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Inflation Being Here to Stay Has PPG Preparing More Price Hikes
(Bloomberg) -- PPG Industries Inc. is repeatedly raising prices of the paint and coatings it sells to customers across industries as inflation in raw material and logistics costs pressures the $40 billion business. PPG was first to raise prices once, then a second time, he said. “What we’re obviously studying now is the need to be out with a third set of price increases,” McGarry said. It’s feeling the pinch from the prices of oil, freight and distribution going up and raw materials running scarce. PPG plans to offer employees some flexibility, he said, with some expected to be in the office two or three days a week.
Recommend working at Walmart? Never, say Black managers in survey
Some Black senior managers at US retail giant Walmart do not recommend working there, according to an internal survey from the company. The survey, as reported by Bloomberg, asked 56 Black senior directors, managers and supervisors about their experience. One Black director commented: “I have been here 10 years and I have never recommended Walmart to a person of color. The Black directors and senior directors – roles that rank below vice-presidents at Walmart – gave an average score of minus 86. Meanwhile senior Black managers who report to directors gave a score of minus 100, the lowest score possible.
China watchdog rejects Tencent-led game streaming deal
Chinese regulators rejected Huya Inc.’s proposal to acquire rival DouYu International Holdings Ltd., killing a deal that would have helped cement Tencent Holdings Ltd.’s lead in video game streaming. The deal wasn’t approved because it would strengthen Tencent’s dominance in China’s game streaming market, giving it an anti-competitive edge, the State Administration for Market Regulation (SAMR) said in a statement on Saturday. The case marks the first rejection by the SAMR on mergers and investment deals by China’s internet companies. Many companies, including Tencent and Alibaba, have since been fined 500,000 yuan ($77,173) per deal, for failing to declare past acquisitions under the country’s anti-monopoly laws. The pledges made by the parties applying for approval cannot effectively reduce the negative impact of the deal on China’s domestic game live-streaming and web-based gaming services markets, the regulator said Saturday.
SsangYong Motor to sell plant site in rehabilitation efforts
Ssangyong Motor’s factory in Pyeongtaek, Gyeonggi Province, on June 8. (Yonhap)SsangYong Motor, a debt-ridden automaker, decided to sell the site of its plant in Pyeongtaek as part of self-rescue efforts, the local government said Saturday. "We will actively support SsangYong Motor to grow into a global company that contributes to the development of the local economy,"Jung Jang-seon, mayor of Pyeongtaek, said. Chung Yong-won, court-appointed administrator, said the new plant will focus on green and self-driving cars as a base for the company's long-term survival. EY Han Young, an accounting firm in charge of the sale process, issued a public notice that it will accept letters of intent from potential buyers until the end of July and conduct preliminary reviews on them in August.
China will benefit when Biden caves to climate activists: Marc Morano
"Green Fraud" author Marc Morano joined "Fox News Primetime" to discuss progressive's pressuring President Biden to go soft on China's human rights abuses in favor of a climate agenda. It doesn't matter what China does in any human rights violations and any other policy all that matters is that we save the planet. This is bonkers but this is going to the American foreign policy pause the sunrise movement, union concerned scientists heavily involved. …Even as we go to the solar and wind mandates and electric car batteries, cobalt Chinese-owned factories in Africa are being run by these Chinese companies with human rights abuses allegations of underage laborers. So this is not just human rights abuses in China but looking at them in Africa as China essentially is buying up Africa now.
China widens clampdown on overseas listings with pre-IPO review of firms with large user data
REUTERS/Lucas Jackson/File PhotoSHANGHAI, July 10 (Reuters) - China's cyberspace regulator said on Saturday any company with data for more than 1 million users must undergo a security review before listing its shares overseas, broadening a clampdown on its large "platform economy". The security review will put a focus on risks of data being affected, controlled or manipulated by foreign governments after overseas listings, the Cyberspace Administration of China (CAC) said, posting the proposed rules on its website. China's cyberspace regulators are imposing tighter restrictions on data collection and data storage. Two new sets of rules, the Data Security Law and the Personal Information Protection Law, which cover data storage and data privacy respectively, are set to go into effect this year. Saturday's announcement will also require firms to submit the IPO materials they plan to file for review.
Growth marketing roundup: cool SaaS, marketing lies, VR ads and more
One might think that a short week due to a U.S. holiday calls for a short weekly recap, but we have plenty to share about growth marketing from our coverage over the week. TechCrunch is collecting responses in this survey to find the best growth marketer for founders to work with. This early-stage marketing expert says ‘B2B SaaS is actually very, very cool now’: Extra Crunch reporter Anna Heim interviews Wales-based growth marketer Lucy Heskins about her experience working with start-ups, how content marketing is best used, and more! (Extra Crunch) Demand Curve: 10 lies you’ve been told about marketing: For subscribers, Costelloe goes through 10 lies you’ve heard about marketing, and what to try instead to create better results. So, she founded the Growth Marketing team and scaled the team from 1 person to 30 people in less than 2 years, based on all the success they had in growing our member base.”
China widens clampdown on overseas listings with pre-IPO review of firms with large user data
The security review will put a focus on risks of data being affected, controlled or manipulated by foreign governments after overseas listings, the Cyberspace Administration of China (CAC) said, posting the proposed rules on its website. China's cyberspace regulators are imposing tighter restrictions on data collection and data storage. Two new sets of rules, the Data Security Law and the Personal Information Protection Law, which cover data storage and data privacy respectively, are set to go into effect this year. Saturday's announcement will also require firms to submit the IPO materials they plan to file for review. Didi's shares plunged 20% on news of the probe, and the company said its revenue would be affected.
Wreckage located of Boeing cargo jet that made emergency landing off Hawaii
Transair Flight 810 was found approximately 2 miles offshore from Ewa Beach. The plane components were located with a Side Scan Sonar and Remotely Operated Vehicle, the NTSB said. The agency released photos of airplane components located on the ocean floor. The two crew members on Transair Flight 810 were injuredafter being forced to land in the Pacific Ocean. The NTSB said its investigators have completed more than a dozen interviews including the flight crew, other Transair personnel, and Federal Aviation Administration employees.
UPDATE 3-China widens clampdown on overseas listings with pre-IPO review of firms with large user data
(Adds detail)SHANGHAI, July 10 (Reuters) - China's cyberspace regulator said on Saturday any company with data for more than 1 million users must undergo a security review before listing its shares overseas, broadening a clampdown on its large "platform economy". The security review will put a focus on risks of data being affected, controlled or manipulated by foreign governments after overseas listings, the Cyberspace Administration of China (CAC) said, posting the proposed rules on its website. China's cyberspace regulators are imposing tighter restrictions on data collection and data storage. Two new sets of rules, the Data Security Law and the Personal Information Protection Law, which cover data storage and data privacy respectively, are set to go into effect this year. Saturday's announcement will also require firms to submit the IPO materials they plan to file for review.
Marilyn Manson surrenders on New Hampshire assault warrant
LOS ANGELES — Rocker Marilyn Manson surrendered to police in Los Angeles last week in connection with a 2019 arrest warrant out of New Hampshire where he allegedly assaulted a videographer at a concert, authorities said. Gilford Police Chief Anthony J. Bean Burpee said Thursday that Manson had turned himself in to law enforcement in Los Angeles the week before. Los Angeles Police Capt. Manson turned himself in at the department’s Hollywood station on July 2 and was processed on the warrant before being released. “This is consistent with anybody who has a misdemeanor warrant that is not local,” McGuyre said.
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Fox Valley Hijinx (Je Smith) 20-1 6. Beach Boogie (Mi Cushing) 20-1 10. Southport Beach (Mi Cushing) 20-1 8. Down On My Luck (Mi Cushing) 20-1 8. Odds On Boca Raton (Tr Smith) 20-1 9.
Striking Volvo workers nix tentative deal at truck plant
Volvo Trucks North America noted it was the third tentative agreement approved by UAW leadership but rejected by UAW members involved in Volvo's New River Valley truck assembly operations in Dublin. “Given the significant wage gains and first-class benefits this agreement delivered, and the strong support it garnered from UAW leadership at every level, this outcome is unexpected and very disappointing,” said NRV Vice President and General Manager Franky Marchand. He said in the statement that the company was considering its next steps. It said the plant is undergoing a $400 million investment for technology upgrades, site expansion and preparation for future products, including the Volvo VNR Electric truck. It added the plant has added 1,100 jobs since the current union agreement was implemented in 2016 and is on track to have a net increase of approximately 600 positions in 2021.
Intervention that’s divine
Copyright © 2021 Albuquerque JournalImagine getting a letter from a collection agency saying your outstanding medical debt had been paid off and credit agencies were notified the obligation had been cleared. That’s exactly what happened for 234 people in New Mexico and 548 in Arizona who collectively had nearly $1.4 million in medical debt wiped out thanks to a $15,000 contribution from St. Bede’s Episcopal Church in Santa Fe. In other words, Maish said, for every $1 of debt purchased by RIP, $100 of medical debt was cleared, including more than $447,000 worth of debt to people in New Mexico. The church, she said, recognizes that medical debt is problematic not only for people in New Mexico, but also around the country. Since its founding, RIP Medical Debt has helped more than 2.6 million families shed more than $4.5 billion in medical debt, Lempert said.
Residents evacuated from 'structurally unsafe' Miami condo are allowed back for just 15 minutes
North Miami Beach officials ordered the 156-unit Crestview Towers evacuated a week ago following an audit of high-rise buildings 40 years old or older. The audit was ordered in response to the collapse of the nearby Champlain Towers South condo complex in Surfside, which killed at least 64 and left 76 people missing in the rubble. Crestview Towers residents on Friday had just 15 minutes to pick up necessary items from their apartments while being escorted by a police officer. Residents of Crestview Towers in North Miami had to evacuate last Friday but were allowed back to their apartments for just 15 minutes this FridayResidents could be seen hauling away their 'essentials' including clothing on luggage cards and trolleysResidents only had 15 minutes to gather precious belongings. The problems were outlined in the 40-year certification review the association filed in January, according to city officials.
A lawyer for a Capitol riot attendee who agreed to take a plea deal argued that a lenient sentence for his client would 'heal the nation'
A Capitol riot attendee who pleaded guilty to obstruction is asking the court for no prison time. A defense attorney for Paul Hodgkins filed a wide-ranging sentencing memo on Thursday. The lawyer argues Hodgkins should receive leniency because he came forward to "accept judgement." Hodgkins' sentencing is scheduled for July 19. His sentencing later this month will be only the second case of a Capitol riot attendee being sentenced.
Friday Night Beer Blog: The Almost Seventy-Percent Solution Edition
As everyone here knows, President Biden set a goal of 70% of American adults aged 18+ getting at least one COVID-19 vaccine shot by July 4. I’ll be happy to check in 6-7 weeks, although hopefully we’ll have hit 70% adults with one jab before then. The beer industry modestly (or in one case to be mentioned, maybe not so modestly) did its part to try encourage Americans to get closer to that goal, with different variations of a “beer and a shot” campaign, i.e. free beer upon proof of vaccination. Self the loser mentioned 5 weeks ago in this FNBB about NJ’s “Shot and a Beer” campaign, with many NJ craft breweries participating.
What Toyota Did After They Heard From You
You spoke out and guess what…Toyota heard and reactedDo you want to know about how they’ve just acted? They’ve reversed their policies regarding their PACand won’t give any more to those condoning theJanuary 6attack...those in Congress who refused to certify the '20 election results. Toyota responded to us all and to all our pointed insults! The bank announced it's going to ditch fossil fuel finances -their fossil fuel business connections...their monetary alliances. It’s hard work…but look at what together we can achieve!
Steve Bannon gave an interview to conspiracy site linked to his billionaire benefactor
Citation From Steve Bannon's February 27, 2020, G News interviewSTEVE BANNON: It is time that we’ve got to force the world, we have to force the financial world, we have to force the business world, we have to force the media world, we have to force the political world. …The whole world -- the power in the world has been able to look away from what the Chinese Communist Party has wrought, OK? The virus, the demon virus is coming from them, OK? And it doesn’t matter if you’re a billionaire, it doesn’t matter how much money you have, what’s your political office, what’s your title is, it doesn’t matter. …This virus will take down the Chinese Communist Party, mark my words.
The Stakes of Finding COVID-19’s Origins ? Current Affairs
Her team goes out into the wild to find bat coronaviruses and bring them to Wuhan for study. There is a giant collection of hundreds of bat coronaviruses there. The U.S. National Institutes of Health funded studies on bat coronaviruses at the Wuhan Institute of Virology. These may—or may not—have involved intentionally creating bat coronaviruses that were more easily transmitted to humans. We know that the Wuhan Institute of Virology was involved with gain of function experiments involving bat coronaviruses in the past.
The origin of COVID: Did people or nature open Pandora’s box at Wuhan?
Wuhan, however, is home of the Wuhan Institute of Virology, a leading world center for research on coronaviruses. Its authors were a group of virologists led by Kristian G. Andersen of the Scripps Research Institute. These are the two arguments made by the Andersen group in support of their declaration that the SARS2 virus was clearly not manipulated. In all of China, the pandemic broke out on the doorstep of the Wuhan institute. I have been using the Wuhan Institute of Virology as a shorthand for all virological activities in Wuhan.
Debt Until You Die: How Some Senior Citizens Are Still Paying Off Their Student Loans
Crushing student loan debt is not only applicable to the young and penniless. Some senior citizens are seeing their Social Security checks garnished due to student debt they couldn’t repay. BBC News: In 2005, older adults owed $2.8bn (£1.61bn) in federal student debt. These seniors account for 706,000 households in the United States – small compared to the 22 million households with non-seniors who hold student load debt, but a growing problem. Jeszeck tells the BBC that this situation can cause considerable problems for older adults who, like Dupree, may have to extend their working life well beyond retirement age.
Workers Struggles: Asia, Australia and New Zealand
The outsourced workers were usually given a small annual pay rise, but this was stopped by the government in May 2019. Karnataka building workers demand COVID-19 assistanceConstruction workers in Hassan, Karnataka demonstrated on July 2 demanding relief package for workers for COVID-19 infected workers. Thailand garment workers demand severance payAbout 300 former Brilliant Alliance Thai Global (BAT) garment workers demonstrated in Thailand on June 28. Woodside offshore maintenance workers’ strike in Western Australia enters third weekWorkers employed by contractor Legeneering at Woodside’s LNG floating platforms Ngujima Yin and Okha in Western Australia are maintaining four weeks of rolling strikes begun on June 25. Electrical Trades Union and the Offshore Alliance (OA) members, which include the Australian Workers Union and the Maritime Union of Australia, are fighting for a decent enterprise agreement.
Volvo workers strike continues for second day in Ghent, Belgium
Volvo Cars workers in Ghent, Belgium continued their wildcat strike into a second day on Friday morning. The Ghent strike began with the morning shift on Thursday, when only a portion of workers started their shift. Workers gather outside the plant at Volvo Cars Ghent [Credit: Ik werk in de Gentse Automobiel Facebook]The Ghent strike developed as a wildcat action in a rebellion against an agreement reached between company management and the union. There is widespread support among the Ghent workers for the struggle in Virginia. In order to develop their struggle, the Volvo Ghent workers should draw the lessons from the struggle of their counterparts in the United States, who formed a rank-and-file committee, independent of the pro-company United Auto Workers union.
Combined US federal and state unemployment claims rose to 470,000 last week
According to the report, 373,000 jobless workers applied for state unemployment benefits, a slight increase over the previous week, and an additional 99,000 filed for assistance under the Pandemic Unemployment Assistance (PUA) program. (AP Photo/John Minchillo)The DOL report also found that more than 14.2 million Americans were still receiving some form of unemployment payment through June 19. States that have not announced plans to terminate benefits early saw a 4 percent decline in continued unemployment claims through May. This hinders the drive to utilize the pandemic to further cut wages and increase the exploitation of the working class. Even with the temporary $300-a-week federal supplement, the combined total of state and federal benefits falls far short of meeting the basic needs of working class families.
Bond market points to lower US growth
The US bond market has been sending out signals that the much-vaunted US economic recovery could be short-lived. On Thursday, the yield on the benchmark 10-year Treasury bond fell to 1.29 percent, down from a high of 1.75 percent at the end of March. Rising bond prices and the consequent fall in yields (the two have an inverse relationship) are generally taken as an indication of lower growth as investors seek a safe haven. A New York Times article noted that whereas the expectation had been for higher growth, the shift in the bond market pointed to a “reversal of that narrative” suggesting that a “period of slower growth” could lie ahead. She indicated that the lower bond yields reflected “an increasing sense of the downside risk to the global economy.”The meeting of G20 finance ministers and central bankers being held in Venice is expected to issue similar warnings.
Thousands of Turkish electricity workers launch wildcat strike wave
Thousands of energy workers in cities across Turkey are going on wildcat strikes against misery contracts imposed on them amid the social crisis caused by the COVID-19 pandemic. After the April 30 action, when 2,000 Beda? electricity workers in Istanbul launched a wildcat strike defying a strike ban, now thousands of electricity workers in Istanbul, Ankara, Adana and Zonguldak have spontaneously walked off the job. Energy workers generally earn near to minimum wage, i.e., a little over 3,000 Turkish liras (US$350). The energy workers’ rebellion against the unions, defying the strike ban, is part of an international upsurge of the class struggle. On their way back, Tahir Çetin, chairman of the Independent Mining Workers’ Union, and miner Ali Faik Inter lost their lives in a traffic accident reportedly due to exhaustion, increasing workers’ anger.
Warrior Met Coal strike in Alabama reaches 100th day amid increased company violence
Warrior Met Coal miners remain kept in the dark on negotiations by the United Mine Workers of America (UMWA) as their strike reached its 100th day on Friday amid intensified violence by Warrior Met Coal employees. The entire labor bureaucracy has likewise attempted to spin gold from the miners’ struggle. Workers are not complacent; this is obvious in the resolve of Warrior Met pickets, and it is increasingly obvious throughout the US. In 2016, the UMWA pushed a contract upon Warrior Met miners that resulted in the longest hours for the least pay of any unionized mine in the country. We urge all Warrior Met miners to contact the World Socialist Web Site today to take up this fight.
Union to Kansas Frito-Lay workers: Don’t ask for wage increases
To get in touch with someone at the World Socialist Web Site to discuss forming a rank-and-file committee, Frito-Lay workers can email fritolayrfc@gmail.com or text (785) 816–1505. Workers walked out after voting down a contract proposal for the fourth time this year, a deal backed by the Bakery, Confectionary, Tobacco Workers and Grain Millers (BCTGM) union. Striking Frito-Lay workers are fighting to put an end to years of stagnating, poverty-level wages along with brutal mandatory overtime schedules, problems confronting ever-broader sections of the working class. “That the union membership rejected this fully recommended agreement suggests union leadership is out of touch with the sentiments of Frito-Lay employees. To get in touch with someone at the World Socialist Web Site to discuss forming a rank-and-file committee, Frito-Lay workers can email fritolayrfc@gmail.com or text (785) 816–1505.
Volvo Trucks workers in Virginia reject third consecutive sellout deal, in massive rebuke of UAW
During the vote itself, workers reported that UAW officials were actively campaigning outside the union hall for a “yes” vote. Throughout the month-long strike, the UAW sought to isolate the Volvo Trucks workers, not even informing its members that the strike was taking place. Opposition to the UAW-backed agreements has been organized by the Volvo Workers Rank-and-File Committee (VWRFC), which issued a statement calling for a “no” vote. The development of the strike now requires its expansion to Volvo-Mack workers, other Volvo workers, and all auto workers. Sign up today to join the Volvo Workers Rank-and-File Committee or a solidarity committee.
Hyundai and GM Korea autoworkers vote to strike
On July 7, workers at Hyundai Motors, the country’s largest auto manufacturer, approved a walk-out, which followed a similar vote two days earlier by GM Korea workers. GM Korea workers rally against the US carmaker’s plan to close the plant in Seoul, South Korea, Feb. 28, 2018. GM Korea, where jobs have been slashed in recent years, voted to strike with 76.5 percent of workers voicing approval. The KMWU’s GM Korea branch has 7,635 members and 6,613 took part in the vote. Workers at Hyundai, GM Korea, and throughout the auto industry must not allow the KMWU to isolate them once more.
California Averts Blackouts, But More Extreme Heat Looms Ahead
(Bloomberg) -- California called off its power-grid emergency as night fell and temperatures dropped, averting rolling blackouts amid a heat wave that drove temperatures into triple-digits and sent electricity demand soaring. The state’s grid operator took the rare step of ordering a stage-2 emergency -- one step away from mandatory outages -- as wildfires in Oregon threatened transmission lines bringing power into California. Last August, California suffered its first rolling outages in almost two decades after hot weather sent electricity demand soaring beyond supplies. The heat wave is forecast to peak Saturday, with temperatures in Sacramento soaring to 112 degree Fahrenheit (44 Celsius). More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.
It's harder to buy a vehicle for under $10,000 as prices of new and used cars jump
In June 2020, vehicles from the model year 2014 or older accounted for about 32.3% of used vehicles for sale. Why are used car prices rising? That, combined with tech improvements and a movement toward larger, more expensive rides, is making new and lightly used vehicles unaffordable for many. “Now the rental car companies are out there trying to buy used cars,” Krebs said. This article originally appeared on USA TODAY: Car prices for new, used vehicles are up, with fewer rides under $10K
Police arrest 16-year-old for allegedly stealing, totaling Magic guard Terrence Ross' Lamborghini
A teenager has been arrested and charged with burglary and grand theft after he allegedly stole Orlando Magic guard Terrence Ross’ Lamborghini Urus from a dealership last month. He was arrested on July 1, exactly one month after he allegedly stole Ross’ car. Terrence Ross’ Lamborghini stolen, totaled from dealershipRoss revealed on Instagram last month that his SUV was stolen from a dealership in the Orlando area and then totaled. Officers found Ross’ Lamborghini totaled just north of Orlando hours later. Terrence Ross' car was stolen from a dealership in Orlando last month and totaled.
Oil Posts First Weekly Loss Since May on OPEC+ Volatility
Futures in New York declined 0.8% this week, although the U.S. crude benchmark closed higher on Friday amid a broader market rebound. Prices whipsawed this week amid ambiguity over the future of the OPEC+ alliance and swings in the U.S. dollar. At the same time, the OPEC+ alliance and U.S. shale producers have practiced discipline toward returning supply that was shelved during the pandemic. The global oil market will remain in “deep deficit” of more than 3 million barrels per day through the third quarter of the year, according to Citigroup analysts. OPEC+ countries will need to add more oil to the market at a higher level “sooner or later,” said the report.
Oil Price Fundamental Daily Forecast – Bulls Catch a Break from EIA Draw, but OPEC+ Concerns Linger
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are edging higher early Friday after posting a dramatic rebound rally the previous session. At 05:10 GMT, September WTI crude oil futures are trading $72.45, up $0.23 or +0.32% and September Brent crude oil is at $74.31, up $0.19 or +0.26%. U.S. crude inventories fell by 6.9 million barrels last week to 445.5 million barrels, Energy Information Administration data showed. Gasoline stocks fell by 6.1 million barrels in the week to 235.5 million barrels, the EIA said. Short-Term OutlookCrude oil prices are likely to trade sideways-to-lower over the short-run due to the uncertainty surrounding future OPEC+ production hikes.
1 killed in 2-vehicle crash in southwest Las Vegas
Officers were called at 8:08 p.m. to West Russell Road and South Rainbow Boulevard after a report of a crash. (Ellen Schmidt/Las Vegas Review-Journal)One person was killed in a crash in southwest Las Vegas on Friday night. Officers were called at 8:08 p.m. to West Russell Road and South Rainbow Boulevard after a report of an injury crash, according to Metropolitan Police Department traffic logs. Metro Lt. Jesse Roybal said the crash involved a vehicle and a motorcycle and that one person was pronounced dead at the scene. It was unclear if speed or impairment played a part in the crash.
Pandemic garbage boom ignites debate over waste as energy
Waste-to-energy plants, which produce most of their power by incinerating trash, make up only about half a percent of the electricity generation in the U.S. The industry has been in retreat mode in the U.S., with dozens of plants closing since 2000 amid local opposition and emissions concerns. One estimate from the Solid Waste Association of North America placed the amount of residential waste up as much as 8% this spring compared to the previous spring. The company currently processes about 20 million tons of waste a year to power about a million homes, and it could do more, he said. “If we’re going to reach climate goals by 2050, the waste sector really can and should be part of that story,” Regan said.
Massachusetts Legislature unanimously passes $48.1B budget
More than a week into the fiscal year, the House and Senate agreed in bipartisan fashion to a $48.1 billion annual state budget and shipped the proposal to Gov. Legislative negotiators found compromise on the multiple policy areas that separated the House and Senate budget bills, including the future of a program offering tax credits to film and television productions in Massachusetts. The final budget does not include Senate-authorized language allowing the purchase of Massachusetts Lottery products with debit cards, which that branch and Baker have both unsuccessfully sought in previous spending bills. Negotiators also dropped another section from the Senate budget that would have increased the per-ride fees imposed on ride-hailing companies such as Uber and Lyft. The budget bill does not explicitly set a new start date, and simply says the program “shall not be allowed for the taxable year beginning Jan. 1, 2022.”
Striking Volvo workers nix tentative deal at truck plant
Volvo Trucks North America noted it was the third tentative agreement approved by UAW leadership but rejected by UAW members involved in Volvo's New River Valley truck assembly operations in Dublin. “Given the significant wage gains and first-class benefits this agreement delivered, and the strong support it garnered from UAW leadership at every level, this outcome is unexpected and very disappointing,” said NRV Vice President and General Manager Franky Marchand. He said in the statement that the company was considering its next steps. It said the plant is undergoing a $400 million investment for technology upgrades, site expansion and preparation for future products, including the Volvo VNR Electric truck. It added the plant has added 1,100 jobs since the current union agreement was implemented in 2016 and is on track to have a net increase of approximately 600 positions in 2021.
Working from home hastens death of the secretary
“The thing with our profession is there was a portion of it that wasn’t ready for the change automation brought,” she says. “They didn’t want to do the more strategic work, they were happy doing the traditional secretarial work. One City investment house is training EAs to code, while another is upskilling its entire support professional workforce in project management. Despite recent cuts at Deloitte and law firms Linklaters, CMS and Clyde & Co, Wratten is bullish about the outlook for secretarial staff. Having a secretary, after all, gives a person inflated status within a company.
'My trainer portfolio is worth £150,000': why shoes are the new shares
For the uninitiated, shoes are valuable for their quality and durability, eye-catching colours or alignment with the latest fashion trends. But they have also become a prized commodity, with rare trainers selling for thousands of pounds. Trainer fanatics snap up shoes when they are released in limited numbers. Others successfully scour charity shops, eBay, or specialist exchanges for rare shoes that could make fantastic investments. StockX, a trading website for sought-after shoes, calculated investors in two of the most popular trainers, Nike Air Jordan 4s and Nike Air Max 1s, had made 100pc and 50pc returns respectively in the past 18 months.
Leaseholders win out of court settlements over mis-sold homes
Conveyancing solicitors tied up in the leasehold property scandal have started to settle compensation claims with homeowners out of court. Buyers claimed lawyers did not always flag essential aspects of their contracts, with about two-thirds of leaseholders feeling that they were mis-sold their homes, according to Propertymark, a trade body. Daniel Brumpton of professional negligence solicitors Nelsons said some conveyancing firms were now beginning to settle compensation claims out of court with leaseholders. When the leasehold scandal first emerged, Propertymark research found that nearly two-thirds of all leaseholders had used the conveyancer recommended to them by their housebuilder. Some leasehold contracts have included onerous clauses that cause ground rents to escalate, often to thousands of pounds a year.
Two fifths of Tory voters happy to pay more tax after the pandemic
Almost two in five Conservative voters would support paying more in personal taxes to pay for the pandemic, exclusive polling has suggested. Some 62pc of people would be content with a tax rise of 1pc to 3pc, with nearly a third (31pc) happy to pay 4pc to 6pc more. More than three quarters of polled Tory voters who would accept a tax rise said they would only pay 1pc to 3pc more. Out of income tax, National Insurance, inheritance tax, capital gains tax and pensions taxes, 32pc of the 1,500 surveyed nationwide said they would prefer a raise in CGT to anything else. The results were similar among Conservative voters included in the study: 30pc picked CGT to go up, while 23pc said income tax and 4pc said pensions.
Need to get cash from your bank? Get there before 4pm
Bank customers could soon find themselves turned away from their local branch if they attempt to make cash-based transactions at certain times. Customers who require day-to-day banking services after this time, such as transferring cash between accounts, will be asked to use online banking. This is the latest blow to bank branch users, after high-street brands axed hundreds of local outlets in recent years. Isabelle Jenkins of PwC said: “Many have long predicted a gradual move away from local branches and use of cash. “Even before the pandemic, the foundations had been laid to shift away from cash; a rise in contactless payments, online transactions and use of digital currencies.
The five charts that show how the pandemic turned London house prices upside down
In April, annual price growth in the capital was 3.3pc – roughly a third of the 9.3pc recorded across England and Wales, according to official data. Capital Economics, a consultancy, has forecast that annual house price growth in London at the end of this year will be 2.8pc – less than half the 6pc anticipated national growth rate. Outer London price growth was 5.5pc, while prime central London values were down 13.5pc. In May 2021, inner London rents were down 20.8pc, according to Hamptons estate agents. In outer London, they were up 5.8pc.
Selling Channel 4 is risky for taxpayers
First, Dowden has signalled he plans to jettison rules that prevent Channel 4 from owning the underlying rights to its programmes. Channel 4 and ITV run two of only three television advertising sales operations in the UK. If ITV owned Channel 4 it would merge the sales houses, cutting costs to an extent that would deliver an immediate profit. Its American owner Comcast is highly unlikely to involve itself in the heavily regulated world of public service broadcasting. Viacom, owner of Channel 5, does not run a sales operation and could not extract the same savings.
Freedom Day is coming – now watch British stocks soar
The final lifting of Covid restrictions on July 19 could unleash the next stage of Britain’s stock market fightback, driving London-listed shares higher as the economy grows at its fastest pace in 80 years. On Freedom Day, laws to enforce mask wearing and social distancing will be scrapped, nightclubs will ­reopen, sports stadiums will return to full capacity – and shares in British companies are primed to rally. Fund managers say the successful reopening of the economy could add more fuel to Britain’s stock market recovery and entice foreign buyers back to the market, pushing shares higher still. Since November’s breakthroughs in the development of coronavirus vaccines, London-listed shares have outpaced overseas markets with a rise of 33pc, while smaller British stocks have surged by 48pc. The Bank of England expects the economy to grow by 7.3pc this year, the fastest pace since 1941.
China’s youth are embracing Mao's message
To them, Mao Zedong is a hero who speaks to their despair as struggling nobodies. The Mao fad lays bare the paradoxical reality facing the party, which celebrated the centenary of its founding last week. | AFP-JIJIThose attitudes have helped make the five volumes of “The Selected Works of Mao Zedong” popular again. Statues of late Chinese communist leader Mao Zedong are seen at a factory in Shaoshan, in China’s central Hunan province, on May 27. A widely circulated and since-deleted article analyzed why Mao’s revolution was unlikely to succeed in China today.
Biden's New Death Tax Hits the Middle Class While Excluding Certain Wealthy Investors
President Joe Biden's American Families Plan (AFP) would impose a capital gains tax at death while essentially doubling the capital gains tax rate. With a major exception for large investors, it would make these changes without grandfathering existing unrealized capital gains. A 40 percent capital gains tax at death after the exclusions allowed in the AFP would result in a tax of $220,000. But there is one exception to the lack of grandfathering of unrealized capital gains: the continuance of the 100 percent exemption for capital gains taxes from sales of qualified small business stock (QSBS). At the same time, the law would create a death tax for millions of middle-class Americans.
Critics: Postal Service plans imperil community newspapers
Postal Service Postmaster General Louis DeJoy speaks during a House Oversight and Reform Committee hearing on Capitol Hill in Washington. Postal Service's plans to raise postage rates could present another damaging blow to community newspapers already reeling from the coronavirus pandemic and advertising declines, industry leaders say. Postal Service Postmaster General Louis DeJoy speaks during a House Oversight and Reform Committee hearing on Capitol Hill in Washington. Postal Service's plans to raise postage rates could present another damaging blow to community newspapers already reeling from the coronavirus pandemic and advertising declines, industry leaders say. Postal Service’s plan to raise mailing rates could present one more damaging blow to community newspapers already reeling from the coronavirus pandemic and advertising declines, a trade group says.
White House Defends Arrangement To Keep Buyers Of Hunter Biden's Art Secret
The White House is defending an unusual arrangement to keep the identity of buyers of Hunter Biden’s artwork secret. The Manhattan gallery handling Biden’s art, Georges Bergès, told CBS News on Friday that Hunter Biden’s paintings could fetch between $75,000 and $500,000 each, even though Hunter Biden has no professional art training and has never before sold art on the commercial market, according to The Washington Post. White House officials believe keeping the identities of buyers secret, including from President Joe Biden and his son, would be a barrier to such influence. “What these people are paying for is Hunter Biden’s last name.”But White House press secretary Jen Psaki defended the arrangement to reporters on Friday, The Hill reported. “After careful consideration, a system has been established to allow Hunter Biden to work in his profession within reasonable safeguards,” she said.
Weisselberg indictment begs the question: What’s the cost of loyalty to Trump?
Will Allen Weisselberg risk a prison sentence, or will he turn on Donald Trump? Journalist David Cay Johnston says people who choose to enter Trump’s inner circle are willing to give up their own independence. “Allen Weisselberg is a wholly-owned psychological subsidiary of Donald Trump’s criminal mind, and if you work for Donald in any high level position you have to commit criminal offenses.”
Motorist choking on marijuana is saved after Ohio trooper performs Heimlich maneuver
ROOTSTOWN, Ohio — An Ohio State Highway Patrol trooper successfully performed the Heimlich maneuver after a man allegedly attempted to swallow a bag of cannabis when he was pulled over for speeding. Ohio State Police Sgt. Ray Santiago said the traffic stop occurred on July 3 in Portage County. Trooper Charles Hoskin conducted a traffic stop for a vehicle that was allegedly traveling at 94 mph in a 70-mph zone, WEWS-TV reported. Dash camera video posted to the Ohio State Police Twitter account shows Hoskin asking if the driver could breathe before helping him out of the car and performing the Heimlich.
‘We expect them to act’: Biden presses Putin on ransomware groups, hints at retaliation
Joe Biden has increased pressure on Vladimir Putin to move against ransomware groups operating from Russia, warning the United States is prepared to respond if cyberhacks are not stopped. The two leaders held an hour-long phone call on Friday, their first since they discussed ransomware attacks at a summit in Geneva on 16 June. Biden’s message to Putin in the call was direct, suggesting a growing impatience over attacks that have disrupted key US sectors. The United States has not indicated how it plans to respond to the attacks emanating from Russia, but Biden hinted at digital retaliation if Russian cooperation was not forthcoming. Moscow and Washington disagreed over whether the United States had formally sought Russian assistance to rein in ransomware attacks.
Mitt Romney sells his oceanfront La Jolla mansion for $23.5 million
Mitt Romney has sold his San Diego home for $23.5 million. The sale price makes it the fifth-most expensive home sale in San Diego County history and the third-most expensive for La Jolla. The main issue with the home was over public use of the adjoining beach which might have been impacted following construction of the larger house. 'Not all of the neighbors had issues with the Romneys' project,' La Jolla architect Anthony Ciani told the New York Post. Following the rebuild, Romney then hired a broker to find a seller in a deal that was completed off-market.
G20 ministers set to green light global tax reform
Advertising Read moreVenice (AFP)Finance ministers from the G20 richest nations are expected to give the green light Saturday to a historic deal to tax multinational companies more fairly. The framework for reform, including a minimum global corporation tax rate of 15 percent, was agreed upon by 131 countries earlier this month and could be in place by 2023. - 'On the way' -Final agreement on the minimum rate is not expected until the run-up to the G20 leaders' summit in Rome in October. It is one of two so-called pillars of global tax reform that have been under negotiation for years, and have been given new impetus under US President Joe Biden. The G20 ministers and central bank chiefs are also expected to call for more support for countries hard-hit by the coronavirus pandemic.
UK at loggerheads with EU again over £41bn Brexit ‘divorce bill’
The government has rejected claims it owes the European Union £41bn for a Brexit “divorce bill”, even as it emerged the first payments have been made. British officials say the EU figure excludes money owed to the UK. European officials expect to send €1.8bn to the UK, representing the British share of fines on rule-breaking companies, collected by the EU competition authority. British officials also highlight the uncertainty of the Brexit bill, which includes liabilities that may never come due, for example countries defaulting on EU loans. The argument continues despite the financial settlement agreed as part of the Brexit divorce deal between the EU and Boris Johnson in October 2019.
Florida state legislature diverted 40% of condo owner association fees into general fund since 2008: report
Since 2008, the state has diverted $65 million of the $167 million that has been taxed, nearly 40%, into the general fund, according to the Daytona Beach News-Journal. "For years, we've said please don't sweep that fund," Travis Moore, a lobbyist that represents Florida condo owners associations through the Community Associations Institutes, told the local newspaper. A 2018 report by Morabito Consultants said that improperly laid waterproofing was preventing water from running off under the building's pool deck. "The failed waterproofing is causing major structural damage to the concrete structural slab below these areas," the report said. Rescue teams are still working in 12-hour shifts, 24 hours a day to find the 61 victims who are unaccounted for.
Ivanka eyed in probe? New heat on Trump kids after CFO indicted
Now that the Trump Organization and its CFO have been indicted, New York prosecutors are turning their attention to Ivanka Trump. According to a Daily Beast report, seven Trump Organization companies knowingly paid a "portion" of bonuses illegally, including a company where Ivanka held an executive role. MSNBC's Dr. Jason Johnson is joined by former New York Assistant Attorney General Tristan Snell and the Daily Beast reporter who broke the story, Roger Sollenberger.
In Europe, as Elsewhere, Value Is What You Get
Value is what you get” (“Europe’s Economy Is Rebounding. As pointed out in the article, there hasn’t been a lot of price appreciation, so investors might want to consider taking a small tax hit and saving 42 basis points a year by investing in the ETFs mentioned in this article: the iShares Core MSCI Europe and the Vanguard FTSE Europe. On the other (shall I say heavy) hand, we have the Chinese Communist Party and its often unpredictable control tactics. And let’s not forget that investing in China supports the heavily government-controlled economy and essentially throws ESG into the dumpster. To be considered for publication, correspondence must bear the writer’s name, address, and phone number.
Why Otis Worldwide Shares Should Elevate
Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed. With the Chinese market stabilizing and Otis’ capital expenditures rising to levels more in line with peers’, its relative underperformance will decline. CSX CSX-NasdaqBuy Price $32.98 on July 8by BenchmarkWe reiterate our Buy rating and $36 price target. We now have CSX valued at 20.4 times 2022 estimated EPS, versus its peer average of 22.3 times. Our price target is $240.
China Watchdog Rejects Tencent-Led Game Streaming Deal
The deal wasn’t approved because it would strengthen Tencent’s dominance in China’s game streaming market, giving it an anti-competitive edge, the State Administration for Market Regulation said in a statement on Saturday. Huya and DouYu together have more than 80% of the market based on active users, they said. Tencent will abide by the regulators’ decision and comply with all regulatory requirements, the company said in a statement Saturday. The case marks the first rejection by the SAMR on mergers and investment deals by China’s internet companies. (Updates with Tencent statement in third paragraph.)
Brooks Brothers Owner Eyes $13 Trillion Market With Planned IPO
Though he started Authentic Brands Group Inc. with lesser-known consumer names, he spent much of the last decade vacuuming up ailing but widely recognized brands like Barneys New York, Sports Illustrated and Brooks Brothers. “There is $13 trillion of branded commerce in our sights,” Salter wrote to prospective investors in a regulatory filing. Authentic’s filing lists only a placeholder amount of $100 million, but Bloomberg has reported that the IPO could value the company around $10 billion. Net income grew fourfold to $225 million last year from $56 million in 2016, while revenue jumped to $489 million from $165 million. Authentic is also working on a loyalty program which would encompass all of its brands and a monthly subscription, according to the prospectus.
Three former Transit Police officers charged with pay fraud
Berg, Adamson, and Morris repeatedly left early or didn’t show up for shifts they were paid to work, according to the statement. Three former MBTA Transit Police officers are accused of receiving a total of more than $14,000 in overtime and regular pay they didn’t earn, authorities said Friday. During that year, Berg missed all or part of 39 more overtime shifts he claimed to have worked, according to the statement. Morris missed as much as seven and a half hours of 16 overtime shifts and was paid more than $4,300 for time he didn’t work, according to the statement. Adamson was paid $1,228 for hours he didn’t work, prosecutors said.
See award-winning architect Max Levy’s respect for the trees in this Greenway Parks home he designed
Award-winning Dallas architect Max Levy designed this Greenway Parks home with nature in mind. The home at 5543 Drane Drive in Dallas is 6,577 square feet with five bedrooms, seven bathrooms and one half-bathroom. 1 / 11Take a look at the home at 5543 Drane Drive in Dallas. (Douglas Newby) 10 / 11Take a look at the home at 5543 Drane Drive in Dallas. (Douglas Newby) 11 / 11Take a look at the home at 5543 Drane Drive in Dallas.
Oakland A’s meet with local leaders, plan 4th trip to Las Vegas
Following the two-day trip to the Las Vegas Valley, Kaval said it shows that Las Vegas is a real option and not just a power play to force Oakland city officials’ hand on a proposed waterfront ballpark there. “We’re just getting so much positive feedback in Southern Nevada and Las Vegas from all the key constituents and stakeholders,” Kaval said. Currently owned by hotelier Phil Ruffin, the Las Vegas Festival Grounds is a spot the team is also keeping an eye on. The groups also discussed Boring’s ultimate plan to extend the system into the Resort Corridor and downtown Las Vegas, linking resorts, Allegiant Stadium and possibly McCarran International Airport. Las Vegas Mayor Carolyn Goodman confirmed the city didn’t meet with the A’s this time around.
Oregon affordable housing provider to stock up on AC units after 3 residents die amid heat wave
Oregon’s largest affordable housing provider said it will stock up on portable air-conditioning units for use during future emergencies after three residents died amid the state’s historic heat wave. But the agency, Home Forward, will not provide air-conditioning units to all residents or equip apartment buildings with central air conditioning. Home Forward, which operates 72 buildings in Portland and Gresham, said it had a small supply of air-conditioning units on hand when the heat wave hit. Buonocore said Home Forward will begin to stock up on more air-conditioning units to be used in emergency situations. Residents of Home Forward buildings are allowed to use their own air-conditioning units, according to an agency spokesperson.
North Dakota sues Biden administration for $80M for 'unlawfully canceling oil and gas leasing'
North Dakota has filed a lawsuit against the Biden administration for $80 million after federal agencies 'unlawfully canceled oil and gas leasing' auctions in the state. The state's Attorney General Wayne Stenehjem filed the suit in U.S. District Court for the District of North Dakota Western Division. North Dakota is the second-biggest crude oil producing U.S. state, with the bulk of its tax revenues produced by oil and gas activity. In 2016, the Bismarck Tribune reported that Stenehjem's unsuccessful campaign for governor of North Dakota collected at least $50,000 in donations from oil companies' political action committees and oil executives. The news also came after a gas pipeline burst in the Gulf of Mexico and caused a huge fire in the water.
Bonds’ Odd Behavior May Presage Weaker Second-Half Economy
The bond market typically operates in the background in peoples’ minds, with most taking notice only when yields lurch in one direction or another. Even outside the bounds of the bond market, this raises a question: What’s wrong with this picture? After all, the economy has been booming, accompanied by rising inflation—exactly the opposite of what would be conducive to lower yields and higher prices. Yet the bond market didn’t seem to get the message. Lower bond yields aren’t bullish if they’re accompanied by wider spreads, they point out.
J. Alexander’s and Sykes Enterprises See Activist Action
These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Source: InsiderScore.comActivist HoldingsJ. Alexander’s Holdings (JAX)Ancora Advisors disclosed a 7.5% interest in the upscale dining-chain operator, equal to 1,133,305 shares. Ancora Advisors entered a voting agreement with SPB Hospitality on July 2, agreeing to vote all of its J. Alexander’s shares in favor of SPB’s proposal to acquire all of J. Alexander for $14 per share in cash. The deal is expected to close before the end of this year, though J. Alexander’s shareholders still must vote on the deal.
China Just Cut Reserve Requirements for Its Banks. Why One Economist Is Worried.
ING SnapsINGwww.think.ing.comJuly 9: The Chinese government has unexpectedly announced a broad-based RRR [reserve requirement rate] cut to be effective July 15. My own view is that the main intention of this cut is to help banks with their capital and liquidity requirements. Banks haven’t been able to lend to real estate developers as easily as before and have shrunk their mortgage business. After this RRR cut, banks should have more breathing room on capital and liquidity. According to our misery index, rising inflation might prove a more durable threat than most expect, especially if the Delta variant of the Covid virus starts sabotaging supply chains around the world.
Death toll in Florida condo collapse climbs to 60
Six more bodies were found in the rubble of a shattered condominium in the town of Surfside, outside Miami. Sixty bodies have so far been pulled from the wreckage in the 15 days since the Champlain Towers South condo collapsed. But crews were determined to keep working to provide closure to families of missing loved ones. "The work's going to go on, and obviously they're going to identify every single person. Investigators have not determined what caused the Champlain Towers South to fall apart without warning.
Labor Department official divests Amazon stock after financial disclosure: reports
Daniel Koh, the Department of Labor’s chief of staff, divested his holdings in Amazon on Friday after his personal financial disclosures revealed he owned a significant stake in the e-commerce giant, according to multiple reports. The financial disclosures, obtained by the Revolving Door Project, showed that Koh owned Amazon shares worth between $100,000 and $250,000. A Department of Labor spokesperson said Koh sold the shares after his stake was disclosed, news outlet Motherboard reported. A department spokesperson told the Huffington Post that Koh made his disclosures as required and as "awaiting the standard guidance from DOL's ethics lawyers on potential conflicts of interest." The Department of Labor did not immediately respond to a request for further comment.
Warren Buffett, Jim Cramer and Suze Orman share their biggest investing regrets
Grab some popcorn and let’s go over these famous investors’ most painful investing regrets. But a few years later when the manager offered to buy back Buffett’s shares, Buffett was enraged by his low offer. Buffett, who’s now known for his slow and steady approach to value investing, let the heat of the moment cost him billions. Cramer says if he had just held onto the stock, it would have been his trust’s best gains that year. So whether you’re just getting started or you’re basically living on Wall Street, remember investing isn’t a sprint — it’s a marathon.
North Dakota sues Biden administration for cancellation of oil pipelines
North Dakota has launched a lawsuit against the Biden administration for suspending the sale of oil and gas leases on federal lands, alleging it could cost the state billions of dollars. President Biden halted oil and gas lease sales upon entering office in January as part of his promise to take on climate change. JUDGE STOPS BIDEN ADMINISTRATION FROM BLOCKING NEW OIL AND GAS LEASESThough the leasing ban is temporary, the White House has not confirmed for how long the suspension will hold. "In addition to being a foolish idea, President Biden’s moratorium on oil and gas leasing on public lands is illegal," North Dakota Republican Sen. Kevin Cramer said following the suit. CLICK HERE TO DOWNLOAD THE FOX NEWS APPThe North Dakota suit comes one month after a federal judge in Louisiana temporarily blocked Biden’s suspension and argued his ruling applies nationwide.
Mexican magnate wanted for tax fraud has left country, govt says
MEXICOCITY – A prominent Mexican businessman who faces tax fraud charges left Mexico earlier this year, the government said on Friday. Miguel Aleman, a co-founder of budget airline Interjet, last left Mexico on Jan. 31, possibly months before a warrant for his arrest was issued. He took off from the international airport in Toluca, a state capital about an hour outside Mexico City, the National Migration Institute (INM) said in brief statement. News of the federal arrest warrant for Aleman was first reported this week but it is not clear when it was issued. The case marks one of the first times a high-profile business leader has been targeted by authorities under a new law that treats tax fraud as a crime punishable by jail time.
Japanese vending machines: the cutting edge of merchandising … and on the brink of irrelevance?
In an online list of the world’s wackiest vending machines; compiled by Fodor’s Travel, Japan got the nod for 3 out of 13 — those selling beer, fresh eggs and bananas. The appearance of original vending machines does warrant media coverage, which is certainly the case for Dohiemon, a new type of vending machine that went into service earlier this year. Broken down by function, vending machines selling beverages are by far most numerous in Japan, accounting for 56.4% of the total. Lending machinesA recent vending machine experiment merges the functions of product sales with advertising promotion. The operator of the vending machine, a company called Sukima Depaato (which translates as crevice department), told the Nikkei that instead of jid?-hanbaiki (vending machine) it uses the name “jiy?-hanbaiki” (free-selling machine).
Proportion of female company leaders remains low in Japan
The proportion of female company leaders in Japan may have marked a record high in April, a private-sector survey showed Friday, but it still underscored the large gender disparity in the workplace. Of the female leaders, 50.8% became president after taking over from their husbands or parents due to old age or difficulty finding a successor, compared with 39.5% for men. Only 8.3% of women leaders were appointed through internal promotions, lower than the 11.8% of men, reflecting the gender gap in career-based appointments. Companies with capital of under ¥10 million made up 9.1% of all firms with female presidents, making it the most common category. Only 2.3% of firms with female leaders had capital of over ¥100 million.
Finance chiefs of South Korea, US hold talks on sidelines of G-20 meeting
South Korean Finance Minister Hong Nam-ki (right)and Treasury Secretary Janet Yellen greet with a fist bump ahead of their talks in Venice, Italy, on the sidelines of the Group of 20 meeting of top finance and economic officials on Friday. (Yonhap)Top economic policymakers of South Korea and the United States have held talks over bilateral economic cooperation and global issues, the finance ministry said Saturday. Finance Minister Hong Nam-ki and Treasury Secretary Janet Yellen held the meeting in Venice, Italy, on Friday (local time) on the sidelines of the Group of 20 (G-20) meeting of top finance and economic officials, according to the Ministry of Economy and Finance. The finance chiefs also discussed major G-20 agenda items, including climate change and the overhaul of a global corporate tax scheme, according to the ministry. Hong held separate meetings with Turkey's Finance Minister Lutfi Elvan and his Italian counterpart, Daniele Franco, to discuss ways to bolster economic cooperation.
Seoul stocks likely to face volatility next week on virus woes
Analysts expected local financial markets to face another week of volatility from the virus uncertainties amid upbeat earnings outlook. "The economic indicators and corporate earnings (forecast) are promising, while the COVID-19 risk emerged as a reef," NH Investment & Securities analyst Kim Young-hwan said. "Temporary adjustment and relatively high volatility may weigh down the stock prices, but it is unlikely that the virus would cause another economic crash," he added. Next week, South Korea's jobless data for June will be released Wednesday. China's second-quarter gross domestic product (GDP) and U.S. retail and industrial output will be published the same day.
California oil regulators deny new fracking permits
Fracking involves injecting high-pressure water deep underground to extract oil or gas from rock. In April, Newsom directed the state’s Geologic Energy Management Division, or CalGEM, to develop a plan to stop issuing new fracking permits by 2024 after a measure to ban fracking died in the Legislature. Those decisions would make California the largest state to ban fracking and likely the first in the world to set a deadline for ending oil production. CalGEM has approved 100 new oil well-drilling permits and a dozen new fracking permits this year, according to state records cited by the Chronicle. Newsom should “instruct his agency to deny all new oil and gas permits immediately,” said a statement from Alexandra Nagy, California director for the nonprofit group Food and Water Watch.
Biden Fires Trump Appointee as Head of Social Security Administration
President Biden fired President Donald J. Trump’s appointed head of the Social Security Administration on Friday, setting off a possible legal showdown over who rightfully holds the position. Mr. Biden asked on Friday morning for the resignations of Andrew Saul, the agency’s commissioner, and David Black, a deputy commissioner. Mr. Black resigned as requested, but Mr. Saul refused and was notified by the administration that he had been fired, an administration official said. Mr. Biden moved to appoint an acting commissioner, Kilolo Kijakazi, while the administration looks for permanent successors for the two jobs. The firing was the latest bid by Mr. Biden to oust a Trump-appointed director of an independent executive agency.
Deadspin EIC Jim Rich resigns in latest turmoil at G/O Media
Jim Rich, the former Daily News editor charged with bringing Deadspin back to life following a mass staff exodus, has resigned after just 18 months on the job, The Post has learned. Neither Spanfeller nor Rich returned calls seeking comment at the time of writing. No replacement has been tapped for Rich, who built an entirely new staff from the ground up at Deadspin. Within days, the entire editorial staff had followed him out the door. “Long live Deadspin.”For three months, Deadspin was a ghost site until its restaffing under Rich.
Lightspeed CEO on being a one-stop shop powering digital commerce
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightspeed CEO on being a one-stop shop powering digital commerceLightspeed CEO Dax Dasilva explained how the point-of-sale and e-commerce software provider differentiates itself in the industry.
Watch Friday's full episode of Mad Money with Jim Cramer — July 09, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Friday's full episode of Mad Money with Jim Cramer — July 09, 2021"Mad Money" host and former hedge fund manager, Jim Cramer, provides stock traders with all manner of investing advice.
Synaptics CEO Michael Hurlston full interview on 'Mad Money with Jim Cramer'
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSynaptics CEO Michael Hurlston full interview on 'Mad Money with Jim Cramer'Synaptics CEO Michael Hurlston joined CNBC's Jim Cramer on "Mad Money" to give an update the software company's turnaround plan and capitalizing on an increasingly connected world.
Jim Cramer on looming earnings season
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer on looming earnings seasonWall Street will kick off what feels like an endless earnings season with so many publicly traded companies to consider, CNBC's Jim Cramer said on "Mad Money."
Two Americans among suspects arrested for assassination of Haitian president
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo Americans among suspects arrested for assassination of Haitian presidentJacqueline Charles, Miami Herald report, joins "The News with Shepard Smith" to discuss the latest news out of Haiti following the assassination of the country's president.
Wall St Week Ahead Investors eager for earnings amid growth concerns
A massive jump in second quarter earnings is expected to mark a peak for U.S. earnings growth and the recovery from last year's pandemic-induced profit collapse. S&P 500 earnings are estimated to have surged 65.8% from a year earlier, according to IBES data from Refinitiv. read moreInvestors are also eager to assess whether earnings will support Wall Street's run higher, with the S&P 500 (.SPX) up roughly 16% for the year so far. read more The S&P 500 value index (.RLV) is down for the week. Second-quarter earnings estimates are likely still too low, Nicholas Colas, co-founder of DataTrek Research, wrote in a note this week.
Dallas Fed Chief Robert Kaplan on Why the Fed Should (Slowly) Back Off
Dallas Fed President Robert Kaplan was the first to speak up publicly. Robert Kaplan: Our estimate right now at the Dallas Fed is that headline inflation, as measured by the personal consumption expenditure [PCE] index, will end this year at 3.4%. Investors are trying to understand what Fed officials mean by “transitory” or “nontransitory” inflation. Does that make it harder for the Fed to eventually raise rates—is the Fed boxed into ultralow interest rates forever? What do you say to criticism that the Fed has become too beholden to the financial markets?
Elizabeth Warren blasts Wells Fargo for ending personal lines of credit — here’s why that decision could hurt your credit score
Elizabeth Warren has sharp words for Wells Fargo. The bank is discontinuing personal lines of credit and will shut down existing ones in the coming weeks, CNBC reported, citing customer letters it has reviewed. Wells Fargo needs to make this right,” she wrote on Twitter TWTR, +3.20% . Wells Fargo is facing stricter oversight and asset caps compared to its competitors, he said. On Friday, Wells Fargo shares were up 3.1% after falling 1.6% Thursday, and have gained nearly 45% so far this year, while the S&P 500 SPX, +1.13% has gained 16%.
Covid Fears and Lower Yields Can’t Keep the Stock Market Down
Everything went wrong this past week—and yet everything ended up all right for the stock market. “The 2020 links between Covid risk and yields were more direct as elevated economic risks from Covid were seen as leading to further central bank stimulus,” Englander writes. Renewed Covid fears don’t mean the market has to fall, but they’re worth watching. This past week a disappointing ISM services survey—it fell to 60.1 in June from 64 in May, below forecasts for 63.5—seemed to trigger selling on Tuesday. Here’s a little secret: There’s a good chance economic growth has peaked, but that doesn’t have to signal the end of a bull market.
Banks Are About to Kick Off Earnings Season. Keep an Eye on Citigroup.
The SPDR S&P Bank exchange-traded fund (ticker: KBE) gained around 30% to start the year as the 10-year yield climbed as high as 1.75%. While bank earnings should contain a lot of good news, there may not be enough to get the group moving higher. The SPDR S&P Bank ETF currently trades at 11.1 times 12-month forward earnings, while the S&P 500 trades at 21.6 times. Analysts surveyed by FactSet expect that Citigroup will earn $1.99 per share—roughly a fourfold increase from the challenging year-ago quarter. Konrad sees Citi stock trading at $85 a share, almost 25% above Friday’s close.
Family of man killed in police pursuit speaks out
The family of Leneal Frazier is speaking out after the 40-year-old father of five was killed when a police car struck his vehicle while pursuing a suspect in a high-speed chase. Frazier, who was not involved in the police chase, was killed Tuesday after the collision in Minneapolis. Attorney Jeff Storms, who is representing the family, said they would pursue a lawsuit but did not elaborate further. Jacqueline Frazier, center, mother of Leneal Frazier, is surrounded by friends and family mourn the death of her son on July 7, 2021, in Minneapolis. / Credit: Leneal FrazierCBS Minnesota obtained surveillance video that shows Frazier's car get hit in the middle of the intersection.
Biden just canceled millions more in student loan debt — who qualifies this time?
Biden just canceled millions more in student loan debt — who qualifies this time? Millions of Americans continue to wait for word on whether President Joe Biden will provide widespread student loan forgiveness. Broad student loan forgiveness remains a questionOrhan Cam / ShutterstockThis year's debt cancellations are — to be completely honest — just small change compared to the sweeping student loan forgiveness that's being discussed in Washington and is advocated by a number of influential lawmakers. He has said he’s willing to cancel $10,000 in student debt, but he has resisted calls for the bigger amount. Interest rates on student loan refinances from private lenders have hit record lows, so replacing your debt with a new private student loan could cut your monthly payments substantially.
Wall Street ends choppy week with stocks higher; bond yields rebound
Bond yields rebounded solidly and stock indexes notched new highs Friday as Wall Street closed out a choppy, holiday-shortened week of trading with the market’s third straight weekly gain. The Standard & Poor’s 500 index rose 1.1% to an all-time high for the second time this week. The gains were broad with about 90% of the stocks in the S&P 500 closing higher. AdvertisementThe S&P 500 index rose 48.73 points to 4,369.55. Banks have been among the best-performing stocks in the S&P 500 this year.
What Biden’s executive order on non-compete agreements means for tech workers
The rest of the country might finally be catching up to California when it comes to workers’ right to hop between jobs. The Biden administration asked the Federal Trade Commission to ban or limit noncompete agreements nationwide as part of a broad executive order Friday. “To the extent that we know now that noncompetes limit workers’ ability to secure outside offers and use that in wage negotiations, that applies to tech workers,” said Nunn, who cautioned that his views are his own. “And if noncompetes are limiting the ability to start new companies and to have information diffusion across firms, all of that is absolutely relevant to tech workers. That hasn’t stopped employers in California from asking workers to sign noncompete agreements.
L.A.'s office market skid slows as workers trickle back
The Los Angeles County office rental market is showing early signs of stabilizing as businesses shed space at a slower pace in an apparent calculation that better times are ahead. Office leasing in Los Angeles County fell to its lowest point since the Great Recession in the April-June quarter last year. Vacancy rose again in the second quarter of 2021 from the year-earlier period, yet at a reduced pace as the number of leases being signed picked up while the economy began to rally, real estate brokers said. Full recovery is not expected until 2025AdvertisementOverall vacancy in buildings reached 17.6% in the second quarter, up substantially from 13.9% in the same period last year but little changed from the first quarter, CBRE said. Entertainment company Lionsgate withdrew 200,000 square feet from the market that it had planned to sublease in Santa Monica.
Bank of America's 8 Best Stocks to Buy in Q3
Bank of America has a "buy" rating and a $71 price target for AFRM stock. Bank of America has a "buy" rating and a $25 price target for CNHI stock. Bank of America has a "buy" rating and a $62 price target for EPR stock. Bank of America has a "buy" rating and a $372 price target for FDX stock. Bank of America has a "buy" rating and a $90 price target for XOM stock.
For sale: Homes with in-ground pools
Past an updated bathroom, a bedroom in back has glass doors that open to the pool and patio. Two upstairs bedrooms feature English cottage-style arched doors. AdvertisementCONS The upstairs bedrooms are quite small, and the property abuts railroad tracks. HandoutAldo Masciave, Leading Edge Real Estate, 781-883-0896, aldoatleadingedge.com$950,00014 KINGSTON STREET / READING14 Kingston Street, Reading. AdvertisementThe pool at 14 Kingston Street.
Mass. legislators unanimously approve $48.1 billion state budget
More than a week into the fiscal year, the House and Senate agreed in bipartisan fashion Friday to a $48.1 billion annual state budget and shipped the proposal to Governor Charlie Baker’s desk. AdvertisementAt this time last year, budget writers were fretting a potential tax revenue implosion and wondering if state reserves would be enough to hold public services together. But taxpayers have delivered robust collections for the state, enabling significant spending increases and allowing historic deposits into the rainy day fund. AdvertisementThe House voted unanimously in April to eliminate the sunset date altogether, while the Senate voted to push it back four years while imposing several additional eligibility requirements on the tax credits. Negotiators also dropped another section from the Senate budget that would have increased the per-ride fees imposed on ride-hailing companies such as Uber and Lyft.
Factory blaze in Bangladesh kills more than 50
By Salman Saeed, Sophie Jeong and Amy Woodyatt | CNNAt least 52 people were killed when a massive fire ripped through a juice factory in Bangladesh, officials said Friday. The presence of chemicals and flammable substances like polythene and clarified butter contributed to the blaze in the factory, and made it more difficult to bring under control, the state-run Bangladesh Sangbad Sangstha news agency reported. Almost none of the bodies recovered on Friday could be recognized, BSS reported, citing fire service and civil defense director Lieutenant Colonel Zillur Rahman. At least 50 people, mostly factory workers and employees, were injured in the fire. The Narayanganj district administration has formed a five-member probe committee to examine the incident, Reuters reported, citing Al Arifin.
Head-on crash kills drivers, injures 2 children on State Route 89 near Prescott
Two drivers died after a head-on crash on State Route 89 near Prescott, according to Prescott Police Department Lt. Jon Brambila. Just after 7:30 a.m. on Friday, officers responded to the report of a crash at SR 89 and Granite Dells Parkway. They found two drivers who were pronounced dead at the scene near the wreckage, which involved a Toyota truck and a Dodge truck that was pulling a trailer full of masonry block, Brambila said. In the Toyota truck, police also found a 2-year-old and a 4-year-old with life-threatening injuries, Brambila said. Initial reports indicated that a 33-year-old man driving the Toyota truck was heading west on SR 89 when he crossed the highway and smashed head-on into the Dodge truck driven by a 44-year-old man.
Hundreds of Milwaukee families are eligible for a new child tax credit. Here's how to get help filing for the payments.
Eligible parents will start receiving monthly payments of as much as $300 for each child through the expanded child tax credits starting July 15. The IRS is holding an event in conjunction with local non-profits, churches, and community groups Saturday to help people register for the monthly Advance Child Tax Credit payments. The 53204 ZIP code had 757 unclaimed children; 53206 had 434 unclaimed children. The first monthly payments will be made starting July 15, with most families beginning to receive monthly payments without any additional action. The law greatly expands the 2021 child tax credit and other tax incentives aimed at low-income workers.
Eating out costing more as Chicago restaurants emerge from the pandemic — and price hikes may not slow down anytime soon
“Over the next few weeks we will be working hard to come up with other cost-saving ideas that will help us fund this dramatic increase,” the letter says. “At the end of the day though, the final say comes from what the customer will pay for these services. So it probably goes without saying, but I will err on the side of transparency, a price increase directly targeting this wage increase is soon coming.”
Global tax reform tops G20 meet in Venice
G20 finance ministers may reach agreement on the tax plan in VeniceAdvertising Read moreVenice (AFP)G20 finance ministers gathered Friday in Venice under tight security, with global tax reform at the top of the agenda as the world's biggest economies seek to ensure multinational companies pay their fair share. All the countries have already signed up to a framework for global tax reform agreed on July 1 among members of the Organisation for Economic Cooperation and Development (OECD), notably a corporate tax rate of at least 15 percent. The minimum rate is one of two so-called pillars of global tax reform that have been under negotiation for years, and have been given new impetus under the US presidency of Joe Biden. - 'Be realistic' -Final agreement on the minimum tax rate is not expected until the run-up to the G20 leaders' summit in Rome in October. It was the G20 finance ministers' first in-person meeting since February 2020, when coronavirus began sweeping across the world.
China’s hi-tech hub Shenzhen looks at legislation for digital economy, adopts data use law
Shenzhen has adopted a data use law to support the development of its digital economy. Photo: Martin Chan
Huawei CFO can't use HSBC documents in U.S. extradition case, judge rules
Huawei CFO can't use HSBC documents in U.S. extradition case, judge rulesMeng Wanzhou's defence team argued the material should be entered as evidence as they disprove the U.S.'s extradition claimA Canadian judge has denied Huawei Chief Financial Officer Meng Wanzhou’s application to add a trove of documents her legal team received from HSBC as evidence to her U.S. extradition case, the judge announced on Friday. Article contentMeng, 49, is facing extradition from Canada to the United States on charges of bank fraud for allegedly misleading HSBC about Huawei’s business dealings in Iran, potentially causing the bank to break U.S. sanctions. Try refreshing your browser, or Huawei CFO can't use HSBC documents in U.S. extradition case, judge rules Back to videoHer legal team received over 300 pages of internal documents from HSBC through a court in Hong Kong, which the defence argued should be entered as evidence because they would disprove the basis for the U.S.’s extradition claim. Associate Chief Justice Heather Holmes, who has been overseeing the case in the British Columbia Supreme Court since its inception, disagreed. Her extradition hearings are scheduled to finish by the end of that month.
Letters to the editor: Mary Simon's a 'solid choice' for GG, despite not being fluent in French
Article content The appointment of Mary Simon as our new governor general appears to be a solid choice and I wish her well. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content Benlolo uses the case of “Your Ward News” to justify his position. Article content It was blatantly unfair and the staff member behind it all was well known to us for his bias.
Officer completes delivery after DoorDash driver was arrested
(Gray News) – An officer with the Jonesboro Police Department went above and beyond to protect and serve dinner to a woman who had placed an order through a delivery service. According to the department, Officer Tyler Williams assisted Officer Levi Chism with an arrest during a traffic stop on June 29. They learned that the person arrested was a driver for DoorDash en route to make a delivery. “Your DoorDash guy got arrested, so I brought your food to you,” Williams explained. The DoorDash driver was charged for driving with a suspended or revoked license, no proof of liability and a failure to appear warrant out of a neighboring county.
Mayor: Cat from condo collapse returned to family
Mayor: Cat from condo collapse returned to familyThe Miami-Dade mayor says a cat that lived in the collapsed Florida condominium has been found and returned to its family.
Jolie and Pitt's lawyers face off over her bid to dump their private judge in divorce case
"If you're going to play the role of a paid private judge you have to play by the rules and the rules are very clear, they require full transparency," Olson said. Jolie sought Ouderkirk's dismissal in August 2020, alleging he was not impartial due to professional links between him and Pitt's lawyers. Ordinarily, an appellate court decision could be expected in about a month. Divorce cases in California, especially celebrity cases and those conducted under the aegis of a private judge, often take place behind closed doors and are not accessible online, even before the COVID-19 pandemic closed courthouses. Jolie's lawyer's brief in the case declared that even if she loses at the appellate level, she will keep fighting Pitt and the custody order.
Opinion : Clarence Thomas is right about one thing: Legalized, recreational marijuana is a reality
Sensible enough, but such business still operate under significant logistical and financial disadvantages. In calculating their taxes, for example, ordinary retail enterprises are allowed to deduct both the costs of the goods that they sell and other ordinary business expenses, such as rent and salaries. But under the federal tax code, businesses that deal in controlled substances that are illegal under federal law may only deduct the cost of the goods that they sell, not other expenses.
Opinion : Hunter Biden is going about his art career all wrong
As The Post has reported, the president’s son, who has no professional training and has never before sold art on the commercial market, has struck an arrangement with a New York gallery owner under which Biden’s art — described as paintings, drawings and collages — will go on sale this fall for asking prices that are expected to reach as high as $500,000 for a single piece.
Extreme weather requires private-public sector partnership
I am exceedingly grateful for the warnings issued by the fine professionals at the Hurricane Center. They did the best they could with the tools they had, and they saved our lives. But because we did not have more time and forewarning of the magnitude of the impacts, we didn’t take most of our belongings with us. Apart from our cars and bags packed for a weekend away, we lost everything we owned.
Cramer's game plan for the trading week of July 12
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer's game plan for the trading week of July 12"What happens next week will color the entirety of earnings season," CNBC's Jim Cramer said on "Mad Money."
