Mar 04,2021

More than 10,000 pieces of new news a day. News update non-stop 24/7.  Man who slashed two UPS workers on subway held on $75K bond.  Lady Gaga wrote ‘The Fame’ in NYC apartment that’s listed for $2K a month.  'Rollover' in tech stocks is an investment opportunity: Oppenheimer Asset Management.  CNBC Markets Now: March 03, 2021.  The Rocket reversal — What could be the next big Reddit target?.  New Amex Blue Cash Preferred Card members can earn a $300 statement credit and benefit from an intro $0 annual fee.  Epicenter stocks are becoming the new growth stocks, says market bull Tom Lee.  Why Karen's buying Walmart.  Top investor John Rogers says to look outside of the S&P 500 to find new opportunities.  Stock futures lower after major averages dip amid rising bond yields.  More than 10,000 pieces of new news a day. News update non-stop 24/7.  Melvin Capital gained 21.7% net of fees in February - source.  Brazil GDP drops 4.1% in 2020, COVID-19 surge erodes rebound.  American Eagle expects best first-quarter sales in three years on Aerie strength.  U.S. readies $40 billion in loans to boost clean energy - official.  Haaland confirmation likely after picking up support from Collins.  Stock Market Rally Teeters Amid Growth Sell-Off; Polaris Shows Uncanny Strength.  Okta Will Buy Identity Software Firm Auth0 in $6.5B Deal, and Its Stock Is Falling.  Trumps Aim for Hefty Profit on $49 Million Palm Beach, Florida, Mansion.  Most Expensive Private Island in the Florida Keys Sells for $11 Million.  Splunk Stock Is Rallying Because Earnings Crushed Estimates.  
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Man who slashed two UPS workers on subway held on $75K bond
       
A Yonkers man who slashed two UPS delivery men on the subway early Tuesday morning was ordered held on a $75,000 cash bond. Barbuto was arraigned on one count each of second-degree assault, third-degree assault and criminal possession of a weapon. “In this case, the defendant slashed a random stranger on the subway with a knife,” prosecutor Rachel Schorr told Judge Eric Schumacher, successfully arguing that he be held on $75,000 cash over $225,000 insurance company bond. The victims were able to wrestle the knife from Barbuto and detained him until police arrived, according to a criminal complaint. He was held on $75,000 bond.
Lady Gaga wrote ‘The Fame’ in NYC apartment that’s listed for $2K a month
       
There are a million reasons this apartment for rent deserves applause, applause, applause since a star was born there. An apartment in the NYC building where Lady Gaga lived while writing her 2008 debut album “The Fame” is available to rent, and this Lower East Side rental is on the edge of glory. French doors open to the bedroom area. CompassThe kitchen area, which is located in the corner of the common space, has a tiny window. CompassThe bedroom has not one, but two, windows — one of which appears to overlook a fire escape.
'Rollover' in tech stocks is an investment opportunity: Oppenheimer Asset Management
       
RELATED VIDEOS04:03 'Rollover' in tech stocks is an investment opportunity: Oppenheimer Asset Management00:55 Why the tech 'rollover' could be a major opportunity for investors03:03 Trading Nation: The Nasdaq slides — Here are the tech names to watch04:23 Casino stocks rally as Macau lifts testing restrictions — Here's what's next01:16 Market bull Phil Orlando sees herd immunity becoming a reality04:49 Market bull sees more economic relief as the U.S. goes to three Covid-19 vaccines
CNBC Markets Now: March 03, 2021
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Markets Now: March 03, 2021CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.
The Rocket reversal — What could be the next big Reddit target?
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Rocket reversal — What could be the next big Reddit target? Justin Zhen, Thinknum co-founder & president on potential Reddit targets. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Steve Grasso.
New Amex Blue Cash Preferred Card members can earn a $300 statement credit and benefit from an intro $0 annual fee
       
The Blue Cash Preferred® Card from American Express is now offering an elevated welcome bonus that can earn you a $300 statement credit after you spend $3,000 in purchases within the first six months from account opening. This new offer comes on the heels of a recent update to the welcome bonus for the Blue Cash Everyday® Card from American Express. And it helps solidify the Blue Cash Preferred card as the best credit card for grocery shopping. The new welcome bonus gives you double the amount of time to reach the spending requirement and is worth $50 more. The Blue Cash Preferred card offers an industry-leading 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), so you can maximize rewards on groceries.
Epicenter stocks are becoming the new growth stocks, says market bull Tom Lee
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEpicenter stocks are becoming the new growth stocks, says market bull Tom LeeFundstrat's Tom Lee on whether there's new leadership emerging in the market. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Steve Grasso.
Why Karen's buying Walmart
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Karen's buying WalmartWalmart's stock has fallen, and Karen Finerman is buying. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour and Steve Grasso.
Top investor John Rogers says to look outside of the S&P 500 to find new opportunities
       
Investors searching for gains will need to be more selective and avoid some of the biggest stocks in the S&P 500, Ariel Investments CEO John Rogers said Wednesday during a special edition CNBC PRO subscriber talk. The major market indexes have traded sideways in recent weeks after a dramatic gain from their pandemic lows a year agoRogers appeared earlier in the day on "Closing Bell," where he said he thought value stocks were in for a long bull run. He then joined CNBC's Scott Wapner for a conversation about his investing process and some deeper conversations about his favorite stocks.
Stock futures lower after major averages dip amid rising bond yields
       
U.S. stock index futures slid during overnight trading on Wednesday, accelerating losses from the regular trading session which saw the major averages finish in the red across the board. Futures contracts tied to the Dow Jones Industrial Average slid 62 points. The S&P 500 dipped 1.3%, while the Dow Jones Industrial Average closed 119 points, or 0.38%, lower. "The ability and desire of the consumer to spend on services and experiences should lead to the best economic growth we have seen in over 35 years." Economists surveyed by Dow Jones are forecasting 750,000 first-time filers.
Melvin Capital gained 21.7% net of fees in February - source
       
FILE PHOTO: Gabriel Plotkin, CEO of Melvin Capital Management, is seen in a video framegrab as he testifies about stock trading and GameStop during an entirely virtual hearing of the U.S. House of Representatives Committee on Financial Services committee hearing, in Washington, U.S., February 18, 2021. House Committee on Financial Services/Handout via ReutersBOSTON (Reuters) - Melvin Capital, the hedge fund at the center of the GameStop trading frenzy, gained 21.7% last month, helping wipe away some of the heavy losses it suffered when it bet that the video retailer’s stock would fall, sources said on Wednesday. Plotkin had bet that GameStop stock, which had traded at less than $5 a share in 2020, would fall. At the end of January Melvin received commitments of $2.75 billion in fresh cash from investors, signaling their confidence in Plotkin’s abilities. In 2020 Melvin Capital gained 53%.
Brazil GDP drops 4.1% in 2020, COVID-19 surge erodes rebound
       
FILE PHOTO: Bulk Carrier 'Discoverer' unloads U.S. soybeans at the port of Paranagua, Brazil, December 3, 2020. The full-year 2020 drop was the worst since the current IBGE series began in 1996. Among the gloomiest forecasts at the onset of the pandemic, the World Bank and International Monetary Fund estimated that Brazil’s 2020 GDP would shrink by 8% and 9.1%, respectively. Mexico, which did not provide anywhere near as generous a fiscal support package, saw its economy slump 8.5% last year. GDP per capita fell 4.8%, IBGE said, the steepest fall since at least 2000.
American Eagle expects best first-quarter sales in three years on Aerie strength
       
FILE PHOTO: Clothing is seen for sale in an American Eagle Outfitters retail store in Manhattan, New York, U.S., May 13, 2016. American Eagle is also closing some of its underperforming stores and moving away from malls, where traffic has been thinning, and will open new stand-alone stores. The company plans to open 50 Aerie stores this year. It expects annual capital expenditure to be in the range of $250 million to $275 million, up from $128 million in 2020. Holiday-quarter earnings, however, fell about 25%, weighed by underperforming stores and a charge of $103 million due to pandemic-related expenses.
U.S. readies $40 billion in loans to boost clean energy - official
       
Jim Watson/Pool via REUTERS/File PhotoWASHINGTON (Reuters) - U.S. Energy Secretary Jennifer Granholm said on Wednesday she is ready to reactivate her department’s loan program office that went mostly unused in the last four years and has more than $40 billion in funds to boost the transition to clean energy. Granholm said Jigar Shah, an expert in clean energy finance, will head the department’s loan programs office. He also founded SunEdison, a solar energy financing company. The Energy Department’s loans office was founded with stimulus funding in 2009 during the Obama administration. It has issued more than $35 billion in loans and loan guarantees and been paid back by companies, including Tesla Inc.
Haaland confirmation likely after picking up support from Collins
       
Collin’s statement comes after Sen. Joe Manchin, the moderate West Virginia Democrat who chairs the Energy Committee, said he would vote to confirm Haaland. “While we will not always agree on the administration’s policy, I want to be clear and open with you,” Haaland wrote. Haaland replied, in part, “I support affordable energy prices for all Americans and understand that prices fluctuate and can hurt consumers.”The answers did not sway Barrasso, who along with fellow GOP senators Steve Daines (Mont.) Sen. Jim Risch of Idaho asked Haaland about her support for expanding electric transmission grids, a policy issue that Haaland backed during her time in the House. He also asked her whether she supported encouraging mining on public lands, which experts say will be needed to supply the fast growing markets for battery and electrification technology.
Stock Market Rally Teeters Amid Growth Sell-Off; Polaris Shows Uncanny Strength
       
IBD Screen Of The Day: Why Ternium, Logitech And Rio Tinto Lead Growth Stocks Today3/02/2021 Rio Tinto has been acting like a champ since it built a pair of bases above a huge cup with...3/02/2021 Rio Tinto has been acting like a champ since it...
Okta Will Buy Identity Software Firm Auth0 in $6.5B Deal, and Its Stock Is Falling
       
Okta said on Wednesday that it had agreed to acquire Auth0, an identity software provider, for $6.5 billion in stock. Okta stock (ticker: OKTA) fell 11.3% in after-hours trading to $214; that follows a decline of 6.9% in Wednesday’s regular session. Okta CEO Todd McKinnon explains that his company’s focus historically has been on employee identity management. “Combining Auth0’s developer-centric identity solution with the Okta Identity Cloud will drive tremendous value for both current and future customers,” McKinnon added in a statement. For the fourth quarter, Okta posted revenue of $234.7 million, up 40% from a year ago, and ahead of the Street consensus at $221.9 million.
Trumps Aim for Hefty Profit on $49 Million Palm Beach, Florida, Mansion
       
A Palm Beach mansion opposite former President Donald Trump’s Mar-a-Lago resort and with longstanding ties to his family has hit the market for $49 million. The younger Mr. Trump, 37, touted the new listing on his personal twitter account Wednesday morning. Mr. Moens did not respond to a request for comment. Along with its close proximity to Mar-a-Lago, the home sits directly opposite a mansion that also belongs to the former president, property records show. The Palm Beach Daily News first reported the listing.
Most Expensive Private Island in the Florida Keys Sells for $11 Million
       
A nearly five-acre private island in the Florida Keys sold for an unprecedented $11 million on Friday, making it the priciest sale ever in Marathon, Florida, and the most expensive private island sold in the Keys. It was also the highest private island sale ever in the Florida Keys, said listing agent Pierre Marc Bellion of Ocean Sotheby’s International Realty. “Here in the Keys, $11 million is a record sale,” he said. “In the Florida Keys, we have pretty shallow waters everywhere,” he noted. That’s also caused a frenzy of home buying in Florida and led to several record sales in recent months.
Splunk Stock Is Rallying Because Earnings Crushed Estimates
       
Splunk stock is trading higher in late trading Wednesday after the analytics-software company posted better-than-expected results for its fiscal-fourth-quarter ended Jan. 31. For the quarter, Splunk (ticker: SPLK) posted revenue of $745 million, down 6% from a year ago, but well above the Wall Street analyst consensus estimate for $686 million. Splunk said it had 510 customers with ARR above $1 million, up 44% from a year earlier. For the April quarter, Splunk sees revenue of $480 million to $500 million, falling shy of the Street consensus at $507.3 million, with ARR of $2.42 billion to $2.44 billion. “We now have more than 500 customers investing over $1 million annually in our platform and solutions.”In late trading, Splunk stock is up 5% to $150.50.
Paramount+ Launches Thursday. What ViacomCBS Investors Need To Know.
       
Paramount+ launches on Thursday as the conversation on Wall Street over the future of ViacomCBS in a streaming-dominated world continues. ViacomCBS (ticker: VIAC) is calling Paramount+ a brand-new service, but it’s more of an expansion and rename of its CBS All Access platform. ViacomCBS management expects to have 65 million to 75 million streaming subscribers globally in 2024, up from just under 30 million at the end of 2020. Post-pandemic, we expect a shakeout among streaming services at the consumer level. We’ll take the ‘under’ on the Paramount+ (and Showtime) guidance.”Juenger rates ViacomCBS stock at the equivalent of Sell with a $23 price target—the lowest on the Street.
Yext stock falls as revenue outlook disappoints
       
Yext Inc. YEXT, -6.60% shares dropped in the extended session Wednesday after the cloud-based software developer’s revenue outlook fell short of Wall Street expectations even as quarterly results topped them. Yext shares dropped 15% after hours, following a 6.6% decline in the regular session to close at $16.55.
RIA Deal Driven by Passion for Social Justice
       
Two prominent wealth management firms that operate with an eye toward achieving social justice goals have merged in a deal seen as a bellwether for rising interest in the issue. Abacus Wealth Partners, a Santa Monica, Calif.-based firm with $3.6 billion in assets under management, has acquired small but prominent RIA Robasciotti & Philipson of San Francisco, which bills itself as majority-owned and operated by women, people of color, and members of the LGBTQ+ community. The firm serves a client base that largely mirrors the...
Roku’s Nielsen Deal Means It Can Make Money Off Traditional TV Viewers. Here’s How.
       
Earlier this week, streaming platform Roku (ticker: ROKU) said it was buying Nielsen’s Advanced Video Advertising unit, which includes technology that makes it easier for advertisers to target specific audiences. The Nielsen (NLSN) deal means Roku can make money off people who watch TV the traditional way—tuning into a scheduled program on its original channel, according to KeyBanc Capital Markets analyst Justin Patterson. “This increases value to programmers who can now leverage Roku to grow both their direct-to-consumer (D2C) and linear TV revenue streams,” Patterson said in a note. Roku also has a deal to acquire the content library of defunct Quibi, adding 75 shows and documentaries and other content. Roku also plows more money and brainpower into research and development, which should support its growth against rivals like Vizio, Patterson added.
Snowflake’s Stock Remains Volatile After a Better-Than-Expected Quarter
       
Snowflake shares were volatile in late trading Wednesday after the cloud-based software firm posted better-than-expected revenue for its fiscal fourth quarter but offered a slightly weak sales outlook for the current year. For the quarter, Snowflake (ticker: SNOW) had total revenue of $190.5 million, up 117% from a year ago and ahead of the Wall Street consensus estimate of $178.5 million. The company had product revenue of $178.3 million, up 116% and above the company’s guidance range of $162 million to $167 million. The stock fell 8.7%, to $247, in regular trading Wednesday, amid a broad selloff in tech stocks. After continuing to fall in late trading, Snowflake shares have recovered and are currently up 2.9% in the after hours session.
Sunak Plans Highest U.K. Taxes Since 1960s to Pay Pandemic Bill
       
(Bloomberg) -- British finance minister Rishi Sunak will keep spending big to help the economy through the pandemic crisis and intends to raise the U.K. tax burden to its highest level for more than 50 years to begin to pay the bill. What’s in the U.K. Budget as Sunak Targets Covid and DeficitBritain has already endured its deepest recession in more than 300 years, alongside the worst pandemic death toll in Europe. The measures will raise the total tax burden from 34% to 35% of GDP in 2025-26, the highest level since the late 1960s. Sunak extended the main crisis support measures for three months beyond that date, in case the coronavirus outbreak gets worse. ‘Super Deduction’With that in mind, Sunak also announced measures to encourage investment and incentives for businesses to hire more apprentices.
How I Learned To Budget While Living Paycheck To Paycheck
       
As of late 2020, 63% of Americans said they were living paycheck to paycheck, with 21% having no emergency savings. Work, pay your bills, work, pay your bills, repeat. My friends were also all living paycheck to paycheck and had the same spending habits, which normalized this behavior. I felt so bad about myself, I was living paycheck to paycheck, couldn’t afford anything, and yet I was supposed to be helping businesses manage their money. Anticipating my bills was helpful, and I was able to save my first $1,000, which became the key to not living paycheck to paycheck.
16 Best Poufs, Ottomans, and Footstools for Your Every Need
       
ReutersFormer Hong Kong Chief Executive C.Y. Leung, among the most vocal supporters of Beijing's moves to tighten control over the territory, did not rule out a return to his former post in an interview on Wednesday. "I'd do anything to serve Hong Kong well and to serve the country," said Leung, who was chief executive from 2012-2017 and is vice chairman of China's top political advisory body the Chinese People's Political Consultative Conference (CPPCC), when asked if he ruled out the possibility of returning to the post. Asked if he is open to running for - or being selected as - Hong Kong's next chief executive, Leung listed the position's requirements: a Chinese citizen at least 40 years old who has lived in Hong Kong for more then 20 years.
Jeffrey Epstein’s Manhattan mansion selling for roughly $50M
       
GET FOX BUSINESS ON THE GO BY CLICKING HEREThe property was the most valuable of Mr. Epstein’s extensive property portfolio, which also included homes in Paris, New Mexico and Florida. It was later used as a school and was formerly owned by Leslie Wexner, the billionaire retail tycoon and a onetime close associate of Mr. Epstein. Mr. Epstein paid $20 million for it in 1998, according to a person familiar with the situation. The proceeds of the sale are slated to go to his estate, which has created a compensation fund to adjudicate claims from Mr. Epstein’s alleged victims. To read more from The Wall Street Journal, click here.
Okta Sets $6.5B Deal for Auth0
       
Okta unveiled an all-stock deal for identity-verification rival Auth0 and reported a weaker-than-expected outlook . Okta (OKTA) - Get Report, an identity-verification specialist said it was acquiring Auth0, a rival in the industry, for $6.5 billion of stock Wednesday after the bell. At last check, Okta shares were off 11% at $215.70. Under the terms, Okta will acquire Auth0 "based on a fixed number of Okta shares and an Okta share price of $276.21." For the fiscal first quarter Okta sees an adjusted loss of 20 cents to 21 cents a share on revenue ranging $237 million to $239 million.
Postal Service to consolidate postal districts, offer early retirement to non-union workers
       
Postal Service (USPS) said on Wednesday it is offering early retirement to non-union employees as it consolidates postal districts in an effort to stem billions in red ink. The USPS will merge the existing 67 Postal Service Districts into 50 Districts and will also centralize district-level marketing and retail efforts, Postmaster General Louis DeJoy said in a statement. Last month, DeJoy told lawmakers the U.S. mail system is losing $10 billion a year and urgently needs reform and legislative relief. DeJoy said last month USPS is committed to having electric vehicles make up 10% of its next-generation fleet. THE USPS WILL NOT BE SAVED WITH MORE MONEYUSPS last month awarded a $482 million contract to Oshkosh Defense to finalize production for the next-generation postal vehicles.
US gets 'C-,' faces $2.59 trillion in infrastructure needs over 10 years: report
       
The United States faces a $2.59 trillion shortfall in infrastructure needs that requires a massive jump in government spending to address crumbling roads, bridges and other programs, according to an assessment by an engineers group issued on Wednesday. The biggest projected gap is in surface transportation, which faces $1.2 trillion in projected unmet needs over 10 years, while water systems face $434 billion and schools $380 billion in funding gaps. It remains unclear how Biden or Congress will fund new infrastructure spending. CLICK HERE TO READ MORE ON FOX BUSINESSThe report praised state and local governments for boosting infrastructure spending. Since 2010, 37 U.S. states raised gas taxes to fund transportation and U.S. voters approved 98% of local infrastructure ballot initiatives in November.
Siemens accuses GE of exaggerating trade-secret theft claims
       
