid: School insurance fears for cancelled overnight trips

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FFCC

Schools and residential trip providers fear they will no longer be covered by insurance for visits cancelled because of coronavirus.

After changes last week, advice on the Association of British Insurers website no longer says schools will be covered for the loss of trips.

It now says schools should “seek a refund from the venue”.

The ABI says the advice was amended to reflect exclusions in policies as the pandemic continues.

Outdoor education centres across the UK have been closed since March under government coronavirus restrictions.

Last week providers wrote to the prime minister asking him to save outdoor education, which they said “faces an existential threat”.

Advising schools to ask for refunds rather than claim on their insurance for cancelled trips is another blow, according to Vanessa Fox, chief executive of the charity Farms for City Children.

Ms Fox says she spotted changes to the ABI’s

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Unviable? Wave of job losses coming as UK cuts COVID support

By David Milliken

LONDON, Oct 13 (Reuters)Like thousands of employers in Britain, Alison Griffin fears she could soon have to lay off more staff at her huge events venue when the government ends its flagship coronavirus job support programme in three weeks.

A planned Oct. 1 reopening of the sector never happened because of a second coronavirus wave, and Griffin’s business in central England will get little benefit from new support measures that the government wants to limit to “viable” jobs.

“It bewilders me,” said Griffin, whose cavernous, glass-walled Telford International Centre has hosted medical conferences, gymnastics tournaments and tattooing conventions, and still has bookings for 2021 and beyond.

The businesswoman cut 20 of her company’s roughly 80 staff from the family-run business at the start of the pandemic.

Now more might follow.

Britain is acting much sooner than European counterparts in scaling back job support, forcing

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Unemployment, Job Losses And Covid: Inequality And Unequal Power

As we stagger into the seventh month of the pandemic, the labor market remains deeply troubled.  But while the coronavirus is hurting working people, especially lower-income workers, it is exacerbating underlying inequalities in the economy, not fundamentally reshaping the job market. Our labor policies need to restore worker power and encourage greater equality, pandemic or no pandemic.

First, don’t believe the hype about recent economic improvement.  When September’s unemployment report came out, Larry Kudlow, head of Trump’s National Economic Council, claimed “the overall economy is looking good.”  This flies in the face of the Bureau of Labor Statistics’ (BLS) monthly report for September,

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FCA Imposes Just Four Fines as Covid Disrupts Investigations

(Bloomberg) — The U.K.’s financial regulator imposed just four fines so far this year — a record low — as the Covid-19 pandemic interrupted investigations.



a clock tower in the middle of a city at night: Businessmen pass an illuminated clock near the offices of global financial institutions in the Canary Wharf business, finance and shopping district at night in London.


© Bloomberg
Businessmen pass an illuminated clock near the offices of global financial institutions in the Canary Wharf business, finance and shopping district at night in London.

While the Financial Conduct Authority has levied more than 100 million pounds ($129 million) in financial penalties, the number of fines was down from 17 in the same period a year earlier, London law firm RPC said in a statement. The FCA’s investigations were likely hindered by difficulties conducting interviews with witnesses or suspects during the lockdown, the firm said.

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“While the FCA has issued relatively few fines in the last few months, it will want to make up for time lost during lockdown when it will, understandably, have experienced disruption and delay,” said Jonathan Cary,

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Ghanaian finance minister: Africa deserves more Covid help

The writer is Ghana’s minister for finance and outgoing chairman of the Development Committee of the IMF and World Bank 

Ghana confirmed its first two Covid-19 cases on March 12, imports from Norway and Turkey. Africa has since recorded more than 1.5m cases and counting, though in terms of infections and deaths, we have fared better than most regions. Perhaps this is because of our youthful population, the natural social distancing of outdoor living and experience with infectious disease management — helped by good leadership.

Our economies, however, have not been spared. Across the continent, governments are facing falling revenues, rising expenditures, increasing debt distress, and significant reversals in development indicators. In an omen of what is to come, Zambia now appears headed for the continent’s first pandemic-related private debt default. The human costs are tremendous. Up to 39m people are expected to slip below the poverty line.

The past

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U.K. Risks Losing Its Most Robot-Proof Jobs to Covid Crisis

An empty restaurant in Montclair, New Jersey.

Photographer: Gabby Jones/Bloomberg

The U.K. risks losing jobs to the Covid crisis that could be resilient to automation while giving a short-term boost to sectors that have no long-term future.

Jobs in supermarkets, residential care and couriering have all been lifted by the crisis. Yet they face a high risk of replacement by new technology in future, according to a report by the Royal Society for Arts published Monday. That disruption is also being accelerated by the pandemic, it said.

For workers in entertainment and the arts, massive cuts are likely in coming months as the virus keeps venues shuttered. However, the industry faces little destruction from automation and had provided some of the fastest employment growth over the past decade, the analysis found.

Technology could land a second blow to a labor market already reeling from a nationwide lockdown

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Hong Kong’s Bourse Sees Covid Firms Prolonging Boom in IPOs

(Bloomberg) — Hong Kong’s boom in initial public offerings is set to be prolonged as companies given a boost by the pandemic outbreak follow China’s technology giants in selling shares, the bourse’s head of listings said.



a person sitting on a bench in front of a body of water: Views of Hong Kong as China Law to Establish 'Red Lines' for the City, Adviser Says


© Bloomberg
Views of Hong Kong as China Law to Establish ‘Red Lines’ for the City, Adviser Says

Companies from the technology and biotechnology sectors could continue to fill the IPO pipeline in the near future as Covid-19 has boosted investments in research and development, Hong Kong Exchanges & Clearing Ltd.’s Head of Listing Bonnie Chan said in an interview on Friday.

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“We thought 2020 would be a disappointment, but it has turned out to be a busy year,” Chan, 50, said. “I believe the IPO rush will continue.”

Hong Kong this year has seen a rush of listings from Chinese companies including JD.com Inc. and Netease Inc., which are selling shares

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Amid COVID, many businesses in precarious spot as 2020 ends

NEW YORK (AP) — The final three months of the year, usually a boom time for many small businesses thanks to holiday shopping and celebrations, looks precarious as the coronavirus maintains its grip on the economy.

Owners contending with government restrictions or crumbling demand are trying to hold on, with some creating new products and services or desperately searching for new customers. Others, however, have found they’re already well equipped to meet the lifestyle changes brought about by the pandemic.

The big corporate and non-profit parties and events that Sophia D’Angelo ran before the virus outbreak have just about vanished. Large in-person gatherings that companies typically use to launch or promote their brands aren’t possible because of social distancing requirements.

“The fourth quarter was always the bulk of my business,” says D’Angelo, who owns Boston Experiential Group, based in Boston.

D’Angelo has had to get creative. She’s using her expertise

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The Next Big Shift in Economics Takes Shape Under Covid Shadow

(Bloomberg) — A rare regime-change in economic policy is under way that’s edging central bankers out of the pivotal role they have played for decades.

Fiscal policy, which fell out of fashion as an engine of economic growth during the inflationary 1970s, has been front-and-center in the fight against Covid-19. Governments have subsidized wages, mailed checks to households and guaranteed loans for business. They’ve run up record budget deficits on the way — an approach that economists have gradually come to support, ever since the last big crash in 2008 ushered in a decade of tepid growth.

And the public spending that put a floor under the pandemic slump is increasingly seen as vital for a sustained recovery too. When it looks like drying up, as it did in the U.S. last week, investors start to worry.



chart: Digging Deeper


© Bloomberg
Digging Deeper

How long to keep the taps open will be

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