Trader Tony Zhang says this airline is about to take flight
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrader Tony Zhang says this airline is about to take flightTony Zhang, chief strategist for OptionsPlay, joins "Options Action" to break down his trade on Southwest Airlines.
Fastenal fires up: How to trade it using options
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFastenal fires up: How to trade it using optionsCornerstone Macro's Carter Worth breaks down his outlook on Fastenal, the largest fastener distributor in North America.
Cramer's lightning round: Ford and Tesla are at buying levels
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer's lightning round: Ford and Tesla are at buying levels"Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.
Lightspeed CEO Dax Dasilva full interview on 'Mad Money with Jim Cramer'
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightspeed CEO Dax Dasilva full interview on 'Mad Money with Jim Cramer'Lightspeed CEO Dax Dasilva joined CNBC's Jim Cramer on "Mad Money" to discuss why small- and medium-sized businesses depend on point-of-sale and e-commerce software.
Hedging 101: Buying protection with options
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHedging 101: Buying protection with optionsMichael Khouw, Optimize Advisors president, joins "Options Action" to lay out how traders can hedge against risk by using the options market.
Watch Friday's full episode of Fast Money — July 9, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Friday's full episode of Fast Money — July 9, 2021"Fast Money" is America's post-market show. Hosted by Melissa Lee and a roundtable of top traders, "Fast Money" breaks through the noise of the day, to bring you the actionable news that matters most to investors.
Cramer's lightning round: Ford and Tesla are at buying levels
I really think that if you want growth, you want T-Mobile. I'm actually willing to say Chevron for yield." Atkore: "Let's have them on because it's the kind of stock that works here, but I've got to have them on." I think we start buying Ford here. Zynga: "I like Zynga.
Cramer's week ahead: Next week sets the tone for all of earnings season
Projected EPS: $1.53Projected revenue: $17.97 billion JPMorgan Chase Q2 2021 earnings release: 7 a.m.; conference call: 8:30 a.m. Wednesday: Wells Fargo, Bank of America, Citigroup earningsWells Fargo Q2 2021 earnings release: 8 a.m.; conference call: 11:30 a.m. Thursday: UnitedHealth Group, Alcoa earningsUnitedHealth Group Q2 2021 earnings release: before market; conference call: 8:45 a.m. Friday: First Horizon, Kansas City SouthernFirst Horizon Q2 2021 earnings release: 6:45 a.m.; conference call: 9:30 a.m. Kansas City Southern Q2 2021 earnings release: before market; conference call: 8:45 a.m.
GM says China sales rise by 5.2% in second quarter
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The U.S. automaker said sales of its Cadillac XT6 three-row large luxury SUV grew 42% to about 10,000 vehicles, while demand for its GL8 premium multi-purpose family vehicle increased by 40% to over 45,000 units. (https://bit.ly/3AJMQhb)GM, which is working on its new "Ultium" battery technology, earlier this year unveiled an Ultium-based model for China, the Cadillac LYRIQ all-electric SUV. This electric SUV will go on sale in the country early next year, the company said. Reporting by Ankit Ajmera in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Biden to host Germany's Merkel at White House next Thursday -White House
U.S. President Joe Biden departs the White House in Washington, U.S. en route to La Crosse, Wisconsin, June 29, 2021. REUTERS/Evelyn HocksteinWASHINGTON, July 9 (Reuters) - U.S. President Joe Biden will host a meeting with German Chancellor Angela Merkel next Thursday, the White House said on Friday. White House spokeswoman Jen Psaki said the two leaders would discuss ransomware attacks that have hit companies in the United States and the Nord Stream 2 gas pipeline being built from Russia to Germany. She declined to say if an agreement could be reached on the temporarily suspended U.S. tariffs on Nord Stream 2 AG, the Germany company behind the pipeline, and its chief executive. It will be her first visit to Washington since Biden took power in January.
WSJ Opinion: Will Biden Respond to Latest Russian Ransomware Attacks?
Weeks after he told Vladimir Putin that he'd have to retaliate if Russians didn't stop cyber attacks on American assets, media reports say Russia's foreign-intelligence service struck again. Images: AFP via Getty Images Composite: Mark Kelly
Biden's administration just canceled $55.6 million in student debt for people who went to 3 for-profit colleges
Biden canceled $55.6 million in student debt for borrowers who went to 3 for-profit schools. This brings Biden's total debt cancellation for defrauded borrowers to $1.5 billion for 92,000 people. President Joe Biden's Education Department on Friday made progress in its promise to reform the student-debt system by canceling student debt for three more groups of defrauded borrowers. 1,600 of those students are receiving $53 million in debt relief. This brings total loan cancellation based on borrower defense under Biden to over $1.5 billion for nearly 92,000 borrowers.
Loan relief approved for more for-profit college students
The Biden administration is erasing more than $55 million in debt for former students of Westwood College, the Marinello Schools of Beauty and the Court Reporting Institute. The chain told students their course could be transferred to other colleges, but that often was not the case, the Education Department said. It left many students stuck starting their college careers all over again after they transferred. Last month, the Biden administration erased student debt for more than 18,000 borrowers of the ITT Technical Institute, another defunct for-profit college. DeVos also implemented a new formula that offered only partial loan relief even if claims were granted.
Biden administration cancels additional $55.6 million in student debt
The Department of Education canceled an additional $55.6 million in student loan debt for 1,800 student who were victims of a for-profit college fraud, bringing the total amount of canceled student loan debt by the Biden administration to $1.5 billion. With the additional 1,800 students, the Biden administration has canceled student loans for nearly 92,000 people. The $1.5 billion of canceled loan debt is an attempt by the Biden administration to address the backlog of forgiveness claims left by the prior administration. Some Democrats are pushing for more and broader student loan forgiveness. This article originally appeared on USA TODAY: Biden administration cancels $1.5 billion of student loan debt
Mayor: Cat from condo collapse returned to family
"It is with deep profound sadness that this afternoon I'm able to share the extremely difficult decision to transition from operation search-and-rescue to recovery. Officials say there is some possibility that they may be found elsewhere or have been double-counted. The Assistant Chief of Miami-Dade Fire Rescue Ray Jadallah hinted that few bodies were being found intact, and instead called the recoveries 'human remains'. "Once we pull the victim out, we're we're recognizing is, you know, human remains, you know, typically an individual has a, you know, a specific amount of time in regards to lack of food, water and air. What we've done now is transferred to a search-and-recovery in the search, and recovery is now shifted to finding every victim in that pile.
FTC extends probe of Amazon, MGM deal - source
Smartphone with Amazon logo is seen in front of displayed MGM logo in this illustration takenWASHINGTON (Reuters) - Amazon.com's deal to buy movie studio MGM for $8.5 billion is headed for an extended probe by the Federal Trade Commission, after a source familiar with the matter said on Friday the agency had issued a second request in its review of the merger. Issuing a second request indicated that it would likely take months for the agency to rule on the deal. Amazon said in May that it would buy the U.S. movie studio, home to the James Bond franchise, which would give it a huge library of films and TV shows to compete with streaming rivals like Netflix and Disney+. In June, Amazon asked that FTC Chair Lina Khan be recused on antitrust matters related to the online retail giant because of research that she had done and her previous advocacy. In addition to reviewing the merger, the agency is investigating Amazon as part of a series of probes underway into Big Tech.
Cramer's Mad Money Recap: PepsiCo, JPMorgan Chase, Goldman Sachs
We'll also get earnings from PepsiCo (PEP) - Get Report, JPMorgan Chase (JPM) - Get Report and Goldman Sachs (GS) - Get Report. On Real Money, Cramer keys in on the companies and CEOs he knows best. This is vitally important, Cramer explained, because commercial paper from China is very different than commercial paper from the U.S. or Canada. Search Jim Cramer's "Mad Money" trading recommendations using our exclusive "Mad Money" Stock Screener. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.
Biden tells Putin the US will take ‘any necessary action’ after latest massive ransomware attack, White House says
In a phone call, the president warned Putin that Russia must take action to disrupt ransomware groups operating there, or the United States would impose consequences, the White House said in a statement. Asked later by a reporter if there will be consequences, Biden said, “yes.” The president did not elaborate. Once considered largely a criminal menace, ransomware attacks are now treated by the federal government as a national security threat. Though ransomware attacks have increased over the last 18 months, “this is the first time . Psaki declined to say what actions the United States might take if Moscow fails to curb the attacks.
2-vehicle collision in Phoenix leaves 1 dead, 1 injured
A two-vehicle collision left one man injured and one dead early Friday morning in Phoenix. Phoenix police officers responded to the scene near 71st Avenue and Thomas Road just after midnight, where they learned two 20-year-old men in a Chevy Silverado were headed westbound on Thomas Road, according to police spokesperson Sgt. A third vehicle, a Chevy Avalanche, stopped to help the people injured in the collision. The two suspects in the truck retrieved weapons and ammunition before stealing the third vehicle, Williams said. Officers eventually located the stolen vehicle leaving a residence near 75th Avenue and Palm Lane.
EPA revokes emergency use of Allied BioScience’s COVID-fighting antimicrobial surface coating
The U.S. Environmental Protection Agency is ordering Plano-based Allied BioScience to cease all distribution of its SurfaceWise2 product, an antimicrobial surface coating the government previously authorized for emergency use as a COVID-19 germ killer. The order came from an investigation that followed Oklahoma’s request to revoke the product’s emergency authorization on the grounds that the emergency situation was no longer applicable, according to the EPA. The EPA said its investigation found that the product is not as effective in real-life application as it is in a laboratory. He also said Allied BioScience will continue to work with the EPA to receive full approval for SurfaceWise2. Because of that and the availability of other approved products, the EPA said removing SurfaceWise2 from the market will not endanger human health.
Will retired Texas teachers receive a bonus pension check? Lawmakers advance bills that could do so
Texas lawmakers are acting fast to get an additional pension check to the state’s 440,000 retired teachers. While many of the state’s education associations are supportive of the 13th check bills, those groups urged lawmakers to do more, such as providing a cost-of-living adjustment (or COLA). Several retired teachers asked for the COLA during Friday’s public testimony in the Senate. Texas AFT Retiree Plus member Rita Runnels told lawmakers that she retired in 2008, and has never seen an increase in her retirement payments. “We understand a COLA is very important to our retired teachers,” Huffman said.
Record-breaking heat causing delays at Las Vegas’ McCarran airport
Extreme heat in Las Vegas is leading to flight delays at McCarran International Airport. A plane takes off from McCarran International Airport, Tuesday, Feb. 23, 2021, in Las Vegas. Excessive heat was causing delays at the airport on Friday, July 9, 2021, because of less lift in hotter temperatures, federal officials said. (AP Photo/John Locher)Extreme heat in Las Vegas is leading to flight delays at McCarran International Airport. @FAANews implemented a traffic management program due to weather conditions, causing some delays.
UNLV could snuff out smoking, tobacco use on campus
The university is considering a new policy that would prohibit smoking, including the use of electronic cigarettes, and tobacco products in all spaces on campus. UNLV campus (Las Vegas Review-Journal file photo)UNLV is considering a new policy that would prohibit on-campus smoking and tobacco use. But UNLV students and staff are allowed to congregate in various outdoor areas of the campus to indulge their habits. A campus smoke-free policy has been attempted multiple times in the past, Gerstenberger noted. He said he doesn’t have current data about how many UNLV students or employees smoke or use tobacco products on campus.
Removal of dangerous Hammel Woods Dam in Will County is scheduled to begin Monday
“Low-head” dams such as the Hammel Woods Dam allow water to flow over top of them, which creates a dangerous undertow despite unassuming looks. Low-head dams have been the site of dozens of fatalities in recent years in the Chicago region. At least 22 people have drowned at a dam in the Kankakee River since 1982. Some refer to low-head dams as “drowning machines.”
Arizona Daily Star goes to court seeking state public records, data
This anonymized data would allow the Star to analyze trends in ALTCS application denials and approvals without revealing the names, or other identifying information, about the applicants. The Star has been seeking this data since February 2020 through the Arizona Public Records Law, but after the newspaper revised multiple denied requests for these records, AHCCCS refused to grant them. While these data that describe details and outcomes of ALTCS applications are protected by the Health Insurance Portability and Accountability Act, this law recognizes the value of studying these data without identifying the application. So it provides methods for de-identification. AHCCCS has agreed that some of the application data will be public record once they are de-identified, but the agency has refused to release the data in a manner that will retain its structure and meaning.
ABQ tech firm settles suit with former landlord
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........ALBUQUERQUE, N.M. — The dispute between Lavu Inc. and the owner of its former Downtown Albuquerque office is over. On July 1, Lavu announced a settlement agreement with Heritage Real Estate Company, the property manager for Albuquerque Plaza Office Investment, LLC, following a lawsuit filed against the point-of-sale software company for nonpayment of rent. ADVERTISEMENTSkip................................................................Lavu left its suite at the 22-story Albuquerque Plaza in early January for a smaller Uptown space citing pandemic-caused financial difficulties. The Albuquerque-based software company specializes in software for restaurants like online ordering systems, mobile point-of-sale and payment processing. The incentive funding stipulated that Lavu expand its workforce to around 120 and make a $1.5 million investment to remodel its offices at Albuquerque Plaza.
State Police detail domestic dispute, police shooting
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........SANTA FE, N.M. — New Mexico State Police has identified the man who authorities say fatally stabbed a woman before he was killed by deputies Wednesday morning in Santa Fe. It marked the fourth police shooting in Santa Fe, and the third that was fatal, in a two-week period. State Police spokesman Dusty Francisco said no deputies were injured in the incident that left Delia Cervantes, 67, and Edward Santana, 45, dead. He said the Santa Fe County Sheriff’s Office was called around 8 a.m. to a domestic dispute at 1 Entrada Capulin. Then, on June 23, Santa Fe police officers shot and killed a man who had fled De Vargas Park.
USDA unveils plan to help build small meat processing plants
Ranchers also have complained about a system that forces them to negotiate cattle sales with a few corporations that often don't pay them enough to make a profit, again raising issues of intense consolidation and the need to increase competition in the packing industry. Vilsack said COVID-19 exposed a food system “that was rigid, consolidated, and fragile.” He said President Joe Biden is determined to shift the balance of power back to the people by investing in building better and fairer markets for producers and consumers. The money, including the $500 million, comes from the American Rescue Plan, a $1.9 trillion aid package passed by Congress and signed by Biden in March. It will provide grants, loans, and technical assistance to help build new meat and poultry processing facilities. Vilsack said it is his hope to have projects in the works by early next year.
After first refusing to do so, judge disqualifies himself from case of man shot by Richmond police
A Richmond Circuit Court judge disqualified himself from a case after earlier refusing to do so, when a defense attorney expressed concern that her client would not get a fair trial before the judge. Judge David Eugene Cheek Sr. will no longer hear the charges against Orlando Carter, who faces two felonies after he was shot by Richmond police on New Year's Eve. Last month, Carter's defense attorney, Katherine Poindexter, filed a motion saying that Cheek had already made up his mind as to Carter's guilt. During a June 4 hearing, Cheek denied any bias or that he'd come to any conclusion, and was adamant that he'd try the case fairly. The case has been re-assigned to Judge Bradley Cavedo.
Citroen C3 Aircross: There’s no strong reason not to buy one
The attractive, chubby little Citroen C3 Aircross has had what the car trade calls a “mid-life refresh”, rather like a telly presenter worried about the impact of HD. THE SPEC Citroen C3 Aircross 1.2 Puretech 110 Shine Plus Price: £23.080 (as tested; range starts at £17,320) Engine capacity: 1.2l, 3 cyl, 6sp manual Power output (hp): 110 Top speed (mph): 114 0 to 60 (seconds): 10.1 Fuel economy (mpg): 48.1 CO2 emissions (WLTP, g/km): 136Should you buy one? There’s no strong reason not to, put it that way, for family users who aren’t looking for cutting-edge technology or on-the-limit handling prowess. For considerably more money you could try the odd-looking but very capable and very up-to-date Citroen E-C4. Citroen itself will do you an inclusive leasing package deal online, and you shouldn’t really have to settle for a C3 Aircross that hasn’t got all the toys fitted; but if you want hi-tech, look elsewhere.
'Demon Slayer' animation studio and president indicted for tax evasion
A Japanese animation studio, known for producing the popular "Demon Slayer" anime series, and its president were indicted by Tokyo prosecutors Friday for evading a total of ¥137 million in corporate and consumption taxes. The Tokyo District Public Prosecutors Office indicted Hikaru Kondo, 51, and his company Ufotable Inc., for violating national tax laws after the Tokyo Regional Taxation Bureau filed a criminal complaint against them in February last year. He also allegedly evaded around ¥28 million in consumption taxes between September 2014 and August 2018 by not reporting a portion of taxable sales. The company said in a statement that it has corrected its tax reports and paid the taxes as claimed by the authorities. In addition to anime production, Ufotable runs cafes and restaurants in Tokyo, Osaka and several other Japanese cities.
Video: Ricky Schroder confronts Costco employee over mask mandate
Video: SNL alum Chris Kattan is ejected from American Airlines flight for not pulling up his face mask amid complaints from other passengersRicky Schroder confronts a Costco employee over mask mandate. The 'Silver Spoons' star took to Instagram to share a video in which he argues with a Costco employee over wearing a face mask inside the establishment.
AC/DC drummer Phil Rudd puts his luxurious mid-century Melbourne home on the market for $2.6m
A home that was once owned by AC/DC drummer Phil Rudd is up for sale in Beaumaris, Melbourne. The luxurious mid-century property has an asking price of $2.5m-$2.65m, according to Real Estate. The beachside brick house features six entertainment rooms, a cocktail bar, an underground wine cellar, pool and a courtyard. 'If the walls could talk I’m sure there would be some stories to tell,' said Ryan Castles from Belle Property Sandringham. 'It has lots of charm and it’s one of those mid-century homes in the area that draws a lot of interest,' Castles explained.
Rita Ora risked losing £6.5 MILLION after failing to file paperwork for two of her companies
Rita Ora was rapped by financial chiefs for failing to reveal official paperwork for her business empire. The singer has built up a £6.5 million fortune through firms that channel her multi million earnings, but Companies House authorities recently began the process of striking off two of them. EXCLUSIVE: Rita Ora put herself at risk of losing £6.5 MILLION after failing to file paperwork for two of her companies, with Companies House threatening to close them bothCompanies House issued compulsory strike off action against Ora Multi Services Limited, which has £4.5 million reserves last year and Ora Live which had almost £2 million. Latest accounts show Ora Multi Series has £2.3 million in cash and Ora Live has £350,000 at the bank. Accountancy website AABRS said: 'If you fail to respond to warnings from Companies House, your business can be struck off the Companies House Register even if it's still trading.
Michael Douglas and Catherine Zeta-Jones list extraordinary New York apartment for $21.5million
AdvertisementMichael Douglas and Catherine Zeta-Jones put their extraordinary New York apartment on the market for $21.5million. The expansive four-bedroom, five-and-a-half bathroom penthouse home was designed by Thierry Despont and offers sweeping city views overlooking Central Park West. A grand foyer leads way to a sunny living room which is flanked by a large wood-paneled corner library with two wood-burning fireplaces. A guestroom or office is located down the hall and also includes an en suite bath, with two additional bedrooms situated across the gallery. Catherine and Michael have been married since 2000 after meeting at the Deauvulle Film Festival in France in 1998.
Mass labor shortage in the exclusive Hamptons leaving the rich to cut their own lawns
The pampered residents have been mocked online as mass labor shortages forces them to do the unthinkable; mow their own lawns and do their own nails. A mass labor shortage has left the wealthy and privileged residents of the Hamptons fending for themselves in ways they could never imagine. According to the survey, hospitality jobs are unpopular, with 38% of former hospitality workers reporting that they are not even considering a hospitality job for their next position. In the Hamptons, the shortage means it's almost impossible for residents seeking an electrician, plumber, or gardener. The labor shortage has even hit Hamptons residents' beauty regimes, as salons struggle to find enough staff to meet the staggering demand.
Jill Biden's first husband Bill Stevenson says he had an affair with Kathie Durst
Jill Biden's first husband Bill Stevenson has claimed that he may be the reason Robert Durst allegedly killed his wife Kathie in 1982 because he had an affair with her and Durst found out ten days before she vanished. Jill Biden has never spoken publicly of the Durst case, nor made mention of being friends with Kathie or Robert. TIMELINE OF BIDEN AND DURST MARRIAGES 1970: Jill and Bill marry 1973: Kathie and Robert Durst marry 1974: Bill says he and Jill hosted Robert and Kathie Durst at their home 1974/1975: Jill and Bill separate 1977: Jill and Joe marry 1982: Kathie Durst disappears Advertisement'This is something that has to be righted. He says in 1974, he and Jill hosted Kathie and Robert Durst at their home. Years later, once his marriage to Jill had broken up and after Jill and Joe had gotten married, Kathie started confiding in Stevenson, he says.
Investors seek to cut 'Pharma Bro' out of his company
Now Mulleady is teaming up with activist investors to persuade his fellow shareholders to give them control of that drugmaker’s parent company, Phoenixus. Central to the activist investors’ pitch is to sever as many ties to Shkreli as possible. Among the activist investors’ plans for Phoenixus, should they win control, is unwinding the Daraprim price increase. If the activist investors lose the vote, they plan to call for another special shareholder vote. Shkreli’s shares are in a sort of legal limbo, with a creditor of another Shkreli company fighting to have them taken away and sold.
Why you should be investing - and how to get started
A lack of confidence is one of the main barriers stopping women from progressing on from saving to investing. But investing can put you in a stronger position financially, with potentially higher returns on your money says Morrissey, financier and campaigner and former head of personal investing at Legal & General Investment Management. ‘There hasn't been a five-year period in history where people haven’t done better by investing, so your money will grow. So, when it comes to long-term savings, investing can in fact make your money work harder for you. But investing is not akin to gambling and it isn’t all that complicated once you get started.
GitHub’s new tool uses AI to craft code. Some developers are furious
advertisement advertisementAn AI programming tool that makes sample code easier to find might sound like a godsend for software developers, but the reception for Microsoft’s new GitHub Copilot tool has been a bit chillier. advertisementadvertisementCopilot launched last week in an invite-only Technical Preview, promising to save time by responding to users’ code with its own smart suggestions. How Copilot works GitHub describes Copilot as the AI equivalent of pair programming, in which two developers work together at a single computer. As users type into Copilot, the tool will suggest snippets of code to add by clicking a button. The backlash Not long after Copilot’s launch, some developers started sounding alarms over the use of public code to train the tool’s AI.
How to answer the age-old question: Could this meeting have been an email?
“The former can largely be accomplished asynchronously, saving precious synchronous meeting time for finalizing decisions after key stakeholders have ingested written input.” Since meeting outcomes need to be documented, moving them to a form of written communication saves time. “If level-setting is required, aim to have a pre-read and use the meeting to start with that pre-read,” she says. “If everyone is aligned, consider proceeding via email or Teams instead. Meeting or Email? “If a bad six-minute meeting has 10 attendees, that’s an hour of wasted productivity,” he says.
What I learned from building a tech category for the third time
advertisementadvertisementOver the years, I’ve learned a lot about building a new category. ENSURE YOUR SOLUTION ACTUALLY SOLVES A BIG PROBLEM Your product has to solve something big enough to justify being its own product category. MARKET TO GAIN INTEREST AND WIN HEARTS Designing a category requires navigating a complex puzzle of different marketing channels. SHARE KNOWLEDGE Creating a new category gives you a head start in becoming a thought leader in the space. If you’re doing your job right, this will encourage many other ambassadors to talk about it on your behalf—organically.
A four-step framework to spot weak signals of disruption
advertisementWHY DO WE MISS THE WEAK SIGNALS? Weak signals are all around us, all the time. Weak signals: • May seem so out of place relative to norms that they are easily dismissed or overlooked. advertisementHOW TO READ THE WEAK SIGNALS OF CHANGE You don’t need a crystal ball to spot weak signals. Here is a four-part framework to spot, harvest, channel, and convert weak signals into productive tools for your business: 1.
Why this coffee shop turned its baristas into construction workers during COVID-19
advertisement advertisementInside a new and nearly finished coffee roasting facility in Washington D.C., Joel Shetterly is animatedly leading a video tour through the building. “This was all installed by baristas.” The multi-million dollar roasting facility, unlike probably any other, was largely built by employees of Compass Coffee’s cafes. “We realized at the start of COVID it was going to be very bad for the cafes. “This is entirely the product of work put in by our team during COVID.” After some basic training, the unconventional construction crew started building. Shetterly says the construction and installation was slow, and certain things like bending sheet metal for ductwork proved too complicated.
Cut water use by 15% this summer, California governor says
California Governor Gavin Newsom has asked residents and businesses statewide to cut their water usage by 15% this summer, as low precipitation and low snowpack threaten reservoir levels and raise the specter of another deadly wildfire season. While some California counties have already instituted mandatory water restrictions, Newsom’s request to reduce usage is voluntary. “We’re hopeful that people will take that mindset they brought into the last drought and extend that forward,” he said at a Thursday press conference, according to the Los Angeles Times. “We’re not trying to be oppressive,” he added. “Again, these are voluntary standards.”
How to answer the age-old question: Could this meeting have been an email?
“The former can largely be accomplished asynchronously, saving precious synchronous meeting time for finalizing decisions after key stakeholders have ingested written input.” Since meeting outcomes need to be documented, moving them to a form of written communication saves time. “If level-setting is required, aim to have a pre-read and use the meeting to start with that pre-read,” she says. “If everyone is aligned, consider proceeding via email or Teams instead. Meeting or Email? “If a bad six-minute meeting has 10 attendees, that’s an hour of wasted productivity,” he says.
Here’s How to Feel in Control of Your Finances Right Now
I really hate feeling anxious about money, so I wanted to know: What can I do to feel more in control of my finances? You could achieve this by selling some of your things, doing freelance work (tutoring, transcribing, social media management, etc. I’m thinking of the many people who are graduating and are underpaid in their industries — especially those with student debt, credit card debt, and potentially no savings. Until then, freelance work can help supplement your income if your salary is not enough to cover your costs. Economic recession aside, the sooner you start forming good financial habits (budgeting, saving, investing), the quicker you will reach your financial goals.
30-Year Mortgage Rates Drop Below 3.3% | July 9, 2021
Mortgage rates today: 30-year fixed-rate mortgage ratesThe 30-year rate is 3.277%. ?Mortgage refinance rates todayThe average rates for 30-year loans, 15- year loans and 5/1 jumbo ARMs are:The refinance rate on a 30-year fixed-rate refinance is 3.688%. Tips for getting the lowest mortgage rate possibleThere is no universal mortgage rate that all borrowers receive. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan like a 15-year loan or an adjustable-rate mortgage. Our mortgage rate methodologyMoney’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the most recent business day rates are available for.
More Student Loan Upheaval: What FedLoan Ending Its Contract Means for Borrowers
The agency also has been responsible for running the government’s Public Service Loan Forgiveness (PSLF) program. “There’s a lot of uncertainty right now in the student loan system,” Sattelmeyer says. FedLoan is one of the largest student loan servicers, but it is also one of the more controversial. More from Money:Will Student Loan Forbearance Be Extended Again? Borrowers Eligible for Public Service Loan Forgiveness Face Massive Delays on Student Debt ReliefA Technicality Is Holding up Student Loan Forgiveness for More Than 67,000 Borrowers
What is an Adjusted-Rate Mortgage?
An adjusted-rate mortgage (ARM), also known as a “variable-rate mortgage,” is a type of mortgage that offers a low introductory interest rate. When that period ends, the rate turns into a floating rate for the remainder of the mortgage loan. Lower initial interest ratesIn most cases, adjusted-rate mortgages start with lower interest rates than fixed-rate mortgages. The reasoning is simple: since banks know that you risk higher rates in the future, they use lower mortgage interest rates as an incentive to join. This will make you go “upside down” or “underwater” on your loan, which can force you to refinance your mortgage loan for more affordable terms.
7 Best Financial Stocks for the Rest of 2021
As we move into the second half of 2021 – and with another earnings season soon underway – this is an opportune time to reevaluate some financial stocks. Here are seven of the best financial stocks for the rest of 2021, according to the pros. Stocks listed in reverse order of potential 12-month upside as implied by analysts' consensus price target. Focus Financial Partners Market value: $3.7 billion$3.7 billion Dividend yield: N/AN/A TipRanks consensus price target: $61 (20.8% potential upside)$61 (20.8% potential upside) TipRanks consensus rating: Strong Buy Focus Financial Partners (FOCS, $50.49) is a financial firm that invests in Registered Investment Advisors, or RIAs. Long maintains a Strong Buy rating and recently raised his price target from $300 to $315, now indicating potential 12-month upside of 31%.
Stock Market Today: Stocks Bounce Back to Hit New Highs
The major market indexes finished a holiday-shortened week in fine fashion, leaving behind Thursday's Treasury-rate tumult to end today at record highs. Also moving higher today were reopening stocks like American Airlines (AAL, +2.7%) and Carnival (CCL, +2.3%), as well as financials (+2.8%). Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. Other action in the stock market today:The small-cap Russell 2000 rose 2.2% to 2,280.rose 2.2% to 2,280. There were a number of stocks that moved on M&A news today.
Agency Founder Donates $4 Million to Pay Staff Student Loan Debt
Marketing agency Fingerpaint’s founder Ed Mitzen and his wife Lisa are personally donating $4 million to pay down every current employee’s student loan debt by $30,000 each, regardless of tenure.
Why Art Needs Automation to Thrive
The synergy was almost too good when Data Robot’s Chief AI Evangelist Ben Taylor and BEN Group’s CEO Ricky Ray Butler gathered for their joint Social Media Week session, “Is Automation Possible in Influencer Marketing?”
Why Customer Experience Extends Beyond the Interactions Brands Control
From food delivery apps to online shopping to banking, customer experiences are increasingly taking place via third-party apps and occasionally entire services that brands don’t directly control. And it points to the importance of a new kind of 360-degree thinking about customer experience that includes these third parties. After all, a positive delivery experience means more repeat business for the grocer, and vice versa. But taking an overarching view of the delivery experience shouldn’t stop at the customer either. A good example is how Chipotle considered the new customer experience reality.
Get to Know Mel Magazine’s New Owners, Recurrent Ventures
Since late 2018, the private equity firm North Equity has been on a buying spree, methodically acquiring more than a dozen distressed publications in an attempt to build a lucrative media empire by investing in promising, if downtrodden properties.
Cryptocurrency roundup: $100bn wiped off crypto market value in one day
It’s been an eventful week for cryptocurrencies, with roughly $100bn wiped off the market on Thursday. Crypto market loses $100bn in one day A number of cryptocurrencies including ether, dogecoin, bitcoin and cardano fell on Thursday, mirroring the bearishness in global stockmarkets over concerns that the economic recovery may stall. On Thursday, US senator Elizabeth Warren warned of the growing risks facing consumers due to the “highly opaque and volatile” cryptocurrency market, reports Reuters. The London protocol update introduces five Ethereum Improvement Proposals (EIPs) (standards specifying new features being added to the blockchain). The aim of EIP-1559 Is to transform ether into a less inflationary cryptocurrency.
British fintech Wise has hit the market. Should you invest?
As Wise took the direct listing route, the company did not raise any new funds; rather, existing shareholders, including Scottish fund manager Baillie Gifford, Tesla, and US venture-capital firm Andreessen Horowitz, sold a proportion of their shares. The strong debut is a major win for the UK which has been trying to lure more tech groups to the country. Wise ditched the traditional initial public offering (IPO) process and opted for a direct listing. British fintech Wise ( LSE: WISE ) – formerly known as Transferwise – went public on Wednesday through a direct listing which valued the company at almost £9bn. This starkly differs from previous listings such as Deliveroo which was loss-making even before it launched its blockbuster IPO.
Canada judge won't allow Huawei CFO to use HSBC documents in U.S. extradition case
Huawei Technologies Chief Financial Officer Meng Wanzhou leaves her home to attend a court hearing in Vancouver, British Columbia, Canada March 22, 2021. REUTERS/Jennifer Gauthier/File PhotoVANCOUVER, July 9 (Reuters) - A Canadian judge has denied Huawei Chief Financial Officer Meng Wanzhou's application to add a trove of documents her legal team received from HSBC as evidence to her U.S. extradition case, the judge announced on Friday. Meng, 49, is facing extradition from Canada to the United States on charges of bank fraud for allegedly misleading HSBC about Huawei's business dealings in Iran, potentially causing the bank to break U.S. sanctions. Her legal team received over 300 pages of internal documents from HSBC through a court on Hong Kong, which the defence argued should be entered as evidence because they would disprove the basis for the United States' extradition claim. read moreAssociate Chief Justice Heather Holmes, who has been overseeing the case in the British Columbia Supreme Court since its inception, disagreed.
Tempur Sealy Stock, Xpel, PerkinElmer Among 16 New Watchlist Worthies
Best Growth Stocks To Buy And Watch: See Updates To IBD Watchlists11:14 AM ET Find the best stocks to buy and watch by seeing which top growth stocks were just added to the IBD...11:14 AM ET Find the best stocks to buy and watch by seeing...
Grand 90-Year-Old Maryland Mansion Built for a 1920s Arms Smuggler Heads to Auction
The priciest home sale recorded in the county is $6.25 million, according to the Multiple Listing Service. Ms. Phillips also works for the company as the vice president of international business development. The couple purchased the property in 2002 for $2.5 million, according to records with PropertyShark. They then embarked on a five-and-a-half-year renovation, Ms. Phillips said. “It was almost like a treasure hunt,” Ms. Phillips said.
Antonio Banderas Sweetens the Deal on His Slice of English Countryside
Spanish actor Antonio Banderas has sweetened the deal on his German-made prefabricated home in the upmarket English village of Cobham after trimming £300,000 (US$416,608) from its asking price. The German firm has been building the homes based on the German Fachwerk—or “Frame House”—design since the early 1970s. “I find Surrey completely magical,” Mr. Banderas, 60, said in an interview with The Sunday Times the year following his purchase. Its price was trimmed at the end of May, listing records with online property portal Zoopla show. “The Mask of Zorro” star isn’t the only big name in the posh village of Cobham.
An Infrastructure Spending Bust Might Boost Markets. Here’s Why.
President Biden has proposed roughly $4 trillion in new infrastructure spending, but Democrats are far from an intraparty agreement. Sen. Bernie Sanders, a Vermont independent who caucuses with Democrats, is floating $6 trillion in infrastructure spending, House progressives are calling for $6 trillion to $10 trillion, and Sen. Joe Manchin (D., W.Va.) is suggesting he would support around $3 trillion in such spending. What it also suggests, says Mazari, is that the part of the market most sensitive to infrastructure spending has started to get jumpy. Assuming continued loose monetary policy, despite expectations for a slowing economy, Tengler has been adding high-growth stocks to clients’ portfolios. For investors, infrastructure uncertainty is an additional—and underappreciated—near-term risk to the economy and markets.
Tight Supplies Have Driven Up Steel Prices. One Analyst Says That Could Last Awhile.
Pricing for hot-rolled coils of steel has sizzled in the recovery, and the heat has ignited steel stocks. And, as Credit Suisse analyst Curt Woodworth sees it, steel stocks aren’t cooling down soon. But Woodworth believes that today’s upcycle will endure for a couple more years—and that investors should award the stocks higher multiples. Woodworth thinks that Wall Street is discounting a sharp correction in steel prices. “Steel stocks are especially cheap.”Next WeekMonday 7/12FedEx hosts a conference call to update the investment community on its business outlook.
Wells Fargo is ending personal lines of credit. Here’s what it means for customers.
Here’s a breakdown:What’s the difference between credit cards and personal line of credit? “Basically, (a personal line of credit) is just a sexier way of talking about a credit card.”Why is Wells Fargo closing the credit lines? Wells Fargo customers affected by the change can expect a slight hit to their credit rating, Murray said. Remaining balances on Wells Fargo personal line of credit accounts will require minimum payments at a fixed rate, the bank told CNBC. SunTrust, now Truist offers “Personal Credit Line Plus,” a four-year revolving credit line of $5,000 to $250,000 for most customers, according to the SunTrust website.
Wells Fargo Announces Plans to Shut Down All Existing Personal Lines of Credit
CNBC mentioned that the bank plans to focus on credit cards and personal loans. The revolving credit lines were typically used for debt consolidation, home renovations or to avoid overdraft fees on linked checking accounts. CNBC noted that in 2018, the Federal Reserve stopped Wells Fargo from growing its balance sheets until compliance issues were addressed following the bank’s fake accounts scandal. Wells Fargo CEO Charles Scharf also had to make some tough decisions during the pandemic because of these limitations, CNBC pointed out. Story continuesMore From GOBankingRatesThis article originally appeared on GOBankingRates.com: Wells Fargo Announces Plans to Shut Down All Existing Personal Lines of Credit
Family seeks charges against Minneapolis cop in fatal chase
MINNEAPOLIS (AP) — The family of an innocent motorist who was killed when a Minneapolis police officer crashed into him while chasing a suspect called Friday for the officer to be fired and prosecuted. “It's just so messed up,” Orlando Frazier, Leneal Frazier's brother, said at a news conference with other family members and supporters outside City Hall. Leneal Frazier was Black. Storms said the family needs to learn more facts and see more evidence before proceeding with a lawsuit. “The city of Minneapolis is going to ask itself, and has to ask itself, ‘What kind of precedent are we going to set now?’”
UPDATE 1-Brazil prosecutors seek final settlement over Samarco dam disaster
He declined to put a figure on how much companies might have to pay, but cited a previous lawsuit seeking 155 billion reais as a potential benchmark. He also said the settlement would look to learn from the agreement signed with Vale for a separate dam disaster in 2019 at Brumadinho, in which the company agreed to pay 37.69 billion reais ($7.17 billion). In 2016, the companies agreed an initial settlement with prosecutors which created a foundation through which to repair damages and a complicated chronology for payments. In response to requests for comment, Samarco, Vale, BHP and the Renova Foundation - responsible for implementing reparations - said they remain committed to repairing the damage done. The negotiations with prosecutors, they added, will not interfere with projects and compensations currently in progress.
Canada judge won't allow Huawei CFO to use HSBC documents in U.S. extradition case
Meng, 49, is facing extradition from Canada to the United States on charges of bank fraud for allegedly misleading HSBC about Huawei's business dealings in Iran, potentially causing the bank to break U.S. sanctions. She has been held under house arrest in Vancouver since December 2018, when she was first detained. Her legal team received over 300 pages of internal documents from HSBC through a court on Hong Kong, which the defence argued should be entered as evidence because they would disprove the basis for the United States' extradition claim. Associate Chief Justice Heather Holmes, who has been overseeing the case in the British Columbia Supreme Court since its inception, disagreed. Her extradition hearings are scheduled to finish by the end of that month.
U.S. pledges $500 million to increase meat processing capacity
By Tom PolansekCHICAGO (Reuters) - The U.S. government will invest at least $500 million to expand beef, pork and poultry processing capacity, Agriculture Secretary Tom Vilsack said on Friday, after consumers faced limits on meat purchases during the COVID-19 pandemic last year. Ranchers are now selling cattle for a loss even though meat companies make profits selling beef to consumers, Vilsack said. When large meat plants close, meat supplies tighten while ranchers get stuck with cattle that would otherwise have been slaughtered. That means the price of cattle generally falls, while the price of meat in supermarkets rises. Story continuesThe North American Meat Institute, which represents meat companies, said on Friday that Biden's order will "open the floodgates for litigation."
The Family That Buys Together Stays Together
Ellen Scherer Crafts and Trevor Crafts with their daughter Riley, 5, and her grandparents Jackie Chirico, center, and Edward and Heather Crafts, outside the home they all bought together in Weston, Conn., July 9, 2021. (Tom Sibley/The New York Times)Before the pandemic, the Crafts family was scattered: three generations, in three houses, in three different states, with close to zero chance of living together. (Buyer beware: It can also mean reliving family get-togethers every day of the year.) In the eight months before the outbreak, only 11% had bought homes to live with multiple generations of family. “We get serenaded every night,” Scherer Crafts said.
Zomato targets $1.3 billion IPO at as high as $8.6 billion valuation
Zomato, a food delivery startup in India, said on Thursday it has boosted its plan to raise $1.3 billion in its initial public offering, which opens on July 14 and closes July 16. The loss-making startup said it will price its shares in the range of 72 Indian rupees (96 cents) to 76 ($1) and is targeting an upper limit valuation of $8.56 billion. Zomato, which competes with Swiggy (the market leader, according to several industry estimates), said after a successful IPO it will have about $2 billion in the bank. “There's no major impact on market share from Amazon so far,” the company's chief financial officer said. Amazon entered the food delivery market last year and is operational in just Bangalore for now.
Build-to-rent homes booming as home prices hit all-time highs
As home prices reach an all-time high, young professionals and retirees are exploring new housing options by renting newly-built homes instead of buying them, according to a Texas builder. The real estate market continues to notch what experts are characterizing as unprecedented levels of price growth, after another month of gains was recorded in May. May marks the third consecutive month that the growth rate for home prices hit an all-time high. The median price of homes sold in the first quarter of 2021 was $347,500, according to the St. Louis Federal Reserve. The newspaper noted that the firm projects the number of these rental homes built annually will double by 2024.
Ben Simmons quietly buys a Hidden Hills farmhouse for $17.5 million
Sixers star Ben Simmons plays basketball in Philadelphia, but he recently picked up a West Coast outpost, quietly dropping $17.5 million on a brand-new farmhouse in Hidden Hills, The Times has confirmed. (Christopher Amitrano / CS8 Photo / Nobel Design) 3 / 10 The bar. (Christopher Amitrano / CS8 Photo / Nobel Design) 5 / 10 The primary bedroom. (Christopher Amitrano / CS8 Photo / Nobel Design) 6 / 10 The bathroom. (Christopher Amitrano / CS8 Photo / Nobel Design) 10 / 10 Aerial view of the home.
Mass. legislators unanimously approve $48.1 billion state budget
More than a week into the fiscal year, the House and Senate agreed in bipartisan fashion Friday to a $48.1 billion annual state budget and shipped the proposal to Gov. But taxpayers have delivered robust collections for the state, enabling significant spending increases and allowing historic deposits into the rainy day fund. AdvertisementThe budget funds one-sixth of that $1.5 billion school funding reform law, approved in 2019, after the pandemic disrupted its original seven-year implementation timeline. Negotiators also dropped another section from the Senate budget that would have increased the per-ride fees imposed on ride-hailing companies such as Uber and Lyft. “We think the state’s strong revenue growth opens the door to implementing the state charitable deduction,” he said.
As one Sprouts Farmers Market closes, another one opens in Phoenix
A new Sprouts Farmers Market is sprouting along the Phoenix-Glendale border near Arizona State University's West campus and will feature an opening day discount for shoppers. The opening will come two days after the Sprouts store three miles to the southwest, near Peoria and 51st avenues, shutters. The company plans to open approximately 20 more Sprouts in the U.S. this year, including one in Maricopa. New store featuresThe new Sprouts store will include an Innovation Center display with featured products, such aa keto, paleo, vegan and organic products that often are exclusive to the store. The store will participate in the Sprouts' Food Rescue Program that donates groceries to St. Mary's Food Bank.
'I'd rather work': Debate rages as states cut unemployment and workers seek jobs, better pay
But the federal unemployment supplement has "definitely been one of the factors.'' "Basically, employers are having to compete with these programs,'' she says, particularly those in the leisure, hospitality and retail industries that typically pay workers the lowest wages. “We cannot let unemployment benefits be a barrier to getting people back to work.”But Ashlee Lindsey, 38, says that unemployment benefits have been a financial lifeline, not a barrier, as she struggles to find work. “I didn’t ask for this pandemic,” says Lindsey, who has signed a petition calling on Alabama to reinstate the federal benefits. Four of them, Oklahoma, New Hampshire, Montana and Arizona are ending the federal unemployment supplement early.
Moody’s, S&P have upgraded Illinois’ bond rating. It’s time for Fitch’s to do the same
As I write this, two of the three national credit rating agencies have upgraded the State of Illinois’ rating in a week’s time. As you know, Moody’s Investors Service upgraded its Illinois rating by a notch in late June, and S&P Global Ratings followed suit on July 8. Back in April of 2020, when the pandemic was gripping the world, Fitch downgraded Illinois’ credit rating — the only credit downgrade Illinois has received since Bruce Rauner’s days as governor. Some very prudent Illinois budget moves, of both increasing annual revenues and keeping spending flat, all led to Illinois eventually emerging from FY21 with a budget surplus. Tax revenue sharing with local governments grew by $442 million due to higher personal and corporate income tax receipts.
Attorney General sues Illinois chemical plant following massive explosion in Rockton
The lawsuit comes nearly a month after the Illinois Environmental Protection Agency called on Attorney General Kwame Raoul to take legal action against the Chemtool Inc. plant which makes oil-based lubricants in Rockton — about 10 miles north of Rockford. On June 14, a fire broke out at the plant that caused several explosions with black smoke that could be seen for miles. Several fire departments from Illinois and Wisconsin responded to the fireThe Rockton plant manufactures grease, lubricant oil and fluids and had stored more than four million gallons of crude oil at the facility, according to the Attorney General’s office. “The catastrophic fire at the Chemtool facility resulted in significant impacts on local residents and the surrounding community,” said Illinois EPA Director John Kim. “We remain devastated by the fire at our Rockton Chemtool site and the impact on the local community,” Gauer said.
‘Windy City Rehab’ stars face another lawsuit, this one alleging they owe lenders money
“Donovan represented to Alison and the investors (that he brought to the deal) that profit after the construction would be hundreds of thousands of dollars,” Lynch said. “It turned out, however, that contrary to Donovan’s statements, the project was a money loser. Triffler and Ferro are now disappointed that they did not get all their money back. Alison shares in their disappointment because she also lost more than $150,000 on the project as well.”
Dept of Health: Vulnerable must avoid mass indoor gatherings
He said people are going to be at risk for a long time. “I don’t think that we’re going to have some miraculous increase in our vaccination rates over the next few weeks,” he said. ”The state health officer said the best decision officials can make is to recommend people in the most vulnerable groups protect themselves. ———Leah Willingham is a corps member for the Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
Phoenix police nab armed men who fled after fatal wreck
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........PHOENIX — Phoenix police said Friday they had arrested two men who fled from a fatal crash site in a vehicle they stole from good Samaritans who had stopped to help the victims. Andy Williams said the driver of a Chevy pickup carrying a passenger turned in front of a compact sedan just after midnight in west Phoenix. The 35-year-old man driving the sedan was seriously hurt and his 42-year-old male passenger killed in the wreck. Two men driving by stopped and got out to help, Williams said in a statement. That’s when the two 20-year-old men in the pickup got guns and ammunition from their truck and stole the good Samaritans’ vehicle.
Euro 2020 final: Schools open late and businesses close early for some as PM flies the flag from No 10
Some schools in England have given permission for children to come in late on Monday and some businesses have adjusted their opening times because of the Euro 2020 final. The Sheffield primary school that striker Dominic Calvert-Lewin attended as a child has given the green light for a late morning on Monday. Mr McGrath added: "Consequently, we understand that parents may want to bring their children in late on Monday, as they will have had a late night." Gisburn Road Community Primary School gave the green-light for a lie-in too, before thanking nearby Rossmere primary for the idea. Many businesses have also offered workers a late start or the whole day off for football fans to nurse their hangovers.
Brazil prosecutors seek final settlement over Samarco dam disaster
He declined to put a figure on how much companies might have to pay, but cited a previous lawsuit seeking 155 billion reais as a potential benchmark. He also said the settlement would look to learn from the agreement signed with Vale for a separate dam disaster in 2019 at Brumadinho, in which the company agreed to pay 37.69 billion reais ($7.17 billion). The dam collapse at the Samarco iron ore mine near the town of Mariana in the Brazilian state of Minas Gerais is widely regarded as the country’s largest ever environmental disaster. In 2016, the companies agreed an initial settlement with prosecutors which created a foundation through which to repair damages and a complicated chronology for payments. In response to requests for comment, Samarco, Vale, BHP and the Renova Foundation – responsible for implementing reparations – said they remain committed to repairing the damage done.
American 'mercenary' arrested over assassination filed a restraining order against his neighbors
Solages refused to move and later claimed to have found his front door plastered with post-it notes containing racist insults. Court records reveal Solages applied for a divorce last month but the documents throw up yet more questions about his life. He also has a business named EJS Maintenance and Repair which filed an annual report in May, according to Florida corporations records. Following Moïse's slaying, a power struggle has broken out between Interim Prime Minister Claude Joseph and Prime Minister-elect Ariel Henry. Moïse's assassination came just one day after he named Henry as the new prime minister, who would have replaced Joseph in a matter of days.
Peña Nieto’s economy minister face charge of illicit enrichment
Former economy minister Ildefonso Guajardo, the previous government’s chief negotiator during talks with the United States and Canada that led to the signing of a new trade agreement, has been ordered to stand trial on corruption charges. Guajardo was not remanded in custody but he will have to sign in with authorities on a periodic basis. He said he had never been accused of any wrongdoing until today and expressed confidence that he would be found innocent. I prefer that this [case] is in the hands of the judiciary than in the hands of the FGR,” he told W Radio. Guajardo said the FGR is accusing him of illicit enrichment to the tune of 9 million pesos (US $453,000).
How to Achieve Sustainable Remote Work
In 2004, Best Buy was facing a problem at its corporate headquarters, in Minneapolis-St. Paul: job-hopping. The reduced voluntary turnover saved Best Buy money, which Ressler and Thompson estimated to be in the millions. In response to Cook’s announcement, a group of Apple employees, organized on a Slack channel dedicated to “remote work advocates,” sent a letter complaining about the new policy. “Many of us feel we have to choose between either a combination of our families, our well-being, and being empowered to do our best work, or being a part of Apple,” they wrote. A poll conducted by Morning Consult and Bloomberg News in May found that nearly forty per cent of U.S. adults would “consider quitting if their employers weren’t flexible about remote work.”
Wells Fargo is closing your personal line of credit account. Here's what happens next
Wells Fargo is closing your personal line of credit account. Here's what happens nextAdded: 09.07.2021 20:30 | 12 views | 0 commentsWhy the bank says it plans to "simplify" offerings, and what that means for customers.
Mortgage rates for July 9, 2021: Rates drop
Added: 09.07.2021 22:18 | 5 views | 0 commentsA few major mortgage rates decreased today. Here's what that means if you're shopping for a home loan.
U.S. Mail Delays Slow Delivery of Medicines
Added: 20.08.2020 19:33 | 16 views | 0 commentsIn addition to concerns over mail-in voting, the cost-cutting at the Postal Service affects the millions of people who get their prescriptions by mail.
How big a stimulus check would you get under HEALS Act?
How big a stimulus check would you get under HEALS Act? Added: 29.07.2020 11:34 | 17 views | 0 commentsThe Republican stimulus proposal would provide similar amounts as the first round of checks, but cover more people.
Protesters continue to clash with federal agents in Portland
Added: 29.07.2020 16:29 | 18 views | 0 commentsMore chaos on the streets of Portland as peaceful protests turn violent overnight as federal agents unleash a massive response. President Trump is preparing to send at least 100 agents to Portland and other cities. Carter Evans has the latest.
Photos show devastating impact of Michigan floods
Photos show devastating impact of Michigan floodsAdded: 21.05.2020 19:45 | 12 views | 0 commentsSource: www.vox.comThe failure of two Michigan dams on Tuesday evening led to devastating floods and the evacuation of more than 10,000 people. More in www.cnbc.com »
'Catastrophic' flooding underway as dam failures in Michigan force thousands to evacuate
Added: 20.05.2020 16:45 | 10 views | 0 commentsThe collapse of the Edenville Dam and Sanford Dam in Michigan released floodwaters that have inundated houses and businesses on the Tittabawassee River.
African migrant workers are unable to send money home, cutting off a lifeline to vulnerable communities
African migrant workers are unable to send money home, cutting off a lifeline to vulnerable communitiesAdded: 29.05.2020 11:23 | 11 views | 0 commentsThe coronavirus pandemic is leaving migrant workers unable to send money or goods home to families, cutting off a vital lifeline for communities already under siege from a barrage of external shocks.
Dow CEO Jim Fitterling on the company's flooded Michigan facility
Dow CEO Jim Fitterling on the company's flooded Michigan facilityAdded: 22.05.2020 16:15 | 12 views | 0 commentsSource: ceoroundtable.heart.orgJim Fitterling, chairman and CEO of Dow, joins "Squawk on the Street" to discuss the evacuation and flooding of its facility in Michigan. More in www.cnbc.com »
Don't get caught unprepared if disaster strikes. Here's what you can do to get ready
Don't get caught unprepared if disaster strikes. Here's what you can do to get readyAdded: 22.05.2020 14:02 | 11 views | 0 commentsWith more than 38 million Americans out of work since the coronavirus pandemic began, the importance of a financial first-aid kit has never been more important.
The new face of HUD is determined to fight for Americans' homeownership dreams
The new face of HUD is determined to fight for Americans' homeownership dreamsAdded: 09.07.2021 17:02 | 22 views | 0 commentsDuring her Senate confirmation hearing to become secretary of housing and urban development this year, Marcia Fudge said HUD, “perhaps more than any other
Covid-19 furlough scheme starts to be scaled back
Added: 09.07.2021 18:19 | 9 views | 0 commentsAs financial support reduces, we hear from a worker who has been on and off furlough for 15 months.
Wells Fargo shuts down all personal lines of credit, sparking outrage
Wells Fargo shuts down all personal lines of credit, sparking outrageAdded: 09.07.2021 19:18 | 26 views | 0 commentsWells Fargo is shutting down all of its existing personal lines of credit, sparking outrage from consumers and advocates.
Biden administration will send 3 million vaccines to Indonesia amid Covid-19 surge
Added: 09.07.2021 13:17 | 9 views | 0 commentsThe White House will send three million doses of Moderna's coronavirus vaccine to Indonesia Friday, in what will amount to one of the largest single shipments yet, a White House official told CNN.
A man is dead and a woman injured after gunman opened fire on pair dining at a Houston restaurant
Added: 09.07.2021 19:18 | 9 views | 0 commentsA man and a woman were finishing dinner at a restaurant at the Downtown Aquarium in Houston, Texas, Thursday night when a man seated at the other end of the bar got up, approached the pair and opened fire, officials said.
At least 10 Ships Bound for Syria Targeted by Israel Within Past 1.5 Years
At least 10 Ships Bound for Syria Targeted by Israel Within Past 1.5 Years - ReportsAdded: 12.03.2021 3:11 | 17 views | 0 commentsMOSCOW (UrduPoint News / Sputnik - 12th March, 2021) Israel has targeted at least 10 ships that headed for Syria within the past 1.5...
Big Tech Got $3 Trillion Bigger During the Pandemic – and Became a Bigger Target
Big Tech Got $3 Trillion Bigger During the Pandemic – and Became a Bigger TargetAdded: 12.03.2021 3:06 | 14 views | 0 commentsSource: www.upi.comWhile the past year has been financially and emotionally crippling for millions of Americans, the nation's tech giants have not only survived, but thrived. This week marks the unhappy one-year anniversary of when the weight of the coronavirus pandemic seemed to really hit the U.S., when Tom Hanks and Rita Wilson both announced they'd tested positive for COVID-19 and the NBA halted its season - two major indicators life was about to go sideways. At the same time, the stock market was tanking, with the Dow absorbing its biggest single-day percentage decline since the "Black Monday" crash of 1987; the tech-heavy Nasdaq was beat up nearly as bad, dropping more than... More in article.wn.com » Tom Hanks Tags: NBA
Merkel let off hook! EU waives £1bn in fines for German car industry – damning new report
Added: 09.07.2021 13:09 | 21 views | 0 commentsGERMAN car manufacturers have been spared fines of £1.1billion by the European Commission related a second emissions scandal - with a pro-Brexit think tank asking whether Britain would have been afforded the same preferential treatment had it remained in the bloc.
China crisis: Xi Jinping's regime 'could soon collapse' as military purge backfires on CCP
Added: 09.07.2021 16:05 | 18 views | 0 commentsXI JINPING could soon be toppled, according to a leading China analyst, who revealed that Beijing is much more fragile economically and militarily "than it lets on".
Three men killed in lorry crash were part of burglary gang with 200 convictions
Three men killed in lorry crash were part of burglary gang with 200 convictionsAdded: 09.07.2021 12:55 | 24 views | 0 commentsTHREE close friends killed in a car crash were part of a burglary gang with more than 200 convictions between them.
Angela Merkel’s ‘nervous’ appearance in intimate meeting with Queen: ‘Almost overawed!’
Added: 09.07.2021 11:59 | 22 views | 0 commentsANGELA MERKEL seemed "nervous" and "almost overawed" when she had an intimate meeting with the Queen last week, according to royal commentators.
Thailand's pet groomer reopens as new coronavirus cases slow
Added: 05.05.2020 12:36 | 15 views | 0 commentsChewy and Miley, both two-year-old Schnauzer dogs, are getting their hair cut at a groomer in Bangkok for the first time since the new coronavirus outbreak began in Thailand in January.
Man Arrested For Returning Used Enemas To CVS On A Regular Basis
Man Arrested For Returning Used Enemas To CVS On A Regular BasisAdded: 30.09.2020 6:06 | 14 views | 0 commentsSource: www.orlandosentinel.comA Florida man has been arrested for allegedly returning dozens of used enemas to a Jacksonville CVS. The Jacksonville Sheriff's Department launched an investigation after they were tipped off that a man had repeatedly been returning multiple saline laxative enemas to the same CVS. According to a release from the Sheriff's Department the suspect had been returning six pack containers of enemas for more than three months. CVS is contacting anyone they know purchased enemas from the store to return them immediately and in encouraging anyone with information to please come forward. More in feeds.inquisitr.com » Employees, CVS Tags: FloridaComments: Comments: Tags advertisingCopyright © 2008 - 2021 USweekly - all rights reserved Contact us
Cat found at condo collapse site after more than 2 weeks: 'This is a miracle'
Cat found at condo collapse site after more than 2 weeks: 'This is a miracle'Added: 09.07.2021 21:59 | 11 views | 0 commentsOne family who lost everything in the Surfside condo collapse last month received a small miracle Friday when their cat was found alive.
Virginia school steers $24,000 to consulting firm for equity training, race programs for teachers
Virginia school steers $24,000 to consulting firm for equity training, race programs for teachersAdded: 09.07.2021 21:51 | 13 views | 0 commentsA Loudoun County, Virginia, high school dished out $24,000 to a racial equity firm that had already collected nearly half a million dollars from the county for providing race programs, documents show.
White House defends Hunter Biden's art selling scheme: 'He has the right to pursue an artistic career'
White House defends Hunter Biden's art selling scheme: 'He has the right to pursue an artistic career'Added: 09.07.2021 21:44 | 11 views | 0 commentsThe White House Friday defended a deal it brokered to allow Hunter Biden's artwork, which could be listed as high as $500,000 each, to sell to anonymous buyers and with no disclosure to the public.
Video: International equities could outperform U.S markets
Added: 09.07.2021 18:55 | 17 views | 0 commentsInternational stocks are well positioned for growth. We spoke to an equities analyst about why now may be the time for U.S. investors to expand asset allocation to foreign stocks.
The GOP's Suburban Dilemma
The GOP's Suburban DilemmaAdded: 09.07.2021 21:16 | 14 views | 0 commentsSource: www.statesman.comFor years, Republicans thought of their party as a three-legged stool, joining social, economic, and foreign policy conservatives. There was something to this, and indeed parties can be looked at by the ideological components. More in www.realclearpolitics.com » Republicans Tags: Conservatives
Lebanon struck by power cut as major plants shut down
Added: 09.07.2021 21:16 | 12 views | 0 commentsMany in Lebanon are receiving just two hours of energy a day, as it grapples with an economic crisis.
Biden to sign new order cracking down on Big Tech
Biden to sign new order cracking down on Big TechAdded: 09.07.2021 18:16 | 17 views | 0 commentsSource: us.bolavip.comThe executive order will include measures on boosting competition across several sectors, including travel. More in www.bbc.co.uk »
Hurricane Season Is Here. 4 Ways to Help Remote Workers Prepare for the Worst
Yet the problem may be even more acute for the businesses that operate with a remote or hybrid staff. And everything from planning for unstable remote access to the internet and maintaining electricity amid hazardous weather conditions are just a few of the challenge's businesses should prepare for today. Include any high risk areas nearby any remote workers. Distribute mobile hot spots or portable generators, suggests Risk Management Magazine, a publication from advocacy group, the Risk Management Society. Doing so will help employees remain working even in impacted areas where internet and electricity may be unstable.
Your Next Move with Sarah Paiji Yoo
So Inc., in partnership with Capital One Business, wants to help you figure out Your Next Move. Join Sarah Paiji Yoo, co-founder and CEO of Blueland, which is reimagining cleaning products to eliminate single-use plastic packaging. Yoo will share how her passion for sustainability and innovation has led her to become a serial retail entrepreneur. Hear her talk about her personal and professional achievements in this industry, and how to start a business (or two) based around your passions. Discover ways to think differently about how you lead and grow your business.
SBA to Drop Its Review of PPP Loans of $2 Million and Above
On Tuesday, the SBA began informing lenders that it plans to eliminate the loan necessity review for PPP loans of $2 million or more, adding that it intends to publish a FAQ on the subject "shortly." And effective immediately, the SBA says it will no longer request the loan necessity questionnaire (SBA Form 3509) for any PPP loan reviews. (It will also pull the nonprofit loan necessity questionnaire, SBA Form 3510.) In October, the agency began asking lenders to provide loan necessity questionnaires to both for-profit and nonprofit borrowers with PPP loans of $2 million or more. For this reason, she suggests holding onto financial documents relating to a PPP loan for six years.
The Internet Emerged Stronger Than Ever From the Pandemic
So going forward, every quarter, we’re going to do a roundup of the biggest wins and fails, see how well we did with our predictions, and also make some new ones. I think vaccines are the most wonderful product ever invented in humanity. The internet helped us in terms of work, delivery …S.G.: You think it worked? : I mean, I think everything that we needed to get through the pandemic was provided, unfortunately, by these internet companies, which did their job. It’s as if these major internet companies were invented for a pandemic.
6 Low-Cost Ways to Make Your Home Cooler—and Save on Your Electric Bill
2 Check doors and windows to make sure there is no air escaping from them. Look for cracks in windows and doors where air can escape and have those areas sealed. Fixing air leaks around your home can increase insulation, making sure cool air stays inside your home, and keeps hot air out. Bluhm says that government agencies strongly push for insulation, making a variety of local and federal subsidies like rebates, grants, loans, and tax credits available—like this weatherization assistance program that provides these services for low income families. Check out your state's weatherization agency to see what options are available to you.
Gigantic diamond sells for $12M in cryptocurrency at Sotheby’s auction
A flawless 101.38-carat diamond was sold at auction for more than $12.2 million in cryptocurrency Friday, making it the most expensive piece of jewelry ever peddled through crypto, according to Sotheby’s. The massive diamond, called “The Key 10138,” was sold in Hong Kong to an unidentified private collector, said the 277-year-old auction house in a statement. Despite the record sale, the diamond sold for less than the upper end of its estimated value of $15 million. Auction Houses such as Sotheby’s and rival Christie’s have increasingly taken to accepting cryptocurrency as payment this year as the popularity of digital coins surged. The diamond sold for less than the upper end of its estimated value of $15 million.
Evacuated residents of collapsed condo can retrieve essential items
Residents of a South Florida condo who were forced to evacuate over concerns about the building’s structural integrity will be allowed to return to retrieve essential items on Friday, officials said. The audit was ordered in response to the collapse of the nearby Champlain Towers South condo complex in Surfside, which killed at least 64 and left 76 people missing in the rubble. Crestview Towers residents will be escorted by a police officer and will have 15 minutes to pick up necessary items, city officials said. The building is about 5 miles from the site of the condo in Surfside, which collapsed on June 24. The problems were outlined in the 40-year certification review the association filed in January, according to city officials.
CNBC Markets Now: July 9, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Markets Now: July 9, 2021CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.
Commodities rally: Gold and oil finish the week higher
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommodities rally: Gold and oil finish the week higherTom McClellan, McClellan Market Report, joins CNBC's "Closing Bell" to discuss the rally in commodities and the most recent 'backwardation' in oil futures prices.
Dow jumps 440 points to record, rebounding from one-day slide
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDow jumps 440 points to record, rebounding from one-day slideCNBC's "Closing Bell" reports on Friday's market action, and what investors should watch next week. Charlie Bobrinskoy, Ariel vice chairman, and Mimi Duff, Gentrust, weigh in with their market outlooks.
The Week That Was: July 9, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Week That Was: July 9, 2021CNBC's Frank Holland looks ahead to what are likely to be next week's top business and financial stories.
The Week Ahead: July 9, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Week Ahead: July 9, 2021CNBC's Frank Holland looks ahead to what are likely to be next week's top business and financial stories.
Yale-educated scientist now runs a $10 million venture capital fund to back 'amazing Black founders'
Long before Kathryn Finney created and sold her own business and became the head of a $10 million venture capital fund investing in Black and Latinx entrepreneurs, she saw the representation problem up close. Genius Guild, her new $10 million venture fund, is an investment in "amazing Black founders who are building scalable companies that impact communities," she says. There's just not enough Black women in tech for people to care.' Digitalundivided made its next move in 2016 with ProjectDiane, a quantitative snapshot of the state of Black and Latinx women founders. With the help of freelancing platform Upwork, ProjectDiane found there were only 84 Black women-led startups in the United States in 2016, and just 11 Black women who had raised more than $1 million for their brand.
What to expect heading into second-quarter earnings season: CFRA Research strategist
RELATED VIDEOS04:54 What to expect heading into second-quarter earnings season: CFRA Research strategist05:29 Traders split on gold as metal heads for third straight weekly gain02:46 Trading Nation: Wedbush initiates GM to an outperform rating — Two traders on the call06:41 The most important charts in the bond market, according to traders02:52 Why this investor says regional banks are a buying opportunity05:32 As bitcoin breaks down, two traders share key levels to watch
X Prize founder Peter Diamandis on Richard Branson's upcoming trip to space
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailX Prize founder Peter Diamandis on Richard Branson's upcoming trip to spacePeter Diamandis, X Prize founder and executive chairman, joins CNBC's "Closing Bell" to discuss Sir Richard Branson and his upcoming trip to the edge of space.
Minnesota man charged with securities fraud drops effort to seize Florida penny-stock company
A Minnesota man criminally charged with hijacking dormant shell companies in pump-and-dump fraud schemes dropped a lawsuit he filed in an effort to seize another company in Florida. The voluntary dismissal of the lawsuit by accused fraudster, Mark Miller, on Thursday night came less than two weeks after CNBC reported his involvement with the Florida company. Miller filed a lawsuit in Palm Beach County, Florida, court in February asking a judge to order a shareholder meeting of a company called New World Gold Corporation. The Minnesota man filed another another motion in the case in June — just a day before his indictment by federal prosecutors. CNBC received an error message when it attempted to contact New World Gold at the email address listed on the company's press releases.
Woman stops at McDonald's drive-thru during police pursuit after allegedly striking officer with stolen truck
A Massachusetts woman was arrested after a police pursuit that ended in a McDonald's drive-thru when the suspect pulled over to order food while driving a stolen vehicle, according to Worcester police. The owner of the stolen vehicle had GPS tracking and was able to provide police with a rough estimate of the truck's location, according to police. When police began their pursuit, they encountered a driver whose vehicle had been struck by the stolen truck. When officers approached, police say Gardell backed up the stolen truck at a high speed, striking another parked car and knocking down and dragging one of the officers. Finally, Worcester officers were able to pull Gardell out of the stolen truck, despite the fact that Gardell "fought and struggled," police said.
Stock Market Rallies With 10-Year Treasury Yield; Roku, Upwork Close In On Buy Points
Dow Jones Futures: Roku, AMD, Ford Lead 8 Stocks Near Buys In Market Rally; Tesla FSD Beta, Virgin Galactic Flight On Tap10:40 AM ET The market rally is at highs, with Roku and AMD near buys. Tesla FSD Beta is getting an update. A...10:40 AM ET The market rally is at highs, with Roku and AMD...
Panic buying signs emerge Friday as Dow, S&P 500, Nasdaq head for trifecta of records a day after worst fall in 3 weeks
Signs of panic buying emerged Friday afternoon on the New York Stock Exchange amid a powerful stock-market rally in the final minutes of trade, a day after one of the worst selloffs for equities since mid June. Market internals suggest that investors are buying mightily headed into the weekend. The NYSE Arms Index, a volume-weighted breadth measure, fell to 0.413, with many on Wall Street see declines below 0.500 as suggesting panic buying. The Arms Index is calculated by dividing the ratio of the number of advancing stocks over decliners by the ratio of the volume of advancing stocks over declining volume and the Arms index often falls below 1.000, as the buyers rush into advancing stocks. All three indexes are heading for record closing highs a day after notching the worst daily drop since June 18.
Some China Stocks Are Starting to Look Like Bargains. How to Navigate the Regulatory Minefield.
Beijing is trying to gain better control of Chinese companies, including those listed abroad. Analysts also expect the heightened scrutiny to slow, if not halt, the number of Chinese companies coming public in the U.S. in the near term. Of the large internet stocks, Semple favors Tencent, the top position in his fund, over Alibaba, another holding. Many Chinese internet companies’ fundamentals are sound. In addition, widely held U.S.-listed Chinese stocks, including Alibaba, could become proxies for investors’ China angst.
PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.
A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now. On Friday, Cowen & Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%. Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions. The average analyst price target is $156.02.