In a January lawsuit, GE claimed that Siemens Energy used confidential information about GE’s gas turbines to help the German company’s US unit unfairly win at least nine gas-turbine contracts that GE claimed were worth billions of dollars. GE claimed a Siemens account manager obtained the information during a bidding process and shared it with dozens of colleagues, some of whom used it to alter a Siemens bid for a Dominion Energy Inc. project in Virginia. Siemens Energy accused General Electric of embellishing claims of trade-secret theft in a bid to put its German rival at a disadvantage in the tough market for gas-power turbines — the latest allegation in a US lawsuit between the two companies. The information was limited to the one project, yet GE has expanded that to claim there was a more extensive theft of information, including some that’s actually public, Siemens Energy said. GE has filed a request that certain Siemens officials be barred from participating in developing bids for gas turbine projects in Belgium, Italy, and South Carolina.
Readers rejoice: San Leandro drops library fines
       
SAN LEANDRO — San Leandro Public Library patrons who might procrastinate on returning borrowed items are getting some good news — the system will no longer assess overdue fines. The idea behind the change is that by eliminating overdue fines, people will no longer face a financial barrier to using the libraries, making them more accessible and equitable for everyone. Eliminating overdue fines has become a nationwide trend for libraries. Library members in San Leandro, however, still will be expected to return library materials on time and will be billed for lost or damaged items. Along with scrapping fines, the council also removed the library’s fee card policy, which will open up San Leandro library card memberships for all current California residents who apply for one.
Plano-based biltong maker and snack food brand Stryve to go public through SPAC
       
The emerging snack food company Stryve plans to go public through a direct listing on the NASDAQ later this year in a deal valuing the Plano company at $170 million. Stryve is merging with the publicly traded Andina Acquisition Corp. III, a special-purpose acquisition company, or SPAC — an entity set up to seek companies to buy. Its biltong snacks are on shelves in 17,000 stores across the U.S., including Walmart, Kroger, Sprouts, 7-Eleven and 25 other retailers. Several companies have emerged with biltong products in recent years to capitalize on the meat snack category, which is estimated to become a $5 billion market in 2022. Before the deal with Andina, Stryve raised $16.5 million in 2019 in a Series B funding round.
McKinney will adjust water rates and provide other disaster relief after winter storm
       
McKinney City Council members have approved a resolution to provide disaster relief to residents and businesses. “Collectively, these initiatives represent a significant step to provide thoughtful, meaningful relief to our residents and business community after suffering through the winter storm,” said Mayor George Fuller in a news release. Stand-alone and alterations permit fees for residents and businesses will be waived for 60 days. The North Texas Municipal Water District (NTMWD) will waive construction and demolition material fees at their landfills and transfer stations for McKinney residents through the end of the month and residents may deliver debris twice at no cost. For more information, residents are encouraged to visit the city’s weather recovery and assistance page.
Take a look at a five-bedroom Dallas home with three spaces for work or studying
       
She said the home has several rooms that could be “whatever a buyer needs them to be.”The home at 5634 Caruth Blvd. (Stephen Reed Photography) 2 / 10Take a look at the home at 5634 Caruth Blvd. (Stephen Reed Photography) 5 / 10Take a look at the home at 5634 Caruth Blvd. (Stephen Reed Photography) 6 / 10Take a look at the home at 5634 Caruth Blvd. (Stephen Reed Photography) 7 / 10Take a look at the home at 5634 Caruth Blvd.
Pandemic puts 1 in 3 nonprofits in financial jeopardy
       
Californians for the Arts, for example, surveyed arts and culture nonprofits in the state and found that about 64% had shrunk their workforces. They will be navigating a very different financial pathway.”Newman-Scott said BRIC has been helping sustain smaller arts nonprofits and offering artists unrestricted $10,000 grants through its Colene Brown Art Prize. The most vulnerable nonprofits may try to reduce costs this year by narrowing their focus or by furloughing workers. Some may seek a merger or an acquisition to bolster their financial viability, Harold noted, although doing so would still mean that fewer nonprofits would survive. We saw that with hundreds and hundreds of foundations.”___The Associated Press receives support from the Lilly Endowment for coverage of philanthropy and nonprofits.
Tank Noodle staff gets $700,000 in back pay after Labor Dept. probe
       
The agency said it recovered the money for 60 employees of Tank Noodle, 4953 N. Broadway. Scott Allen, a spokesman for the Labor Department, said the investigation covered the restaurant’s activities from January 2018 to January 2020. He said Tank Noodle agreed to restitution last December and that “a good portion” of the workers have received their money. Federal records show Tank Noodle received $163,557 in loans from the Paycheck Protection Program last May to retain 30 jobs. Allen said that money had no role in the Labor Department probe.
Can social media influencers lure tourists back to Las Vegas?
       
Social media influencers are expected to be in Las Vegas next weekend to get a look at how the city is readying for anticipated pent-up demand for the entertainment and activities it is famous for. People wait in line to take photos at the Welcome to Fabulous Las Vegas Sign on Thursday, July 2, 2020, in Las Vegas. The Las Vegas Convention and Visitors Authority’s seven-member marketing committee spent 90 minutes Monday hearing details of a plan developed by R&R Partners, its contracted marketing and advertising agency. If R&R’s plans are adopted by the LVCVA board of directors next week, efforts to bring tourists back to Las Vegas will hit a peak in late April or early May. Tours also will give meeting planners the opportunity to see firsthand how well prepared Las Vegas is to bring back conventions and meetings.
Family of Whiting girl killed in 2017 police pursuit reaches $1.2 million settlement with Hammond, East Chicago
       
Howard drove them to Strack and Van Til, 4725 Indianapolis Blvd., in East Chicago, and told her to go in and steal three cases of Modelo beer to sell for drugs, court records state. Pichon told investigators she tried to leave the store with the beer in her cart, but a worker stopped her, so she grabbed one of the cases and ran from the store to her blue Dodge Durango, where Howard was waiting, according to court records.
Listen: DEA agent interrupts scam call by fake DEA agent
       
In its efforts to spread the word about a widespread fraud scheme, the Drug Enforcement Administration released audio Wednesday of a scammer impersonating a DEA agent on the phone, who — when confronted by a real DEA agent — threatened to shoot him. He said if he sent the DEA agent the arrest warrant, the agent would have to arrest the man. That’s when the DEA agent stepped in. Then the scammer became upset and swore at the DEA agent, demanding his phone number. When the DEA agent continued, the scammer threatened him.
AG James: Gyms must return fees charged fraudulently during pandemic
       
Fees fraudulently charged to members of New York Sports Clubs and Lucille Roberts while the gyms were shuttered amid the pandemic could one day be paid back as part of a $250,000 settlement agreement announced Wednesday by New York State Attorney General Letitia James. They unlawfully charged monthly dues to members under multiple "illegal and fraudulent practices," James said in a statement. The quarter-million-dollar agreement must be approved by a court, and would amount to a recovery of bond payment from Town Sports International, James said. The company, also known as TSI, posted the bond in 2015 because of a provision in state law pertaining to health club services, officials said. The law requires gyms to post a bond for its members in case gyms file for bankruptcy or break the law, authorities said.
Western Asset Mortgage: Q4 Earnings Snapshot
       
PASADENA, Calif. (AP) _ Western Asset Mortgage Capital Corp. (WMC) on Wednesday reported fourth-quarter profit of $10.8 million. On a per-share basis, the Pasadena, California-based company said it had profit of 18 cents. The real estate investment company posted revenue of $47.7 million in the period. Its adjusted revenue was $9.5 million. For the year, the company reported a loss of $328.4 million, or $5.72 per share, swinging to a loss in the period.
Falcon Minerals: Q4 Earnings Snapshot
       
NEW YORK (AP) _ Falcon Minerals Corporation (FLMN) on Wednesday reported fourth-quarter earnings of $352,000. The New York-based company said it had net income of 1 cent per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share. The company posted revenue of $9.5 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $11.1 million.
Trip.com: Q4 Earnings Snapshot
       
SHANGHAI (AP) _ Trip.com Group Limited (TCOM) on Wednesday reported fourth-quarter net income of $155 million. On a per-share basis, the Shanghai-based company said it had net income of 25 cents. Earnings, adjusted for one-time gains and costs, came to 27 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was breakeven on a per-share basis. Three analysts surveyed by Zacks expected $735.1 million.
Splunk: Fiscal Q4 Earnings Snapshot
       
SAN FRANCISCO (AP) _ Splunk Inc. (SPLK) on Wednesday reported a loss of $139.5 million in its fiscal fourth quarter. On a per-share basis, the San Francisco-based company said it had a loss of 86 cents. Earnings, adjusted for one-time gains and costs, were 38 cents per share. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share. Eleven analysts surveyed by Zacks expected $676.4 million.
GCP Applied Tech: Q4 Earnings Snapshot
       
(AP) _ GCP Applied Technologies Inc. (GCP) on Wednesday reported a fourth-quarter loss of $700,000, after reporting a profit in the same period a year earlier. The Cambridge, Massachusetts-based company said it had a loss of 1 cent per share. Earnings, adjusted for one-time gains and costs, were 22 cents per share. GCP Applied Tech shares have climbed nearly 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $25.93, a rise of 37% in the last 12 months.
Business Highlights
       
It estimates it would cost $5.9 trillion over the next decade to bring roads, bridges and airports to a safe and sustainable level. ___Technology stocks lead indexes lower as yields resume climbNEW YORK (AP) — Technology companies led stocks lower on Wall Street as another rise in bond yields rattled investors. Higher bond yields can signal that inflation could be on the way as the economy picks up. They can also make stocks that have made huge gains, like many of the Big Tech companies, look expensive. Banks benefited from the increase in bond yields, which allows them to charge higher rates on mortgages and many other kinds of loans.
4-year-old girl dies after being hit by vehicle in Glendale
       
GLENDALE, Ariz. (AP) — A 4-year-old girl died and a 3-year-old boy was seriously injured Wednesday after being struck by a pickup truck on a walkway outside a store in Glendale, police said. They said the incident occurred about 10:30 a.m. as a family of five was walking toward the entrance of the store. Police said the driver of the truck backed out of a parking space, came to a stop and then went forward back into the parking space — striking a parked car and then the children. Witnesses told police that the girl was pinned under the vehicle and they began performing CPR on the child before paramedics arrived. Police said the two children were rushed to a hospital, where the girl died.
Grant to give $200K to farmers in need
       
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........ALBUQUERQUE, N.M. — A new grant program overseen by the New Mexico Farmers’ Marketing Association and the New Mexico Acequia Association plans to distribute more than $200,000 to farmers in need, according to a news release from the organizations. The grant program aims to address the uncertain conditions faced by small to medium sized farmers and ranchers following the coronavirus pandemic. “This new phase of funding will address the critical shortage of financial resources available to small and midsize farm and ranch operations for infrastructure—including cold storage and irrigation needs,” the release said. To apply, visit www.newmexicoFMA.org or www.lasacequias.org, or email sarahg@farmersmarketsnm.org, or call 505-983-4010 x2. ADVERTISEMENTSkip................................................................
Black contractors demand halt to Beecher Terrace redevelopment, allege unpaid wages
       
Scott said in the days since he and several others first gathered outside the Beecher Terrace apartments, at the intersection of W. 10th and S. Jefferson streets, that he began negotiations with Messer. In a statement sent to The Courier Journal on Wednesday, John Megibben, Messer's vice president and Louisville region leader, said: “Messer has met or exceeded all MBE goals for Phase I and Phase II of the Beecher Terrace project. We have had productive discussions with subcontractors regarding work performed at Beecher Terrace, and we are focused on resolving any outstanding concerns." The Beecher Terrace redevelopment has city backing, with LMHA having invested approximately $35 million into the project, with funds provided by U.S. Housing and Urban Development grants. Funds for the project were originally granted under the condition that minority contractors be involved.
Video: 'Generation rent to generation buy': Suport announced for homebuyers
       
Video: New 5% deposit mortgages: Which lenders will offer the new government-backed loans and when can I get one? Chancellor Rishi Sunak has announced support for people looking to buy property as he and the Prime Minister look to turn 'generation rent into generation buy.' The stamp duty cut will continue alongside a 5%...
Putin Forever? And Russia's Economy Rocked by Coronavirus Fallout
       
This week on the podcast:— In a televised statement to Russia’s parliament, Vladimir Putin backed a constitutional shake-up that could see him remain president for another two full terms. — Last week, Russia rejected a proposal from Saudi Arabia to cut oil production in response to the economic fallout of the coronavirus, kicking off an “oil price war” and sending global energy prices tumbling. In the studio to weigh up those claims and assess the real damage is Natasha Doff, economy and government editor at Bloomberg News here in Moscow. From Russia With News is hosted by Jake Cordell and produced by Pjotr Sauer. The episode was recorded and edited at CM Records Studio in central Moscow.
Businesses tied to Noem family got $600,000 in virus grants
       
(AP) - Family members of South Dakota Gov. Kristi Noem received over $600,000 in funds from a state grant program pushed by the governor that directed federal coronavirus relief funds to small businesses. Records on the grant program show a ranch belonging to Noem’s family received $500,000. Also, a business operated by her brothers, Rock and Robb Arnold, received a payment of just over $100,000. Noem once maintained part-ownership of the ranch, but her office says she no longer does.
President of the Central Bank of Iceland calls bitcoin “financial pyramid”
       
Ásgeir Jónsson, the president of the Central Bank of Iceland, criticized the speculation sparked by bitcoin (BTC), according to the local publication The Reykjavik Grapevine. Last Monday (1), the bureaucrat gave an interview to radio Bylgjan, and compared the cryptocurrency to a financial pyramid. “When you hear about people buying these ‘coins’ to make a profit, it’s worrying,” begins Jónsson. “I warn against all speculation, and we are talking about a very strange asset. Ásgeir Jónsson has influenced the country’s political guidelines since the 2000s, according to the Central Bank itself.
Budget 2021: Everything you need to know
       
Today's Budget (3 March 2021) focused on helping individuals and businesses who have struggled because of the pandemic. Here’s everything you need to know about the Budget and how it will impact your finances. Here is what was included:Furlough extensionThe furlough scheme, which was due to end in April, will now be extended to 30 September 2021. The furlough scheme (Coronavirus Job Retention Scheme) has so far protected over 11 million job between March 2020 and 15 February 2021. The Self-Employment Income Support Scheme (SEISS) will be worth 80% of three months’ average trading profits up to £7,500 covering Feb, March and April.
Customers say they're boycotting Trader Joe's after the chain fired an employee who asked the CEO to enhance COVID-19 protections
       
People are calling for a boycott of Trader Joe's after an employee said he was fired. Trader Joe's is facing calls for a boycott after firing an employee in New York. In addition, you state that Trader Joe's is not 'showing up for us' without adopting your policies. "Nothing is more important at Trader Joe's than the safety of our Crew Members and customers," the representative added. During his short tenure with Trader Joe's, this Crew Member's suggestions were listened to, and appropriately addressed."
Abigail Disney and other wealthy elites call for substantial and permanent taxes on the rich to pay for COVID-19 fallout
       
More than 80 of the world’s richest people have publicly called on world governments to initiate immediate, substantial, and permanent taxes on the rich in order the help fund the economic recovery that’s needed as a result of the COVID-19 fallout. The group, which calls itself “ Millionaires for Humanity, ” includes major names such as Disney heiress Abigail Disney and Jerry Greenfield, the cofounder of Ben & Jerry’s ice cream. In an open letter posted on the group’s website, its members state, “As Covid-19 strikes the world, millionaires like us have a critical role to play in healing our world. Permanently.”One of the most high-profile signatories of the letter is Abigail Disney, who is no stranger to speaking out about social inequalities and responsibilities—and urging governments to force change. We are not fighting on the frontlines of this emergency and we are much less likely to be its victims.
House passes Biden's $1.9 trillion Covid relief package
       
We can finally get our economy moving again, and the people of this country have suffered far too much for too long," he said, speaking from the White House. It had been expected to pass on a party-line vote as House Republicans urged their members to vote against the package and worked to limit defections. When Senate Republicans went to the White House to suggest cooperation, President Biden's team said no thanks," he said. "The White House Chief of Staff admits this liberal wish-list is 'the most progressive domestic legislation in a generation.' The White House did not immediately respond to CNN's request for comment on the governors' statement.
Employee expectations are changing. Here are 5 ways to keep up
       
Organizations can improve employee experience (from recruiting and retaining talent to culture and connectivity) in a number of ways. In a survey of full-time employees in the U.S., respondents indicated that the number-one way they want to be engaged is through HR promoting learning opportunities. Voice-of-employee programs can help identify how employees want to work whereas technology can account for how they work. Make referrals easierAt a time when many cannot meet face-to-face, employee referrals become even more important in securing new talent. Employee referrals was named the second most valuable recruiting tool, preceded by employee-review sites according to a survey of 500 HR leaders in the U.S.
A founder has an identity mini-crisis after a corporate breakup
       
I don’t think having someone on the cap table who is no longer a part of the company is uncommon. Don’t beat yourself up about the fact that the cofounder didn’t work out. You have always been a founder and though you once had a cofounder you no longer do. It wasn’t the right fit and I let her go, though she has equity in the company and is on my capitalization table. If you have a great company and a lot of investor interest you will not have to worry about this.
World Changing Ideas: Raising the Minimum Wage
       
Video How PayPal is actually closing the racial wealth gap Black-owned businesses have been some of the worst hit by the pandemic. Now, PayPal is putting its money where its mouth is. In June 2020, in response to the Black Lives Matter protests, the company announced a $535 million commitment to to support minority-owned businesses in the fight against economic inequality. PayPal CEO Dan Schulman and EVP of global sales Peggy Alford join host Chris Denson to discuss why this needs to be a movement and not just a moment.
Facing a $40 billion shortfall, U.S. transit agencies jump into real estate
       
According to the American Public Transportation Association, transit ridership in 2020 was down 79% nationally compared to pre-pandemic rates. And though no public transit agencies in the United States get all their revenue from ridership alone, the shortfall of riders is putting many transit agencies in a bind. Agencies face a collective budget shortfall of nearly $40 billion through the end of 2023.advertisementadvertisementThis has pushed some transit agencies to think creatively about how else they can pull in revenue from diverse sources, with many transit agencies now looking at land development. “In the ’80s, our transit agency built seas of parking, and the theory was if you build it they will come, meaning they’ll park here and ride. It has also underscored the agency’s importance as a steward of taxpayer money, according to Jacob Vallo, MARTA’s senior director of transit-oriented development and real estate.
Today's Mortgage Rates Drop Again | March 3, 2021
       
With lower interest rates, many borrowers will be able to lock in favorable rates for either a home purchase or a mortgage refinance. Today’s mortgage refinance ratesThe average rates for 30-year loans, 15- year loans and 5/1 jumbo ARMs are:The latest refinance rate on a 30-year fixed-rate refinance is 3.771%. 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 previous business day.
Engineering a Driverless Future
       
They also discuss:How Aurora’s founders built their “no jerks,” team-oriented culture. The importance of new LIDAR sensors (light-radar) for achieving faster speeds with bigger vehicles. Why Aurora is skipping the baby steps and heading straight for the prize of fully autonomous driving (in specified locations and conditions). @azeem@ExponentialView@chris_urmson@aurora_innoFurther resources:HBR Presents is a network of podcasts curated by HBR editors, bringing you the best business ideas from the leading minds in management. The views and opinions expressed are solely those of the authors and do not necessarily reflect the official policy or position of Harvard Business Review or its affiliates.
What Biden’s Sustainability Agenda Means for Business
       
For both U.S. business, and any business operating in the U.S., the message is very clear: To survive and thrive in the net-zero future, now is the time to scale up climate action. Companies that fail to take climate action soon are risking that their products and services will become unviable. When it comes to climate, companies like Orsted are a great example of the benefits of taking decisive action. It aims to achieve 100% clean electricity nationwide by 2035, with 40% of clean energy funding directed to disadvantaged communities. By backing clean energy, Biden recognizes that it is competitive and will only become more so.
The U.S. Needs a Third Reconstruction — and Business Should Lead It
       
It is today perhaps the largest business collaboration dedicated to addressing Black oppression, with more than 1,000 members. Here’s another idea to incentivize good behavior: Add a substantial compensation boost, e.g., 25%, to management for increases in the number of Black employees and promotions of Black employees. Good business people don’t maintain and promote bad employees, so increased compensation will incentivize closer relationships with Black employees to ensure their success. Realistically, it is hard to imagine that per capita Black wealth in America will ever reach parity with per capita white wealth. But, business can help lead a New Reconstruction that closes the gap and makes the entire nation better off.
Credit Bureaus Extend Weekly Free Credit Reports Until 2022
       
But consumer advocates say the reports from Equifax, Experian, and TransUnion should be free permanently
Stock Market Today: Growth Stocks Gashed
       
The "great rotation" was in full swing yet again Wednesday, with a wide disparity between the market's value- and growth-oriented sectors. Dragging on stocks broadly were reports that President Joe Biden and moderate Senate Democrats had reached a deal to reduce the number of Americans eligible for the next round of stimulus checks, with individuals being cut off at $80,000 in income instead of $100,000. The Institute for Supply Management's February services index reading declined in February, to 55.3 – a slower rate of expansion affected by last month's winter storms, as well as higher input costs. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. "In the event, the pattern of readings across categories seems broadly consistent with disturbances from the extreme cold snap."
How Much Should You Pay a Financial Advisor?
       
