The holiday season holds robust growth prospects as it provides retail companies with the scope of additional revenue generation. Hence, the season is significant for both online and offline retailers.

Keeping this in mind, Amazon AMZN, which comes out with record-breaking holiday sales every year, has planned differently this year, with a two-day special Prime Day mega shopping event that is set to start from Oct 13.

The online retail giant is conducting Prime Day event twice a year for the first time, which is allowing it to gain investors’ confidence further as the event date is nearing. Notably, the stock has soared 6% in the past week.

The move is likely to drive the company’s momentum among customers as well as sellers, which, in turn, will likely strengthen its 2020 holiday performance.

Past-Week’s Price Performance

 

 

Additionally, conducting the Prime Day event during this time of the year is likely to be a game-changer for the company’s holiday season initiatives amid the coronavirus pandemic, which has highlighted the importance of e-commerce technology.

Moreover, on the heels of its second Prime Day event, Amazon poses a strong challengeto the retail behemoths like Walmart WMT, Target TGT, Bed Bath & Beyond BBBY, DICK’S Sporting Goods DKS, and Big Lots BIG,which are leaving no stone unturned to bolster their holiday performance and bridge their gap with this e-commerce dominant.

Amazon to Remain Ahead of the Pack

Amazon is expected to remain ahead of the above-mentioned companies in the holiday season on the back of a lot of enticing Prime Day deals and other holiday initiatives

Notably, the company isinvesting $100 million on special Prime Day and holiday promotional programs in a bid to deliver an enhanced shopping experience to buyers and support sellers, especially smaller businesses.

Amazon is offering great deals on items

Admittedly, there were plenty of pros from Credicorp’s (NYSE:BAP) investor day event. Management’s strategic consistency is commendable, and so is its efforts in driving digital transformation across the organization. Concerns around the evolution of payment behavior of clients and the cost of risk were also addressed.

Nonetheless, I think management has baked in too much optimism into the strategy, which does leave room for a downside surprise. Considering the multitude of risks on the horizon (both economic and political), fiscal 2021 is still likely to be a transition year, and I think it would have been more prudent to assume a more gradual normalization to pre-COVID-19 levels. Valuations have admittedly corrected below historical levels, but shares still trade above better-capitalized LatAm peers (Santander (NYSE:SAN), Itausa (OTC:IVISF), Bradesco (NYSE:BBD)) at c. 1.5x P/B.

Broadly Unchanged Strategic Direction

Somewhat surprisingly, Credicorp’s strategy remained mostly unchanged compared to 2018, when management last discussed its medium-term targets. But considering the lower-growth environment we find ourselves in, this likely reflects some optimism on the part of management. For instance, loans are still expected to grow 7-8% from 2022 onwards (only slightly below the 9-10% growth range outlined before). Credicorp is also expecting a swift rebound in Peru’s GDP following a 12% decline in 2020, with an 8-10% growth outcome projected for 2021.

Digital Initiatives Lead the Long-Term Charge

Digital transformation remains at the forefront of the strategy. While the digital shift helps to improve customer experience, I think the key is that it helps the company capture incremental cost efficiencies. At the forefront of the company’s digital innovation push are Yape (over 4 million users for payments) and Cocos y Lucas (FX operations), which will facilitate the target for 70% of all transactions to go digital in three years.

Source: Credicorp 25

More than 20% of Americans have less than three weeks of financial runway before their account balances hit zero, according to a new report from Credit Karma.

Based on that timeline, about one in five people could be out of money by Election Day, according to the data compiled by the personal finance company

Credit Karma has been holding weekly surveys in order to get a better picture of Americans’ finances since the onset of the pandemic.

NEARLY HALF OF AMERICANS WHO LOST JOB TO PANDEMIC CAN’T LAST A MONTH ON SAVINGS

Earlier this summer, however, the financial picture was different due to government relief efforts, McCreary, chief people officer of Credit Karma, told FOX Business.

“At Credit Karma, we saw a number of indicators demonstrating the success of early economic relief programs,” McCreary said.

Despite unemployment numbers climbing to record highs, the survey found that people were either saving their money or using it for smarter financial decisions, such as paying down debt.

JOB GROWTH OVER NEXT DECADE EXPECTED TO BE SLOWER THAN AFTER 2008 CRISIS

This was particularly true for people with lower credit scores, according to Credit Karma, which had expected that group would be the most cash-strapped during the virus-fueled economic downturn.

As of July, Credit Karma members with credit scores below 600 have missed fewer payments and have lowered their credit card debt since the onset of the pandemic, according to their data.

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More people were making on-time payments and seeing a decline in their debt due to “various relief measures,” the company said.

In fact, more members increased their credit score during the global health crisis than in pre-pandemic times, the data


Many famous names have left the thing they became well-known for behind, whether through age, falling sales or just a desire to try something else. Some have gone on to discover other talents, and ways of making a lot of money. Click or scroll through as we take a look at the already wealthy people who amassed even more millions after quitting their ‘day job’.



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The classic post-retirement success story, former heavyweight boxing champion George Foreman struck gold when he launched his now famous range of health grills back in 1994 in the midst of his second comeback. The image shows Foreman fighting Muhammad Ali in 1974’s legendary ‘Rumble in the Jungle’.



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Happy Friday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a person standing in front of a blue bench: On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor


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On The Money: Economy adds 661K jobs in final report before Election Day | House approves $2.2T COVID-19 relief bill as White House talks stall | Stand-alone bill to provide relief for airlines blocked on House floor

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THE BIG DEAL-Economy adds 661K jobs in final jobs report before Election Day: The U.S. gained 661,000 jobs in September, the Labor Department reported Friday in the final jobs report before Election Day.

The unemployment rate fell to 7.9 percent in September as the U.S. posted its fifth consecutive month of job gains after the onset of the coronavirus pandemic triggered the deepest and quickest economic contraction since the Great Depression.

The report, however, came in well below the projections of economists and contained several red flags about the strength of the recovery from the coronavirus recession.

  • September marked the fourth consecutive month of declining job gains after additions of 4.7 million in June, 1.7 million in July and 1.5 million in August, according to revised figures released Friday.
  • Economists had expected the U.S. to gain roughly 800,000 jobs in September to push the unemployment rate down to roughly 8.2 percent from 8.4 percent in August.
  • While the jobless rate fell below that level, the labor force participation rate – the percentage of potential workers seeking jobs – fell