Berkshire Hathaway Inc. Cl B stock rises Friday, outperforms market
Shares of Berkshire Hathaway Inc. Cl B BRK.B, +2.33% advanced 2.33% to $280.49 Friday, on what proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX, +1.13% rising 1.13% to 4,369.55 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. Berkshire Hathaway Inc. Cl B closed $14.59 below its 52-week high ($295.08), which the company achieved on May 10th. Trading volume (4.9 M) eclipsed its 50-day average volume of 4.8 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Market Recap: Friday, July 9
Motley FoolAs of just before noon EDT, the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up nearly 1% as it looked poised to set another record high. Earnings season is almost here, and that means investors will be looking for signs of how the economy is doing. Banks typically start out early with their reports, and most big banks don't trade on the Nasdaq.
What to know if your Wells Fargo personal line of credit is canceled and ‘I am done with the suburbs. I want a small, liberal town or city with a walkable downtown’: Where should my family move?
Read MorePop Star Miley Cyrus Reportedly Flips Renovated Hidden Hills Home for $7.2MIt’s a real estate party in the USA for Miley Cyrus. Read MoreElizabeth Warren blasts Wells Fargo for ending personal lines of credit — here’s why that decision could hurt your credit score‘Wells Fargo needs to make this right,’ the senator tweeted. Read MoreWhat to know if your Wells Fargo personal line of credit is canceledWells Fargo customers are being notified that their personal line of credit accounts will close. I want a small, liberal town or city with a walkable downtown’: Where should my family move? Read MoreHoops legend Scottie Pippen is now making bourbonThe Chicago Bulls star has collaborated with a California distillery Read More
Treasury rally pauses Friday but government debt books second straight weekly yield decline
The 2-year was down 2.3 basis points this week, the 10-year gave up 8 basis points on the week, while the 30-year bond shed 6.9 basis points. The 2-year, 10-year and 30-year Treasurys all notched a second straight weekly decline. Fixed-income driversFriday’s pullback chipped away at what has mostly been a steady, two-week drumbeat lower for U.S. government debt yields. The 10-year Treasury yield hit a low of around 1.25% on Thursday, testing its 200-day moving average at 1.256%, FactSet data show, before the buying momentum tapered, pushing yields higher. What strategists are sayingThe decline in yields this week has come amid a pause in U.S.. Treasury auctions of new debt, even as appetite has seemingly picked up.
A crazy week for U.S. stocks came with a change in the market narrative — should investors believe it?
There are three important elements to the shift in the market narrative, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, which has $605 billion in assets under management. The second is that while economic growth is expected to remain strong, the pace of growth is expected to have peaked. Third, there are worries the spread of the delta and other variants of the coronavirus that causes COVID-19 could force a renewed round of restrictions that will weigh on global economic activity. But analysts said the move, at least in part, also reflected legitimate concerns over the global economic growth outlook. And global growth expectations may also see pressure, with China’s economy likely to continue to disappoint.
Cloud security platform Netskope boosts valuation to $7.5B following $300M raise
Netskope, focused on Secure Access Service Edge architecture, announced Friday a $300 million investment round on a post-money valuation of $7.5 billion. Prior to that, it was a $168.7 million round at the end of 2018. Story continuesToday’s investment brings the total raised by Santa Clara-based Netskope to just over $1 billion, according to Crunchbase data. With the company racking up that kind of capital, the next natural step would be to become a public company. “Going public is one day on our path, but you probably won’t see us raise another private round,” Beri said.
Colonial Pipeline faces enormous daily fine after massive NC gasoline leak, feds say
Colonial Pipeline Co. faces a $200,000 a day fine if it fails to improve the way it detects leaks in its U.S. pipeline system, after a massive gasoline leak in Huntersville, according to a recent settlement in the case with the U.S. government. But the leak in Mecklenburg’s Oehler Nature Preserve was just the latest of several large spills in Colonial’s pipeline system, the settlement revealed. Colonial Pipeline Co. faces a $200,000 a day fine if it fails to improve monitoring of its U.S. pipeline system after a massive gasoline leak in Huntersville, according to a settlement agreement with the U.S. government. “Colonial has experienced several other accidents that were not detected by its leak detection system or by Colonial personnel.,” federal officials wrote. Story continuesColonial Pipeline responseIn a statement emailed to The Charlotte Observer on Thursday, a Colonial Pipeline spokesperson said:“In accordance with our safety management practices, Colonial Pipeline began to implement learnings from the Huntersville incident almost immediately after it occurred.
Florida’s weekly COVID update: A surge with 23,747 new cases and 172 deaths
The Florida Department of Health on Friday announced 23,747 new resident cases of COVID-19 and 172 deaths since July 2. ? Broward County reported 2,128 new reported resident cases for the week ending July 8, according to the health department. ? Palm Beach County reported 1,378 new reported resident cases as of the week ending July 8, according to the health department. ? Monroe County reported 66 new reported resident cases as of the week ending July 8, according to the health department. ? Manatee County reported 245 new reported resident cases as of the week ended July 8, according to the health department.
Chicago police fatally shoot man while trying to arrest him
CHICAGO (AP) — Law enforcement officers in Chicago fatally shot a 33-year-old man who pointed a gun at them as they tried to arrest him Friday, authorities said. Brown told reporters. A group of law enforcement officers identified the man, but he wouldn’t get out of the vehicle he was in and pointed a gun at the officers, Brown said. The shooting follows a drive-by shooting Wednesday of two federal Bureau of Alcohol, Tobacco, Firearms and Explosives agents and a Chicago task force officer. “It’s a very dangerous time to be in law enforcement," Brown said Friday.
Group seeks investigation of Kansas City, Kansas police. Here are the top allegations
Community activists on Friday called for a federal investigation of the Kansas City, Kansas, Police Department, which has been the focus of several scandals in recent years. During the legal battle for McIntyre’s release, Kansas City attorney Cheryl Pilate raised serious allegations of misconduct on the part of Golubski and former Wyandotte County assistant prosecutor Terra Morehead. Golubski worked for the Kansas City, Kansas, police department for 35 years. The cadet was repeatedly assaulted and was fired in retaliation for reporting the behavior,according to a lawsuit filed against Rios and the Unified Government of Wyandotte County and Kansas City, Kansas. Kansas City, Kan., Police Chief Terry Zeigler is renting Lake House 1 at Wyandotte County Lake Park from the Unified Government.
GLOBAL MARKETS-Treasury yields rise, U.S. stocks hit new highs; dollar weakens
That action helped push 10-year U.S. government bond yields to a 4-1/2 month low on Thursday. Data released on Friday showed investors through July 6 were reducing short bond positions, which also weighed on yields. Still, the yield on 10-year Treasury notes rose 7.7 basis points to 1.365% on Friday. Stocks rose as financials and other economically focused sectors rallied from the selloff sparked by growth worries earlier in the week. Investors will next gauge risk appetite by assessing results of auctions of $38 billion of 10-year Treasury notes on Monday, and $24 billion of 30-year bonds on Tuesday.
AMLO’s Banxico Pick Sounds Dovish Note on Inflation Outlook
(Bloomberg) -- Mexico’s nominee to become central bank governor, Arturo Herrera, said the country’s recent inflation spike seems to be related to temporary factors, in comments that suggest a dovish stance on recent price pressures. Herrera, who is currently finance minister, will step down after two years in his post next week. He has been nominated by President Andres Manuel Lopez Obrador to become central bank governor when current chief Alejandro Diaz de Leon’s term finishes at the end of the year. Inflation in Latin America’s second-largest economy hit more than double the bank’s 3% target rate in April and has failed to significantly slow since then. Banxico, as the country’s central bank is known, last month surprised economists by increasing the key interest rate in a split decision that showed disagreements within the board on the reasons for the price spike.
Fitch affirms Russia's rating at 'BBB', with stable outlook
July 9 (Reuters) - Ratings agency Fitch on Friday affirmed Russia's rating at 'BBB', citing its credible macroeconomic policy framework, strong external balance sheet and the lowest level of general government debt/GDP in its peer group. Fitch also maintained Russia's outlook at stable, citing the effectiveness of its policy in preserving the strength of the sovereign balance sheets and helping anchor macroeconomic stability. Russia is rated investment grade by all three big international rating agencies, including Moody's and S&P, which helped Moscow to borrow money on global markets by issuing Eurobonds in 2021. Still, Western sanctions are seen constraining Russia's credit rating and hampering its efforts to achieve higher rates of economic growth. "Notwithstanding the moderate near-term stabilisation in the U.S. relationship following June's presidential summit, there is a sizeable risk of additional sanctions over time," Fitch noted.
Planet 13 opens Orange County SuperStore
TipRanksWith the ebbs and flows of global markets, industries are born, mature, and sometimes fade away into the abyss of irrelevance. In recent years, we have seen crypto-mining, electric vehicles, and now the cannabis industry taking off. Although already legal in 36 states, the substance is still federally illicit, placing the publicly traded companies dealing with it in a precarious, yet potentially prosperous position. Once full legalization is reached in the U.S., most any company which handles ca
The Small Exploration Company That Shocked The Oil Industry
Exxon was founded on October 17th, 1999 by John D Rockefeller Jr., who at the time was running Standard Oil Company of New Jersey (which would be later renamed as Exxon Company USA). The company began as a merger between two companies: Standard Oil Company of New Jersey and Humble Oil & Refining Co., which were both subsidiaries of Standard Oil Trust. Halliburton operates in four segments: upstream (oil exploration), downstream (manufacturing of oil products), engineering-and- construction, and chemicals. Pioneer Natural Resources (NYSE:PXD) is an independent oil and gas exploration and production company with a diversified portfolio of high quality assets in the United States. Canadian Natural Resources (NYSE:CNQ, TSX:CNQ) is a natural resources company that conducts oil and gas exploration, development, production, and marketing operations in Canada.
This week in Bidenomics
TipRanksThe EV segment is a rising industry offering big opportunity to not only electric vehicle makers, but to companies providing ancillary products - from batteries to chips to supporting infrastructure. However, are some of the projections for these companies too aggressive, especially considering how competitive the field is expected to become? Needham analyst Vikram Bagri says that investors have expressed reservations on whether the analyst's outlook for EV charging player ChargePoint (CHPT) is
'They have let me down': Small businesses hit SBA's sluggish COVID response
Meanwhile, federal assistance for small businesses has been sluggish and hard-fought at best, making it tough for Joseph Dreamhouse to address the needs of its community. Since the pandemic lockdown last year, three-quarters of the country’s small employers turned to the Small Business Administration (SBA) for help. Story continuesFor Glover, she’s waiting to see if this will help speed up the process. President Joe Biden’s American Rescue Plan Act, signed in March, included additional aid for the nation’s more than 30 million small businesses. Part of the package was $15 billion in additional funding for Targeted Economic Injury Disaster Loan (EIDL) advance payments, including $5 billion for Supplemental targeted EIDL advance payments.
Have the Meme and Momentum Traders Given Up?
Are the meme and momentum/small-cap traders giving up? The term "meme stocks" is grossly overused at this point. GME, AMC, and a few others could be called meme stocks, like maybe Sundial Growers (SNDL) , but we're limit up on the use of the phrase. I have been mostly away for the last week, so I'm playing catch-up, but the few times I managed to check in, it was pretty ugly in the momentum and small-cap names. Thursday's pause in the large-caps appears to have invigorated the small-cap traders Friday to push the Russell 2000 higher by 2%.
Stock Market Today With Jim Cramer: Biden Presidency Is 'Anti-Business'
Specifically, Biden was set to sign an executive order Friday directing regulatory agencies to more closely investigate industry mergers and tech companies’ use of consumer data. Biden Administration 'Anti-Business,' Cramer Says"Very anti-business presidency. Far more than Obama...," Jim Cramer said from the floor of the New York Stock Exchange Friday. "I'm mystified by President Biden. Cramer On Boeing's QuarterBoeing next week is scheduled to report second-quarter earnings, and Jim Cramer isn't confident going into the print.
Louis C Ross DDS PC Dental Assistant in Dallas, TX
Are you looking for a dental office that respects and values you? We are searching for a team member who focuses on providing the highest level of patient care. Job position requires a Texas state dental assisting license. North Dallas office (off Preston and LBJ) Salary is negotiable depending on experience. We are a General and Cosmetic Dental Practice that focuses on providing the best care for all patients.
"A space to call their home": Milwaukee leaders tout sale of northwest side property for veteran's tiny houses development
The City of Milwaukee made official its sale of a plot of land on the city's northwest side to a non-profit developer that plans to build so-called tiny houses for veterans. Officials touted the project as a future site for reintegration of veterans, with access to resources for employment, health, and future housing needs. A veteran of U.S. Air Force, Lewis said veterans often confront a difficult process of reintegration with broader society. The site currently has a community garden which she believes will be incorporated into the tiny houses project. In the project's first phase, Veterans Outreach will focus on 24 single-occupancy small houses.
Man faces murder charge after fatal crash in parking lot
Las Vegas police have made an arrest in the killing of a man who authorities say was run over with a vehicle. David Welch (Las Vegas Metropolitan Police Department)Las Vegas police have made an arrest in the killing of a man who authorities say was run over with a vehicle in a northeast Las Vegas parking lot Wednesday. Clark County Detention Center records show David Welch, 54, was booked on a charge of murder with use of a deadly weapon Thursday. Police said they were called to the parking lot for a report of a crash, police Lt. David Valenta said. Valenta said investigators believe the driver of a vehicle in the parking lot got into an argument with a man in his late 40s walking through the lot, when the driver intentionally ran over the man before driving off.
More than 5K job seekers descend on Summer Job Fair in Las Vegas
More than 5,000 job seekers are expected to attend the Summer Job Fair at the Las Vegas Convention Center’s West Hall on Friday, July 9, 2021. (Ellen Schmidt/Las Vegas Review-Journal)Job seekers line up for the Summer Job Fair at the Las Vegas Convention Center’s West Hall, Friday morning, July 9, 2021. (Ellen Schmidt/Las Vegas Review-Journal)A job-seeker reviews a flyer at a summer job fair hosted by Clark County at Las Vegas Convention Center on Friday, July 9, 2021, in Las Vegas. (Ellen Schmidt/Las Vegas Review-Journal) @ellenschmidtttPeople enter the Las Vegas Convention Center for a summer job fair hosted by Clark County on Friday, July 9, 2021, in Las Vegas. (Ellen Schmidt/Las Vegas Review-Journal) @ellenschmidtttPeople seeking employment attend a summer job fair hosted by Clark County at Las Vegas Convention Center on Friday, July 9, 2021, in Las Vegas.
Developer seeks approval for 39-story apartment plan on the Near North Side, but neighboring condo owners continue to fight
“Since the announcement of the proposal in late 2019 we have been working closely with Alderman Hopkins, the local community and the City’s Department of Planning and Development to incorporate their feedback in our building design,” Fifield executive vice president Lindsey Senn said in a statement. “We look forward to this project helping Chicago’s economic recovery from the pandemic by creating 375 well-paying construction jobs, providing $1.5 million in annual tax revenue and providing a combined $6 million in developer contributions to help Chicago’s underserved communities.”
Gas prices rise on Long Island, highest seen in years
Gasoline prices on Long Island are on the rise, with the average price of a gallon of regular gas the highest since Nov. 22, 2014, said Denton Cinquegrana, chief oil analyst at Oil Price Information Service, an oil and energy information provider based in Rockville, Maryland. Newsday's Steve Langford reports. Credit: Kendall Rodriguez
Washington giant Ste. Michelle Wine Estates sells for $1.2 billion in cash
Michelle Wine Estates to Sycamore Partners. Michelle Wine Estates is the third-largest premium wine company in the United States. Michelle Wine Estates (Ste. In recent years Sycamore Partners spent billions of dollars acquiring companies such as Staple, Talbots and The Limited. Michelle Wine Estates represents over 60% of that production,” McLaughlin said in an email.
Victoria's Secret chairwoman: 'We hear you' as brand evolves toward inclusivity
Donna James, with her characteristic modesty, emphasizes her new role as chairwoman of the soon-to-convene Victoria’s Secret board is not about her. “I think it signals a reality of future possibilities for all of us around diversity,” the longtime Columbus executive said in an exclusive interview for Columbus CEO magazine. The struggles prompted a decision to separate Victoria’s Secret from parent company L Brands, which will become Bath & Body Works. She calls the VS Collective “the embodiment of listening [to] what our customers were missing, what they were saying to us. The whole notion of this collective is women defining for themselves who they are and what they want to be, versus having that defined for them.
L Brands is about to be a brand of the past
One of Columbus' most prominent business names is about to become a brand of the past. The L Brands board of directors on Friday approved the separation of Victoria's Secret into a standalone publicly traded company called Victoria's Secret & Co. Founder Les Wexner and his wife, Abigail, retired from the company's board this year. L Brands shareholders will receive one share of Victoria’s Secret common stock for every three shares of L Brands held as of end-of-day July 22, representing 100% of the shares of Victoria's Secret. Victoria's Secret, which will take with it the Pink and Victoria's Secret Beauty brands along with its core lingerie business, will trade on the New York Stock Exchange as VSCO.
Home Showcase: Weston home is of course wonderful
Down a languid stone path flanked by crisp landscaped gardens, the home is postcard-worthy, with oversized paned, shuttered windows, dormers and twin brick chimneys. Friends and guests can also retreat to the home’s club room with its own bar area. For more information about the property, contact Amy Mizner of The Mizner + Montero Team at Gibson Sotheby’s International Realty, 617-851-4909. Home Showcase:Address: 14 Dellbrook Road, WestonBedrooms: 6List Price: $7,750,000Square feet: 14,495Price per square foot: $535Annual taxes: $71,848 in 2021. Location: Exclusive Weston Golf Club neighborhood.
Murphy signs clean energy bills for electric cars and solar
A similar bill signed by the governor encourages development of zero-emission vehicle fueling and charging infrastructure in redevelopment projects. Murphy also signed two measures dealing with solar power projects. One allows so-called “dual use” solar projects located on unpreserved farm land that is still also used for agricultural purposes. Another bill would create a successor program to a solar power program in the process of being discontinued by the state. Joseph Fiordaliso, president of the state Board of Public Utilities, said New Jersey has more than 142,000 solar power installations statewide.
Russian national living in US gets 5 years in bribery case
Teyf thwarted a Russian government probe into the kickback scheme by bribing the investigators, prosecutors had said. Prosecutors had alleged that Teyf and his ex-wife, along with others, opened several financial accounts at four U.S. financial institutions that received almost $40 million from the alleged money laundering scheme. “We achieved a tremendous victory for Mr. Teyf with this successful resolution of his case," said his attorney, Robert Wolf. He said the government also withdrew its claims against his client's real estate properties, all of which will be returned. With credit for time already served, Wolf said, Teyf only has to serve approximately 18 months.
Russian national living in US gets 5 years in bribery case
Teyf thwarted a Russian government probe into the kickback scheme by bribing the investigators, prosecutors had said. Prosecutors had alleged that Teyf and his ex-wife, along with others, opened several financial accounts at four U.S. financial institutions that received almost $40 million from the alleged money laundering scheme. “We achieved a tremendous victory for Mr. Teyf with this successful resolution of his case," said his attorney, Robert Wolf. He said the government also withdrew its claims against his client's real estate properties, all of which will be returned. With credit for time already served, Wolf said, Teyf only has to serve approximately 18 months.
Federal Reserve pledges 'powerful support' for economy
WASHINGTON (AP) — The Federal Reserve says that its low interest rate policies are providing “powerful support” for the economy as it recovers from the coronavirus pandemic. But the lingering effects of the pandemic still weigh on the economy, with employment well below pre-pandemic levels. The central bank has kept its benchmark interest rate near zero, while continuing to buy $120 billion a month in Treasury bonds and mortgage-backed securities to put downward pressure on long-term interest rates. It said Friday that these efforts will help ensure that “monetary policy continues to deliver powerful support to the economy until the recovery is complete.”The new report will be the subject of two days of hearings next week. Fed Chairman Jerome Powell will testify Wednesday before the House Financial Services Committee, and Thursday before the Senate Banking Committee.
Hunter Biden paintings pose ethical challenge for president
WASHINGTON (AP) — The White House has established an arrangement that would allow President Joe Biden’s son Hunter to sell his artwork for tens of thousands of dollars without knowing the identity of the purchaser, an agreement established in attempt to avoid any potential ethical concerns surrounding his sales. Under the arrangement, a private art gallery owner will set prices for his work and will handle all bidding and sales, but will not share any information about buyers or prospective buyers with Hunter or anyone in the administration. The deal was first reported by The Washington Post. “After careful consideration a system has been established that allows for Hunter Biden to work in his profession within reasonable safeguards,” she told reporters. “Of course he has the right to pursue an artistic career, just like any child of a president has the right to pursue a career.”
Stocks close higher, capping a 3rd straight week of gains
Analysts expect another strong quarter for Wall Street, due to the improving economy and fewer Americans defaulting on loans compared with earlier in the pandemic. Banks have been among the best-performing stocks in the S&P 500 this year. The KBW Bank Index of the 24 largest banks is up 27% this year alone, compared with the 16% gain of the S&P 500. The rising number of coronavirus cases has been one of the reasons why investors have moved back into bonds in recent days. Thursday's yield of 1.28% on the 10-year Treasury note was down sharply from its recent high of 1.75% in late March.
Another video, another brother of AMLO's: 150,000 pesos exchanged
A video has surfaced showing one of President López Obrador’s brothers receiving a large amount of cash from a man who served in the current federal government. Latinus published two videos in August 2020 showing Pío López Obrador receiving a total of 1.4 million pesos. He said on Twitter late Thursday that the money he gave to Martín Jesús came from his personal savings and was a loan. “… They make it seem that it’s campaign money, political money, money for me – something that’s not true, it’s as simple as that,” the president said. Why doesn’t he ask the Financial Intelligence Unit and the prosecutor’s offices to investigate his brother Martín López Obrador?”With reports from Latinus and Milenio
Hunter Biden has ‘right’ to ‘artistic career’ and sales won’t be corrupt, says Jen Psaki
White House press secretary Jen Psaki on Friday said first son Hunter Biden has “a right to an artistic career” — and that his upcoming art sales won’t be an avenue for influence-peddling with his father. Psaki said a “professional gallerist” brokering the sales won’t inform the first son of who is buying his debut artworks — for which he’s seeking up to $500,000 — and that any offers that exceed reason won’t be accepted. “After careful consideration, a system has been established that allows for Hunter Biden to work in his profession within reasonable safeguards. Jen Psaki said Hunter Biden can continue his artwork with “reasonable safeguards.” Georges Berges GalleryPsaki noted the broker of the sales won’t tell Hunter Biden who the buyers are. One of Hunter Biden’s pieces of art.
Biden says he told Putin to take action against cybercrime based in Russia
President Biden said Friday he had told Russian President Vladimir Putin to crack down on computer hacking gangs based in his country, but stopped short of holding the Kremlin responsible for a series of ransomware attacks affecting thousands of companies worldwide. Biden had said earlier this week that the breach had caused “minimal damage” and did not appear to target vital infrastructure. President Biden said Friday he had told Russian President Vladimir Putin to crack down on computer hacking gangs based in his country. see also White House won’t say Russia behind ransomware attack White House press secretary Jen Psaki refused to point to...Last month, hackers also extorted an $11 million ransom payment from JBS SA, the world’s largest meat processor. “Responsible countries need to take action against criminals who conduct ransomware activities on their territory.”With Post wires
Mitt Romney sells $23.5M home after years of backlash from neighbors
Anthony Ciani, a La Jolla, California, architect and former neighbor of Romney at the time, told The Post that his issue was mostly concerning public use of the beach. AlfredThe ruins of the demolished La Jolla home. AlfredRomney, 74, and his wife, Ann, purchased the La Jolla home in 2008 for $12 million, property records show. The sun sets on Romney’s remodeled oceanfront house in La Jolla. Sen. Mitt Romney Graeme Sloan/Sipa USARomney announced the sale during a virtual discussion with the Salt Lake Chamber, Utah’s largest business association.
The future of online retail looks a lot like QVC, with live streams of influencers, including dogs, doing the hawking
But some analysts are skeptical that live streams will translate to long-term sales growth, given the endless streaming options Americans already have on social media and such platforms as Netflix and Hulu. Home-shopping channels, they say, were born of an era when audiences were largely captive to their television sets. It’s no longer as simple to attract — or hold — the attention of today’s viewers, who can access entertainment on their smartphones, watches and computers at any time.
Doubleline Capital's Jeff Sherman on 10-year Treasury, Fed policy and more
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDoubleline Capital's Jeff Sherman on 10-year Treasury, Fed policy and moreJeff Sherman, Doubleline Capital deputy chief investment officer, joins 'Closing Bell' to discuss his outlook for the 10-year Treasury yield, what the Fed policy could look like in the year to come and why he says investors need to reduce their exposure to certain areas.
Doubleline Capital's Jeff Sherman says not to buy into rally
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDoubleline Capital's Jeff Sherman says not to buy into rallyJeff Sherman, Doubleline Capital deputy chief investment officer, joins 'Closing Bell' to discuss his outlook for the 10-year Treasury yield, what the Fed policy could look like in the year to come and why he says investors need to reduce their exposure to certain areas.
CNBC TechCheck Evening Edition: July 9,2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC TechCheck Evening Edition: July 9,2021CNBC's TechCheck brings you the latest in tech news from CNBC's 1 Market in the heart of San Francisco.
Traders split on gold as metal heads for third straight weekly gain
RELATED VIDEOS05:29 Traders split on gold as metal heads for third straight weekly gain02:46 Trading Nation: Wedbush initiates GM to an outperform rating — Two traders on the call06:41 The most important charts in the bond market, according to traders02:52 Why this investor says regional banks are a buying opportunity05:32 As bitcoin breaks down, two traders share key levels to watch02:41 Dow drops as investors worry about economic growth—Three experts on their market outlook
Wells Fargo cutting off personal lines of credit: What that means, and how it could affect credit scores
Wells Fargo has announced it will cease to offer personal lines of credit and plans to shut down existing ones in a matter of weeks. The change is likely due to fiscal pressure from regulators in the wake of the bank's 2018 fake accounts scandal. The bank's popular consumer lending program lets users borrow between $3,000 and $100,000, typically at lower interest rates than credit cards. A PLOC can be open for an indefinite amount of time or expire after a set number of years. Personal lines of credit are often used to consolidate higher-interest credit card debt, pay for home renovations, and avoid overdraft fees on linked checking accounts.
Trading Nation: Wedbush initiates GM to an outperform rating — Two traders on the call
RELATED VIDEOS02:46 Trading Nation: Wedbush initiates GM to an outperform rating — Two traders on the call06:41 The most important charts in the bond market, according to traders02:52 Why this investor says regional banks are a buying opportunity05:32 As bitcoin breaks down, two traders share key levels to watch02:41 Dow drops as investors worry about economic growth—Three experts on their market outlook01:45 Trading Nation: What China's crackdown on Didi means for the stock
Couples are ready to 'go all out' as wedding industry sees surge in business, says The Knot CEO
Weddings, including those with larger budgets, are on the comeback after the pandemic forced widespread nuptial delays, Timothy Chi, CEO of wedding-planning website company The Knot Worldwide, told CNBC on Friday. "In the U.S., there's about 2 million weddings that happen on average annually. As weddings are picking back up now that most pandemic restrictions have been lifted, Chi said couples are "ready to go all out again," evidenced by their spending preferences. The average wedding reception budget this year is about $22,500, according to The Knot, which is more than $3,000 higher than in 2020 and roughly equal to 2019 levels. "There's not really a better way to reenter post-Covid times than with a huge celebration bringing your closest friends and families together," he said.
GM recall: Side air bags can explode in Chevy, GMC pickups
General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. Documents posted Friday by U.S. safety regulators say the air bag inflator can rupture or the end cap can fly off on both sides of the trucks. Documents say three inflators ruptured in 2015 Silverados last month, one in Florida and two in Texas. Dealers will replace both side air bag modules.
Wall Street closes at record highs as financials lead rebound
People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. S&P financials (.SPSY) led sector gains followed by energy, materials and industrials. Big banks will be among the first to report quarterly earnings, with the season kicking off next week. A big jump in quarterly earnings is expected to mark a peak for U.S. profit growth in the recovery from last year's pandemic-induced collapse. Among individual stocks, Levi Strauss & Co (LEVI.N) rose as it forecast a strong full-year profit after beating quarterly earnings estimates on improving demand across its markets for jeans, tops, and jackets.
Dow Jones Rises 448 Points While S&P 500 Hits New High; Financial Stocks, Oil Regain Strength
Shares of Snap are working to regain the 50-day line after breaking below this area on Thursday. Ford (F) became extended from a buy zone on Friday after rising nearly 3%. Dow Jones TodayStocks outperforming in the Dow Friday included chemicals firm Dow Inc. (DOW), which gained 2.7% in heavy trade. Goldman regained its 50-day line and is on pace to break a five-day losing streak. Apple (AAPL) is now extended from the buy zone of a cup base with a buy point of 137.17, according to MarketSmith chart analysis.
Boat Sales May Be Cresting. But Malibu Boats Looks Ready to Power Through.
But one of the largest powerboat manufacturers, Malibu Boats (ticker: MBUU), is still looking healthy, with orders going strong well into 2022. Malibu generates industry-leading margins, compared with rivals Mastercraft Boat Holdings (MCFT) and Brunswick (BC), partly because it’s more vertically integrated. Based on enterprise value to Ebitda, the stock trades at about seven times 2022 estimates. “There’s fear that the business isn’t repeatable and the rush to buy boats in the pandemic will abate.”But the market may be treating Malibu stock too harshly. That looks like a fair price for a boat maker that may be surfing a long wave of demand.
Moderna Inc. stock rises Friday, still underperforms market
Shares of Moderna Inc. MRNA, +0.01% inched 0.01% higher to $232.81 Friday, on what proved to be an all-around great trading session for the stock market, with the NASDAQ Composite Index COMP, +0.98% rising 0.98% to 14,701.92 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. Moderna Inc. closed $12.89 below its 52-week high ($245.70), which the company reached on June 30th. The stock underperformed when compared to some of its competitors Friday, as AbbVie Inc. ABBV, +0.20% rose 0.20% to $116.58, Amgen Inc. AMGN, +0.38% rose 0.38% to $245.20, and AstraZeneca PLC ADR AZN, +0.62% rose 0.62% to $59.63. Trading volume (5.3 M) remained 3.6 million below its 50-day average volume of 8.9 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Facebook Inc. Cl A stock outperforms competitors on strong trading day
Shares of Facebook Inc. Cl A FB, +1.38% advanced 1.38% to $350.42 Friday, on what proved to be an all-around favorable trading session for the stock market, with the NASDAQ Composite Index COMP, +0.98% rising 0.98% to 14,701.92 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. Facebook Inc. Cl A closed $8.37 below its 52-week high ($358.79), which the company achieved on July 6th. The stock demonstrated a mixed performance when compared to some of its competitors Friday, as Microsoft Corp. MSFT, +0.19% rose 0.19% to $277.94, Alphabet Inc. Cl A GOOGL, +0.38% rose 0.38% to $2,510.37, and Twitter Inc. TWTR, +3.20% rose 3.20% to $68.97. Trading volume (12.6 M) remained 4.4 million below its 50-day average volume of 17.0 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Amazon.com Inc. stock falls Friday, underperforms market
Shares of Amazon.com Inc. AMZN, -0.32% slid 0.32% to $3,719.34 Friday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX, +1.13% rising 1.13% to 4,369.55 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. Amazon.com Inc. closed $40.65 below its 52-week high ($3,759.99), which the company reached on July 8th. The stock underperformed when compared to some of its competitors Friday, as eBay Inc. EBAY, +1.18% rose 1.18% to $69.46, Alphabet Inc. Cl A GOOGL, +0.38% rose 0.38% to $2,510.37, and Walmart Inc. WMT, +0.51% rose 0.51% to $140.30. Trading volume (3.7 M) eclipsed its 50-day average volume of 3.6 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Apple Inc. stock rises Friday, outperforms market
Shares of Apple Inc. AAPL, +1.31% rose 1.31% to $145.11 Friday, on what proved to be an all-around great trading session for the stock market, with the NASDAQ Composite Index COMP, +0.98% rising 0.98% to 14,701.92 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. Apple Inc. hit a new 52-week high, surpassing its previous peak of $145.09, which the company achieved on January 25th. The stock outperformed some of its competitors Friday, as Microsoft Corp. MSFT, +0.19% rose 0.19% to $277.94, Alphabet Inc. Cl A GOOGL, +0.38% rose 0.38% to $2,510.37, and International Business Machines Corp. IBM, +0.55% rose 0.55% to $141.52. Trading volume (99.2 M) eclipsed its 50-day average volume of 80.6 M.
Alphabet Inc. Cl A stock rises Friday, still underperforms market
Shares of Alphabet Inc. Cl A GOOGL, +0.38% inched 0.38% higher to $2,510.37 Friday, on what proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX, +1.13% rising 1.13% to 4,369.55 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. Alphabet Inc. Cl A closed $35.31 short of its 52-week high ($2,545.68), which the company achieved on July 7th. The stock demonstrated a mixed performance when compared to some of its competitors Friday, as Apple Inc. AAPL, +1.31% rose 1.31% to $145.11, Microsoft Corp. MSFT, +0.19% rose 0.19% to $277.94, and Facebook Inc. Cl A FB, +1.38% rose 1.38% to $350.42. Trading volume (889,595) remained 463,312 below its 50-day average volume of 1.4 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Finastra Looks to Sell Its Capital Markets Unit
Finastra, the fintech backed by Vista Equity Partners, has put its capital markets business up for sale, four people familiar with the process said. Finastra’s capital markets unit provides technology that seeks to improve trading, as well as monitoring and compliance, for its clients, which include large banks. Finastra’s capital markets unit produces $300 million in revenue, one of the people said. At 10 to 15 times, Finastra’s capital markets business could fetch anywhere from $3 billion to $4.5 billion. The sale of Finastra’s capital markets business would be one of the first from a recently created fintech conglomerate.
Dow, S&P 500, Nasdaq clinch record closes to cap turbulent week of trading on Wall Street
All three major indexes ended at records Friday, underscoring a powerful rebound in equities a day after one of the worst selloffs since mid June. The S&P 500 index SPX, +1.13% closed 1.1% higher at about 4,370, the Nasdaq Composite [c: COMP] booked a roughly 1% advance at roughly 14,700, and the Dow Jones Industrial Average DJIA, +1.30% climbed 450 points, or 1.3%, at around 34,869, on a preliminary basis. All three indexes logged record closing highs a day after notching the worst daily drop since June 18. Treasury yields, which move inversely to prices, tipped up, however. The climb for stocks came as President Joe Biden issued an executive order to limit corporate dominance and spur competition.
Netflix Inc. stock rises Friday, still underperforms market
Shares of Netflix Inc. NFLX, +0.98% inched 0.98% higher to $535.98 Friday, on what proved to be an all-around positive trading session for the stock market, with the S&P 500 Index SPX, +1.13% rising 1.13% to 4,369.55 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. The stock's rise snapped a two-day losing streak. Netflix Inc. closed $57.31 short of its 52-week high ($593.29), which the company reached on January 20th. Trading volume (2.4 M) remained 981,575 below its 50-day average volume of 3.4 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Microsoft Corp. stock rises Friday, still underperforms market
Shares of Microsoft Corp. MSFT, +0.19% inched 0.19% higher to $277.94 Friday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX, +1.13% rising 1.13% to 4,369.55 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. Microsoft Corp. closed $2.75 short of its 52-week high ($280.69), which the company achieved on July 7th. The stock underperformed when compared to some of its competitors Friday, as Apple Inc. AAPL, +1.31% rose 1.31% to $145.11, Alphabet Inc. Cl A GOOGL, +0.38% rose 0.38% to $2,510.37, and SAP SE ADR SAP, +1.37% rose 1.37% to $148.11. Trading volume (23.7 M) remained 207,492 below its 50-day average volume of 24.0 M.
Panic buying signs emerge Friday as Dow, S&P 500, Nasdaq head for trifecta of records a day after worst fall in 3 weeks
Signs of panic buying emerged Friday afternoon on the New York Stock Exchange amid a powerful stock-market rally in the final minutes of trade, a day after one of the worst selloffs for equities since mid June. Market internals suggest that investors are buying mightily headed into the weekend. The NYSE Arms Index, a volume-weighted breadth measure, fell to 0.413, with many on Wall Street see declines below 0.500 as suggesting panic buying. The Arms Index is calculated by dividing the ratio of the number of advancing stocks over decliners by the ratio of the volume of advancing stocks over declining volume and the Arms index often falls below 1.000, as the buyers rush into advancing stocks. All three indexes are heading for record closing highs a day after notching the worst daily drop since June 18.
Three charged with insider trading in Long Island Iced Tea’s pivot to blockchain
When a beverage company attempted to dump the drinks business and join the blockchain bandwagon in 2017, the story became a comic symbol of cryptocurrency excess — and also sent the company’s stock soaring just months before crypto prices crashed. The story isn’t so funny anymore, at least for Patrick Watson, a Long Blockchain investor who helped turn Long Island Iced Tea into a purported blockchain tech company. The Securities and Exchange Commission charged Watson and two others with insider trading on Friday.
3 Things That Matter More for Boeing Stock Than China
Boeing ‘s 737 MAX might be coming back to Chinese skies soon. Bloomberg reported Thursday that Chinese aviation regulators were open to Boeing (ticker: BA) 737 MAX test flights. According to Boeing’s commercial website, Boeing has about 4,000 unfilled orders for 737 model jets, with the vast majority of those for MAX jets. Boeing also isn’t delivering its 787 jets right now, pausing to fix a quality issue. That, Boeing’s debt levels, and future plane development are also bigger deals than Chinese MAX recertification.
Renault CEO Says the Chip Shortage Will Last Through 2022. Here’s What to Know.
Another day, another prediction about when the global chip shortage will end. Wednesday, Renault CEO Luca de Meo said at a French parliamentary hearing that he expected the shortage for auto makers will last through next year. “There will be tension in the system, even if production capacity is improving he said, Bloomberg News reported the Renault (ticker: RNO.FRANCE) CEO said. In the second half of the year, Caso expects capital spending to nearly double to roughly 9% of sales, compared with the year-ago period. Next year, however, the situation will likely look different, as Caso predicts high capital spending will continue into the first half of 2022.
Tesla Inc. stock rises Friday, still underperforms market
Shares of Tesla Inc. TSLA, +0.63% inched 0.63% higher to $656.95 Friday, on what proved to be an all-around positive trading session for the stock market, with the NASDAQ Composite Index COMP, +0.98% rising 0.98% to 14,701.92 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. This was the stock's second consecutive day of gains. Tesla Inc. closed $243.45 short of its 52-week high ($900.40), which the company reached on January 25th. Trading volume (17.8 M) remained 8.7 million below its 50-day average volume of 26.5 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Johnson & Johnson stock rises Friday, still underperforms market
Shares of Johnson & Johnson JNJ, +0.40% inched 0.40% higher to $169.75 Friday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX, +1.13% rising 1.13% to 4,369.55 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. Johnson & Johnson closed $3.90 short of its 52-week high ($173.65), which the company achieved on January 26th. The stock demonstrated a mixed performance when compared to some of its competitors Friday, as Roche Holding AG Part. Trading volume (5.6 M) remained 954,672 below its 50-day average volume of 6.6 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Bank of America Corp. stock rises Friday, outperforms market
Shares of Bank of America Corp. BAC, +3.25% advanced 3.25% to $40.04 Friday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index SPX, +1.13% rising 1.13% to 4,369.55 and the Dow Jones Industrial Average DJIA, +1.30% rising 1.30% to 34,870.16. The stock's rise snapped a four-day losing streak. Bank of America Corp. closed $3.45 below its 52-week high ($43.49), which the company achieved on June 3rd. Trading volume (43.7 M) eclipsed its 50-day average volume of 41.8 M.Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Oracle Stock Soared to a New High on Speculation About Defense Cloud Contract
Oracle shares are on a tear—up 8% this week, 13% over the past six trading days and 37% for the year to date. And Friday was more of the same: Shares of Oracle (ticker: ORCL) jumped 2.5%, to $87.76, a new closing high. A few weeks ago, Oracle reported May quarter financial results that showed 8% top-line growth, the biggest increase in a decade. Its Oracle Cloud Infrastructure grew more than 100% in the May quarter. Still, Oracle Cloud remains far behind Amazon Web Services, Microsoft Azure, and Google Cloud, the giants in the growing public cloud services market.
Biden signs order to tackle corporate abuses across U.S. economy
Biden signs order to tackle corporate abuses across U.S. economy U.S. President Biden signs executive order on U.S. economy at the White House in WashingtonBy Nandita Bose, Jarrett Renshaw and Diane BartzWASHINGTON (Reuters) -President Joe Biden signed a sweeping executive order on Friday to promote more competition in the U.S. economy, urging agencies to crack down on anti-competitive practices in sectors from agriculture to drugs and labor. Biden said the order "commits the federal government to full and aggressive enforcement of our antitrust laws." The executive order will direct the Department of Justice and Federal Trade Commission (FTC) to carefully review mergers, and to challenge prior deals that have closed. It also urges the Department of Health and Human Services to draw up a plan to fight high drug prices, and gouging. The executive order also establishes a White House Competition Council, led by the Director of the National Economic Council and including many cabinet secretaries, to monitor progress.
Dow Futures 475 Pts Lower; Initial Jobless Claims Add to Growth Worries
At 9 AM ET (1300 GMT), the Dow Futures contract was down 475 points, or 1.4%, S&P 500 Futures traded 55 points lower, down 1.3%, while Nasdaq 100 Futures dropped 195 points, or 1.3%. The number of claims had been expected to fall to a new post-pandemic low of 350,000. The numbers add to concerns about the impact of the Covid-19 virus, and particularly the delta strain, on global economic growth. By 9 AM ET, U.S. crude futures traded 0.3% lower at $71.93 a barrel, while the Brent contract fell 0.2% to $73.18. Related ArticlesDow Futures 475 Pts Lower; Initial Jobless Claims Add to Growth WorriesChina scrutiny fears hit Didi for fourth dayBanks tighten grip on FX market as algo trading rises - survey
Stock Market Today: S, Nasdaq Score New Highs After Fed Minutes
"The minutes today reflected a Committee that has started to shift its emphasis from realized economic outcomes to a more outlook-dependent reaction function. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. Without a concrete timeline for take-off in today's minutes, though, the major market indexes all pushed higher into the close. Other action in the stock market today:The small-cap Russell 2000 fell 1% to 2,252. Going forward, we believe trends in the [10-year Treasury yield] will continue to affect U.S. sector leadership one way or another."
Watchdog: 2 Trump EPA appointees defrauded agency of $130K
The two men, who have since left the EPA, arranged for former agency employees to continue collecting nearly $38,000 salaries even after they were fired, the report says. A spokesperson for EPA Administrator Michael Regan said the agency “is evaluating the report and potential next steps.'' The Washington Post, citing an earlier version of the report, named the fired employees as Madeline Morris and Kevin Chmielewski. Munoz, who left the EPA in January when the Biden administration took office, also could not be reached for comment. Chmielewski, one of the fired employees, provided detailed information to House and Senate lawmakers about alleged wrongdoing by Pruitt.
STAMPS.COM ALERT: Bragar Eagel & Squire, P.C. Investigates Sale of STMP and Encourages Investors to Contact the Firm
Pursuant to the merger agreement, Stamps.com stockholders will receive $330 in cash for each share of Stamps.com common stock owned. Bragar Eagel & Squire is concerned that Stamps.com’s board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. About Bragar Eagel & Squire, P.C. :Bragar Eagel & Squire, P.C. Contact Information:Bragar Eagel & Squire, P.C.
As Markets Fall, Here's How a Tesla Death Cross Might Actually Matter
Motley FoolShares of Tesla (NASDAQ: TSLA) stock slipped 2% by 10 a.m. EDT on the Nasdaq Stock Exchange Thursday, on a good news, bad news kind of a day for the electric vehicle manufacturer. Let's start with the good news: As Barron's reports this morning, Tesla shipped 33,000 EVs from its factory in China in the month of June, the second most deliveries of all EV makers (BYD was No. 1), and its total production in the country was 92,000 cars -- 30% of all Teslas sold globally in the second quarter. Given that last year, China accounted for only 21% of the company's global sales, Tesla is growing in the world's biggest market for EV cars -- and that's good news for the company.
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of PureCycle Technologies, Inc. - PCT
NEW YORK, July 07, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of PureCycle Technologies, Inc. (“PureCycle” or the “Company”) (NASDAQ: PCT). The investigation concerns whether PureCycle and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action]On May 6, 2021, Hindenburg Research (“Hindenburg”) published a report addressing PureCycle. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct.
SHAREHOLDER ALERT: WeissLaw LLP Investigates Stamps.com Inc.
Under the terms of the merger agreement, the Company's shareholders will receive $330.00 per share in cash for each share of STMP common stock that they hold. WeissLaw LLP (PRNewsfoto/WeissLaw LLP)If you own STMP shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:https://www.weisslaw.co/news-and-cases/stmpOr please contact:Joshua Rubin, Esq. Notably, at least one analyst set a price target for the Company of $378 per share, nearly $50 above the per-share merger consideration. WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.
STAMPS.COM (STMP) SHAREHOLDER ALERT: Kaskela Law LLC Seeks Additional Cash for Shareholders of Stamps.com
PHILADELPHIA, PA / ACCESSWIRE / July 9, 2021 / Kaskela Law LLC announces that it is investigating Stamps.com (NASDAQ:STMP) on behalf of the company's shareholders. Stamps.com shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. KASKELA LAW LLC18 Campus Boulevard, Suite 100Newtown Square, PA 19073(484) 258 - 1585www.kaskelalaw.comThis notice may constitute attorney advertising in certain jurisdictions.
If you're in this industry, it's a good time to negotiate a raise
The scramble for workers is particularly acute in the U.S. hospitality industry. Hospitality work is unpopular right now and raising pay won’t make the industry more attractive to job seekers amid the pandemic, according to a new report by Joblist. In fact, 38% of former hospitality workers surveyed said they're not considering a hospitality job for their next position – "a major shift," Joblist said. (Over 30,000 U.S. job seekers were surveyed over the past three months.) Bunker said hotels, bars, and restaurants needing to hire may be limited to the current pool of employed hospitality workers.
Registration Open: "Asia SPAC Management Bootcamp" July 15, 2021
BEIJING, July 09, 2021--(BUSINESS WIRE)--Marcum Bernstein & Pinchuk LLP (MBP) and Baker McKenzie opened registration and confirmed the panelist lineup for the co-hosted virtual "Asia SPAC Management Bootcamp". Discussions will feature management of venture capital (VC) and private equity (PE)-funded private companies, special purpose acquisition company (SPAC) sponsors, private investment in public equity (PIPE) funds, investment banks, and SPAC advisors. With SPAC deals moving fast, Asian management teams and dealmakers are preparing to navigate regulations and maximize the open window." About MBPMarcum Bernstein & Pinchuk LLP (MBP) offers specialized audit and advisory services to support SPAC sponsors and SPAC targets in Asia. The dedicated SPAC team has worked with SPAC sponsors, underwriters, and targets.
All Markets Summit: Crypto Summer
Join us for the Yahoo Finance All Markets Summit+: Crypto Summer, on Monday July 19th - 12:00pmET - 2:00pmET. This all-virtual event will be anchored from the Yahoo Finance studios in New York City and will bring together leaders and innovators in the world of blockchain and crypto. Video Transcript- Join us for the Yahoo Finance All Markets Summit Plus: Crypto Summer, Monday, July 19 at 12:00 PM Eastern. We're cutting through the hype to cover the hottest happenings in crypto. Join us for the Yahoo Finance All Markets Summit Plus: Crypto Summer, streaming free Monday, July 19, 12:00-2:00 Eastern.
Financials & energy rebounding, GM jumps with new bull, Newegg leading meme stocks
ReutersMILAN/DETROIT (Reuters) -Stellantis, the world's No. 4 automaker, said on Thursday it plans to invest more than 30 billion euros ($35.54 billion) through 2025 on electrifying its vehicle lineup. The company, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, said its strategy will be supported by five battery plants in Europe and North America as it gears up to compete with electric vehicle (EV) leader Tesla and other automakers globally. "This transformation period is a wonderful opportunity to reset the clock and start a new race," Stellantis Chief Executive Carlos Tavares said on a webcast during the company's "EV Day 2021" event.
A record-low share of Americans' income is going to debt
A measure of how much of Americans’ income goes toward debt hit a 40-year low during the pandemic. This household debt service ratio reached its highest point of 13.12% in the fourth quarter of 2007, with mortgage debt peaking at 7.2%. ‘Largely reflecting a jump in income’The drastic drop in the household debt service ratio — which consists of mortgage debt and consumer debt — was driven by two major factors. The share of disposable income going to consumer debt service payments — which excludes mortgage debt — reached the lowest point on record of 4.8% in the first quarter of 2021, a drop from 5.7% from a year earlier. Additionally, lower interest rates and high levels of mortgage refinancing helped lower Americans’ debt load during the pandemic.
Michael Douglas and Catherine Zeta-Jones list NYC home for $21.5 million
Celebrity couple Michael Douglas and Catherine Zeta-Jones have listed their gorgeous New York City home for $21.5 million. Their penthouse apartment spans the entire front side and wraps around the north and south corners of The Kenilworth, on Central Park West. City property records indicate Douglas has owned the home since 1984. GET FOX BUSINESS ON THE GO BY CLICKING HEREThis isn’t the only home Douglas and Zeta-Jones own in the NYC area. In 2019, Mansion Global reported the couple paid $4.5 million for an 11,653-square-foot 1930s Georgian manor house just north of the city, in Westchester County.
Red-hot real estate market doesn't need more agents, experts say
Still, this doesn't mean the industry needs more agents, according to some experts. The "low supply of homes and high competition" will make it even harder for new agents to close transactions, a Redfin spokesperson told FOX Business. The National Association of Realtors estimated that there are 1.5 million realtors involved in all aspects of the residential and commercial real estate, "hence 1.5 million individual business plans where around 11 million transactions occur in a year," Yun said. However, some experts argue that it's as good as a time as any to break into the industry. "While the market is extremely active and inventory is low, that doesn't mean you can't close deals," CEO of Oxford Property Group Adam Mahfouda told FOX Business.
Elizabeth Warren slams Wells Fargo over potential hit to customers' credit scores
Sen. Elizabeth Warren, D-Mass., slammed Wells Fargo on Thursday after the embattled bank disclosed that its decision to scrap personal lines of credit could impact customers’ credit scores. Wells Fargo representatives said the bank is providing customers with a 60-day notice period and a "series of reminders" regarding the credit shutdown. In a letter to customers, Wells Fargo said the change "may have an impact on your credit score." Wells Fargo did not immediately respond to a request for comment on Warren’s remarks. The Federal Reserve placed a growth cap on Wells Fargo in 2018.
Dogecoin Upgrade: Much Change, Much Wow
While the price of Dogecoin has slowed, Dogecoin developers and Elon Musk's tweets have not. The second, and very recent proposal, includes a greatly reduced transaction fee that will lower the average fee by 100x, among other things. Another factor that will change is Dogecoin's dust relay transaction fee. The higher the dust relay transaction fee, the harder it is to send tiny amounts of Dogecoin. The proposal aims to decrease the dust relay transaction fee.
From Correlated Selling to Correlated Buying
Things started off this week with the major indices hitting new highs on negative breadth. There was a substantial gap lower on nearly 10-to-1 negative breadth, but stocks worked their way higher and cut losses substantially by the close. That was the setup for the grand finale of correlated buying on Friday. It was a rough week for the meme names, and cryptocurrencies also had a rough time. We have gone from fear of inflation and higher rates to fear of slower economic growth and lower rates.
Boston home-buying app seeks to overhaul industry, one swipe at a time
Torii said the number of homes purchased through the app so far is in the “hundreds,” though it did not disclose precise numbers. A swipe interface on the Torii app allows potential homeowners to swipe left and right on potential homes ToriiTorii covers a portion of the client’s closing costs, which typically amount to a small percentage of the purchase price. “And the app doesn’t mean you’re getting any less of that real personal touch.”Torii is far from the only platform looking to streamline how younger generations approach home buying. Past competitors include Doorsteps Swipe through Realtor.com, which a spokesperson confirmed is no longer supported by the company. It also focuses on data privacy and retaining user information, the “number one problem” in the industry, said Bomze.
Go inside a contemporary five-bedroom Dallas home with Texas Hill Country appeal
Situated on a half-acre lot in the Bluffview Estates neighborhood, the residence at 8410 Swananoah Road is a 5,660-square-foot home. (Shoot2Sell Photography) 2 / 11Take a look at the home at 8410 Swananoah Road in Dallas. (Shoot2Sell Photography) 8 / 11Take a look at the home at 8410 Swananoah Road in Dallas. (Shoot2Sell Photography) 9 / 11Take a look at the home at 8410 Swananoah Road in Dallas. (Shoot2Sell Photography) 10 / 11Take a look at the home at 8410 Swananoah Road in Dallas.
Las Vegas police rescue 2 dogs from locked vehicle
Officers removed the dogs from the vehicle, and they were taken by Animal Control, according to a press release from police. Las Vegas police rescued two dogs who were locked in a vehicle early on Friday, July 9, 2021. Dori Koren/Twitter)Las Vegas police rescued a pair of dogs from a locked vehicle early Friday morning. Police were dispatched to a call of dogs locked in a vehicle at 4:04 a.m., according to police. Officers removed the dogs from the vehicle, and they were taken by Animal Control, the press release said.
SEC charges 3 with Long Island Iced Tea insider trading
A New Zealand businessman who secretly controlled Long Island Iced Tea Corp. reaped profits from insider information when he leaked plans to change its name to Long Blockchain in December 2017, the Securities and Exchange Commission charged Friday. Insider trading charges were filed against the businessman, Eric J. Watson, 60, and two associates in U.S. District Court in Manhattan. In February, the SEC delisted Long Blockchain from over-the-counter trading, citing the "protection of investors" and the Farmingdale company's failure to file annual and quarterly reports as required by public companies. The complaint characterizes Watson, as a "corporate insider and the controlling shareholder" of Long Island Iced Tea. Calls to the offices of Long Blockchain were not immediately returned and contact information for representatives of the defendants was unavailable.
Biden signs competition order targeting big business
The sweeping order includes 72 actions and recommendations that Biden said would lower prices for families, increase wages for workers and promote innovation and faster economic growth. However, new regulations that agencies may write to translate his policy into rules could trigger major legal battles. The White House said Biden’s order follows in the tradition of past presidents who took action to slow corporate power. The order includes several provisions that could affect the agricultural industry. Sen. Amy Klobuchar, a Minnesota Democrat who chairs the Senate Judiciary Subcommittee on Competition Policy, said that Biden's executive order needs to be buttressed by congressional action.
Federal Reserve pledges ‘powerful support’ for economy
WASHINGTON — The Federal Reserve says its low interest rate policies are providing “powerful support” for the economy as it recovers from the coronavirus pandemic. The Fed has kept its benchmark interest rate near zero while continuing to buy $120 billion a month in Treasury bonds and mortgage-backed securities to put downward pressure on long-term interest rates. It said Friday that these efforts will help ensure that “monetary policy continues to deliver powerful support to the economy until the recovery is complete.”The new report will be the subject of two days of hearings next week. Fed Chairman Jerome Powell will testify Wednesday before the House Financial Services Committee, and Thursday before the Senate Banking Committee. Lawmakers will seek details on exactly when the central bank will start cutting back on its bond purchases, and when it will begin raising interest rates.
Oil and Gas prices effective July 9, 2021
4-12-24WH Well; NE1/4 SW1/4 NW1/4 SE1/4 (SL) of 12-08N-12E; 2,324,000 cu-ft gas per day; TD 16,714. 1-6MH Well; NW1/4 NE1/4 NW1/4 NE1/4 (SL) of 06-14N-05W; TD 12,404. 36-1-1MXH Well; SW1/4 SE1/4 SE1/4 SE1/4 (BHL) of 01-11N-09W; TD 22,454. 1H Well; SE1/4 SE1/4 SE1/4 SE1/4 (SL) of 20-16N-05W; TD 12,450. 1-9HP Well; SE1/4 NE1/4 NE1/4 NE1/4 (SL) of 08-14N-05E; TD 8,617.
Stocks close higher, capping a 3rd straight week of gains
Updated 6 times AlertMeStocks closed with solid gains on Wall Street Friday, ending a holiday-shortened week with their third straight weekly gain. The S&P 500 rose 1.1% to another record high, led by banks and technology stocks. Stocks were solidly higher Friday, putting the market on track to end this holiday-shortened week with a slight gain and more record highs. The S&P 500 index was up 1.1% as of 3:31 p.m. Eastern. The gains were broad with about 90% of the stocks in the S&P 500 rising.
Motorist found not guilty of assault in 2020 Denver protest
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........DENVER — A motorist who was filmed running into a protester during a demonstration against police violence last year has been found not guilty of assault, her attorney says. KUSA-TV reports that a Denver jury did find Jennifer Watson guilty of a misdemeanor reckless driving charge on Friday, according to her attorney, Ryan Brackley. A cellphone video shot in downtown Denver in May 2020 showed protesters surrounding an SUV with a man on the hood. Brackley has contended his client feared for her safety after getting caught in the protest over the killing of George Floyd in Minneapolis. —This story has been corrected to state that the motorist’s last name is Watson, not Wilson.
Biden signs competition order targeting big business
In 2000, the largest 10 shipping companies controlled 12% of the market. They now control about 82%, according to the Journal of Commerce. The World Shipping Council, an industry trade group, pushed back in a statement that “normalized demand, not regulation," is the way to answer rising costs. The order also notes that over the past two decades the U.S. has lost 70% of the banks it once had, with around 10,000 bank closures. Communities of color and rural areas have been disproportionately affected.
BBC complaints double in two years as political bias incenses viewers
The number of complaints about BBC programmes has more than doubled over the past two years to a record high of nearly half a million, figures have revealed. Complaints to the broadcaster reached 462,255 in 2020/21, up from 218,253 in 2018/19, with anger about perceived bias driving up the numbers. The new figures were contained in the BBC’s annual report, published this week. Ian Hargreaves, chairman of the BBC’s editorial guidelines and standards committee, said: “The volume of complaints to the BBC remains a concern. This financial year has seen another sharp increase in the number of complaints received.
Russia hacking claims pose challenge for Biden
"This looks very much like traditional espionage, which we're never going to stop. Nor is it in our interest to stop it, because we want to conduct espionage against Russia and China."
FACT SHEET: Executive Order on Promoting Competition in the American Economy
Today’s historic Executive Order established a whole-of-government effort to promote competition in the American economy. The Order includes 72 initiatives by more than a dozen federal agencies to promptly tackle some of the most pressing competition problems across our economy. Announces a policy that enforcement should focus in particular on labor markets, agricultural markets, healthcare markets (which includes prescription drugs, hospital consolidation, and insurance) , and the tech sector. Internet ServiceThe Order tackles four issues that limit competition, raise prices, and reduce choices for internet service. In the Order, the President:Encourages the FTC to establish rules barring unfair methods of competition on internet marketplaces.
Miners in Ontario Are Mobilizing Against Another Corporate Rip-Off
The industrial action comes after employees twice rejected a company offer that would significantly reduce the health benefits of younger workers. Vale’s attempt to defeat Sudbury’s miners, based in one of Canada’s strongest union locals, is a clear attack on organized labor. You destroy your body, then they take your health benefits. The Vale strike came in the context of a series of layoffs and plant closures in Ontario. The Canadian Auto Workers Union, which organized thirty-two occupations between 1980 and 2009, led several of these efforts.
Striking Alabama Miners Are Done Playing Nice
“Everyone,” answered Haeden Wright, president of a local UMWA women’s auxiliary unit, a close-knit group of union members’ wives and supporters. One miner offered a simple explanation: ?“This playing nice shit ain’t cutting it.”The picket line had grown contentious before. Along with threats from police, striking miners have faced other attacks — including three separate vehicular assaults in June, in which drivers plowed into UMWA picketers. On April 1, upward of 1,100 workers walked off the job as their contract with Warrior Met expired. “Our members are the reason Warrior Met even exists today,” Roberts said in a March 31 statement.
Why Brazilian Workers Love Lula
In 2016, Lula’s Workers’ Party (PT) was cast from office after thirteen years in power when his chosen successor, Dilma Rousseff, was impeached on spurious grounds. Lula’s Life Story Lula’s biography is well known. This account of Lula’s life — simple, triumphant — has been recounted in movies, academic and journalistic works, and even a comic book. This was a political lesson Lula learned early, even before he was formally invested in an explicitly political life. “The best way for students to help the working class is for them to stay in their universities,” he declared.
Meet MacKenzie Scott, Our New Good Billionaire
With Bill Gates’s reputation as our leading philanthropist imperiled by high-profile allegations of inappropriate behavior toward women, fellow billionaire MacKenzie Scott may be taking over the mantle as our new “good billionaire”—the super-rich model citizen whose charitable beneficence justifies the existence of the billionaire class. Even though Scott receives significant tax benefits from her charity, the public apparently is not allowed to scrutinize her philanthropic giving. Notably, Scott, while being advised by Bridgespan, has donated money to at least eight of Bridgespan’s recent clients—as well as to Bridgespan itself. These business practices may boost Amazon’s bottom line and enrich Scott, but how do they support her charitable mission to support equity and justice? MacKenzie Scott may look and feel like a new kind of billionaire, but we would do well to actually examine her actions and follow the money instead of blithely praising her words and trusting her promises.
The Democratic plan to smash poverty for seniors and people with disabilities
An array of powerful Democrats in Congress, as well as advocates for the elderly and people with disabilities (like AARP), have been championing another major change as part of this fall’s legislative push: boosting Supplemental Security Income (SSI) benefits. But many other people — those under 18, or adults who are never able to work — don’t qualify for Social Security. How SSI has fallen shortIn 2021, the maximum SSI benefit for an individual is $9,530.12 per year. The plan set the maximum benefit at 100 percent of the poverty line, a 35 percent increase in benefits over the status quo. And like the CTC checks, these changes could have a major impact on poverty in America.
Udacity's career-boosting online courses are 75% off for a limited time
Save 75%: Use code JULY75 to save on Udacity courses through July 14. But there are particularly good times, and that's when courses that teach you a new skill are on sale. Through July 14, online courses from Udacity are discounted at 75% off with the code JULY75. With the 75% discount, most courses will be $255 for three months' access or $339 for four months' access, or $100 per month if you choose to pay as you go. Just remember to use code JULY75 at checkout.
Vermont sees pandemic-related liquor shortage
WINOOSKI, Vt. — Vermont is undergoing a pandemic-related liquor shortage, state regulators say. The shortage is leading to empty shelves in some stores and warehouses, WCAX-TV reported. It’s not going to be a quick fix,” said Wendy Knight, deputy commissioner of the Vermont Department of Liquor and Lottery. It’s a global supply chain issue “from production gearing back up from the pandemic, worker shortages, shipping issues, and a glass shortage. Now the arcade bar is facing another obstacle: “The liquor shortage has been a challenge,” the bar’s co-owner Matthew Walters said.
In California, dogs fill shelters as pandemic lockdowns ease
LOS ANGELES — Pet adoptions surged during the coronavirus pandemic as people in lockdown sought companionship. “In the rescue world, we kind of saw it coming,” said Chloe Esperiquette, development coordinator at Wags and Walks adoption center in Los Angeles. “We received prior to the pandemic five to 10 inquiries per month for people who couldn’t care for their dogs anymore. “Every year in the United States, 1.5 million shelter animals are euthanized,” including 670,000 dogs, said Esperiquette. Christine Gamez of Fullerton returns her fostered bulldog, Tyson, to the South LA animal shelter during the coronavirus pandemic on Thursday, May 7, 2020, in Los Angeles.
Adidas auction of Reebok takes a hit as key bidder Authentic Brands drops out
But talks with New York-based ABG recently hit the rocks over Adidas’ demands that ABG operate Reebok as a standalone business, sources said. “Adidas wants to sell Reebok with everything and wipe their hands clean,” a source close to the situation said. Nevertheless, the auction of the 126-year-old shoe icon, which kicked off in February, will only fetch a fraction of the $3.8 billion Adidas paid for it in 2006. Meanwhile, Wolverine is not interested in bidding without Authentic Brands, sources said. Either way, sources expect Adidas will sell Reebok, as a disappointing price tag should not greatly impact its own stock price.
Hamptons squatter alleges harassment by homeowner, prospective buyer
Paul Pion is a Cantor Fitzgerald exec accused of exploiting pandemic-related protections. The interior of the Hamptons rental home Cantor Fitzgerald executive Paul Pion is accused of squatting in. Brian Zak/NY PostIn separate court papers, Pion and his wife are seeking to have the suit dismissed on grounds that they were never formally served with notice that their lease wasn’t being renewed. Appel, a commercial real estate banker, said only, “I have no comment. I have nothing to do with this other than I am closing on a house.”
Biden executive order won't meaningfully impact earnings, says portfolio manager
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden executive order won't meaningfully impact earnings, says portfolio managerRon Insana, Schroders North America and CNBC senior analyst, and Chad Morganlander, Washington Crossing Advisors senior portfolio manager, join 'Power Lunch' to discuss how investors are pricing in President Biden's executive orders, if the volatility associated with the government policy is temporary and more.
How Biden's Big Tech crackdown could affect companies
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Biden's Big Tech crackdown could affect companiesPresident Biden made the case that growing corporate consolidation was bad for the American workforce. CNBC's Ylan Mui reports on Biden's latest executive order targeting Big Tech and other sectors.
Water utility stocks jump amid severe drought conditions
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWater utility stocks jump amid severe drought conditionsCNBC's Kristina Partsinevelos reports on the severe drought affecting California and other states in the U.S.
LTSE CEO Eric Ries on the exchange's sustainability approach
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLTSE CEO Eric Ries on the exchange's sustainability approachThe Long-Term Stock Exchange prioritizes long-term and sustainability goals for companies over short-term gains. Eric Ries, Long-Term Stock Exchange CEO and founder, joins 'Power Lunch' to discuss how the exchange works.
Fundstrat's Tom Lee thinks bond yields likely bottomed, expects these hard-hit stocks to rally
Strategist Tom Lee told CNBC on Friday he believes Wall Street's concern over slowing economic growth has likely reached its apex already, setting the stage for so-called epicenter stocks to rally in the coming weeks. Lee's comments on "Halftime Report" came one day after the yield on the benchmark 10-year Treasury note fell as low as 1.25%. The 10-year yield, which moves inversely to price, stood around 1.356% Friday afternoon. "Now we've had, I think, a growth scare that really peaked yesterday. That spooked investors and played a role in the 10-year yield hitting a level it had not seen since February, he said.
Here's how Wall Street is pricing in President Biden's executive orders
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's how Wall Street is pricing in President Biden's executive ordersRon Insana, Schroders North America and CNBC senior analyst, and Chad Morganlander, Washington Crossing Advisors senior portfolio manager, join 'Power Lunch' to discuss how investors are pricing in President Biden's executive orders, if the volatility associated with the government policy is temporary and more.
Retail expert Jan Kniffen predicts strong consumer spending until 2022
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetail expert Jan Kniffen predicts strong consumer spending until 2022Jan Kniffen, J. Rogers Kniffen WWE CEO, joins 'Power Lunch' to discuss how long the retail rally can last, his outlook for back-to-school retail and more.
With the next move for stocks unclear, some Wall Street pros are betting on health care. Here's why
Thursday's stock market sell-off and rising concerns about global growth have rattled some investors, but the health care sector may offer an attractive hiding place, according to Wall Street pros.
Oil ends sharply higher, trimming weekly drop as OPEC worries linger
September Brent crude BRN00, +0.08% , the global benchmark, gained $1.43, or 1.9%, to finish at $75.55a barrel on ICE Futures Europe. The crude oil complex was lifted Thursday after the U.S. Energy Information Administration reported a larger-than-expected drop in U.S. crude inventories last week and a much larger-than-expected fall in gasoline supplies. In One Chart: OPEC oil stalemate — here’s why U.A.E. In product markets, August gasoline RBQ21, +1.56% jumped 1.6% to $2.929 a gallon, leaving it down 0.3% for the week. August heating oil HOQ21, +1.67% ended 1.6% higher at $2.1552 a gallon, for a 1.1% weekly fall.
NOV stock surges to pace energy sector, S&P 500 gainers after Morgan Stanley upgrade
Shares of NOV Inc. NOV, +6.24% shot up 5.9% in afternoon trading Friday, enough to pace the energy sector's and S&P 500's SPX, +1.12% gainers, after Morgan Stanley analyst Connor Lynagh backed away from his bearish rating on the oil services company ahead of earnings. Lynagh said he was "closing out" his underweight rating on NOV, as he thinks concerns around inflation and margins are overshadowing major improvements in end markets and bottoming backlogs for equipment suppliers. Also providing a lift, crude oil futures CL00, +2.33% rose 2.3%. NOV's rally comes as the SPDR Energy Select Sector ETF XLE, +2.16% charged up 2.0% with all 22 components gaining ground, led by NOV, and as the S&P 500 SPX, +1.12% gains 1.1%, also led by NOV.