But when it comes to fees for financial advisors? That’s the conclusion of the 2020 Kitces Research Financial Planning Process Study, from popular planner, speaker and author Michael Kitces. Get Started TodayWhat Financial Advisors Really ChargeAs you shop for the right advisor, knowing the typical amounts involved is important information to have. According to the Kitces report, for instance, the median amount charged for a comprehensive financial plan is $2,500. in Today’s Wild MarketsHow to Choose a Financial Advisor
Senior Marketing Specialist in New York, New York
       
The Sr. Marketing Specialist is responsible for a broad range of marketing responsibilities: planning, value proposition development, product marketing, budget management, campaign marketing, digital and social media, sales enablement, and marketing communications. They will demonstrate excellent project management skills, as well as a mix of marketing skills, and the ability to prioritize work very efficiently in a fast-paced, highly matrixed work environment. Job Responsibilities:Supports development of the Communications marketing strategy, including planning and executing campaigns that deploy an appropriate mix of marketing tactics and channels to deliver consistent and impactful marketing that meets sales/business objectives. Aligns with the Communications marketing plan to develop product marketing collateral and web content, case studies, thought leadership, and sales enablement tools in conjunction with the business product leaders/managers and the wider Governance and Communications marketing team. Creates impactful, on-brand marketing communications -including sales communications, emails, newsletters, social media posts, webinars, and other thought leadership content.
A COVID Storm Hits Senior Living
       
Vaccination provides a light at the end of the tunnel for senior living communities (including independent living, assisted living, memory care, skilled nursing and CCRCs), but it’s unclear how long the tunnel is. All senior living communities face financial challenges now—more so if they came into the pandemic that way. Look for senior living communities that make this data available. By December, those reserves were starting to be tapped out, says James Balda, president and CEO of Argentum, an association of senior living communities. When a senior living community fails, generally it is sold.
Will You Still Get a Third Stimulus Check Under the New Senate Plan?
       
Fewer Americans would get a third stimulus check under a new plan agreed to by President Biden and Senate Democrats. However, led by Sen. Joe Manchin (D-W.Va.), a handful of Democrats in the Senate pushed for the stimulus check plan to be more "targeted" to people who need assistance the most. In other words, those Senators argued that people with higher incomes should not receive a stimulus check. Stimulus Check Plan Passed by the House On February 27, the House of Representative passed the budget reconciliation bill that is being used to usher the president's stimulus package through Congress. Senate's New Phase-Out Rate Under the new plan being considered by the Senate, the stimulus check phase-out thresholds would not change.
Facebook Removes 5 More Networks in February for Coordinated Inauthentic Behavior
       
Facebook’s Coordinated Inauthentic Behavior Report for February 2021 provides details on five networks that were removed from its platform, totaling 915 accounts, 606 Instagram accounts, 86 pages and 21 groups.
How to Rise to the Challenge of Cookie-less Advertising
       
Don't miss The Business of Marketing, a new series featuring leading c-suite executives sharing insights on the importance of leveraging the intersectionality of marketing, finance, technology, HR and the boardroom to drive business growth.
After a Year of Record Retail Bankruptcies, Michaels Agrees to Go Private in $5 Billion Deal
       
While the net sales of nonessential retailers suffered during the pandemic, arts and crafts banner Michaels Stores saw double-digit growth in both the second and third quarters of 2020, demonstrating consumers’ appetite for hobbies while confined to their homes.
Why So Many Data Science Projects Fail to Deliver
       
This bank also offered data science training tailored for business managers at all levels and taught by the head of the data science unit. Senior executives can ensure the alignment of data science activities with organizational strategies and systems by more tightly integrating data science practices and data scientists with the business in physical, structural, and process terms. This dual approach recognizes the epistemic interdependence between the data science and business professionals — a scenario in which data science seeks to address today’s business needs as well as detect opportunities to innovate and transform current business practices.7 Both roles are important, if data science is to realize as much business value as possible. At the very least, user testing should be an explicit part of the data science project life cycle. But companies probably should not depend on data scientists in this way, and they may not want to — after all, the technical expertise of data scientists is a scarce and expensive resource.
Blue Bird takes on the future of mobility in Indonesia
       
During the pandemic, Purnomo relied on her grandmother’s teaching to ensure that Blue Bird would not only survive but grow stronger. Focusing on this core mission, and with a renewed sense of optimism, trust, and hope, Purnomo has focused on making Blue Bird lean and agile. In the 48-year history of Blue Bird, I don’t think we’ve ever been hit so badly. In the early 1980s, when Indonesia had only three engine analyzers [to diagnose engine issues], Blue Bird had one of them. My first job at Blue Bird was to put a converter in our taxis, converting from petrol to CNG [compressed natural gas].
Feud between school safety agent union chief and Jumaane Williams escalates
       
The gloves have come off in the feud between Jumaane Williams and the head of the school safety agents union. Union chief Greg Floyd — who is furious that Williams has accused his members of abusing students and is trying to boot them from schools — brought up Williams’ arrest record Wednesday. Public Advocate Jumaane Williams has pushed for more school guidance counselors and social workers in favor of school safety agents. The Public Advocate — a graduate of the city school system — contends that they create a hostile and criminalized atmosphere for students. “The majority of school safety agents are Black and brown people.
J.P. Morgan Gabriela Santos: China's equities and bonds are just starting to grow
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJ.P. Morgan Gabriela Santos: China's equities and bonds are just starting to growGabriela Santos, JP Morgan asset management, joins 'Closing Bell' to discuss China markets and its influence on U.S. growth in equities. She also discusses growth and value stocks.
Crypto will have its "Amazon moment" after Coinbase debuts, DA analyst
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto will have its "Amazon moment" after Coinbase debuts, DA analystGil Luria, D.A. Davidson analyst, has given Coinbase its first buy rating. The analyst writes the cryptocurrency industry is going to have its "Amazon moment" with the upcoming direct listing of Coinbase. He joins 'Closing Bell' to discuss.
JP Morgan's Gabriela Santos: There's still time to rotate from growth to value stocks
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJP Morgan's Gabriela Santos: There's still time to rotate from growth to value stocksGabriela Santos, JP Morgan asset management, joins 'Closing Bell' to give her take on whether it's too late for investors to transition from growth to value stocks as we see the big tech stocks drop in today's market.
New rules for self-employed and gig workers applying for PPP loans are out. Here's what you need to know
       
The Small Business Administration on Wednesday released a new application and loan calculation formula for Paycheck Protection Program loans for self-employed and gig workers. The new PPP application for self-employed workers and sole proprietors who file IRS Form 1040 Schedule C now asks for the total amount of gross income, found on line 7 of the tax form. Previously, Schedule C filers applying for PPP loans were asked to give the SBA their net profit, from line 31 on the form. What to know before applyingThe Biden-Harris administration in late February announced updates to the SBA program aimed at helping the smallest businesses access the forgivable loans. While the priority window opened in late February, the new eligibility rules and updated loan calculation formula for some borrowers weren't set to go into effect until the first week of March.
Democrats lower income caps for stimulus checks
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDemocrats lower income caps for stimulus checksYlan Mui joins 'Closing Bell' to report individuals who earn more than $80,000 will no longer receive the $1,400 stimulus checks. For couples, the check will no longer be eligible for those who have incomes above $160,000. It's an effort to direct the stimulus checks to those who need it most.
Keurig Dr. Pepper CEO discusses consumer behavior since pandemic
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKeurig Dr. Pepper CEO discusses consumer behavior since pandemicBob Gamgort, Keurig Dr. Pepper chairman and CEO, says that since the pandemic there has been an uptick in the company's at-home business — there are 12 million customers who have bought Keurigs in the past five years. He joins 'Closing Bell' to discuss the impact of the pandemic on its business.
Renaissance Macro Research Degraff: I believe energy has more to run
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRenaissance Macro Research Degraff: I believe energy has more to runJeff Degraff, Renaissance Macro Research, joins 'Closing Bell' to discuss the state of the markets. He also says the markets are being under-appreciative of energy stocks, which have more to run. "I think this is a digestive period as we transition from early cycle, mid cycle, and I think that's what we expect to see," Degraff said.
Snowflake falls after product revenue growth forecast fails to impress
       
In the quarter Snowflake announced new features for developers and support for unstructured data such as audio and video files. Almost 94% of Snowflake's revenue came from product revenue in the fiscal fourth quarter. For the full 2022 fiscal year, the company sees $1.00 billion to $1.02 billion in product revenue, representing 81% to 84% growth, a decline from 116% product revenue growth in the fiscal fourth quarter. Excluding the after-hours move, Snowflake stock has fallen 11% since the start of 2021, while the S&P 500 index is up 2% over the same period. The structure had been in place since September, when Snowflake stock debuted on the New York Stock Exchange.
Credit reporting agencies extended free weekly credit reports for another year—here's where to get yours
       
The three major credit bureaus — Experian, Equifax and TransUnion — have announced that they will continue to offer free credit reports to all Americans weekly through April 20, 2022. The additional year extension comes after the bureaus first offered weekly free credit reports at the start of the pandemic. The free credit reports are available on AnnualCreditReport.com. Before the pandemic, consumers were only entitled to one free credit report from each bureau per year. Here is how to get your free credit report from each bureau, plus why your credit report is important.
Fiat Chrysler spent over $300 million on green credits in Europe last year — mostly from Tesla
       
Fiat Chrysler said Wednesday on an earnings call that it spent EUR 300 million (US $362 million) on regulatory credits last year in Europe alone — most of which it bought from Tesla. In 2019, FCA committed to spend about $2 billion on environmental regulatory credits through the end of 2021. Selling these regulatory credits has been an increasingly important part of Tesla's business as the automaker has pushed toward sustained profitability. In 2020, Tesla generated $1.58 billion in revenue from sales of regulatory credits, nearly tripling its 2019 figure of $594 million. 2020 regulatory credit sales ended up being higher than our expectations, and it's difficult to give guidance on that," Kirkhorn said.
Apollo Global confident in return of business conventions as it strikes deal with Las Vegas Sands
       
Apollo Global Management is betting on a strong return of business conventions once the coronavirus pandemic subsides, a belief reflected in its recent deal with Las Vegas Sands, according to David Sambur, co-lead partner of private equity at the firm. Announced earlier Wednesday, Sands said it will sell the real estate for the Venetian, Palazzo and the Sands Expo and Convention Center in Las Vegas to Vici Properties for $4 billion. Travel overall has been hurt by the Covid pandemic, but there's growing optimism around a recovery as vaccinations are deployed. For example, a recent report from American Hotel & Lodging Association said "demand for business travel is not projected to return to 2019 levels until 2023." Additionally, Bill Gates, billionaire co-founder of Microsoft, predicted last fall that more than 50% of business travel will go by the wayside post-pandemic as companies adopt a "very high threshold" for trips.
Melvin Capital posts return of more than 20% in February, sources say
       
Gabe Plotkin, chief investment officer and portfolio manager of Melvin Capital Management LP, speaks during the Sohn Investment Conference in New York, May 6, 2019. Melvin Capital, which previously had a large bet against the video game retailer, saw a return of over 21.7% in February, according to the sources. The fund declined by 53% in January during the dramatic short squeeze that sent GameStop and other stocks soaring. Melvin received new investments into its fund during the turmoil, with Citadel and Steve Cohen's Point72 injecting $3 billion into Melvin. "I think us at Melvin, we'll adapt and I think the whole industry will have to adapt," Plotkin said.
Wendy's went all in on breakfast. It's paying off
       
But Wendy's (WEN) says they're still showing up for breakfast. But once stay at home orders set in and many people stopped commuting to work, breakfast sales fell off. Wendy's big breakfast bet is paying off. Wendy's success at breakfast can be partially attributed to the chain's huge breakfast marketing push shortly before the pandemic shut down parts of the United States last year, leaving Wendy's top of mind for customers. And people who ate Wendy's breakfast during the pandemic have been satisfied, Penegor said.
Stocks making the biggest moves after the bell: American Eagle, Snowflake, Vroom & more
       
American Eagle logged earnings of 39 cents per share on revenue of $1.29 billion. Analysts polled by Refinitiv expected earnings per share of 36 cents on revenue of $1.28 billion. Snowflake – Snowflake stock pulled back 4% after the company issued lackluster full-year revenue guidance. Analysts polled by FactSet expected revenue guidance of around $1.01 billion. Vroom reported revenue of $406 million, while analysts polled by Refinitiv expected revenue of $401 million.
Dollar Tree will open 600 stores this year
       
New York (CNN Business) Dollar Tree said Wednesday that it will open 600 new stores this year, continuing dollar store chains' torrid growth across the United States. Dollar Tree DLTR The announcement comes as the pandemic has taken a toll on many retailers and forced thousands of stores to close. The company, which also owns the Family Dollar chain, will open 400 Dollar Tree stores and 200 Family Dollar stores this year. Family Dollar is tailored to lower-income shoppers in rural and urban areas, and stocks more food and household basics than Dollar Tree. All products at Dollar Tree sell for $1, although the chain is testing out a new initiative to sell select products from $1 to $5.
U.S. Postal Service will offer early retirements, consolidate postal districts
       
Postal Service(USPS) said on Wednesday it is offering early retirement to non-union employees as it consolidates postal districts in an effort to stem billions in red ink. Postal Service (USPS) logo is pictured on a mail box in the Manhattan borough of New York City, New York, U.S., August 21, 2020. REUTERS/Carlo AllegriThe USPS will merge the existing 67 Postal Service Districts into 50 Districts and will also centralize district-level marketing and retail efforts, Postmaster General Louis DeJoy said in a statement. Last month, DeJoy told lawmakers the U.S. mail system is losing $10 billion a year and urgently needs reform and legislative relief. USPS last month awarded a $482 million contact to Oshkosh Defense to finalize production for the next-generation postal vehicles.
Pot producer Green Thumb partners with Gwyneth Paltrow-backed beverages brand
       
(Reuters) - Pot producer Green Thumb Industries Inc said it would make and distribute Gwyneth Paltrow-backed CBD-infused sparkling water “Cann” across the U.S, banking on the brand’s early success in California and rising demand for cannabis drinks. Green Thumb, among the largest U.S. cannabis companies by market value, said on Wednesday it would begin distributing Cann in Illinois this spring and later expand to additional markets, including New Jersey, which recently legalized recreational marijuana. Top cannabis operators across North America are trying to establish early dominance in the drinks market, a product considered to be more socially accepted than smoking is. Sales of cannabis-infused beverages were up 40% last year, according to data from Headset, used widely by industry analysts. Green Thumb may launch its own cannabis beverage brand in the future, Kovler told Reuters, adding that it was not in the works right now.
Wall Street slides on tech sell-off, other world stocks flat
       
NEW YORK (Reuters) - Wall Street fell on Wednesday as investors sold off technology stocks, while shares from Asia to Europe were flat, while the dollar rose even as U.S. jobs data disappointed investors and virtual curreny bitcoin jumped. REUTERS/Brendan McDermid/File PhotoThe pan-European STOXX 600 index rose 0.05% and MSCI’s gauge of stocks across the globe shed 0.68%. Emerging market stocks rose 1.30%. Euro zone government bond yields rose again on doubts about whether the bloc’s central bank will step in to curb the recent sharp increase, while data reflected optimism about economic recovery. The dollar index rose 0.157%, with the euro down 0.21% to $1.2064.
Another Petrobras director to follow CEO out, shares slide
       
Slideshow ( 2 images )A day earlier, four other board members stepped down at Petroleo Brasileiro SA, as the company is formally known. Castello Branco is likely to formally step down at a shareholders’ meeting, whose date has yet to be set. The four board members would also step down at that time. Two departing board members said they could not accept reappointment for personal reasons, while another said his term was being “interrupted unexpectedly” without explanation. Brazilian newspaper O Estado de S. Paulo said the board meeting was being delayed due to concerns about Silva e Luna’s qualifications.
Exxon scales back shale ambitions to focus on lower costs, dividend preservation
       
Exxon last year fell out of the Dow Jones index of top U.S. companies and shares fell to a two-decade low. Production will remain largely flat at around 3.7 million barrels of oil and gas per day. Oil and gas production spending will focus on Guyana, Brazil and U.S. shale oil. Such efforts will account for about 3% of new spending, Exxon said, up from 1% previously. Exxon expects $2 billion of a proposed $3 billion in savings from workforce reductions and efficiencies, said Andrew Swiger, chief financial officer.
Siemens Energy to replace Beiersdorf in German DAX index
       
FILE PHOTO: Nivea tins are seen in a production line at the plant of German personal-care company Beiersdorf in Hamburg, Germany March 3, 2017. REUTERS/Fabian BimmerBERLIN (Reuters) - Siemens Energy, which supplies turbines to the power sector, will replace Nivea manufacturer Beiersdorf in Germany’s blue-chip DAX index from March 22, stock exchange operator Deutsche Boerse said on Wednesday. Beiersdorf will take Siemens Energy’s place in the MDAX, it added.
Pennsylvania teachers, school staff to get 1-dose vaccine
       
(Emily Matthews/Pittsburgh Post-Gazette via AP)HARRISBURG, Pa. (AP) — With growing emphasis on getting students back in schools during the pandemic, teachers and school staff will receive the first doses delivered to Pennsylvania of the newly approved one-shot Johnson & Johnson vaccine, under Gov. ADVERTISEMENTEducation groups have asked Wolf to prioritize school staff for the COVID-19 vaccine, calling it an “absolutely essential” step toward reopening schools and keeping them open. State data shows about 121,000 public school and charter school teachers, plus another 100,000 full- and part-time support staff, as of last year. In Philadelphia, which gets vaccine shipments directly from the federal government, city officials expect to receive 13,000 doses of the Johnson & Johnson vaccine this week, with no additional doses for at least three weeks after. To deploy the vaccine, state agencies are working through Pennsylvania’s 28 regional intermediate units to set up vaccine sites, the governor’s office said.
Snowflake Stock Falls As April Quarter Product Revenue Guidance Edges By Views
       
Snowflake stock fell after the software maker reported a narrower loss for the January quarter from a year earlier as revenue topped expectations. Snowflake product revenue guidance for the April quarter edged by analyst estimates. Snowflake said product revenue rose 116% to $178.3 million vs. estimates of $166.8 million. Snowflake Stock: Product Revenue Guidance Edges By EstimatesFor the current quarter ending in April, Snowflake forecast product revenue in a range of $195 million to $200 million. The relative strength line of Snowflake stock has weakened since the expiration of the IPO lockup period in early January.
Splunk Fourth-Quarter Earnings, Revenue Smash Estimates
       
