Charles Zhengyao Lu, chairman and founder of Luckin Coffee, and Jenny Qian Zhiya, chief executive officer of Luckin Coffee, ringing the opening bell during the company’s initial public offering (IPO) at the Nasdaq in New York, on May 17, 2019. Victor J. Blue | Bloomberg | Getty Images The Luckin Coffee fraud scandal was a
Natasha Alipour Faridani | DigitalVision | Getty Images The government’s release of data on businesses that have participated in the Paycheck Protection Program confirms what many in the financial advice industry already knew: Wealth management firms were among those to have taken the government loans. The data released by the Small Business Administration and Treasury
Airline passengers wearing face masks arrive and depart the D Concousre at McCarran International Airport in Las Vegas on Tuesday, June 30, 2020. Bill Clark | CQ-Roll Call | Getty Images More travelers took to the skies over the July 4 weekend, but airlines are still facing paltry demand compared with last summer because of
A pedestrian walks by a sign in front of the Uber headquarters on May 18, 2020 in San Francisco, California. Justin Sullivan | Getty Images Check out the companies making headlines midday Monday: Dominion Energy, Berkshire Hathaway — Berkshire Hathaway gained 2.2% after the conglomerate said it is spending $4 billion to buy the natural
Getty Potential borrowers still hoping to get a cut of the PPP pie have been given until August 8th to apply for their initial PPP loan. President Trump signed the “PPP Extension Act” on July 3rd, which consists of the same exact language that passed the Senate on June 30th, mere hours before the window
And the higher the prices go, the more the demand thins, and the more pressure comes to bear on … [+] prices… Getty New York City has entered Week One of Phase Three and with it the post-pandemic real estate reawakening. There already seem to be some winners. Numerous properties in the $2 million and
Nils Hendrik Mueller | Cultura | Getty Images The economic downturn prompted by the coronavirus has been harsh for many American workers. About 47.2% of Americans are jobless, according to the U.S. Bureau of Labor Statistics. Meanwhile, many of those who are employed have had to abruptly pivot to remote work and may face pay
Monica Murphy One of the small-business loan relief programs included in the historic stimulus package Congress passed in March contains a provision that many gig workers and freelancers might have overlooked. They’re eligible for a $1,000 grant that doesn’t need to be repaid. Here’s how it works: Amid the coronavirus pandemic, small-business owners who have
David Heinemeier Hansson remembers the moment he became a millionaire. He grew up “lower middle class,” so the moment was significant, he said. It was also a let down. “The euphoria I felt when it was finally real lasted the rest of that day. The inner smile remained super wide for at least the rest of
People pass by the Salesforce Tower and Salesforce.com offices in New York City, March 7, 2019. Brendan McDermid | Reuters What seemed like a few decades ago, I mean in February, people used to occasionally ask “How’s business?” Despite usually responding, “Fine, thanks,” I would often think of the inquiry as two-part. One, and probably
The latest jobs report shocker may have missed a troubling trend. Crossmark Global Investments’ Victoria Fernandez warns it didn’t capture the fallout from surging coronavirus cases. “The data was collected through the middle of June,” the firm’s chief market strategist told CNBC’s “Trading Nation” late last week. “It was really the second half of June
2 million mark banknote, 1923. Getty Modern Monetary Theory — the dream that we can spend quite a bit more money on such government programs as the Green New Deal, a Universal Basic Income, or similar agenda items merely by printing the money (or the 2020 virtual equivalent thereof) — insists that the United States
Economic Security Planning, Inc. Today’s column addresses questions about how and when delayed retirement credits (DRCs) are applies, how divorced spousal benefits are calculated, how survivor benefits are calculated, filing online and whether a deceased person’s application can be withdrawn. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
Investors who take a sustainable approach to allocating capital may be reevaluating putting their money into Hong Kong after the city implemented a national security law, an analyst said on Friday. “That’s the one area of international capital flows that could be quite significant,” said Andrew Collier, managing director of Orient Capital Research, a research
Tim Kuniskis, head of Fiat Chrysler’s passenger cars division in North America, reveals the 2021 Dodge Durango SRT Hellcat SUV during an online event on July 2, 2020. Screenshot Automakers are scrambling to decide how and when to launch highly anticipated new cars and trucks now that the coronavirus pandemic has forced organizers of some of world’s biggest annual
A jogger passes in front of the New York Stock Exchange (NYSE) in New York, on June 17, 2020. Michael Nagel | Bloomberg | Getty Images U.S. stock futures traded slightly higher on Sunday night as Wall Street tried to build on the momentum from last week’s solid performance. Dow Jones Industrial Average futures rose
Trump’s Department of Labor, Securities and Exchange Commission are scheming to make 401ks “greater” … [+] than ever, i.e., greater fees, greater risks and greater conflicts. That’s great for the wolves of Wall Street, not-so-great for America’s workers and no way to Make America Great Again. Getty Trump’s Department of Labor, Securities and Exchange Commission
One of the most exciting features of the Paycheck Protection Program was that it appeared that borrowers were going to be getting deductions funded with loans that did not have to be paid back. And there was an explicit statement that the discharge of indebtedness would not be taxable income. Taxability.—For purposes of the Internal
When Diane Pearson’s sons both attended Robert Morris University, buying a condo for them in the suburb of Pittsburgh made financial sense. Pearson, who is a certified financial planner, took out a home equity line of credit to purchase the property with cash in 2013. Three years later, the family sold it at a $5,000
Warren Buffett‘s Berkshire Hathaway is finally pulling the trigger. The conglomerate is spending $4 billion to buy the natural gas transmission and storage assets of Dominion Energy. Including the assumption of debt, the deal totals almost $10 billion. It’s the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March.