A pandemic-related uptick in trash might make a case for waste-to-energy plants
Waste-to-energy plants, which produce most of their power by incinerating trash, make up only about half a percent of the electricity generation in the U.S. The industry has been in retreat mode in the U.S., with dozens of plants closing since 2000 amid local opposition and emissions concerns. Communities have also opposed waste-to-energy plants because of concerns about airborne particulate matter that can have negative health consequences. “It has to go somewhere.”Other communities have looked at garbage-to-gas production as a way to get energy from swelling amounts of trash. These plants use strategies such as compacting garbage and sealing it to capture methane that can be used as fuel.
NOV stock surges to pace energy sector, S&P 500 gainers after Morgan Stanley upgrade
Shares of NOV Inc. NOV, +6.24% shot up 5.9% in afternoon trading Friday, enough to pace the energy sector's and S&P 500's SPX, +1.12% gainers, after Morgan Stanley analyst Connor Lynagh backed away from his bearish rating on the oil services company ahead of earnings. Lynagh said he was "closing out" his underweight rating on NOV, as he thinks concerns around inflation and margins are overshadowing major improvements in end markets and bottoming backlogs for equipment suppliers. Also providing a lift, crude oil futures CL00, +2.34% rose 2.3%. NOV's rally comes as the SPDR Energy Select Sector ETF XLE, +2.16% charged up 2.0% with all 22 components gaining ground, led by NOV, and as the S&P 500 SPX, +1.12% gains 1.1%, also led by NOV.
Biden’s executive order targeting big business and competition: full text
(a) The antitrust laws, including the Sherman Act, the Clayton Act, and the Federal Trade Commission Act (Public Law 63-203, 38 Stat. Such enactments include the Packers and Stockyards Act, the Federal Alcohol Administration Act (Public Law 74-401, 49 Stat. 803), the Telecommunications Act of 1996, the Fairness to Contact Lens Consumers Act (Public Law 108-164, 117 Stat. (g) This order recognizes that a whole-of-government approach is necessary to address overconcentration, monopolization, and unfair competition in the American economy. (a) There is established a White House Competition Council (Council) within the Executive Office of the President.
Financials & energy rebounding, GM jumps with new bull, Newegg leading meme stocks
Bloomberg(Bloomberg) -- A surprise name change that sent an iced-tea company’s stock soaring during the 2017 crypto craze wasn’t a surprise to everyone.The Securities and Exchange Commission has sued three individuals, including one who allegedly traded ahead of Long Island Ice Tea Corp.’s rebranding to Long Blockchain Corp., according to a statement Friday. Eric Watson, an undisclosed control person of the company, drove the business change and tipped off his friend and broker, Oliver Barret-Lindsay.
This early-stage marketing expert says 'B2B SaaS is actually very, very cool now'
Having earned "scars and stripes" at various startups, Heskins recently joined "tech for good" company Big Lemon as a part-time head of growth, but still offers her services to other teams as a SaaS and early-stage startup marketing consultant. What makes it different, for me, is that the role becomes part marketing, part product, part commercial. Just because you work in B2B marketing doesn’t mean you need to be boring! What are some key takeaways from your Early-Stage Startup Marketing Playbook? Customer-led growth is a strategy that combines product, marketing and sales.
US, French ambassadors: Lebanon 'desperate' for new Cabinet
BEIRUT (AP) — The American and French ambassadors to Beirut said in a joint statement Friday that Lebanon is in “desperate need” of a new, pro-reform government to lead it out of its unprecedented economic and financial crisis. The statement by ambassadors Dorothy Shea and Anne Grillo came a day after the two held talks in Riyadh with Saudi officials on how to find a unified strategy to help Lebanon. Friday's statement said France, the U.S. and other countries will continue extending urgent assistance to the Lebanese people, including health, education, and food support. Lebanon is suffering severe shortages of basic products, including medicine, fuel and baby formula amid dwindling foreign currency reserves and a free fall of the national currency. Ambassadors Grillo and Shea emphasized that concrete actions by Lebanese leaders to address rampant corruption will be crucial to unlocking additional support from France, the United States, regional and international partners.
Hundreds of rescued migrants disembark in southern Italy
Italy Migration (Flavio Gasperini)Hundreds of migrants disembarked from a humanitarian rescue ship in Augusta Sicily on Friday after Italy offered a safe port in response to warnings that food was running out and tensions were rising on board. The SOS Mediterranee rescue group said the sick and young were the first of the 572 migrants to disembark from its ship, the Ocean Viking. Italy had agreed on Thursday to let the ship dock in Augusta after the crew reported worsening conditions on board. The Ocean Viking said five requests to maritime authorities in Italy and Malta to assign a port of safety had gone unmet. Because most in recent years have tended to be economic migrants, many are found ineligible for asylum, and their homelands are often reluctant to take them back.
President Biden’s New Executive Order Could Save You Money on Airfare, Medications and More
President Joe Biden has signed a sweeping executive order today aimed at increasing competition in the economy, with the ultimate goal of raising wages for workers and lowering prices for consumers. With the executive order, Biden is also pushing federal regulators to create new rules addressing issues in healthcare, airline and internet service pricing. Overall, the executive order introduces 72 initiatives in areas as wide-ranging as the cost of hearing aids, maritime shipping fees and antitrust laws. Lower prescription drug pricesThe order also includes a few directives aimed at reducing prescription drug prices, which continue to climb faster than inflation. Increased enforcement in healthcare, tech and agricultureFinally, the executive order repeatedly pushes for stronger enforcement from several federal regulators, specifically when it comes to reviewing company mergers.
Elizabeth Warren slams Wells Fargo over potential hit to customers' credit scores
Sen. Elizabeth Warren, D-Mass., slammed Wells Fargo on Thursday after the embattled bank disclosed that its decision to scrap personal lines of credit could impact customers’ credit scores. Wells Fargo representatives said the bank is providing customers with a 60-day notice period and a "series of reminders" regarding the credit shutdown. In a letter to customers, Wells Fargo said the change "may have an impact on your credit score." Wells Fargo did not immediately respond to a request for comment on Warren’s remarks. The Federal Reserve placed a growth cap on Wells Fargo in 2018.
Airline execs reportedly forced to move baggage amid staffing shortage
Some airline executives are being forced to work on the front lines as passengers return to airports in record numbers while airlines continue to face a staffing crunch. Alaska Airlines is reportedly one of them. The Port of Seattle, which runs the Seattle-Tacoma International Airport, directed requests for comment to the airline. GET FOX BUSINESS ON THE GO BY CLICKING HEREThose gaps are "putting strains on the operation," according to the memo. One executive, Andy Schneider, who is Alaska’s senior vice president responsible for the carrier’s employees, reportedly helped grab bags off the conveyor belts beneath one of the terminals.
Parents less worried about paying for college, some still leaning on student loans, survey finds
But despite the challenges, parents are more confident about funding a college education for their children in 2021, according to a recent survey. - Joe DePaulo, co-founder and CEO of College Ave Student LoansParents are utilizing a number of routes to finance a college education for their children, from savings accounts to student loans. If you're considering taking out a private student loan for your college student, you can get prequalified on Credible to see estimated rates and terms without affecting your credit score. Nearly a quarter (24%) said they would borrow student loans on behalf of their children. If you still need to borrow more money to pay for school, consider private student loans.
Is Pfizer Ready to Make an Upside Breakout?
The Moving Average Convergence Divergence (MACD) oscillator is hugging the zero line but poised to quickly turn up or down from here. Prices are trading above the rising 40-week moving average line. In this daily Point and Figure chart of PFE, below, we can see that a trade at $40.99 will be an upside breakout. Bottom line strategy: I have no idea what could be the catalyst for a move to the upside but the charts and indicators appear ready for it. Prices have gotten tighter and tighter - high to low - and PFE has been trading around the 50-day moving average line.
5 of the Most Unexpected Billionaire Homes
5 of the Most Unexpected Billionaire HomesTesla TSLA and SpaceX CEO Elon Musk announced last month that he is primarily living in Boca Chica, Texas, the location of SpaceX headquarters. The home is actually a prefabricated tiny home made by Boxabl, a housing startup company, according to the New York Post. Most Unexpected Billionaire Homes:
Ford's China Sales Jump - Cramer Says Ford Is His Fave Auto Stock
Ford says sales in China jumped despite of the worldwide chip shortage. Ford said the growth came despite the global semiconductor shortage, which bit into Ford sales in Greater China in the second quarter. Sales of Lincoln luxury vehicles surpassed 42,200 units, up 111%, while Ford brand SUV and Transit commercial vehicle sales exceeded 57,900 units and 26,800 units, respectively, up 36% and 23% year-over-year. The company introduced six new vehicles including, the new Ford EVOS, Escape PHEV, Escort, 2021 Mustang, Lincoln Zephyr Reflection preview car and Lincoln Corsair PHEV. Last week, Ford reported record sales of electrified vehicles over the first half of the year.
Trading Wells Fargo Near Key Support and Ahead of Earnings
JPMorgan (JPM) - Get Report and Goldman Sachs (GS) - Get Report will report on Tuesday, while Wells Fargo, Bank of America (BAC) - Get Report and Citigroup (C) - Get Report report on Wednesday. With bank earnings on tap, what does Wells Fargo stock look like? Trading Wells Fargo StockWeekly chart of Wells Fargo stock. What was once a coveted bank stock trading at a premium now trades at a discount to its peers. In March, the 61.8% retracement rejected Wells Fargo stock, but about a month later the shares were able to push through this measure.
Self Employed: Living and Working Abroad? Here’s What You Need to Report to the IRS
The Foreign Earned Income ExclusionThe foreign earned income exclusion is one benefit you need to know about if you’re working abroad. Foreign Tax CreditIf you earn foreign income your foreign source income is taxed in the U.S. and the foreign country you work in, however, the IRS gives you a break with the foreign tax credit. The foreign tax credit is intended to relieve you of being taxed in both the U.S. and the foreign country. You can choose to take the foreign tax credit even if you do not itemize your deductions. A TurboTax Live tax expert can also review, sign, and file your tax return.
The perfect setup: Even when you’ve built a ‘forever house,’ the time may come to find something better
The Steller Group: Senior Solutions Division What: The Steller Group, Inc., agents specializing in downsize moves: listing, selling, improving to increase salability, handling discards, finding low-maintenance living options, both purchase & rental. The Steller Group, Inc., agents specializing in downsize moves: listing, selling, improving to increase salability, handling discards, finding low-maintenance living options, both purchase & rental. But two months ago, they decided more-or-less on the spur of the moment to give the place up. Getting the timing right is particularly important in a move to an active lifestyle community, he adds. The news and editorial staffs of The Denver Post had no role in this post’s preparation.
Target’s not coming to Water Tower Place, alderman says
Brian Hopkins (2nd) said Target is no longer negotiating with Water Tower owner Brookfield Properties. Hopkins had reported Target’s inquiry about Water Tower in March. The retailer also has reportedly inquired about ground-floor space just across Chestnut Street from Water Tower at 875 N. Michigan Ave., the former John Hancock Center. The department store chain, which continues on State Street, had accounted for nearly half the retail space at Water Tower. Hopkins speculated that the criticism and last year’s violence downtown may have led Target to give up on Water Tower.
LI gas prices at nearly 7-year high, to rise 10 to 20 cents more by end of August, AAA says
Gasoline prices will continue their rise this summer, increasing 10 to 20 cents by the end of August due to rising consumer demand and crude oil costs, AAA said. Gas prices were depressed last year, as the COVID-19 pandemic, which led to months of government-mandated business shutdowns starting in March 2020, reduced business and leisure travel by all modes of transportation. As the recovery has taken hold this year, gas prices have been rising — 40% nationally and 39% on Long Island. "Oil prices have risen because the post-pandemic recovery in global oil demand is outpacing the recovery in global supply," said Chris Lafakis, a director and energy expert at Moody’s Analytics. "We expect this to get resolved and soon, but the resolution might not stop the rise in U.S. gas prices unless producers substantially increase oil production," he said.
Federal Reserve pledges 'powerful support' for economy
Martin CrutsingerAssociated PressWashington — The Federal Reserve says its low interest rate policies are providing “powerful support” for the economy as it recovers from the coronavirus pandemic. Fed Chairman Jerome Powell will testify Wednesday before the House Financial Services Committee, and Thursday before the Senate Banking Committee. Lawmakers will seek details on exactly when the central bank will start cutting back on its bond purchases, and when it will begin raising interest rates. But the report repeated the view of Powell and other Fed officials that any spike in inflation is likely to be temporary. Minutes of the discussions at the Fed's last meeting in June showed that central bank began consideration of when and how they will start reducing the bond purchases but that no conclusions were reached.
APS employees to get ‘retention stipend’
APS Superintendent Scott Elder announced Thursday that school district employees will be receiving “retention stipends” of $1,000 or $500 next month. In May, the school district promised employees a “one-time additional payment for COVID-related work” during the 2020-2021 school year. The school district now plans to send out the extra money to employees on Aug. 20. ADVERTISEMENTSkip................................................................“Enhanced compensation for the hard working employees of APS was always the goal and that goal has been achieved,” Colón said. All district employees — with the exception of Elder — will receive the extra pay.
Marilyn Manson surrenders on New Hampshire assault warrant
LOS ANGELES (AP) — Rocker Marilyn Manson surrendered to police in Los Angeles last week in connection with a 2019 arrest warrant out of New Hampshire where he allegedly assaulted a videographer at a concert, authorities said. Manson, whose legal name is Brian Hugh Warner, is charged with two misdemeanor counts of simple assault stemming from an alleged incident on Aug. 19, 2019 at the Bank of New Hampshire Pavilion in Gilford. Gilford police Chief Anthony J. Bean Burpee said Thursday that Manson had turned himself into law enforcement in Los Angeles the week before. Manson was booked and released without bail pending a court appearance in New Hampshire. The victim, a videographer, was in the venue's stage pit area at the time of the alleged assault, Gilford police previously said.
Michigan company that wanted natural gas plant in Charles City cancels project
The proposed C4GT power plant was backed by private developers and would have brought gas via pipeline to the county to be burned to create electricity. Michigan-based NOVI Energy, the company that wanted the project, announced it is moving on. "NOVI Energy cares deeply about the communities it serves and the affordable, reliable power facilities it helps build," read a statement from the communications firm representing the company. "After taking feedback from the community and assessing the changing market, NOVI Energy has decided not to pursue the C4GT power plant." County government officials were already in the process of taking back land where the plant would go.
Miami condo death toll rises to 78 as recovery hits 16th day
The death toll in the collapse of a Miami-area condo building rose to 78 on Friday, a number the mayor called “heartbreaking” and “staggering” as recovery workers toiled for a 16th day to find victims in the rubble. No one has been found alive since the first hours after the building fell on 24 June. “This is a staggering and heartbreaking number that affects all of us very deeply,” she said of the new death toll. Hope of finding survivors was briefly rekindled after workers demolished the remainder of the building, allowing access to new areas of debris. No one has been pulled out alive since the first hours after the 12-story building fell on 24 June.
Poorer families could be offered payments to ditch their gas boilers
Low and middle income families could be offered annual payments to offset green tariffs on gas bills, under plans being considered in Whitehall. Scheme to target low and middle income householdsThe scheme would likely target low and middle income households who are less likely to be able to switch. One source said the scheme was being considered in No 10, but did not yet have the backing of the Treasury. No 10 acknowledges heat pumps are prohibitively expensiveBoris Johnson this week acknowledged that heat pumps, which are the Government’s preferred replacement for gas boilers in most homes and can cost up to £10,000, are prohibitively expensive for many people. The Government is expected to say heat pumps should achieve price parity with gas boilers by 2030, although some manufacturers believe it could happen much sooner.
Amazon scoops Tesco veteran to run bricks-and-mortar stores
Amazon has poached a long-serving senior Tesco executive to run its bricks-and-mortar retail operation, in the latest escalation of its attack on the high street. Mr Hoggett joined Tesco in 1990, became group chief operating officer in 2018 and was promoted to a newly-created role of chief strategy and innovation officer in April. Mr Hoggett is among the best-known British retail figures to have joined the US powerhouse as it expands into groceries. Mr Hoggett, who plans to move to Seattle with his wife and three children, joins as the US e-commerce giant is expanding further into physical retail. In 2017 it bought organic food chain Whole Foods Market, which runs seven UK stores, for $13.7bn (£10.7bn).
Trustee at elite Michigan country club pleads no contest to stealing $700k from scholarship fund
Booking photo of Craig Maass, former president of the Oakland Hills Caddie Scholarship Fund. It was a matter of the restitution that he owed back to Oakland Hills. He has always been willing to make things right for Oakland Hills.' Maass, who called the country club a 'second home,' was banned from the premises that same month. Officials at Oakland Hills requested a forensic audit, which revealed $697,000 had been embezzled and converted for Maass' personal use.
Stellantis shows off 4 new battery-driven platforms during EV day event
Stellantis shows off 4 new battery-driven platforms during EV day event Take a good look—these bones will underpin a huge variety of modelsArticle content Stellantis EV Day saw the company unveil its plans for an electrified future. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Toggle full screen mode Previous Gallery Image Next Gallery Image Toggle gallery captions All 3 Photos for GalleryAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below. Toggle full screen mode Previous Gallery Image Next Gallery Image Toggle gallery captions All 6 Photos for GalleryAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below. Toggle full screen mode Previous Gallery Image Next Gallery Image Toggle gallery captions All 3 Photos for GalleryAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below.
Here’s what you can (and can’t) do in Ontario’s third stage of reopening
Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content The premier’s office announced the plan to ease restrictions on Friday. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content “Vaccines remain our ticket out of the pandemic so if you haven’t booked your appointment yet, please do so today,” she added. Museums, galleries, historic sites, aquariums, zoos, landmarks, botanical gardens, science centres, casinos/bingo halls, amusement parks, fairs and rural exhibitions, festivals (with capacity limited to not exceed 50 per cent capacity indoors and 75 per cent capacity outdoors).
'We can now speak our truth': Former residential school on Muskowekwan First Nation named national historic site
REGINA -- A former residential school, which is still standing on the Muskowekwan First Nation in Saskatchewan, has been named a national historic site by the federal government. The Muscowequan Indian Residential School, located on Muskowekwan First Nation, is the last standing residential school in Saskatchewan and was one of the last residential schools to close in Canada when it shut its doors in 1997. At least 35 unmarked graves have been found on the residential school grounds since the 1990s. The announcement was made by Jonathan Wilkinson, the federal minister responsible for Parks Canada, on Thursday. “We can now speak our truth and have a building that will tell our story from our perspective.”Parks Canada said national historic designations mark both positive and negative aspects of Canadian history.
He created a logo to honour residential school victims. Now retailers are using it to 'make a buck'
Listen | K'ómoks First Nation artist on the misuse of his 'Every Child Matters' logo:6:31 B.C. The Orange Shirt Society, which promotes Orange Shirt Day on Sept. 30 to honour residential school survivors, says online companies have been stealing its logos and slogans for years. The organization is working to trademark the phrase "Every Child Matters" in an effort to combat the trend, treasurer Joan Sorley said. "We do this project because we love and empathize with the pain that Indigenous children went through," a company spokesperson said. Support is available for anyone affected by their experience at residential schools and those who are triggered by the latest reports.
14 more victims recovered from condo collapse site
14 more victims recovered from condo collapse siteThe death toll in the Florida condominium collapse has risen to 78 after 14 additional victims were pulled out of the rubble. Miami-Dade Mayor Daniella Levine called it “staggering” and “heartbreaking" during a news conference on Friday.
World's deepest dive pool opens with stunning underwater displays to explore
World's deepest dive pool opens with stunning underwater displays to exploreThe world's deepest dive pool just opened in Dubai. The pool is more than 196 feet deep with underwater displays to explore.
Biden administration cancels additional $55.6 million in student debt
Department of Education announced an additional $55.6 million of student loan debt canceled Friday. Biden administration has now canceled $1.5 billion of student loan debt. The Department of Education canceled an additional $55.6 million in student loan debt for 1,800 student who were victims of a for-profit college fraud, bringing the total amount of canceled student loan debt by the Biden administration to $1.5 billion. With the additional 1,800 students, the Biden administration has canceled student loans for nearly 92,000 people. The $1.5 billion of canceled loan debt is an attempt by the Biden administration to address the backlog of forgiveness claims left by the prior administration.
Peter Thiel-backed crypto firm Bullish to go public in $9B SPAC deal
Bullish, a unit of blockchain software company Block.one, plans to launch a regulated crypto exchange later this year. Bullish and Far Peak’s merger will result in proceeds that include net cash in trust of approximately $600 million, assuming no redemptions. Thomas Farley, who previously served as president of the New York Stock Exchange, will become CEO of Bullish after the cryptocurrency company goes public via a merger with Farley’s SPAC. Far Peak is a SPAC focused on bringing leading financial and financial technology companies public. Far Peak CEO and Chairman Farley, who previously served as the president of the New York Stock Exchange, will now become the CEO of Bullish.
Opinion : Wall Street is finally waking up to the reality of China
Of course, there were plenty of signs that Beijing was cracking down on its tech giants (and even setting their sights directly on Didi). But rather than heed those warnings, the New York financial gurus told their audiences and themselves that investing in China was a sure bet. Now, the financial consequences will fall not on those gatekeepers at the top of the financial industry, but on their clients — millions of unwitting U.S. investors.
FAQ: What does Biden’s new order about businesses and competition mean for consumers?
In the backdrop are broader economic forces that also affect wages, prices and competition in the labor force. As the economy recovers from the coronavirus crisis, some employers are offering higher pay to encourage workers to return. As businesses compete for new hires, and pay is going up, prompting some economists to say 2021 is shaping up to be the year of the pay raise.
Condo collapse death toll rises to 78 as recovery continues, 'staggering and heartbreaking': mayor
The Surfside condo collapse death toll reached 78 on Friday, as officials gave a somber update at the site of the partial condo collapse more than two weeks ago. Miami-Dade County Mayor Daniella Levine Cava, speaking at the site of the tragedy as recovery efforts continue, called the number of dead "staggering and heartbreaking." CONDO COLLAPSE: ‘RESCUE’ OPERATION SWITCHES GEARS INTO ‘RECOVERY,’ WITH LITTLE HOPE OF MORE SURVIVORSOverall, 200 individuals are now accounted for and 62 remain missing, Cava said. Two individuals involved in the recovery effort required medical attention – one with a "cardiac episode" and one who suffered lacerations. Recovery efforts focused on a stairwell in which officials hoped to find trapped individuals, but so far no efforts have returned positive results.
China's bitcoin miners move to America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's bitcoin miners move to AmericaCNBC's Eunice Yoon takes a look at what's next for China's bitcoin miners after the country cracks down on crypto.
Some families should opt out of advance child tax credit payments starting July 15. Here's why
Some 39 million American families on July 15 will get the first of six advance monthly payments of the enhanced federal child tax credit. However, some of those families should elect to not receive the monthly payments, say financial experts, and instead wait to claim the entire credit when they file their 2021 taxes next year. In June, the IRS opened an online portal for families where they can inform the government agency that they don't want to receive the advance payments. "And so if it's important to them that they receive this credit as one lump sum payment, we want to make sure people still have that option." The enhanced child tax credit is part of the American Rescue Plan signed into law by President Joe Biden in March.
Here's why investors are piling into junk bonds
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why investors are piling into junk bondsCNBC's Dom Chu discusses why investors are piling into junk bonds with Michael Contopoulos of Richard Bernstein Advisors.
How Fundstrat's Tom Lee views growth stocks as rates drift lower
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Fundstrat's Tom Lee views growth stocks as rates drift lowerCNBC's "Halftime Report" team discusses markets, interest rates, stock picks and more with Tom Lee of Fundstrat.
Final Trades: Qualcomm, Salesforce.com, CoreSite Realty & more
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Qualcomm, Salesforce.com, CoreSite Realty & moreThe "Halftime Report" traders give their top picks to watch for the second half.
Value inflows outpaced growth in 2021's first half. Where the money is going and why
Value funds saw $53 billion in net inflows in the first half of the year while growth funds lost $331 million, ETF Trends data showed. "I do think value is back," Nadig said. "We see continued interest in things like dividend plays and I think that shows investors really hunting for income." In particular, investors have flocked to forward-looking fixed income trades such as Treasury inflation-protected securities, or TIPS, amid concerns around inflation, Nadig said. "I think we're seeing a lot of tactical usage of really interesting ETFs, but meanwhile ... the flows are really unstoppable," he said.
Santoli’s Friday market notes: S&P 500 rallies as traders scoop up buying opportunities
Traders on the floor of the New York Stock Exchange. This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.
Electric vehicle company Nio can rally 50%, says HSBC as it upgrades the stock
Nio plans to begin deliveries of its ET7 electric sedan in 2022. Chinese automaker Nio stands to benefit from strong electric vehicle demand growth, which should push the stock higher, HSBC said Friday as it upgraded the company to a buy rating.
Earnings season begins in the week ahead with eye-popping growth set to validate market's 2021 run
The growth will be led by a near 570% increase in profits for industrials, one of the hardest hit sectors during the pandemic. "The second quarter could be as good as it gets for economic growth," said Callie Bost, senior investment strategist at Ally Invest. "Earnings growth may slow, but analysts still expect S&P profits to grow by double digits in the next two quarters. The banking industry is expected to produce blowout results for the second quarter with S&P 500 financial sector earnings doubling year over year, according to Refinitiv. Strong earnings result could help stabilize the sector that gyrated amid intensifying worries about slowing growth.
The Whole 30 diet: Dietitians explain Whole 30
So what is the Whole 30 diet plan all about? On the Whole 30 diet, you eat certain whole foods for 30 days. She pointed to the DASH diet, Mediterranean diet and MIND diet as good long-term options. On the Whole 30 diet, you eat a whole-food-focused diet. Following the Whole 30 diet, in a typical day you might eat:The Whole 30 diet is similar to:Paleo diet, which can allow some unrefined sugar, Paleo-compliant treats and alcoholKeto diet, which allows dairy but limits fruitAtkins diet, which limits but doesn’t eliminate grains, legumes and sugar30 Clean, where you join a private Facebook group for a 30-day healthy eating challengeIs the Whole 30 diet effective long-term?
Analysis: China's RRReminder that economies remain fragile
Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. It is the first such step since April last year when COVID was rapidly spreading around the world. The bond market appears to be responding to the turn in China's rate cycle by pricing in lower interest rates over the medium term. "We expect fiscal policy to remain focused on specific sectors most affected by the pandemic like small companies. ($1 = 6.4795 Chinese yuan renminbi)Additional graphic by Karin Strohecker Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
FDA chief calls for probe of relationship between agency and Biogen
The Food and Drug Administration's acting commissioner has called for a watchdog probe of her agency's dealings with the drugmaker Biogen prior to last month's accelerated approval of a new Alzheimer's therapy from the company. The decision to greenlight Aduhelm has drawn widespread scrutiny, and came over the objections of independent advisers to the FDA and other experts who said there was little evidence of its effectiveness. STAT reported that FDA officials worked with Biogen executives to help get the drug, which has an annual cost of $56,000, on the market. The review by the Department of Health and Human Services inspector general will establish “whether any interactions that occurred between Biogen and FDA review staff are inconsistent with FDA policies and procedures,” acting commissioner Janet Woodcock wrote in a letter made public Friday. It would also assuage concerns about any kind of inappropriate relationship between the agency and a company it regulates, Woodcock wrote.
This Mattress Stock Sees Buying Boom As Americans Focus On Health And Wellness
These Are The 5 Best Stocks To Buy And Watch Now7/07/2021 Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. So what are...7/07/2021 Buying a stock is easy, but buying the right stock...
Resurgence Of Growth Clears Path For Best ETFs And Mutual Funds In Q3
Growth, energy, technology and biotech funds were among the best mutual funds and ETFs during the month. Resurgence Of Growth For Best ETFs And Mutual Funds"In June, we started to see a resurgence of growth performance," said Matthew Lilling, managing director at ClearBridge Investments and co-manager of the $24 billion Vanguard Explorer (VEXPX). Among the best mutual funds and ETFs were multi-cap growth, large-cap growth and midcap growth funds, surging between 4.6% and 5.5% during the month. Small-Cap Funds Dominate Best ETFsAmong the best ETFs, small-cap funds, such as Invesco S&P SmallCap 600 Revenue (RWJ) and Invesco S&P SmallCap Value with Momentum (XSVM), were still the leaders YTD with 46%-plus returns, despite experiencing declines in June. Assets Continue To Move From Mutual Funds To ETFsPart of the flows are explained by secular forces, such as investors moving from mutual funds to ETFs, Bartolini said.
Dow Jones Rallies; Ford Drives Higher As Tesla Fights Back; AMC Stock Slips
The Dow Jones Industrial Average powered higher amid a broad stock market rally. Auto stocks were shifting gear, with Ford (F) driving higher in a buy zone as Tesla (TSLA) rallied out of the red. Goldman Sachs (GS) and Walt Disney (DIS) were among the top blue chips, while meme stock AMC Entertainment (AMC) skidded lower. Dow Jones Leads As Disney Stock RisesThe Dow Jones Industrial Average was outshining the other major indexes with a gain of 1.2%. Stock Of The Day: Leader In Elite Group Near Buy PointGet Full Access To IBD Stock Lists And RatingsWhat's New In IBD Leaderboard?
Da Vinci Sketch the Size of a Post-it Note Sells for £8.8 Million
A petite, Post-it-sized sketch by Leonardo da Vinci sold Thursday night in London for more than £8.8 million (US$12.2 million), setting a world record for a drawing by the renowned artist. For the diminutive, less than 3-inch-by-3-inch drawing of a bear’s head, da Vinci used the unforgiving and delicate medium of Silverpoint, a method that uses thin pieces of silver wire to make marks on specially prepared paper. It's one of just two bear drawings produced by da Vinci using the technique, the other of which is in the Metropolitan Museum of Art in New York, according to Christie’s. For the work, da Vinci used Silverpoint, a method that uses thin pieces of silver wire to make marks on specially prepared paper. Christie'sIt’s one of less than eight surviving drawings by da Vinci still in private hands, and “will undoubtedly be one of the last drawings by Leonardo to ever come to the market,” Alsteen says.
Elizabeth Warren blasts Wells Fargo for ending personal lines of credit — here’s why that decision could hurt your credit score
Elizabeth Warren has sharp words for Wells Fargo. The bank is discontinuing personal lines of credit and will shut down existing ones in the coming weeks, CNBC reported, citing customer letters it has reviewed. Wells Fargo needs to make this right,” she wrote on Twitter TWTR, +2.53% . Wells Fargo is facing stricter oversight and asset caps compared to its competitors, he said. On Friday, Wells Fargo shares were up 3.1% after falling 1.6% Thursday, and have gained nearly 45% so far this year, while the S&P 500 SPX, +1.06% has gained 16%.
Biogen shares fall on report FDA head seeking investigation of her agency's approval of Alzheimer's drug
In a letter, Acting Commissioner Janet Woodcock asked the Office of the Inspector General to investigate interactions between FDA staff and Biogen in the run-up to the approval of the drug Aduhelm, STAT reported. The agency cited reporting by STAT that said FDA officials had worked closely with Biogen to get the drug to market. "There continue to be concerns raised ... regarding contacts between representatives from Biogen and FDA during the review process, including some that may have occurred outside of the formal correspondence process," Woodcock wrote in a letter to acting Inspector General Christi Grimm. The FDA has been criticized for approving Aduhelm with what some consider is questionable clinical data and Biogen for how the drug is priced, at $56,000 for a year of treatment. Biogen shares have gained 47% in the year to date, while the SPDR S&P Biotech ETF XBI, +0.97% has fallen 5% and the S&P 500 SPX, +1.06% has gained 15%.
Gold futures settle higher Friday and mark sharpest weekly rise in 7 weeks, despite stock market rebound
August gold GCQ21, +0.62% GC00, +0.62% traded $10.40, or 0.6%, higher to settle at $1,810.60 an ounce, with a weekly advance of 1.53%, based on last Friday's closing level. The weekly gain was the metal's third in a row and its sharpest since the week ended May 21, FactSet data show, underscoring an uptrend taking hold in the yellow metal. A weaker dollar was likely the main catalyst for gold's gains. A weaker dollar can make assets priced in the currency comparatively more expensive to buyers using other monetary units. to lows not seen since February, diminishing the opportunity cost of owning nonyielding gold over bonds.
Levi Strauss gets a boost from changing waistlines during the pandemic
Levi Strauss & Co. swung to a profit and saw revenue skyrocket 156% in the second quarter after a pandemic year in which sweats and yoga pants were preferred over jeans. Levi LEVI, +1.27% Chief Executive Chip Bergh cited data during the company’s earnings call showing that 35% of U.S. consumers have seen a change in their waistlines. Kontoor Brands Inc. KTB, +6.10% , parent to the Wrangler and Lee jeans brands, saw shares climb 6.6% in Friday trading. Levi stock has rallied 41.7% for the year to date while the S&P 500 index SPX, +1.06% has gained 16.1% for the period. “Consumers are tired of the same-old, same-old,” Klarna wrote.
Schwab's Second Half Outlook
Jeffrey Kleintop, chief global investment strategist for Charles Schwab, speaks with Caroline Woods about the bull case for Europe over the next several months.
Elizabeth Warren blasts Wells Fargo for ending personal lines of credit — here’s why that decision could hurt your credit score
Elizabeth Warren has sharp words for Wells Fargo. The bank is discontinuing personal lines of credit and will shut down existing ones in the coming weeks, CNBC reported, citing customer letters it has reviewed. Wells Fargo needs to make this right,” she wrote on Twitter TWTR, +2.53% . Wells Fargo is facing stricter oversight and asset caps compared to its competitors, he said. On Friday, Wells Fargo shares were up 3.1% after falling 1.6% Thursday, and have gained nearly 45% so far this year, while the S&P 500 SPX, +1.06% has gained 16%.
Gold futures settle higher Friday and mark sharpest weekly rise in 7 weeks, despite stock market rebound
August gold GCQ21, +0.61% GC00, +0.61% traded $10.40, or 0.6%, higher to settle at $1,810.60 an ounce, with a weekly advance of 1.53%, based on last Friday's closing level. The weekly gain was the metal's third in a row and its sharpest since the week ended May 21, FactSet data show, underscoring an uptrend taking hold in the yellow metal. A weaker dollar was likely the main catalyst for gold's gains. A weaker dollar can make assets priced in the currency comparatively more expensive to buyers using other monetary units. to lows not seen since February, diminishing the opportunity cost of owning nonyielding gold over bonds.
More Homes, Fewer Buyers: The U.S. Housing Market Is Starting to Stabilize
The lopsided housing market in the U.S. is starting to right itself, albeit slowly, according to a report Friday from Redfin. New listings for homes rose 4% in the four weeks ending July 4, compared to the same time last year, the data found. “Many buyers have backed away from the housing market and are waiting until more and better homes are listed,” Daryl Fairweather, Redfin’s chief economist, said in the report. “With more new listings starting to come on the market, buyers who threw in the towel may want to look again because the market is tilting more in their favor,” Ms. Fairweather continued. The median home price reached yet another record high, hitting $364,430 for the four weeks ending July 4, a year over year increase of 22%, according to the report.
Latest Hack Attack Boosts Cybersecurity Stocks’ Prospects. Here Are Some to Consider.
The $70 million ransomware attack last weekend, which struck between 800 to 1,500 businesses that used Kaseya’s services, is the latest sophisticated cyberattack following the Colonial Pipeline hack attack last month. These changes introduce “a higher number of potential attack surfaces for threat actors to target,” he says. In general, however, only a small portion of companies’ IT budget is allocated toward security spending. Raymond James research, for instance, shows that security spending accounts for only 4% of IT budgets across all industries. Experts are attributing the Kaseya attack to Russian ransomware group REvil, which was previously linked with the $11 million ransomware attack on meat producer JBS (JBSAY).
‘People should be prepared for volatility’: Walser Wealth Management President
Rebecca Walser, Walser Wealth Management President, joins Yahoo Finance to discuss Biden’s latest executive order to promote competition and market volatility. We invite her into the stream right now, and she is, you should know, with Walser Wealth Management. We have the president signing the executive order today regarding competition and alleged unfair practices by very large companies. All of that stuff is already done by third parties, and so I don't think it's helpful. ADAM SHAPIRO: Rebecca Walser, Walser Wealth Management's President.
Levi Strauss gets a boost from changing waistlines during the pandemic
Levi Strauss & Co. swung to a profit and saw revenue skyrocket 156% in the second quarter after a pandemic year in which sweats and yoga pants were preferred over jeans. Levi LEVI, +1.25% Chief Executive Chip Bergh cited data during the company’s earnings call showing that 35% of U.S. consumers have seen a change in their waistlines. Kontoor Brands Inc. KTB, +6.10% , parent to the Wrangler and Lee jeans brands, saw shares climb 6.6% in Friday trading. Levi stock has rallied 41.7% for the year to date while the S&P 500 index SPX, +1.06% has gained 16.1% for the period. “Consumers are tired of the same-old, same-old,” Klarna wrote.
The Artemis Fund focuses on women founders in underserved communities
The Artemis Fund is a Houston-based firm built by three women with the goal of encouraging more women-led startups. The LPs in the fund are split 50/50 between men and women with an equal capital share among them, she said. The women recognized that female founders faced an up-hill battle when it came to getting funding. Story continuesThe three women with distinctly different professional backgrounds decided to come together and the idea for The Artemis Fund began to take shape. The fund focuses on startups with female founders, who are in large potential markets, but ones that conventional male-dominated VCs might not see the potential in.
A lottery ticket worth $2 million? NC man suspected it was fake and called his mom
“I thought that I was looking at something very wrong,” Brian Heitmann of Winston-Salem said in a release from the N.C. Education Lottery. “He had the choice of taking an annuity of $100,000 a year for 20 years or a lump sum of $1.2 million,” lottery officials said. “Heitmann chose the $1.2 million lump sum.”The prize was whittled to $849,006 after deductions for state and federal taxes, officials said. Heitmann beat odds of 1 in 1.2 million in the game, which was launched on New Year’s Eve. The ticket cost him $20 and was purchased at a Speedway convenience store in Winston-Salem, officials said.
Former Brazil Health Ministry official arrested in Senate
BRASILIA (Reuters) - Drama erupted in Brazil's Congress on Wednesday as a former Health Ministry official was arrested under the orders of the lawmaker leading a Senate inquiry into the government's handling of the COVID-19 crisis. Roberto Dias had been a logistics director at the Health Ministry but was fired last week after he was accused of asking for a bribe in the procurement of the Indian COVID-19 shot Covaxin. He was arrested at the behest of Senator Omar Aziz on allegations that he lied in his testimony to the Senate inquiry (CPI) earlier in the day. The Senate panel conducting the probe into the government's handling of the crisis has the power to detain. But audio messages from Dominguetti's cell phone released to the CPI appeared to imply that the meeting was scheduled in advance.
GLOBAL MARKETS-Treasury yields rise, U.S. stocks hit new highs; dollar weakens
Investors also are looking ahead to appetite for Treasury auctions of $38 billion of 10-year notes on Monday, and $24 billion of 30-year bonds on Tuesday. "If auction demand is a little bit squishy, especially at the 10-year sale, then we could see 1.45% in a hurry," he added, referring to the 10-year Treasury yield. After dipping sharply over the early part of the week, yields on 10-year Treasury notes were up on Friday by 7.2 basis points to 1.360%, well above the 4-1/2 month low of 1.25% hit on Thursday. Oil prices added to overnight gains as U.S inventories declined, but remain on course for a weekly loss. (Additional reporting by Simon Jessop Abhinav Ramnarayan, Swati Pandey and Sujata Rao; Editing by Timothy Heritage, William Maclean and Chizu Nomiyama)
After a Year of High Prices and Cutthroat Competition, Homebuyers Are Burned Out
Like the rest of the country, demand for homes and prices have been through the roof in the Greater Philadelphia area. Story continuesMore than 40% of first time homebuyers have been searching for over a year, says George Ratiu, senior economist at Realtor.com. It’s hard to compete with cash buyersMany first time home buyers are being pushed out of the market by all cash buyers. One client recently gave up after eight months of searching because they were having a hard time going up against cash offers. Low supply and high demand have led to buyers competing for a limited number of homes, resulting in fierce bidding wars.
Doctor: I would ‘discourage’ getting booster shot different from the vaccine you received
Motley FoolOn the last trading day before Richard Branson's planned trip into space, shareholders of Virgin Galactic Holdings (NYSE: SPCE) are taking a "risk off" approach to the stock. Virgin Galactic traded down as much as 7% on Friday morning before recovering somewhat, but as of lunchtime it was still in the red on a day when the overall markets are in rally mode. All eyes will be on the Virgin Galactic Spaceport America near Truth or Consequences, New Mexico, on Sunday when Branson will make his long-awaited trip into space.
COVID-19 sent cybercriminals into overdrive - how to protect your personal finances
"But when it comes to cybercrime, it’s not a matter of if but when your personal information is put at risk. Credit report and identity theft monitoring is essential when it comes to protecting yourself. These services can come with identity theft insurance and identity theft restoration assistance, so you are protected if you do become a victim. "This sent cybercriminals into overdrive, attacking personal computers and creating fake websites to gain access to personal and business information. With an emerging threat of crime involving cybercriminals looking to gain access to your personal information, staying vigilant is more important than ever.
Biden signs sweeping executive order taking aim at Big Tech, anti-competitive practices
President Biden on Friday afternoon signed a sprawling executive order designed to crack down on anti-competitive practices by Big Tech and other industries, part of what he called a "critical step" toward making the U.S. economy more inclusive. "That means if your companies want to win your business they have to go out and the have got to up their game," Biden said during remarks at the White House. "Better prices and services, better ideas and products. The competition keeps the economy moving and it keeps it growing. A competitive economy must mean that companies do everything they can to compete for workers."
Business groups slam Biden executive order that cracks down on anti-competitive practices
Business groups railed against President Biden’s executive order that takes aim at what the administration says is anti-competitive behavior conducted by some of America’s biggest industries. The Biden administration says a small number of companies are controlling key industries, including Big Tech and banking, leaving consumers with fewer choices and having to pay higher prices. Biden signed an executive order in the early afternoon aimed to "promote competition, lower prices, increase wages and spur economic growth," according to a fact sheet. The National Association of Manufacturers said today’s executive order threatens to "undo our progress by undermining free markets." The group said manufacturers’ wages have grown by 3%, 2.8% and 3% in 2020 over the past three years, which were the fastest rates of annual growth since 2003.
Disney Scores $13.2 Million of First-Day Ticket Sales for 'Black Widow'
'Black Widow' starring Scarlett Johansson is expected to generate at least $80 million of revenue over the weekend for entertainment titan Disney. Disney (DIS) - Get Report shares rose on Friday after media reports said the “Black Widow” film of its Marvel Entertainment unit generated $13.2 million of ticket sales on Thursday. The movie, starring Scarlett Johansson, is expected to produce revenue of at least $80 million over the weekend. That would beat the pandemic record of $70 million for Universal’s “F9.”"Black Widow" also is available on the streaming service Disney+. And it registered a subscriber total of 94.9 million for its Disney+ streaming services.
4 Things Jim Cramer Wants to Hear When the Big Banks Report Earnings
Major banks including Wells Fargo (WFC) - Get Report, Goldman Sachs, JPMorgan Chase (JPM) - Get Report are set to report earnings in the upcoming week. Hear what Jim Cramer is watching from the big banks in the video above. Recap TheStreet Live: Everything Jim Cramer Is Watching 7/9/21
Biden tells Putin: Russia must crack down on cybercriminals
President Biden told Russian President Vladimir Putin in a Friday phone call that he must “take action” against cybercriminals acting in his country and that the U.S. reserves the right to “defend its people and its critical infrastructure,” the White House said. The conversation came less than a month after the two leaders met in Geneva, when Biden warned against continuing cyberattacks on U.S. businesses and infrastructure emanating from Russia. A new ransomware attack linked to the REvil hacking group based in Russia caused widespread disruption last weekend, affecting as many as 1,500 businesses. The White House said “President Biden underscored the need for Russia to take action to disrupt ransomware groups operating in Russia and emphasized that he is committed to continued engagement on the broader threat posed by ransomware. “President Biden reiterated that the United States will take any necessary action to defend its people and its critical infrastructure in the face of this continuing challenge,” the White House added.
There’s only one side to the saga of American Airlines Flight 893
There’s no rogue Nurse Ratched-like flight attendant roaming the aisle and enforcing this CDC mandate out of pure sadism. There are two sides to every story, except in the case of American Airlines Flight 893, where there really is only one side. People on the plane were corroborating the American Airlines report: A bunch of kids from Winthrop were allegedly acting like jerks. The mother of one of the Winthrop High students is casting the blame at American Airlines, saying it wasn’t the entire group of students who were problematic, just one student. Even if it were only one student from Winthrop High acting up, it’s still abhorrent behavior.
Massachusetts and other states reach $4 billion settlement with Purdue Pharma over company’s role in opioid crisis
More than a dozen states, including Massachusetts, have reached a settlement with the Sackler family and its disgraced drug company, Purdue Pharma, that requires the Sacklers to pay more than $4 billion for their role in perpetuating the devastating opioid crisis. Massachusetts, in 2018, was the first state to sue Purdue executives. In agreeing to settle the allegations, Massachusetts and the other states dropped their opposition to Purdue’s bankruptcy reorganization plan. AdvertisementWhile 15 states have agreed to the settlement, nine states and the District of Columbia have not signed on. Donaghue, a Democratic Party activist who lives in Westborough, said that she wishes the settlement went further and that Purdue executives should face jail time for their misconduct.
Man who allegedly opened fire outside Middleborough state building now in custody, shelter-in-place order lifted
Perkins said the man had allegedly fired four to five shots toward the MassDOT building from the side of the road and struck a window, either of the building itself or of a vehicle. “The location where he ran into the woods, there’s a very large apartment complex, with 240 apartments in it,” Perkins said. The individual was discovered hiding in the woods around 11:30 a.m., and he was placed under arrest without incident, Perkins said. AdvertisementThough authorities had earlier said the suspect was reportedly wearing fatigues, Perkins clarified that point during the briefing, telling reporters “he was not wearing camouflage. “An individual with a firearm, a loaded firearm [that] is being discharged in this community.
Marilyn Manson surrenders on New Hampshire assault warrant
LOS ANGELES (AP) — Rocker Marilyn Manson surrendered to police in Los Angeles last week in connection with a 2019 arrest warrant out of New Hampshire where he allegedly assaulted a videographer at a concert, authorities said. Manson, whose legal name is Brian Hugh Warner, is charged with two misdemeanor counts of simple assault stemming from an alleged incident on Aug. 19, 2019 at the Bank of New Hampshire Pavilion in Gilford. Gilford police Chief Anthony J. Bean Burpee said Thursday that Manson had turned himself into law enforcement in Los Angeles the week before. Manson was booked and released without bail pending a court appearance in New Hampshire.
Surfside tower collapse reverberates through Southern California’s HOAs
After making a visual review of the marina towers on July 1, Los Angeles County inspectors said there’s no imminent danger of collapse. The proportion of older buildings is about the same for Southern California’s 25,389 HOAs and the Bay Area’s 12,453. The rule adopted by Dade and Broward counties requires structural and electrical inspections to ensure older buildings are sound. A recent study by the Community Association Institute found condo associations should do regular inspections of older buildings. That, in turn, prompted Supervisor Hahn and county building inspectors to respond, meeting with residents and touring the site July 1, and calling for a structural engineering report.
Death toll from Florida collapse now 78, mayor reports
By Bobby Caina Calvan | Associated PressSURFSIDE, Fla. — The death toll in the collapse of a Miami-area condo building rose to 78 on Friday, a number the mayor called “heartbreaking” as recovery workers toiled for a 16th day to find victims in the rubble. Miami-Dade Mayor Daniella Levine Cava said the work to recover victims was still continuing with all urgency. “This is a staggering and heartbreaking number that affects all of us very deeply,” Levine Cava said of the new death toll. Hope of finding survivors was briefly rekindled after workers demolished the remainder of the building, allowing access to new areas of debris. No one has been pulled out alive since the first hours after the 12-story building fell on June 24.
The right timing: Pick out a ranch in Oakwood’s age-55-plus Reserve at Green Valley Ranch, and move next month
Getting the most out of a downsize move into a retirement ranch is all about timing — and right now, the timing couldn’t be better for buyers at Oakwood’s age-55-plus community in the newest part of Green Valley Ranch. The Reserve at Green Valley Ranch by OakwoodLife What: The Reserve at Green Valley Ranch by OakwoodLife, ‘55-and-better’ living shown in 8 ranch models; clubhouse and pool; front-yard landscape maintenance; 3 ranches set for late summer delivery. The Reserve at Green Valley Ranch by OakwoodLife, ‘55-and-better’ living shown in 8 ranch models; clubhouse and pool; front-yard landscape maintenance; 3 ranches set for late summer delivery. You’ll also see OakwoodLife’s Bungalows Series of value-packed ranches, including a Pinon ranch plan, two bedrooms, two baths, over 1,500 sq. Take the DIA Freeway/Peña Boulevard to Green Valley Ranch Boulevard and turn east three miles, past Picadilly; or from E-470 exit at E. 56th, turn west to Picadilly, then south.
Biden tells Putin Russia must crack down on cybercriminals
WASHINGTON — President Joe Biden told Russian President Vladimir Putin in a Friday phone call that he must “take action” against cybercriminals acting in his country and that the U.S. reserves the right to “defend its people and its critical infrastructure,” the White House said. The conversation came less than a month after the two leaders met in Geneva, when Biden warned against continuing cyberattacks on U.S. businesses and infrastructure emanating from Russia. A new ransomware attack linked to the REvil hacking group based in Russia caused widespread disruption last weekend, affecting as many as 1,500 businesses. The White House said “President Biden underscored the need for Russia to take action to disrupt ransomware groups operating in Russia and emphasized that he is committed to continued engagement on the broader threat posed by ransomware. “President Biden reiterated that the United States will take any necessary action to defend its people and its critical infrastructure in the face of this continuing challenge,” the White House added.
Woman killed after hitting crane on 215 Beltway in Las Vegas
The Nevada Highway Patrol said the crash was reported at 8:14 a.m. on the beltway near West Cheyenne Avenue. A fatal vehicle crash has closed a segment of the 215 Beltway in the Las Vegas Valley. (RTC traffic camera)A car crashed into a moving construction crane on the 215 Beltway in the northwest valley on Friday morning, killing the car’s driver and closing the freeway, the Nevada Highway Patrol said. The Highway Patrol was called to the crash at about 8:15 a.m. Friday on the northbound 215 Beltway south of Cheyenne Avenue, spokeswoman Ashlee Wellman said. Witnesses and the crane driver attempted to pull her from the vehicle but could not due to the flames, Wellman said.
Bill Bowerman vintage Nikes from the ’70s on auction for up to $1.2 million
A piece of Nike’s heritage, track shoes handmade by Nike co-founder Bill Bowerman, are up for auction this month with the auction house forecasting a sale price between $800,000 and $1.2 million. Sotheby’s says Bowerman, the legendary University of Oregon track coach, made the track spikes for Olympian Harry Jerome. They feature Bowerman’s famous “waffle” soles, an innovation that improved grip on running shoes, under their track spikes. Aiming to capitalize on the start of the Olympics, Sotheby’s is auctioning off the running shoes beginning July 23. Earlier this year, Sotheby’s sold a pair of Nike “Air Yeezy” prototype shoes for $1.8 million – the most ever paid for a pair of sneakers.
Marilyn Manson surrenders on New Hampshire assault warrant
Stefanie DazioAssociated PressLos Angeles — Rocker Marilyn Manson surrendered to police in Los Angeles last week in connection with a 2019 arrest warrant out of New Hampshire where he allegedly assaulted a videographer at a concert, authorities said. Gilford police Chief Anthony J. Bean Burpee said Thursday that Manson had turned himself into law enforcement in Los Angeles the week before. Los Angeles Police Capt. Manson turned himself in at the department's Hollywood station on July 2 and was processed on the warrant before being released. “This is consistent with anybody who has a misdemeanor warrant that is not local,” McGuyre said.
Ford China sales up 24% year-over-year for the first half of 2021
Ford Motor Co.'s sales in greater China — the world's largest auto market and a leader in adoption of electric vehicles — were up 24% year-over-year in the first half of 2021, the automaker reported this week. The automaker highlighted the performance of its luxury Lincoln brand, which notched more than 42,200 sales in the first half, up 111.4% year-over-year. Meanwhile, second-quarter sales of 152,900 vehicles represented a 3.6% year-over-year decline, which Ford attributed to an ongoing global semiconductor shortage. Meanwhile, Ford reported that locally built SUVs, including the Lincoln Corsair, Nautilus and Aviator, made up 86% of Lincoln sales in the first half. Ford and its Chinese automaker partner JMC posted approximately 148,000 commercial vehicle sales in the first half, for a 26.3% year-over-year improvement.
VW CEO Diess gets contract extended until 2025
Christoph RauwaldBloombergVolkswagen extended Chief Executive Officer Herbert Diess's contract to lead Europe's largest automaker until October 2025, backing one of the industry's most aggressive overhauls. The supervisory board on Friday received an update on the company's strategy on electric and self-driving cars through 2030, saying it's the basis for future growth, VW said. The fresh vote of confidence marks a victory for the former BMW executive who twice last year unsuccessfully sought an early extension to his contract. The new contract will provide fresh sway for his push to boost the group's software operations and overtake Tesla Inc. as global leader in electric cars. VW plans to provide an update on its strategy through 2030 next Tuesday.
EB I-94 between Michigan Avenue, I-96 reopens after June deluge
Eastbound Interstate 94 in Dearborn and Detroit is nearly all clear for traffic and reopened, an official with the Michigan Department of Transportation said Friday. "Eastbound I-94 from Michigan Avenue to I-96 has reopened with the exception of the left lane under Warren Avenue," MDOT spokeswoman Diane Cross said. As much as 6.5 inches of rain was dumped on Metro Detroit on June 25-26 and the deluge overwhelmed the area's infrastructure. In addition, at least 28 of 140 freeway pump stations in the area lost power or had mechanical problems, flooding and shuttering some Metro Detroit freeways. On June 29, MDOT reopened the westbound lanes of I-94.
'Heartbreaking': Death toll in Florida condo collapse now 78
No one has been found alive since the first hours after building fell on June 24. Hope of finding survivors was briefly rekindled after workers demolished the remainder of the building Sunday night, allowing access to new areas of debris. Some voids where survivors could have been trapped did exist, mostly in the basement and the parking garage, but no one was found alive. Rescue workers now focused on finding remains instead of survivors have pledged to keep up their search for victims until they clear all the debris at the site. Meanwhile, authorities are launching a grand jury investigation into the collapse.
Ducey signs critical race theory ban in final bill push
The general fund would use about hundreds of millions of dollars a year to directly fund the new education spending in Proposition 208. Other bills awaiting action by the Republican governor include:— A big increase in the daily expense money paid to lawmakers from outside metro Phoenix. Ducey vetoed similar legislation two years ago, which would have benefited all lawmakers, including those from Maricopa County. This time, lawmakers targeted the benefits only at long-distance commuters but did not delay the start date. If Ducey signs off, it will take effect for the 2022 legislative session.
Lower income families could be offered payments to incentivise switch to low carbon heating
Low and middle income families could be offered annual payments to offset green tariffs on gas bills, under plans being considered in Whitehall. Scheme to target low and middle income householdsThe scheme would likely target low and middle income households who are less likely to be able to switch. The payment could continue to be paid even if households moved to cheaper low-carbon heating, providing an extra incentive for making the switch. No 10 acknowledges heat pumps are prohibitively expensiveBoris Johnson this week acknowledged that heat pumps, which are the Government’s preferred replacement for gas boilers in most homes and can cost up to £10,000, are prohibitively expensive for many people. The Government is expected to say heat pumps should achieve price parity with gas boilers by 2030, although some manufacturers believe it could happen much sooner.
Southern Water fined record £90m for dumping raw sewage
Mr Justice Johnson said Southern Water "showed a shocking and wholesale disregard for the environment, for the precious and delicate ecosystems along the north Kent and Solent coastlines, to human health and to the fisheries and other legitimate businesses that depend on the vitality of the coastal waters".
Biden to host Germany's Merkel at White House next Thursday -White House
WASHINGTON – U.S. President Joe Biden will host a meeting with German Chancellor Angela Merkel next Thursday, the White House said on Friday. White House spokeswoman Jen Psaki said the two leaders would discuss ransomware attacks that have hit companies in the United States and the Nord Stream 2 gas pipeline being built from Russia to Germany. Psaki said Biden continued to view the pipeline as a “bad deal.” She declined to say if an agreement could be reached on the temporarily suspended U.S. tariffs on Nord Stream 2 AG, the Germany company behind the pipeline, and its chief executive. Merkel is ending her fourth term as chancellor soon. It will be her first visit to Washington since Biden took power in January.
France sees talks with Russia as best way to resolve champagne row - minister
EPERNAY, France – France sees continuing negotiations with Russia as the best way to resolve a dispute over champagne, French Trade Minister Franck Riester said on Friday. Russia has adopted legislation which will require French producers to attach a label to the back of their bottles sold in Russia with the description “sparkling wine”. By contrast, domestic producers of what is known in Russia as “shampanskoye” will not have to attach any such label. “We are still analysing the exact scope of this text, which is long, in Russian, with legal and linguistic subtleties,” Riester said. The name “Champagne” has protected status in more than 120 countries, which reserve its use for sparkling wine from France’s Champagne region.
Biden tells Putin Russia must crack down on cybercriminals
US President Joe Biden told Russian President Vladimir Putin in a Friday phone call that he must “take action” against cybercriminals acting in his country and that the U.S. reserves the right to “defend its people and its critical infrastructure,” the White House said. The conversation came less than a month after the two leaders met in Geneva, when Biden warned against continuing cyberattacks on U.S. businesses and infrastructure emanating from Russia. The White House said “President Biden underscored the need for Russia to take action to disrupt ransomware groups operating in Russia and emphasised that he is committed to continued engagement on the broader threat posed by ransomware. “President Biden reiterated that the United States will take any necessary action to defend its people and its critical infrastructure in the face of this continuing challenge,” the White House added. Hackers also extorted an $11 million (€9.3 million) ransom payment from JBS SA, the world's largest meat processor.
Platform Shoes: Stellantis previews 4 BEV platforms
Platform Shoes: Stellantis previews 4 BEV platforms These bones will underpin a huge variety of modelsArticle content Stellantis EV Day saw the company unveil its plans for an electrified future. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Toggle full screen mode Previous Gallery Image Next Gallery Image Toggle gallery captions All 3 Photos for GalleryAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below. Toggle full screen mode Previous Gallery Image Next Gallery Image Toggle gallery captions All 6 Photos for GalleryAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below. Toggle full screen mode Previous Gallery Image Next Gallery Image Toggle gallery captions All 3 Photos for GalleryAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below.
China implores US firms to invest more in northeast rust-belt region near Russia, North Korea
China’s economic planner is trying to lure more American companies to Jilin province, whose capital Changchun is known as “China’s Detroit”, because it makes so many automobiles. Photo: Xinhua
“Bad mergers” and noncompete clauses targeted in Biden executive order
This is true across healthcare, financial services, agriculture and more.” (We published a separate article today that dives into the broadband portions of the executive order.) Labor market overhaulWith the order, Biden appears to be positioning himself as an antitrust champion, name-checking famed trust-buster Teddy Roosevelt. By law, Amtrak trains are supposed to be given preference, but in practice, that’s not always the case. Biden’s executive order could help Amtrak get its trains back on time. “Encouraging” orderMany parts of the executive order “encourage” different agencies to take action.
MF Daily for Friday July 9, 2021
https://www.goodhousekeeping.com/food-recipes/a35195356/margarita-truffles-recipe/Welcome to MF Daily(Formerly known as Mojo Friday’s Weekly Open Thread — MFWOT)All are welcome to hang out and share what is happening in your life today
Want to Learn Beekeeping in 2022?
Are you (or do you know) a current or former service member interested in entomology and/or beekeeping? Michigan State University’s “Heroes to Hives” program is currently determining interest for its 2022 course. Here’s the quick description:Heroes to Hives (H2H) is a FREE 9-month beginning beekeeping training program through Michigan State University Extension and our partners the University of Missouri Extension, University of Minnesota Bee Veterans program, and University of Nebraska-Lincoln's Great Plains Master Beekeeping Program. Participants will learn current, science-based best management practices for beekeeping, while working with a network of other beekeeping veterans. I’m going to ask the entomologists at our nearby state university if they’re interested in participating in the hands-on portion of next year’s training.
Drugmakers’ Spending on Stock, Dividends and Executive Pay Exceeds Research, Democrats Say
And they can do it largely because Congress has imposed few restrictions on their pricing in the United States — including in the Medicare program, which is not permitted to negotiate drug prices, House Democrats say. “Despite Big Pharma’s lip service about innovation, many drug companies are not actually spending significant portions of their research-and-development budget to discover innovative new treatments,” Maloney told reporters in a conference call. 3, included in a massive bill that Democrats are preparing under what is known as the budget reconciliation process. “With the savings on the lower drug prices, we can invest in transformational improvements in American health care,” Pelosi said. It also notes that the company identified about $5.19 billion in R&D for Humira, about 7.4% of the drug’s net U.S. revenue.
Battleground Baltimore: Ghost Guns in Baltimore
And the increase in ghost guns is hard to convincingly connect to an increase in violent crime. In 2019, BPD seized 30 ghost guns and 43 obliterated guns out of a total of 2,202 guns. In 2020, BPD seized 128 ghost guns and 59 obliterated guns out of a total of 2,242 guns. This year, as of May 19, 2021, BPD seized 140 ghost guns and 60 obliterated guns out of a total of 823 guns. In particular, he explained, “ghost guns” are often invoked as part of the world of right-wing militias.
Big Pharma Spend More on Exective Pay and Dividends Than Research
And they can do it largely because Congress has imposed few restrictions on their pricing in the United States — including in the Medicare program, which is not permitted to negotiate drug prices, House Democrats say. “Despite Big Pharma’s lip service about innovation, many drug companies are not actually spending significant portions of their research-and-development budget to discover innovative new treatments,” Maloney told reporters in a conference call. “With the savings on the lower drug prices, we can invest in transformational improvements in American health care,” Pelosi said. It also notes that the company identified about $5.19 billion in R&D for Humira, about 7.4% of the drug’s net U.S. revenue. “We are committed to working with policymakers on commonsense, bipartisan solutions that address the real challenges patients face,” Newell said.
Agent files suit against Raptors coach Nick Nurse, seeking commission for contract extension
A prominent agent who represents NBA coaches and executives has filed a civil lawsuit against Toronto Raptors coach Nick Nurse for breach of contract and seeks financial relief. Warren LeGarie -- who represents several NBA head coaches, assistant coaches and front-office executives -- said in his claim, “Defendant Nurse failed to do certain things required by the representation contract. In September, the Raptors announced they reached an agreement on contract extension with Nurse. LeGarie’s attorney, Hunter Pyle, said in a statement, “Warren LeGarie has successfully represented numerous NBA head coaches and executives for more than two decades. LeGarie’s complaint says he offered to represent Nurse in exchange for a 3% commission on Nurse’s head coaching contracts and 4% commissioner on assistant coach contracts.
James Harden gets frisked by cops, John Mulaney’s wife packs up, more
Click to email this to a friend (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Today in celebrity news, the “We Hear: Quick Fix” podcast covers:We Hear: Quick Fix is a Spotify exclusive week-in-review five minute podcast from Page Six. Executive Editor Ian Mohr and Senior Reporter Francesca Bacardi break down the biggest stories of the week – including The Joy of Six, the most satisfying piece of gossip. For all the juiciest scoops about celebrities and high society, subscribe to the We Hear: Quick Fix podcast released every Friday.
Tech investor Bill Gurley on the success of Instawork and the gig economy
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTech investor Bill Gurley on the success of Instawork and the gig economyInstawork co-founder and CEO Sumir Meghani and Bill Gurley, Benchmark Capital general partner, join "TechCheck" to discuss new funding for the company as well as the gig economy.
How Biden's infrastructure bill could impact the utilities trade
RELATED VIDEOS04:27 How Biden's infrastructure bill could impact the utilities trade11:54 Extra unemployment benefits are not encouraging workers to be lazy, says Nobel laureate Esther Duflo20:17 Investing in the Future – Greylock's Reid Hoffman and Sarah Guo at CNBC @Work Summit20:24 Asking The Right Questions – Caroline Wanga at CNBC @Work Summit21:10 Creating a Culture of Understanding – Actor and author Matthew McConaughey at CNBC @Work Summit02:59 Spotlight on Innovation – Zendesk, Citi and Mattel Chief Innovation and Technology Officers at CNBC @Work Summit
Meme stocks fall as retail traders move to crypto
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMeme stocks fall as retail traders move to cryptoCNBC's Kate Rooney takes a look at where retail traders are putting their money.
Wells Fargo is shuttering all personal lines of credit. Here's what customers need to know
Some Wells Fargo customers could see their credit scores drop after the bank confirmed to CNBC Thursday it is shuttering all existing personal lines of credit in the coming weeks. Customers were given a 60-day notice of the change and will be required to make regular minimum payments on any remaining balances, Wells Fargo told CNBC. It is not clear how many customers the move will affect, and Wells Fargo did not respond to a request for comment for this story. Potential hit to customers' credit scoresA personal line of credit is similar to a credit card. Lines of credit also impact a consumer's credit score, and Wells Fargo acknowledged as much in the letter sent to customers, CNBC reported.
What FundStrat's Tom Lee is watching in the markets right now
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat FundStrat's Tom Lee is watching in the markets right nowCNBC's "Halftime Report" team discusses markets, interest rates, stock picks and more with Tom Lee of FundStrat.
Essex Investment' Nancy Piral and Parametric's Nisha Patel on best-performing sectors
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEssex Investment' Nancy Piral and Parametric's Nisha Patel on best-performing sectorsCNBC's Dom Chu discusses markets with Nancy Piral of Essex Investment Management and Nisha Patel of Parametric.
Benchmark's Bill Gurley says SPACs are 'remarkably cheap compared to mispriced IPOs'
Gurley has been among the most vocal supporters of direct listings, another IPO alternative in which companies go public without selling shares at a steep discount to new investors. "SPACs are remarkably cheap compared to mispriced IPOs," Gurley told CNBC's "TechCheck" on Friday. Nextdoor announced plans earlier this week to pursue a SPAC sponsored by an affiliate of Khosla Ventures, Vinod Khosla's investment firm. The pullback came after the SEC issued accounting guidance that would classify SPAC warrants as liabilities instead of equity instruments. In addition to Nextdoor, fintech company Circle, space companies Planet Labs and Satellogic and solar power firm Heliogen all announced deals this week.
This 28-year-old artist made over $130,000 selling NFTs in just 5 months
He messaged the collector after noticing he bought a CryptoPunk NFT for six figures. "He opened my eyes" to the world of NFTs, Aversano says. "Royalties off of every sale is passive income for artists," Aversano says. He sold his last "Twin Flames" portrait as an NFT for $35,280 during a Sotheby's auction on June 10. Rather than keep the profit, he donated all proceeds back to the NFT community through the Sevens Foundation, he says.
Wells Fargo closed your personal line of credit. Here are some other options
Wells Fargo is closing all existing personal lines of credit, CNBC reported on Thursday. They may turn to other lenders that offer personal lines of credit or personal installment loans. A personal line of credit is a type of unsecured loan, meaning it's not backed by collateral. Wells Fargo is closing all personal line of credit in coming weeks and no longer offers the product, CNBC reported Thursday. The revolving credit lines typically let users borrow $3,000 to $100,000.
US stocks rebound even as Delta variant worries remain
New York (CNN Business) Wall Street is sharply in the green Friday, on course for new record highs as stocks rebound from the prior session's selloff. And while the Delta variant remains a threat to the newly reopened economy, the market seemed to have brushed off its worries on Friday. Dow INDU S&P 500 SPX Nasdaq Composite COMP Theclimbed 1.2%, or some 425 points, around midday, while thewas up 1%. Therose 0.8%. All three indexes are on track to reach new all-time highs.
'Staggering and heartbreaking': Condo collapse death toll now at 78, Miami-Dade mayor says
An additional 14 bodies were recovered from the partially collapsed Miami Beach-area condo building, bringing the the confirmed death toll to 78, the mayor of Miami-Dade County said Friday. "This is a staggering and heartbreaking number that affects all of us very deeply," Mayor Daniella Levine Cava said at a morning press conference. Of the 78 people confirmed dead, 47 of them have been identified and their family members notified, Levine Cava said Friday. The search and recovery teams have removed more than 13 million pounds of concrete and debris. Surfside Mayor Charles Burkett said he visited the site Friday morning and thanked the teams for their work.
Where do you move after selling in a hot market? To a smaller city
Homeowners who sell in an overheated real estate market face a conundrum. Even though they often sell their homes for more than they ever imagined, they then struggle to find an affordable place to move. “Rents are back up in many of these metropolitan areas,” said Todd Teta, chief product officer at ATTOM Data Solutions. The hot pandemic seller’s market for homeowners is amplifying existing migration trends away from coastal states. “As we see these relocations, we do know that people who once could afford to live within city limits can’t,” Strohl said.
Mayor: Death toll in Florida condo collapse now 78
A workers make her way past the rubble and debris of the Champlain Towers South condo in Surfside, Florida on Tuesday, July 6, 2021. The rubble shown here is from the front portion of the condo towers, which was demolished 11 days after the back part of the tower collapsed with people inside. (Matias J. Ocner/Miami Herald via AP)A workers make her way past the rubble and debris of the Champlain Towers South condo in Surfside, Florida on Tuesday, July 6, 2021. (Matias J. Ocner/Miami Herald via AP)SURFSIDE, Fla. (AP) — The death toll in the collapse of a Miami-area condo building rose to 78 on Friday, a number the mayor called “heartbreaking” as recovery workers toiled for a 16th day to find victims in the rubble. ADVERTISEMENTHope of finding survivors was briefly rekindled after workers demolished the remainder of the building, allowing access to new areas of debris.