Splunk (SPLK) reported quarterly results late Wednesday that came in well above analyst estimates as the company continues its business transition. Splunk stock rose. XThe data analytics company reported adjusted earnings of 38 cents per share on revenue of $745 million. Analysts expected Splunk to report earnings of 4 cents a share on revenue of $686 million, according to FactSet. Splunk stock climbed 4%, near 149, during after-hours trading on the stock market today.
Chipmaker Marvell Technology Delivers Mixed Results, Guidance
       
Chipmaker Marvell Technology (MRVL) late Wednesday matched Wall Street's target for earnings in its fiscal fourth quarter and beat views on revenue. Analysts expected Marvell earnings of 29 cents a share on sales of $794.3 million. For the current quarter, Marvell expects to earn an adjusted 27 cents a share on sales of $800 million. MRVL Stock Drops In Late TradesIn after-hours trading on the stock market today, MRVL stock fell 5.2%, near 43.20. During the regular session Wednesday, MRVL stock dropped 4.8% to 45.56 amid a down day for tech stocks.
States rapidly expanding vaccine access as supplies surge
       
Hartford Public Schools Safety Officer Victor Rodriguez flexes his arm muscle after receiving a Johnson & Johnson COVID-19 at Hartford Hospital in Hartford, Conn., Wednesday, March 3, 2021. (AP Photo/Jessica Hill)Hartford Public Schools Safety Officer Victor Rodriguez flexes his arm muscle after receiving a Johnson & Johnson COVID-19 at Hartford Hospital in Hartford, Conn., Wednesday, March 3, 2021. Pennsylvania and Wisconsin are reserving the first doses of the new one-shot vaccine from Johnson & Johnson for teachers. In Texas, where teachers have been battling to gain access to shots, state officials on Wednesday ordered vaccine providers to begin administering shots to school workers. “The more people we can get the safe and effective vaccine, the faster we can return to a sense of normalcy,” Michigan Gov.
‘Go out and buy yourself some gold’ if Warren’s wealth tax passes, says billionaire Leon Cooperman
       
“ ‘If the wealth tax passes, go out and buy yourself some gold because people are going to rush to find ways of hiding their wealth.’ ”They’re at it again. Net worth exceeding $1 billion would see a 3% tax on every dollar above that level. Warren has argued that such a wealth tax, which has proven popular in public opinion polls, would help fund efforts to pay for plans to help the economy recover from the COVID-19 pandemic. April gold GCJ21, -1.40% on Wednesday dipped below the $1,700 level for the first time since June before settling at $1,715.80 an ounce. It was later reported that a mug for “Billionaire Tears” had become one of the hottest-selling items on Warren’s presidential campaign website.
Bed Bath & Beyond Inc. stock outperforms market on strong trading day
       
Shares of Bed Bath & Beyond Inc. BBBY, +4.69% advanced 4.69% to $29.03 Wednesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -1.31% falling 1.31% to 3,819.72 and Dow Jones Industrial Average DJIA, -0.39% falling 0.39% to 31,270.09. Bed Bath & Beyond Inc. closed $24.87 below its 52-week high ($53.90), which the company reached on January 27th. The stock outperformed some of its competitors Wednesday, as RH RH, -5.61% fell 5.61% to $460.01, Container Store Group Inc. TCS, -0.43% fell 0.43% to $16.37, and Macy's Inc. M, +4.14% rose 4.14% to $15.86. Trading volume (9.7 M) remained 5.6 million below its 50-day average volume of 15.3 M.
BlackBerry Ltd. stock falls Wednesday, underperforms market
       
Shares of BlackBerry Ltd. BB, -3.33% slipped 3.33% to $10.15 Wednesday, on what proved to be an all-around poor trading session for the stock market, with the S&P 500 Index SPX, -1.31% falling 1.31% to 3,819.72 and Dow Jones Industrial Average DJIA, -0.39% falling 0.39% to 31,270.09. This was the stock's second consecutive day of losses. BlackBerry Ltd. closed $18.62 below its 52-week high ($28.77), which the company achieved on January 27th. Trading volume (14.8 M) remained 42.3 million below its 50-day average volume of 57.1 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
Berkshire Hathaway Inc. Cl B stock outperforms market on strong trading day
       
Shares of Berkshire Hathaway Inc. Cl B BRK.B, +0.93% inched 0.93% higher to $251.55 Wednesday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -1.31% falling 1.31% to 3,819.72 and Dow Jones Industrial Average DJIA, -0.39% falling 0.39% to 31,270.09. This was the stock's third consecutive day of gains. Berkshire Hathaway Inc. Cl B hit a new 52-week high, surpassing its previous peak of $251.34, which the company achieved on March 2nd. Trading volume (6.1 M) eclipsed its 50-day average volume of 5.1 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.
AMC Entertainment Holdings Inc. Cl A stock falls Wednesday, underperforms market
       
Shares of AMC Entertainment Holdings Inc. Cl A AMC, -3.92% slipped 3.92% to $8.58 Wednesday, on what proved to be an all-around rough trading session for the stock market, with the NASDAQ Composite Index COMP, -2.70% falling 2.70% to 12,997.75 and Dow Jones Industrial Average DJIA, -0.39% falling 0.39% to 31,270.09. This was the stock's second consecutive day of losses. AMC Entertainment Holdings Inc. Cl A closed $11.78 below its 52-week high ($20.36), which the company reached on January 27th. Trading volume (54.7 M) remained 119.6 million below its 50-day average volume of 174.3 M.
Oscar Health Boosted the Size of Its Offering. The Stock Closed Below the IPO Price.
       
About half of Oscar Health's subscribers are active monthly users, according to a company filing. Kholood Eid/BloombergStock in Oscar Health, the insurtech backed by Joshua Kushner, fell below its initial public offering price on its first day of trading. Shares of Oscar Health (ticker: OSCR) opened at $36 and closed at $34.80, off nearly 11% from its $39 IPO price. This makes Oscar a broken deal.
American Eagle's profit falls by a quarter
       
American Eagle Outfitters Inc. reported a drop in earnings and net sales and had more than $90 million in charges related to the impairment of dozens of its stores. The retailer's profit for its fourth quarter decreased 26% to $3.5 million. Earnings were 2 cents a share, down from 3 cents a share. Adjusted earnings were 39 cents a share.
The Dow Fell 121 Points Because Higher Rates Wrecked Growth Stocks
       
Interest rates popped again, planting potholes for growth stocks. The S&P 500 dropped 50.57 points, or 1.31%, to end at 3,891.72, and the Nasdaq Composite tumbled 361.04 points, or 2.70%, to close at 12,997.75. Large-cap tech stocks, some of the most high-profile growth stocks, capsized the market-cap-weighted S&P 500 as they plunged. Higher interest rates hurt growth companies in particular because they erode future cash flows, and drag down valuations. Many growth companies expect to see their most profitable years in the future, while mature, value companies are in their bottom-line primes now.
Vroom falls more than 12% after wider quarterly loss
       
Shares of Vroom Inc. VRM, -8.29% fell more than 12% in the extended session Wednesday after the online used-car retailer reported a wider-than-expected adjusted fourth-quarter loss. Vroom said it lost $60.7 million, or 46 cents a share, in the quarter, compared with a loss of $42.7 million in the year-ago quarter. Revenue rose 14.1% to $405.8 million, Vroom said. Analysts polled by FactSet expected Vroom to report an adjusted loss of 37 cents on sales of $401.2 million in the quarter. For the full-year 2021, Vroom guided for a net loss per share between 61 cents and 68 cents.
Pfizer Inc. stock rises Wednesday, outperforms market
       
Shares of Pfizer Inc. PFE, +2.63% rose 2.63% to $34.39 Wednesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX, -1.31% falling 1.31% to 3,819.72 and Dow Jones Industrial Average DJIA, -0.39% falling 0.39% to 31,270.09. Pfizer Inc. closed $8.69 below its 52-week high ($43.08), which the company reached on December 9th. The stock outperformed some of its competitors Wednesday, as Johnson & Johnson JNJ, -1.76% fell 1.76% to $156.22, Merck & Co. Inc. MRK, +0.62% rose 0.62% to $73.30, and Novartis AG ADR NVS, -0.69% fell 0.69% to $87.56. Trading volume (45.9 M) eclipsed its 50-day average volume of 34.1 M.
Okta to buy competitor Auth0 for $6.5 billion, stock drops as earnings outlook comes up short
       
Okta OKTA, -6.89% shares dropped 13% in Wednesday’s after-hours session, following a 6.9% decline in the regular session to close at $241.22, compared with a 2.7% decline in the tech-heavy Nasdaq Composite Index COMP, -2.70% . For the year, Okta sees an adjusted loss of 49 cents to 44 cents a share on revenue of $1.08 billion to $1.09 billion, while analysts had forecast a loss of 2 cents a share on revenue of $1.07 billion. Okta also announced it will acquire identity-platform company Auth0 for $6.5 billion in stock. “Combining Auth0’s developer-centric identity solution with the Okta Identity Cloud will drive tremendous value for both current and future customers,” said Todd McKinnon, chief executive and co-founder of Okta, in a statement. Analysts had forecast an adjusted loss a penny a share on revenue of $221.8 million.
Snap Inc. stock falls Wednesday, underperforms market
       
Shares of Snap Inc. SNAP, -6.96% shed 6.96% to $60.02 Wednesday, on what proved to be an all-around rough trading session for the stock market, with the NASDAQ Composite Index COMP, -2.70% falling 2.70% to 12,997.75 and Dow Jones Industrial Average DJIA, -0.39% falling 0.39% to 31,270.09. Snap Inc. closed $13.57 short of its 52-week high ($73.59), which the company achieved on February 24th. The stock underperformed when compared to some of its competitors Wednesday, as Apple Inc. AAPL, -2.45% fell 2.45% to $122.06, Amazon.com Inc. AMZN, -2.89% fell 2.89% to $3,005.00, and Microsoft Corp. MSFT, -2.70% fell 2.70% to $227.56. Trading volume (22.6 M) eclipsed its 50-day average volume of 21.8 M.Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
GameStop Corp. Cl A stock outperforms competitors on strong trading day
       
Shares of GameStop Corp. Cl A GME, +5.08% rallied 5.08% to $124.18 Wednesday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -1.31% falling 1.31% to 3,819.72 and Dow Jones Industrial Average DJIA, -0.39% falling 0.39% to 31,270.09. GameStop Corp. Cl A closed $358.82 below its 52-week high ($483.00), which the company achieved on January 28th. The stock outperformed some of its competitors Wednesday, as Apple Inc. AAPL, -2.45% fell 2.45% to $122.06, AT&T Inc. T, +1.77% rose 1.77% to $28.72, and Best Buy Co. Inc. BBY, -2.10% fell 2.10% to $100.37. Trading volume (18.9 M) remained 26.9 million below its 50-day average volume of 45.9 M.
National Beverage Corp. stock outperforms competitors on strong trading day
       
Shares of National Beverage Corp. FIZZ, +0.02% inched 0.02% higher to $48.39 Wednesday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX, -1.31% falling 1.31% to 3,819.72 and Dow Jones Industrial Average DJIA, -0.39% falling 0.39% to 31,270.09. National Beverage Corp. closed $49.83 short of its 52-week high ($98.22), which the company reached on January 27th. The stock outperformed some of its competitors Wednesday, as Reed's Inc. REED, -2.78% fell 2.78% to $1.05, Monster Beverage Corp. MNST, -2.62% fell 2.62% to $84.60, and PepsiCo Inc. PEP, -1.47% fell 1.47% to $129.14. Trading volume (569,974) remained 767,017 below its 50-day average volume of 1.3 M.
Declining Covid Cases and Vaccine Rollout Boost Economic Prospects Across U.S.
       
Just over half of the firms reported no change. Staffing firms reported that wages were increasing across the salary spectrum. Many contacts reported supply chain issues, including longer lead times and higher prices of inventories. Large leisure and hospitality firms reported a strong willingness from furloughed employees to return to work when called back. The full impact of the mid-February winter storms isn’t yet known, but some contacts reported temporary facility shutdowns.
Online secondhand-clothing retailer ThredUp files for IPO
       
ThredUp Inc. has filed for an initial public offering, the latest retailer trying to capitalize on generational shifts toward online sales and used goods. The Oakland, Calif., company, which sells secondhand clothing and accessories online, had confidentially filed for a public offering in January. Thredup registered to sell $100 million worth of stock, although that’s often a placeholder used to calculate filing fees. The pandemic has accelerated trends toward online sales, and rising environmental concerns have fueled growth in resale. Read: The shift to thrift: COVID-19 propels an already surging secondhand clothing market“We believe that we are in the early stages of capitalizing on a large and growing market opportunity in secondhand clothing,” the company said in the filing.
Marvell stock declines on in-line earnings
       
Marvell Technology Group Ltd. shares declined in the extended session Wednesday after the chip maker reported quarterly earnings that met Wall Street expectations and forecast a potentially disappointing outlook in a relatively strong season for the industry. Marvell MRVL, -4.75% shares fell 4.5% after hours, following a 4.8% decline in the regular session to close at $45.56 on a day that the tech-heavy Nasdaq Composite Index COMP, -2.70% dropped 2.7%.
Texas BBQ chain's 'crew members will stay in masks' despite state lifting restrictions: CEO
       
BenzingaEach day, Benzinga takes a look back at a notable market-related moment that occurred on this date. On this day in 2009, the U.S. government committed another $30 billion to bail out American International Group Inc (NYSE: AIG). Where The Market Was: The S&P 500 was trading at 700.8 and the Dow closed the day at 6763.29. Another Financial Crisis Bailout: March 2009 was the darkest time of the financial crisis. The government ended up providing a total of $62.5 billion to AIG to get it through the crisis.
The hottest housing markets of 2020
       
With the Australian dollar gaining to almost 80 U.S. cents, the Aussie product is becoming out of reach for many importers. Prices have even overtaken the U.S., which traditionally holds the title for the world’s most expensive beef. The government forecaster Abares sees U.S. and Brazil expanding shipments through 2022-23 to high-value markets, notably China. Indonesia is Australia’s largest export market for cattle and beef offal.Though Australia accounts for only 4% of global beef production, the country is one of the world’s largest shippers, with major markets in China, Japan and South Korea. And then you’re kind of stuck again, depending on how prolonged the drought scenarios are looking.
Snowflake lower after reporting mixed earnings
       
Snowflake Inc. reported mixed earnings, posting a beat on the top line but a miss on the bottom line. The company posted a loss per share of 70 cents, a wider-than-expected loss than the street estimated loss per share of 17 cents. JARED BILKRE: Yeah, that's right. So basically in line right there. But to summarize, it was a beat on the top line revenue, but a substantial miss, a much bigger loss than anticipated for Snowflake here, guys.
Cathie Wood’s ARKK Sinks 20% From Peak as Tech Sells Off
       
(Bloomberg) -- The main fund from Cathie Wood’s Ark Investment Management extended its drop from a February peak to 20%, highlighting a swift turnaround for the formerly high-flying stocks favored by the firm. The $24.6 billion Ark Innovation ETF (ARKK) tumbled 6.3% on Wednesday alone as growth stocks such as Pinterest Inc. and Zillow Group Inc. took a beating. And even after the recent losses, ARKK is still slightly up for the year. Story continuesInflows to the fund have faltered in the past week, but there’s yet to be a mass exodus. ARKK took in more than $600 million combined the past two days, after losing more than $690 million last week in its worst five-day period on record.
CFPB nominee sounds alarm on possible 'avalanche of defaults' after student loan payments restart
       
He was also a former student loan ombudsman for the bureau. For instance, in 2016, the CFPB took action against Wells Fargo for "illegal private student loan servicing practices that increased costs and unfairly penalized certain student loan borrowers." At the state level, attorneys general have also pursued lawsuits against loan servicers for illegal practices. We're suing Navient, one of the country’s largest student loan servicers, for misleading, deceptive, and unconscionable practices that have added to the heavy burden that student loan debt imposes on New Jersey residents. “So it's critical that loan servicers live up to their obligations.”Rohit Chopra in Hart Building on February 14, 2018.
Gun sales slow down in February, show 10% jump year-over-year
       
The surge in gun sales seen in much of 2020 into early this year appears to have slowed down in the month of February, when analysts estimated a slight 10% jump in firearms sold year-over-year, new statistics show. SAAF reaches its monthly conclusion by analyzing the FBI’s National Instant Criminal Background Check System (NICS). Gun background checks are indicative of sales trends, though don’t translate directly to the number of unit sales. For example, someone can buy multiple firearms at once and have only one background check conducted. FBI'S JANUARY GUN BACKGROUND CHECK STATISTICS SHOW PEOPLE BUYING FIREARMS AT 'BLISTERING PACE,' EXPERT SAYSMORE THAN 23M FIREARMS SOLD, OVER 21M GUN BACKGROUND CHECKS CONDUCTED IN 2020February’s statistics indicate a slowdown in gun sales compared to 2020 and earlier this year.
Texas' oldest, largest power cooperative files for bankruptcy after $2.1B ERCOT bill for winter storm
       
The largest and oldest electric power cooperative in Texas, Brazos Electric, has filed for Chapter 11 bankruptcy protection. "Brazos Electric will not foist this catastrophic 'black swan' financial event onto its members and their consumers, and commenced this bankruptcy to maintain the stability and integrity of its entire electric cooperative system." In comparison, the price was $20.79 per megawatt hour in the weeks before the storm hit, according to ERCOT records. "As a result of the catastrophic failures due to the storm, Brazos Electric was presented with excessively high invoices by ERCOT for collateral and for purported cost of electric service, payment of which was required within days." “The risk of increased extreme winter weather events in the United States underscores the need for adequate preparation,” Khanna wrote.
American Eagle Tops Estimates on Strong Margins
       
American Eagle Outfitters, Inc. (AEO) - Get Report reported better-than-expected adjusted earnings for its fiscal fourth quarter, helped by strong margins and growth in its Aerie loungewear business. "We ended 2020 on a positive note, with fourth quarter adjusted operating income up 38%, driven by strong margins across brands," said Jay Schottenstein, American Eagle CEO and executive chairman, in a statement. American Eagle said Aerie revenue increased 25% to $337 million and comparable sales increased 29% in the latest quarter. American Eagle also "unsuspended its share repurchase program." Shares of American Eagle fell 81 cents, or 3.2% to $24.62 in after-hours trading Wednesday.
Snowflake Down After Loss Meets Estimate, Revenue Beats
       
Snowflake, the cloud-based data-storage and -management platform, reported a wider fiscal-fourth-quarter net loss as revenue more than doubled. Snowflake, (SNOW) - Get Report the cloud-based data-storage and -management platform, reported a wider fiscal-fourth-quarter net loss as revenue more than doubled. The revenue beat Wall Street's estimates while the adjusted loss met expectations. A survey of analysts by FactSet produced consensus estimates of a GAAP loss of 43 cents a share, or an adjusted loss of 17 cents a share, on revenue of $178.5 million. In the current quarter, Snowflake offered product revenue guidance of between $195 million and $200 million.
Marvell Technology Falls Despite Q4 Revenue Beat
       
Shares of chipmaker Marvell (MRVL) - Get Report were falling Wednesday after the company reported its fiscal fourth quarter results after the closing bell. The company reported quarterly earnings of 29 cents per share on revenue of $798 million. Marvell was expected to earn 29 cents per share on revenue of $786 million, according to analysts polled by FactSet. For the current fiscal first quarter, Marvell widened its net revenue guidance range to between $760 million and $840 million with earnings expected to be between 23 cents and 31 cents per share. Analysts were expecting revenue of $787 million and earnings of 27 cents per share.
Don't Let the Rotation Deceive You: It Was Worse Than It Looked
       
Rotation into "reopening" stocks helped cover up some of the damage, but it was a very ugly day for much of the market. The Dow Jones industrial average was positive for much of the day, but rolled over and lost about 0.4%. Over 600 stocks hit new 12-month highs, but many of them were in groups like oil, travel, and other reopening plays. The irony of this market is that economic conditions continue to improve, and optimism about the end of the pandemic is growing. The path of least resistance right now is to the downside, but there are plenty of interesting situations that are developing.
Quincy literacy program shows that where there’s a will, there’s a way
       
