Sunday, November 29

Tag: Financial Services

Economic Preview: Job trouble? Wave of rehiring after economy reopened to fade in July after viral spiral
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Economic Preview: Job trouble? Wave of rehiring after economy reopened to fade in July after viral spiral

The engine of the U.S. economy may have gotten clogged again — no thanks to the recent acceleration in coronavirus cases. That’s bad news for Americans hoping to return to their old jobs.Just how much damage has been done will become more evident this week, especially from the U.S. employment report for July due next Friday. The number of jobs regained last month is unlikely to match the huge increases in May and June that totaled a combined 7.5 million.Wall Street DJIA, +0.43% economists predict the U.S. added about 1.5 million jobs in July.Even that estimate may be inflated though by seasonal changes in educational employment at the state and local level, Morgan Stanley contends. Private-sector jobs could increase by less than one million, the investment bank calculated.Whatever ...
Outside the Box: How a basic income would help close the racial wealth gap and give Americans needed financial security
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Outside the Box: How a basic income would help close the racial wealth gap and give Americans needed financial security

“ While providing a minimum income benefits all Americans, it is firmly rooted in racial justice. ”On my commute to City Hall in Atlanta, I pass $1 million duplexes next to the largest block of Section 8 housing in the Southeast United States. This is Atlanta’s Old Fourth Ward — where I live and serve as its representative on the city council.This community is where Dr. Martin Luther King, Jr. was born and raised, and where he pastored. It stands at the intersection of race and class, where cafes with $6 coffee meet plain corner stores, where history meets new development. A tension permeates between residents’ aspirations, values and reality. Here, we grapple with what it means to live in the shadow of Dr. King, who personified justice, amid entrenched inequality that long pred...
Here’s how PayPal hopes to turn Venmo into the next PayPal
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Here’s how PayPal hopes to turn Venmo into the next PayPal

PayPal Holdings Inc. has built itself into a financial juggernaut during the COVID-19 pandemic, and it’s now worth more than Walt Disney Co., Netflix Inc. and every U.S. bank except JPMorgan Chase & Co.If PayPal PYPL, +1.84% can get bigger, it will likely depend on its own Venmo brand turning its popularity with younger consumers into actual revenue.Making Venmo a true money machine for PayPal will depend on its new general manager, Darrell Esch, a PayPal veteran who took over the role in March after the company cycled through leaders over the previous four years. PayPal acquired Venmo as part of its $800 million purchase of startup Braintree in 2013.“This is our time and we’re really going to seize the moment,” Esch told MarketWatch this week in an exclusive post-earnings int...
MarketWatch First Take: Pandemic? Antitrust? No worries for Big Tech, which racked up $200 billion in sales anyway
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MarketWatch First Take: Pandemic? Antitrust? No worries for Big Tech, which racked up $200 billion in sales anyway

Amid a global pandemic and concerted antitrust scrutiny, the Big Tech quartet in regulators’ sights are just getting bigger.Alphabet Inc. GOOG, +0.62% GOOGL, +0.97% GOOGL, +0.97% Amazon.com Inc. AMZN, +0.60%, Apple Inc. AAPL, +1.21% and Facebook Inc. FB, +0.51% combined Thursday to report profit of nearly $29 billion on sales approaching $200 billion in the second quarter, the first full three-month period of the COVID-19 pandemic.The four collectively crushed Wall Street’s expectations a day after a five-and-a-half-hour-long congressional hearing on anticompetitive practices in which their CEOs answered questions from lawmakers on their dominant positions in the marketplace. Their stocks in after-hours trading mirrored that view, with all four stocks gaining and pushing toward a com...
Metals Stocks: Gold rally cools, on the verge of snapping nine-session win streak
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Metals Stocks: Gold rally cools, on the verge of snapping nine-session win streak

Gold prices headed slightly lower Thursday morning, retreating from a record rally that has seen the precious metal notch nine consecutive days of gains.Bullion prices were supported Wednesday following the Federal Reserve signaling that it planned to keep the low interest rate environment in place for the foreseeable future as the U.S. economy recovers from COVID-19. Benchmark federal-funds futures rates stand at a range between 0% and 0.25%.However, some analysts make the case that gold prices may be entering a period of consolidation following a historic run-up that has been at least partly prompted by the public-health crisis, but also exacerbated by a recent bout of weakness in the U.S. dollar and the low yields being offered by government debt.One measure of the dollar, the ...
CityWatch: Southampton concert featuring Chainsmokers, Goldman Sachs chief could result in fines, criminal penalties
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CityWatch: Southampton concert featuring Chainsmokers, Goldman Sachs chief could result in fines, criminal penalties