Week’s Best: Addepar Adds Assets and Capital
Addepar has seen assets pour into its data-aggregation platform for wealth managers over the past year. But its CEO says there’s more growth ahead, and the company recently raised fresh capital to fuel further expansion. Among other top stories this week:Recruiting the recruiter. Advisor Group poached RBC Wealth Management’s former advisor...
News and analysis for those planning for or living in retirement
From MarketWatch:Proposed legislation would allow $1,000 penalty-free 401(k) withdrawal: Right now, workers can be penalized for distributions from their retirement accounts prior to 59 ½ years old. I’m ‘tired of working in America.’ Can I retire in three years? : This couple has been diligent in their work and savings, but they should still do their due diligence before leaving the workforce completely. When it makes sense to take from your retirement account — and when it doesn’t: Retirement accounts are meant for old age, but sometimes they’re attractive options for a loan before retirement. I have $550,000 in my retirement account, make $295,000 a year but would like to retire early.
These 7 markets will be the target of Biden’s new anti-monopoly executive order
Here are the 7 markets his plan will target:LaborThe executive order will target policies and laws that prevent qualified workers from easily starting a new career or switching jobs within an industry in search of higher wages or better benefits and working conditions. TransportationThe order largely focuses on the airline industry, with the White House noting that just four commercial airlines control about two-thirds of the U.S. market. In a fact sheet explaining the executive order, it links recent consolidation in the industry with its ability to charge ever higher fees on things like ticket cancellation and baggage. “Though subject to federal review federal agencies have not formally denied a bank merger application in more than 15 years,” the White House said in a fact sheet explaining the executive order. “Importantly though,” they added, “The order will give the political cover necessary to the executive branch agencies to not only comply with Biden’s order but also explore previously underutilized authorities to pursue antitrust enforcement.”
Levi Strauss gets a boost from changing waistlines during the pandemic
Levi Strauss & Co. swung to a profit and saw revenue skyrocket 156% in the second quarter after a pandemic year in which sweats and yoga pants were preferred over jeans. Levi LEVI, +2.45% Chief Executive Chip Bergh cited data during the company’s earnings call showing that 35% of U.S. consumers have seen a change in their waistlines. Kontoor Brands Inc. KTB, +6.38% , parent to the Wrangler and Lee jeans brands, saw shares climb 6% in Friday trading. Levi stock has rallied 40.7% for the year to date while the S&P 500 index SPX, +0.96% has gained 16.1% for the period. “Consumers are tired of the same-old, same-old,” Klarna wrote.
Sentage Holdings stock blasts off with a near 9-fold gain in its public debut
Shares of Sentage Holdings Inc. SNTG, +660.00% blasted off Friday, as the China-based financial services provider went public with a near ninefold gain. The stock's first trade on the Nasdaq was at $42.99 at 11:14 a.m. Eastern for 14,242 shares. The stock has pared some gains since the open, and was last up 632% at $36.60. The company recorded net income of $1.6 million on revenue of $3.6 million in 2020, after net income of $1.8 million on revenue of $4.0 million in 2019. The company went public at a time that the Renaissance IPO ETF IPO, +1.50% has gained 0.5% over the past three months, while the iShares MSCI China ETF MCHI, +2.50% has lost 4.7% and the S&P 500 SPX, +0.96% has gained 5.6%.
Oil extends bounce but remains on track for weekly loss
Oil futures rose Friday, extending a bounce from the previous session triggered by a sharp fall in U.S. crude and gasoline inventories, but crude remains on track for a weekly loss as a spat between key OPEC members remains unresolved and worries mounted over the spread of the delta variant of the coronavirus that may slow energy demand in some countries. West Texas Intermediate crude for August delivery CL00, +2.26% CLQ21, +2.26% rose 97 cents, or 1.3%, to $73.91 a barrel on the New York Mercantile Exchange. September Brent crude BRN00, +2.04% , the global benchmark, was up 76 cents, or 1%, at $74.88 a barrel on ICE Futures Europe. Both contracts were on track for weekly losses of around 1.7%.
Chinese Fintech Sentage Pops as Much as 1,200% in Market Debut
Chinese fintech Sentage Holdings is based in Shanghai. DreamstimeShares of Sentage Holdings, a Chinese fintech, soared as much as 1,200% on Friday, their first day of trading. Sentage (ticker: SNTG) stock opened on the Nasdaq at $42.99, hit a high of $52, and recently traded at $41.81, up 736% from its offer price. The Shanghai company raised $20 million on Thursday after selling $4 million shares at $5 each, the low end of its $5-to-$6 price range. Network 1 Financial Securities is the underwriter on the deal.
Behind Closed Doors: Jeffrey Epstein’s New Mexico Ranch Hits the Market
Zorro Ranch, which includes a 30,000-square-foot mansion on about 7,500 acres in New Mexico, will be asking $27.5 million, according to the Wall Street Journal. The swanky ranch includes several additional homes on the property, an airstrip with a hangar and helipad, and a tennis court. It includes includes nearly 7,600 acres of privately owned land and an additional 423 acres leased from the federal Bureau of Land Management. There is a private firehouse at Zorro Ranch. The equestrian facilities on Zorro Ranch.
Opinion: How will stocks be affected by rising interest rates?
Q.: With inflation rising, I think interest rates will rise. How will stocks be affected by rising interest rates? — Kyle in Little RockA.: Kyle, while the effect of interest rate rises on bonds is clear, rising rates are a negative, no one knows how stocks will react if rates rise. The idea is that rising interest rates mean higher borrowing costs. When rates rise, sometimes stock market indexes rise, sometimes they fall, sometimes they don’t move much at all.
What to know if your Wells Fargo personal line of credit is canceled
Wells Fargo WFC, +3.38% customers have begun receiving notification that their personal line of credit accounts will close, and the company confirmed Thursday that it will no longer offer the product. How your credit score could be affectedThe effect of a Wells Fargo line of credit depends on your unique credit profile, said Tommy Lee, principal scientist for the FICO FICO, +1.21% data and credit scoring company, in an emailed statement. But once you’re ready to borrow again, credit cards and personal loans are the closest alternatives to personal lines of credit. Credit cards: A credit card is another revolving credit line — you draw money by swiping the card and make monthly payments toward the balance. Credit limits are lower and purchases on credit cards are usually smaller than what you’re used to on a personal line of credit.
16 days later, death toll is now 78 in Florida condo collapse
SURFSIDE, Fla. (AP) — The death toll in the collapse of a Miami-area condo building rose to 78 on Friday, a number the mayor called “heartbreaking” as recovery workers toiled for a 16th day to find victims in the rubble. Miami-Dade Mayor Daniella Levine Cava said the work to recover victims was still continuing with all urgency. “This is a staggering and heartbreaking number that affects all of us very deeply,” Levine Cava said of the new death toll. Hope of finding survivors was briefly rekindled after workers demolished the remainder of the building, allowing access to new areas of debris. No one has been pulled out alive since the first hours after the 12-story building fell on June 24.
Opinion: The most important predictor of your retirement financial security
The single greatest determinant of your retirement portfolio’s return in coming years is how the stock market performs. The bond market comes in a close second. It’s crucial to keep this in mind because it focuses your attention on what will make the most difference to your retirement financial security. If the forecast you use is too optimistic, you almost certainly will not realize your retirement financial goals—regardless of what else you do right. Aggregate Bond ETF [TICKER AGG], which is benchmarked to the total U.S. investment-grade bond market.
Oil extends bounce but remains on track for weekly loss
September Brent crude BRN00, +2.04% , the global benchmark, was up $1.51, or 2%, at $75.63 a barrel on ICE Futures Europe. WTI was on track for a 0.8% weekly fall, while Brent was off 0.7%. Crude maintained gains in afternoon trade after oilfield-services company Baker Hughes said the number of U.S. oil rigs rose by 2 from last week to 378. The crude oil complex was lifted Thursday after the U.S. Energy Information Administration reported a larger-than-expected drop in U.S. crude inventories last week and a much larger-than-expected fall in gasoline supplies. In One Chart: OPEC oil stalemate — here’s why U.A.E.
Opinion: Why retirees may want to look beyond traditional income strategies
If the conventional income strategies retirees typically rely on are not performing, what can they do about it? To achieve and maintain a high level of income in today’s environment, we believe investors need to consider alternative income strategies. A potential benefit of investing in a pass-through security strategy is that it is specifically designed to prioritize income distribution, which can be meaningful income for retirees. In our view, there are three key components for retirees to consider when looking for yield:The amount of income generated The consistency of that income The tax efficiency of the income. The potential tax benefits from investing in Pass-Thru Securities depend on them being treated as partnerships for federal income tax purposes.
These 7 markets will be the target of Biden’s new anti-monopoly executive order
Here are the 7 markets his plan will target:LaborThe executive order will target policies and laws that prevent qualified workers from easily starting a new career or switching jobs within an industry in search of higher wages or better benefits and working conditions. TransportationThe order largely focuses on the airline industry, with the White House noting that just four commercial airlines control about two-thirds of the U.S. market. In a fact sheet explaining the executive order, it links recent consolidation in the industry with its ability to charge ever higher fees on things like ticket cancellation and baggage. “Though subject to federal review federal agencies have not formally denied a bank merger application in more than 15 years,” the White House said in a fact sheet explaining the executive order. “Importantly though,” they added, “The order will give the political cover necessary to the executive branch agencies to not only comply with Biden’s order but also explore previously underutilized authorities to pursue antitrust enforcement.”
California Faces Extreme Heat, Fresh Pleas to Conserve Power
(Bloomberg) -- California and neighboring states are facing another historic heat wave that may push power supplies to the brink and is adding to already high wildfire risk amid record drought. Excessive heat warnings cover most of California and parts of Nevada, Oregon, Idaho, Utah and Arizona. “The heat wave will pretty much peak today through Sunday,” said Lara Pagano, a senior branch forecaster at the U.S. Californians are again being asked to ease their power consumption, and the state has also asked for greater water conservation. Story continuesRead more: California Residents Asked to Conserve Power Amid Extreme HeatAcross Western states, hot weather is raising the risk fires may spark and spread across the parched landscape, quickly growing out of control.
Average 10-year fixed student loan rates plummet to near record lows -- how to take advantage
The rate on an average 10-year fixed-rate private student loan plummeted to near record lows last week, reaching 5.47%, according to data from Credible . If you're thinking about refinancing your private student loan, now is a good time to consider financing your student loan balance into a 10-year fixed-rate student loan to reduce your rate. Consider taking out a private student loan now while interest rates are near record lows. While federal student loan rates are currently lower, at 3.73% as of July 1, 2021, not all students qualify for federal aid. However, there is also other criteria that affects your student loan interest rate, such as having a creditworthy cosigner, the loan type or the student loan repayment term.
Fed says shortages of materials, hiring problems holding back recovery
WASHINGTON - Shortages of materials and "difficulties in hiring" are holding back the U.S. economic recovery from the coronavirus pandemic and have driven a "transitory" bout of inflation, the Federal Reserve said on Friday. "Progress on vaccinations has led to a reopening of the economy and strong economic growth," the U.S. central bank said in its semiannual report to Congress on the state of the economy. However, "shortages of material inputs and difficulties in hiring have held down activity in a number of industries." The report released by the Fed on Friday is largely backward-looking, but it documents the central bank's view that the recovery remains on track as firms and families navigate a complicated economic reopening. "Many of these factors should have a diminishing effect on participation in the coming months," the Fed said, though the speed and strength of that labor market recovery also remains uncertain.
Arm Yourself With Real Returns to Protect Against Valuation Corrections
So, that is how we can go from yesterday morning's huge selloff to this morning's bounce in the S&P futures. Or you can just sort the S&P 500 by yield and buy the highest numbers. OK, Google (Alphabet (GOOGL) )...where is a list of the S&P 500 sorted by yield? Google produces many hits that are commercial come-ons disguised as a simple ranking of S&P 500 stocks by yield. Arm yourself with real returns to protect against valuation corrections.
Taking Another Bite of the Apple
In our June 7 review of Apple (AAPL) we wrote that "Traders who are not already long AAPL could go long AAPL at current levels risking to $116. Prices have broken out to a new 52-week high today so let's take a quick look at the charts again. In this daily bar chart of AAPL, below, we can see that prices have rallied and are breaking above the late January zenith. AAPL is in an uptrend above the rising 50-day and rising 200-day moving averages. A $188 price target is shown.
5 Top Stock Gainers for Friday: Stamps.com, Galectin, GM
Stamps.com, Galectin Therapeutics, General Motors, Far Peak Acquisition and Carver Bancorp are five top stock gainers for Friday. Stamps.com | Increase 64%Shares of Stamps.com (STMP) - Get Report jumped after the shipping-solutions specialist agreed to be acquired by software-focused private-equity firm Thoma Bravo for $6.6 billion cash. Galectin Therapeutics | Increase 36%Galectin Therapeutics (GALT) - Get Report skyrocketed after the biopharmaceutical company reported positive data from a clinical trial for its treatment for metastatic melanoma and head and neck cancer. General Motors | Increase 4%General Motors (GM) - Get Report rose after Wedbush analyst Dan Ives began coverage of the auto titan with an outperform rating and an $85 price target. Carver Bancorp | Increase 43%Carver Bancorp (CARV) - Get Report continued to rise as one of the country’s oldest and largest African-American-backed financial institutions caught the attention of retail traders.
When Bargain Hunting for Dividend Stocks, Don't Forget COST
TREE, COST, BJ, WMT, DG, BIG, DLTR Stocks quotes in this article: LCOver the last few months, we've seen hiring perk up as the domestic economy has reopened and vaccination levels rose, but even with the economic impact and other stimulus checks that came about as a result of the pandemic, many consumers are still looking for ways to stretch their spending dollars. According to data published by JungleScout, clos...
Death toll in Florida condo collapse now 78, mayor says
The death toll in the collapse of a Miami-area condo building rose to 78 on Friday, a number the county mayor called “heartbreaking” and “staggering” as recovery workers toiled for a 16th day to find victims in the rubble. Miami-Dade Mayor Daniella Levine Cava said the work to recover victims was still continuing with all urgency. “This is a staggering and heart breaking number that affects all of us very deeply,” Levine Cava said of the updated death toll. Hopes of finding survivors were briefly rekindled after workers demolished the remainder of the building, allowing access to new areas of debris. Meanwhile, authorities are launching a grand jury investigation into the collapse, and at least six lawsuits have been filed by families.
Discover Financial Higher; Price Targets Rise at Citi, Barclays
Analysts at Citi and Barclays raised their price targets on credit-card issuer Discover Financial. Analyst Arren Cyganovich also raised his price target on the Riverwoods, Ill., company to $150 from $101. Discover Financial Services shares at last check were 5.5% higher at $121.65. Analysts at Barclays also lifted their price target on Discover, to $146 from $132, while affirming an overweight rating. Discover Financial shares have more than doubled (up 162%) over the past 12 months, compared with a 151% increase for its financial-services peers, according to Bloomberg data.
Condo collapse death toll has risen to 78 after 14 more victims recovered, Miami-Dade mayor says
No one has been found alive since the first hours after building fell on June 24. SURFSIDE, Fla. (AP) — The death toll in the collapse of a Miami-area condo building rose to 78 on Friday, a number the mayor called “heartbreaking” and “staggering” as recovery workers toiled for a 16th day to find victims in the rubble. “This is a staggering and heart breaking number that affects all of us very deeply,” she said of the new death toll. AdvertisementHope of finding survivors was briefly rekindled after workers demolished the remainder of the building, allowing access to new areas of debris. No one has been pulled out alive since the first hours after the 12-story building fell on June 24.
Rising construction costs challenge D-FW apartment builders
Rising costs of everything from building materials to labor and land are putting the pressure on apartment building in some markets – including the Dallas area, according to a new report by RealPage. In May, apartment building permits in the Dallas area were down more than 23% for the previous 12 months. Apartment building permits were also down in other major U.S. markets. New York ranks first nationally with more than 35,000 building permits during the same period. At midyear, 38,654 apartment units were under construction in North Texas - the most of any metro area RealPage reports.
Southlake alcohol sales are up 67% since Texas reopened. Here’s where people spent the most
Alcohol sales continue to skyrocket into the summer, with more than $2.5 spent at Southlake bars and restaurants in May. In February — before Gov. Greg Abbott ended the statewide mask mandate and reopened businesses and bars — local restaurants and bars reported roughly $1.5 million in alcohol sales, putting May’s sales 67% over that mark. Mi Cocina saw the greatest change in alcohol sales from February to May, with a 715% increase, although it was not the highest seller in the city. Here are the Southlake restaurants and bars where patrons spent the most on alcohol in May, according to data provided by the state.
Fatal crash closes portion of 215 Beltway in Las Vegas
The Nevada Highway Patrol said the crash was reported at 8:14 a.m. on the beltway near West Cheyenne Avenue. A fatal vehicle crash has closed a segment of the 215 Beltway in the Las Vegas Valley. (RTC traffic camera)A fatal crash closed a segment of the 215 Beltway in the Las Vegas Valley on Friday morning. The Nevada Highway Patrol said the crash was reported at 8:14 a.m. on the beltway near West Cheyenne Avenue. Further details were not immediately released but motorists were advised to avoid the area if possible.
Powerful senator pushes Realtors to drop housing campaign | Steve Bousquet
Realtors are very politically engaged in a state where real estate — buying it, selling it, developing it — is a pillar of both politics and the economy, and where a lack of affordable housing is a crisis worsened by soaring home prices. Realtors are in every city and town in Florida, and they can’t be taken lightly as a political force. In just a few weeks they raised $13 million and spent $2.5 million on collecting the needed 892,000 voters’ signatures by their long-time partner SGS (Strategic Guidance Systems), a Gainesville consulting firm owned by political strategist Pat Bainter.
Editorial: No Route 53 extension? How about a greenway in Chicago’s northern suburbs?
As concerns about suburban sprawl made the idea of a busy new highway less appealing, support for the extension dimmed. In 2017 the U.S. Public Interest Research Group, a consumer advocacy outfit, had included the project on its list of the country’s most wasteful roadway boondoggles. And in October 2018 the Chicago Metropolitan Agency for Planning, the entity that adjudicates which transportation projects get whatever federal funding is available, had dropped the Route 53 extension from its priority list.
Biden tells Putin Russia must crack down on cybercriminals
Zeke Miller and Eric TuckerAssociated PressWashington — President Joe Biden told Russian President Vladimir Putin in a Friday phone call that he must “take action” against cybercriminals acting in his country and that the U.S. reserves the right to “defend its people and its critical infrastructure,” the White House said. The conversation came less than a month after the two leaders met in Geneva, when Biden warned against continuing cyberattacks on U.S. businesses and infrastructure emanating from Russia. A new ransomware attack linked to the REvil hacking group based in Russia caused widespread disruption last weekend, affecting as many as 1,500 businesses. The White House said “President Biden underscored the need for Russia to take action to disrupt ransomware groups operating in Russia and emphasized that he is committed to continued engagement on the broader threat posed by ransomware. “President Biden reiterated that the United States will take any necessary action to defend its people and its critical infrastructure in the face of this continuing challenge,” the White House added.
Moody's upgrades Wayne County's credit rating
Wayne County's credit rating has been upgraded to A3 by Moody’s Investor Service, a move fueled by years of fiscal improvements, the agency said. An improved credit rating can allow a municipality to negotiate more favorable borrowing terms. Moody's said the upgrade in the county's credit rating "... reflects the county's material bolstering of operating fund balance and liquidity aided by restructuring of retiree benefits which greatly reduced the county's annual fixed cost burden. Moody’s findings also suggest the rating could improve further if Wayne County sustains economic growth and expands its tax base. “The positive outlook reflects the likelihood that the county's credit profile will continue to strengthen based on its strong financial position,” the report said.
Semiconductor shortage hits Ram truck, Jeep Grand Cherokee production
It's the first time the supply constraint will halt production of the new Ram truck and the two-row Grand Cherokee for a week. Detroit's Jefferson North Assembly Plant, home to Jeep's most popular SUV and the Dodge Durango SUV, will idle next week along with Sterling Heights Assembly Plant. Production of the Ram 1500 Classic, the previous-generation pickup Stellantis sells as a value option, had stopped temporarily earlier this year at Warren Truck Assembly Plant. Ford Motor Co. has had to stop production of its F-150 pickups in the past because of the microchip shortage. The Jeep Compass crossover plant in Toluca, Mexico, is down next week because of the microchip shortage.
Chick-fil-A ranked as America's best fast-food restaurant. See the study's Top 10
According to a study that ranks customer satisfaction, Chick-fil-A is the best and has been for several years. The American Customer Service Index says Chick-fil-A scored 83 out of a possible 100 points, putting it a few points ahead of the second-place finisher, Domino’s pizza – but one point below its score last year. The top 10 in the limited-service category after Chick-fil-A and Domino’s were KFC, Starbucks, Five Guys, Panera Bread, Pizza Hut, Arby’s, Chipotle Mexican Grill and Dunkin’. In the full-service category, LongHorn Steakhouse came out on top with a score of 81 out of 100. It was followed by – in order – Olive Garden, Texas Roadhouse, Cracker Barrel, Outback Steakhouse, Red Robin, Applebee’s, Chili’s, Red Lobster, TGI Friday’s, The Cheesecake Factory, Buffalo Wild Wings, Denny’s and IHOP.
The top 10 fast-food restaurants for customer satisfaction
The American Customer Service Index says Chick-fil-A scored 83 out of a possible 100 points, putting it a few points ahead of the second-place finisher, Domino’s pizza – but one point below its score last year. The study was based on interviews with 19,423 customers via email between April 1, 2020, and March 29, 2021. “Customers were asked to evaluate their recent experiences with the largest companies in terms of market share.”
Biden tells Putin Russia must crack down on cybercriminals
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........WASHINGTON — President Joe Biden told Russian President Vladimir Putin in a Friday phone call that he must “take action” against cybercriminals acting in his country and that the U.S. reserves the right to “defend its people and its critical infrastructure,” the White House said. The conversation came less than a month after the two leaders met in Geneva, when Biden warned against continuing cyberattacks on U.S. businesses and infrastructure emanating from Russia. A new ransomware attack linked to the REvil hacking group based in Russia caused widespread disruption last weekend, affecting as many as 1,500 businesses. The White House said “President Biden underscored the need for Russia to take action to disrupt ransomware groups operating in Russia and emphasized that he is committed to continued engagement on the broader threat posed by ransomware. “President Biden reiterated that the United States will take any necessary action to defend its people and its critical infrastructure in the face of this continuing challenge,” the White House added.
Chick-fil-A ranked as America's best fast-food restaurant. See the study's Top 10
According to a study that ranks customer satisfaction, Chick-fil-A is the best and has been for several years. The American Customer Service Index says Chick-fil-A scored 83 out of a possible 100 points, putting it a few points ahead of the second-place finisher, Domino’s pizza – but one point below its score last year. The top 10 in the limited-service category after Chick-fil-A and Domino’s were KFC, Starbucks, Five Guys, Panera Bread, Pizza Hut, Arby’s, Chipotle Mexican Grill and Dunkin’. In the full-service category, LongHorn Steakhouse came out on top with a score of 81 out of 100. It was followed by – in order – Olive Garden, Texas Roadhouse, Cracker Barrel, Outback Steakhouse, Red Robin, Applebee’s, Chili’s, Red Lobster, TGI Friday’s, The Cheesecake Factory, Buffalo Wild Wings, Denny’s and IHOP.
Live updates: Death toll in Florida condo collapse now 78 after 14 more victims recovered
SURFSIDE, Fla. (AP) — The death toll in the collapse of a Miami-area condo building rose to 78 on Friday, a number the mayor called "heartbreaking" as recovery workers toiled for a 16th day to find victims in the rubble. Miami-Dade Mayor Daniella Levine Cava said the work to recover victims was still continuing with all urgency. "This is a staggering and heartbreaking number that affects all of us very deeply," Levine Cava said of the new death toll. On Thursday, Paraguay's foreign minister said in a radio report that the body of the sister of that country's first lady was among those found. Rescue workers now focused on finding remains instead of survivors have pledged to keep up their search for victims until they clear all the debris at the site.
Sainsbury's and Royal Mail investor eyes London float for energy empire
Billionaire Sainsbury's and Royal Mail investor Daniel K?etínský is weighing a London float of his energy empire, deepening his war chest as new potential targets loom. The move comes after Mr K?etínský, 45, raised his stake in Sainsbury's supermarket to just under 10pc in April, triggering speculation about a possible bid - although he has said his interest lies in a minority stake. There has since been growing interest from international investors in buying British retailers, leading to intense speculation that Sainsbury's will be pounced on next. The board of Morrisons has recommended a £6.3bn takeover led by US private equity firm Fortress Group, having rejected an offer from Clayton, Dubilier & Rice, but a bidding war looms with Apollo Global interested in entering the fray. Mr K?etínský has also built up a 15.6pc stake in Royal Mail, netting him an estimated £450m paper profit during the 12 months to May as the shares rose on the back of demand for parcels during lockdown.
Bangladesh: Rising sea levels force women into sex work
When you write about rising sea levels and intensifying cyclones, you don't expect to end up in a brothel, talking about human trafficking. But instead of finding Pervin factory work, the woman brought her to Banishanta brothel and sold her. Even though sex work is legal, sex workers - and any children - are hugely stigmatised in mainstream culture. The women tells us their homes frequently flood, even from a small storm. Rina was sold into sex work when she was 10.
Mass labor shortage in the exclusive Hamptons leaving the rich to cut their own lawns
A mass labor shortage has left the privileged residents of the Hamptons fending for themselves. A mass labor shortage has left the wealthy and privileged residents of the Hamptons fending for themselves in ways they could never imagine. According to the survey, hospitality jobs are unpopular, with 38% of former hospitality workers reporting that they are not even considering a hospitality job for their next position. In the Hamptons, the shortage means it's almost impossible for residents seeking an electrician, plumber, or gardener. The labor shortage has even hit Hamptons residents' beauty regimes, as salons struggle to find enough staff to meet the staggering demand.
Barbara Kay: Mary Simon’s flippancy about French is a danger to Canada
Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content The only fly in the ointment is Simon’s near-complete unfamiliarity with French. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Cosh admits that his defence of Simon’s language deficit may seem “slightly dismissive of the standing of the French language in Canada.” (Ya think?
Tips for selling a car that has been in an accident
Tips for selling a car that has been in an accident Damage history doesn’t have to be a deal-breakerArticle content When you’re selling a used car, there are a few questions you’ll likely hear from most potential customers. Article content Selling a car with accident history can be challenging, depending on how you present the history, as well as how you frame the information. Try refreshing your browser, or Tips for selling a car that has been in an accident Back to video More On This Topic What is a lien? Decide whether to repair the vehicle Selling a vehicle with unrepaired damage is difficult, though not impossible. Provide a vehicle history report A CARFAX Canada Vehicle History Report can be a buyer’s top resource for information about a vehicle.
Biden tells Putin Russia must crack down on cybercriminals
President Joe Biden speaks about the American troop withdrawal from Afghanistan, in the East Room of the White House, Thursday, July 8, 2021, in Washington. (AP Photo/Evan Vucci)President Joe Biden speaks about the American troop withdrawal from Afghanistan, in the East Room of the White House, Thursday, July 8, 2021, in Washington. (AP Photo/Evan Vucci)WASHINGTON (AP) — President Joe Biden told Russian President Vladimir Putin in a Friday phone call that he must “take action” against cybercriminals acting in his country and that the U.S. reserves the right to “defend its people and its critical infrastructure,” the White House said. The White House said “President Biden underscored the need for Russia to take action to disrupt ransomware groups operating in Russia and emphasized that he is committed to continued engagement on the broader threat posed by ransomware. “President Biden reiterated that the United States will take any necessary action to defend its people and its critical infrastructure in the face of this continuing challenge,” the White House added.
What we know about the dead and unaccounted for in the Surfside condo collapse
From his parents’ Brooklyn home on Wednesday, Jonathan told CNN affiliate WPVI he remembers texting his mom moments after the collapse. “We extend our deepest condolences to Andreas’ family, friends, classmates and faculty as they deal with this unimaginable tragedy,” a statement read. “We don’t know anything, we don’t have any closure and that’s what hurts,” Fernández told CNN. 6 Colombian citizensSix Colombian citizens are unaccounted for following the collapse, Colombian foreign ministry spokesperson Maria Camila Mugno told CNN on Friday. 3 members of Velasquez familyThree members of the Velasquez family are also believed missing after the building collapse, according to family members.
‘Our Menu Is Very Darwinian.’ Leading McDonald’s in 2021.
So we’ve talked about jobs and opportunity. We’ve talked about helping communities in crisis. We’ve talked about planet. And we’ve talked about supporting local farmers and ranchers. Those are the areas that we’ve said are specific to our business where we feel like we’ve got a role to play.
Why this southern state is becoming the world's Bitcoin mining capital
Why this southern state is becoming the world's Bitcoin mining capitalWhy are bitcoin miners are moving to Texas?
Premium cars boost Volkswagen profit above pre-pandemic levels
A Porsche 911 Carrera 4S stands in the evening light in a drive-in cinema on the circuit of the Leipzig Porsche factory. Volkswagen's first-half operating profit is expected to reach around 11 billion euros ($13 billion), it said on Friday, topping pre-pandemic levels on strong demand in Europe and the United States, particularly for Porsches and Audis. In the same period last year, Volkswagen posted an operating loss of 1.49 billion euros, hit by the coronavirus crisis, while it made a profit of around 9 billion in the first half of 2019. Business in China, the world's largest car market, was slightly weaker in the period, Volkswagen said. The group said first-half reported automotive net cash flow was expected to reach around 10 billion euros, versus 5.57 billion in 2019 and a negative 4.8 billion last year.
AMC shareholders are making a huge mistake, Loop Capital says
AMC Entertainment said this week that it would not seek to issue more stock after input from its shareholders, many of whom are Reddit-focused retail traders. Loop Capital Markets believes these investors are making a massive blunder.
The two most important charts in the bond market, according to traders
It's been a rocky week for stocks as falling yields raised fears the global economic recovery from the pandemic will come in fits and starts. CNBC's "Trading Nation" asked two technicians to cut through the noise and share the chart that explains the market dynamics in play right now. Bill Baruch, president of Blue Line Capital, is watching the Federal Reserve. "It's most important to highlight the Fed's balance sheet, not the massive expansion we've seen over the last decade, but really the Fed's balance sheet over just this year," Baruch said Thursday. "They're buying debt, and ultimately, what you're seeing is as you're underpinning the Treasury complex you're suppressing yields."
Financial aid agency will stop servicing federal student loans. Here's what you need to know
The Pennsylvania Higher Education Assistance Agency — which oversees loans of 8.5 million student borrowers — announced it would not renew its contract with the federal government when it ends later this year. Just around 5% of borrowers who've applied for the national public service loan forgiveness program, which PHEAA administers, have been approved according to recent data. The agency, which is known to borrowers as FedLoan, is one of several companies the Education Department pays to manage the government's $1.59 trillion student loan portfolio. More from Personal Finance:The upside to inflation: rising wagesThe stock market is falling. PHEAA's contract with the government will end on Dec. 14, 2021.
7 free checking accounts that don’t charge overdraft fees
Banks typically charge overdraft fees when you overdraw your checking account. But there are some banks that offer year-round free checking accounts that do not allow customers to incur overdraft fees. $50 (Axos also has an Essential Checking account that is free to open and also does not charge overdraft fees, but does not provide interest.) : 0% (Betterment's checking account debit card provides cash back on debit card purchases each month.) Big banks such as Bank of America, Chase, Citi, U.S. Bank and Wells Fargo also provide checking accounts that do not charge overdraft fees, but do charge maintenance fees.
Loan relief approved for more for-profit college students
FILE - In this March 17, 2021, file photo, Education Secretary Miguel Cardona speaks during a press briefing at the White House in Washington. (AP Photo/Andrew Harnik, File)FILE - In this March 17, 2021, file photo, Education Secretary Miguel Cardona speaks during a press briefing at the White House in Washington. The U.S. Education Department has announced it will forgive student loans for more than 1,800 borrowers who attended for-profit colleges that made false recruiting claims. ADVERTISEMENTLast month, the Biden administration erased student debt for more than 18,000 borrowers of the ITT Technical Institute, another defunct for-profit college. Former Education Secretary Betsy DeVos issued new rules meant to scale back loan forgiveness, which she said had become too easy to obtain.
Why Toyota's reversal on Republican financial support matters
More than half the House Republican conference voted against certifying President Biden's election victory in January, prompting many corporate PACs to curtail support for the anti-election lawmakers. In fact, Toyota's corporate PAC stood out as unique: Relying on data from Citizens for Responsibility and Ethics in Washington (CREW), Axios reported last week that the automaker delivered more campaign contributions to more anti-election Republicans than any other. Is their willingness to overturn an American election so wrong that we should stop throwing money at them?" The Washington Post's Dana Milbank devoted a brutal column to the issue, reflecting on the automaker's indifference to constitutional democracy. Corporations need to realize that their contributions are receiving greater scrutiny, and those that choose to support these anti-election Republicans financially will face public pressure.
Former Treasury Secretary Lew explains: 'How to fix tax evasion'
Former Treasury Secretary Jack Lew, who served during the Obama administration, joined Stephanie Ruhle to break down tax loopholes benefitting the wealthiest Americans. He also discussed how the IRS can reform the tax system to collect hundreds of billions of dollars they miss out on each year due to a lack of enforcement.
Pandemic garbage boom ignites debate over waste as energy
Environmentalists and renewable energy advocates are debating whether creating more energy by burning the excess waste is a safe idea. Environmentalists and renewable energy advocates are debating whether creating more energy by burning the excess waste is a safe idea. Communities have also opposed waste-to-energy plants because of concerns about airborne particulate matter that can have negative health consequences. Attempts to convert more pandemic garbage into energy are likely to be controversial, said Frank Roethel, director of the Waste Reduction and Management Institute at the State University of New York at Stony Brook. “And waste to energy doesn’t necessarily get the recognition, but it could certainly reduce emissions.”___Associated Press writer Janet McConnaughey in New Orleans contributed to this report.
Nio Throws New Challenge At Tesla As Competition Heats Up
Nio (NIO) plans a vast expansion of EV battery swapping stations as competition with Tesla (TSLA) heats up. In June, Nio's EV sales in China rose 20% month over month while Tesla's June sales in the country fell month over month. Nio Stock, EV StocksShares of Nio fell 1.8% to 44.76 on the stock market today, after initially popping to 47.01 soon after the open. HSBC analyst Yuqian Ding upgraded Nio stock to buy with a 69 price target. And it's taking its superchargers and swap stations to Norway, where it's expanding to further challenge Tesla.
GM Is Recalling Almost Half A Million Pickups Because Their Side Air Bags Can Explode
GM Is Recalling Almost Half A Million Pickups Because Their Side Air Bags Can ExplodeEnlarge this image toggle caption Gene J. Puskar/AP Gene J. Puskar/APDETROIT (AP) — General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. Documents posted Friday by U.S. safety regulators say the air bag inflator can rupture or the end cap can fly off on both sides of the trucks. Documents say three inflators ruptured in 2015 Silverados last month, one in Florida and two in Texas. All three trucks were unoccupied at the time, and GM says it has no reports of injuries. Owners will be notified starting Aug. 16 and they'll get a second letter when parts are widely available.
TSM Stock Consolidates, Trades Near Key Support Level Ahead Of Quarterly Results
Dow Jones Soars 400 Points To Lead Stock Market Rebound; S&P 500 Hits New High5:15 AM ET Stocks bounced back midday Friday as the Dow Jones Industrial Average rallied more than 400 points and the S&P 500...5:15 AM ET Stocks bounced back midday Friday as the Dow Jones Industrial...
Thiel-Backed Crypto Firm To Join Growing Ranks Of Bitcoin Stocks
The new Bitcoin stocks will join Coinbase (COIN), which went public in April via a direct listing. Bullish would be competing with Coinbase, the largest cryptocurrency exchange in the U.S., and others around the world. IBD Live: A New Tool For Daily Stock Market AnalysisPrice of Bitcoin, Bitcoin StocksSPACs, or special-purpose acquisition companies, have become a popular vehicle to go public over the past year. Such companies are already public, and exist to merge with a private company and, in turn, take that company public. Among other Bitcoin stocks, Coinbase rose 3%.
Dow Jones Soars 400 Points To Lead Stock Market Rebound; S&P 500 Hits New High
Stocks bounced back around midday Friday as the Dow Jones Industrial Average rallied more than 400 points and the S&P 500 hit a new high. XThe Dow Jones industrials rallied 1.3%, the S&P 500 rose 1% and the Nasdaq added 0.8% in the stock market today. Among exchange traded funds, Innovator IBD 50 (FFTY) recovered 1.3%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) climbed 0.4%. Dow Jones Winners And LosersDow Inc. (DOW) led the blue chip index with a 2.8% gain in heavy trade. Only one Dow Jones stock, Microsoft (MSFT), sat out the rally.
Dow's 400-point rally highlighted by gains in Dow Inc., Goldman Sachs stocks
The Dow Jones Industrial Average is rallying Friday morning with shares of Dow Inc. and Goldman Sachs seeing positive momentum for the index. The Dow DJIA, +1.15% is trading 399 points higher (1.2%), as shares of Dow Inc. DOW, +2.67% and Goldman Sachs GS, +2.93% have contributed about 25% of the blue-chip gauge's intraday rally. Dow Inc.'s shares are up $1.75, or 2.9%, while those of Goldman Sachs are up $9.96, or 2.8%, combining for a roughly 77-point boost for the Dow. Caterpillar CAT, +2.59% , JPMorgan Chase JPM, +2.70% , and Travelers TRV, +2.38% are also contributing significantly to the gain. Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
Remember Bobby Bonilla? Mets Fans Do. So Should Public Pension Funds.
Bobby Bonilla Day just passed, an annual occurrence that lives in infamy for many Mets fans. It helps demonstrate the most basic concept of finance—the time value of money—and how the Bonilla deal relates to the nation’s public pensions. But that 6.9% projection now far exceeds yields on corporate bonds, pension funds’ traditional mainstay investment. “The investment return assumption is the single most consequential of all actuarial assumptions in terms of its effects on a pension plan’s finances. According to a report from the American Legislative Exchange Council, those unfunded liabilities for state-run pension plans total $5.82 trillion, an average of $17,748 per person across the nation.
China’s Overheated Real Estate Bonds Offer High Yields. They Are Only for the Brave.
The Kraneshares CCBS China Corporate High Yield Bond USD Index exchange-traded fund (ticker: KCCB) is down 1.5% over the past two weeks, a plunge by fixed-income standards. “Outside of Asia, credit markets are priced for perfection,” Lukaszewski says. Real estate developers are the heart of China’s corporate bond market, and its problems. “Investors are making up reasons to sell.”One company’s problems are real enough: China Evergrande Group (3333.Hong Kong), No. A rescue for Evergrande would buoy the rest of the market, predicts Omotunde Lawal, head of emerging markets corporate debt at Barings.
Investor Confidence Is Slumping, New Survey Shows
Investors are less confident about both the market and the economy than they were just three months ago, a new survey shows. The numbers from the survey, conducted quarterly by financial services provider RBC Capital Markets, indicates investors are tempering their enthusiasm for stocks. Of 79 investors, many of them portfolio managers from the U.S., 47% described themselves as bullish—a drop from 51% recorded in March. Investors describing valuations as expensive or very expensive climbed to 58%, up from 54% in March. In the June survey, 73% characterized themselves as bullish about the economy over the next six months to a year.
China Nudges Banks to Lower Rates. What That Says About Its Economy.
China’s central bank may be shifting its focus from inflation to a slowing economy. The People’s Bank of China on Friday trimmed the amount of money banks need to set aside by 0.5 percentage points as a way to lower bank lending rates. China’s economic data softened in June, with expansion in its factory sphere slowing in June amid weaker export demand and supply bottlenecks and its services sector softening as coronavirus outbreaks crimped spending, leading many banks to lower economic growth outlooks for the company. Instead, Green sees it as a way of addressing Beijing’s concerns about the pressure on small- and medium enterprises, with the central bank explicitly singling out smaller banks and companies for support. Capital Economics’ Julian Evans-Pritchard characterized the move as a nudge by the People’s Bank of China to banks to lower lending rates without changing broader policy—a reason he also thinks economic implications of the cut could be small.
‘The language of consumer debt is rife with moral undertones’: Read MarketWatch’s new Extra Credit column
Hello and welcome to Extra Credit, a weekly look at the news through the lens of consumer debt. In the business world and financial media, this area of coverage — student loans, mortgages, credit cards and other credit products — are often referred to, somewhat sterilely, as consumer finance. (Read more of MarketWatch reporter’s Andrew Keshner’s coverage of the expanded child tax credit here). They’re also urging congress to pass a bill that would protect the child tax credit and EITC from seizure permanently. During my time covering student debt, I’ve been pitched countless stories about surprising ways to fix the student-debt crisis, but only one has really gained traction: Income-share agreements.
Peter Thiel’s $5 billion Roth IRA moves Congress to consider changes to investment account’s rules
Paypal PYPL, +1.79% co-founder Peter Thiel’s $5 billion Roth individual retirement account balance has some members of Congress second-guessing the tax policies of these investment vehicles. Also see: ‘I’m still not on the Roth IRA bandwagon’: Have you made these tax blunders? Neal isn’t the only critic of the ways in which some Roth IRAs are used. Sen. Ben Cardin also supports a change to the system, ProPublica reported. The senator is “considering reforms, such as banning the use of IRAs to purchase nonpublic investments,” his spokesman told ProPublica.
UPDATE 1-U.S. judge ends Amazon challenge to $10 bln cloud contract after Pentagon cancellation
Amazon.com had accused then-President Donald Trump, alleging that the former president exerted improper pressure on military officials to steer the contract away from Amazon. The Pentagon said on Tuesday it expected the new multi-billion dollar contract would be split between Amazon and Microsoft. The Pentagon hopes to have the first awards by April 2022 for its new Joint Warfighter Cloud Capability (JWCC). John Sherman, acting chief information officer for the Defense Department, said on Tuesday he expects both Microsoft and Amazon will get cloud contracts. Amazon's Amazon Web Services cloud unit said it agreed with the Pentagon's decision to cancel the contract.
Investors ‘shouldn’t overreact’ to treasury yields: BondCliq CEO
BondCliq CEO Chris White joins Yahoo Finance Live to discuss the latest market action. If you're looking in the fixed-income space, whether it's the German Bund-- obviously nothing in Japanese government bonds. I think that's why we shouldn't overreact and start looking at the Treasury market-- the way we have traditionally-- as something that's going to forecast how future US economic performance is going to be. And it depends on what parts of the market you're looking at. These are the things that, I think, are being sort of overlooked as we obsess over moves in the 10-year Treasury.
Federal Reserve pledges 'powerful support' for economy
FILE - In this June 22, 2021 file photo, Federal Reserve Board chairman Jerome Powell testifies on the Federal Reserve's response to the coronavirus pandemic during a House Oversight and Reform Select Subcommittee on the Coronavirus hearing on Capitol Hill in Washington. The Federal Reserve says, Friday, July 9, its low interest rate policies are providing “powerful support” for the economy as it recovers from the coronavirus pandemic. (Graeme Jennings/Pool via AP, File)WASHINGTON (AP) — The Federal Reserve says its low interest rate policies are providing “powerful support” for the economy as it recovers from the coronavirus pandemic. Fed Chairman Jerome Powell will testify Wednesday before the House Financial Services Committee, and Thursday before the Senate Banking Committee. But the report repeated the view of Powell and other Fed officials that any spike in inflation is likely to be temporary.
Job numbers show pandemic’s hardest hit continue to struggle most
“Our biggest concern is those workers who are at risk of dropping out of the labour market altogether. Long-term unemployment remains a concern – almost half a million Canadians have been without work for six months or longer. The federal government has made commitments towards the creation of one million jobs and investments in skills and training. “As we inch towards pre-pandemic levels of employment, we have to remind the Prime Minister that there can be no going back. This means working with the government on their promise to create one million jobs, and ensuring those jobs pay a living wage and include access to benefits like paid sick leave and easier paths to unionization.
Markets in Green, Ignoring Growth Concerns
And so we see this play out in our recent Goldilocks scenario in the market: reliably strong growth, but not too hot, were our narrative for most of the past few months. The first was the recent Construction Spending headline for May, which came in a surprisingly low -0.3% from expectations of +0.5%. This headline took a surprising downward turn to 60.1% from 63.3% expected, which was already lower than 64.0% reported for May. And anything over 50% indicates growth; 60.1% may have been anecdotally light, but does not indicate any sort of breakdown. But even there, Alibaba BABA has rebounded 1.6% this morning, and Tencent TCEHY has gained 3% before the opening bell.
5 Good Reasons to Buy These 5 Strong Buy Stocks
Story continuesAnd what can be safer than Zacks #1 Rank (Strong Buy) stocks that have been proven to generate strong above-market growth in the last 20+ years? You can see the complete list of today’s Zacks #1 Rank stocks here. The 2021 estimate is up 41.1% while the 2022 estimate is up 95% in the last 90 days. The 2021 estimate is up 54.0% in the last 90 days while the 2022 estimate is up 35.1%. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance.
Levi Strauss (LEVI) Q2 Earnings Beat Estimates, Revenues Up
Compared with second-quarter fiscal 2019, net revenues declined 3% on a reported basis and 4% at cc. In comparison with second-quarter fiscal 2019, net revenues in the Americas increased 3%, while wholesale revenues rose 4% and revenues through all digital channels rallied 61%. In Asia, revenues in the second-half are likely to remain below fiscal 2019 levels, due to the impacts of the pandemic. 3 Retail Stocks to ConsiderTarget Corporation TGT, sporting a Zacks Rank #1, has a long-term earnings growth rate of 13.3%. Costco Wholesale Corporation COST has a long-term earnings growth rate of 9.1%.
Thoma Bravo To Acquire Stamps.com In $6.6B Deal
MarketWatchStamps.com Inc. announced Friday an agreement to be acquired by software investment firm Thoma Bravo in a cash deal that values the web-based mailing and shipping services company at $6.6 billion. Stamps' stock soared 35.6% in premarket trading, prior to a trading halt for news. Under terms of the deal, which is expected to close in the third quarter of 2021, Stamps shareholders will receive $330 in cash for each Stamps share they own, representing a 67% premium to Thursday's closing price of $1
CLASS ACTION UPDATE for PCT, ATHA and RKT: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders
NEW YORK, NY / ACCESSWIRE / July 9, 2021 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. 55 Broadway, 10th FloorNew York, NY 10006jlevi@levikorsinsky.comTel: (212) 363-7500Fax: (212) 363-7171www.zlk.comSOURCE: Levi & Korsinsky, LLPView source version on accesswire.com:https://www.accesswire.com/654865/CLASS-ACTION-UPDATE-for-PCT-ATHA-and-RKT-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders
4-Day Deadline Alert: The Schall Law Firm Reminds Investors of a Class Action Lawsuit Against PureCycle Technologies, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Fir
LOS ANGELES, CA / ACCESSWIRE / July 9, 2021 / The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against PureCycle Technologies, Inc. ('PureCycle' or 'the Company') (NASDAQ:PCT) for violations of the federal securities laws. We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. When the market learned the truth about PureCycle, investors suffered damages. The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. CONTACT:The Schall Law FirmBrian Schall, Esq.,www.schallfirm.comOffice: 310-301-3335info@schallfirm.comSOURCE: The Schall Law FirmView source version on accesswire.com:https://www.accesswire.com/654852/4-Day-Deadline-Alert-The-Schall-Law-Firm-Reminds-Investors-of-a-Class-Action-Lawsuit-Against-PureCycle-Technologies-Inc-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-Contact-the-Firm
DIDI ALERT: National Law Firm Labaton Sucharow Investigating Claims on Behalf of DiDi Shareholders Following Announcement of Chinese Cybersecurity Investigation
NEW YORK, NY / ACCESSWIRE / July 9, 2021 / Labaton Sucharow LLP, a nationally ranked and award-winning shareholder rights law firm, is investigating claims on behalf of investors in DiDi Global Inc (NYSE:DIDI) after China's internet regulator ('CAC') announced a cybersecurity review of the company. Chinese regulators announced the investigation on July 2, 2021, just two days after DiDi held its IPO on the New York Stock Exchange. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at http://www.labaton.com. Story continuesCONTACT:David J. Schwartz(800) 321-0476david@labaton.comSOURCE: Labaton Sucharow LLPView source version on accesswire.com:https://www.accesswire.com/654923/DIDI-ALERT-National-Law-Firm-Labaton-Sucharow-Investigating-Claims-on-Behalf-of-DiDi-Shareholders-Following-Announcement-of-Chinese-Cybersecurity-Investigation
Zacks Earnings ESP: A Better Way to Find Earnings Surprises for Basic Materials
Now that we know how important earnings and earnings surprises are, it's time to show investors how to take advantage of these events to boost their returns by utilizing the Zacks Earnings ESP filter. The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. Stocks with a #2 (Buy) and #1 (Strong Buy) rating, or the top 15% and top 5% of stocks, respectively, should outperform the market, with Strong Buy stocks outperforming more than any other rank. Using the Zacks Earnings ESP to your advantage is just the start. Make sure to check out the Earnings ESP Home Page for even more earnings-related tips and tricks to design a winning investment portfolio.
More Student Loan Upheaval: What FedLoan Ending Its Contract Means for Borrowers
The agency also has been responsible for running the government’s Public Service Loan Forgiveness (PSLF) program. “There’s a lot of uncertainty right now in the student loan system,” Sattelmeyer says. FedLoan is one of the largest student loan servicers, but it is also one of the more controversial. Federal student borrowers are scheduled to resume payments in October, after a 18-month-long interest-free forbearance period. Borrowers Eligible for Public Service Loan Forgiveness Face Massive Delays on Student Debt ReliefA Technicality Is Holding up Student Loan Forgiveness for More Than 67,000 Borrowers© Copyright 2021 Ad Practitioners, LLC.
Billions Flow to Even Most-Expensive Funds in ETF Cash Flood
(Bloomberg) -- This year’s enthusiasm for exchange-traded funds is so intense that even the most-expensive varieties are raking in cash. The intake for pricey funds was the best-ever in a half-year period -- and a massive rebound from the $2.3 billion they lost in the last six months of 2020. “The ETF industry is looking more like a barbell,” said Nate Geraci, president of the ETF Store, an advisory firm. Story continues“It is also reflective of the move towards actively managed ETFs,” said Ben Johnson, Morningstar’s global director of ETF research. Read more: Cathie Wood Inspires Boom in New Funds That Upend ETF OrderOverall, cheap prices seem to remain the biggest magnet for investors.
JinkoSolar, Maersk Shipping Bond Over End-To-End Transportation, Digitalized Logistics Solutions
Motley FoolShares of NIO (NYSE: NIO) have been trending down in concert with other U.S.-listed Chinese stocks over the past several days. The stock rebounded early Friday after the company held its Power Day 2021 event, jumping more than 3%, but that bump didn't last, and shares were trading 1.2% below Thursday's close as of 11:15 a.m. EDT on Friday. The news likely explains the early gains in the stock, but there also may still be overhang from investors concerned about the Chinese government cracking down on U.S.-listed companies.
Yahoo U: What is an ETF?
BenzingaIn 1792, about 24 stockbrokers and merchants gathered in lower Manhattan under a buttonwood tree to sign an agreement that would allow them to trade with each other at a set commission. This became known as the Buttonwood Agreement and marked the foundation of the New York Stock Exchange (NYSE). Fast forward over 200 years — markets like the NYSE and Nasdaq are dominated by innovative companies such as Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL). But the exchanges themselves have undergone fe
Loan relief approved for more for-profit college students
In announcing the shift, Cardona said gay, lesbian and transgender students “have the same rights and deserve the same protections” as workers. The Biden administration is erasing more than $55 million in debt for former students of Westwood College, the Marinello Schools of Beauty and the Court Reporting Institute. The chain told students their course could be transferred to other colleges, but that often was not the case, the Education Department said. Last month, the Biden administration erased student debt for more than 18,000 borrowers of the ITT Technical Institute, another defunct for-profit college. DeVos also implemented a new formula that offered only partial loan relief even if claims were granted.
The pandemic has expanded waistlines and fattened Levi's sales
And that is helping to spur strong sales of looser fitting Levi's jeans (which are higher priced) among other key styles, explained Levi's CFO Harmit Singh on Yahoo Finance Live. About 42% of people polled in a recent survey from the American Psychological Association said they gained more weight than they intended during the pandemic. Sales rose by triple-digit percentages in Levi's three regions of business: Americas, Europe, and Asia. Docker's sales gained an impressive 100% from last year. What’s hot from Sozzi:Watch Yahoo Finance’s live programming on Verizon FIOS channel 604, Apple TV, Amazon Fire TV, Roku, Samsung TV, Pluto TV, and YouTube.
Tyson expands chicken recall over possible listeria contamination
Nearly 500,000 additional pounds of Tyson Foods chicken are being recalled over fears that it could be contaminated with harmful bacteria. The recalled products – listed here – were produced at a Dexter, Missouri, plant between Dec. 26, 2020, and April 13, 2021, according to Tyson's voluntary recall notice. THESE MAJOR RETAILERS SOLD TYSON'S RECALLED CHICKEN PRODUCTSSome of these retailers include Walmart, Wegmans, Publix and H-E-B, all of which sell Tyson Foods inc. products and issued separate notices regarding the recall on their respective websites. "Working in conjunction with the Centers for Disease Control and Prevention (CDC) and state public health partners, FSIS determined there is evidence linking the Listeria monocytogenes illnesses to precooked chicken produced at Tyson Foods Inc.," FSIS said. TYSON RECALLS READY-TO-EAT CHICKEN PRODUCTS DUE TO POSSIBLE LISTERIA CONTAMINATION"We’re committed to providing safe, healthy food that people rely on every day," Scott Brooks, Tyson Foods senior vice president of food safety and quality assurance, said.
Tyson expands chicken recall over possible listeria contamination
Nearly 500,000 additional pounds of Tyson Foods chicken are being recalled over fears that it could be contaminated with harmful bacteria. The recalled products – listed here – were produced at a Dexter, Missouri, plant between Dec. 26, 2020, and April 13, 2021, according to Tyson's voluntary recall notice. THESE MAJOR RETAILERS SOLD TYSON'S RECALLED CHICKEN PRODUCTSSome of these retailers include Walmart, Wegmans, Publix and H-E-B, all of which sell Tyson Foods inc. products and issued separate notices regarding the recall on their respective websites. "Working in conjunction with the Centers for Disease Control and Prevention (CDC) and state public health partners, FSIS determined there is evidence linking the Listeria monocytogenes illnesses to precooked chicken produced at Tyson Foods Inc.," FSIS said. TYSON RECALLS READY-TO-EAT CHICKEN PRODUCTS DUE TO POSSIBLE LISTERIA CONTAMINATION"We’re committed to providing safe, healthy food that people rely on every day," Scott Brooks, Tyson Foods senior vice president of food safety and quality assurance, said.
How Levi Strauss, American Eagle Shaped Cramer's View of the Economy
Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that retailers including Levi Strauss (LEVI) - Get Report and American Eagle Outfitters (AEO) - Get Report have shaped his current view of the economic recovery. In his latest column on Real Money, Cramer said that rather than attributing the shape of the recovery to a letter of the alphabet, he's looking at a check mark. "The check mark is here and it seems that very few expected it or knew what to do with it, but those who did are crushing it like at no other time in their history," Cramer wrote. Read his full take on the economy on Real Money. Recap TheStreet Live: Everything Jim Cramer Is Watching 7/9/21
Jim Cramer on Delta Variant: Vaccines Are Good for Business
Jim Cramer attributed much of Thursday's market selloff to the delta variant in Thursday's episode of CNBC's Mad Money. "America has one of the best vaccination programs in the world and we're still getting hammered by the delta variant of COVID. Just imagine how bad the situation is in the rest of the world and you'll understand why investors are selling," Scott Rutt wrote in his Mad Money Recap. Earlier Thursday on TheStreet Live, Cramer touched on the continued market threat of COVID, referencing the psychological impact banning spectators from the upcoming Olympics had on sellers. Recap TheStreet Live: Everything Jim Cramer Is Watching 7/9/21
Crypto Exchange Bullish to Go Public in $9B Blank-Check Deal
Bullish plans a SPAC merger with Far Peak Acquisition to launch a regulated cryptocurrency exchange. Bullish, a unit of blockchain software company Block.one, said in a statement that it planned to launch a regulated cryptocurrency exchange. The deal includes a $300 million private investment in public equity anchored by EFM Asset Management of Hong Kong. Upon completion of the deal, Far Peak Chairman and Chief Executive Thomas Farley, former president of the New York Stock Exchange, will become CEO of Bullish. Bullish said it would run a private pilot program leading up to its public launch where participants will be able to test and experience the platform first-hand within a simulated market environment.
Triple Crown: Let's Look at Three Dividend Kings
MO, NWN, PM, BUD, CRON Stocks quotes in this article: MMMWhen it comes to dividend growth, the Dividend Kings are second to noneA company joins the exclusive Dividend Kings by raising its dividend for at least 50 consecutive yearsMembership is so difficult to attain that there are currently just 31 wearing the crownEven better, many of the Kings pay at least a 3% dividend yieldWith the S&P 500 index off...
Highly Shorted Upstart Needs a Kickstart
During the Lightning Round segment of Mad Money Thursday night one caller asked about Upstart (UPST) . "I don't understand the short position in this stock. This company is really good," commented Jim Cramer about the online lender that offers consumer loans. The short interest in UPST is around 10 million shares. The trend following Moving Average Convergence Divergence (MACD) oscillator is below the zero line and bearish.
Pitney Bowes Jumps Following Stamps.com Sale Plan
Pitney Bowes was rising after Stamps.com said PE firm Thoma Bravo is paying $6.6 billion cash for the shipping-solutions company. In late January Pitney Bowes shares touched a 52-week high $15.50. In the first quarter, Pitney Bowes narrowed its net loss to 18 cents a share from $1.22 a share in the year-earlier quarter. On Friday Stamps.com said it agreed to be acquired by software-focused private-equity firm Thoma Bravo for $6.6 billion cash. During this window, the board will have the right to terminate the Thoma Bravo agreement with no penalty, the companies said.
Divorce & Taxes 101: Filing Taxes After a Divorce
With TurboTax Live, you can connect with real tax experts or CPAs to help with your taxes — or even do them for you. Get unlimited tax advice right on your screen from live tax experts as you do your taxes, or have everything done for you—start to finish. Filing your taxes for the first time is easy with TurboTaxIf this is the first time filing your taxes yourself with TurboTax, don’t worry. If you have questions, you can also connect live via one-way video to a TurboTax Live tax expert with an average 12 years-experience to get your tax questions answered. TurboTax Live tax experts are available in English and Spanish, year-round.
The Very Severe Rotation Action Continues, Making Trading Quite Challenging
The very severe rotation action continues, which is making trading quite challenging. The FATMAAN names are seeing only minor strength today, but growth stocks are bouncing well, and small-caps (IWM) are leading. There has been some chatter that the action this week was caused by 'technical' trading rather than 'fundamental' considerations. All market action is a combination of technical and fundamental trading, and it is possible to determine to what degree one or the other is determining the action. The selling in small-caps this week has helped to push quite a few names to support levels and slowly accumulating some favored names.
After 6.0 quake sends rocks, merchandise falling, scores of aftershocks rattle Sierra Nevada
Lorri Martin, a deli supervisor at Walker Country Store, had been sticking labels on merchandise when she first felt the shaking. Weak to light shaking was felt as far away as Lake Tahoe, Sacramento, San Francisco and San Jose, according to the U.S. Geological Survey. AdvertisementAt one point, rockslides closed about 40 miles of the highway, a major route through the northern Sierra Nevada, authorities said. Elliott, who was in San Francisco at the time, felt strong shaking and tweeted: “This made our apartment sway like wild. Lin reported from San Francisco, Miller from Los Angeles and Myers from Sacramento.
GM recalls 400,000 pickups over air bags exploding without warning, including two Texas cases
General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. Documents posted Friday by U.S. safety regulators say the air bag inflator can rupture or the end cap can fly off on both sides of the trucks. Documents say three inflators ruptured in 2015 Silverados last month, one in Florida and two in Texas. Dealers will replace both side air bag modules.
McKinney alcohol sales are up 143% since Texas reopened. Here’s where people spent the most
Alcohol sales continue to skyrocket into the summer, with more than $4.8 million spent at McKinney bars and restaurants in May. In February — before Gov. Greg Abbott ended the statewide mask mandate and reopened businesses and bars — local restaurants and bars reported roughly $2 million in alcohol sales, putting May’s sales 143% over that mark. Gloria’s Latin Cuisine saw the greatest change in alcohol sales from February to May, with a 1,144% increase, making it the highest seller in the city. Here are the McKinney restaurants and bars where patrons spent the most on alcohol in May, according to data provided by the state.
Milwaukee rape case exposed dysfunction in police, FPC, City Hall
Where to find help The City of Milwaukee Health Department has resources for sexual assault survivors here. Section break for Abuse of Trust Erin CaugheyThe Milwaukee Journal Sentinel does not publish the names of people who report being sexually assaulted unless they agree. In a lawsuit filed against the Police Department and the city last year, she used the pseudonym Jane Doe. Milwaukee Police Chief Edward Flynn and Milwaukee Mayor Tom Barrett appeared together at a MacArthur Square news conference in 2016. Milwaukee Journal SentinelFlynn didn't leave quietly.
Milwaukee police chief, FPC fights, lawsuits, resignations: A timeline
Morales later says DeVougas assures him he will be reappointed as police chief if he fires Officer Collins. July 17, 2019: Haywood attends a Milwaukee Police Foundation meeting, although he is not a member. Morales later says he gave no directions or suggestions about how it should be investigated. December 4, 2019: DeVougas cancels a previously scheduled Fire and Police Commission meeting. December 13, 2019: DeVougas publicly says there’s no rush to complete the reappointment process.
Democrats nominate Alexis Gevanter for open state Senate seat. Greenwich lawyer
Republicans will select their nominee on Saturday. Three Greenwich Republicans are running — state Rep. Harry Arora, Ryan Fazio, who works in commodities markets and serves in the Representative Town Meeting, and Leora Levy, a Republican National Committeewoman. Levy was nominated by former President Donald Trump to serve as U.S. ambassador to Chile but a confirmation vote was never held.
State employee unions sue to block Lamont order to return to offices. Workers more productive at home, union says.
SEBAC and the administration agreed last year that “not all jobs are conducive to telework,” with employees who are able to work from home to continue to do so, the union coalition said.
Georgia marijuana regulator inches toward issuing licenses | GreenState
ATLANTA (AP) – A Georgia regulator is getting closer to issuing licenses to grow medical marijuana, but isn’t quite there yet. The Georgia Access to Medical Cannabis Commission voted Wednesday to finalize scores given to grower applications. Those scores will be used to award licenses, but the commission stopped short of awarding them. “Let them go home to their families.”Joshua Littrell, CEO of Veterans for Cannabis, said he’s eager for the commission to issue licenses. “We’re two years from passing a bill that said you could grow, process and distribute medical cannabis oil in our state,” he said.
State, Enbridge aim to complete Line 5 mediation by end of August
The state of Michigan and Enbridge expect to complete mediation over the future of Line 5 in the Straits of Mackinac by the end of August, the parties told a federal judge Thursday. Enbridge wants to "work cooperatively to reconcile interests, resolve disputes and move forward" through the mediation process, spokesman Ryan Duffy said Friday. She argued that Enbridge had "persistent and incurable violations" of the easement as well as violations of the public trust document. The company also removed Michigan's suit from state court to federal on similar grounds. The state continues to fight the removal of the case to the conservative-leaning federal court.
State budget includes $500M to clean up Ohio's brownfield sites, demolish vacant buildings
It's the biggest chunk of state money for these purposes in close to a decade. The money in the state's Clean Ohio Revitalization Fund ran out in 2013. Close to $800 million was spent over the 13 years of that program to clean up sites around the state. For example, Clean Ohio money was used to clean up the former Timken site at Cleveland and East Fifth avenues in Columbus that is now home to Rogue Fitness. The Columbus and Franklin County land banks for years have been demolishing scores of vacant and abandoned homes.
When electric vehicles are everywhere, these gasoline cars could become valuable
GM and several automakers have vowed to transform nearly all of the world's cars to electric over the next few decades — or sooner. Stellantis has said 96% of its nameplates to be sold in the U.S. will be low-emission vehicles by 2030. "Some, certainly wanted the mid-engine — newest, latest-greatest Corvette," Hagerty said. THE VAN GOGH OF VEHICLESThen, there are the challenges to driving, Clark said. "During the next 15-year period, all the gasoline cars will have to get recycled," Clark said.
Federal Reserve pledges 'powerful support' for economy
WASHINGTON (AP) — The Federal Reserve says its low interest rate policies are providing “powerful support” for the economy as it recovers from the coronavirus pandemic. In its twice-a-year report to Congress on monetary policy released Friday, the Fed indicated that it planned to maintain that support until further progress is made in recovering from last year's severe recession. Over the first half of this year progress on vaccinations helped to re-open the economy and produced strong economic growth, according to the Fed, but it said the lingering effects of the pandemic continue to weigh on the economy, with employment still well below pre-pandemic levels. Shortages of materials and difficulties in hiring had held back activity in a number of industries and bottlenecks and other transitory factors had boosted inflation, according to the Fed. The Fed debated the contents of the report at its last meeting on June 15-16.
We should be getting a lot more from the EU for our £40bn
That doesn’t mean the UK should simply refuse to pay the amount agreed. First, a beefed-up trade deal to include services. It was always ridiculously one-sided to have free trade in all the stuff they are good at and not in what we are best at. At the very least the trade deal should be extended to include services. The trade deal with the EU excluded finance (again, surprise, surprise, one of the few industries where the UK has a clear competitive advantage).
U.N. Security Council extends Syria cross-border aid for 12 months
UNITEDNATIONS – The U.N. Security Council agreed on Friday to extend a cross-border aid operation into Syria from Turkey after Russia agreed to a compromise in last minute talks with the United States that ensures U.N. aid access to millions of Syrians for 12 months. The council mandate for the long-running aid operation was due to expire on Saturday.
Nord Stream 2: A pipeline too far?
Out at sea, far from prying eyes, work on Nord Stream 2 remains unfinished. Russia and Germany want to complete the gas pipeline linking the two countries as soon as possible, but others are doing all they can to stop it happening. AdvertisingWill Nord Stream 2, the second of two gas pipelines linking Russia and Germany under the Baltic Sea, ever be operational? The United States and several EU countries, have joined forces with Nord Stream 2’s most vociferous opponent: Ukraine. Nord Stream 2, the gas pipeline linking Russia and Germany under the Baltic Sea © Studio graphique FMMBut Nord Stream 2's Russian and German backers insist that it is a purely commercial project.
E.U. fines BMW, VW US$1 billion over collusion to hold back emissions improvement
The European Commission said on Thursday three German carmakers breached E.U. antitrust rules by restricting competition in emission cleaning for new passenger diesel cars, fining BMW and Volkswagen Group a total of 875 million euros (US$1 billion). “The five car manufacturers Daimler, BMW, Volkswagen, Audi, and Porsche possessed the technology to reduce harmful emissions beyond what was legally required under E.U. But they avoided to compete on using this technology’s full potential to clean better than what is required by law,” said E.U. “This underlines that there has never been any allegation of unlawful manipulation of emission control systems by the BMW Group,” the company said in a statement.
Gyms, indoor dining to reopen in Ontario on July 16 as province moves to Stage 3
Gyms, indoor dining to reopen in Ontario on July 16 as province moves to Stage 3Gyms and sports facilities can open at 50 per cent capacity. Indoor dining can also resume with no limits on people per table as long as distancing is maintainedOntario will move to the third stage of its reopening plan next Friday — several days ahead of schedule — allowing gyms and restaurants to open indoor operations and larger gatherings to take place outside. Try refreshing your browser, or Gyms, indoor dining to reopen in Ontario on July 16 as province moves to Stage 3 Back to videoPremier Doug Ford thanked Ontarians who have been administering and receiving vaccines, saying they’ve helped the province move ahead faster. Face coverings and physical distancing requirements will remain in place during Step 3. Indoor gatherings and public events are limited to 25 people and outdoor gatherings are limited to 100 people with some exceptions.
On the map: Lots of space to live
Share this Story: On the map: Lots of space to liveOn the map: Lots of space to live Photo by SuppliedReviews and recommendations are unbiased and products are independently selected. Article content Thornhill 45 Thornridge Dr. (Centre and Yonge streets) We apologize, but this video has failed to load. Try refreshing your browser, or On the map: Lots of space to live Back to videoAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content Potential buyers were mostly families with kids and were drawn by the size of the lot.
Opinion : How a hidden Biden victory could deal a big blow to Trumpian nationalism
Another is for a low-tax subsidiary to sell products to a higher-tax one at an inflated price. The money shifted to the former becomes “profits” taxed at a lower rate. Still another is for a company to shift intellectual property to ownership by a low-tax subsidiary, which then leases it to higher-tax subsidiaries, moving profits to the lower-tax one.