For over four years, she has been a student of the Literacy Program at Thomas Crane Public Library in Quincy. On Wednesdays, Wesline Désir, 46, of Brockton, attends English literacy tutoring from the small screen of her cellphone. By learning to use technology for their lessons, the tutors also feel less isolated, said Mary Diggle, manager of Quincy library’s Literacy Program and program manager of Literacy Volunteers of Massachusetts-Quincy. Many literacy tutoring students didn’t have their own computer or reliable Internet at home before the pandemic. In January 2020, the library began partnering with Tech Goes Home, a Boston-based nonprofit, to provide free Chromebooks and at-home Internet to literacy tutoring students, along with basic computer classes.
Real estate: Investor grabs three Santa Clara office buildings for nearly $80 million
       
SANTA CLARA — A big Bay Area private equity investor has bought three office and research buildings in Santa Clara that sit on big enough parcels that they could be redeveloped as a large project. Acting through separate affiliates, GI Partners paid $79 million in cash for the buildings, county public records show. The buildings have addresses of 2855 Bowers Ave., 2805 Bowers Ave., and 2710 Walsh Ave. in Santa Clara. Fox also believes that the buyers find Santa Clara in particular an attractive city for property purchases. “Investors see Santa Clara as a pro-business, pro-development city with low energy costs.
City Council rejects Arts District food truck lot
       
The Las Vegas City Council voted unanimously Wednesday to deny permission to use a vacant Arts District lot as a space for hosting up to 10 food trucks. The Las Vegas City Council denied permission to use this lot in the Arts District to host up to ten food trcuks. (Chase Stevens/Las Vegas Review-Journal) @csstevensphotoA view of the lot in the Arts District that Las Vegas City Council ruled against developing into a food truck lot. Another 14 people — including Arts District landlords, business owners and residents — submitted comments electronically in opposition. And I think what the City Council saw today is that we are a united community and neighborhood.”Contact Al Mancini at amancini@reviewjournal.com.
Pentagon says US contractor died of heart attack during rocket attack at air base in Iraq
       
The rockets struck Ain al-Asad airbase in Anbar province early in the morning, U.S.-led coalition spokesperson Col. Wayne Marotto said. Kirby said the rockets were fired from east of the base, and that counter-rocket defensive systems were used to defend forces at the base. He added that while 10 rockets hit the base, he didn’t have information on what, if any, impact the defensive systems had in stopping any strikes. He said damage assessments were ongoing.
Film and TV crews spent less in Illinois because of coronavirus, but ‘2021 seems like it’s going to be a very strong year’
       
“2021 seems like it’s going to be a very strong year,” Illinois Film Office Director Peter Hawley said at a virtual news conference. “We’re right at the same level we were in our record-breaking 2019 year. We are almost exactly where we were at (in) 2020 — which was going to be a gangbuster year for us — at this time before the pandemic. We’ve also started to see jobs come back in quite a big way.”
First Johnson & Johnson vaccine doses arrive in Minnesota
       
Tim Walz celebrated the arrival Wednesday of the first doses Johnson & Johnson vaccine being delivered to the state. The Johnson& Johnson formula is also easier to store while the other two vaccines must be kept extremely cold. Walz noted that in the coming weeks supply of the Johnson & Johnson vaccine will fall off because of supply and demand issues. Health officials expect the supply of the Pfizer and Moderna vaccines to fill that gap and supplies of the Johnson & Johnson vaccine should rebound by mid-March. Yet state health officials say they are working to better educate people who may be hesitant to get inoculated.
Explaining the collectible shoe scandal that brought down top Nike executive Ann Hebert
       
A former vice president and general manager for Nike North America, Ann Hebert, resigned from her position Monday in the midst of speculation and complaints from sneakerheads across the globe. The Bloomberg feature on Joe Hebert and his growing sneaker company, West Coast Streetwear, raised plenty of eyebrows about his business practices. The twist of the story is that Ann Hebert may have played a role in this. A Nike spokesperson told Bloomberg that Ann Hebert disclosed relevant information about her son’s company in 2018, and Nike found no conflicts of interest. It can’t stop people like Joe Hebert and his company if they have the access and tools to win.
Two new restaurants open in Hartford, replacing businesses closed by pandemic
       
Reflecting a trend in the pandemic-era restaurant industry, both new restaurants opened in locations of restaurants that closed during the pandemic. Since the state locked down last March, more than 600 restaurants in the state have closed for good. That hasn’t stopped many plucky restaurateurs from snapping up already built-out properties to save on startup costs.
Ford delays 4,500 Mustang Mach-E deliveries
       
Ford Motor Co. confirmed Wednesday that buyers of some 4,500 Mustang Mach-Es —the Blue Oval's highly touted new electric vehicle — will face delivery delays. That's a higher number than the hundreds of impacted vehicles the automaker had previously said would be delivered late. Meanwhile, Ford said Wednesday that it will compensate some buyers of the all-new, battery-electric SUV due to the delays. In a statement, Ford spokeswoman Emma Berg said the company will cover the first month's payment for approximately 250 customers experiencing "extended delays" in receiving their Mach-E. The Mach-E has garnered positive attention from owners, critics and Wall Street analysts alike, earning Ford comparisons to EV heavyweight Tesla Inc.
W&T: Q4 Earnings Snapshot
       
HOUSTON (AP) _ W&T Offshore Inc. (WTI) on Wednesday reported a fourth-quarter loss of $8.9 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Houston-based company said it had a loss of 6 cents. Losses, adjusted for non-recurring costs, were 5 cents per share. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share. The independent oil and gas company posted revenue of $94.7 million in the period.
Hudson Tech: Q4 Earnings Snapshot
       
PEARL RIVER, N.Y. (AP) _ Hudson Technologies Inc. (HDSN) on Wednesday reported a loss of $4.7 million in its fourth quarter. The Pearl River, New York-based company said it had a loss of 11 cents per share. The refrigerant services company posted revenue of $22.1 million in the period. For the year, the company reported that its loss narrowed to $5.2 million, or 12 cents per share. Revenue was reported as $147.6 million.
Rimini Street: Q4 Earnings Snapshot
       
LAS VEGAS (AP) _ Rimini Street, Inc. (RMNI) on Wednesday reported a loss of $3.1 million in its fourth quarter. On a per-share basis, the Las Vegas-based company said it had a loss of 4 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 15 cents per share. For the year, the company reported that its loss widened to $13.8 million, or 19 cents per share. Revenue was reported as $326.8 million.
Boy Scouts propose more than $300 million, Norman Rockwell paintings to settle sex abuse claims
       
The Boy Scouts of America, struggling to stay afloat while compensating tens of thousands of survivors of past sexual abuse, this week pledged to provide a victims’ trust fund with at least $300 million from its local councils and proceeds from insurance policies and the sale of a collection of Norman Rockwell oil paintings. The offer was detailed in a reorganization plan submitted by the Scouts, which filed for bankruptcy protection last year amid a wave of new sex abuse lawsuits after several states, including California, New York and New Jersey, expanded legal options for childhood victims to sue. The 379-page plan, filed in U.S. Bankruptcy Court in Delaware, did not place a total on how much the 111-year-old youth organization is willing to pay to settle more than 85,000 sex abuse claims by former scouts. Details must still be negotiated with plaintiffs’ attorneys, who are not likely to readily settle for what is in the plan, which excludes high-adventure camps and other valuable real estate around the country. At the time of the bankruptcy, the national organization had assets of more than $1 billion, with billions more held by local councils.
German financial supervisor moves against Greensill Bank
       
BERLIN (AP) — Germany's financial market supervisor on Wednesday ordered the closure of Greensill Bank AG for business with customers, citing an “imminent risk” that the subsidiary of an Australian company will become over-indebted. GFG Alliance is a conglomerate owned by British tycoon Sanjeev Gupta and his family. Prosecutors in Bremen, where the bank is based, said the regulator filed a criminal complaint against the bank, but neither they nor BaFin gave details, German news agency dpa reported. The bank is owned by Australia’s Greensill Capital Pty Ltd., and is part of a group that provides short-term supply chain financing for industrial companies. BaFin said that Greensill Bank AG had some 4.5 billion euros ($5.4 billion) in total assets at the end of last year and is not considered systemically important.
Study: Employment rose among those in free money experiment
       
Universal basic income has been a popular idea among California's tech titans as they grapple with how to handle the inevitable job losses that will come with breakthroughs in automation and artificial intelligence. Tubbs, who at the time was Stockton's first Black mayor, was eager to try it. Not everyone was on board with the idea. Aside from conservatives who dislike big government programs, opposition also comes from labor unions that worry about what other types of social safety net programs would have to be sacrificed to pay for a guaranteed income. It could cost nearly $3 trillion a year to provide a guaranteed income to everyone.
New Mexico governor signs pandemic relief bills
       
SANTA FE, N.M. (AP) — New Mexico's Democratic governor has signed economic relief legislation that provides $600 rebates to low-income workers and a tax holiday for restaurants that have been hobbled by aggressive pandemic health restrictions. Michelle Lujan Grisham on Wednesday signed two bills that are part of an ambitious economic recovery package. New Mexico state finances and trust funds are rebounding amid a surge in oil production and prices, along with a boost from 2020 federal relief to state and local government, businesses, the unemployed, school districts and tribal governments. “This pandemic has been devastating for everyone, but the pain has been spread unequally,” Lujan Grisham said in a statement. “My hope is these economic relief efforts reach those who need them most.”States including New Mexico are not waiting on more federal help as they approve coronavirus aid packages for residents and business owners devastated by the economic fallout from the pandemic.
Technology stocks lead indexes lower as yields resume climb
       
Stocks closed lower Wednesday as another rise in bond yields fueled concerns on Wall Street that higher inflation is on the way as the economy picks up. U.S. government bond yields rose after easing a day earlier. Technology stocks are most vulnerable to this reassessment, in large part because their recent dominance left them looking even pricier than the rest of the market. On the flipside, banks benefit when bond yields rise, because it allows them to charge higher rates on mortgages and many other kinds of loans. Financial sector stocks were among the biggest gainers Wednesday.
NM annual unemployment rate at 8.4% in 2020
       
The state’s annual unemployment rate was 8.4% in 2020, up from 5% in 2019, according to a new data set from the U.S. Bureau of Labor Statistics. New Mexico entered 2020 with an unemployment rate hovering around 5%, near its lowest point in a decade. By July, New Mexico’s unemployment rate stood at 12.5%, the highest on record for a single month, according to BLS. Elsewhere in the Southwest, Arizona’s annual unemployment rate stood at 7.9%, Colorado’s was 7.3% and Texas’ stood at 7.6%, according to the BLS. The unemployment rate is based on a survey of recipients rather than a number of unemployment claims.
From furlough to restart grants, how Rishi Sunak's £352bn Covid support package works
       
Rishi Sunak has pledged a £352 billion Covid support package in the Budget to help people and businesses affected by the pandemic. The Chancellor said the package, which will last into next year, includes an additional £65 billion of measures to support the economy in response to coronavirus. He said that, taking into account the "significant support" the Government has already provided in light of the risis, the new support package totals £352 billion and will help deal with "the sustained economic shock" the country has faced. From the furlough extension to grants for the self-employed and businesses, Mr Sunak told the Commons on Wednesday that the Government "has delivered one of the largest, most comprehensive and sustained responses this country has ever seen". He said: "We're using the full measure of our fiscal firepower to protect the jobs and livelihoods of the British people."
UK's Infrastructure Bank will offer loans and investments worth two-thirds less than EU predecessor
       
The UK's new infrastructure bank will offer annual loans and investment worth two-thirds less than its EU predecessor, the Treasury’s independent forecaster has said. Rishi Sunak, the Chancellor, announced in the Budget that he was introducing Britain’s first ever infrastructure bank to help finance investment in green industries across the nation. “Located in Leeds, the bank will invest across the UK in public and private projects to finance the green industrial revolution,” he declared. Mr Sunak said the bank would have an initial capitalisation of £12 billion and was expected to support at least £40 billion of total investment in infrastructure. It will extend loans, equity financing and guarantees to fund projects that will help tackle climate change and support regional and local economic growth.
Stamp duty holiday extension will spark modest rise in house prices
       
"Savings for buyers in the middle and upper tiers of the housing market will be much reduced," said Mr Cook. It has taken some of the pressure off and given us something to look forward to,” Ms Sims said. Mr Farrelly, a bricklayer, had to pause work at various points. As a result of the new mortgage guarantee scheme, Ms Sims and Mr Farrelly can buy a £250,000 home with a 5pc deposit of £12,500. Ms Sims said.
Sanjeev Gupta's Wyelands Bank ordered to repay savers in unprecedented intervention
       
A lender owned by Sanjeev Gupta has been ordered to repay all of its depositors in an unprecedented intervention by the Bank of England amid surging pressure on the steel tycoon. Wyelands Bank has been told by regulators to refund all retail customers following a cash injection by Mr Gupta. GFG Alliance said it now plans to adopt a new strategy without giving details. Wyelands will update savers on Monday, adding that the bank is "solvent and has sufficient financial resources to meet all of its obligations". BaFin has ordered that the bank to close for business and blocked it from accepting payments that were not intended for repaying debt to Greensill Bank.
Rishi Sunak's targeted freezes mean we won't have had it so bad since the 1960s
       
Income tax personal allowanceIn one of the more contentious measures in the Budget, Mr Sunak confirmed that the threshold at which people start paying the basic and higher rates of income tax would be frozen. The point at which people begin paying income tax will increase to £12,570 in April, as will the higher rate, which will increase to £50,270. However, from then on it will be frozen at the level until 2026, meaning more people will be dragged into paying tax as wages increase. Two in five adults do not pay any income tax at all. Someone aged 50 now could be £85,000 worse off in tax by the time they reach retirement, if the Lifetime Allowance stays fixed.”
'Failing up': Why some climb the ladder despite mediocrity
       
And perhaps most importantly, once an employee is promoted, bosses become invested in that person’s success because it becomes a reflection of their own judgement. As people continue to move up, he says we’re conditioned to believe that their positions are the result of merit – and rarely ask questions about how they got there. The privilege of failing upWhen we do ask those questions, however, the role of privilege becomes more evident. David Benioff and DB Weiss said they were allowed to take several risks even though it was their first time running a production. Benioff added: “A lot of the mistakes were basic, elemental writing mistakes.”
Jeep CEO 'open' to dropping the Cherokee name after criticism from the Cherokee Nation tribe
       
The CEO of the company that owns Jeep said he's open to changing the name of two of his top-selling SUVs, the Cherokee and the Grand Cherokee, in the wake of complaints from the Cherokee Nation tribe. The Jeep Cherokee and Grand Cherokee SUVs are two of the best-selling vehicles in the entire Jeep fleet, making up 43 percent of the company's sales in the United States. The Cherokee Nation is currently the largest tribe in the United States, with approximately 370,000 members. The Grand Cherokee L is being advertised on Jeep's website with a spring 2021 arrival, complete with a third row of seating. For Native American sports mascots, the Washington Redskins dropped their logo and renamed themselves the Washington Football Team, albeit temporarily.
Biden says Texas and Mississippi reopening is a 'big mistake'
       
Asked about the reopenings in Mississippi and Texas, Psaki pointed Biden's push for Americans to wear masks for his first 100 days in office. CDC director Dr Rochelle Walensky echoed Biden's warning, saying the Texas and Mississippi decisions to defy federal guidelines and drop mask requirements were premature. 'I wish Texas, Mississippi and others state would just hold off another little bit. Andy Slavitt, a White House COVID-19 senior adviser, told CNN that they understood the pressures governors were facing but urged them to rethink lifting mask mandates. Schools, which reopened in Mississippi back in August, will still have mask mandates where social distancing is not possible.
Hybrid cars burn more fuel than the ratings say: U.K. consumer group
       
Plug-in hybrid electric vehicles on average achieved as little as one-third of their advertised fuel economy rating in a new study conducted by U.K. consumer advocacy group Which?, according to The Guardian. All cars sold in Europe must be tested on the worldwide harmonised light-vehicle test procedure (WLTP) for fuel economy, but the study from Which? The worst-performing vehicle on the list was the BMW X5 hybrid, which managed 52.8 miles per gallon (5.35 L/100 km) in Which? testing, 72 per cent less efficient than the WLTP ratings, which put it at 188.2 miles per gallon (1.50 L/100 km). The 2018 Mitsubishi Outlander PHEV manages 41.3 mpg (5.70 L/100 km) in real-world testing, while it’s rated for 74 mpg (3.18 L/100 km) on the EPA cycle.
Century-old bakery is Covid victim in San Luis Potosí
       
A San Luis Potosí bakery with more than a century’s worth of memories managed to survive changes in tastes, demographics, and even remodeling in the city’s historic center, but it finally met its match last month in Covid-19. “… it just wasn’t profitable, especially with the rent that we were paying.”However, the downtown bakery has been struggling for over a decade. In the late 2000s, it was recognized by the city for being one of few businesses in San Luis Potosí that was still operating after a century. Its true profitability lies in the La Superior bakeries. It’s a family business, and it weighs heavy on our hearts, but we also have to know when to call it quits.”Source: El Universal (sp), El Economista (sp)
China-Australia relations: lucrative international education sector takes hit amid trade row, survey shows
       
Attitudes towards Australian education in China are deteriorating, according to a new survey. Photo: Reuters
President's policies fatally undermine energy companies he needs
       
López Obrador, or AMLO as he is known, dreams of times when the national oil company Pemex was a cash cow. Furthermore, these policies are undermining the CFE’s capacity to deliver the cheap and clean electricity Mexico needs for economic growth. The global economy is transitioning towards renewable energy: British oil company BP says it is shifting into green energy, while General Motors is going all-electric. The CFE also plans to exclude any new capacity in renewable energy. Nevertheless, López Obrador will not back down, despite the potentially expensive international arbitration that lies ahead.
'Two sessions': China expected to unveil new controls on Hong Kong
       
China is expected to unveil new political controls on Hong Kong at this week’s meeting of its rubber-stamp parliament, which is also likely to showcase President Xi Jinping’s further consolidation of power. Beijing plans to ensure only “patriots” – Communist party loyalists – can run Hong Kong, according to a speech by a top Chinese official ahead of the annual meeting of the National People’s Congress (NPC). Diplomatic and trade sanctions have been piled on Beijing over its intervention in Hong Kong, and human rights abuses in western Xinjiang. These are only likely to be exacerbated by any new policies on Hong Kong unveiled at this year’s NPC. In a speech published this week, the head of the Hong Kong and Macao affairs office, Xia Baolong, said the city’s electoral system had to be “improved”, to close loopholes and guarantee “central government’s comprehensive management of Hong Kong”.
Retailers put brakes on Texas and Mississippi move to scrap mask mandates
       
The governors of both states said they are dispensing with mask mandates and allowing businesses to operate at full capacity. "We must now do more to restore livelihoods and normalcy for Texans by opening Texas 100 percent," Texas Governor Greg Abbott said in a statement. — Tate Reeves (@tatereeves) March 2, 2021Despite the push to reopen, Texas and Mississippi residents will still need to wear face masks if they want to step inside many supermarkets and other large retail chains. Patrons that prefer not to wear masks can shop through Target's no-contact options, such as shopping online, the retailer added. "We are aware of the mask mandate lifts in both Texas and Mississippi where we have store locations.
Empty Office Buildings Squeeze City Budgets as Property Values Fall
       
The pandemic has upended America’s commercial property sector. The $16 trillion commercial property sector is being stressed in ways not seen since the Great Recession of 2008. States that do not have income taxes, such as Florida and Texas, are more vulnerable to fluctuations in real estate values. Unused space in San Francisco increased nearly 75 percent last year, while empty office space increased more than 25 percent in Los Angeles, Seattle and New York City. With real estate making up about half of New York’s annual tax revenue, the city is planning to cut thousands of jobs this year.
Return-to-Office Plans Are Set in Motion, but Virus Uncertainty Remains
       
