ZAGREB, May 23, 2020 – Economy Minister Darko Horvat has said that following analysis on the profitability of open shops on Sunday, the governmen… "It's going to be certainly a very historic moment, and special moment for the traders on the floor," Stacey Cunningham, president of the NYSE said. Vtiq news Breaking news and latest headlines from Wall Street including articles, videos, photos, and blogs. MoneyControl is India’s leading financial information source for BSE/NSE Sensex, Nifty, Indian Stock/Share Market Live, News, Stock Exchange/Investment/Trading Tips. Manage your finance with our online stock trading news, live CNBC TV18, share market, views and analysis on equity and stock markets tips, sensex, nifty, commodities, personal finance, mutual funds, insurance, bank and loans.
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ZAGREB, May 23, 2020 – Economy Minister Darko Horvat has said that following analysis on the profitability of open shops on Sunday, the government will propose that 14 Sundays in a year will be working days and employers will choose on which 14 Sundays they will open their shops.
This proposal of 14 Sundays in a year when shops can be open is the result of an analysis which has been conducted for more than two years and also of a high amount of consensus reached with social partners and the segments of the public interested in this matter, said Minister Horvat in the northern city of Cakovec on Saturday.
Also, the position of the chambers of commerce and trades as well as a great number of members of the Croatian Employers’ Association (HUP) is that they agree that 14 Sundays are profitable, while working on other Sundays is not profitable, he added.
The pertaining changes of the relevant legislation on trading will be put for public consultation. as soon as epidemiologists give a green-light and rescind their ban on trading Sundays, imposed for health safety reasons.
Asked by the press how all that could be regulated during tourist seasons, Minister Horvat said that the trade sector in the regions where tourism is the main business activity also considered that working on 14 Sundays brought a profit.
He said that being aware of the fact that trading on Fridays, Saturdays and on Mondays each, made up 16% of the total volume of trading, while trading Sunday contributed with 8% to that volume, then there is “a clear economic connotation” why Sunday should be non-trading.
In addition, the last three months have shown that trading on Fridays, Saturday, and Mondays can offset the non-working Sundays, Horvat said, refuting claims that the latest proposal was made for the sake of campaigning before the July 5 parliamentary elections.
As for the criticism made by Social Democrat leader Davor Bernardic that Prime Minister and HDZ leader Andrej Plenkovic was indecisive whether to have working or non-working Sundays, Horvat replied that he had not heard any constructive proposal from Bernardic.
Responding to Bernadic’s claims that a vote for HDZ is a vote for corruption, Horvat said that many more members and officials from the ranks of the SDP were convicted of corruption.
He went on to say that in the last three years, this government had stabilized public finances, increased the ability of the Croatian economy to produce added value, boosted exports and made a budget surplus, which proved that this government could control well the budgetary money and invest it where it was most needed.
Author: By HINA
New York Stock Exchange to reopen trading floor after over eight-week coronavirus shutdown
The New York Stock Exchange is set to reopen its trading floor on Tuesday, more than eight weeks after it moved all operations to the digital sphere when the coronavirus pandemic sent New York and other parts of the U.S. into lockdown. NYSE President Stacey Cunningham, who worked on the floor during the September 11 terror attacks, told CBS News’ Dana Jacobson about why and how they plan to pull off the return as much of New York still sits dormant under coronavirus restrictions.
“It’s going to be certainly a very historic moment, and special moment for the traders on the floor,” Cunningham said.
While those traders are eager to return, the trading floor they are coming back to will look a bit different. Personal protective equipment like face masks will be required, and social distancing guidelines will be in place. Hand sanitizer dispensers and plastic barriers will be a common presence on the floor.
Not all NYSE employees will be part of the open, either — only about 25% of the normal trader workforce will be on the floor Tuesday.
The decision to close, Cunningham said, was a crucial but clear one. Amid concerns of straining the healthcare system and putting traders and those they come into contact with at risk, she ordered the trading floor to move to digital operations on March 23.
“There is a clarity in crisis,” she said. “You know what you need to do and you know when you need to do it.”
Though the trading floor has been closed before, such as during the 9/11 attacks, it never in its 227-year history made the shift to fully-digital operations until now.
“You always have a little bit of anxiety as you’re getting ready to see it live [digitally] for the first time, but it worked flawlessly and that’s really a testament to the teams and their preparations,” Cunningham said.
Despite the seamless transition and 80% of trading already conducted online under normal circumstances, Cunningham said the “human judgement” of in-person trading is important to smaller investors and managing the “micro-volatility” of smaller market movements.
“The traders on the floor aren’t going to stop major market movements,” she said, adding that there has been a “degradation” of the smaller-scale trades since they closed the floor.
Moreover, Cunningham claimed there was symbolism in reopening the trading floor, a beacon of hope in a time of economic uncertainty.
“The New York Stock Exchange facade is the face of capitalism, and the economy more broadly, and so recognizing the fact that we can set an example for how America should reopen — slowly, cautiously, flexibly, ready to move as needed — is an important thing for our economy,” she explained.
And while everyone on Wall Street will be celebrating Tuesday as the market’s opening bell rings, the real celebration will be saved for when America can rally back from the coronavirus pandemic, Cunningham said.
“The bell that we’ll really celebrate is when the U.S. gets to open up for business again and we can really celebrate the reopening of America,” Cunningham said.
Author: CBS News
May 23, 2020, 12:45 PM
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