Celebrity Lawyer Michael Avenatti Sentenced to Prison for Nike Extortion
The charisma-fueled hype reached such heights that the now 50-year-old lawyer mused that he might just run for president himself. Soon, controversy started to bubble around the newly appointed star lawyer and, in a Scaramuccian blink, Avenatti was gone. On Thursday, the Arc of Avenatti was completed, as a federal judge sentenced him to two-and-a-half years in prison after being convicted by a jury for trying to extort Nike for more than $20 million. Avenatti, perhaps more than anyone outside Trumpworld, fit the Trump-era life cycle as outcast turned star turned criminal. That would be a fitting end to the Avenatti story, if he were not so thoroughly embroiled in other legal disputes.
Rwanda to deploy 1,000 troops to insurgency-hit Mozambique
Temporary housing in Tara Tara district of Matuge, northern Mozambique on February 24, 2021. The location functions as a centre for internally displaced persons who fled their communities due to attacks by armed insurgents in the Cabo Delgado province. Rwanda said on Friday it will send a thousand troops to Mozambique to help the country battle extremist militants wreaking havoc in the north of the gas-rich nation. "The government of Rwanda, at the request of the government of Mozambique, will today start the deployment of a 1,000-person contingent of the Rwanda Defence Force and the Rwanda National Police to Cabo Delgado Province," Kigali said in a statement. The Rwandan contingent will work with the Mozambique Armed Defence Forces and those from SADC "in designated sectors of responsibility", said the statement from Kigali.
ETF Spotlight: Raw materials remain under pressure
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailETF Spotlight: Raw materials remain under pressureCNBC's Morgan Brennan takes a look at the materials sector as fears of a downturn put pressure on those stocks.
Jim Cramer on his outlook for Target, Costco
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer on his outlook for Target, CostcoCNBC's Jim Cramer and David Faber discuss their outlook for the retail sector.
The economy is going to remain strong, says Northwestern Mutual's Brent Schutte
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe economy is going to remain strong, says Northwestern Mutual's Brent SchutteBrent Schutte, Northwestern Mutual Wealth Management chief market strategist, and Margie Patel, Wells Fargo Asset Management senior portfolio manager, join "Squawk on the Street" to discuss markets and where the economy is headed.
Cramer on White House executive order tackling corporate consolidation
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer on White House executive order tackling corporate consolidationThe White House on Friday will announce a new executive order aimed at cracking down on anticompetitive practices in Big Tech, labor and numerous other sectors, CNBC’s Ylan Mui reported. The sweeping order, which includes 72 actions and recommendations that involve a dozen federal agencies, is intended to re-shape the thinking around corporate consolidation and antitrust laws. CNBC's Jim Cramer and David Faber discuss.
Stamps.com to be acquired by Thoma Bravo for $6.6 billion
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStamps.com to be acquired by Thoma Bravo for $6.6 billionStamps.com said on Friday private equity firm Thoma Bravo would take the e-commerce shipping solutions provider private for about $6 billion in cash. CNBC's Jim Cramer and David Faber discuss.
Levi Strauss CEO on navigating supply chain issues
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLevi Strauss CEO on navigating supply chain issuesLevi Strauss CEO Chip Bergh joined "Squawk on the Street" to discuss how the company is navigating supply chain issues as the pandemic continues to impact manufacturing and shipping.
Levi Strauss CEO: Pandemic weight fluctuations creating demand for new clothes
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLevi Strauss CEO: Pandemic weight fluctuations creating demand for new clothesLevi Strauss CEO Chip Bergh joined "Squawk on the Street" to discuss the company's blowout second-quarter earnings results. He explains some of the catalysts that have led to an increase in demand for new clothes, including how shelter-in-place orders for the past year have affected consumer's waist sizes.
Wholesale inventories jump 1.3% in May
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWholesale inventories jump 1.3% in MayCNBC's Rick Santelli reports the final wholesale inventory numbers for the month of May, which saw a 1.3% increase.
The Amex Platinum now has a $695 annual fee: Is it still worth it?
Several new features were added, but to offset that cost, American Express raised the annual fee from $550 to $695 (see rates and fees). The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. What to know if you are considering the Amex PlatinumIf you're considering the Amex Platinum, it could be worth it for the first year, and then reevaluate when the second annual fee posts. If the annual fee is too expensive, don't fret — there are several other credit cards you can consider without a steep annual fee. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value.
Germany's Scholz says current Covid situation is 'completely different' to last year
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGermany's Scholz says current Covid situation is 'completely different' to last yearGerman Finance Minister Olaf Scholz discusses global Covid-19 vaccine access and the economic outlook amid the ongoing coronavirus crisis.
Space Capital's Chad Anderson on the state of billionaire space race before Branson launch
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSpace Capital's Chad Anderson on the state of billionaire space race before Branson launchChad Anderson, Space Capital managing partner, joins "Squawk on the Street" to discuss the rush to space by the likes of Sir Richard Branson and Jeff Bezos.
NZS Capital's Brad Slingerlend on how lawmakers should approach Big Tech regulation
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNZS Capital's Brad Slingerlend on how lawmakers should approach Big Tech regulationBrad Slingerlend, NZS Capital co-founder, joins "Squawk on the Street" to discuss the moves to regulate Big Tech within the U.S.
Full interview with Levi Strauss CEO Chip Bergh on Q2 earnings beat, outlook
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull interview with Levi Strauss CEO Chip Bergh on Q2 earnings beat, outlookLevi Strauss reported adjusted earnings of 23 cents per share, on revenue of $1.28 billion. That beat analyst expectations of 9 cents per share on revenue of $1.21 billion, according to Refinitiv. CEO Chip Bergh joined "Squawk on the Street" to discuss the quarterly results, the post-pandemic catalysts that are causing consumers to shop for new clothes and more.
Here's what Wells Fargo's Margie Patel expects for the US economy
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what Wells Fargo's Margie Patel expects for the US economyBrent Schutte, Northwestern Mutual Wealth Management chief market strategist, and Margie Patel, Wells Fargo Asset Management senior portfolio manager, join "Squawk on the Street" to discuss markets
The debt ceiling deadline is the end of July — Democrats have options, but no clear plan yet
Republicans, meanwhile, appear poised to revive the debt ceiling wars they waged during the Obama administration after four years of relative silence about the debt limit hikes passed under GOP President Donald Trump. If a deal on the debt limit hike falls prey to gamesmanship and procrastination, the consequences could be dire. Unless the debt ceiling is raised, the Treasury will need to start drawing on emergency accounts to pay the government's tab. The first option would be to tuck a debt ceiling hike into the massive reconciliation bill Democrats plan to pass later this year. The second option would be to set up a stand-alone vote to either suspend or raise the debt ceiling.
Cramer says he'd rather own Tesla than GM right now — but this auto maker is his favorite
This photo shows Ford 2018 and 2019 F-150 trucks on the assembly line at the Ford Motor Company's Rouge Complex on September 27, 2018 in Dearborn, Michigan. CNBC's Jim Cramer said Friday he believes shares of Tesla have fallen enough from their all-time highs that buying the electric vehicle maker is now more attractive than General Motors. Shares of GM were up more than 3% Friday morning. "I think it's a late call, and I like Tesla here," Cramer said. "I think it's come down enough; I'd rather be in Tesla."
How to get tax-free retirement savings
Of all the tax advantaged ways to save for retirement , the Roth IRA is one of the best. Before you hit retirement age, the money is easier to access than most other retirement accounts. Tax-free savings through your employerAnother option for tax-free retirement savings is a Roth 401(k)Three quarters of employers that offer a 401(k) plan allow employees to make Roth contributions, according to the Plan Sponsor Council of America. Also, unlike with a Roth IRA, federal rules require that you start taking distributions from a Roth 401(k) no later than age 72. But that shouldn't be an issue if you decide to roll your Roth 401(k) over into a Roth IRA when you leave the company.
Education Department urges Biden to extend student loan relief
The student loan relief, which Biden extended on his first day in office, is set to expire at the end of September. Still, student advocacy groups have urged the Biden administration not to resume collecting student loan payments until the Education Department has enacted a series of reforms to the system. The pandemic relief is saving student loan borrowers approximately $5 billion in interest payments each month, according to the Education Department. Some progressives who are pushing for an extension of student loan relief hope that it’s a prelude to the widespread cancellation of student loan debt that they’ve been seeking. Some private student loan industry players are also hoping the Education Department turns on payments this fall, at least for some borrowers.
EXCLUSIVE IMF pushing G20 for clear path to donate reserves to poor countries -Okamoto
REUTERS/Johannes P. ChristoVENICE, Italy, July 9 (Reuters) - The International Monetary Fund wants G20 countries to decide on a clear path over the next two days for allowing rich countries to contribute some $100 billion worth of newly issued IMF reserves to poorer countries, the Fund's No. The IMF SDR plan will distribute reserves to all 190 member countries in proportion to their ownership, with the lion's share going to G20 countries. Okamoto said the PRGT can only accept $30 billion in SDRs, leaving potentially up to $70 billion for new facilities. Regarding which countries can benefit from the new Resilience and Sustainability Trust, Okamoto said there will be some prioritization of countries based on need. "We’re giving an eye towards countries who need the most amount of support coming out of this crisis," Okamoto said.
GM Recalling More Than 400K Trucks Because Of Exploding Air Bags
DETROIT (AP) — General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. Documents posted Friday by U.S. safety regulators say the air bag inflator can rupture or the end cap can fly off on both sides of the trucks. All three trucks were unoccupied at the time, and GM says it has no reports of injuries.. Dealers will replace both side air bag modules.
Biden Moves To Restrict Non-Compete Agreements, Saying They're Bad For Workers
Biden Moves To Restrict Non-Compete Agreements, Saying They're Bad For WorkersEnlarge this image toggle caption Kevin Dietsch/Getty Images Kevin Dietsch/Getty ImagesPresident Biden is making a good on a campaign promise to curtail non-compete agreements. Meanwhile, businesses who support the use of non-compete agreements say they are vital for protecting trade secrets and investments. States have traditionally regulated the issueTo date, the regulation of non-compete agreements has been left to states. Three states — California, North Dakota and Oklahoma — already ban non-compete agreements, and close to a dozen states prohibit their use with low wage workers. Non-compete agreements are widely used in the private sectorThe White House estimates that non-compete agreements are used by roughly half of private-sector businesses for at least some of their employees, affecting anywhere between 36 and 60 million workers.
Dow Jones Surges 400 Points As Yields Snap Back; Tesla Stock Holds Above Key Support
The Dow Jones Industrial Average surged 400 points Friday, as the 10-year Treasury yield snapped back from this week's sharp losses. Dow Jones Today: 10-Year Treasury YieldThe Dow Jones Industrial Average rallied 1.2% Friday morning, while the S&P 500 moved up 0.9%. Stock Market ETF Strategy And How To InvestDow Jones Stocks: Nike Dow Jones leader Nike is extended past a consolidation's 148.05 buy point. According to IBD Stock Checkup, AMZN stock shows a strong 95 out of a perfect 99 IBD Composite Rating. Dow Jones Leaders: Apple, MicrosoftAmong the top Dow Jones stocks, Dow Jones leader Apple rose 0.4% Friday, cutting into Thursday's 0.9% fall.
Carver Bancorp's stock rockets again, even after large shareholder sold off his stake
Shares of Carver Bancorp Inc. CARV, +51.80% soared again in volatile morning trading Friday, and have now nearly quadrupled in three days, even as one of the bank's largest shareholders disclosed that he sold off his stake. The stock was up 71.9% to pace all gainers on major U.S. exchanges, on trading volume of 32.8 million shares, and have now rocketed 285% in three days. Lu was previously Carver's third largest shareholder with 153,438 shares, or 5.0% of the shares outstanding, according to June 14 filing. The stock also rose 8.0% on volume of 5.3 million shares on Wednesday. The stock has now rallied 480% year to date, while the SPDR S&P Regional Banking ETF KRE, +2.95% has advanced 23.4% and the S&P 500 SPX, +0.94% has gained 15.9%.
GM recalls 400,000 Chevy and GMC pickups because their side air bags can explode
DETROIT (AP) — General Motors GM, +3.67% is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks.
Carver Bancorp's stock rockets again, even after large shareholder sold off his stake
Shares of Carver Bancorp Inc. CARV, +51.74% soared again in volatile morning trading Friday, and have now nearly quadrupled in three days, even as one of the bank's largest shareholders disclosed that he sold off his stake. The stock was up 71.9% to pace all gainers on major U.S. exchanges, on trading volume of 32.8 million shares, and have now rocketed 285% in three days. Lu was previously Carver's third largest shareholder with 153,438 shares, or 5.0% of the shares outstanding, according to June 14 filing. The stock also rose 8.0% on volume of 5.3 million shares on Wednesday. The stock has now rallied 480% year to date, while the SPDR S&P Regional Banking ETF KRE, +2.95% has advanced 23.4% and the S&P 500 SPX, +0.94% has gained 15.9%.
Stamps.com Stock Is Soaring. Thoma Bravo Is Taking the Company Private for $6.6B.
Shares of Stamps.com rocketed more than 60% Friday after Thoma Bravo agreed to buy the e-commerce shipping provider for $6.6 billion. Thoma Bravo, a Chicago buyout shop, is paying $330 a share for Stamps.com (ticker: STMP), a near 67% premium to the company’s closing share price of $197.72 on Thursday. The sale to Thoma Bravo includes a 40-day go-shop, which expires on Aug. 18. The acquisition is the latest for Thoma Bravo, a software investor that is no stranger to big deals. In 2020, Thoma Bravo provided one of the biggest exits, when it sold Ellie Mae to the Intercontinental Exchange for $11 billion.
China’s monetary policy easing underlines worries about slowing growth
China signaled earlier this week that it planned to cut reserve requirements for banks, and the move it delivered Friday was seen tacitly underlining worries about slowing growth in the world’s second-largest economy. That means banks have to hold less cash in reserve, making more available to lend. The PBOC, in a note, effectively described the move as nothing special, said Société Générale economists Wei Yao and Michelle Lam. But even if the cut does end up being “liquidity-neutral,” it still sends a message, the SocGen economists said, in a research note. The cut was at the larger end of what could be expected, said Freya Beamish, chief Asia economist at Pantheon Macroeconomics.
U.S. wholesale inventories surge in May as businesses rush to keep up with strong sales
Inventories at U.S. wholesalers rose a sharp 1.3% in May as businesses rushed to keep up with a flood of demand for their goods and services. The recovering economy has spurred customers to snap up cars, appliances electronics and many other goods. Wholesale sales rose 0.8% in May and they are up a whopping 37% over the past year. Most companies have struggled to boost production as much as they would like, however, due to shortages of supplies and labor. While companies are facing lots of constraints, they are trying to ramp up production so they don’t lose out on any sales.
GM recalls 400,000 Chevy and GMC pickups because their side air bags can explode
DETROIT (AP) — General Motors GM, +3.70% is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks.
Opinion: The bull market in stocks may last up to five years — here are six reasons why
When the stock market sells off as it did Thursday, the right move was to buy your favorite stocks. We are still only in the early stages of what is going to be a three- to five-year bull market in stocks, for these six reasons. The bottom line: We will see 7%-8% GDP growth this year, followed by 4%-4.5% next year and above average growth after that, supporting a sustained bull market in stocks. But that is woefully low given the expected 7%-8% GDP growth and massive stimulus that has yet to kick in. In short, we will see a big surge in earnings while the stock market marks time, or even corrects.
Purdue Deal Comes Amid Progress on Opioid Litigation. There’s a Long Way to Go.
Attorneys general for a handful of states, including New York, ended their opposition to Purdue Pharma’s bankruptcy plan, clearing the way for a $4.5 billion settlement. The Covid-19 pandemic, however, derailed progress, as court dates were canceled and trials postponed. That New York trial, the first opioid trial to be held before a jury, has finally started. There are also trials ongoing in state court in California and in federal court in West Virginia. Even if they do, there’s still a there’s a long way to go.
GM recalls 400,000 Chevy and GMC pickups because their side air bags can explode
DETROIT (AP) — General Motors GM, +3.71% is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks.
8 Best Vanguard ETFs for Retirees
Here are eight Vanguard ETFs that retirees should consider for their portfolio. Vanguard Total Stock Market ETF (ticker: VTI)The big dog in Vanguard's kennel of ETFs, this total stock market fund boasts $250 billion in assets under management to make it one of the most dominant funds of any kind on Wall Street. Vanguard Value ETF (VTV)Another approach to lowering the risk profile of your investment portfolio is to consider a value investing strategy. Vanguard Total Bond Market ETF (BND)Of course, all the Vanguard ETFs discussed so far have focused on stocks. Eight of the best Vanguard ETFs for retirees:— Vanguard Total Stock Market ETF (VTI)— Vanguard S&P 500 ETF (VOO)— Vanguard FTSE Developed Markets ETF (VEA)— Vanguard Total International Stock ETF (VXUS)— Vanguard Dividend Appreciation ETF (VIG)— Vanguard Value ETF (VTV)— Vanguard Growth ETF (VUG)— Vanguard Total Bond Market ETF (BND)
Tesla Chinese Numbers Are Tough to Figure Out. What Wall Street Is Looking for.
Tesla produced and sold about 92,000 vehicles from its Chinese plant in the second quarter, up from about 79,000 in the first quarter. The company’s market share fell about 6% in the second quarter, compared with 2020’s second quarter, GLJ Research analyst Gordon Johnson wrote in a Thursday report. Each Tesla plant can manufacture roughly 400,000 to 500,000 vehicles a year after production is fully ramped up. But the men couldn’t feel more differently about Tesla stock. Year to date, Tesla stock is down about 7%.
Dow's 400-point rally highlighted by gains in Dow Inc., Goldman Sachs stocks
The Dow Jones Industrial Average is rallying Friday morning with shares of Dow Inc. and Goldman Sachs seeing positive momentum for the index. The Dow DJIA, +1.21% is trading 399 points higher (1.2%), as shares of Dow Inc. DOW, +3.13% and Goldman Sachs GS, +2.77% have contributed about 25% of the blue-chip gauge's intraday rally. Dow Inc.'s shares are up $1.75, or 2.9%, while those of Goldman Sachs are up $9.96, or 2.8%, combining for a roughly 77-point boost for the Dow. Caterpillar CAT, +2.63% , JPMorgan Chase JPM, +2.70% , and Travelers TRV, +2.58% are also contributing significantly to the gain. Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
Instacart replaces founder as CEO with Facebook exec ahead of expected IPO
Grocery-delivery startup Instacart named a new chief executive from Facebook Inc. on Thursday, moving its founder to the position of executive chairman ahead of an anticipated initial public offering. The new CEO, Fidji Simo, had worked at Facebook FB, +0.93% for a decade, most recently as head of the core Facebook app. She became the first female board member at Instacart in January, and current CEO and founder of the company Apoorva Mehta said he has “been blown away by her capabilities as a leader.” She becomes Instacart’s CEO effective August 2. The news comes ahead of the San Francisco-based company’s expected debut on the public stock markets this year, and on the heels of Instacart’s success during the coronavirus pandemic, which gave a boost to grocery delivery. One analyst found it curious that Mehta would relinquish the CEO role ahead of the company going public.
CIBC Announces Multi-Year Agreement to Use Microsoft’s Cloud-Based Platform
Canadian Imperial Bank of Commerce (CM) has established a strategic relationship with Microsoft Corp. (MSFT) to use Microsoft Azure as its primary cloud platform. The multi-year investment includes CIBC cloud technology, infrastructure, security, and talent training. CIBC said investing in public cloud technology will also help strengthen and expand its essential data protection and security foundations. Through the CIBC and Microsoft relationship, CIBC will gain access to a full suite of Microsoft training and certification programs, to support and continue to develop CIBC's top talent. The average Canadian Imperial Bank of Commerce price target of C$154.66 implies 10.1% upside potential to current levels.
Is Vanguard Target Retirement 2030 Fund (VTHRX) a Strong Mutual Fund Pick Right Now?
If you've been stuck searching for Target Date funds, consider Vanguard Target Retirement 2030 Fund (VTHRX) as a possibility. Since Vanguard Target Retirement 2030 Fund made its debut in June of 2006, VTHRX has garnered more than $41.88 billion in assets. When looking at a fund's performance, it is also important to note the standard deviation of the returns. Compared to the category average of 12.52%, the standard deviation of VTHRX over the past three years is 12.77%. Click to get this free reportGet Your Free (VTHRX): Fund Analysis ReportTo read this article on Zacks.com click here.
10 Best Vanguard Stocks to Buy Now
In this article, we discuss the 10 best Vanguard stocks to buy now based on Vanguard Group's holdings.. If you want to skip our detailed analysis of these stocks, go directly to the 5 Best Vanguard Stocks to Buy Now. With this context in mind, here is our list of the 10 best Vanguard stocks to buy now. Best Vanguard Stocks to Buy NowVanguard's Stake Value: $30,304,201,000 Percentage of Vanguard Group's 13F Portfolio: 0.83% Number of Hedge Fund Holders: 164We start our list of the 10 best Vanguard stocks to buy now with the digital payment network giant Visa Inc. (NYSE: V). Click to continue reading and see the 5 Best Vanguard Stocks to Buy Now.
Atlanta, Houston, and New York City Top List of Cities With Large Number Of Black Businesses Opening During Pandemic
Relatively fresh research from university economists disclosed that several cities with predominantly Black populations saw their rate of new businesses take off during the pandemic, occurring more so than cities with lower Black populations, CBS.news.com reported. The discovery came as black businesses have been walloped by the crisis. The research showed new businesses in Atlanta grew 56% relative to 2019, mainly in predominantly Black neighborhoods of College Park and East Point. In the nation’s fourth-largest city, Houston, startup rates rose by 32% in the Black neighborhoods of Sunnyside, Missouri City, South Acres, and Kashmere Gardens. The state’s growth rate was 10% in 2020 and entrepreneurship in predominantly White Manhattan declined that year.
Louisville police rescue 6-year-old girl after she was kidnapped by a stranger
StoryfulA dad rescued his two daughters from a sinking SUV on the Ohio River in Kentucky on July 4, with this bystander video showing what a close call it was.Harley Day was attending a fireworks display with his family at English Park in Owensboro when he briefly stepped out of the SUV, leaving his daughters – aged one and three – inside.The vehicle ended up in the water after his one-year-old put it in neutral, he said.“I had stepped out just for a second to ask my fiancee something … And within the time that I shut the door and looked over the front of my car to speak to her, my youngest Abby decided to put the truck into neutral,” Day told 14 News.Day tried to stop the vehicle, but fell and was dragged into the river, he told 14 News. There, with the help of others on the scene, he managed to get his girls out before the vehicle was fully submerged.“I wasn’t worried about my vehicle or myself. I was just worried about the safety of my kids,” he said.Footage captured by bystander Joey Adams shows the car being dragged underwater.While nobody was seriously hurt, Day said that losing the SUV was still a blow, as he worked as a delivery driver. He is asking anyone who would like to help him out to donate to a GoFundMe set up for the family. Credit: Joey Adams via Storyful
Levi Strauss & Co. Reports Second-Quarter 2021 Financial Results and Raises Fiscal 2021 Outlook
Financial Highlights for the Second QuarterCompany raises fiscal year 2021 outlook for both net revenues and EPS. Reported net revenues of $1.3 billion were up 156% versus second quarter of fiscal 2020; net revenues in the U.S. and China exceeded second quarter of fiscal 2019. Net income was $65 million; Adjusted net income was $93 million. (2) We define constant-currency Adjusted EBIT margin as constant-currency Adjusted EBIT as a percentage of constant-currency net revenues. (2) We define constant-currency Adjusted net income (loss) margin as constant-currency Adjusted net income (loss) as a percentage of constant-currency net revenues.
iBio Establishes Oncology Drug Discovery Pipeline with Three New Antibody Programs
Accordingly, iBio has entered into a research services agreement with FairJourney Biologics S.A. (“FairJourney”), leaders in antibody optimization. The Company operates a flexible, customer-oriented ‘one-stop shop’ approach to biologics development focused on quality, reliability and partnership. FORWARD-LOOKING STATEMENTSCertain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements.
I-Mab Expands Emerging Portfolio of Next Generation Novel Oncology Therapeutics Through Cutting-Edge mRNA and AI Technology Platforms
The collaborations with Immorna, an mRNA biotech company, and neoX Biotech, an AI-enabled R&D biotech company, allow I-Mab the access to transformative technologies in its quest to discover and develop novel oncology therapeutics. I-Mab will be developing novel anti-cancer antibody therapeutics through Immorna's pioneering self-replicating mRNA platform. About ImmornaFounded in 2019, Immorna is a fast-growing biotech company that focuses on developing self-replicating and conventional mRNA-based therapeutics and vaccines. About neoX BiotechneoX Biotech is a next-generation biotech company specializing in computational design for novel drug research and development. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.
The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of CarLotz, Inc. (LOTZ) Investors
LOS ANGELES, July 09, 2021--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired CarLotz, Inc. ("CarLotz" or "the Company") (NASDAQ: LOTZ) securities between December 30, 2020 and May 25, 2021, inclusive (the "Class Period"). On March 15, 2021, CarLotz announced its fourth quarter and full year 2020 financial results. During a related conference call, the Company stated that gross profit and gross profit per unit ("GPU") "were softer than . On this news, the Company’s stock price fell $0.79, or 8.5%, to close at $8.45 per share on March 16, 2021, on unusually heavy trading volume. View source version on businesswire.com: https://www.businesswire.com/news/home/20210709005091/en/ContactsThe Law Offices of Frank R. Cruz, Los AngelesFrank R. Cruz, 310-914-5007fcruz@frankcruzlaw.comwww.frankcruzlaw.com
SHAREHOLDER DEADLINE ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against DiDi Global Inc. and Encourages Investors with Losses in Excess of $500,000 to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / July 9, 2021 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against DiDi Global Inc. ('DiDi' or 'the Company') (NYSE: DIDI ) for violations of the federal securities laws. The Company's app would be subjected to a cybersecurity review by Cyberspace Administration of China ('CAC'). The CAC instructed all app stores in the country to remove the Company's app. The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Story continuesContactsThe Schall Law FirmBrian Schall, Esq.,www.schallfirm.comOffice: 310-301-3335info@schallfirm.comSOURCE: The Schall Law FirmView source version on accesswire.com:https://www.accesswire.com/654850/SHAREHOLDER-DEADLINE-ALERT-The-Schall-Law-Firm-Announces-the-Filing-of-a-Class-Action-Lawsuit-Against-DiDi-Global-Inc-and-Encourages-Investors-with-Losses-in-Excess-of-500000-to-Contact-the-Firm
ONGOING INVESTIGATION NOTICE: The Schall Law Firm Announces it is Investigating Claims Against Kanzhun Limited and Encourages Investors with Losses to Contact the Firm
Los Angeles, California--(Newsfile Corp. - July 9, 2021) - The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Kanzhun Limited ("Kanzhun" or "the Company") (NASDAQ: BZ) for violations of the securities laws. Kanzhun issues a press release on July 5, 2021, titled: "KANZHUN LIMITED Announces Cybersecurity Review in China." We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. CONTACT:The Schall Law FirmBrian Schall, Esq.
Stamps.com Merger Investigation: Halper Sadeh LLP Announces Investigation Into Whether the Sale of Stamps.com Inc. Is Fair to Shareholders; Investors Are Encouraged to Contact the Firm – STMP
Halper Sadeh encourages Stamps.com shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com. On behalf of Stamps.com shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. Halper Sadeh encourages Stamps.com shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com. Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Zachary Halper, Esq.
QFIN Alert: Johnson Fistel Launches Investigation into 360 DigiTech - Investors Suffering Losses Encouraged to Contact the Firm
SAN DIEGO, July 9, 2021 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against 360 DigiTech, Inc. (NASDAQ: QFIN) ("DigiTech") for violations of federal securities laws. DigiTech, through its subsidiaries, operates a digital consumer finance platform under the 360 Jietiao brand in the People's Republic of China. If you have information that could assist in this investigation, or if you are a DigiTech shareholder and are interested in learning more about the investigation, please contact Jim Baker ( jimb@johnsonfistel.com ) at 619-814-4471. About Johnson Fistel, LLP:Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. Contact:Johnson Fistel, LLPJim Baker, 619-814-4471jimb@johnsonfistel.com[Click here to join this action]CisionView original content:https://www.prnewswire.com/news-releases/qfin-alert-johnson-fistel-launches-investigation-into-360-digitech---investors-suffering-losses-encouraged-to-contact-the-firm-301328737.htmlSOURCE Johnson Fistel, LLP
Planet CEO on $2.8B SPAC deal, outlook
MarketWatchShares of Carver Bancorp Inc. soared again in volatile morning trading Friday, and have now nearly quadrupled in three days, even as one of the bank's largest shareholders disclosed that he sold off his stake. The stock was up 71.9% to pace all gainers on major U.S. exchanges, on trading volume of 32.8 million shares, and have now rocketed 285% in three days. On Thursday, the stock closed up 106.9% on record volume of 95.4 million shares, but pared intraday gains of as much as 267%, after the Ne
Can Reddit's silver "apes" beat the market?
Since March he's spent around $100 a week - half his spare cash – on silver coins. "FAMILY FOREVER"There's also truth in Redditors' claims that big players can influence the silver market. Funds like Blackrock's stockpiled 331 million ounces - the most ever - in 2020, Metals Focus said in a report for the Silver Institute; bar and coin buyers took home 200 million ounces more. This year, the consultancy expects funds to hoard 150 million ounces - the second highest level ever - and bar and coin buyers 253 million ounces. Of 39 analysts and traders polled by Reuters in April, only seven thought silver prices would average $30 or more in 2022.
Biden targets Big Tech in sweeping new executive order cracking down on anti-competitive practices
President Biden on Friday will sign a sweeping new executive order aimed at cracking down on anti-competitive behavior by Big Tech and other sectors including labor, health care and financial services. The order is intended to "reduce the trend of corporate consolidation, increase competition, and deliver concrete benefits to America’s consumers, workers, farmers, and small businesses," the White House said. Biden is expected to sign the order at 1:30 p.m. Big Tech is also under mounting pressure on Capitol Hill as lawmakers take up a series of sweeping new antitrust bills that could break up some of Silicon Valley's most powerful companies. It would also prevent the companies from favoring their own products over competitors using their services.
11 ways to pay off student loans fast
Fortunately, there are ways to pay off your student loans faster and save money. You can find the information you need on federal student loans by logging into your account at StudentAid.gov . And the longer you pay on student loans, the more likely you are to pay higher interest costs. The student loan interest tax deduction allows eligible taxpayers to deduct up to $2,500 of student loan interest as an above-the-line deduction, meaning you don’t have to itemize deductions in order to take this one. Ask about employer student loan repayment programsSome employers offer help for employees with student loan debt, and the number of employers offering such assistance could grow thanks to recent legislation.
Bloomingdale's to open first boutique luxury store, 'Bloomie's'
Department stores are going boutique and Bloomingdale’s is next. The luxury store chain will open its new smaller concept store, Bloomie’s, in Fairfax, Virginia, on Aug. 26 selling women’s and men’s apparel, beauty products, jewelry and a host of in-person experiences in a smaller space, the company announced. The new Bloomie’s, in the Mosaic District shopping mall, will be a smaller-sized retail store at just 22,000 square feet, down from 200,000 square feet of a typical Bloomingdale's storefront. The smaller concept store will also have a local D.C. restaurant serving up cocktails, coffee and Cuban food for shoppers. Our new Bloomie’s store will deliver everything they love about Bloomingdale’s in a highly edited, convenient, and unexpected way," Tony Spring, CEO of Bloomingdale’s said in a statement.
Stamps.com to be taken private in $6.6B deal
Stamps.com is being taken private in a $6.6 billion transaction, the company said on Friday. Thoma Bravo will pay Stamps.com shareholders $330 per share, an approximately 67% premium to where shares settled on Thursday. Thoma Bravo is a Chicago-based private-equity firm that focuses on investing in software and technology companies and has over $78 billion in assets. The deal includes a 40-day "go-shop" period where Stamps.com can solicit and consider other proposals from third parties. Barring the acceptance of a different proposal, the deal between Stamps.com and Thoma Bravo is expected to close in the third quarter of this year.
As Charts Suffer Damage, I See 2 Encouraging Signs
All but two of the index charts suffered some form of technical damage Thursday, including several changes in near-term trends. The S&P 500 and DJIA closed below their near-term uptrend lines and turned neutral from bullish as the DJIA also violated support. The Rydex Ratio (contrarian indicator), measuring the action of the leveraged ETF traders, remains bearish at 1.45 as of our last reading. This week's contrarian AAII bear/bull ratio (23.9/43.37) turned neutral from mildly bearish while the Investors Intelligence Bear/Bull Ratio (contrary indicator) remains bearish at 16.2/59.6. The 10-year yield remains in a downtrend from its March peak, which we view as a positive for equities regarding the valuation gap.
How Jim Cramer Knew Markets Would Bounce Back Friday
Markets bounced back from Thursday's selloff Friday with the Dow rising over 370 points in early intraday trading. On TheStreet Live Thursday, Jim Cramer said that the selloff was an opportunity to buy stocks. “When there’s fear, there’s opportunity,” Cramer said. In the video above, Jim Cramer breaks down how his call was guided by Real Money contributor Mark Sebastian's take on the Vix. Recap TheStreet Live: Everything Jim Cramer Is Watching 7/9/21
Bitcoin Mining: Everything Investors Should Know
The digital mining industry has evolved dramatically. With the growth of the network and the increase in usage, the computing power required to solve cryptographic problems has increased dramatically. It's become a legitimate business particularly as the price of cryptocurrencies and Bitcoin, in particular, has risen. Within just a few weeks of China cracking down on Bitcoin mining because of environmental concerns, we're seeing publically trading mining companies striking deals in Argentina, Canada, and Texas to redeploy that capacity. Bitcoin mining is changing, but its very flexibility supports the strength of the network and will turbocharge the adoption of renewable power as the BItcoin miners search out the lowest cost sources of that renewable power.
Our Technical Strategy for Speculative Anavex Life Sciences
Prices are trading above the rising 50-day moving average line. AVXL should be considered extended or overbought as it trades for more than twice the level of the 200-day moving average line which stands around $10.50 or so. In the weekly Japanese candlestick chart of AVXL, below, we can see a large upper shadow in early February but only a small upper shadow in late June. The rising 40-week moving average line is bullish but prices are extended or overbought when compared to this indicator. The weekly OBV line is bullish and so is the Moving Average Convergence Divergence (MACD) oscillator.
How Ross Gerber Spotted Tesla's Potential Early: Interview With Jim Cramer
Ross Gerber, Co-founder and CEO of Investment Advisor joined Jim Cramer on the floor of the New York Stock Exchange to discuss the debut of his GK ETF, Tesla (TSLA) - Get Report and much more.
Alameda tech hub shopping spree: $232 million in two months
ALAMEDA — An office building shopping spree in Alameda launched by two developers has reached nearly $232 million in less than two months, a remarkable stretch of property purchases in an East Bay tech hub. Paceline Partners completed the most recent deal in the Harbor Bay area of Alameda for more than $60 million. — $60.5 million for two big office buildings, one at 1321 Harbor Bay Parkway and the other at 1351 Harbor Bay Parkway, the most recent purchase. The 1321 Harbor Bay building totals 53,000 square feet and the 1351 Harbor Bay building totals 94,000 square feet. Oakland-based srmErnst Development Partners, a veteran real estate firm, was the seller of the half-dozen parcels that Invesco Real Estate bought, the county documents show.
NDK. inc order processor/ repairs processor/ customer service in dallas, TX
we are looking for the perfect fit: a wonderful, intelligent, organized, very flexible, calm, great humored, stable and SUPER detail oriented to serve our business as our order processor/ order tracker/ repairs processor/ repairs tracker/ customer service and Administration help. leaving personal things behind during work hours to truly focus only on our job, our needs for our customers and the work at hand. we need a very patient/ flexible/ kind personality and easy tone of voice on the phone with our customers. details and finesse matter to us, and need to matter to you for our customers. we are a hard working, very fair group, we need a collaborator like us who will do a great job we can all be proud of.
Take a look at this 12,000-plus square-foot Dallas home with spiral staircases and a theater
(Stephen Reed Photography) 2 / 12Take a look at the home at 5969 Westgrove Circle in Dallas. (Stephen Reed Photography) 3 / 12Take a look at the home at 5969 Westgrove Circle in Dallas. (Stephen Reed Photography) 4 / 12Take a look at the home at 5969 Westgrove Circle in Dallas. (Stephen Reed Photography) 11 / 12Take a look at the home at 5969 Westgrove Circle in Dallas. (Stephen Reed Photography) 12 / 12Take a look at the home at 5969 Westgrove Circle in Dallas.
Dallas bakery asks fans for $150,000 to sue similarly named restaurant
Meyer owns and operates Bisous Bisous Pâtisserie, a dessert shop in Uptown Dallas. More than six years after she opened, she heard rumblings that a similarly named restaurant and bar, Bisou, would open on the same street, McKinney Avenue. Many of them are 1-star complaints that appear to be attached to the wrong business, aimed at Bisou the restaurant, not Bisous Bisous the bakery. Meyer owns six federal trademarks for “Bisous Bisous” and “Bisous Bisous Patisserie,” according to her lawyer’s cease and desist letter. “To me, it’s two separately named things: Bisous Bisous Bakery is far different than our Bisou continental cuisine,” Truesdell says.
Colorado wildfires: Containment continues to rise on Muddy Slide, Sylvan fires
Currently, 50 large fires have burned 566,525 acres across the country, according to the National Interagency Fire Center. The Routt County fire is burning mostly timber with minimal behavior. Six crews, 19 Engines and four helicopters are working on hitting the estimated goal of containment by the end of July. Sylvan fireBurning 15 miles south of Eagle, near Sylvan State Park, the fire has grown to 3,792 acres acres since it began on June 20. Smoke or flames inside the Sylvan Fire perimeter may be visible from Forest Road 400.
Down to one: Alleged Four Corner Hustlers chief ‘Bro Man’ Spann now lone defendant in nearing trial
A long-awaited street-gang trial set to begin at the Dirksen Federal Courthouse later this summer is suddenly down to one defendant: Labar “Bro Man” Spann, the alleged chief of the murderous Four Corner Hustlers. Court officials have for years been planning a monthslong racketeering trial for Spann, Tremayne “Trigga” Thompson and Juhwun Foster. The trial is set for Sept. 13 and comes as Chicago again struggles with street violence, a scenario reminiscent of the federal racketeering trial of the Hobos “super gang” five years ago. Spann, Thompson and Foster also potentially faced the death penalty at one point, but prosecutors took it off the table in April 2020. On April 16, 2003, Thompson and Foster fatally shot Woods in the 1500 block of South Karlov on Spann’s orders, records show.
TheaterWorks, Goodspeed, Infinity Music Hall get federal grants ‘vital to recovery’
“Unlike most other venues, and thanks to our loyal patrons and funders, we’ve kept most of our team employed this past year creating virtual content. This funding will go a long way to ease the pressure on our small staff. We’re excited to produce live theater this summer on the riverfront and to bring folks back into our beautifully renovated space in October – we couldn’t do that without this grant and public support. We’ll be announcing our season very soon.”
Critics: Postal Service plans imperil community newspapers
Postal Service's plan to raise mailing rates could present one more damaging blow to community newspapers already reeling from the coronavirus pandemic and advertising declines, a trade group says. The price jump is part of a broad plan pushed by Postmaster General Louis DeJoy to overhaul mail operations. The impact of the periodical rate increase is expected to be felt most by small daily and weekly newspapers, as well as rural newspapers, which depend on the Postal Service since they have shifted from using independent contractors for deliveries. Postal officials have said 70% of mail would still be delivered within three days. The Senate in late May approved three new appointees, nominated by President Joe Biden, to the Postal Service's governing board, giving Democratic appointees a majority on the board.
When can state of Ohio employees expect to be back in office? It depends on the agency
State employees started trickling back into the office in recent weeks after more than a year of working remotely during the COVID-19 pandemic. However, agency timelines vary as agencies can choose when they want employees to return to the office. Mike DeWine sent state employees who could work remotely home on March 13, 2020. Chris Mabe, the president of the Ohio Civil Service Employees Association, said 80% of the members they surveyed prefer telework over returning in-office. The Ohio Civil Service Employees Association is hoping to continue having conversations with the state about telework beyond the pandemic.
IMF approves $650 billion expansion to fight pandemic
WASHINGTON (AP) — The executive board of the International Monetary Fund approved a $650 billion expansion in resources to support economically vulnerable nations as they battle the coronavirus pandemic. IMF Managing Director Kristalina Georgieva said Friday that the new support, the largest such expansion in the history of the 190-nation lending institution, would be a “shot in the arm for the world.”To put the size of the funding expansion in context, the IMF approved a $250 billion boost in SDR reserves following the 2008 financial crisis. It is a reversal of the stance taken by the Trump administration and it began in February when the Biden administration got behind the effort. Republican members of Congress have objected to the funding, saying that the expanded IMF resources would benefit U.S. adversaries such as China, Russia and Iran. Eric LeCompte, executive director of the religious-affiliated development group Jubilee USA Network, said that the IMF action would allow developing countries to immediately receive more than $200 billion in support.
Stocks solidly higher as investors turn to company earnings
Stocks were solidly higher Friday, but the market is on track to end this holiday-shortened week mostly unchanged as investors remain in a holding pattern. Investors will turn their attention toward company earnings, which kick off next week. The S&P 500 index was up 0.7% as of 10 a.m. Eastern. Banks have been among the best-performing stocks in the S&P 500 this year. The KBW Bank Index of the 24 largest banks is up 26% this year alone, compared to the 16% gain of the S&P 500.
Twitter reacts to firm’s coloured lanyard scheme that indicates social preferences in the Covid age
Other users questioned the need for staff to even be in the office, enquiring as to why they couldn’t continue to work from home. The news comes as Rishi Sunak declared that young people were “over the moon” to return to workplaces. The Chancellor has encouraged staff to return to the office following the lifting of coronavirus restrictions on 19 July. But unions warned the government would be risking the safety of workers if it lifted the order to work from home. Frances O'Grady, TUC general secretary, said: “We all want working life to get back to business as usual.
Ivanka Trump and Jared Kushner’s new fixer-upper $24m island home has a swamp-green pool and it’s own police
New aerial photos have given insight into Ivanka Trump and Jared Kushner’s new $24m mansion, with the images revealing that the back of the property is a bit worse for wear. The photographs show damaged tiling and unmaintained pools, with one appearing a swamp-like green while the others are completely drained. The creek also hosts an 18-hole golf course and an elite country club with less than 50 residents in total residing on the island. Ms Trump and Mr Kushner moved out of Washington, DC, in January following the end of Donald Trump’s term as president. The couple had both served as senior White House advisors during Mr Trump’s four year terms in office.
Trudeau says unvaccinated tourists won’t be welcome in Canada for ‘quite a while’
Prime Minister Justin Trudeau has announced its going to be “quite a while” before Canada will let in unvaccinated travellers, despite pressure from the travel industry. “I can tell you right now that’s not going to happen for quite a while,” Mr Trudeau said at a press conference in British Columbia, asserting the need to protect the citizens of Canada. However, despite this comment from Mr Trudeau, there have been some easing in Canadian travel restrictions. At the press conference, Mr Trudeau said that one of his government’s next travel-related priorities was to figure out how to allow non-Canadian vaccinated travellers into the country. The Canadian Travel and Tourism Roundtable organised a press conference to push for a map of what the tourism season might resemble.
South Korean students paid to use eco-friendly toilet that uses methane from poop to power building
Using the bathroom could pay for your coffee at a university in South Korea, where human waste is being used to help power a science building. The BeeVi toilet — a portmanteau of the words 'bee' and 'vision' — uses a vacuum pump to send feces into an underground tank, reducing water use. Once there, microorganisms break down the waste into methane, which becomes a source of energy for the building. Scroll down for videoThis unassuming toilet at a South Korean university is attached to vacuum tubes that send feces to an underground vat to be converted into biogas. Students at the Institute are paid 10 digital credits, called Ggool, ('honey' in Korean) to use the loo.
North Dakota sues Biden administration over halt on oil and gas leases
North Dakota filed a lawsuit this Wednesday against the Biden administration over its suspension of new oil and gas leases on federal land and water, claiming it will lose the state more than $4 billion in revenue and keep more than half a billion barrels of oil in the ground. North Dakota Attorney General Wayne Stenehjem said in a statement that he sued 'to protect North Dakota's economy, the jobs of our hardworking citizens, and North Dakota's rights to control its own natural resources.' North Dakota is the nation's second-largest oil producer behind Texas. The bureau and the Department of the Interior, the federal agency that oversees the oil and gas leases, declined to comment on the lawsuit. Stenehjem said that oil and gas production from leased federal and tribal land generates nearly $100 million annually in royalty revenue for the state.
Pharmacies go on strike in crisis-hit Lebanon over medicine shortages
Pharmacies in crisis-hit Lebanon began an indefinite strike on Friday over medicine shortages as the cash-strapped state struggles to afford subsidies on key imports. The association of pharmacy owners announced there would be a "general open-ended strike across Lebanon" from Friday morning. He said this was because the central bank was not releasing dollars, and importers could no longer open lines of credit. The central bank on Monday said it would earmark $400 million to support key products including medicine and flour. Gebara said the central bank had promised $50 million a month in subsidies for medicine, which would cover just half of importers' current bills.
Myanmar power company warns of supply disruption if customers continue bill payment boycott
YANGON: A state-backed Myanmar power company warned its customers Friday (Jul 9) their electricity supplies could be disrupted if they continue refusing to pay their bills as part of a boycott that has hit the junta in the coffers. Myanmar has been in turmoil since a February coup that ousted civilian leader Aung San Suu Kyi and her government, with hundreds dead in a brutal crackdown and a mass anti-junta strike crippling the economy. The Yangon Electricity Supply Corporation noted the boycott on its Facebook page Friday. It added that, without money from its customers, production and supply of electricity would be affected. The junta has justified its power grab as a means to protect democracy, alleging electoral fraud in November's election, won Aung San Suu Kyi's National League for Democracy.
Here’s how a Social Security scam works.
She refused to divulge the information again, which led to this claim: “Listen, the reason I’m asking you this question is because by the end of the day, we are going to freeze all the bank accounts and all the credit cards which have been issued under your name, under your social identity. There are money laundering charges that have been pressed under your name. Like a hundred thousand dollars have been wired locally and internationally to the drug trafficking countries like Mexico and Colombia.”
Levi Strauss CEO Chip Bergh on sustainability, new denim cycle
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLevi Strauss CEO Chip Bergh on sustainability, new denim cycleLevi CEO Chip Bergh joined "Squawk on the Street" to discuss the company's sustainability goals and new advertising campaign to encourage consumers to buy higher quality clothes at lower volumes.
Dutch Finance Minister says there is a 'clear incentive' to reach a deal on global tax reform
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDutch Finance Minister says there is a 'clear incentive' to reach a deal on global tax reformDutch Finance Minister Wopke Hoekstra discusses the proposed global tax deal at the G-20 summit in Venice, Italy.
Rep. Ro Khanna, Kevin O'Leary debate how Biden's antitrust crackdown could impact businesses
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Ro Khanna, Kevin O'Leary debate how Biden's antitrust crackdown could impact businessesThe White House on Friday will announce a new executive order aimed at cracking down on anticompetitive practices in Big Tech, labor and numerous other sectors, CNBC’s Ylan Mui reported. The sweeping order, which includes 72 actions and recommendations that involve a dozen federal agencies, is intended to re-shape the thinking around corporate consolidation and antitrust laws. Rep. Ro Khanna (D-Calif.) and Kevin O’Leary, chairman of O’Shares ETFs and co-host of “Shark Tank," joined "Squawk Box" on Friday to discuss.
Full interview with Tom Farley, Brendan Blumer on SPAC merger with Bullish
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull interview with Tom Farley, Brendan Blumer on SPAC merger with BullishCrypto startup Bullish plans to go public in a reverse merger with the special purpose acquisition company backed by Tom Farley, the former New York Stock Exchange president. Farley's Far Peak Acquisition Corporation SPAC jumped roughly 4% in the premarket on the news. Farley and Brendan Blumer, founder of blockchain company Block.one and incoming chairman of Bullish, joined "Squawk Box" on Friday to discuss.
Jim Cramer on the business implications of the delta variant
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer on the business implications of the delta variantCNBC's Jim Cramer and David Faber discuss Friday's top headlines moving the markets, including Thursday's volatile session, developments with the delta variant of Covid and more.
Jim Cramer says he prefers Tesla over GM but Ford is still his top pick
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer says he prefers Tesla over GM but Ford is still his top pickCNBC's Jim Cramer discusses his top stock picks in the auto sector.
As China leaps ahead on digital currency, a top central bank group is calling for global cooperation
LONDON — Top financial institutions are calling for global cooperation on central bank digital currencies. The Bank for International Settlements, the global body for central banks, issued a report Friday saying that central banks should work to achieve "interoperability" between their digital currency projects. Several central banks are exploring digital currencies which would be issued by central banks to commercial banks or directly to the public. The BIS is an umbrella group for central banks, representing institutions from the U.S. Federal Reserve to the People's Bank of China. Its report with the IMF and World Bank said that central bank digital currencies, or CBDCs, could enable cheaper and faster cross-border payments.
Potential cyber attack on financial system is greatest threat to markets, Guggenheim's Minerd says
Guggenheim Chief Investment Officer Scott Minerd said Friday in an exclusive for CNBC PRO that investors were unprepared for the havoc that a cyber attack on key pieces of financial infrastructure would create.
A deal on global tax reform will be finalized ‘very soon,’ German finance minister says
LONDON — A deal on global tax reform will be finalized "very soon," German Finance Minister Olaf Scholz told CNBC on Friday, adding he hopes the tax changes could come into force by 2023. "We are now really on the road [to a deal]," Scholz told CNBC's Annette Weisbach. "We will reach an agreement here at the G-20 when the 20 nations are agreeing on the same idea of having an international global minimum taxation." Their aim is to hammer out a deal that will force the biggest multinationals in the world to pay more taxes. This comes after 130 countries and jurisdictions agreed last week to sign up for a global corporate minimum tax rate proposal that the G-7 presented in June.
Ex-NYSE chief Tom Farley on new SPAC deal with planned crypto exchange Bullish
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEx-NYSE chief Tom Farley on new SPAC deal with planned crypto exchange BullishCrypto startup Bullish plans to go public in a reverse merger with the special purpose acquisition company backed by Tom Farley, the former New York Stock Exchange president. The deal, announced Friday, is expected to close by the end of 2021 — and Farley, who oversaw the NYSE from 2014 to 2018, will become CEO of Bullish when that happens. Farley and Brendan Blumer, founder of blockchain company Block.one and incoming chairman of Bullish, joined "Squawk Box" on Friday to discuss.
These remote-friendly jobs in cryptocurrency pay over $100,000
Cryptocurrency is gaining popularity among young investors who are turning to the digital payment method in an effort to build wealth outside of traditional finance systems. The industry is growing, with companies like Coinbase, the largest American cryptocurrency exchange platform, now at an estimated 56 million verified users and over 1,700 employees. Coinbase became the first cryptocurrency company to list its shares on the American stock exchange in April. Combined with salary data from PayScale, a compensation platform, FlexJobs put together a list of cryptocurrency jobs currently listed on their site. "We've seen a wide range of positions in the cryptocurrency industry offering remote jobs," Reynolds tells CNBC Make It.
Sen. Elizabeth Warren slams Wells Fargo for causing potential credit score hit to its customers
Wells Fargo's decision to pull customers' credit lines was lambasted by Sen. Elizabeth Warren. "Sending out a warning notice simply isn't good enough – Wells Fargo needs to make this right." It was the latest controversy to afflict Wells Fargo since its fake accounts scandal emerged in 2016. Wells Fargo didn't immediately respond to a request to reply to Warren's comments. The bank also hasn't responded to e-mailed questions about why customer credit scores would be affected.
Lebanon's cash-strapped army sells helicopter rides during economic crisis
An aerial view shows port of Batroun during a tour by the Lebanese air force in Batroun, Lebanon July 8, 2021. "The war we are in is economic and therefore requires unconventional means ... and the idea we had was to do helicopter tours," Colonel Hassan Barakat, an army spokesman, said. A 15-minute rides on an army Robinson R44 training helicopter costs $150. A big recipient of U.S. military support, the army has underpinned Lebanon's stability since the end of the 1975-90 civil war. "I prefer to spend $150 so that army helicopters continue to operate, so that the pilots and officers continue to fly, instead of spending it in a restaurant, on food or meaningless things."
Oil prices rise over $1 as U.S. inventories decline
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude oil futures were up $1.19, or 1.6%, at $75.31 a barrel by 1355 GMT. read more"A bullish EIA stock report helped the oil market rebound into the black," said Stephen Brennock of oil broker PVM. Russia was trying to mediate in an effort to strike a deal to raise output, OPEC+ sources said on Wednesday. The global spread of the Delta coronavirus variant and worries it could stall a worldwide economic recovery also weighed on oil prices.
Business and labor groups come together to back bipartisan infrastructure plan
WASHINGTON — A coalition of two dozen business and labor groups announced Thursday that they support the $1.2 trillion infrastructure plan developed by a bipartisan group of senators and endorsed by President Joe Biden. “We urge Congress to turn this framework into legislation that will be signed into law, and our organizations are committed to helping see this cross the finish line,” the groups said in a joint statement. Other groups that signed the statement include the Business Roundtable, National Association of Manufacturers, National Retail Federation, American Association of Port Authorities, and American Public Transportation Association. Biden announced the deal in late June, which includes $579 billion in new spending on top of previously authorized funding. Meanwhile, conservative groups have sent a letter to GOP leaders in Congress urging them to oppose the bipartisan plan.
PayPal Stock And Visa, Payment Titans, Are Flexing New Muscles
Dow Jones Leads, Nasdaq Struggles As Stocks Bounce; Biden Order Targets Big Tech Stocks; GM, Ford Rally3:00 AM ET Ford, General Motors and Dow Jones financial names were early leaders Friday, as stocks rebounded from Thursday losses. 3:00 AM ET Ford, General Motors and Dow Jones financial names were early...
GM recall: Side air bags can explode in Chevy, GMC pickups
General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin, Friday, July 9, 2021. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin, Friday, July 9, 2021. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks.
Volkswagen says preliminary results show first half profit of $13 billion, boosted by record deliveries
By Cecilia ButiniVolkswagen AG said Friday in preliminary results that it swung to an operating profit for the first half and that deliveries to customers continued to recover, leading to strong group turnover. The German car maker VOWA, +3.01% VOW, +5.88% posted preliminary operating profit of around 11 billion euros ($13.03 billion) for the period, up from the operating loss of EUR1.49 billion which it reported a year earlier.
Dow jumps 310 points on gains for shares of Goldman Sachs, Dow Inc.
The Dow Jones Industrial Average is up Friday morning with shares of Goldman Sachs and Dow Inc. seeing positive momentum for the index. The Dow DJIA, +1.14% is trading 310 points (0.9%) higher, as shares of Goldman Sachs GS, +2.64% and Dow Inc. DOW, +2.91% have contributed to the blue-chip gauge's intraday rally. Goldman Sachs's shares have climbed $9.33, or 2.6%, while those of Dow Inc. are up $1.27, or 2.1%, combining for an approximately 70-point bump for the Dow. JPMorgan Chase JPM, +2.64% , American Express AXP, +2.71% , and Caterpillar CAT, +2.67% are also contributing significantly to the gain. Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
Opinion: This group of stocks beat the ARK Innovation ETF over the past five years
Each of the 10 stocks listed below has outperformed the booming ARK Innovation ETF over the past five years. That’s no small feat, since the ARK Innovation ETF ARKK, managed by ARK Investment Management’s founder and CEO, Cathie Wood, has produced a stunning 45.7% annualized return over that period. That compares with a total annualized return of 17.3% for the S&P 500. Nevertheless,...
Costco Stock Edges Higher on Solid Same-Store Sales
Costco Wholesale stock pushed higher Friday, after the discounter reported upbeat June same-store sales. On a two-year basis, core comps rose 27%, according to Jefferies. Costco stock edged up 0.9% to $410.90 in recent trading. U.S. same-store sales rose 12.1%, with a core comp of 7.8%. Same-store sales figures for March, April, and May all sent the stock higher.
Biden administration to cancel $55.6 million in student debt for students scammed by their schools
The Department of Education announced Friday that it would cancel the debt of 1,800 students who were scammed by their schools, resulting in $55.6 million in relief. Friday’s announcement impacts students who attended Westwood College, Marinello Schools of Beauty and Court Reporting Institute — the first new schools from which claims were approved since 2017. “ The announcement impacts students who attended Westwood College, Marinello Schools of Beauty and Court Reporting Institute — the first new schools from which claims were approved since 2017. Former students at Corinthian and other for-profit colleges, organized by activists, began flooding the Department with claims for debt relief. At the Court Reporting Institute, students were misled about the time it would take to complete their court reporting program, the Department found.
Dow jumps 310 points on gains for shares of Goldman Sachs, Dow Inc.
The Dow Jones Industrial Average is up Friday morning with shares of Goldman Sachs and Dow Inc. seeing positive momentum for the index. The Dow DJIA, +1.13% is trading 310 points (0.9%) higher, as shares of Goldman Sachs GS, +2.64% and Dow Inc. DOW, +2.83% have contributed to the blue-chip gauge's intraday rally. Goldman Sachs's shares have climbed $9.33, or 2.6%, while those of Dow Inc. are up $1.27, or 2.1%, combining for an approximately 70-point bump for the Dow. Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Why did the stock market sell off? Falling bond yields point to ‘growth scare’
Perhaps, but there’s still a lot of optimism about prospects for corporate earnings and the economy in the months ahead. An unrelenting rally in longer-term U.S. Treasury prices continued to hammer down yields, sending the 10-year rate TMUBMUSD10Y, 1.346% to a five-month low below 1.25%. Yields and stocks have trimmed their fall Thursday afternoon, but remain down, with the 10-year yield off 2 basis points at 1.30%. A debate has raged among investors and analysts over the explanation for the fall in Treasury yields, which seem to be driving moves across financial markets. Read: Why is the 10-year Treasury yield plunging to the lowest since February?
London stocks shake off growth slip as miners rise and Philip Morris deal boosts Vectura
Stocks in London moved higher on Friday, as investors took in stride news of a growth pullback in the country. The FTSE 100 index UKX, +0.90% rose 0.5% to 7,067.41, with the British pound GBPUSD, +0.47% up 0.5% to $1.3846. Economic data showed the U.K. economy slowed in May, after a sharp rise in April as coronavirus restrictions eased. Mining stocks drove bulk of Friday’s move higher, with Rio Tinto RIO, +3.31% RIO, +3.26% up 2%, BHP BHP, +3.37% BHP, +3.61% up 2.1% and Glencore GLEN, +3.48% shares climbing 2.6%. Shares of easyJet EZJ, +1.96% rose 2.1% and those of Wizz Air WIZZ, +0.64% gained 1%.
Dow jumps 200 points as stocks bounce following Thursday selloff
Stocks opened higher Friday, trimming a weekly loss in an attempt to bounce back from a selloff in the previous session that knocked the Nasdaq Composite and S&P 500 off of record highs. Stocks found support as a rally in Treasurys abated, allowing the 10-year yield to rise for the first time in five sessions. A sharp drop in yields was taken as a sign investors were becoming more worried about global growth prospects. The Dow Jones Industrial Average DJIA, +1.13% was up 210 points, or 0.6%, at 34,632, while the S&P 500 SPX, +0.81% rose 0.5% to 4,341.99 and the Nasdaq Composite COMP, +0.36% edged up 0.2% to 14,589.96. The Dow was on track for a weekly fall of 0.4%, while the S&P 500 remains down 0.2% and the Nasdaq off 0.4%.
Opinion: A chief risk officer offers the simplest way to fight back against stock-market memes
From my vantage point as a chief risk officer, “memification” will change the calculus for portfolio risk because meme risk cannot be modeled, much less measured. Assuming all stocks are equally subject to meme risk, the ideal diversification strategy for that risk is to hold an equal weight across all holdings. In either case, a move toward an equally weighted portfolio is going to be attractive from a risk standpoint. Rick Bookstaber is founder and chief risk officer at Fabric RQ. He previously held chief risk officer roles at Morgan Stanley, Salomon Brothers, Bridgewater Associates and the University of California Regents.
Bove: China operations for biggest U.S. banks at risk
Dick Bove, Odeon Capital Analyst, joined Yahoo Finance Live to break down why the Chinese operations for the largest U.S. banks are at risk. RICHARD BOVE: Well basically, as you know, there are about 72 offerings that are supposed to come to market from Chinese companies. But as time went on, the four biggest banks in China became the four biggest banks in the world. Further, instead of having only a few contacts with banks outside of China, Chinese banks now have contacts with thousands of banks. And then about seven eight years ago, all of the big banks sold their investments in the Chinese banks for what were profits in the hundreds of millions of dollars.
Economic Data and the ECB Monetary Policy Meeting Minutes in Focus
The lack of stats left the markets to respond to the overnight FOMC meeting minutes. The Day AheadFor the EURIt’s a relatively quiet day ahead on the economic data front. From the ECB, the monetary policy meeting minutes will also draw plenty of attention, however. For the PoundIt’s a particularly quiet day ahead on the economic calendar. For the LoonieIt’s a particularly quiet day ahead on the economic data front.
Insurance claims will reach pre-pandemic levels this year: Aflac CEO
But in a sign of the nation's return to normal, Aflac (AFL) CEO Dan Amos tells Yahoo Finance he expects claims to reach pre-pandemic levels by the latter part of this year. "We're just not sure if we're still going to have more claims," said Amos, who has led the company since 1990. Shares of insurance companies MetLife (MET), Prudential (PRU), and Aflac plummeted with the onset of COVID-19 in the U.S. last spring. But the level of claims showed signs of a return to normal over the first quarter, the company said. Speaking to Yahoo Finance, Amos explained how delayed treatments could cause a spike in claims for expensive treatments.
10-year U.S. Treasury yield heads higher for first time in 5 sessions
ReutersThe Japanese yen weakened on Friday as a downward spiral in U.S. Treasury yields ran out of steam and risk appetite began to recover, but the currency was still on track for its biggest weekly gain since November. Bonds have rallied this week with 10-year U.S. Treasury yields falling as much as 20 bps to a February low while stocks took a hammering worldwide amid growing concerns the fast-spreading Delta variant of COVID-19 could derail a revival that is already showing pockets of weakness. While the perceived safe-haven currencies including the yen and the franc weakened by 0.3% against the dollar in early London trading, the yen was on track to strengthen 0.9% this week, its biggest weekly rise since early November.
SHAREHOLDER ACTION NOTICE: The Schall Law Firm Reminds Investors of a Class Action Lawsuit Against Rekor Systems, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
Investors who purchased the Company's securities between April 12, 2019 and May 25, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before August 30, 2021. We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. When the market learned the truth about Rekor, investors suffered damages. The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. CONTACT:The Schall Law FirmBrian Schall, Esq.,www.schallfirm.comOffice: 310-301-3335info@schallfirm.comSOURCE: The Schall Law FirmView source version on accesswire.com:https://www.accesswire.com/654857/SHAREHOLDER-ACTION-NOTICE-The-Schall-Law-Firm-Reminds-Investors-of-a-Class-Action-Lawsuit-Against-Rekor-Systems-Inc-and-Encourages-Investors-with-Losses-in-Excess-of-100000-to-Contact-the-Firm
Family of teen rescued alive from Surfside condo collapse sues. His mom died in tragedy
In the first hours after the collapse of Champlain Towers South, Stacie Fang and her teenage son were among the few people pulled alive from the rubble in dramatic rescue. According to the lawsuit filed on Thursday, “the two sat side by side in his room when their entire condo unit collapsed.”“They free-fell to what they thought was certain death. Stacie Fang, however, did not survive. Stacie Fang with her son, 15-year-old Jonah Handler. Stacie Fance died in the Surfside condo collapse.
DNMR Stock: Berger Montague Reminds Investors of Approaching Deadline in Securities Fraud Class Action Against Danimer Scientific, Inc. (DNMR); Lead Plaintiff Deadline is July 13, 2021
Philadelphia, Pennsylvania--(Newsfile Corp. - July 8, 2021) - Berger Montague reminds investors of the upcoming deadline of July 13, 2021 for investors to seek lead plaintiff status in a securities fraud class action against Danimer Scientific, Inc. ("Danimer" or the "Company") on behalf of investors who purchased Danimer securities (NASDAQ: DNMR) between October 5, 2020 and May 4, 2021 (the "Class Period"). Finally, on May 4, 2021, Spruce Point published a second report after acquiring documents from Kentucky's Department of Environmental Protection. Story continuesWhistleblowers: Anyone with non-public information regarding Danimer is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Kanzhun Limited Investors with Losses to Inquire About Class Action Investigation - BZ
The Rosen Law firm is preparing a class action seeking recovery of investor losses. WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2115.html or call Phillip Kim, Esq. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017.
Investigation Alert: Kessler Topaz Meltzer & Check, LLP is Investigating Securities Fraud Claims on Behalf of Kanzhun Limited (NASDAQ: BZ) Investors
RADNOR, Pa., July 08, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of shareholders of Kanzhun Limited (NASDAQ: BZ) (“Kanzhun” or “BOSS Zhipin”). If you are a Kanzhun investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com . Story continuesCONTACT:Kessler Topaz Meltzer & Check, LLPJames Maro, Jr., Esq.
Stamps.com Enters Definitive Agreement to be Acquired by Thoma Bravo in $6.6 Billion Transaction
Upon completion of the transaction, Stamps.com will become a private company with the flexibility and resources to continue to provide best-in-class global e-commerce technology solutions. Kirkland & Ellis LLP is serving as legal advisor for Thoma Bravo. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the Proxy Statement to be filed with the U.S. Securities and Exchange Commission in connection with the proposed transaction. Important Information and Where to Find ItIn connection with the proposed transaction between Stamps.com Inc. ("Stamps.com") and Thoma Bravo, L.P. ("Thoma Bravo"), Stamps.com will file with the Securities and Exchange Commission ("SEC") a proxy statement (the "Proxy Statement"), the definitive version of which will be sent or provided to Stamps.com stockholders. Stamps.com may also file other documents with the SEC regarding the proposed transaction.
Group 1 Automotive (GPI) Soars 8.4%: Is Further Upside Left in the Stock?
Group 1 Automotive (GPI) shares soared 8.4% in the last trading session to close at $162.87. The auto retailer anticipates second-quarter 2021 adjusted earnings of around $10.20-$10.70 per share, up from $5.57 recorded in the prior quarter. Group 1 has been able to navigate the challenges fairly well, as is evident from its strong earnings and sales projections. For Group 1 Automotive, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Click to get this free reportGroup 1 Automotive, Inc. (GPI) : Free Stock Analysis ReportTo read this article on Zacks.com click here.
SHAREHOLDER ACTION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Kanzhun Limited and Encourages Investors with Losses to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / July 9, 2021 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Kanzhun Limited ('Kanzhun' or 'the Company') (NASDAQ:BZ) for violations of the securities laws. We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. CONTACT:The Schall Law FirmBrian Schall, Esq. 310-301-3335info@schallfirm.comwww.schallfirm.comSOURCE: The Schall Law FirmView source version on accesswire.com:https://www.accesswire.com/654856/SHAREHOLDER-ACTION-ALERT-The-Schall-Law-Firm-Announces-it-is-Investigating-Claims-Against-Kanzhun-Limited-and-Encourages-Investors-with-Losses-to-Contact-the-Firm
Stamps.com Agrees to Thoma Bravo Buyout in $6.6 Billion Deal
(Bloomberg) -- Stamps.com Inc., the online postage company, has agreed to be acquired for $6.6 billion in cash by private equity firm Thoma Bravo. The purchase price of $330 a share is a 67% premium to Stamps.com’s Thursday closing price, the companies said in a statement Friday. Stamps.com shares jumped as much as 64% to $323.62 in New York trading Friday. The deal includes a 40-day “go-shop” agreement allowing Stamps.com to seek a higher offer, the companies said. J.P. Morgan Securities and law firm Proskauer Rose advised Stamps.com, while Kirkland & Ellis gave legal advice to Thoma Bravo.
Stamps.com to be bought out at a 67% premium by Thoma Bravo
Bloomberg(Bloomberg) -- eHi Car Services Ltd., a Shanghai-based car rental company, is considering an initial public offering in Hong Kong that could raise about $1 billion, according to people familiar with the matter.The formerly U.S.-listed firm is targeting a valuation of about $5 billion in the potential share sale, the people said, asking not to be identified as the matter is private. The company is working with advisers on the possible listing, which could take place as soon as next year, they sai
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm
The Dow Jones Industrial Average rose 324.99 points, or 0.94 percent, to 34,746.92 at the start of U.S. trading. On Friday, data from China showed new bank loans rose more than expected in June, while broad credit growth also picked up. After dipping sharply over the early part of the week, yields on 10-year Treasury notes were on Friday up around 6.3 basis points to 1.351%, off the 4-1/2 month low of 1.25% hit on Thursday. In Europe, safe-haven German Bund yields ticked higher but were still eyeing the biggest two-week drop since March 2020 as investors eyed a likely longer road to economic recovery. In currencies, the safe haven yen was up 0.26%, at $110.0800, heading for its biggest weekly rise since November.