Then as the coronavirus sent employees to their homes, much of the city center quickly went quiet and dark. The return of those employees to their offices has been halting and difficult. Wells Fargo has delayed its return to the office several times, telling its employees recently that they will continue to work remotely through at least May 1. Corporate executives around the country are wrestling with how to reopen offices as the pandemic starts to loosen its grip. The most important variable, many executives said, is how long it will take for most employees to be vaccinated.
Many Companies Will Continue to Require Masks in Texas: Live Updates
       
ET Many Companies Will Continue to Require Masks in Texas: Live Updates RIGHT NOW Philanthropic donors gave more than $20 billion in response to the pandemic last year. S&P 500 - % Dow - % Nasdaq - %Companies say they will keep requiring masks in Texas stores, but compliance may get harder. The supermarket chain H-E-B was among the companies that said they would still require customers to wear masks in their Texas stores. Target and Macy’s said they would continue to require customers and employees to wear masks in their Texas outlets. He was among a group of central bank officials who initiated the Fed’s Racism and the Economy conference series.
Kroger Will Still Require Customers to Wear Masks in States That Are Lifting Mandates
       
The governors of Texas and Mississippi both ended their state's mask mandate this weekKroger Will Still Require Customers to Wear Masks in States That Are Lifting MandatesIf you shop at Kroger, expect to wear a mask. On Wednesday, the Kroger Family of Companies, one of America's largest chain of grocery outlets, announced that they would continue to require customers to wear a face covering in their stores despite some states lifting their mask mandate. "To ensure the continued safety of our customers and associates, The Kroger Family of Companies will continue to require everyone in our stores across the country to wear masks until all our frontline grocery associates can receive the COVID-19 vaccine," the spokesperson continued. Hours later, President Joe Biden warned against the continued threat of the virus despite the administration's COVID-19 vaccination efforts. He said that although the nation is "moving in the right direction," the public should continue to be vigilant about COVID-19 safety precautions.
Sputnik V's mass Europe rollout gets backing from Macron and Merkel amid major delays
       
Added: 03.03.2021 12:01 | 24 views | 0 commentsAN INVESTMENT boss who is financing Russia's Sputnik V vaccine is hopeful that the jab will be used in Europe as he has received support from Macron and Merkel.
Jahmil French, 'Degrassi' star, dead at 29
       
Added: 03.03.2021 20:19 | 12 views | 0 commentsThe actor was best known for playing Dave Turner in the Canadian teen drama "Degrassi: The Next Generation."
Budget 2021: Economy to recover 'six months faster than forecast'
       
Budget 2021: Economy to recover 'six months faster than forecast'Added: 03.03.2021 13:43 | 22 views | 0 commentsHowever, the chancellor says repairing the long-term economic damage from Covid "will take time".
Budget 2021: Million more set to pay income tax by 2026
       
Budget 2021: Million more set to pay income tax by 2026Added: 03.03.2021 16:18 | 14 views | 0 commentsPeople who get a pay rise between this April and 2026 may find themselves paying a higher rate of tax.
Budget 2021: Relief extended for businesses on rates and VAT
       
Budget 2021: Relief extended for businesses on rates and VATAdded: 03.03.2021 16:18 | 10 views | 0 commentsPubs and restaurants see VAT cut and rates relief extended as non-essential retail is given more help.
Waste food: What do you do with 86 tonnes of celeriac?
       
Waste food: What do you do with 86 tonnes of celeriac? Added: 03.03.2021 16:18 | 9 views | 0 commentsWith hospitality closed during lockdown, charities and apps are stepping in to help cut food waste.
Budget 2021: Tax on company profits to rise to 25%
       
Budget 2021: Tax on company profits to rise to 25%Added: 03.03.2021 15:17 | 11 views | 0 commentsCorporation tax will rise from 2023, but there is relief for small firms and breaks for companies that invest.
Stamp duty holiday extended to end of June
       
Added: 03.03.2021 15:17 | 14 views | 0 commentsAfter June there will be tapered relief for the next three months, the chancellor announces.
Budget 2021: Sunak announces extension to universal credit £20 top up
       
Budget 2021: Sunak announces extension to universal credit £20 top upAdded: 03.03.2021 15:17 | 19 views | 0 commentsRishi Sunak announces a temporary extension to universal credit until September as part of pandemic support.
Budget 2021: Rishi Sunak vows to 'protect jobs and livelihoods'
       
Added: 03.03.2021 14:08 | 25 views | 0 commentsThe chancellor extends furlough for workers - and sets out plans to increase business taxes in his Budget.
Budget 2021: Rishi Sunak vows to protect jobs but tax hikes loom
       
Added: 03.03.2021 21:17 | 15 views | 0 commentsThe chancellor says his Budget can rescue the Covid-ravaged economy, as UK faces highest tax burden since 1960s.
Budget 2021: Rishi Sunak's plan to protect jobs and increase taxes
       
Added: 03.03.2021 19:18 | 17 views | 0 commentsThe chancellor says he can rescue the UK's Covid-ravaged economy but warns it will "take time" in his Budget.
Cooperative eco-driving automation improves energy efficiency and safety
       
Cooperative eco-driving automation improves energy efficiency and safetyAdded: 03.03.2021 16:18 | 11 views | 0 commentsConnected, automated vehicles promise to save energy and improve safety. Engineers propose a modeling framework for cooperative driving. Simulation results show that the cooperative automated eco-driving algorithm saves energy -- 7% under light traffic and 23% under heavy traffic. More in www.sciencedaily.com »
Exclusive: Wall Street is in for a rude awakening, former NY Fed president says
       
Exclusive: Wall Street is in for a rude awakening, former NY Fed president saysAdded: 03.03.2021 11:41 | 18 views | 0 commentsWall Street threw a fit last week when Treasury rates spiked. The stock market tanked and investors feared the economy was overheating. Former New York Fed President Bill Dudley is warning that the temper tantrums are only just beginning.
A handful of fraud allegations have spurred hundreds of proposed laws limiting voting access
       
A handful of fraud allegations have spurred hundreds of proposed laws limiting voting accessAdded: 03.03.2021 15:17 | 20 views | 0 commentsThere's a stark imbalance in the response, for obvious reasons.
Leaving Las Vegas: Sands is selling its casinos in a $6.25 billion deal
       
Added: 03.03.2021 16:18 | 8 views | 0 commentsLas Vegas Sands Corp., the upscale resort and casino company founded by the late Sheldon Adelson, is leaving its namesake city and selling its two Nevada properties in a $6.25 billion deal.
The complex ‘bipartisanship’ driving the coronavirus relief bill
       
Added: 03.03.2021 19:18 | 14 views | 0 commentsNew polling shows that the bill is popular — but that Americans are open to some efforts to gain Republican support.
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 | 8 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 | 8 views | 0 commentsSource: www.youtube.comJim 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 »
Clawing back normality: Bangkok cat cafe reopens after virus shutdown
       
Added: 08.05.2020 10:20 | 5 views | 0 commentsAs Thailand's capital cautiously reopens many restaurants shuttered over coronavirus fears, the feline "employees" of the Caturday Cafe are back at work.
Paramount Plus: Everything to know about CBS All Access' successor
       
Paramount Plus: Everything to know about CBS All Access' successorAdded: 03.03.2021 15:53 | 7 views | 0 commentsCBS All Access will switch to Paramount Plus Thursday, and today is the last chance for a half-off deal for one year.
$1,400, $600, $1,200 stimulus checks: How the 3 payments differ
       
Added: 03.03.2021 16:30 | 16 views | 0 commentsSenate Democrats are hashing out the new stimulus package, and lawmakers could follow a different recipe for the third stimulus check than they did with the previous direct payments.
AMD Radeon RX 6700 XT launches for fast 1440p gaming at $479
       
AMD Radeon RX 6700 XT launches for fast 1440p gaming at $479Added: 03.03.2021 16:21 | 19 views | 0 commentsSay hello to another graphics card you'll have trouble buying.
This startup wants to make swappable EV batteries a thing again
       
This startup wants to make swappable EV batteries a thing again - RoadshowAdded: 03.03.2021 17:00 | 19 views | 0 commentsIt's called Ample and its got big plans for the future of electric vehicles.
AMD announces pricing, availability on 6700 XT graphics card video
       
Added: 03.03.2021 16:51 | 17 views | 0 commentsAMD's new 6700 XT graphics card will cost $479 and be available on March 18.
Phoebe Waller-Bridge praises ‘astonishing work’ of volunteers supporting theatre workers through pandemic
       
Added: 12.11.2020 14:31 | 11 views | 0 commentsstar has praised the “astonishing work” of who have raised half a million pounds to help workers.
Mixed response to Budget from UK travel sector
       
Added: 03.03.2021 16:14 | 10 views | 0 commentsThe UK tourism industry had broadly welcomed the Budget delivered by chancellor Rishi Sunak – but there were also calls for more tailored support for high street travel agents.
Republican can win NYC mayoral election again, Guardian Angels founder Curtis Sliwa insists
       
Republican can win NYC mayoral election again, Guardian Angels founder Curtis Sliwa insistsAdded: 03.03.2021 20:45 | 9 views | 0 commentsA Republican can win this year's mayoral election in New York City, longtime radio host Curtis Sliwa told "America’s Newsroom" Wednesday.
Sheffield United 1-0 Aston Villa: David McGoldrick scores winner for bottom club
       
Added: 03.03.2021 20:06 | 9 views | 0 commentsBottom club Sheffield United survived for more than 30 minutes with 10 men to claim a rare win and dent Aston Villa's European ambitions.
GOP Goes Full Culture Wars Without Trump
       
Added: 03.03.2021 19:25 | 7 views | 0 commentsThis is a very radical group of people and they are much more extreme than they were in 2016
Can Democrats Stop the GOP Assault on Voting Rights?
       
Added: 03.03.2021 19:54 | 8 views | 0 commentsIf the party doesn't pass new protections, it could lose the House, Senate, and White House within the next four years.
Curtis Flowers, wrongfully incarcerated for 23 years, will get maximum compensation, judge says
       
Curtis Flowers, wrongfully incarcerated for 23 years, will get maximum compensation, judge saysAdded: 03.03.2021 20:32 | 9 views | 0 commentsCurtis Flowers, tried six times for the same crime, will receive Mississippi's maximum compensation for wrongful imprisonment. Here's how much it is.
Biden: Ending mask mandates 'Neanderthal thinking'
       
Added: 03.03.2021 21:16 | 9 views | 0 commentsPresident Joe Biden called the decisions by the governors of Texas and Mississippi to end mask mandates "a big mistake" and slammed what he said was "Neanderthal thinking" at a time he says the nation needs to remain vigilant against COVID-19.
Greece earthquake shakes shop and collapses buildings
       
Added: 03.03.2021 17:48 | 10 views | 0 commentsThe 6.3 magnitude earthquake struck near the city of Larissa, but was felt across the country.
Shake Shack's Danny Meyer on the Restaurant Business: 'I Hope We Never Return to How We Were'
       
After one of the hardest years on record for restaurants, Danny Meyer, founder and CEO of the Union Square Hospitality Group, is hopeful. Below are four things Meyer says will never again be the same for the restaurant industry. His companies Shake Shack and Union Square Hospitality, which includes Gramercy Tavern, Union Square Cafe, and more than a dozen other eateries, had to lay off 90 percent of employees. "Every person in the restaurant industry should get the same minimum wage," he says. So Union Square has reinstated tips but now pays a portion of revenue every night to everyone in back-of-house positions.
Apple Vs. Facebook: What You Need to Know About Tim Cook and Mark Zuckerberg's Battle
       
Apple and Facebook are publicly sparring over Apple's new privacy feature in iOS 14--which could have major consequences for Facebook's bottom line. Apple's new operating system, iOS 14, introduced in June, requires apps to ask users' permission to track them, which many users are likely to decline. June 2020: Apple Introduces iOS 14. In August, Facebook wrote in a company blog post that iOS 14 would hurt advertisers and make the Audience Network program almost unusable. And, on February 4, Senate Judiciary Chair Senator Amy Klobuchar from Minnesota introduced a major antitrust bill that could impact companies like Facebook, Apple, and Google.
The Terrible T-Mobile/Sprint Merger Must Be Undone
       
Never mind that this experiment of using a reseller as “fixer” for a wireless merger that reduced four competitors to three had stumbled in Germany, revealing the critical role of a fourth facilities-based provider in preserving competitive outcomes. Disregard that the merged firm would have a strong incentive to undermine the behavioral remedy. The behavioral remedy contemplated that T-Mobile would lease network access to Dish for seven years, while Dish built its own network. T-Mobile is shutting down its older wireless network that supports Dish’s Boost customers. By turning off this lifeline to Dish, T-Mobile can drive Boost customers back to T-Mobile, which should place upward pressure on the price that T-Mobile charges for prepaid plans.
Who Is Mark Hofmann from 'Murder Among the Mormons' on Netflix?
       
Welp, Murder Among the Mormons has arrived on Netflix right in time for your mid-week spiral so let's settle in. Mark Hofmann Is One of America's Most Notorious ForgersLike, this dude didn't just stop at faking sick notes from his parents to get out of school. Such was the case with the Salamander Letter, forged correspondence purporting to be between early members of the Mormon church. At the time of his 1986 hearing, the New York Times explained why Hofmann had specifically targeted Christensen:"Mr. Christiansen [sic] also was a friend of the lawyer for the investment group that was pressing Mr. Hofmann. Mr. Hofmann was desperate to keep the elements of his scheme apart, [prosecutor] Mr. Stott said, and Mr. Christiansen was a hazard because he could expose the fraud and, ultimately, the forgeries.
Vivendi Keeps Revenues Afloat in 2020 Thanks to UMG, Canal Plus Group
       
In a year marked by the coronavirus pandemic, Vivendi was able to keep its revenues in 2020 stable thanks to the growth of Universal Music Group (UMG) and pay TV group Canal Plus Group, which helped offset the slowdown in other businesses. Meanwhile, Vivendi’s financial net debt increased by $1.07 billion (€889 million) to $5.97 billion (€4.95 billion) as of Dec. 30, 2020. The consortium now owns 20% of Universal Music Group and Vivendi is currently planning the distribution of 60% of UMG’s share capital to Vivendi’s shareholders. Revenues were driven by recorded music revenues (up 6.7%), bolstered by the growth in subscription and streaming revenues (up 16.2%). Back in December the company entered exclusive negotiations with Gruner + Jahr/Bertelsmann to acquire 100% of Prisma Media, a leading publishing group in France.
Why Boohoo ‘Forced Labor’ Suspicions Beg Broader Questioning
       
We’ll expect greater engagement.”At the beginning of February, Jepson’s firm submitted two petitions to the CBP concerning forced labor in businesses in the U.K. apparel industry. In the past, the British Parliament has promised action on labor abuses, but only recently was major headway seen. But long before the initial London Sunday Times investigation called Boohoo into question for labor abuse problems this July, problems have persisted in the Leicester apparel industry — without true binding accountability. In a July letter addressed to the government seeking pay justice for garment workers, the British Retail Consortium estimated workers to have lost 27 million pounds in unpaid earnings since July. The company has for the past 12 months been on a buying kick, adding three former Arcadia brands — Dorothy Perkins, Wallis and Burton (25.2 million pounds); department store chain Debenhams (55 million pounds), and Oasis and Warehouse (5.25 million pounds in cash from Hilco Capital Ltd.).
If Your Cabinets Are Overrun With Mugs, You Need This $20 Solution
       
You can place it inside of your cabinets or below them to either shield your items from view, or keep them out in the open for easy access. Shoppers say that in addition to mugs, they use the organizer to hang measuring cups and spoons, as well as cutting boards with slots at the top. The metal hangers can hold up to 10 pounds at once, and the U-shaped hooks prevent any accidents from arising, so you won't have to worry about any of your belongings taking a tumble.
Many Companies Will Continue to Require Masks in Texas: Live Updates
       
ET Many Companies Will Continue to Require Masks in Texas: Live Updates RIGHT NOW S&P 500 falls for second day after surge. S&P 500 - % Dow - % Nasdaq - %Companies say they will keep requiring masks in Texas stores, but compliance may get harder. The supermarket chain H-E-B was among the companies that said they would still require customers to wear masks in their Texas stores. Target and Macy’s said they would continue to require customers and employees to wear masks in their Texas outlets. He was among a group of central bank officials who initiated the Fed’s Racism and the Economy conference series.
Katie Hill’s suit against ex-husband will go to trial: report
       
Former “throuple” pol Katie Hill’s lawsuit seeking to block her ex-husband from revealing private photos and information about her will go to trial after settlement talks have fallen through, according to a new report. In that case, Hill argued that Heslep threatened and choked her over the course of their 15-year relationship. But the former politician had also been seeking an order from a Los Angeles judge blocking Heslep from releasing other intimate photos and private information about her. csuarezHill’s lawyer said she expects the trial to last roughly four days and that she plans to call four or five witnesses, not including Hill. Katie Hill’s lawsuit seeking to block her ex-husband from revealing private photos and information about her will go to trial after settlement talks have fallen through.
See Elon Musk’s $100M portfolio he sold in efforts to ‘own no house’
       
Egret-topped house with industrial compoundSold: $29.7 millionThe 1.57-acre property appears to have an industrial building near the traditional house (not pictured). The colonial-style house was built in 1964, and it has two fireplaces and a pool, according to the listing. Realtor.comThe house, purchased by Musk in 2017, was built in the 1960s and appears to have not been updated since. Musk sold $36 million in mid-2020Musk also sold two more properties on Chalon Road earlier in 2020. Realtor.comThe house has a cook’s kitchen with Caesarstone counters and a living room with a fireplace.
Ariel Investments' John Rogers on young black investors, market opportunities
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAriel Investments' John Rogers on young black investors, market opportunitiesJohn Rogers, Ariel Investments co-CEO, CIO and chairman, joins 'Closing Bell' to discuss the racial wealth opportunity gap between White and Black Americans and where he is finding opportunity in the market right now.
Trading Nation: The Nasdaq slides — Here are the tech names to watch
       
RELATED VIDEOS03:03 Trading Nation: The Nasdaq slides — Here are the tech names to watch04:23 Casino stocks rally as Macau lifts testing restrictions — Here's what's next01:16 Market bull Phil Orlando sees herd immunity becoming a reality04:49 Market bull sees more economic relief as the U.S. goes to three Covid-19 vaccines03:25 Trading Nation: A look at Beyond Meat and what's next for the stock05:58 As Target's online sales surge, investors pick their favorite e-commerce plays
Casino stocks rally as Macau lifts testing restrictions — Here's what's next
       
RELATED VIDEOS04:23 Casino stocks rally as Macau lifts testing restrictions — Here's what's next03:03 Trading Nation: The Nasdaq slides — Here are the tech names to watch01:16 Market bull Phil Orlando sees herd immunity becoming a reality04:49 Market bull sees more economic relief as the U.S. goes to three Covid-19 vaccines03:25 Trading Nation: A look at Beyond Meat and what's next for the stock05:58 As Target's online sales surge, investors pick their favorite e-commerce plays
Former Las Vegas Sands president on the casino sale and Asia move
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Las Vegas Sands president on the casino sale and Asia moveMike Leven, former Las Vegas Sands president and chief operating officer, joins 'Closing Bell' to discuss the Las Vegas Sands properties as the company focuses on the Asia market.
Aurora Cannabis CEO discusses outlook of cannabis industry
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAurora Cannabis CEO discusses outlook of cannabis industryVirginia is the latest state to approve adult-use marijuana legalization following New Jersey. Aurora Cannabis CEO Miguel Martin says he sees booming opportunity in the cannabis industry as more states legalize the plant. He joins 'Closing Bell' to discuss.
Institutions need to put extra effort into supporting minority employees in 401(k) plans: John Rogers
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInstitutions need to put extra effort into supporting minority employees in 401(k) plans: John RogersJohn Rogers, Ariel Investments co-CEO, chairman and CIO, joins 'Closing Bell' to discuss what's needed to close the racial wealth opportunity gap between white and Black Americans.
Okta says it's buying security rival Auth0 for $6.5 billion, sending stock plunging
       