Organizers of a charity concert featuring the Chainsmokers and Goldman Sachs GS, -0.69% CEO David Solomon spinning tracks, as well as the town of Southampton, New York, where the event was held, could face civil fines and criminal penalties for the mass gathering, Gov. Andrew Cuomo said on Tuesday.Fallout and public scrutiny continue to ramp up in the wake of the “drive-in” concert that took place in a Hamptons sculpture park on Saturday night, after viral photos and videos of the event showed guests crowding in front of the stage without masks during a Chainsmokers performance. The New York State Department of Health has since opened an investigation into the event.“I want local governments to understand that we take this very seriously,” Cuomo said during a conference call with medi...
Republicans and Democrats both want another round of stimulus checks — but here’s where they disagree
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Republicans and Democrats both want another round of stimulus checks — but here’s where they disagree

Democrats want a second round of $1,200 stimulus checks, and Republicans agreed Monday as they unveiled their opening offer for another relief package.But stimulus checks 2.0 mean two different things under the approximately $1 trillion Republican bill and Democrats’ $3 trillion bill, underscoring the divides on what each party thinks the country needs — and what it supposedly can afford to pay — as the coronavirus pandemic continues.This time around, Republicans are proposing the same check amounts and using the same income-eligibility rules as the CARES Act.They also want to broaden who counts as a dependent resulting in a $500 payout: This round of checks would provide “even more support for families who care for vulnerable adult dependents,” Senate Majority Leader Mitch McConn...
Domestic abusers are taking survivors’ stimulus checks — and lawmakers want the IRS to do something about it
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Domestic abusers are taking survivors’ stimulus checks — and lawmakers want the IRS to do something about it

While millions of Americans have saved, spent or invested their stimulus checks, some domestic-violence survivors have found themselves deprived of the financial lifeline and often saddled with the knowledge that their abuser has the money.Now, senators and advocates are pressing the Internal Revenue Service to send replacement checks to survivors and set rules that would prevent abusers from intercepting the cash if there’s a second round of stimulus checks.“ ‘A stimulus payment can make a huge difference in financially easing the burdens many survivors and their children are facing with remaining safe and secure economically.’ ” — Sonya Passi, founder and CEO of FreeFrom“A stimulus payment can make a huge difference in financially easing the burdens many survivors and their ...
The Value Gap: Money alone won’t close America’s racial and wealth gaps. We first need to wipe out the value gap — ‘the belief that white people matter more than others’
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The Value Gap: Money alone won’t close America’s racial and wealth gaps. We first need to wipe out the value gap — ‘the belief that white people matter more than others’

There’s a ride at Disney World called the Carousel of Progress in which a cast of animatronic Americans on a revolving stage tell of all the technological upgrades to our lives since 1900: indoor plumbing, flight, television. It’s one of Walt’s original attractions, dating back to the 1964 New York World’s Fair — and the name could not be more apt. Carousels, for all their dizzying motion and calliope music, mostly just spin in place. “Progress” is like that, too.I thought about that ride and its promise of “a great, big, beautiful tomorrow,” midway through Eddie Glaude Jr.’s profound and timely new book, “Begin Again.” The Princeton professor of African American Studies uses the life and words of James Baldwin as a lens to make sense of our present moment, somehow still spinning, ...
BookWatch: What I learned as an immigrant CEO in the Deep South
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BookWatch: What I learned as an immigrant CEO in the Deep South

“ It’s important for all leaders to identify, call out, and correct biases and prejudices that may exist within their organizations. ”I’m an immigrant who has lived in the United States for almost 60 years. I left my native India when I was a teenager. My family didn’t have much wealth, so my mother had to sell her jewelry to afford the ticket for me to embark upon my journey. I initially landed in the United Kingdom where I worked as a common laborer in a Goodyear Tire factory, saving enough money so that I could eventually attend and graduate from Auburn University in Alabama.After college, I began working at Law Engineering, a regional firm, as a junior employee. A couple decades later, I became its chairman and CEO. I have spent most of my life living and working in the Southe...