UPDATE 1-G20 to urge IMF reserve boost for vulnerable countries
The IMF said on Friday that its executive board had backed a $650 billion allocation of IMF Special Drawing Rights, advancing the distribution of currency reserves to the IMF's 190 member countries towards a targeted completion by the end of August. "We call for contributions from all countries able to do so to reach an ambitious target in support of vulnerable countries," it said. As the pandemic strained developing countries' finances, G20 countries agreed last year to suspend debt servicing payments from 45 countries. With some countries needing even deeper debt relief, the G20 has also agreed a common framework for restructuring countries' debt, under which Chad, Ethiopia and Zambia have already asked for help. The IMF recently called for a creditor committee to be set up quickly to enable debt relief for Ethiopia.
Former Bridgewater co-CEO Eileen Murray: CEO compensation should be tied to ESG goals
It's time corporate America's boards really drill down on excessive CEO pay and better align it with ESG (environment, social and governance) and other key goals, says former Bridgewater co-CEO Eileen Murray. "I do think we are going to increasingly see factors that are a piece of ESG be part of a CEO's compensation. And because of that, the gap between CEO pay and the pay of the average worker continues to widen. Total CEO compensation rose 5% in 2020, a faster pace than the 4.1% growth rate seen in 2019. CEO compensation — which is often weighted toward stock options — tends to be closely tied to the stock price of a company.
JinkoSolar Announces Strategic Cooperation Agreement with Maersk Shipping for End-to-end Transportation and Digitalized Logistics Solutions
The two companies will jointly conduct multi-dimensional cooperation based on existing end-to-end transportation agreements, and explore in-depth cooperation in digitalized logistics services to provide clients with a range of comprehensive logistics solutions, and to create a green logistics ecosystem. Mr. Kangping Chen, CEO of JinkoSolar Co., Ltd., commented, "As an international container shipping company with integrated logistics capabilities, Maersk has been an important strategic partner for JinkoSolar since 2017. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
Aflac's duck commercials 'doubled its business in three years': CEO
"It tested an 18 — 50% better than anything we had ever tested," Amos says. "The Aflac Duck tested a 27. It made its television debut in 1999, and the Aflac duck followed soon after on Jan. 1, 2000. NEW YORK, NY - JANUARY 25: Aflac Duck attends 2018 Billboard Power 100 List at Nobu 57 on January 25, 2018 in New York City. The company also has become well known in Japan since the duck ad launched there in 2003, Amos said.
Gupta Agrees Refinancing Deal With Glencore on Aluminum Unit
(Bloomberg) -- Embattled tycoon Sanjeev Gupta’s GFG Alliance has agreed a deal with Glencore Plc to refinance the group’s aluminum unit. The trading house will also assist with hedging and marketing aluminum products from the unit, and Glencore, together with Trafigura Group, will supply the raw material requirements of the two plants. Yet Gupta still has to refinance massive debts on his European steel assets, which may prove a more difficult task. A spokeswoman for Trafigura confirmed the deal, while Glencore declined to comment. The deal is also unusual in that it involves Glencore and Trafigura working together, at least until Trafigura’s agreement to supply alumina to the Dunkirk smelter expires.
Today's mortgage refinance rates close week on a downward trend | July 9, 2021
30-year fixed-rate refinance: 2.750%, down from 2.990%, -0.2402.750%, down from 2.990%, -0.240 20-year fixed-rate refinance: 2.750%, unchanged2.750%, unchanged 15-year fixed-rate refinance: 2.000%, down from 2.250%, -0.2502.000%, down from 2.250%, -0.250 10-year fixed-rate refinance: 2.125%, down from 2.250%, -0.125Rates last updated on July 9, 2021. After rising to 2.990% for two days earlier in the week, 30-year mortgage refinance rates dropped back down to 2.750% today. How mortgage refinance rates have changedToday, mortgage refinance rates have fallen compared to this time last week. 30-year fixed refinance rates: 2.750%, down from 3.000% last week, -0.2502.750%, down from 3.000% last week, -0.250 20-year fixed refinance rates: 2.750%, down from 2.875% last week, -0.1252.750%, down from 2.875% last week, -0.125 15-year fixed refinance rates: 2.000%, down from 2.125% last week, -0.1252.000%, down from 2.125% last week, -0.125 10-year fixed refinance rates: 2.125%, down from 2.250% last week, -0.125If you think refinancing is the right move, consider using Credible. The factors behind today’s refinance ratesCurrent refinance rates, like mortgage interest rates in general, are affected by many economic factors, like unemployment numbers and inflation.
Today's 30-year mortgage rates dip for first time in 7 days | July 9, 2021
30-year fixed mortgage rates: 2.750%, down from 2.875%, -0.1252.750%, down from 2.875%, -0.125 20-year fixed mortgage rates: 2.625%, up from 2.500%, +0.1252.625%, up from 2.500%, +0.125 15-year fixed mortgage rates: 2.125%, unchanged2.125%, unchanged 10-year fixed mortgage rates: 2.000%, unchangedRates last updated on July 9, 2021. Looking at today’s mortgage refinance ratesAfter rising to 2.990% for two days earlier in the week, 30-year mortgage refinance rates dropped back down to 2.750% today. If you’re considering refinancing an existing home, check out what refinance rates look like:30-year fixed refinance rates: 2.750%, down from 2.990%, -0.2402.750%, down from 2.990%, -0.240 20-year fixed refinance rates: 2.750%, unchanged2.750%, unchanged 15-year fixed refinance rates: 2.000%, down from 2.250%, -0.2502.000%, down from 2.250%, -0.250 10-year fixed refinance rates: 2.125%, down from 2.250%, -0.125Rates last updated on July 9, 2021. How mortgage rates have changedToday, mortgage rates are down compared to this time last week. The forecast for mortgage rates in 2021Researchers at Freddie Mac expect mortgage rates to rise slightly throughout 2021, citing the Federal Reserve’s commitment to keeping interest rates low for the foreseeable future.
Stamps.com to be taken private in $6.6B deal
Stamps.com is being taken private in a $6.6 billion transaction, the company said on Friday. Thoma Bravo will pay Stamps.com shareholders $330 per share, an approximately 67% premium to where shares settled on Thursday. Thoma Bravo is a Chicago-based private-equity firm that focuses on investing in software and technology companies and has over $78 billion in assets. The deal includes a 40-day "go-shop" period where Stamps.com can solicit and consider other proposals from third parties. Barring the acceptance of a different proposal, the deal between Stamps.com and Thoma Bravo is expected to close in the third quarter of this year.
Index of US-listed Chinese companies falls to lowest point in over a year
A new wave of regulatory scrutiny for China’s technology companies has helped send an index of U.S.-traded Chinese stocks to its lowest point in more than a year. The actions add to a clampdown on China’s tech sector, which has already focused on issues like anticompetitive behavior and financial stability. Many Chinese tech companies, including Alibaba and Didi, use such corporate structures to get around restrictions that disallow foreign investments into companies in technology, media and other sensitive industries. Some [companies] will ride through it better, while some will struggle," said Mr. Wang, who is invested in Alibaba. GET FOX BUSINESS ON THE GO BY CLICKING HERENumerous U.S.-listed Chinese companies, including Alibaba, have also gone public in Hong Kong, partly as a hedge against losing access to American markets.
NIO's Charts Are 'Touch and Go' Right Now
Thursday night one caller asked about the Chinese EV company NIO (NIO) : "I want you to sell. Prices have pulled back to the rising 50-day and the rising 200-day moving averages. Prices tested the rising 40-week moving average line and the weekly OBV line is still improving, while the MACD oscillator is bullish in this time frame. In this daily Point and Figure chart of NIO, below, we can see a potential downside price target in the $35 area. In this weekly close only Point and Figure chart of NIO, below, we can see that the software, for now, is projecting an upside target around $79.
On Wall Street, Slow Is the Way to Go - Just Ask a Real Trader
Real Money contributor James 'Rev Shark' DePorre says some people just try to use luck as an investment strategy, but a real trader knows how to build positions and manage risk. With the meme stock revolution, low trading commissions and pandemic-related downtime, among other market drivers, there’s a slew of new stock traders circulating these days. That doesn’t make them real traders, at least not yet, says Real Money contributor James “Rev Shark” DePorre. Some of these new market participants will evolve and become 'real' traders. That, DePorre said, is highly unlikely to happen to a real stock trader.
Wells Fargo, JPMorgan, Other Banks Expected to Post Revenue Drop
The six biggest banks will produce a combined revenue drop of 5% for the second quarter, analysts estimate. The six biggest U.S. banks, including JPMorgan Chase (JPM) - Get Report and Wells Fargo (WFC) - Get Report, are scheduled to report second-quarter earnings next month, and the results aren’t expected to be pretty. Loans aren’t exactly booming either, with the commercial banks facing a 3% decline in total loans for the quarter, analysts predict. To be sure, the banks' revenue from mergers and acquisitions surged 30% surge in the quarter, analysts forecast. In other big-bank news, Wells Fargo said Thursday that it would stop offering personal lines of credit and shutter those current accounts.
East Bay water district may have missed opportunity to buy 50,000-acre ranch
A very rare “window of opportunity” for the Alameda County Water District to purchase more than 50,000 acres of privately held land in the hills east of the Bay Area to preserve water quality for millions of people appears to have closed, officials said this week. The website of California Outdoor Properties, a private brokerage firm managing the land sale, now says there is a “sale pending” on the property, which spans portions of Alameda, Santa Clara, San Joaquin, and Stanislaus counties. In a public discussion about the property on Thursday evening, some of the water district’s board members lamented not acting sooner, instead choosing to possibly partner with other public agencies and nonprofits to go in on the property together. “A sale of a property like this, which would be very complex, it’s possible that it may not go through,” he said. The district has raised water rates nearly every year for more than two decades, including a 25 percent hike for 2017 and 2018.
Wells Fargo to end all personal lines of credit: It could affect credit scores
Wells Fargo will no longer offer personal lines of credit to customers and will shut down existing ones in the coming weeks, according to a CNBC report. Revolving lines of credit had been a popular consumer lending product, which typically gave users $3,000 to $100,000 in revolving credit lines and was pitched as a way for customers to consolidate higher-interest credit card debt or avoid overdraft fees on checking accounts. “Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in a six-page letter to customers obtained by CNBC. The move would instead allow the bank to focus on credit cards and personal loans, the letter said. Wells Fargo also warned customers that the account closures “may have an impact on your credit score,” CNBC reported.
Total crimes have gone down in Milwaukee since 2005. But there's more to the numbers.
As Milwaukee residents slowly started to return being active this year, the city has recorded more crimes than the same period last year. And 2020 saw more crimes than the year before — just over 35,000 crimes were recorded in WIBR in 2020, about 3,000 more than in 2019. Here's more to know about crime trends in Milwaukee. What is behind the rise in car thefts when general thefts have seen a steep decrease since 2005? According to MPD, the top two most stolen cars so far in 2021 are Kia (1,549) and Hyundai (1,571), accounting for 66.3% of all stolen cars as of June 27.
New Trader Joe's Crestview Hills holding hiring event, grand opening planned for July 16
Ahead of its grand opening date, the newest Trader Joe's in Crestview Hills is also holding a hiring event. From 11 a.m. to 4 p.m. today, the grocery store is hosting an on-site hiring event. The grocery store will be located at 2785 Dixie Highway in the former Joseph-Beth Booksellers, which closed in May 2020. Crestview Hills will be the first Trader Joe's in Northern Kentucky and the second in the Greater Cincinnati area. Trader Joe's Kenwood, nearly 18 miles away from the Crestview Hills store, is the closest existing Trader Joe's in the Cincinnati area.
GM recall: Side air bags can explode in Chevy, GMC pickups
Associated PressDetroit — General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. Documents posted Friday by U.S. safety regulators say the air bag inflator can rupture or the end cap can fly off on both sides of the trucks. Documents say three inflators ruptured in 2015 Silverados last month, one in Florida and two in Texas. Dealers will replace both side air bag modules.
GM recall: Side air bags can explode in Chevy, GMC pickups
DETROIT (AP) — General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. Documents posted Friday by U.S. safety regulators say the air bag inflator can rupture or the end cap can fly off on both sides of the trucks. Documents say three inflators ruptured in 2015 Silverados last month, one in Florida and two in Texas. Dealers will replace both side air bag modules.
DeSantis parts with Trump in response to Surfside tragedy
And he even skipped a rally in Sarasota headlined by former President Donald Trump, whose early endorsement was crucial in helping DeSantis win the governor’s race in 2018. Since that victory, DeSantis has often taken his cues from Trump. But unlike the former president, DeSantis is showing that he can tone down some of his most extreme partisan rhetoric during a disaster. DeSantis’ handling of the tragedy appears to have caught some Democrats off guard, leaving them with no unified response. Friction between the two spilled into the public for the first time last week when Trump rebuffed DeSantis’ entreaties to postpone the rally in Sarasota.
‘We Build The Wall’ co-founder indicted on another charge
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........PENSACOLA, Fla. — The co-founder of the “We Build The Wall” project aimed at raising money for a border wall has been indicted on a second tax charge in Florida, adding to an earlier tax charge and fraud charge. A federal grand jury in Pensacola indicted Brian Kolfage on Tuesday on a charge of filing a false tax return. He was previously charged with a separate count of filing a false tax return and a count of wire fraud related to the electronic filing of his tax return. The new charge is related to Kolfage filing a false amended tax return in December 2020, investigators said. Last year, a federal grand jury in New York indicted Kolfage and Steve Bannon, former adviser to former President Donald Trump.
EXPLAINER: Deterring tax avoidance by global companies
The agreement sealed last week in global talks in Paris is up for discussion Friday and Saturday among the Group of 20 finance ministers meeting in Venice. While the tax deal is complex in its details, the idea behind the minimum tax is simple: If a multinational company escapes taxation abroad, it would have to pay the minimum at home. The OECD estimates tax avoidance costs anywhere from $100 billion to $240 billion, or from 4% to 10% of global corporate income tax revenues. Biden has proposed a 15% floor for the global talks, though it could be higher. The global minimum tax would be voluntary.
Democrats bet on early Latino outreach to avoid ’20 pitfalls
His group, which works out of a cramped office in the shadow of Disney World, is targeting Latino would-be voters. We’re in the community and we’re staying.”Even as Joe Biden flipped heavily Hispanic Arizona to Democratic to clinch the presidency last November, he underperformed with many Latino voters elsewhere. But Democrats say a problem for them was that they waited until just before the election to intensify outreach to Latino communities. More Latino voters aren’t always a boon to Democrats in other parts of the country, either. Still, some conservative groups already have achieved the kind of ever-active Latino outreach campaigns Democrats envision.
US stocks open higher but are still headed for a weekly loss
Stocks are opening higher on Wall Street Friday, but the market is still on track to end this holiday-shortened week lower following two weeks of gains. The S&P 500 was up 0.5% in the early going, led by gains in banks and industrial companies. Major banks including JP Morgan Chase will kick off the latest round of quarterly earnings reports next week, and investors are expecting to see big gains compared with the same period a year ago, when pandemic restrictions shut down many parts of the economy. Bond yields moved higher but are still far below where they were in the spring.
GM recall: Side air bags can explode in Chevy, GMC pickups
DETROIT (AP) — General Motors is recalling more than 400,000 pickup trucks in the U.S. because the side air bags can explode without warning and spew parts into the cabin. The recall covers certain 2015 and 2016 Chevrolet and GMC Sierra 1500, 2500, and 3500 trucks. Documents posted Friday by U.S. safety regulators say the air bag inflator can rupture or the end cap can fly off on both sides of the trucks. Documents say three inflators ruptured in 2015 Silverados last month, one in Florida and two in Texas. Dealers will replace both side air bag modules.
Real Estate Agents Target Record $100 Billion as Home Sales Boom
Real estate agents have remained the dominant way to buy and sell homes in the U.S., even as companies promising to streamline the process with technology have proliferated. As home prices soar across the U.S., that’s led to a surge in revenue for the real estate brokers, who typically take a cut of every transaction.
'Teflon Elon' Faces New Courtroom Test in SolarCity Trial
Share this Story: 'Teflon Elon' Faces New Courtroom Test in SolarCity Trial'Teflon Elon' Faces New Courtroom Test in SolarCity TrialArticle content (Bloomberg) — Elon Musk, the world’s second-richest person, faces tough scrutiny of his corporate leadership on Monday when the long-delayed trial over Tesla Inc.’s controversial $2 billion acquisition of SolarCity gets underway in Delaware. Try refreshing your browser, or 'Teflon Elon' Faces New Courtroom Test in SolarCity Trial Back to videoAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content Tesla is no longer a struggling startup. Article content Musk has already crossed swords with Randy Baron, a San Diego-based lawyer for the investors, during pre-trial depositions. Article content Delaware is the corporate home to more than half of U.S. public companies and more than 60% of Fortune 500 firms.
Black cabs slump to lowest level since 1983 as a quarter of drivers quit
The number of black cabs on London’s roads has fallen to its lowest level in almost four decades in the wake of the pandemic. More than a quarter of the capital’s licensed taxi drivers have quit over the past year, according to figures released by the Department for Transport. With 5,000 fewer taxis on the road compared with this time last year, drivers blamed ministers for failing to step in. However, cheaper options such as Uber and Addison Lee have eroded cabbies' market share. There has been a 29pc fall in the number of licensed taxis on the capital’s streets over the past year as Londoners were forced to stay indoors during coronavirus restrictions.
Japan’s ‘Kill Bill’ restaurant operator is defying new coronavirus virus restrictions
Japan’s “Kill Bill” restaurant boss on Friday said he will defy Covid-19 restrictions even as the government declared a state of emergency for Tokyo and suggested that the businesses that break the rules could face new financial penalties. Covid-19 related restrictions scheduled to run until 22 August include asking restaurants to close early and stop serving alcohol in exchange for a government subsidy. “We will respond by imposing penalties and other means against those who refuse to comply,” he said. Global-Dining’s Gonpachi restaurant was also the site of a dinner between then Prime Minister Junichiro Koizumi and then US President George W Bush in 2002. On Friday, the Japanese government’s top spokesperson said it had decided banks would not be asked to press restaurants and bars that do not follow the government request to stop serving alcohol under the emergency restrictions.
Microsoft’s ‘PrintNightmare’ Windows patch accidentally broke people’s connection to their printers
An emergency update issued to Windows 10 by Microsoft to stop a printer exploit bug made users lose access to their printers. Researchers had discovered the tweeted in May that they had found the vulnerability, but accidentally made the proof-of-concept available online. Microsoft acknowledged the problem on its website: “After installing this update, you might have issues printing to certain printers. Microsoft has had to issue patches for Windows Server, Windows 10, Windows 8.1, and even Windows 7. Therefore, we urge all users to apply the latest security updates for Windows,” said Evgeny Lopatin, security expert at Kaspersky.
European Parliament votes to boycott Beijing Winter Olympics
The European Parliament has voted for diplomats to boycott the Beijing Winter Olympics due to continuing allegations of human rights abuses. MEPs also want their governments to impose further sanctions over China's treatment of Uighur Muslims and support pro-democracy campaigners in Hong Kong. The vote has already triggered an editorial in the Global Times, China’s state-owned tabloid, which said that the disruptive effect of the EU Parliament could not be underestimated, and noted the blocked trade deal. The European Parliament has called on EU heads of state and government to tell their diplomats and all officials to decline any invitations they may get to the Winter Olympics in 2022 unless the human rights situation improves. However, this European Parliament resolution is not binding.
'Stop using this product immediately': Health Canada recalls three batches of cannabis pre-rolls
Share this Story: 'Stop using this product immediately': Health Canada recalls three batches of cannabis pre-rolls'Stop using this product immediately': Health Canada recalls three batches of cannabis pre-rolls Products sold to licensed retailers in Yukon, the Northwest Territories, and Alberta, as well as to patients via Medical Cannabis by Shoppers Drug Mart. Photo by Julie Oliver/PostmediaArticle content Health Canada has issued a warning to consumers after three batches of pre-rolled joints were recalled due to concerns regarding their safety. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below.
B.C. to receive $910 million from Ottawa to build 30,000 daycare spaces in first steps for national system
to receive $910 million from Ottawa to build 30,000 daycare spaces in first steps for national systemB.C. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content The deal aims to create 30,000 new spaces in B.C. to receive $910 million from Ottawa to build 30,000 daycare spaces in first steps for national system Back to video Funding is also being targeted at low-income, Indigenous, Black and newcomer families. The deal also calls for expanding public and not-for-profit daycare spaces and boosting workers’ wages needed to attract and retain good people to help with early childhood development.
Quarantine hotel metres from Sydney childcare
Brothers fined for destroying house in family feudTwo brothers have been convicted and fined for destroying their family property in regional Victoria because of a legal feud with their sister.
Parents furious as hotel next to childcare facility to become quarantine site
Parents and the owner of a Montessori childcare centre in Sydney’s south are furious after being told the hotel with which it shares a location will be turned into a quarantine site for returned travellers. Montessori Preschool of Sydney owner Aoife O’Sullivan said she was told via email three days ago the Meriton Suites hotel in Mascot would be a government quarantine facility from July 17. Parents are furious a hotel quarantine facility will be located next to a childcare centre in Mascot. Credit:Nine NewsThe childcare centre, which cares for about 80 children each day, is located at the same property as the hotel and is less than 20 metres from where the quarantine facility is to be located. It shares a car park, basement and boom gate with the hotel and the balconies of the quarantine rooms directly overlook the childcare centre’s outdoor play area.
What to watch today: Dow to recover some of the losses in Thursday's sell-off
General Motors (GM) shares rose more than 3% in premarket trading, after Wedbush rated it as an outperform and said its stock could jump more than 50%. Airline stocks, including Delta (DAL), United (UAL) and American (AAL), were moving higher after dipping on Thursday amid concern about the global economic recovery from the pandemic. American Airlines is trading almost 2% higher, and Delta and United shares rose 1.2%. Norwegian Cruise added 2.2% in premarket trading and Carnival rose 2.5%. Didi Global (DIDI) shares rose 3.4% in premarket trading and Tencent Music Entertainment (TME) was up 2.4%.
Markets are signaling slower period of growth: BNY Mellon's Levine
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets are signaling slower period of growth: BNY Mellon's LevineAlicia Levine, new head of equities at BNY Mellon Wealth Management, and Paul Hickey, co-founder of Bespoke Investment Group, joined "Squawk Box" on Friday to discuss what they were focusing on during this week's market action.
Ex-NYSE President Tom Farley's SPAC to merge with Bullish to bring planned crypto exchange public
Crypto startup Bullish plans to go public in a reverse merger with the special purpose acquisition company backed by Tom Farley, the former New York Stock Exchange president. "Digital assets are here to stay. The smartest engineering talent is going into digital assets; digital assets are solving very important problems. The exchange will offer "deep, predictable liquidity with technology that enables retail and institutional investors to generate yield from their digital assets," the release said. In April, the most popular U.S. crypto exchange, Coinbase, went public through a direct listing on the Nasdaq, a development that was heralded as a watershed for the nascent yet ascendant industry.
Leonardo Da Vinci's bear drawing sells for over $12 million
A drawing of a bear's head by Leonardo da Vinci sold for a record price at a London auction. The sale of "Head of a Bear" surpassed the previous record for a Leonardo drawing, set by the "Horse and Rider" in 2001.
The best savings account options, according to experts
But it's easier said than done, and deciphering all of the savings account options out there is enough to make your head spin. To help you get a jumpstart on your finances, TMRW consulted industry experts to break down four of the most common savings accounts. Traditional savings accounts can be used for both short-term and long-term savings and pay interest on the money you deposit. If you're hoping to make a nice return on your investment with a traditional savings account, don't hold your breath. The bank can also invest your MMA funds in a different way than they might with a traditional savings account.
Force Rank Your To-Do List To Actually Get Work Done
Avoid Task-Saturation To Prioritize TimeShallenberger, an Air Force veteran who was an F-16 fighter pilot, says there is a pilot term called "task saturation." Develop A Written Personal Vision To Prioritize TimeOnly 2% of people have a written personal vision, Shallenberger reports. Your personal vision becomes "your internal compass, north star, purpose, or the fire that burns within," he said. Only 10% of people have written personal and professional goals, he said. "You can well imagine what fraction of my agenda I would accomplish if I didn't have (a list)," he said.
Altria to sell Ste. Michelle wine estates business to Sycamore Partners for about $1.2 billion in cash
Altria Group Inc. MO, -0.77% said Friday it has agreed to sell its Ste. Michelle Wine Estates business to private-equity firm Sycamore Partners Management L.P. for about $1.2 billion in cash. Altria expects the deal to close in the second half of 2021. The deal is expected to allow the company focus on its transition to non-combustible products. Proceeds will be used to fund share buybacks, subject to board approval.
Dallas Fed Chief Robert Kaplan on Why the Fed Should (Slowly) Back Off
Dallas Fed President Robert Kaplan was the first to speak up publicly. Barron’s spoke with him about the direction of the economy, monetary policy, and financial markets. Robert Kaplan: Our estimate right now at the Dallas Fed is that headline inflation, as measured by the personal consumption expenditure [PCE] index, will end this year at 3.4%. Doing these purchases for longer than necessary creates excess imbalances in the economy, in financial markets, and certainly in the housing market. What do you say to criticism that the Fed has become too beholden to the financial markets?
10-year U.S. Treasury yield heads higher for first time in 5 sessions
Yields for long-dated U.S. government debt were slightly higher early Friday for the first time in five sessions, as a rally that took the 10-year and 30-year Treasurys to lows not seen since February took a breather. Sliding U.S. Treasury yields have spooked investors during a holiday-shortened week of trading, partly reflecting concerns that economic growth may be peaking. The 10-year Treasury yield hit a low of around 1.25% on Thursday, testing its 200-day moving average at 1.256%, FactSet data show, before the buying momentum tapered, pushing yields higher. What strategists are sayingThe decline in yields this week has come amid a pause in U.S.Treasury auctions of new debt, even as appetite has seemingly picked up. “The feedback loop of higher oil prices, end of federal unemployment insurance, and the spread of the Covid-19 delta variant where vaccination is low suggests this may take a while,” he wrote.
Gold futures edge higher, aim for best weekly gain in 6 weeks
Gold futures traded slightly higher on Friday, with gains setting the stage for the sharpest weekly advance for bullion since late May. Lingering concerns about the economic outlook, amid the spread of COVID-19’s delta variant, and lofty valuations in equities have helped to buttress values for precious metals, strategists say. An attempted rebound in equities, after the worst decline for U.S. equities in three weeks, may be checking haven appetite for gold. Doubts about the Federal Reserve’s monetary-policy strategy, including scaling back its $120 billion-a-month asset-purchase program, also has influenced trading in gold and other precious metals. For the week, silver is down 2.2%, while gold is on pace for a 1% weekly gain, which would mark its steepest such rally since the period ended May 28.
For Further REIT Gains, It Will Pay to Be Choosy
REITs are popular among income investors because they are required to pay out at least 90% of their taxable income in dividends to shareholders. What’s more, REIT dividends generally held up better than initially expected during the pandemic, though there were some cuts in sectors like lodging. She says it’s important for investors to examine the fundamentals in various sectors and to assess the pace of the recovery in each one. One subsector where Knott sees opportunity is gambling REITs such as MGM Growth Properties (MGP) and Gaming & Leisure Properties (GLPI). “The gaming REITs don’t reflect the attractiveness of the underlying real-estate value of what they own,” Knott says.
General Motors Is Rising, Carnival Is Gaining and the Stock Market Is Bouncing Back
Stocks look set for a higher open Friday as bond yields bounce back from Thursday’s tumble. S&P 500 futures have risen 0.5%, while Dow Jones Industrial Average futures have gained 260 points, or 0.8%, and Nasdaq Composite futures are little changed. That’s helped boost cyclical stocks, which tend to do better when yields rise—if the increase is based on economic optimism. The stocks aren’t getting hit hard—but they’re not rising either. Deutsche Bank (DB) has gained 2.9% after getting upgraded to Sector Perform from Underperform at RBC Capital.
Gold futures edge higher, aim for best weekly gain in 6 weeks
Gold futures traded slightly higher on Friday, with gains setting the stage for the sharpest weekly advance for bullion since late May. Lingering concerns about the economic outlook, amid the spread of COVID-19’s delta variant, and lofty valuations in equities have helped to buttress values for precious metals, strategists say. An attempted rebound in equities, after the worst decline for U.S. equities in three weeks, may be checking haven appetite for gold. Doubts about the Federal Reserve’s monetary-policy strategy, including scaling back its $120 billion-a-month asset-purchase program, also has influenced trading in gold and other precious metals. For the week, silver is down 2.2%, while gold is on pace for a 1% weekly gain, which would mark its steepest such rally since the period ended May 28.
This ‘buffer’ strategy for stock market investors has been a winner
You may have heard of funds that provide investors with “buffered” exposure to the stock market, but they are not all the same. There are varied degrees of downside protection and upside potential. Mike Loukas, CEO of Rosemont, Illinois-based TrueMark Investments, explained the strategy for his firm’s series of buffered ETFs that started to be sold in July 2020 amid roiling markets during the pandemic. Dealing with volatilityHere’s...
Gold futures edge higher, aim for best weekly gain in 6 weeks
Gold futures traded slightly higher on Friday, with gains setting the stage for the sharpest weekly advance for bullion since late May. Lingering concerns about the economic outlook, amid the spread of COVID-19’s delta variant, and lofty valuations in equities have helped to buttress values for precious metals, strategists say. An attempted rebound in equities, after the worst decline for U.S. equities in three weeks, may be checking haven appetite for gold. Doubts about the Federal Reserve’s monetary-policy strategy, including scaling back its $120 billion-a-month asset-purchase program, also has influenced trading in gold and other precious metals. For the week, silver is down 2.2%, while gold is on pace for a 1% weekly gain, which would mark its steepest such rally since the period ended May 28.
Here’s what a megadrought in North America means for investors — and, possibly, the Fed
David Friedberg, the founder and chief executive of San Francisco investment firm The Production Board, laid out the investment implications of the worsening mega drought affecting North America See full story. We have about $750,000 saved and a military pension. I’m ‘tired of working in America.’ Can I retire in three years? Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com See full story.
United Airlines to add more flights to warm-weather destinations in the U.S., Mexico and Caribbean
The stock's rally comes after it fell 6.4% amid a four-day losing streak through Thursday. "As pandemic restrictions ease, people are becoming more confident in planning travel further in advance, so we want to make sure to offer our customers as much choice as possible." Despite the bounce, United's stock is on track for a sixth-straight weekly loss, which would be the longest such streak in nine years. It has shed 15.0% over the past three months through Thursday, while the U.S. Global Jets ETF JETS, -1.01% has slid 14.2% and the S&P 500 SPX, -0.86% has gained 4.7%.
Biden to sign executive order that aims to rein in big business
President Joe Biden on Friday afternoon is slated to sign an executive order that seeks to rein in the power of big business, with the much-anticipated measure targeting agriculture, banking, tech, transportation and other sectors. The extensive order’s provisions include one that announces a policy of greater scrutiny of mergers, especially by dominant internet platform, and another that aims to ensure vigorous enforcement against ocean shippers that levy exorbitant charges on U.S. exporters, according to a White House fact sheet.
30-Year Mortgage Rates Drop Below 3.3% | July 9, 2021
Mortgage rates today: 30-year fixed-rate mortgage ratesThe 30-year rate is 3.277%. ?Mortgage refinance rates todayThe average rates for 30-year loans, 15- year loans and 5/1 jumbo ARMs are:The refinance rate on a 30-year fixed-rate refinance is 3.688%. Tips for getting the lowest mortgage rate possibleThere is no universal mortgage rate that all borrowers receive. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan like a 15-year loan or an adjustable-rate mortgage. Our mortgage rate methodologyMoney’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the most recent business day rates are available for.
UPDATE 1-Canada adds 230,700 jobs in June, unemployment falls to 7.8%
(Adds details, analyst comments, CAD)OTTAWA, July 9 (Reuters) - Canada added more jobs that expected in June, bringing employment within 1.8% of pre-pandemic levels, though all the gains were in part-time work, Statistics Canada data showed on Friday. The country added 230,700 jobs in June, beating analyst expectations of 195,000, as public health restrictions were eased in several regions of the country, Statscan said. The unemployment rate was 7.8%, just short of expectations of 7.7%. Part-time employment rose by 263,900, led by strong gains in youth employment, mostly among young women and other high-contact service workers. (Reporting by Julie Gordon in Ottawa, additional reporting by Fergal Smith and Jeff Lewis in Toronto Editing by Gareth Jones and Chizu Nomiyama)
Gold Poised for Third Weekly Advance on Recovery Headwinds
(Bloomberg) -- Gold headed for a third weekly advance as fears that coronavirus variants may endanger the economic recovery saw investors opt for havens. U.S. bond yields and European stocks partially rebounded Friday, causing gold to edge lower. Next week, investors will watch U.S. CPI data due Tuesday for signs prices are rising despite sluggish growth. Gold often benefits when interest rates are kept low while inflation expectations rise, which causes real bond yields to decline. Gold was 0.1% lower at $1,801.43 an ounce by 1:53 p.m. in London, and is set to gain 0.8% this week.
Oil prices firm as U.S. inventories decline
Brent crude oil futures were up 36 cents, or 0.5%, at $74.48 a barrel by 1220 GMT. "A bullish EIA stock report helped the oil market rebound into the black," said Stephen Brennock of oil broker PVM. The two Gulf OPEC allies are at odds over a proposed deal that would have brought more oil to the market. Russia was trying to mediate in an effort to strike a deal to raise output, OPEC+ sources said on Wednesday. The global spread of the Delta coronavirus variant and worries it could stall a worldwide economic recovery also weighed on oil prices.
Cryptocurrency firm Bullish to go public in $9 billion SPAC deal
By Gertrude Chavez-Dreyfuss(Reuters) - Cryptocurrency company Bullish announced on Friday it had agreed to go public on the New York Stock Exchange through a merger with Far Peak Acquisition, a special purpose acquisition company (SPAC), in a $9 billion deal. Bullish, a unit of blockchain software company Block.one, plans to launch a regulated crypto exchange later this year. Bullish and Far Peak's merger will result in proceeds that include net cash in trust of approximately $600 million, assuming no redemptions. Far Peak is a SPAC focused on bringing leading financial and financial technology companies public. Far Peak CEO and Chairman Thomas Farley previously served as the president of the New York Stock Exchange.
Atlanta Fed president projects 2022 interest rate hike: What it could mean for your mortgage refinance
Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said that he projects the next interest rate hike "to late 2022," and based his opinion on "upside surprises in recent data points." To see what interest rate you could get on a mortgage refinance before refinance rates increase, visit Credible and compare multiple mortgage lenders at once. This has kept mortgage rates – as well as rates on student loans, personal loans, credit cards and more – at record lows. As interest rates prepare to rise, millions of homeowners can still take advantage of today’s low interest rates. Visit Credible to look at your refinance options before interest rates increase to compare rates and get prequalified in minutes.
Stocks rebound as bond yields stabilize
U.S. stock futures rallied Friday as the major averages looked to put their steepest one-day decline in nearly a month in the rearview mirror. Dow Jones Industrial Average futures rose 243 points, or 0.71%, while S&P 500 futures rose 0.46% and Nasdaq 100 futures ticked up 0.01%. The major averages on Thursday lost between 0.72% and 0.86%, making for the biggest one-day drops since June 18. GOLD INVESTORS CALL FED’S INFLATION BLUFFIn stocks, financials bounced back as selling in the U.S. Treasury market swung the yield curve steeper. The apparel maker also hiked its quarterly dividend by 2 cents to 8 cents a share.
GoodRx Isn't Showing Us a Good Stock Chart
In his first "Executive Decision" segment of Thursday's Mad Money program, Jim Cramer spoke with Doug Hirsch, co-founder and co-CEO of GoodRx (GDRX) , the pharmacy saving app. That's what makes GoodRx so valuable, he said, patients get the best prices and can still pick up at their favorite pharmacies. In this updated daily bar chart of GDRX, below, we can see that prices did not rally to or above $42 to give us a buy signal. In this weekly Japanese candlestick chart of GDRX, below, we can see a lower shadow below $30 in early May as traders rejected those low prices. In this daily Point and Figure chart of GDRX, below, we can see that the software is projecting the $26 area as a potential downside price target.
Premarket Movers Friday: Stamps.com, Wells Fargo, General Motors
Here are some of the top movers during premarket trading on Friday:1. Wells Fargo | Up 1.65%Wells Fargo (WFC) - Get Report shares advanced after the financial services company said it would stop offering personal lines of credit and shutter those current accounts. General Motors | Up 3.73%General Motors (GM) - Get Report climbed after Wedbush analyst Daniel Ives initiated coverage of the automaker with an outperform rating and $85 price target. Last month, the company said CEO Dean Banks would leave the company after less than a year at the helm. United Airlines | Up 1.67%United Airlines (UAL) - Get Report and other airlines were climbing after falling Thursday over concerns about the spread of COVID-19 variants.
Yields Continue Their Perplexing Fall
Stocks quotes in this article: AMZNStocks stumbled at the open Thursday but recovered enough by the end of the day that both the Nasdaq and S&P 500 fell by less than 1% by market closeThe 10-year Treasury yield fell as low as 1.25% during the day before regaining the 1.3% markThe yield curve between the two- and 10-year Treasury flatten considerably during trading actionGiven banks...
General Motors Initiated Outperform; Wedbush Lauds Barra, EV Effort
General Motors CEO Mary Barra 'has led the legacy auto company back to the top of the auto industry in the U.S.,' Wedbush analyst Dan Ives says. General Motors (GM) - Get Report shares rose on Friday after Wedbush analyst Dan Ives began coverage of the auto titan with an outperform rating and an $85 price target. CEO Mary Barra "has led the legacy auto company back to the top of the auto industry in the U.S., accounting for over 17% of the market share in 2020,” Ives wrote in a commentary. “Going forward, GM continues to be a rerating story as [Wall] Street no longer treats the Detroit automaker as a traditional auto company trading based on book value,” Ives said. The company said last month that it expected its first-half earnings to be "significantly better" than previous forecasts.
Stamps.com Agrees to Thoma Bravo Buyout at $6.6 Billion Cash
The Chicago software-focused private-equity firm Thoma Bravo agreed to pay $330 cash a share, or $6.6 billion, for Stamps.com. Shares of Stamps.com (STMP) - Get Report jumped on Friday after the shipping-solutions specialist agreed to be acquired by software-focused private-equity firm Thoma Bravo for $6.6 billion cash. Under the terms the Chicago PE firm will pay $330 cash for each Stamps.com share. During this window, the board will have the right to terminate the Thoma Bravo agreement with no penalty, the companies said. A jump in small businesses based in cyberspace is also a bullish trend for the shipping company.
Column: Is it too much for patients to expect an itemized hospital bill? Apparently so
“Within a half-hour of returning,” Joseph told me, “the hospital called. But if you have to pay for it, then I would not recommend it.”The healthcare industry repeatedly tells people that they need to be good medical consumers. But if people are denied the information they need to make well-informed choices — or any choice, for that matter — how can they be good medical consumers? “Patients can’t be effective consumers if they can’t find out what they’re purchasing and what it costs,” he told me. Needless to say, all this lunacy goes away with a Medicare-for-all system that would create a transparent baseline for all medical costs.
Opinion: Digital billboards in San Jose? It’s worse than you think
You may soon see huge ads for fast food plastered on the side of The Tech Interactive or the San Jose Museum of Art. No Digital Billboards in San Jose, the leading grassroots group in support of the city’s 1985 ban on new billboards, is prepared to debate digital billboard proponents if ever they are willing to discuss the matter in public. • Why the city would allow energy-consuming and e-waste generating digital billboards that would negate San Jose’s commitment to reducing greenhouse gas emissions. • Why the city would allow accident-causing digital billboards on streets and highways in conflict with San Jose’s Vision Zero traffic accident reduction program. More than 90% of 2,000-plus respondents oppose freeway-facing digital billboards and 80% oppose digital billboards downtown.
San Jose housing project draws second developer at mobile home site
SAN JOSE — Two veteran home builders will develop new residences on different sections of the current site of a huge San Jose mobile home park that will be replaced by the project. NetApp leased 301,000 square feet at 700 Santana Row in April and this year is expected to shift its headquarters and other local operations to the complex. Splunk, another tech company, is leasing 235,000 square feet at 500 Santana Row. Plus, a short distance away, Federal Realty, the owner of Santana Row, is actively marketing a brand-new office building called One Santana West. “We’re excited to be breaking ground on another development in San Jose,” Hanover executive Youdall said.
Borenstein: California pension reforms would be weakened by new bill
Just a year after the California Supreme Court struck down one retirement-fattening ploy, public employees are launching an effort in the Legislature to legitimize another. Jerry Brown’s 2012 public employee retirement law reforms — reasonable restraints the state Supreme Court upheld in July 2020. Brown’s modest pension law reforms sought to restore some fiscal stability and sanity in part by curbing some of the worst pension-spiking practices. In a case involving Alameda, Contra Costa and Merced counties, the state Supreme Court rejected that claim. In a summary of her bill, Irwin says it is designed to protect long-standing benefits enjoyed by Ventura County employees.
Remote work is now the hottest ‘city’ for high-paying jobs
There are currently 80,360 openings for jobs paying $100,000 or more that are fully remote on Ladders, a job search website focused on positions paying six figures in the U.S. and Canada. That’s more than in any one actual city, outpacing San Francisco with 68,777 openings and New York with 64,681 positions. COVID forced a move to remote work in many industries — although not for many of the most high-risk essential jobs — which showed companies and their employees work from home was a feasible option. “Now that we’ve learned that we can work remote we’re not going back,” Cenedella said. After all, remote work means employees are judged based on their actual output, not how much face time they can get with the boss in the office, Cenedella said.
How to get emergency alerts about California wildfires and other disasters
Here are two main systems:• The federal government’s Integrated Public Alert & Warning System (IPAWS) sends very simple Amber Alert-style warnings. You don’t have to register; alerts are automatically distributed via radio, television, electronic billboards and text messages. Zonehaven: Find your evacuation zone: https://community.zonehaven.com/For more information: https://www.acgov.org/emergencysite/Contra Costa CountyCommunity Warning System: https://cwsalerts.com/. Go to “Register To Receive Emergency Alerts.”Find your evacuation zone: https://community.zonehaven.com/For more information: https://cwsalerts.com/Marin CountyAlert Marin: https://www.marinsheriff.org/services/emergency-services/alert-marin. Go to “Register Now.”Find your evacuation zone: https://community.zonehaven.com/For more information: https://hsd.smcsheriff.com/smcalertSanta Clara CountyAlertSCC: https://emergencymanagement.sccgov.org/AlertSCC.
DeSantis’ first veto favored local control; his overruling Key West voters indicates otherwise
The cruise industry, though, had been shut down for more than a year when DeSantis signed the bill, even as the state’s economy rebounded. Florida’s unemployment rate has dropped to 4.9% as of May, down from the COVID-19 pandemic peak of 14.2% in May 2020. And major business groups like the Florida Retail and Lodging Association and the Florida Retail Federation supported the plastic straw ban bill, too, but he vetoed it anyway.
WFLD-Ch. 32 news anchor Anthony Ponce pays $830,000 for 4-bedroom Wilmette home
Between COVID-19 and an expanding family — he and his wife just welcomed their second son, and Ponce has been on paternity leave from work — the family needed more space, Ponce said. Their initial plan was to add a second floor to their Bowmanville home, which has 14-foot industrial ceilings, concrete radiated heat flooring throughout and handbuilt sliding barn doors, but they found it difficult to secure bids for a renovation.
The official Ben & Jerry’s ice cream power rankings
Take an exclusive look at the Maritime Aquarium's new 160,000 gallon, two-story tank that has received the seal of approval from its flippered tenants. The aquarium’s five harbor seals were introduced to their new digs, dubbed “Pinneped Cove,” on May 29. The new habitat, which took years to plan and months to build, is eight times bigger than the previous tank that most of the seals have known for the past three decades.
Ticker: Lawsuits stemming from Cape Cod ferry crash settled; Jobless claims tick up
A four-year legal battle over injuries suffered by 15 people when a high-speed ferry struck a breakwater on Cape Cod in 2017 has come to a close, according to court documents. All claims for injuries have been settled, and U.S. District Court Judge Nathaniel M. Gorton ordered the case dismissed in May, the Cape Cod Times reported. The Coast Guard concluded that the loss of situational awareness by the bridge crew and the weather were among the factors that caused the crash. Jobless claims turn higherThe number of Americans filing for unemployment benefits rose slightly last week even while the economy and the job market appear to be rebounding from the coronavirus recession with sustained energy. Thursday’s report from the Labor Department showed that jobless claims increased by 2,000 from the previous week to 373,000.
Key player in German cum-ex tax fraud arrested in Switzerland - prosecutor
FRANKFURT – Hanno Berger, a German who is accused of playing a key role in a years-long tax fraud, has been arrested in Switzerland where he had been living in exile, a spokesman for prosecutors in Frankfurt said on Friday. The scandal, known as cum-ex, is Germany’s biggest post-war fraud involving a share-trading scheme that the authorities say cost taxpayers billions of euros. According to the prosecutors, the scheme was promoted by Berger, a German tax inspector-turned-tax adviser, and others. Berger is a defendant in a case that is being tried in Wiesbaden, near Frankfurt. Swiss authorities informed Frankfurt prosecutors of the arrest, the spokesman said, adding that it was a result of Germany’s effort to extradite Berger.
TikTok cracks down on crypto, trading and finance influencer promotions amid scam concerns
Social media platform TikTok has launched a crackdown on influencers' promotion of financial services products, including cryptocurrency, share trading and buy now pay later. The move is aimed at halting a growing tide of unsuitable high-risk investments and frauds being promoted on social media, but will also hit reputable financial firms. TikTok is cracking down on financial content amid concerns younger investors are being scammedThe social media platform has updated its branded content policy to ban the promotion of all financial services and products globally. Its advertising policy, which allows financial services companies to advertise to people over the age of 18, remains unchanged. Holly Mackay, founder and chief executive of Boring Money said: ‘The sole incentive for unqualified influencers to talk about financial products has been making money.
Jill Biden's first husband Bill Stevenson says he had an affair with Kathie Durst
Bill Stevenson told Long Island's News 12 on Thursday that he had an affair with Kathie Durst and slept with her ten days before she went missing in 1982. It was give years after his marriage to First Lady Jill Biden endedThis photo shows Jill and Bill Stevenson, in the 1970s, before their marriage fell apartKathie and Robert Durst on their wedding day. TIMELINE OF BIDEN AND DURST MARRIAGES 1970: Jill and Bill marry 1973: Kathie and Robert Durst marry 1974: Bill says he and Jill hosted Robert and Kathie Durst at their home 1974/1975: Jill and Bill separate 1977: Jill and Joe marry 1982: Kathie Durst disappears Advertisement'This is something that has to be righted. He says in 1974, he and Jill hosted Kathie and Robert Durst at their home. Years later, once his marriage to Jill had broken up and after Jill and Joe had gotten married, Kathie started confiding in Stevenson, he says.
Bordeaux future rosier after city approves new stadium guarantees
The future of Bordeaux looks more positive after city officials approved rental guarantees on the club's city-owned stadiumAdvertising Read moreBordeaux (AFP)Bordeaux took a step back from the abyss on Friday when city officials approved rental guarantees for the cash-strapped club's city-owned Matmut Atlantique stadium from would-be club owner Gerard Lopez. Those included guarantees for rental payments for the stadium, inaugurated in 2015 and slated as a venue for football action during the 2024 Paris summer Olympics as well as for the 2023 Rugby World Cup. The 42,000-capacity venue also hosted five games at Euro 2016 and has welcomed the French national side. France's financial watchdog DNCG last week provisionally relegated the club to the second division owing to financial irregularities, although Bordeaux, one of the biggest clubs in the country, are appealing. Lopez conceded last week that "the club is in rather a complicated state" but said he had the financial backing needed for a rescue.
Russia Proposes Foreigner Residence Permit Overhaul
Russia’s Interior Ministry has prepared a bill calling for major changes in how residence permits are issued to migrant workers. The bill, which is still in development, would replace the existing system of three-year temporary residence permits with a three-tier scheme. news Russia Eyes Measures to Tackle Migrant Labor Shortage Read moreMigrants would also be allowed to change the declared purpose of their visit to Russia without leaving the country as is the current requirement. The shortage of farm laborers has become so acute that the government has reportedly discussed chartering trains to bring in workers. news Moscow Businesses Call For Free Vaccination for Labor Migrants Read more
Watchdog conditionally approves new nuclear plant's operation
1 and 2 nuclear reactors at Uljin, 330 kilometers southeast of Seoul, are seen in this undated file photo provided by North Gyeongsang Province. South Korea has required the system to strengthen safety after multiple hydrogen explosions during Japan's Fukushima nuclear power plant disaster in 2011. The Shin-Hanul plant's PAR system received intense scrutiny after environmental groups claimed that its effectiveness had been overstated. Korea Hydro & Nuclear Power Corp., which built the plant, has argued that there is no problem with the system. According to the KHNP, 16 of the country's 24 nuclear power plants are currently operational, with seven undergoing maintenance.
Wayne K. Spear: Thirty years in the making, Jody Wilson-Raybould has the last word with Justin Trudeau
Try refreshing your browser, or Wayne K. Spear: Thirty years in the making, Jody Wilson-Raybould has the last word with Justin Trudeau Back to videoAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below. The first Indigenous minister of justice and attorney general of Canada, Jody Wilson-Raybould found herself the object of Prime Minister Justin Trudeau’s displeasure over her principled refusal to bend to pressure in the SNC-Lavalin affair. I first met Jody Wilson-Raybould when she was a regional chief of the B.C. I would have guessed AFN national chief, not prime minister, Bill Wilson’s premonition notwithstanding. Share this article in your social networkAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below.
Apple CEO Tim Cook personally rang Nancy Pelosi to ask her to slow down 6 tech antitrust bills, according to a report
Apple CEO Tim Cook called Nancy Pelosi to try to slow tech antitrust bills, the New York Times reports. It's part of a lobbying drive from Big Tech companies against new bills that aim to regulate tech giants. Apple CEO Tim Cook personally lobbied House Speaker Nancy Pelosi as part of a sweeping effort by Big Tech companies to slow new antitrust legislation, The New York Times reported. Cook told Pelosi in a phone call that he believed the bills had been rushed and would stunt innovation, five sources familiar with the conversation told the Times. After Cook asked Pelosi to slow the process for considering the bills, she pushed back, asking him to name specific policy objections, two sources told the Times.
Biden executive order will target right to repair, ISPs, net neutrality, and more
The White House has issued a “fact sheet” listing the industries and policies it’s addressing via an executive order that President Biden will sign later today — and technology is directly in the crosshairs. That includes internet service providers, as Biden will encourage the Federal Communications Commission to restore net neutrality rules undone during the prior administration, require providers to report prices and subscription rates, and prevent ISPs from making deals with landlords that limit tenants’ choices. Related Democrats are gearing up to fight for net neutralityRight-to-repair efforts should get a shot in the arm as the Federal Trade Commission is now tasked with trying to “limit powerful equipment manufacturers from restricting people’s ability to use independent repair shops or do DIY repairs.” It also includes language spurring the FTC to place bans or limit on non-competes that have been common in the tech industry. And when it comes to Big Tech, the administration’s agenda now specifically includes a mandate to require “greater scrutiny of mergers, especially by dominant internet platforms, with particular attention to the acquisition of nascent competitors, serial mergers, the accumulation of data, competition by ‘free’ products, and the effect on user privacy.” Via the FTC, the Biden administration plans a push to place more rules on surveillance and data collection, which should affect many of the largest tech companies in the world. In the document, the administration claims that 72 initiatives are being undertaken to promote competition and raise wages, although it will be up to the various agencies, as well as Congress, to provide funding and action to make these things happen.
Indian billionaires face off in race to solar domination
Ambani announced last month he will build 100 GW in solar energy capacity over the next nine years. Three days later, Adani announced that his green energy venture would add 5 GW every year this decade, from a current level of about 3.5 GW. Solar tariffs in India are already among the lowest in the world, having fallen below 2 Indian rupees ($0.0269) per kilowatt hour in auctions conducted in Gujarat. Rishab Shrestha, senior analyst at consultancy Wood Mackenzie said he expects India's coal generation share to drop to 50% in early 2030s from over 70% currently. One of Adani's main businesses, Adani Green Energy, currently dominates India's renewables space.
What we know about the 2 Americans detained in Haiti president’s assassination
Suspects in the assassination of Haiti’s President Jovenel Moïse are moved to be displayed to the press in Port-au-Prince, Haiti. James Solages and Joseph Vincent are among 28 people suspected in the assassination of Jovenel Moïse. AP/Joseph OdelynA suspect is under police custody for allegedly participating in the assassination plot against Haitian President Jovenel Moïse in Port-au-Prince. Suspects in the assassination of Haiti’s President Jovenel Moïse are shown to the media, along with the weapons and equipment they allegedly used in the attack. Police officers guard a group of suspects who allegedly participated in the assassination of Haitian President Jovenel Moïse.
Wells Fargo shuttering all personal lines of credit
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo shuttering all personal lines of creditThe bank is shutting down all existing personal lines of credit in coming weeks and no longer offers the product, according to customer letters reviewed by CNBC. The product, which typically gave users $3,000 to $100,000 in revolving credit lines, was pitched as a way to consolidate higher-interest credit card debt, pay for home renovations or avoid overdraft fees on linked checking accounts. With its latest move, Wells Fargo warned customers that the account closures "may have an impact on your credit score," according to a frequently asked questions segment of the letter.
Minerd: We could easily end the year with the yield on the 10-year Treasury under 1.5%
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMinerd: We could easily end the year with the yield on the 10-year Treasury under 1.5%Guggenheim Partners Global CIO Scott Minerd discusses what's behind the drop in bond yields in recent weeks, whether the stock market is in line for a correction, and the next big move for cryptos.
Fandango: There is definite demand for in-theater viewings of "Black Widow"
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFandango: There is definite demand for in-theater viewings of "Black Widow"Fandango managing editor Erik Davis discusses the box office prospects for Marvel's first blockbuster of the post-pandemic summer, "Black Widow", and whether people are indeed returning to theaters instead of watching from their couch.
Garvey: It makes sense to sell some long-term stock holdings now in the face of potentially higher tax rates
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGarvey: It makes sense to sell some long-term stock holdings now in the face of potentially higher tax ratesJill Garvey of Huntington Private Bank discusses tax planning in an uncertain year, with the prospect of higher corporate and individual rates on the horizon.
How billionaire sports team owners are using a loophole to save millions in taxes
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow billionaire sports team owners are using a loophole to save millions in taxesThe latest tax expose from Propublica explains how Steve Ballmer, David Tepper, Dan Gilbert and other billionaire sports team owners save hundreds of millions in taxes every year by owning a team. CNBC's Robert Frank reports.
Asset manager says this sector has been a 'big laggard,' but should now offer inflation protection
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsset manager says this sector has been a 'big laggard,' but should now offer inflation protectionDavid Marchant, chief investment officer at Canada Life Asset Management, highlighted why one sector, which has been a "big laggard," could be an investment opportunity and offer some inflation protection.
Jim Grant on the sharp reversal in the bond market and what he expects next
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Grant on the sharp reversal in the bond market and what he expects nextThe 10-year U.S. Treasury yield fell to the lowest point since February on Thursday, continuing a sharp reversal in the bond market. Jim Grant, founder of editor of Grant's Interest Rate Observer, joined "Squawk Box" on Friday to discuss what could be next for the bond market.
Covid pandemic has accelerated digital change and innovation across the board, BIS says
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCovid pandemic has accelerated digital change and innovation across the board, BIS saysAgustín Carstens, general manager of the Bank for International Settlements, discusses the development of digital currencies.
BIS says a lot of recent inflationary pressures are transitory, don't see reflation problem
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBIS says a lot of recent inflationary pressures are transitory, don't see reflation problemAgustín Carstens, general manager of the Bank for International Settlements, discusses the macroeconomic outlook and inflation.
Why investors shrug their shoulders at regulatory threats to Big Tech
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy investors shrug their shoulders at regulatory threats to Big TechThe White House will announce a new executive order aimed at cracking down on competitive practices in Big Tech, CNBC’s Ylan Mui reported. Dan Ives, managing director at Wedbush Securities, and Sylvia Jablonski, chief investment officer and co-founder of Defiance ETF, joined "Squawk Box" on Friday to discuss.
Transport giants plan to invest $593 million in European charging network for long-haul trucks
Three major transportation firms are set to work with one another on the development of a European charging network for "battery electric heavy-duty long-haul trucks and coaches." Together, the companies are set to invest 500 million euros (around $593 million) in the joint venture, which would be based in the Dutch city of Amsterdam. It's hoped that, within five years of the JV being set up, at least 1,700 "green energy charging points" will have been installed and functioning. The electrification of long-haul, heavy-duty trucks and coaches poses its own set of unique challenges. As the IEA's Global EV Outlook for 2021 notes, "long-haul trucking requires advanced technologies for high power charging and/or large batteries."
5 things to know before the stock market opens Friday
Dow to recover some of the losses in Thursday's sell-offTraders on the floor of the New York Stock Exchange. All three stock benchmarks were on track to finish lower for the week. Concern about a slowdown in economic growth, due to the spread of the Covid delta variant, hurt sentiment Thursday, with investors buying bonds for their perceived safety and driving yields lower. 10-year Treasury yield bounces off February lowsBond yields, which move inversely to prices, rose Friday. The 10-year Treasury yield was back above 1.34% after falling Thursday as low as 1.25% to levels not seen since February.
Have you had the 'money talk' with your family yet? Don't put it off
"Nobody's taught to talk about money, much less our families," said certified financial planner Hannah Moore, in an interview with CNBC's "American Greed." Moore spoke with "American Greed" about the basics of the money talk at various stages of life. "There's appropriate money conversations for me to be having with her." But Moore said a basic theme should involve how to think about and value money. Even the happiest couples will argue about money from time to time, but Moore said transparency will always smooth the path.
Thoma Bravo to take Stamps.com private for $6 billion
Stamps.com said on Friday private equity firm Thoma Bravo would take the e-commerce shipping solutions provider private for about $6 billion in cash, sending its shares over 14% higher in premarket trading. Stamps.com shareholders will receive $330 per share as per the agreement, representing an about 67% premium to the company's close on Thursday. The deal, expected to close in the third quarter of this year, is valued at about $6.6 billion including debt. Thoma Bravo is one the largest software-focused private equity firms with over $78 billion in assets under management. The company's shares were trading at $226.36 in early deals.
It isn't too late for millennials to build wealth. What to do if you're starting now
The eldest millennials are now approaching 40 and have experienced a few major setbacks that have kept them from building wealth in their adult lives. Then, just over a decade later, the coronavirus pandemic and new record-breaking recession hit, which left millions unemployed. "You are not alone and shouldn't be embarrassed to go get help or ask questions," said Farinola. It also doesn't help to dwell on what you wish you'd done earlier, according to Marco Rimassa, a CFP and president of CFE Financial in Katy, Texas. "Let's focus on the best avenue going forward and maximize the opportunities in front of us rather than what should have happened," he said.
Americans are spending big money on backyard pools
The backyard pool has become a big moneymaker. Many Americans are moving to the suburbs, migrating to warmer states and increasingly looking to make their own yards better places to spend time in. Retailers and distributors such as Leslie's and Pool Corp. are aiming to conquer the large and growing pool supply market, which offers pretty steady revenues from consumers trying to keep their pool water from turning green. There are some short-term challenges - including a shortage of chlorine tablets resulting in part from a large fire at a plant in Louisiana that has created a chlorine shortage constricting supply and raising prices. But once a house has a pool in the backyard, the most economical thing to do is maintain it, so companies who bet on maintenance are likely to see steady sales.
Stocks making the biggest moves in the premarket: Levi, General Motors, American Airlines and more
General Motors (GM) — The automaker's stock rose more than 3% in premarket trading, after Wedbush rated it as an outperform and said its stock could jump more than 50%. Delta (DAL), United (UAL), American (AAL) Airlines — Airline stocks are moving higher after dipping on Thursday amid concern about the global economic recovery from the pandemic. American Airlines is trading almost 2% higher, and Delta and United shares rose 1.2%. Norwegian Cruise added 2.2% in premarket trading and Carnival rose 2.5%. Didi shares rose 3.4% in premarket trading and Tencent Music is up 2.4%, while ecommerce platform Pinduoduo has gained more than 3% and search giant Baidu gained 2.3%.
Automakers are tech companies now
The numbers: Shares in General Motors, which is spending $35 billion on electric vehicles by 2025, have skyrocketed over the past year, rising nearly 140%. Europe's largest carmaker is putting €35 billion ($42 billion) into electric vehicles over five years. But bigger automakers including General Motors are starting to be seen in a similar light as they commit to building battery factories. Dan Ives, an analyst at Wedbush Securities, said on Thursday that General Motors shares should be worth $85 a piece, a 52% increase from current levels. If you're the CEO of an automaker, the thing to do now is to announce a big investment in electric vehicles and watch your share price go up.
'The housing market is crazy everywhere'
With mortgage rates at historic lows, homes across the country are being snatched up. Morning Joe economic analyst Steve Rattner looks at the housing market as the U.S. comes out of the coronavirus.
Waiting for Tish — NYPD won’t release Adams’ disciplinary records — Mayor sued over homeless moves
Waiting for Tish — NYPD won’t release Adams’ disciplinary records — Mayor sued over homeless moves Presented by Association of American UniversitiesA new-ish bit in New York political circles and Twitter feeds is naming the warmer months after whichever elected official has embraced leisure and recreation. And potential Democratic primary challengers are waiting to see if they’d face a wounded Cuomo, a vindicated Cuomo, or perhaps no Cuomo at all. WHAT CITY HALL'S READINGNYPD won't release Adams’ disciplinary records, by POLITICO’s Erin Durkin: The NYPD has refused to release disciplinary records for Democratic mayoral nominee Eric Adams despite a state law meant to lift the veil of secrecy around such documents. Adams, the Brooklyn borough president, was an NYPD cop for 22 years, retiring as a captain in 2006. — The New York State Association of Counties and New York State Association of County Coroners and Medical Examiners have relaunched their “See the Signs, Save a Life” campaign.
The L In CAN SLIM: Why Leading Stocks Tend To Maintain Their High Performance
XThe main idea is to buy leading stocks in leading industries when they make market-leading price moves. Leadings Stocks In Leading IndustriesIn the first five months of this year, for example, homebuilders and wood products were leading industries amid a housing crunch. The Relative Strength Rating measures 12-month price performance, and leading stocks generally have ratings of 80 to 99. Price strength is evident even before leading stocks climb to new highs. If You Want To Find Winning Stocks, Better Know ItIBD Live: Learn And Analyze Growth Stocks With The Pros
Eviction Prevention Programs Are Racing Against A Moratorium Clock
Eviction Prevention Programs Are Racing Against A Moratorium ClockEnlarge this image toggle caption John Moore/Getty Images John Moore/Getty ImagesThe federal eviction moratorium is set to expire at the end of this month, which doesn't leave much time to help an estimated 7 million tenants who are still behind on their rent. Efforts have been stepped up to distribute some $46 billion in emergency rental assistance, and to head off eviction cases before they end up in court. Shelley Miller, of the Alexandria Eviction Prevention Partnership in Northern Virginia, says it's a challenge. He also hadn't filled out a necessary form declaring his eligibility for the eviction moratorium. Biden senior advisor Gene Sperling warned that the country is in a race with time, with emergency rental aid only trickling out.
11 Rock-Solid Companies Pay Triple What You Get From Bonds
But you can still get triple the yield on some rock-solid S&P 500 companies' dividends. Some of the companies include utility PPL (PPL), energy firm Chevron (CVX) and financial Progressive (PGR). But for whatever the reason, S&P 500 investors can find big companies with solid credit ratings yielding 4%. Of the 11 A- or higher rated S&P 500 companies yielding 4% or more, three hail from the utilities sector. S&P 500 Energy: Big Stock Gains Plus Huge DividendsThe S&P 500 energy sector is the big winner this year.
A Fire Engulfed A Bangladesh Food Factory, Killing 52 People
A Fire Engulfed A Bangladesh Food Factory, Killing 52 PeopleDHAKA, Bangladesh — At least 52 people died in a huge blaze that engulfed a food and beverage factory outside Bangladesh's capital, fire officials said Friday, in the latest industrial disaster to hit the South Asian nation. The blaze began Thursday night at the five-story Hashem Food and Beverage Ltd. factory in Rupganj, just outside Dhaka, sending huge clouds of black smoke billowing into the sky. In addition, at least 26 workers were injured when they jumped from the upper floors as the fire engulfed the building, the United News of Bangladesh agency reported. The main exit of the factory, which processes juice, soft drinks and other food items, was locked from the inside, he said. Authorities imposed tougher safety rules after more than 1,100 people died when a garment factory complex collapsed near Dhaka in 2013.
Premarket Movers: TuSimple Holdings, MultiPlan, Clear Secure
With U.S. stock markets set to open in two hours, TuSimple Holdings (TSP) was up 5.1% in pre-market trading, and MultiPlan (MPLN) was up 4.4%. Meanwhile S&P 500 futures were down 0.40%, with futures for the Dow Jones Industrial Average falling 0.66%. Stocks in Asia were down overnight, with Japan's NIKKEI 225 Index down 0.63% and China's Shanghai Composite Index falling 0.04%. U.S. stock markets open for trading at 9:30 a.m. Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
A Modern Duplex Fills a Corner of a Grand English Estate That Hosted 1930s Figures, From Churchill to Chaplin
LISTING OF THE DAYLocation: Enfield, U.K.Price: £1.995 million (US$2.78 million)Trent Park House is a historic mansion comprising 14 luxury apartments set within the wider Trent Park residential development. Then in 1912, the infamous socialite Sir Philip Sassoon, heir to a notable banking and business family, inherited the estate. The elevated position of Trent Park House affords its residents stunning views over the park's lake to the north. Berkeley HomesStatsApartment 14 is a 1,699-square-foot duplex apartment with three bedrooms and three bathrooms, positioned across the third and fourth floors of Trent Park House. “Trent Park offers a local lifestyle with easy access to a great range of surrounding amenities,” Mr. Pine-Coffin said.
Buyers Should Prioritize Location Over Home Size and Amenities for Best Returns on Investment
The sweet spot may be something in the middle, that balances convenient location with square footage and amenities. “Savvy home buyers will look past the physical characteristics of a property and instead focus on its site,” he said. Remote-work policies will continue to encourage buyers to invest in locations that offer space and privacy. “Location remains a primary factor for price appreciation, and another factor of location is the market itself,” Mr. White said. “States like Florida, Nevada, Arizona, and California where it’s really easy to build housing tend to have more volatility and are more sensitive to changes in the market,” Mr. Marr said.
Opinion: Bitcoin ETFs likely wouldn’t be bearish for crypto but they might not be right for you
It’s understandable why contrarians would be concerned about this spate of filings to create bitcoin ETFs. Grayscale Bitcoin TrustAnother reason to question the contrarian reaction to these possible new bitcoin ETFs: Investors already are able to invest in bitcoin via the Grayscale Bitcoin Trust GBTC, -4.70% . Meanwhile, a Canadian-listed bitcoin ETF that began trading in February, the Purpose Bitcoin ETF BTCC, -5.55% , has gathered US$773 million in assets under management so far. One is that ETF transactions are reported to the IRS, unlike many cryptocurrency transactions. Buying into one of these possible new bitcoin ETFs could leave you without that foundation.
General Motors Is Rising, Carnival Is Gaining and the Stock Market Is Bouncing Back
Stocks look set for a higher open Friday as bond yields bounce back from Thursday’s tumble. S&P 500 futures have risen 0.4%, while Dow Jones Industrial Average futures have gained 244 points, or 0.7%, and Nasdaq Composite futures have dipped 0.1%. That’s helped boost cyclical stocks, which tend to do better when yields rise—if the increase is based on economic optimism. The stocks are getting hit hard—but they’re not rising either. Deutsche Bank (DB) has gained 2.9% after getting upgraded to Sector Perform from Underperform at RBC Capital.
Stamps.com to be bought out at a 67% premium by Thoma Bravo
Stamps.com Inc. STMP, +0.36% announced Friday an agreement to be acquired by software investment firm Thoma Bravo in a cash deal that values the web-based mailing and shipping services company at $6.6 billion. Stamps' stock soared 35.6% in premarket trading, prior to a trading halt for news. Under terms of the deal, which is expected to close in the third quarter of 2021, Stamps shareholders will receive $330 in cash for each Stamps share they own, representing a 67% premium to Thursday's closing price of $197.72, and 6.7% above the Aug. 7, 2020 record close of $309.36. The deal includes a 40-day "go-shop" period in which Stamps can solicit alternative merger deals. "With the financial and operational support of Thoma Bravo, Stamps.com can continue to innovate and pursue growth opportunities to capture the expanding e-commerce shipping market and extend our position as the leading global multi-carrier e-commerce shipping software company," said Stamps Chief Executive Ken McBride.
Dow futures up over 200 points as stocks attempt bounce after Thursday selloff
The Dow DJIA, -0.75% closed 259.86 points lower, off 0.7%, at 34,421.93, after dropping more than 500 points at its session low. The S&P 500 SPX, -0.86% ended 0.9% lower, while the Nasdaq Composite COMP, -0.72% gave up 0.7% a day after both indexes closed at their latest in a string of records. Yields were edging back up Friday though, with the 10-year U.S. Treasury yield TMUBMUSD10Y, 1.332% up 5 basis points at 1.342%. Falling bond yields point to ‘growth scare’In the end, falling yields should be a positive for stocks, argued Ipek Ozkardeskaya, senior analyst at Swissquote, in a Friday note. Falling yields hint that inflation and the potential for a more aggressive than expected withdrawal of easy money policies by the Federal Reserve are a fading cause for concern, she said.