Okta, whose cloud software allows office workers to access all of their apps through a secure online service, said on Wednesday that it's spending $6.5 billion to acquire rival Auth0. The all-stock deal equals about 21% of Okta's market cap as of Wednesday's close. Okta said it expects the transaction to close by the end of July. With more large businesses counting on cloud-based applications, Okta has seen its revenue surge since its 2017 IPO. Its net loss widened to $75.8 million from $50.4 million a year earlier.
Biden's energy secretary vows to 'leave no worker behind' in the clean energy revolution
       
New York (CNN Business) Fossil fuel workers will not be left behind in the Biden administration's push to embrace clean energy. That's the promise from new Energy Secretary Jennifer Granholm, addressing workers worried their livelihoods will be disrupted. Granholm, the former governor of Michigan , said the Energy Department created a jobs office that will work "hand in glove" with the agency's fossil fuels officials to make sure "we leave no worker behind." Echoing comments made by President Joe Biden, Granholm argued the energy transition will create countless new jobs — and she promised to help fossil fuels workers translate their skills to these new positions. Paris vs. PittsburghThe oil industry and Republicans quickly condemned Biden's decision in January to rescind the permit for the controversial Keystone XL Pipeline.
Business & Financial News, U.S & International Breaking News
       
U.S. economy got off to modest start in 2021, Fed saysThe U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing "robust," but the job market showing only slow improvement, the Federal Reserve reported on Wednesday.
Wall Street drops as high-flying tech stocks retreat
       
Microsoft Corp, Apple Inc and Amazon.com Inc dropped, weighing more than any other stocks on the S&P 500. Most other S&P 500 sectors declined. The Russell 1000 value index, which leans heavily on economy-linked sectors, edged up, while its growth index, comprising large tech companies, lost ground. It was still off last week’s peak of above 1.61% that roiled stock markets as investors bet on rising inflation. Rising interest rates disproportionately hurt high-growth tech companies because investors value them based on earnings expected years into the future, and high interest rates hurt the value of future earnings more than the value of earnings made in the short term.
Identity management firm Okta to buy Auth0 in $6.5 billion deal
       
(Reuters) - Identity management firm Okta Inc said on Wednesday it has agreed to buy identity platform Auth0 in a stock deal valued at about $6.5 billion. Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta Our Standards: The Thomson Reuters Trust Principles.
Mansion Global Daily: U.K. Price Growth Picks Up the Pace, Vancouver Real Estate Notches Strong February, and More
       
England, Northern Ireland to Extend Stamp Duty Holiday Through JuneA tapering of the tax break will follow the three-month extension. Read MoreDESIGNER'S CORNERIlluminating Art: Choosing the Right LightingHow to use projectors, lamps and LEDs to bring an art collection to life. CityAMVancouver Real Estate Market Notched Strong FebruaryThe Greater Vancouver real estate market appears to be pandemic proof—and a seller's paradise. While sales surged over the 10-year average for February, homes listed were down 21% over the same time period. But condos weren't the only triple-digit winner among Magic City luxury properties—sales for single-family Miami luxury ($1 million and up) homes jumped 114.1% year-over-year in January.
‘Go out and buy yourself some gold’ if Warren’s wealth tax passes, says billionaire Leon Cooperman
       
“ ‘If the wealth tax passes, go out and buy yourself some gold because people are going to rush to find ways of hiding their wealth.’ ”They’re at it again. Net worth exceeding $1 billion would see a 3% tax on every dollar above that level. Warren has argued that such a wealth tax, which has proven popular in public opinion polls, would help fund efforts to pay for plans to help the economy recover from the COVID-19 pandemic. The billionaire founder of Cooperman in November 2019 gave a sometimes-tearful interview to CNBC, defending a letter he had sent to Warren criticizing her economic policy proposals. It was later reported that a mug for “Billionaire Tears” had become one of the hottest-selling items on Warren’s presidential campaign website.
10-year Treasury yield tests 1.50% again as bond selloff resumes
       
U.S. Treasury yields shifted higher on Wednesday as the bond-market selloff gained pace, following news reports that European Central Bank policymakers were unwilling to intervene to keep government debt yields from rising. The 10-year Treasury note yield TMUBMUSD10Y, 1.473% rose 5.6 basis points to 1.469%, after rising as high as 1.495%, while the 2-year note rate TMUBMUSD02Y, 0.148% edged 2 basis points higher to 0.141%. The 30-year bond yield TMUBMUSD30Y, 2.268% climbed 3.6 basis points to 2.250%. Nonetheless, the perceived shift in tone from the ECB sent U.S. and European government bond yields higher, after some senior ECB policymakers said they were closely monitoring the path of yields last week. The 10-year German government bond yield TMBMKDE-10Y, -0.285% rose 4.4 basis points to negative 0.297%.
Walmart to make $350 billion investment over the next decade in U.S. manufacturing
       
Walmart Inc. WMT, -1.94% announced a plan on Wednesday to expand its investment in U.S. manufacturing, with a $350 billion commitment over the next 10 years. In a post on Walmart’s blog, John Furner, Walmart U.S. chief executive, traces the program back to 1985 when the “Bring it Home to the USA” initiative was launched. manufacturing really matters. More than 85% of customers have said it’s important for the retailer to stock items made in the U.S., according to data Walmart provided. Walmart stock has slumped 14.2% over the past three months, but has gained 13.4% over the last year.
Resurgence in Treasury yields hammers tech stocks, drives Nasdaq below 13,000 to mark worst 2-day skid in 6 months
       
A report from the Federal Reserve's Beige Book, a survey of business conditions in the central bank's 12 regional districts, also showed only a modest uptick in economic activity to start the year, despite headway on COVID the vaccination front. The Dow Jones Industrial Average DJIA, -0.39% finished down by about 0.4% at 31,270, while the S&P 500 index SPX, -1.31% closed off 1.3% at 3,820. The tech-laden Nasdaq Composite Index, took the brunt of the selling, off 2.7%, at 12,997 to mark the index's worst two-day skid since September, according to Dow Jones Market Data. Meanwhile, the initial public offering of health-care data company Oscar Health Inc. OSCR, -10.77% , finished down nearly 11% in its public debut. And the 10-year Treasury note TMUBMUSD10Y, 1.473% was around 1.47%.
Splunk shares rise 6% on better-than-expected Q4 sales
       
Shares of Splunk Inc. SPLK, -3.96% were initially up 6% in extended trading Wednesday after the software company announced fiscal fourth-quarter results that exceeded estimates. Splunk reported a net loss of $139.5 million, or 86 cents a share, compared with a net loss of $22.7 million, or 15 cents a share, in the year-ago quarter. Revenue declined 6% to $745 million from $791.2 million a year ago. Analysts surveyed by FactSet had expected a loss of $1.07 a share on revenue of $678 million. The broader S&P 500 index SPX, -1.31% has improved 22% in the last year.
Fed’s Harker sees no interest-rate hikes until 2023
       
The U.S. central bank likely won’t raise its policy rate until 2023, said Philadelphia Fed President Patrick Harker on Wednesday. In an interview with Yahoo Finance, Harker was asked about the bond market starting to price in the first Fed rate hike next year. “I can only speak for myself… I’m not looking at a hike anytime in 2022,” Harker said. “I mean we’ve got a long ways to go.”
Snowflake stock drops in after-hours trading as losses, revenue continue to grow
       
Snowflake Inc. wrapped up a monumental year with expanding losses that sent shares lower in after-hours trading Wednesday. Snowflake SNOW, -8.71% reported a fourth-quarter loss of $198.9 million, or 70 cents a share, more than double the loss of $83.3 million in the same quarter a year ago, according to filings with the Securities and Exchange Commission. Revenue also more than doubled, to $190.5 million from $87.7 million a year ago. Analysts on average expected a loss of 43 cents a share on sales of $178.5 million, according to FactSet.
Biden agrees to limit eligibility for $1,400 direct payments
       
TipRanksNIO's (NIO) Q4 earnings were disappointing -- and (most) investors were disappointed. In Q4, NIO reported $1.02 billion in quarterly sales, inching past analysts' predicted $1.01 billion. Operating losses declined by 67%, net losses by 52%, and "adjusted" net losses by 53%. (To watch Lai's track record, click here) Other analysts share a similar opinion when it comes to NIO. (See NIO stock analysis on TipRanks) To find good ideas for EV stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Dow Jones Turns Red As Stock Market Sells Off; Nio Dives On Earnings
       
The Disney Analyst: Jessica Reif Ehrlich maintains a Buy rating on Disney's stock with a $223 price target. Most notably, the vaccine distribution across the U.S. is accelerating while total COVID-19 cases continue to decline. As such, Reif Ehrlich said there is a clear path ahead for Disney to open all of its theme parks and at increased capacity. Meanwhile, Disney is "close to the goal line" in closing a deal to retain Monday Night Football for $2 billion a year. "We reaffirm our view that Disney (DIS) is well-positioned for a reopening in the economy and the company's comments give us increased confidence in our bullish thesis," Reif Ehrlich wrote.
'We can't expect the Fed to save the entire planet': Walser Wealth Management President on U.S. economic recovery
       
Crude stockpiles swelled with refineries still shut.See also: Record U.S. That strength though has paved the way for the alliance to unleash more barrels, with OPEC Secretary-General Mohammad Barkindo saying Tuesday that both the wider economic outlook and oil-market fundamentals continue to improve. The group could return the bulk of the 1.5 million-barrel-a-day hike that’s up for debate.There are two parts to the potential production ramp-up that OPEC+ will discuss. The first is whether the cartel will proceed with a 500,000-barrel-a-day collective increase in April. Crude supplies grew by a record 21.56 million barrels, signaling weak demand from refiners at the time.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Americans lodged record number of financial complaints last year
       
Complaints about financial services companies hit an all-time high last year as Americans wrestled with the economic fallout from the pandemic, according to a new report. That was more than double 136,000 complaints about credit reports in 2019. (Photo: Getty)'Credit report is the key to your financial and your economic future'One reason for the uptick in credit report complaints? “The credit bureaus insisted on a convoluted pandemic-related coding system for banks and other furnishers to follow in the CARES Act of 2020,” he said. “The credit bureaus are the gatekeepers to whether you get a job, or whether you get credit, and how much you pay for that credit,” he said.
More than 200,000 sign up for ACA health plan during extended period
       
AdvertisementOrdinarily, the ACA insurance marketplace is open mainly during an annual enrollment season — a six-week period near the end of the year during the Trump administration. Days after he was sworn into office in January, Biden directed health officials to reopen the federal online insurance marketplace until mid-May. Among other things, the package would increase subsidies — received by nearly 9 in 10 people who have ACA health plans — to help pay monthly insurance premiums. The insurance sold through federal and state ACA marketplaces is intended for Americans who cannot get affordable health benefits through a job. This week, health officials announced they were giving the navigators a relatively small extra amount, $2.3 million, for the rest of the extended sign-up time.
Keith Gill, Mass. investor known as ‘Roaring Kitty,’ testifies before state regulators
       
Keith Gill, the Wilmington man whose big gains on GameStop stock made him a celebrated figure in online investing circles , testified Wednesday before state securities regulators who are examining his social media activities. The office of Secretary of State William Galvin, whose agency includes the securities division, confirmed that Gill had appeared. He told federal lawmakers that he was not involved in a coordinated effort to buy GameStop stock, and that he continued to believe it was a good investment. Gill worked for MassMutual as a director of financial wellness education until late January, when he resigned. That included about $11.9 million in cash, and the remainder in GameStop stock and options to buy more.
AP exclusive: SUV in crash came through hole in border fence in Southern California
       
Elliot SpagatAssociated PressThirteen people killed in one of the deadliest border crashes on record were among 44 people who entered the U.S. through a hole cut into Southern California's border fence with Mexico, the Border Patrol said on Wednesday. The Suburban carried 19 people, and it caught fire after entering the U.S. All escaped the vehicle and were taken into custody by Border Patrol agents. The Border Patrol said its agents were not pursuing the vehicle before the crash. A California Highway Patrol report said the SUV entered an intersection directly in front of the big rig, which hit the left side of the SUV. The speed limit for tractor-trailers on the highway is 55 mph , according to California Highway Patrol Officer Jake Sanchez.
2 children critically injured after being hit by car in Glendale Walmart parking lot
       
Two children have life-threatening injuries after a car hit four people Wednesday morning in the parking lot of a Walmart Supercenter in north Glendale, according to police officials. Glendale police and fire crews arrived at the store near 56th and Northern avenues and found two adults and two children had been hit by a car in the store's parking lot, police spokesperson Detective David Goitia said in an email. Two children, ages 3 and 4, suffered life-threatening, critical injuries. Neither adult suffered life threatening injuries, although a woman was taken to the hospital. Glendale police said the driver remained on scene and was cooperating with officers.
Fort Worth’s Blu Crab Seafood House moves to Colleyville
       
The Blu Crab Seafood House & Bar has moved to Colleyville. “And [the owners] happen to live in the area.”It all made sense for the owners, Tony and Lisa Balmert, to jump ship to Colleyville, Cross said. The new, 250-seat location will feature a “toned down” menu; Fort Worth’s menu spanned seafood boils, po-boys and fried platters. Friday nights will feature live piano music, Cross said. The Blu Crab Seafood House & Bar is located at 4843 Colleyville Blvd.
Allen restaurants, bars had over $1.2M in alcohol sales in January. Here’s where people spent the most
       
Allen restaurants and bars reported more than $1.2 million in alcohol sales in January, despite COVID-19 safety restrictions in place that month, lowering restaurant capacity to 50% and closing all bars through late February. Those restrictions have since been eased after COVID-19 hospitalizations in the 19-county region, including Allen and Collin County, dropped below 15% of the region’s total hospital bed capacity — a threshold set by Gov. Greg Abbott — on Feb. 16, allowing bars to reopen and restaurants to serve at 75% capacity. Abbott announced Tuesday that all businesses across the state can resume operations at 100% occupancy on March 10. Here are the restaurants and bars where Allen diners spent the most on alcohol in January.
Meet the Editorial Board of the USA TODAY NETWORK-Wisconsin
       
The Editorial Board at the Milwaukee Journal Sentinel and USA TODAY NETWORK-Wisconsin is responsible for all editorials that appear in our 11 publications. Email: jsedit@jrn.com (for Milwaukee Journal Sentinel only). Jill WilliamsJill joined the Milwaukee Journal Sentinel staff in 2000 and is now deputy editor for Features and Lifestyle content for the Journal Sentinel and USA TODAY NETWORK-Wisconsin. George StanleyGeorge is editor of the Milwaukee Journal Sentinel and regional editor of the USA TODAY Network-Wisconsin. Before becoming managing editor, George was business editor of the Journal Sentinel and the Milwaukee Sentinel.
Last call at midnight, more diners now allowed inside Denver restaurants with 5-Star certification
       
Starting Wednesday, Denver restaurants that have completed a certification process will be able to serve liquor until midnight and host as many as 175 people indoors. Denver city officials announced Wednesday that they planned to allow certified 5-Star businesses to move into Level Blue. At Level Blue, most businesses remain limited to 50% of capacity, but with a higher customer cap than under Level Yellow. For example, under Level Yellow, a gym with a normal capacity of 200 was limited to 50 people at a time, because of the cap. Businesses that haven’t completed the 5-Star certification process will continue to operate under the stricter Level Yellow caps.
MGM Resorts names ‘Official Guest Disinfectant’ brand
       
After forming agreements with various sports leagues and professional sports teams, MGM Resorts International has a new partner entering the fold: The Clorox Company. The Clorox Company has been dubbed the “Official Guest Disinfectant and Hand Sanitizer Brand of MGM Resorts,” according to a news release. (Clorox Company)After forming agreements with various sports leagues and professional sports teams, MGM Resorts International has a new partner entering the fold: The Clorox Company. The cleaning product manufacturer has been dubbed the “Official Guest Disinfectant and Hand Sanitizer Brand of MGM Resorts,” according to a Tuesday news release. The Oakland, California-based company will be the exclusive provider of disinfectant wipes and hand sanitizer for guest use at more than 20 MGM properties in Las Vegas and across the U.S.
Palm Beach mansion owned by Trump family lands on market for $49M
       
But perhaps the red-hot housing market in Palm Beach was just too tempting for the Trumps to sit on the sidelines. The listing also follows a January report that the bank that financed the brothers’ purchase in 2018 has decided not to do business with the Trump family any longer.
How the tech community can hire more people of color and help erase the digital divide | Opinion
       
To help solve this problem, we need to get more underrepresented communities into careers in computing and engineering, especially data science. More, and different, perspectives can only help lead to better products and services. At the same time, we can truly advance a Black and brown middle class, and create generational wealth, boosting economic growth and providing an entire new set of industries and opportunities across the nation.
Fed survey finds modest gains in the US economy in February
       
The expectation is that the Fed will keep its benchmark short-term rate at a record low of zero to 0.25%. The central bank is also expected to again signal that rates will not rise for the foreseeable future and the current pace of $120 billion per month in bond purchases will also continue.
Closing prices for crude oil, gold and other commodities
       
Closing prices for crude oil, gold and other commoditiesBenchmark U.S. crude oil for April delivery rose $1.53 to $61.28 a barrel Wednesday. Brent crude oil for May delivery rose $1.37 to $64.07 a barrel. Wholesale gasoline for April delivery rose 1 cent to $1.95 a gallon. Gold for April delivery fell $17.80 to $1,715.80 an ounce. Silver for May delivery fell 49 cents to $26.39 an ounce and May copper fell 8 cents to $4.14 a pound.
Word Balloons: Comic retailer conference moves virtual
       
Hundreds of retailers gathered virtually for the 2021 ComicsPRO annual retailer conference. Representatives from the industry’s largest publishers: Marvel, DC, Image, Dark Horse, Scholastic, Boom! Studios and IDW Publishing, were on hand, as was Viz, the largest publisher in the U.S. manga market, translating comics created primarily in Japan. The event, held online Feb. 18-20, is generally the largest gathering of comic shop owners, managers and employees each year. While the physical gathering was suspended due to COVID-19, the virtual event actually drew more attendees than a typical year, ComicsPRO Executive Director Marco Davanzo said.
Study: Employment rose among those in free money experiment
       
The program was the nation's highest-profile experiment in decades of universal basic income, an idea that was revived as a major part of Andrew Yang's 2020 campaign for president. The idea is to bring people out of poverty with a guaranteed monthly income. Supporters say it gives people needed financial security to find good jobs and avoid debt. But critics have argued free money would eliminate the incentive to work, creating a society dependent on the state. Run by a nonprofit founded by former Stockton Mayor Michael Tubbs, the program included people who lived in census tracts at or below the city's median household income of $46,033.
Michaels, DISH Network rise; B&G Foods, Wendy's fall
       
The streaming television service reported a bigger fourth-quarter loss than analysts expected. The discount retailer gave investors a weak profit forecast after reporting disappointing fourth-quarter earnings. NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Wednesday:Ambarella Inc., down 38 cents to $113.33. The video-compression chipmaker gave investors an encouraging sales forecast, but was weighed down by the broader slide in technology stocks. The online data storage provider reported strong fourth-quarter financial results, but slipped along with the broader technology sector.
'Meme stocks' go mainstream: There’s now a fund for that
       
NEW YORK (AP) — Interested in trading some of the stocks that have rocked Wall Street recently fueled by social media buzz? Has the craziness of the comments talking up the so-called meme stocks on Reddit and other sites kept you away? Such stocks have forced Wall Street to pay much more attention to what smaller investors are doing, as they communicate with each on the internet and pitch ideas for stocks to pile into. GameStop, the financially struggling video-game retailer looking to transform its business, is the poster child for the phenomenon. Some were looking to hurt the hedge funds and other professional investors that had bet GameStop's stock would fall.
5 reasons to subscribe to the Pulitzer-prize winning Courier Journal
       
AppsThe Courier Journal offers several apps that can be personalized to your liking. The Courier Journal app allows you to download articles for offline reading, choose your own article display option, and set news alerts. The Courier Journal Print Edition app allows for easy and quick viewing of the e-Edition, the digital replica of the print edition, each day. News alerts for what matters to youThrough the Courier Journal app, you can personalize notifications so you can know the news right when it happens. The e-Edition can be accessed on our website or through the Courier Journal Print Edition app.
People who file tax returns late once set to escape £100 penalty in Budget shake-up
       