JNBA’s Richard Brown: Eyeing the Acquisition Trail
After a quarter-century of organically growing Minneapolis-based JNBA Financial Advisors into a $1.4 billion firm, CEO Richard Brown is eyeing acquisitions for the first time. “There are $100 million, $200 million, $300 million, $400 million firms I’m talking to that are really looking at the next generation of what they’ve built,” says Brown, Barron’s top-ranked advisor in Minnesota. Speaking with Barron’s Advisor, Brown explains why his firm loves working with middle-class clients. He reveals how it’s fought back against...
GM stock jumps after Wedbush analyst calls it a ‘disruptive technology play’
Ives initiated coverage of GM with an outperform rating and $85 stock price target, which implies a 52% gain from Thursday’s closing price of $56.06. That makes Ives the second-most bullish of the 23 Wall Street analysts surveyed by FactSet, behind only Wolfe Research’s Rod Lache who has an $86 price target. The stock GM, -0.94% rose 3.6% in premarket trading Friday, after falling 5.3% over the past five trading sessions to close Thursday at a seven-week low. In comparison, the S&P 500 index SPX, -0.86% has advanced 15.0% year to date and climbed 37.1% over the past 12 months. “By leveraging this technology, the legacy auto will be able to eat up market share against pure-play EVs in all aspects of the industry,” Ives wrote.
Malaysia, 1MDB seeking more than $5.6 billion in damages from KPMG
Malaysia's finance ministry declined to comment further due to sub judice. According to the lawsuit, the plaintiffs allege that about $3.2 billion were misappropriated from 1MDB and its subsidiaries during the period KPMG served as the firm's auditor. Story continuesThe Malaysian government and MoF Inc, a statutory body under the finance ministry, would also seek 2.63 billion ringgit ($627.83 million) from KPMG to cover losses incurred in bailing out 1MDB. KPMG was sacked as 1MDB's auditor after it refused to sign off on the fund's 2013 accounts. Deloitte PLT which took over as 1MDB's auditor after KPMG, paid $80 million to Malaysia's government last month to settle claims related to its dealings with 1MDB.
Condo collapse live updates: Death toll at 64, residents briefly returning to another tower
Rescue crews continue to search through the rubble, now without hope of finding anyone alive, under the collapsed Champlain Towers South Condo in Surfside, just north of Miami Beach. People with loved ones at the condo, missing or safe, should call 305-614-1819 to notify officials. North Miami Beach residents enter evacuated building, retrieve items6:50 a.m.: Residents of an aging North Miami Beach condo complex ordered evacuated last week over concerns about its structural integrity can get back into their units on Friday. Key facts6:50 a.m.: Here’s what to know Friday morning:? The death toll is 64. The Surfside building collapsed at 1:23 a.m. June 24.
UPDATE 1-G20 finance chiefs in Venice back global tax deal - draft
The communique, a copy of which was seen by Reuters, urged any hold-out nations to join the deal. "We invite all members (involved in the discussion) that have not yet joined the international agreement to do so." If all goes to plan, the new tax rules should be translated into binding legislation worldwide before the end of 2023. CARBON FRICTIONSThe meeting of G20 finance ministers and central bankers in Venice is their first face-to-face encounter since the start of the COVID-19 pandemic. Speaking at a climate tax forum there before the G20 meeting, U.S. Treasury Secretary Janet Yellen called for better international coordination to avoid trade frictions.
Biden's latest executive order empowers workers in 3 key ways
President Joe Biden is expected to sign an executive order promoting economic competition on Friday that includes three provisions designed to improve opportunities for workers. “Barriers to competition are also driving down wages for workers,” the White House said in a statement on Friday. Between 36 million and 60 million private-sector workers were subject to noncompete agreements in 2019, according to estimates by the Economic Policy Institute. “Noncompete agreements reduce wages. About 30% of U.S. jobs require this kind of licensing, according to estimates by the Federal Trade Commission.
TikTok bans financial services ads
On its 'branded content policy' page, TikTok has added financial services and products to its list of 'globally prohibited industries'. Photo: ReutersTikTok has added financial services and products including cryptocurrencies and pyramid schemes to the list of promotional content that is banned on its platform. A report in the Financial Times said the move comes after users were warned against taking financial advice from TikTok videos over concerns it could be misleading, particularly for younger savers. On its 'branded content policy' page, TikTok has added financial services and products to its list of 'globally prohibited industries'. Last month, TikTok partnered with the UK's Citizens Advice to create videos on how to make informed financial decisions and understand financial terminology.
Tesla raises Model S and X prices $5,000
Tesla has increased the base price of its redesigned Model S and Model X vehicles by $5,000 in the U.S. The Dual Motor All-Wheel Drive Long Range versions of the sedan and SUV are now listed with starting prices of $84,990 and $94,990, respectively, not including any delivery fees. Tesla sells its cars at a fixed no-haggle price and uses price adjustments rather than the kinds of incentive programs typical in the auto industry to react to market conditions. Tesla delivered 1,890 of the new Model S cars in the second quarter globally, but isn't believed to have commenced production of the new Model X. Just before the first Model S deliveries were made in June, the automaker raised the price of the top of the line Model S Plaid by $10,000, but said it would honor the original price for anyone who had already placed an order.
Recent Grad? Here’s Four Reasons to Start Saving Now Rather Than Later
No matter whether you’re able to save a little or a lot, saving money now can help ensure your financial freedom later. Here are some reasons why you should start saving now:Saving Becomes a HabitOne of the best things you can do is to start saving money as soon as you graduate so that it becomes a habit. Why should you want saving money to become a habit? Saving money is sort of like being on a diet, except it has to do with money rather than food. Eventually, you’ll no longer see saving money as a sacrifice, especially when you begin to experience the benefits of being cash-rich.
What Investors Should Know About Bitcoin Mining Equipment and Technology
The digital mining industry has evolved dramatically. With the growth of the network and the increase in usage, the computing power required to solve cryptographic problems has increased dramatically. "The current state of the mining industry has evolved to the point where we have this great computing power, but the increases are diminishing -- so minors will have to focus on other areas of their business to generate that profit of Bitcoin ... They will have to pay more attention to energy costs, financial planning and diversification of their business," said Ed Lopez, Managing Director and Head of ETF products at VanEck during a recent roundtable webinar sponsored by VanEck on the evolution of blockchain. Watch the full webinar below, or click here to see highlights from the all-star panel.
Three Ways to Fight Inflation
You can't control inflation, but there are a few strategies that can help you reduce the impact on your wallet. First, a primer: Inflation shrinks your purchasing power, so you need more money to buy the same goods and services. When inflation averages 5%, which was the annualized rate reported in May, prices would double in less than 15 years. Inflation Isn’t All BadThose unaccustomed to rising prices may be surprised to discover that inflation has some advantages. Social Security benefits include cost-of-living increases, so higher inflation can mean bigger checks.
One Really Bad Dream (or Was It?), Biden Hops on the Rails, Vaccine Booster
Not your truth, or my truth, but truth or Truth as a pronoun. "OK, we're going to do this, so we can say we did this, and then it will be over. It was then that the Federal Open Market Committee (FOMC) showed their faces, as if but one, but masked. The rails and maritime transport came under attack from the Biden administration. He has been streamlining this business and trying to untangle the mess that Wells Fargo had been in since he got here.
Cathie Wood's Ark Invest Added 255,478 Shares of Coinbase on Yesterday's Dip
Ark used its ARKK and ARKW ETFs to acquire the additional shares, boosting the weightings toward Coinbase in both funds. Ark Invest used the low prices during yesterday's slump to acquire an additional 255,478 shares of Coinbase (COIN) between its two ETFs, the Ark Innovation ETF (ARKK) and the Ark Next Generation ETF (ARKW). This purchase comes just over two weeks after news broke that Ark Invest had added 214,718 shares of Coinbase between ARKK and ARKW. The increase in holdings has boosted the ARKK Coinbase holdings from 3.6 million shares to over 3.8 million, while ARKW's Coinbase holdings increased from over 870,000 shares to over 900,000. Coinbase now comprises 4.07% of the ARKK ETF holdings, up from 3.85% and it now makes up 3.76% of the ARKW ETF, up from 3.62%.
Cryptocurrency and Inflation News for Financial Advisers
Bank of America debuts digital retirement program to help employees get on track: Employees will receive personalized insights, guidance and tools to build a financially secure retirement, according to FinancialPlanning. Don’t Let Your Clients Buy Bitcoin (or any other cryptocurrency): Joe Sweeney advises against investing in bitcoin in your client’s portfolios. Inflation Inflection: Tiffany Wilding and Andrew Balls of PIMCO forecast that inflation in developed markets will peak in the coming months. Some Advisers Stop Giving Rollover Advice Due To DOL Rule Complexities: ERISA experts say that other advisers are underestimating the complexities of the new fiduciary rule, according to Financial Advisor. A sin premium might arise in the future though, if exclusion policies reach the scale needed to significantly raise the cost of capital of sin stocks.
Rotation Kicks in Again as Thursday's Weakness Is Quickly Forgotten
All year long the primary challenge of the market has been rotational. There has been a series of corrections, but they occur only in portions of the market at various times. While the Nasdaq is just two days from all-time highs, only 35% of all stocks are above their 40-day simple moving averages and less than 60% are over their 200-day simple moving averages. It would be healthier if the indices corrected more, but the market doesn't seem interested in what traders like me would like to see. We will have to continue to deal with this rotational action, and that means a disconnect between the indices and the action in the majority of stocks.
Jim Cramer: Welcome to the Check Mark Economy
Stocks quotes in this article: LEVIFirst we thought the recovery would be an "I," just a flat line that could hurt us for years to comeThen we thought it was a U as, miraculously, the federal government and the Federal Reserve injected trillions to save the economy and keep individual companies, from the airlines to the cruise lines, from going bankruptThen we believed it to be a V...
California extends contract with Bank of America for troubled unemployment benefits program
California’s unemployment agency has extended its contract with Bank of America to issue debit cards containing benefits for jobless residents despite criticism from state lawmakers that criminals were able to tap into the cards to commit widespread fraud. “Under the contract, the state had the sole option to extend and chose to do so,” said Bill Halldin, a spokesperson for Bank of America. “Additionally, to improve card security, EDD is working with the bank to implement chip-enabled debit cards,” she said. An unprecedented 23 million claims for unemployment benefits have been filed since the pandemic began. The bank drew the ire of many unemployed people in October when 350,000 debit cards were frozen pending an investigation of potential fraud.
Column: The fireworks blast that rocked 27th Street still echoes, as residents try to move on
AdvertisementThis is the kind of story you hear on East 27th Street, a block above Adams, which is home to primarily working class Latinos. Many immigrant residents still speak indigenous languages, such as Nawat, spoken in their countries of origin before the Spanish conquest. Seventeen people, including residents and law enforcement officers, were injured, and searing images remain of bloodied victims being wheeled away. All we know is that police discovered thousands of pounds of fireworks at the East 27th Street residence of Arturo Cejas, who was later arrested. Window washer Mario Delgado, Gonzalez said, is typical of the volunteer, help-your-neighbor spirit of the neighborhood.
Colorado rents surge in June as demand for apartments ramps up
Still, Denver’s annual rent gain remains way below the statewide gain of 9.5%, which includes a 3% gain the past month, and the national gain in apartment rents of 8.4%. Colorado Springs apartment rents are up 16.6% since the pandemic started in March 2020 and 2.8% the past month, making it the metro with the biggest rent increases in the state. Rent increases weren’t as robust in other parts of the metro area but still strong. One reason landlords can pass on rent increases again is that households are going through a “deconsolidation,” Warnock said. Rent increases could help sustain inflation in the months ahead even as other factors like higher gasoline and used car prices subside.
ATMs are now ITMs. Big spaces are now small. Post-pandemic, your bank could be changing how it looks and how it functions.
U.S. Bank, like many of its competitors, was already looking to shrink its branch network before the pandemic. Pettry said U.S. Bank is the first bank to have the ability to “cobrowse” in Denver. It allows branch employees to assist and coach customers through their online or mobile banking activities via a video chat. And for those happier with video conferencing, which went gangbusters during the pandemic, the bank also offers Webex. Several years back, FirstBank pioneered video banking, Kaminskas said, but the technology was still challenging and it didn’t catch on with customers.
Kevin Rennie: Time for Gov. Lamont to rein in UConn and its board of trustees
In 2006, Lamont, running an insurgent campaign for the U.S. Senate, ran a stark commercial of a car crashing over and over with the message that you cannot expect a different result by repeating the same actions. He may want to take his own advice. The same people who chose Katsouleas should not be given the authority to select his successor. The governor needs to make changes on the membership of UConn’s board of trustees soon. The members enjoy fixed terms but a request from the governor to step aside ought to be honored.
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Fox Valley Hijinx (Je Smith) 20-1 6. Beach Boogie (Mi Cushing) 20-1 10. Southport Beach (Mi Cushing) 20-1 8. Down On My Luck (Mi Cushing) 20-1 8. Odds On Boca Raton (Tr Smith) 20-1 9.
China criticizes US moves to expand financial sanctions
BEIJING (AP) — China’s government on Friday criticized new U.S. moves to reduce access to American financial markets and said it will protect Chinese companies but gave no indication of possible retaliation. The S&P Dow Jones Indices and FTSE Russell removed more Chinese companies from their indexes after President Joe Biden expanded a blacklist of companies that are off limits to American investors. Such indexes are the basis for billions of dollars of investment in stocks and bonds. Biden's June 3 order raised the number of Chinese companies on the list to 59 from Trump's 44. This material may not be published, broadcast, rewritten or redistributed without permission.
EXPLAINER: Deterring tax avoidance by global companies
The agreement reached at the OECD is likely to be endorsed at the finance ministers' meeting since 20 G-20 countries joined in signing the OECD deal. The global minimum tax would be voluntary. So countries would have to enact it into their own national tax codes on their own initiative. According to Gabriel Zucman, an economics professor at the University of California at Berkeley who has written extensively on tax havens, the minimum tax will still work even if some countries don’t sign up. He said in a tweet that “the fact remains: If some countries refuse to apply a minimum tax, then other countries will collect the taxes they refuse to collect.”The proposal to tax companies on earnings where they have no physical presence, such as through online businesses, would require countries to sign up to a written international agreement.
China criticizes US moves to expand financial sanctions
BEIJING (AP) — China’s government on Friday criticized new U.S. moves to reduce access to American financial markets and said it will protect Chinese companies but gave no indication of possible retaliation. The S&P Dow Jones Indices and FTSE Russell removed more Chinese companies from their indexes after President Joe Biden expanded a blacklist of companies that are off limits to American investors. Such indexes are the basis for billions of dollars of investment in stocks and bonds. They include telecom, oil, aerospace and other companies. Biden's June 3 order raised the number of Chinese companies on the list to 59 from Trump's 44.
Sainsbury's stops selling DVDs and CDs
Sainsbury's has become the first big supermarket to stop selling CDs and DVDs as ever more people turn to streaming for music and movies. The retailer said the rising popularity of platforms such as Spotify and Netflix led to its decision to stop stocking the discs. However, it will continue to sell vinyl records, which have made a comeback in recent years, in some stores. The value of vinyl sales is expected to surpass that of CDs for the first time since the late 1980s this year, according to music trade body the BPI. While online retailers like Amazon still sell CDs and DVDs, it is becoming increasingly difficult to buy CDs and DVDs on many high streets following the demise of specialist music chains.
‘Furniture Village delivered mismatched, lumpy sofas that are like sitting on sacks of potatoes’
Dear CJ,It can be a major undertaking to get sofas delivered to any property. It was returned and I had to wait three months for a smaller version to be made and delivered. So I can understand why you decided to keep the colour-mismatched sofa when Furniture Village said it would not cover the extra costs involved in replacing it. You sent me photos and, although I cannot confirm what it would feel like to sit on them, the seat cushions did look pretty lumpy. It added that replacing the interior of the cushions was always its first port of call and usually rectified the problem.
U.S., Mexico settle first labor complaint under USMCA
The so-called course of remediation unveiled Thursday is a first for USTR, and it allows the governments to avoid a labor dispute settlement panel that could have resulted in harsher penalties for the plant. Democratic lawmakers immediately lauded the agreement as a sign that the rapid-response mechanism was working as designed. The Trump-brokered USMCA garnered significant Democratic support due in part to tougher enforcement of labor and environmental protections. The countries began negotiating a remediation plan on June 25. General Motors must also state its neutrality in the vote and implement a zero-tolerance policy for retaliation.
Take Five: Bond bulls, China's conundrums and U.S. earnings
REUTERS/Kim Kyung-HoonJuly 9 (Reuters) - 1/NO PRISONERS IN BOND LANDBond bulls are out in force and they take no prisoners. The message is perhaps more that economic growth has peaked and any inflation pick-up will prove transitory. -UPDATE 1-China cuts reserve requirements to support economic recovery-EXPLAINER-Is China set to cut RRR soon? However, expectations of slowing economic growth in the second half of 2021 have recently contributed to a rally in U.S. Treasuries, taking benchmark 10-year yields to their lowest since February. Though the Bank of Canada is expected to trim its $3 billion Canadian dollar a month bond buying programme to $2 billion CAD.
Retirement savings: Automating retirement account transfers can help keep you on track
See, when I first started saving, I set retirement goals for myself based on my chosen retirement age as well as the amount of money I would need as a senior. I also opened up a tax-advantaged retirement account to begin making my contributions. Automating contributions makes saving for retirement easySetting up automatic contributions to a retirement account is easy for most people if a workplace 401(k) is available. But a handful of little-known Social Security secrets' could help ensure a boost in your retirement income. Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after.
I.M.F. Board Backs $650 Billion Aid Plan to Help Poor Countries
VENICE, Italy — The International Monetary Fund said on Friday that its executive board approved a plan to issue $650 billion worth of reserve funds, essentially creating money that troubled countries can use to purchase vaccines, finance health care and pay down debt. The new allocation of so-called Special Drawing Rights would be the largest such expansion of currency reserves in the I.M.F.’s history. If given final approval by the I.M.F.’s board of governors, as is expected, the reserves could become available by the end of next month. “This is a shot in the arm for the world,” Kristalina Georgieva, managing director of the I.M.F., said in a statement. has warned of a two-track economic recovery, with poor countries being left behind while advanced economies experience rapid expansions.
Fire in food factory in Bangladesh kills at least 49 people
At least 49 people have died in a fire that broke out at a food and beverage factory outside Bangladesh's capital, fire officials and local TV stations said Friday. A fire service official, Russel Shikder, confirmed that the fire began Thursday night at the five-story Hashem Food and Beverage Ltd. factory in Rupganj, just outside Dhaka. Debasish Bardhan, deputy director of the Fire Service and Civil Defense, said 49 bodies have been recovered from inside the factory and rescue operations continue. The main exit gate of the factory, which processes juice, soft drinks and other food items, was locked from inside, he said. Details of the cause of the fire, how many people were inside the factory and how many were missing were not immediately available.
Regional bank stocks present buying opportunity after sharp decline this week, traders say
But the trade is far from a falling knife, Craig Johnson, senior technical research analyst at Piper Sandler, told CNBC's "Trading Nation" on Thursday. Investors may want to buy into regional bank stocks as the group falters, two traders say. "You'll find really good support at the rising 200-day moving average, which is just below where we're at," he said. Blue Line Capital founder and President Bill Baruch said in the same "Trading Nation" interview that he added to his position in KRE during Thursday's selling. The KRE bouncing off its 61.8% retracement level could indicate a new floor of support.
Nissan announces plans to build EV battery 'gigafactory' in UK
Nissan on Thursday announced plans to build a £1 billion ($1.38 billion) "gigafactory" in Sunderland, U.K, in a major boost to the country's electric vehicle plans. The Japanese automaker said it was launching the project — dubbed Nissan EV36Zero — along with Envision AESC, a battery technology company, and Sunderland City Council. Nissan, which has been manufacturing in Sunderland for 35 years, said 1,650 new jobs would be created at the hub: 900 at Nissan and 750 at Envision AESC. Speaking to CNBC's "Squawk Box Europe" on Thursday, Nissan's Chief Operating Officer Ashwani Gupta said the move demonstrated "our roadmap to … carbon neutrality." Watch the video above to learn more about the project.
Wall Street points to a higher open after Thursday's sell-off
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWall Street points to a higher open after Thursday's sell-offStock futures were mostly higher in early morning trading Friday after the major indexes fell on Thursday amid concerns of a slowdown in global economic growth. CNBC's Kristina Partsinevelos reports.
'Strong willingness' to move fast on corporate tax, says Spain's economy minister at G-20
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Strong willingness' to move fast on corporate tax, says Spain's economy minister at G-20Nadia Calviño, second deputy prime minister of Spain and minister of economy and digitization, discusses the necessity to reach an agreement on a global corporate tax from the G-20 meeting of finance ministers and central bank governors in Venice.
'We need to be swift and efficient' with EU investment fund, says Spain's economy minister
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We need to be swift and efficient' with EU investment fund, says Spain's economy ministerNadia Calviño, second deputy prime minister of Spain and minister of economy and digitization, outlines Spain's investment plan to frontload a majority of the EU funds toward digital skills and digitalization of SMEs between 2021 and 2023.
Treasury yields bounce, easing worries about a global economic slowdown
U.S. Treasury yields bounced on Friday, easing some concerns about a global economic slowdown brought about in part because of the surprising decline in yields in recent months. The yield on the benchmark 10-year Treasury note climbed 5 basis points to 1.336% at 6:30 a.m. The yield on the 30-year Treasury bond advanced by 6 basis points to 1.97%. The bounce follows a big drop in yields on Thursday that shook equity markets and took the 10-year yield as low as 1.25%. The 10-year Treasury yield was at 1.43% at the end of last week.
China cuts reserve requirements to support economic recovery
Signage for the People's Bank of China is displayed on its headquarters building in Beijing, China, on Monday, Feb. 26, 2018. China will cut the amount of cash that banks must hold as reserves, releasing around 1 trillion yuan ($154.19 billion) in long-term liquidity to underpin its post-Covid economic recovery that is starting to lose momentum. The People's Bank of China said on its website it would cut the reserve requirement ratio (RRR) for all banks by 50 basis points (bps), effective from July 15. The central bank said the weighted average RRR for Chinese financial institutions would fall to 8.9% after the cut. The PBOC last cut the RRR in April last year, when the Chinese economy was still badly affected by the coronavirus crisis.
Watch Brian Sullivan's full interview with Guggenheim's Scott Minerd
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Brian Sullivan's full interview with Guggenheim's Scott MinerdGuggenheim Global Chief Investment Officer Scott Minerd joined CNBC's Brian Sullivan to discuss the wild moves in the bond market over the last week as well as what he's seeing in the crypto market and more.
Guggenheim's Scott Minerd, who called the yield decline, says the 10-year could head back below 1%
Guggenheim Global Chief Investment Officer Scott Minerd said Friday that the 10-year Treasury yield should continue to fall and could return to its crisis lows from last year.
Musk trial asks the $2 bln question: Who controls Tesla?
Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly SongJuly 9 (Reuters) - Does Elon Musk control Tesla Inc (TSLA.O) or does Tesla control Elon Musk? She said the case might present an unusual situation given Musk's celebrity status, his personal ties to Tesla board members and those board members' financial ties to SolarCity. "We are highly dependent on the services of Elon Musk, Technoking of Tesla and our Chief Executive Officer," said Tesla's 2020 annual report. Board members settled allegations against them last year for $60 million and did not admit to any fault.
Retail workers in unions reap higher wages even as U.S. organizers suffer setbacks
After reviewing two decades of retail wages, Reuters found that union workers get paid more on average - and that the gap is widening. But the percentage of unionized retail workers has been declining over the past four decades. About two-thirds of Kroger Co (KR.N) workers are unionized - unlike Amazon, Target Corp (TGT.N) and Walmart, which have no organized workers. Twenty-seven percent of U.S. retail and wholesale workers worked 34 hours a week or fewer in 2019, according to the BLS. As shoppers bought more goods online, retail workers who were paid on commission saw their incomes drop.
US's Yellen urges better coordination on carbon policy
The EU's carbon border adjustment mechanism (CBAM) would impose levies on the carbon content of imported goods in an effort to discourage "carbon leakage", the transfer of production to countries with less onerous emission restrictions. Approaches could include regulatory restrictions and emissions standards, direct public investments, public subsidies to incentivize private investments, and carbon markets. The Biden administration is pursuing major public investments to decarbonize the U.S. power and transportation sectors, she said. She also said the Biden administration was still considering a range of other carbon reduction policies, including some that would put an "implicit price" on carbon emissions, and provide a point of comparison to other countries' carbon prices. She did not provide details of these measures but Biden administration officials have said they would consider carbon border adjustment measures.
Philip Morris to Buy U.K. Drugmaker Vectura in Smoke-Free Push. What It Means for the Stock.
Tobacco giant Philip Morris International said on Friday it has agreed to buy U.K. pharma company Vectura, valuing it at £1.05 billion ($1.44 billion), as it continues to push toward a smoke-free future. The Philip Morris offer is for 150 pence in cash for every Vectura share — a 10.6% premium to the British company’s closing price on Thursday. Vectura stock surged 13% in early London trading, while Philip Morris shares edged higher in U.S. premarket trading. Read: Philip Morris Is Buying Back Stock, and More Reasons the Price Can Keep ClimbingLooking ahead. It won’t be lost on investors that Philip Morris has moved toward treatments for medical problems potentially caused by smoking.
European Stocks and U.S. Futures Point to a Rebound as Bond Yields Stabilize
The People’s Bank of China said Friday it was cutting reserve requirements for its banks by a half point, to help bolster the world’s number-two economy. With stocks set to rise, the bond market was also showing signs of cooling off. Falling yields reflect an increased view that the Federal Reserve won’t be as tolerant to high inflation as some had previously thought. Recent economic data has shown that growth in manufacturing and services sectors has slowed compared with recent months. In addition to analyzing the results, Wall Street will also be paying close attention to the economic outlook bank executives give.
Philip Morris Makes $1.24 Bln Bid for UK Respiratory Drugs Company -- Update
Philip Morris International, which sells the Marlboro brand outside the U.S., on Friday said that Vectura will be the backbone of its inhaled-therapeutic business. The move from the tobacco company trumps an earlier bid for Vectura by Carlyle Group Inc., which had been recommended by the board of the U.K. company in May. The offer from Philip Morris valued Vectura at GBP1.05 billion, or 169 pence a share, including a dividend of 19 pence a share the U.K. company paid in June. Philip Morris said the acquisition of Vectura is part of its evolution into a broader healthcare and wellness company. Vectura, based in Chippenham, England, will operate as an autonomous business unit within Philip Morris with support for its current strategy, the companies said.
Peter Thiel’s $5 billion Roth IRA moves Congress to consider changes to investment account’s rules
Paypal PYPL, -0.70% co-founder Peter Thiel’s $5 billion Roth individual retirement account balance has some members of Congress second-guessing the tax policies of these investment vehicles. Also see: ‘I’m still not on the Roth IRA bandwagon’: Have you made these tax blunders? Neal isn’t the only critic of the ways in which some Roth IRAs are used. Sen. Ben Cardin also supports a change to the system, ProPublica reported. The senator is “considering reforms, such as banning the use of IRAs to purchase nonpublic investments,” his spokesman told ProPublica.
‘We could barely afford a babysitter in New York City.’ But we bought a gorgeous, $340,000 house in Savannah this year. Here’s how.
(This week, mortgage rates hit their lowest level since winter. Compare the best mortgage rates here.) Now, our monthly mortgage payment is $1,500 less than our rent in Brooklyn. In New York City, some parking spaces go for what we bought an entire house for in Savannah. Mortgage APRs vary, a lotBefore we bought a home, I thought mortgage rates were pretty much fixed.
Credit Suisse Likes the Buyer of eBay’s Classified Ads Business
A man stands at a Mercedes-Benz dealership where he said he is considering buying a car during the coronavirus crisis on May 05, 2020 in Berlin. Getty ImagesEBay completed the sale of its classified-advertising business to Norway’s Adevinta last month in a cash and stock deal that will let the online auctioning group boost its stock buyback program to $5 billion from $2 billion. In a note initiating coverage, Credit Suisse says Adevinta is an outperform as the world’s largest pure-play classifieds group, and its 210 kroner ($24.03) target is the second highest of sell-side firms, according to data from S&P Capital IQ.
Incorporating ESG to your bond portfolio
ESG investing has traditionally been related to equities, but in recent years has become a popular growth frontier for fixed income. Here's what investors should know.
China PBOC lowers banks’ reserve requirements to encourage lending
BEIJING–The People’s Bank of China on Friday said it would lower the amount of funds banks have to set aside at the central bank, unleashing $154 billion worth of liquidity into the banking system to guide lenders to step up loans to the nation’s small businesses. The PBOC said it would cut the reserve requirement ratio, or RRR, by 0.5 percentage point on July 15, the first cut since April 2020, when Beijing loosened its monetary policy to stimulate the pandemic-hit economy.
Here’s what a megadrought in North America means for investors — and, possibly, the Fed
And it’s a fair point that the ECB’s tools to fight climate change are limited. A more interesting question is how central banks will react to the economic consequences of climate change. The Fed is only just starting to discuss climate change, and more in the context of financial stability shocks than interest-rate policy. But it’s worth considering how the possibility of tighter labor and housing markets from climate change intersects with a demographic shift. Sign up for The Barron’s Daily, a morning briefing for investors, including exclusive commentary from Barron’s and MarketWatch writers.
This Texas family overcame hardship to buy a new home, but builder rips up the contract
They signed a construction contract in January for a 1,947-square-foot, four-bedroom home to be built in the Wise County community of Boyd, closer to the Dallas-Fort Worth urbanized area. Construction was slow, but everything seemed to be going OK until June 28, when the builder, Doug Parr Custom Homes, abruptly canceled the contract. Officials from Doug Parr Custom Homes did not respond to messages left with a call taker at the company’s office in Boyd, as well as emails to the company and to Clinten Bailey, Doug Parr director of operations. He said he visited the builder’s office in person June 30, but was told to leave. The family can stay at their home in the Runaway Bay area, but it is cramped for such a large family.
GLOBAL MARKETS-World stocks steady, Treasuries edge up as Delta variant spreads
China's central bank also announced a new cut in the cash banks must hold in reserve, trying to shore up growth. Story continuesOvernight in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan had briefly touched two-month lows before paring losses to trade down 0.1%. After dipping sharply over the early part of the week, yields on 10-year Treasury notes were on Friday up around 4.5 basis points to 1.336%, off the 4-1/2 month low of 1.25% hit on Thursday. Oil prices added to overnight gains as U.S inventories declined, but remain on course for a weekly loss. (Additional reporting by Abhinav Ramnarayan, Swati Pandey and Sujata Rao; Editing by Shri Navaratnam, Giles Elgood and Timothy Heritage)
Sen. Warren says borrowers can 'breathe a sigh of relief' after major servicer drops out of federal student loan program
The Pennsylvania Higher Education Assistance Agency (PHEAA) — a national student loan servicer that has been criticized for failing to forgive the debts of public servants — is planning to exit the federal student loan servicing business in December of this year. Sen. Warren told Yahoo Finance in April: "We’ve got these middlemen, these student loan debt servicers that were with us today, who can’t seem to keep straight." (ROBYN BECK/AFP/Getty Images)Additionally, federal student loan payments have been paused since March 2020, which is likely to have affected servicers' revenue. "What made sense in 2009 relative to supporting our public service mission does not make sense today," said New. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group, advised patience for the millions of borrowers who will now be transitioned from PHEAA to another servicer.
From Binance to Coinbase: The rise of cryptocurrency exchanges
Unlike public equity markets, where national exchanges dominate, the crypto exchange landscape is less obvious from the outside. Today, the top five crypto exchanges in order of trading volume are: Binance, Huobi Global, Coinbase, Kraken, and FTX. Most of the top exchanges, apart from Binance and FTX, report ethereum as their number one cryptocurrency by volume. Photo: REUTERS/Shannon StapletonActivity on Coinbase is dwarfed by that on Binance, the world’s largest cryptocurrency exchange. Beyond pureplay crypto exchanges, people can also buy cryptocurrencies through traditional financial services apps such as PayPal (PYPL) and Revolut.
You can be Joe Biden’s neighbor for $2.4 million
During his 2020 presidential campaign, President Joe Biden was compared to children’s television figure Mr. Rogers of "Mister Rogers’ Neighborhood" — well, now you can really be Joe and Jill Biden’s neighbor. A neighboring property to Biden’s custom-built three-bedroom, four-and-a-half bathroom Wilmington, Delaware home was listed Monday for $2.39 million, according to Realtor.com. But whoever buys this French house won’t spend their days "keeping up with the Joneses" — or, er, the Bidens. "But I think it [the proximity to President Biden] is a selling point." A LOOK AT FOUR OF JOE BIDEN'S HOUSES BEFORE THE WHITE HOUSEKelczewski said several New Yorkers and New Jerseyans have already requested tours of the property, which was listed Monday.
What's the Right Investing Trick With Ebix?
Stocks quotes in this article: EBIXReaders of my columns know I really like the shares of Ebix (EBIX) . A new Value Line full-page report on the firm was published this weekIt made me feel even more strongly that the shares can double or even triple over the coming 12 to 24 monthsHere, I'd like to look at the pros and cons of buying calls vsselling puts on the nameFirst, however, I...
Cramer: Stay Away From China IPOs Like Didi
In his Real Money column, Jim Cramer warns of the risks of Chinese IPOs. "Let Didi (DIDI) - Get Report be the last straw. For years now I have been railing against Chinese IPOs, saying that you should steer clear of them at all cost," Cramer wrote. (Uber, (UBER) - Get Report for example, famously “exited” the Chinese market in favor of Didi two years ago.) Now, just days after listing its IPO and raising millions from U.S. investors, Chinese authorities ordered Didi removed from domestic app stores.
Meme Stocks Like GameStop and AMC Reflect Market Reality
Real Money's Timothy Collins says meme stocks may be volatile, but that's the reality of the stock market. Yet over the past few months they have posted some of the most volatile gains and losses on the market. It’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked? "Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'" Collins says. Collins writes, "The system should be 'buy' or 'sell.'
North Texas home sales dipped in June, as prices continued to skyrocket
After almost a year of big increases, North Texas home sales were down in June from a year ago. This June’s 11,554 single-family home sales were higher than purchases in June of 2019, before COVID-19?s lock downs, according to data from the Texas Real Estate Research Center and the North Texas Real Estate Information Systems. So far in 2021, prices of single-family homes sold by real estate agents are up 18% from the first six months of last year. The number of houses listed for sale with agents last month was about a third of what North Texas inventory was in mid 2019 before the pandemic. The increase in North Texas purchases has been fueled by the migration of tens of thousands of new residents coming from out of state.
Flight attendants aren’t ready to abandon face masks, but pandemic is still challenging air crews
Enforcing face mask standards is just one of the issues flummoxing flight attendants as they increasingly become the enforcers of airline passenger decorum. Even with an increasing number of passengers hostile to face masks, flight attendant leaders say they support the rule. “Trust me, are our flight attendants excited for face masks to go away? “The people who are complaining about wearing it on their two-hour flight, flight attendants are wearing it for a 14-hour day.”Unions also want to make sure that flight attendants are allowed to keep wearing masks after the mandate ends. “The flying has come back much faster than we anticipated, which is great news for all of our flight attendants, Hedrick said.
Uber’s downsizing could upsize vacant Dallas office space
The reduction in Uber’s operations here will also create more empty office space. Uber officials say they are still deciding what to do with the additional office space once the second tower is completed. Real estate brokers expect that the Uber will seek to sublease much of its surplus office space in Deep Ellum. Before Uber’s recent announcement, sublease office totals in the D-FW area hadn’t been growing. “I am competing now for office space that four months ago I wasn’t.
The Harvard Business School Club of Wisconsin will honor CEOs of health systems
The CEOs of five health systems will be honored by the Harvard Business School Club of Wisconsin this year for their leadership during the pandemic. This will be the first time that the Harvard Business School Club has broken with tradition and given its award for Wisconsin Business Leader of the Year to more than one person. The CEOs of the five health systems, who were selected by a committee, oversee many of the state’s largest and most complex health systems. The CEOs and Steiner will be honored at an event sponsored by the Harvard Business School Club of Wisconsin and the Milwaukee Journal Sentinel. The event raises money for leaders of nonprofit organizations to attend a program at Harvard Business School.
Asian shares slip after Wall Street retreat, bond yields dip
Two recent reports showed that the manufacturing and services sectors are still growing, but more slowly than in previous months and below economists’ expectations. On Thursday, the Labor Department said the number of Americans filing for unemployment benefits rose slightly last week even while the economy and the job market appear to be rebounding from the coronavirus recession. Investors are increasingly jittery over potential moves by central banks, especially the U.S. Federal Reserve, to wind down lavish support for markets that cratered at the outset of the pandemic. Minutes from the Fed's June meeting showed officials are moving closer to reducing bond purchases, though most analysts don’t expect a reduction until late this year. At that meeting, policymakers said they planned to raise interest rates as soon as 2023, earlier than previously expected.
China's auto sales up 27% in 2021, but hurt by chip shortage
BEIJING (AP) — China’s auto sales rose 27% in the first half of 2021 from a year earlier but still were below pre-pandemic levels, and production and sales fell in June due to global shortages of processor chips, an industry group reported Friday. Total vehicle sales, including trucks and buses, rose 25.6% from a year earlier to 12.9 million. Compared with pre-pandemic levels in 2019, passenger vehicle sales were off 1.4% in the first half, according to CAAM. Total vehicle sales were down 4.4%. Passenger vehicle production fell 13.7% in June from a year earlier while sales were down 11.1% at 1.6 million.
Top fashion brands face legal challenge over garment workers’ rights in Asia
Legal complaints are being filed against some of the world’s largest fashion brands in major garment-producing countries across Asia in a groundbreaking attempt to hold the global fashion industry legally accountable for human rights violations in the countries where their clothing is made. In India, AFWA and local labour unions have filed a legal complaint against H&M to the labour department in Bengaluru. It argues that the actions of fashion brands during the pandemic in cancelling billions of dollars of clothing orders directly resulted in severe humanitarian consequences for workers in their supply chains. The pre-existing poverty-level wages of garment workers across Asia did not provide any form of safety blanket that would have allowed them to tide over loss of employment and wages during the pandemic. Our core argument is that the reality of fashion supply chains is that brands do not just buy garments.
Toxic ‘forever chemicals’ are contaminating plastic food containers
“Fluorination is being used for plastic food containers, cosmetic containers – it’s in everything,” said Tom Neltner, a senior scientist with the National Resources Defense Fund. A 2011 University of Toronto study also suggests that the chemicals can leach from plastic containers at high volumes. The study’s findings strongly suggest that the chemicals would leach into food and beverages, said Maricel Maffini, a researcher who studies the chemicals’ use in food packaging. Plastic containers that are contaminated with the chemicals could be recycled and used to create new containers to which more PFAS are added. And the FDA in 1983 approved the use of high levels of fluorinated gas with plastic food containers at a time when much less was known about the chemicals.
My husband wants to use my inheritance for his start-up. Am I right to refuse?
He has asked to use my £20,000 inheritance to get started and was offended when I refused. He argues that his new business will be our security, and that it’s ‘our money’ not mine. He can’t understand why I won’t go along with it, suggesting it’s because I don’t believe in him. We fully understand your discomfort around him declaring your inheritance to be ‘our money’, so let’s just state for the record that it’s not. Our advice would be to separate the personal money and the professional money – otherwise, where does anything end?
Bitcoin advocate Jack Dorsey says his payment company Square is making a cryptocurrency wallet
Square, the digital payments company founded by Twitter chief executive Jack Dorsey, is building a hardware wallet for bitcoin. The announcement was made on Twitter: “We have decided to build a hardware wallet and service to make bitcoin custody more mainstream”, Jesse Dorogusker, the head of hardware at Square, tweeted. He also set up a bitcoin node to support the underlying network of the cryptocurrency in February 2021. “I don’t wait around for that to happen to me or to us as a company [Square], I want to help make it happen. It wants a currency, it’s always wanted a currency, it just hasn’t had the technology until 10 years ago.”
Tokyo 2020: Does Japan have Covid under control?
Japan has reportedly secured more than 300 million doses of Pfizer, AstraZeneca and Moderna shots (it approved the production and use of the latter two in May), which would be enough to vaccinate the entire population.
Bangladesh: At least 50 killed in fatal fire at food and drink factory near Dhaka
At least 50 people, mostly children, have died after a fire broke out at a food and drink factory in Bangladesh, according to local media reports. The fire service confirmed the blaze began on Thursday night at the five-storey Hashem Food and Beverage factory in Rupgani, 15 miles (24km) outside of the capital Dhaka. Local media reported that at least 50 bodies have been recovered from the factory, with some workers forced to jump from the upper floors. Image: According to local media reports, at least 50 people have died in the fireAnother 30 people were injured and are being treated at a local hospital. In November 2012, at least 117 people were confirmed dead after a garment factory fire on the outskirts of Dhaka.
Fire rips through Dhaka juice factory in Bangladesh
At least 50 people are reported to have died and many more are missing after a large fire engulfed a factory in Bangladesh.
B.C. Hydro predicts 'bottleneck' as electric vehicle demand ramps up
Hydro predicts 'bottleneck' as electric vehicle demand ramps up Two-thirds of British Columbians are considering buying an EV over the next five years, according to a survey commissioned by B.C. Hydro is warning of a post-pandemic “EV bottleneck” as it predicts pent-up demand will lead to record-breaking sales for electric vehicles in 2021. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. For people wanting to make the switch to electric, B.C.
Nancy Pelosi's husband just invested millions in 4 mega-cap tech stocks, including Apple and Amazon
REUTERS/Leah Millis/Karl Mondon/Digital FirstThe husband of House Speaker Nancy Pelosi purchased up to $11 million in mega-cap tech stocks in May and June. A disclosure form shows Paul Pelosi exercised options to purchase $4.8 million worth of Alphabet. Pelosi's biggest purchase was $4.8 million worth of Alphabet shares on June 18, according to the disclosure. On May 21, Pelosi purchased up to $1 million worth of call options in Amazon, along with up to $250,000 in call options on Apple. Finally, Pelosi purchased up to $5 million worth of Nvidia call options on June 3.
Fire engulfs Bangladesh food factory, killing 52 people
DHAKA, Bangladesh (AP) — At least 52 people died in a fire that engulfed a food and beverage factory outside Bangladesh’s capital, fire officials said Friday. The blaze began Thursday night at the five-story Hashem Food and Beverage Ltd. factory in Rupganj, just outside Dhaka. The main exit of the factory, which processes juice, soft drinks and other food items, was locked from the inside, he said. Information about how many people were in the factory and how many were missing was not immediately available. Authorities imposed tougher safety rules after more than 1,100 people died when a garment factory complex collapsed near Dhaka in 2013.
Meet the brand bringing pre-loved South Asian couture to our wardrobes
In 2020, the World Economic Forum reported that the global fashion industry accounted for 10 per cent of the world’s total carbon emissions, and 20 per cent of all industrial water pollution. With the rise of resale, pre-loved and designers who are keeping sustainability at their core, a mindful industry is finally within reach, albeit with more work to be done. In light of the current world scenario, Saritoria, a peer-to-peer platform for buying and selling pre-owned luxury is a warm welcome. The much-needed encouragement came in the form of an order placed within five minutes of listing Qureshi’s Anamika Khanna outfit. We talk to the duo on what inspired this launch and why the world needs more pre-owned and pre-loved fashion, and less newness.
Your Home Insurance Might Not Cover All You Think It Does
Assumptions about Your Coverage If you were in Jay’s situation, wouldn’t you assume that your insurance policy would cover this water damage loss? Property insurance covers damage caused by a covered external cause, such as a fire. Equipment breakdown insurance covers damage caused by internal forces, such as power surges, electrical shorts, mechanical breakdowns, motor burnout or operator error. But home-sharing insurance covers you while guests are in the home. Well, I had his insurance policy reviewed by two lawyers who specialize in suing insurance companies for bad faith denial of claims.
How to Win at the Platform Game
A business model built on subscription revenues, a robust marketplace of sellers, and data and machine learning is essential to compete for human and financial capital. Member Free 5 free articles per month, $6.95/article thereafter, free newsletter. Email Updates on Digital Culture & Strategy Get monthly email updates on platforms, digital leadership, digital transformation, and ethics. Some business models are better at this than others. So how do you go from a bad business model that is capital inefficient to a spectacular one that is as light as air?
The Best of This Week
The week’s must-reads for managing in the digital age, curated by the MIT SMR editors. By strategically addressing three areas — strengthening weak ties, building social capital in new teams, and onboarding employees — leaders can help build those important ties. While many organizations have challenges with production deployments of AI, wealth management is a clear exception. A number of banks and investment companies are using AI to improve their wealth management services — either to eliminate human wealth advisers altogether or, much more commonly, to augment their efforts. Research Updates From MIT SMR Get weekly updates on how global companies are managing in a changing world.
How a bubble in bitcoin could lead to hyperinflation
Interest rates are “intertemporal” price signals – they balance supply and demand for money across time. If it cannot, then at some point the only possible change in the market price of bitcoin is negative. At that point, all holders would want to sell (unless central banks – as with bonds – were expected to support the bitcoin price indefinitely!). The key questions are: how to distinguish in practice between what I have called “acceptable” wealth (wealth whose possession does not entail a reduction in lifetime consumption possibilities for everyone else) and “unacceptable” bubble wealth, whose possession does reduce lifetime consumption possibilities for everyone else? Governments will have to burst the crypto bubble To avoid serious social and political discontent, leading to unrest and ultimately sociopolitical breakdown, the authorities will have to burst the bitcoin bubble before its macroeconomic importance becomes much greater.
How to pay for the pandemic
The White House has called for the maximum tax rates on income, corporate and capital gains to rise (capital gains tax might also become payable on estates). Investigative journalists at ProPublica have revealed that several of America’s richest citizens – including Jeff Bezos, Elon Musk, George Soros and Carl Icahn – didn’t pay federal income tax in some years. The Sage of Omaha enjoys a relatively low income-tax bill because he seldom realises capital gains and Berkshire doesn’t pay a dividend. A 2% tariff on their wealth would raise around $36bn, many multiples of what they pay in income tax. If those liabilities were taxed at 2%, the phone company would pay nearly $7bn more.
A strong second half for global stockmarkets?
Global stocks have enjoyed their second-strongest start to a year since 1998, says Cormac Mullen on Bloomberg. The MSCI All Countries World index rose by 11% during the first six months of the year, second only to a 15% gain in the first half of 2019. “The global stock benchmark closed at a record on 28 June, and has risen almost 90% since its pandemic low in March 2020.”America’s benchmark S&P 500 index enjoyed yet another strong half, gaining 14.4%, while the FTSE 100 rose by 10.9%. Vietnam’s VN index surged by an impressive 27.6% in the first half. Still, data from LPL Research shows that a “strong first half of the year is usually followed by a strong second half... What goes up” will not necessarily “come down”.
The real value to investors of cycle theories
I don’t normally alert you to this, but our main story is about the 18-year property cycle. This is a theory (a pretty compelling one) that boom and bust cycles are basically driven by the economics of land. But I’m raising it because what I want to talk about today is cycles and the value of cyclical thinking in general. As a result, there are many examples of cycle theories out there. One influential (and again, fascinating) cycle theory in Silicon Valley for example, is Carlota Perez’s theory of technological revolutions.
Ether price looks set to climb as network “hard fork” approaches
The Ethereum blockchain’s much anticipated London Update is set to kick in in less than a month. The “hard fork” – a network protocol change that converts previously invalid blocks to valid or vice versa – will launch on 4 August. The London hard fork was divided into various testnets. So what is ether and what does the London Update mean for the world’s second largest cryptocurrency? Changes being proposed under the London Update So now that we know what the limitations of ether are, what will the London Update change?
Are ESG funds holding the right companies?
One key issue is the definition of sustainable, ESG, or whatever you want to call any one firm’s version of do-goodery. UK investors, notes Numis Securities, invested a net £3.5bn in markets in May. You can blame the difficulty of raising money from UK investors (a few other trusts have failed to launch recently). But last week the fund manager had to scrap the launch of its first investment trust – the ESG Trust. But I still don’t know of a single ESG fund that owned it (email me if you do).
European stockmarkets poised to race ahead
“Anaemic” growth and political instability “have kept a lid on European stocks”. Pack your vaccine passportLast week the EU launched its vaccine passport, providing a shot in the arm for the tourism industry ahead of the summer season. By contrast, Europe’s recovery is only just starting. On 16.5 times 2022 earnings the Stoxx 600 is also a welcome remedy for US “valuation vertigo”. US fund flows into European stocks so far this year have been the strongest in six years.
Japan wakes up to private equity
Private-equity investors spy bargains in Japan, says Jacky Wong in The Wall Street Journal. Private-equity funds invest in private companies or buy out publicly listed ones. “Total assets under management in Japan-focused private equity amounted to $35bn as of September last year... double the sum at the end of 2015.” The funds have $14.9bn of cash to deploy. Cheap financing from Japanese megabanks is augmenting the trend, Kazuhiro Yamada of private-equity group Carlyle tells the Financial Times. Japan, the world’s third-largest economy, has a mere six “unicorns” (a private start-up business with a value of over $1bn).
Niall Ferguson: why we'll never be prepared for disaster
Stop living in fear of the pensions lifetime allowanceStop living in fear of the pensions lifetime allowanceBreaching the lifetime allowance (LTA) for pension savings can be expensive. So how can you cut the cost?
Prepare for a five-year property and stockmarket boom
I claimed we were in the early stages of a cyclical economic expansion, which, following a short mid-cycle recession, would take us into a major boom in the 2020s. This mid-cycle recession tends to be far less severe than the one after the peak of the expansion. To get the bust you first need the boom – and the boom takes place in the second half of the expansion. Why the cycle arises and repeats The economic cycle is driven by real-estate speculation. Land in good locations where economic activity takes place is scarce: a “land monopoly”, Winston Churchill called it.
Why accepting a credit limit increase is usually a good idea – and 1 case where it isn't
You may be eligible for a credit limit increase. 'We're increasing your credit limit'If your credit card company tells you "we're increasing your credit limit," that means it has already decided that it wants you to have a higher credit limit. With that credit limit increase, your credit utilization ratio drops to 37% ($5,000 ÷ $13,500 = 0.37). If you routinely carry credit card debt from one month to the next and have trouble getting it paid off, it's okay to tell your credit card company thanks, but no thanks. Top credit card wipes out interest until 2023Offer from the Motley Fool: If you have credit card debt, transferring it to this top balance transfer card can allow you to pay 0% interest into 2023!
Reno City Hall evacuated as 6.0 magnitude earthquake shakes region
Reno City Hall was evacuated Thursday afternoon after a 6.0 magnitude earthquake struck along Nevada's border with California. "It shook pretty good," Reno Mayor Hillary Schieve said, according to the Reno Gazette-Journal. The temblor hit about 84 miles south of the Nevada city in sparsely populated Walker, California, in the northern part of the state. BOULDERS ROLL ONTO HIGHWAY FOLLOWING 6.0 CALIFORNIA-NEVADA EARTHQUAKE, AFTERSHOCKS EXPECTED FOR DAYSDozens of aftershocks were felt after the initial quake and were expected to continue for days. CLICK HERE TO GET THE FOX NEWS APPThe earthquake was felt as far away as San Francisco and Las Vegas.
Wedbush rates GM as outperform, says stock will trade like a tech company and jump more than 50%
GM CEO Mary Barra talks with media prior to the start of the 2017 General Motors Company Annual Meeting of Stockholders Tuesday, June 6, 2017 at GM Global Headquarters in Detroit, Michigan. General Motors' push into electric vehicles and software will make Wall Street view it more as a tech company, and that will create a windfall for investors, according to investment firm Wedbush.
Russia upsets France with new Champagne law: Here’s what you need to know
Bottles of the Brut Imperial sparkling wine produced at the Abrau-Durso Russian Wine House, one of Russia's most prominent sparkling wine brands, in Novorossiysk. LONDON — French Champagne producers have been left fuming over a new Russian law that they say tries to undermine their world-famous brand. Champagne is a region in the northeast of France, but more famously is the name of the sparkling wine produced there. The same law allows Russian producers of sparkling wine to use "shampanskoye" — the Russian word for Champagne — on their bottles. "We are just shocked," Charles Goemaere, director general of the Champagne Committee, a trade association that represents independent Champagne producers and houses, told CNBC on Thursday.
The biggest challenge for the workforce in the next 12 months, according to TCS
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe biggest challenge for the workforce in the next 12 months, according to TCSTCS COO N. Ganapathy Subramaniam shares the operational changes the company made during the pandemic for its employees and customers that it expects to carry forward post-pandemic.
These return-to-work programs could help moms reenter the workforce
For years, companies like Goldman Sachs, Cloudflare, and IBM, have offered return-to-work programs as a way to help professionals transition back into the workforce after a long break. The role of returnshipsGoldman Sachs launched a returnship program in 2008, which requires applicants to have been out of the workforce for two years or more. She added that tapping the talent that left the workforce during the pandemic will help the bank stay competitive. "Because the program launched in November 2020, the talent pool was incredible in terms of what we received," said Sandra Fernandes, who runs Wells Fargo's returnship program. "Knowing that it was very hard for professionals on caregiving career breaks to re-enter the workforce, we knew it would be exponentially harder during the pandemic."
EXCLUSIVE White House to target bank mergers, financial data with competition order
It will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules giving consumers full control of their financial data to make it easier for customers to switch banks, the source said. Reuters first reported Biden's plan to issue a competition executive order. Biden's order also pushes to allow customers to switch banks by taking their financial transaction history data with them. In October, the CFPB sought comment on a potential proposal to increase consumers' access to their own financial data, which is collected by a growing number of financial institutions and apps. The source said the White House hopes the executive order would spur the agency to push ahead with the changes.
Tesla bull calls this auto giant’s $35 billion electric strategy a ‘renaissance’ and says the stock could soar
Shares in GM GM, -0.94% ticked up 2.5% in the U.S. premarket on Friday. GM plans an ambitious strategy for electric vehicles, involving $35 billion in research and development by 2025 to drive the rollout of new models and the development of cutting-edge battery technology. Ives gave GM stock a target price of $85. On Thursday, Stellantis announced a strategy to invest €30 billion ($36 billion) in an EV strategy that would see all-electric models rolled out across its 14 brands. Ford’s electric F-150 is expected in coming quarters, as is an electric version of the Chevrolet Silverado from GM.
China's central bank lowers reserve requirements by a half point
The People's Bank of China announced Friday it was cutting reserve requirements for its banks to help bolster the world's number-two economy. The PBOC said, effective July 15, that reserve requirements would be lowered by a half point, to a weighted average of 8.9%.
A look at two South Florida Haitian Americans arrested in connection with Moïse assassination
Two men with South Florida ties are accused of taking part in the assassination of Haiti’s president. Haitian authorities on July 8, 2021, accused the South Florida resident of taking part in the assassination of the Haitian president. Solages has an established South Florida footprint on social media. He had a Florida-registered business called FWA SA A JACMEL AVAN INC, which on his LinkedIn page he describes as an economic empowerment charity. Florida corporate records also show he has a business with two other Haitian men, who are also affiliated with the charity, called EJS Maintenance & Repair LLC.
U.S. retailers shun urban malls, shift to open-air centers
By Nivedita Balu and Praveen ParamasivamJuly 9 (Reuters) - Even in the depths of the 2009 financial crisis, it was never this bad for the owners of the world's biggest shopping malls. New real estate industry data for June reveals that vacancy rates in the United States' malls could surpass those in suburban shopping centers and strip malls. The JLL data predicts that U.S. mall vacancy rates will peak at just under 9% this year compared to 7.8% for smaller shopping centers and 7% for "power centers", industry code for open-air centers anchored by big box retailers like Best Buy or Target. In 2009, vacancy rates for the more downmarket properties peaked at 11% while malls still showed rates of just 5%. Alexander Levy, senior consultant at CoStar, said shopping centers in suburban areas have fared better than malls in urban areas since U.S. pandemic-related restrictions began to ease in the first quarter.
Retail workers in unions reap higher wages even as U.S. organizers suffer setbacks
After reviewing two decades of retail wages, Reuters found that union workers get paid more on average - and that the gap is widening. Graphic: More union wins amid worries about Covid-19 working conditions - https://graphics.reuters.com/RETAIL-UNIONS/bdwpkwjdlpm/chart.pngBut the percentage of unionized retail workers has been declining over the past four decades. About two-thirds of Kroger Co workers are unionized - unlike Amazon, Target Corp and Walmart, which have no organized workers. Twenty-seven percent of U.S. retail and wholesale workers worked 34 hours a week or fewer in 2019, according to the BLS. As shoppers bought more goods online, retail workers who were paid on commission saw their incomes drop.
Used cars stopped getting more expensive in June: Morning Brief
SubscribeFriday, July 9, 2021Another major source of inflation pressure easesIt started with lumber. And now used cars have followed. The Manheim Used Vehicle Value Index published Thursday showed the price of used vehicles dropped 1.3% in June compared to the prior month. After five straight months of sharp increases, used car prices stopped going up in June, providing potential relief to inflation data. Used cars also show there is a limit to the price consumers will pay.
Exclusive: White House to target bank mergers, financial data with competition order
Exclusive: White House to target bank mergers, financial data with competition order FILE PHOTO: U.S. President Joe Biden delivers remarks on his proposed "American http://content.reuters.com/auth-server/content/tag:reuters.com,2021:newsml_RC2OGO9IPIXA:937523049/tag:reuters.com,2021:binary_RC2OGO9IPIXA-BASEIMAGE?action=download&mediatype=picture&mex_media_type=picture&token=%22tzhIULctfScN5uO50u8b%2BAhddamUP2s6ImvrSv5CoSE%3D%22Families Plan" legislation at McHenry County College during a visit to the northwest Chicago suburb Crystal Lake, Illinois, U.S., July 7, 2021. Reuters first reported Biden's plan to issue a competition executive order. Biden's order also pushes to allow customers to switch banks by taking their financial transaction history data with them. In October, the CFPB sought comment on a potential proposal to increase consumers' access to their own financial data, which is collected by a growing number of financial institutions and apps. The source said the White House hopes the executive order would spur the agency to push ahead with the changes.
Jim Cramer's Take on the Selloff, Pfizer and Cryptocurrencies - 5 Things You Must Know
Stock futures rebound modestly Friday after a market selloff; Jim Cramer explains the reason for the stock slump; Pfizer will seek approval for a third dose of its COVID vaccine. -- Stock Futures Point to a Wall Street ReboundStock futures rebounded modestly Friday from the previous sessions's broad losses that were fueled by worries global growth could be stalled by the spread of COVID-19 variants. -- Bitcoin Edges Higher After SlumpBitcoin moved slightly higher early Friday after cryptocurrencies were swept up in Thursday's stock market selloff. Boeing is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells BA?
Will the Bonds Pull Down the Market?
Yet it turns out folks think it's bonds. Yet bonds have been on the run since early to mid-May. You might recall I was bullish on them then; it was one of the reasons I thought tech/growth stocks would rally. So, it's not as though the move in bonds has only arrived this week. And if the bonds cooperate, well wouldn't that once again, catch folks off sides.
Bridge: July 9, 2021
Me: In the kitchen.”“Wife: Feed the cat: Me: I mean the garage.”“Wife: Bring in the laundry. He took the ace and returned a diamond, and West won and led a low diamond. “He drew trumps, took the A-K of spades and ruffed a spade to drop my queen. DAILY QUESTIONYou hold: S Q 10 7 4 H 8 7 6 D A 2 C Q 10 9 5. A response of one spade would promise five or more spades.
Home of the Week: R.I. cottage gets brownie points for kitchen with ocean view
Turn and continue up to the second floor, where a private oasis serves as the primary suite. Jed WilcoxThe primary bedroom has a window seat with storage and an ocean view. Jed WilcoxThe primary suite bath. Jed WilcoxThe kitchen has quartz counters and stainless-steel appliances. Jed WilcoxThe primary bedroom suite offers exposed beams, a high ceiling, a seating area, and a window seat.
Meet the Ohio family behind White Castle's famous sliders
100 years of White Castle:White Castle takes virtual trip down memory laneThe name White Castle was intended to erase the negative stigma around beef, said Jamie Richardson, 55, White Castle’s current vice president. Ingram family philanthropyWhen Billy Ingram moved White Castle’s headquarters to Columbus, he knew he wanted to give beyond the burger. White Castle CEO Lisa Ingram: Great-grandpa would be amazedLisa Ingram, 50, didn’t always plan to succeed her father, Bill Ingram, at White Castle. Her suitability for her roles was determined by a family business advisor, similar to the rest of the family employees. About 75 percent of White Castle’s general managers and up are female, and 53 percent of them are ethnically diverse.
Refugee tenants evicted from their apartments are often reluctant to file complaints
Pacing up and down their shabby, three-bedroom apartment, Issak, a Somali refugee facing the threat of eviction, struggled to accept the fact that the baby might not have a home to come back to. Most of the tenants are former refugees from Somalia, Eritrea, Congo and other countries. In some situations, the landlord's actions violate Ohio law, according to Ben Horne, advocacy director at the Legal Aid Society of Columbus. “It’s a population that doesn't usually want to create waves, so they can be more easily taken advantage of,” Horne said. In other cases, the landlord gave tenants less than 30 days to move out in violation of Ohio law, Horne said.
Baca: Getting the facts crucial to tackling environment woes
The committee’s co-chair claimed that EPS foodservice items fill up to 30% of landfill space. EPS foodservice items typically do a better job keeping our food hot or cold and edible, which helps prevent food waste, the No. In a nation that wastes nearly 40% of its food, we should be using packaging that best prevents food waste. Simply put, banning EPS foodservice items would be a step backward for our environment. Alternatives to EPS typically are not recycled or composted, so they end up in landfills, incinerators and the environment.
UK economy takes another step toward pre-pandemic level
LONDON (AP) — The British economy took another step toward its pre-pandemic level following the latest easing of lockdown restrictions, though the 0.8% growth recorded in May was around half that expected by economists as a microchip shortage hurt car production. Though the British economy has now grown for four months in a row, May's increase was lower than April's 2.3% and below market expectations for a 1.5% rise. “Underlying growth is moderate outside the sectors being unlocked, with supply constraints contributing to the continuing recent stagnation in manufacturing,” said Rory Macqueen, an economist at the National Institute of Economic and Social Research. Car production had a difficult month, suffering its biggest fall since the U.K. was first hit by lockdown measures last year. A shortage of microchips affected the sector, with output in the manufacture of transport equipment declining by 16.5% for the month.
UK economy remains 3.1% smaller than pre-pandemic level
LONDON (AP) — Official figures show that the British economy rebounded further in May following another easing of lockdown restrictions, though the increase was about half that expected by economists. The Office for National Statistics said Friday that the economy grew by 0.8% during May. The growth was largely driven by the services sector, which reported 0.9% growth after a raft of hospitality, leisure and arts firms were able to reopen due to the relaxation of restrictions in England on May 17. Though the British economy has now grown for four months in a row, May's increase was lower than April's 2.3% and below market expectations for a 1.5% rise. Despite the run of growth, the British economy remains 3.1% smaller than it was in February 2020, the month before the government first put lockdown measures in place to try to contain the coronavirus.
G20 ministers take up plan to deter cross-border tax dodging
And though Biden was successful on the international stage in winning backing for the deal, he faces opposition from Republicans in the U.S. Congress. The U.S. already has a tax on big companies' overseas earnings — but Biden seeks to roughly double the rate to 21%. As part of a broader plan to raise money for infrastructure and clean energy investment, the administration is further urging Congress to boost the U.S. domestic corporate tax rate from 21%, where it is currently, to 28%. Support for the global minimum is regarded as a boost to domestic passage of Biden's plans. It's very difficult to imagine Europe, Japan and China getting together on this without the U.S. chipping in."
Marlboro owner Philip Morris splashes £1bn on FTSE 250 lung drugmaker
The tobacco giant behind Marlboro cigarettes has launched a £1bn swoop for a London-listed lung drug specialist, gatecrashing a take-private deal by an American buyout firm. Philip Morris International has agreed a 150p-a-share deal to buy Chippenham-based Vectura Group as the cigarette titan vies to transform itself into a “wellness company”. The FTSE 250 firm’s board is recommending a sale to the world’s biggest cigarette maker, having struck a deal with private equity Carlyle. US-listed PMI, valued at more than $150bn (£109bn), is racing to diversify its business away from traditional tobacco products. However, similar to its peers, instead of halting the sale of cigarettes, the company is using the profits it makes from their sales to invest in new sectors.
Sarah Everard: Wayne Couzens pleads guilty to murder
Couzens had used his personal details and bank card to make the booking, picking up the Vauxhall Astra on the afternoon of the abduction and returning it the next morning.
KPMG denies alleged breaches, negligence after reported 1MDB lawsuit
KUALALUMPUR – Audit firm KPMGPLT denied on Friday allegations of breaches and negligence in relation to state fund 1Malaysia Development Berhad (1MDB) and pledged to “vigorously” contest a reported $5.64 billion lawsuit filed against 44 current and former partners. The suit filed by the Malaysian government, 1MDB and several subsidiaries alleged breaches of contract and negligence in KPMG‘s audit and certification of 1MDB’s financial statements for the years 2010 to 2012, financial daily The Edge reported, citing a 148-page statement of claim. KPMG was sacked as 1MDB’s auditor after it refused to sign off on the fund’s 2013 accounts. Malaysia’s finance ministry did not immediately respond to requests for comment. Lawyers for 1MDB did not immediately respond to a request for comment.
Spanish court puts Iberdrola Renovables under investigation in alleged spying case
MADRID – Spain’s High Court placed Iberdrola Renovables under formal investigation on Friday as part of a probe into an alleged spying case, a document released by the court showed. Iberdrola Renovables is a previously listed unit of Spanish utility Iberdrola that was folded into the parent company. Iberdrola’s Chief Executive Ignacio Galan was put under investigation in a process related to the case. A spokesperson at Iberdrola declined to comment.
'Demon Slayer' animation studio and president indicted for tax evasion
A Japanese animation studio, known for producing the popular “Demon Slayer” anime series, and its president were indicted by Tokyo prosecutors Friday for evading a total of ¥137 million in corporate and consumption taxes. The Tokyo District Public Prosecutors Office indicted Hikaru Kondo, 51, and his company Ufotable Inc., for violating national tax laws after the Tokyo Regional Taxation Bureau filed a criminal complaint against them in February last year. According to the indictment, Kondo evaded a total of around ¥109 million in corporate taxes by understating the company’s income for the fiscal years ending in August 2015, 2017 and 2018. He also allegedly evaded around ¥28 million in consumption taxes between September 2014 and August 2018 by not reporting a portion of taxable sales. In addition to anime production, Ufotable runs cafes and restaurants in Tokyo, Osaka and several other Japanese cities.
China’s regulators suspect Didi’s US listing was ‘deliberate act of deceit’, a portrayal that shows severity of mistrust, sources say
Zhuang Rongwen, Minister of the Cyberspace Administration of China, reads a message from Chinese President Xi Jinping at the opening ceremony of the World Internet Conference (WIC) in the Zhejiang provincial city of Wuzhen on November 23, 2020. Photo: Reuters.
Can Reddit's silver "apes" beat the market?
Silver investor Kerry Kraker displays a silver figure nicknamed "Troy" by the "Wall Street Silver" Reddit community as he poses for a photograph at his home in Seattle, Washington, U.S., June 12, 2021. Since March he's spent around $100 a week - half his spare cash – on silver coins. "FAMILY FOREVER"There's also truth in Redditors' claims that big players can influence the silver market. This year, the consultancy expects funds to hoard 150 million ounces - the second highest level ever - and bar and coin buyers 253 million ounces. Of 39 analysts and traders polled by Reuters in April, only seven thought silver prices would average $30 or more in 2022.
350.org – Europe’s central bank sets foot on a path towards a fossil free future
The European Central Bank is at the very heart of Europe’s financial system. And today, the ECB opened a door and took its first steps on a clear path towards a fossil free future. An end to the Bank’s support to the dirtiest industries is finally in sight. It’s an unprecedented move, and a clear signal to banks around the world: the era of fossil finance is coming to an end. BREAKING: Europe’s most powerful central bank is on its way to ditching fossil fuel finance!
Finance Ministers Meet in Venice to Finalize Global Tax Agreement
Ahead of the meetings, Treasury Department officials said that the countries still need to settle on a global minimum tax rate, which the United States and France would like to be higher than 15 percent. Republican lawmakers have expressed some skepticism about the global minimum tax, in part because they see it as a stalking horse for the Biden administration to raise the U.S. corporate tax rate. President Biden has tied his proposal to raise the corporate tax rate in the United States to 28 percent from 21 percent to a global minimum tax, saying that it would dissuade companies from simply moving operations offshore. Republicans, who cut the corporate rate from 35 percent to 21 percent rate in 2017, have said they will oppose any changes to those tax cuts. Treasury officials have expressed confidence that the global tax can pass muster in the United States.
Marvel Cinematic Universe Phase 4: The full list of release dates
Added: 09.07.2021 8:18 | 7 views | 0 commentsThe first trailer for Marvel's What If...? is here and your post-Black Widow viewing is sorted.