People who file their tax returns late on a one-off basis are set to escape the £100 penalty, while repeat offenders will be hit with heavier fines, it was announced on Wednesday. A shake-up of the rules to make them “fairer and more consistent” was unveiled in the Budget. It will distinguish between people who make an occasional slip-up and the small minority who repeatedly miss deadlines to submit their tax returns or pay the tax they owe. The Budget Red Book said: “The new late submission regime will be points-based, and a financial penalty will only be issued when the relevant threshold is reached. The tax penalty reform is forecast to raise £5 million in 2022/23, then £90 million in 2023/24, an £155 million in 2024/25 and 2025/26.
Treasury to pay £1.5 billion less in state pensions after rise in excess deaths from coronavirus
       
A rise in excess pensioner deaths from coronavirus has seen the Treasury pay £1.5 billion less in state pensions. According to the Office for Budget Responsibility (OBR) of the more than 144,000 deaths related to Covid-19 since the start of the pandemic, most have been in people aged over 65, many of whom will have been receiving the state pension. The OBR estimated that will partly cause the Government's pensioner spending to fall by £600 million in 2020/21 and £900 million in 2021/22, relative to its March 2020 forecast. In its Economic and Fiscal Outlook report published alongside the 2021 Budget, it said: "Excess deaths due to the pandemic have also reduced the number of people receiving pensions relative to the assumptions underpinning our March 2020 forecast. “Indeed, with virus-related deaths rising sharply again in recent months, we have revised up the number of excess pensioner-age deaths in 2020-21 from 90,000 in our November forecast to around 100,000 in this one.”
Critics shrug at latest ExxonMobil climate pitch
       
The US oil giant, long criticized by environmentalists for dragging its feet on climate change and renewable energy, emphasized the potential for CCS in reducing emissions. ExxonMobil said it is working towards a long-term transition to low-carbon energy, while continuing to develop oil and gas in the short- and middle-run. But he said, "We must also work to meet the continual demand for energy, which is essential to modern life." ExxonMobil pointed to an International Energy Agency projection that CCS could mitigate up to 15 percent of global emission by 2040. The company is making "incremental progress" on its climate policies, but still falls short of other oil majors.
Rex Murphy: Trudeau's all about 'jobs, jobs, jobs.' But only in Quebec
       
Share this Story: Rex Murphy: Trudeau's all about 'jobs, jobs, jobs.' Try refreshing your browser, or Rex Murphy: Trudeau's all about 'jobs, jobs, jobs.' It’s all about “jobs, jobs, jobs,” remember? When it’s fighting for jobs, jobs, jobs, this government finds no barrier too challenging. Jobs, jobs, jobs.
Traffic stop led to cannabis and cocaine charges against Leamington teens, say OPP
       
Traffic stop led to cannabis and cocaine charges against Leamington teens, say OPPLeamington residents Leah Medcalf and Kenzin Rice, both 18, face charges in relation to cocaine, cannabis, and cannabis derivatives — including edibles in the form of THC-infused Skittles. Article contentA stop sign offence led to the investigation of a vehicle — and subsequent charges against two 18-year-old Leamington residents in relation to cocaine, cannabis, and cannabis derivatives, say OPP. According to Leamington OPP, the cannabis derivatives seized from the vehicle included the concentrated cannabis extract known as “shatter,” and cannabis edibles in the form of THC-infused Skittles candy. Try refreshing your browser, or Traffic stop led to cannabis and cocaine charges against Leamington teens, say OPP Back to videoAlso found in the vehicle were a scale, packaging material, and a quantity of cash. The traffic stop happened on Feb. 2 around 11:50 p.m. OPP said officers on general patrol noticed the vehicle due to a stop sign violation.
Banks Flagged OnlyFans Owner and His Businesses for Potential Money Laundering, Underage Activity
       
For years, Radvinsky has owned the company MFCXY Inc. which operates MyFreeCams, an adult webcam community that netted Radvinsky millions. Before learning that FinCEN had collected numerous Suspicious Activity Reports (SARs) from multiple banks concerned with Radvinsky’s businesses, Forensic News detailed in 2020 testimonies from dozens of content creators for MFCXY and OnlyFans that mirrored some complaints noted by the banks. The review resulted in a SAR that found over $768,000,000 in suspicious transfers made by MFCXY and the 31 other subjects. Payoneer partners with a number of large companies, including Amazon and Airbnb, to facilitate money transfers all over the world. In essence, according to the bank, MFCXY was paying itself via a different bank account for no apparent legitimate business purpose.
Andrew Cuomo and Sandra Lee sell longtime Mount Kisco house before scandal
       
Andrew Cuomo and Sandra Lee unloaded their longtime Mount Kisco, NY, home right before the governor was hit with controversy. The formal living room with an open floor plan that leads to an office. realtor.comPart of the formal living room with floor-to-ceiling windows and doors which open to the patio. Features of the home include a stately living room, a sun-filled family room, an oversized kitchen and three dining areas. realtor.comThe formal dining room.
Opinion | SPACs are a booming business model, but it’s time to let the cat out of the bag
       
Rapidly superseding “traditional” initial public offerings as the funding mechanism for would-be electric vehicle makers and other “unicorn” start-ups, SPACs work like this. Next, they sell shares in that company through an IPO, promising investors to use the proceeds to buy another company, usually within the next two years. ADSo far, sponsors’ upside has far outweighed the downside. Typically, they get 20 percent of the SPAC’s equity in return for an investment equal to 3 or 4 percent of the SPAC’s IPO proceeds. ADThe average net return for SPAC sponsors between Jan. 1, 2019, and Jan. 22, 2021, was an eye-popping 648 percent, according to a study by Michael Cembalest of JP Morgan Asset Management.
Fed's beige book signals economic optimism as COVID-19 vaccine rolls out
       
A Federal Reserve survey of business conditions across the United States has found that economic activity was expanding at a modest pace in February. GET FOX BUSINESS ON THE GO BY CLICKING HEREThe Fed survey released Wednesday shows that the central bank’s business contacts were expressing optimism last month about a stronger rebound as more COVID-19 vaccines are distributed. Reports on consumer spending and auto sales were mixed, while overall manufacturing showed moderate gains despite supply-side constraints, according to the Fed survey. The report, known as the beige book, is based on surveys conducted by the Fed’s 12 regional banks. It will form the basis for discussions when central bank officials meet on March 16-17 to mull their future moves on monetary policy.
Watch Wednesday's full episode of the Halftime Report—March 3, 2021
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Wednesday's full episode of the Halftime Report—March 3, 2021"Fast Money Halftime Report" is on the front lines of CNBC's market coverage. Host CNBC's Scott Wapner and the Street's top investors get to the heart of the action as it's happening and help set the agenda for the rest of the day. Watch today's full episode on CNBC PRO.
Clients already thinking differently about future of work, says ASGN CEO
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailClients already thinking differently about future of work, says ASGN CEOCNBC's Brian Sullivan discusses the future of work and the post-pandemic job market with ASGN CEO Ted Hanson. ASGN is an IT staffing firm.
What the Fed's latest Beige Book means for markets and the economy
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat the Fed's latest Beige Book means for markets and the economyScott Brown, Raymond James chief economist, and John Lynch, Commerica Wealth Management, join 'Power Lunch' to discuss the Fed's latest Beige Book and their economic and market outlook.
We're still a long way from a full recovery, says Raymond James' Scott Brown
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're still a long way from a full recovery, says Raymond James' Scott BrownScott Brown, Raymond James chief economist, and John Lynch, Commerica Wealth Management, join 'Power Lunch' to discuss the Fed's latest Beige Book and their outlook for the economic recovery post-pandemic.
Return to cities will come with vaccines, says NAHB's Robert Dietz
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReturn to cities will come with vaccines, says NAHB's Robert DietzRobert Dietz, National Association of Home Builders, joins 'Power Lunch' to discuss the real estate market and when the market turns from sellers to buyers market.
Snap CEO touts ad platform, predicts rapid growth even without new users or more engagement
       
Snap CEO Evan Spiegel on Wednesday said that the company's previous forecast of multiple years of more than 50% revenue growth is achievable even without any additional user or engagement growth. "The 50% number actually isn't predicated on any further user growth or any engagement growth. Peter Sellis, Snap's senior director of ad products, said last week at the company's annual investor day that Snap was "in a position to drive multiple years of 50% plus revenue growth." The company can increase advertising revenue by growing its average revenue per user. Snap shares were down more than 6% late in the day, amid a broader market sell-off of tech stocks.
Senate Democrats’ plan to curb eligibility for third stimulus check cuts off 12 million adults
       
In the House version of the legislation passed on Saturday, stimulus payments would begin to phase out after those thresholds, stopping completely for individuals making $100,000 or more and couples earning $200,000 or more. But some Senate Democrats have proposed limiting the scope of the third round of stimulus by phasing out payments completely for individuals earning more than $80,000 and couples earning more than $160,000. The new income caps would mean that 11.8 million fewer adults and 4.6 million fewer kids would receive a third stimulus payment, the Institute on Taxation and Economic Policy calculates. Overall, about 280 million Americans would still be eligible for stimulus payments, ITEP calculates. Check out: The best credit cards for building credit of 2021Don't miss: Here's who is likely to get a third stimulus check under the latest relief package
Arizona House passes bill that threatens Apple and Google's app stores
       
The Arizona House of Representatives voted 31-29 on Wednesday to pass a bill that will require app stores to allow app makers to use their own payment processing software, avoiding fees charged by Apple and Google. The vote is a setback for Apple, which opposed it, and a victory for the Coalition for App Fairness, a group representing app makers upset with the app stores, which backed the bill. In 2019, the Supreme Court ruled 5-4 against Apple in a case that opened up the possibility of consumer lawsuits against Apple's app store for allegedly inflating app prices. The scrutiny appears to be having an effect on Apple's App Store policies. Late last year, Apple introduced a new program that reduced its fee from App Store sales from 30% to 15% for companies that make less than $1 million per year on the App Store, addressing some complaints.
How to buy a home with no down payment
       
That insurance reduces the risk for the lender, so they feel more comfortable offering low- or no- down payment loans and lowering credit requirements. You can qualify for an FHA loan with a score of 580 and a down payment of as low as 3.5%. of your down payment, there are limits to how much you can borrow on an FHA loan. Borrowers with an FHA loan and a down payment of less than 10% will pay FHA mortgage insurance throughout the life of the loan. "The advantage of the VA loan is the option to make no down payment," said Nietzel.
Exxon touts growing dividends, cutting spending as climate challenges loom for Big Oil
       
REUTERS/Brendan McDermid/File PhotoInvestor pressure has mounted for Exxon to cut costs, improve financial returns and better prepare for the energy transition to lower-carbon fuels. The company made costly misfires in recent years by overspending on shale and oil sands projects that it later wrote down. But after the pandemic slashed energy demand, Exxon cut spending by nearly a third - reducing the value of its shale gas properties by more than $20 billion. Woods pitched the company’s new Low Carbon Solutions Business, where he sees near-term opportunities in carbon capture and storage and carbon offsets. Exxon plans to spend $3 billion through 2025 on its Low Carbon business, about 3% of its capital spending, up from 1% previously.
Huawei CFO's lawyers say Trump interference should get extradition canceled
       
Huawei Technologies Chief Financial Officer Meng Wanzhou leaves her home to attend a court hearing in Vancouver, British Columbia, Canada March 1, 2021. Trump’s alleged political interference and violation of her legal rights are among the reasons Meng’s lawyers argue that her extradition case should be thrown out. Ten days after Meng’s arrest, then-President Trump said in an interview with Reuters that he would intervene in the case to get a better trade deal with China. He also repeated that China’s arrest of Spavor and Kovrig was not linked to the Meng case. Meng’s case is scheduled to finish hearings in May.
UniCredit to boost board's diversity, technology skills
       
FILE PHOTO: UniCredit bank logo is seen in Siena, Italy June 29, 2017. 2 bank UniCredit plans to appoint more women to its board, including Dame Jayne-Anne Gadhia, the former head of Virgin Money and founder of open banking fintech Snoop. UniCredit on Wednesday approved a slate of nominees for the board’s renewal, saying it wanted to boost diversity and focus on technology and sustainability. New entries also include Allianz director Renate Wagner and Luca Molinari from Abu Dhabi-based private equity firm Mubadala, a UniCredit investor. UniCredit had already picked as its new chairman Pier Carlo Padoan, a former International Monetary Fund executive director.
U.S. private payrolls rise modestly, worker shortages emerging
       
WASHINGTON (Reuters) - U.S. private payrolls increased less than expected in February amid job losses in manufacturing and construction, suggesting the labor market was struggling to regain speed despite the nation’s improving public health picture. The data was published ahead of the government’s closely watched employment report on Friday, and could temper expectations for an acceleration in job growth in February. The ADP’s private payrolls report, however, has a poor track record predicting the private payrolls count in the government’s more comprehensive employment report. Private payrolls rose by 117,000 jobs last month after increasing 195,000 in January, the ADP National Employment Report showed. Though the rate of decline in coronavirus cases has stalled, economists still believe the labor market will accelerate in the spring and through summer.
Fed's Evans says bond yield rise reflects expectations for rebound
       
FILE PHOTO: Chicago Federal Reserve Bank President Charles Evans looks on during the Global Interdependence Center Members Delegation Event in Mexico City, Mexico, February 27, 2020. REUTERS/Edgard Garrido(Reuters) - Chicago Federal Reserve Bank President Charles Evans on Wednesday said he sees the recent rapid rise in bond yields - which some analysts have suggested could raise alarm bells for the U.S. central bank -- as mostly reflecting improvements in the economy. “The outlook is on a positive trajectory and I think the markets are pricing that in,” Evans told reporters on a call following a talk at the CFA Society Chicago, adding that yields are still below the pre-pandemic 1.75%, and are being held down in part by global demand for safe assets.
Kim Ng, Baseball's First Female GM Will Make History
       
She had interviewed for GM positions at least 10 times over the years, only to be passed over for someone else. “It is unbelievable yet totally deserving that Kim has ascended to a position of power, influence and leadership,” King tells TIME. Brian Cashman, as assistant GM with the Yankees, was impressed with her acumen, so when he was elevated to Yankees GM in 1998, he offered Ng the chance to replace him in his previous role. “Because I’ve given this example, and they all nod their heads, like, absolutely.”Ng toiled for three decades before running her own baseball team, despite being an early adopter of baseball analytics. These new tools to evaluate players granted a small army of Ivy League quant types—all men—-access to top GM jobs.
Senate Democrats, White House Agree To Tighter Income Limits For Stimulus Checks
       
Senate Democrats, White House Agree To Tighter Income Limits For Stimulus ChecksEnlarge this image toggle caption Jacquelyn Martin/AP Jacquelyn Martin/APSenate Democrats have reached an agreement with the White House to tighten the limits on who can receive the next round of stimulus checks as part of President Biden's $1.9 trillion COVID-19 relief package, according to several Democratic sources. The cutoffs in the House bill were much higher, with individuals earning up to $100,000 and couples earning up to $200,000 still receiving some benefit. White House press secretary Jen Psaki told reporters at the White House that Biden is pleased with the progress on the bill and has always been aware that there would be suggestions and negotiations while finalizing the bill. Senate Democrats and the White House also agreed to keep a provision that would increase federal unemployment benefits to $400 per week through the end of August. Amendments can pass with a simple majority but that does not mean that all amendments that do pass will be included in the final bill.
Nasdaq Sinks Below 13,000; Dow Jones, Small Caps Outperform; These Coronavirus Stocks Sell Off
       
The Nasdaq briefly undercut 13,000 during afternoon trading in the stock market today as institutional buying and selling pointed to more signs of sector rotation. Moderna undercut its 10-week moving average for the second time in two weeks. The iShares Russell 2000 (IWM) ETF erased losses and is fighting hard to keep the 21-day exponential moving average. Watch to see how the ETF handles a fresh test of technical support at the 50-day moving average. The longtime leader in the medical software industry group fell 7.5% and undercut its long-term 200-day moving average for the first time since March 2020.
Bed Bath & Beyond to launch six private-label brands in the first six months of the fiscal year
       
Bed Bath & Beyond Inc. BBBY, +6.24% said Wednesday that it will launch six private-label brands in the first six months of the home goods retailer's fiscal year. In total, the company plans to launch at least eight private labels for the year. Bed Bath & Beyond is scheduled to report fiscal fourth-quarter earnings on April 14. The company expects private-label sales penetration to grow to 30% in three years from 10% currently, and owned brands would improve gross margins. Bed Bath & Beyond stock was up 4% in Wednesday trading, and has soared 191% over the last year.
Parler files new lawsuit against Amazon, alleging anticompetitive conduct
       
Parler LLC has filed a new lawsuit against Amazon.com Inc. AMZN, -2.71% as the company continues its dispute with the tech giant for ending web-hosting services for the social network. The lawsuit filed Tuesday in Washington state court came as Parler filed a motion to withdraw a case it brought against Amazon in Seattle federal court in January. Parler had until Tuesday to file an amended complaint after a federal judge denied the company’s bid to compel Amazon to resume service.
Oil futures settle higher on talk of a potential rollover of OPEC+ output curbs
       
Oil futures settled higher on Wednesday, buoyed by some speculation that the Organization of the Petroleum Exporting Countries and its allies may decide to extend production curbs at a meeting on Thursday. The group, known as OPEC+, may also move to increase production levels following a recent climb in oil prices back to their highest levels in a year. An OPEC+ committee meeting Wednesday did not offer any recommendations on April output levels, according to S&P Global Platts. Traders also digested data from the Energy Information Administration that showed a whopping 21.6 million barrel weekly rise in U.S. crude supplies, along with hefty declines in gasoline and distillate inventories. April West Texas Intermediate crude CLJ21, +2.58% rose $1.53, or 2.6%, to settle at $61.28 a barrel.
Ralph Lauren launches first subscription rental program, The Lauren Look
       
Ralph Lauren Corp. RL, +1.31% announced the launch of The Lauren Look, the luxury label's first subscription rental program, in North America. "The closet of the future will include a mix of new seasonal fashion, unique customized pieces and wardrobe staples, alongside pre-owned and rented clothing," said Patrice Louvet, chief executive of Ralph Lauren, in a statement. Wells Fargo expects the apparel rental market to grow to $2.08 billion in 2025 from $1.26 billion in 2019. Wells Fargo rates Ralph Lauren shares overweight with a $132 price target. Ralph Lauren stock was up 1.7% in Wednesday trading, and has gained 16.2% over the last year.
American Express, Boeing share gains lead Dow's nearly 100-point jump
       
Shares of American Express and Boeing are seeing positive momentum Wednesday afternoon, propelling the Dow Jones Industrial Average into positive territory. Shares of American Express AXP, +3.05% and Boeing BA, +2.52% are contributing about a quarter of the index's intraday rally, as the Dow DJIA, -0.03% was most recently trading 94 points higher (0.3%). American Express's shares are up $4.66, or 3.3%, while those of Boeing have gained $7.16, or 3.2%, combining for an approximately 78-point bump for the Dow. Other components contributing significantly to the gain include JPMorgan Chase JPM, +2.33% , Chevron CVX, +1.68% , and Travelers TRV, +1.53% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Avis Budget stock rises toward 6-year high after BofA bumps up price target by 40%
       
Shares of Avis Budget Group Inc. CAR, +2.96% hiked 2.5% higher in afternoon trading Wednesday, putting them on track to close at exactly a 6-year high, after BofA Securities analyst Aileen Smith boosted her price target by 40%, saying there's "still good mileage left in this rental." Smith reiterated her buy rating on the rental car company while lifting her price target to $70, which is 15.5% above current levels, from $50. The stock, which headed toward the highest close since March 3, 2015, has run up 58.9% over the past three months, and rocketed 103.3% over the past 12 months. The S&P 500 SPX, -0.97% has advanced 27.8% over the past year.
Three New Electric Cars Join an Accelerating Market
       
As the world pivots to electric cars, new models are coming at an ever-quickening pace, with some companies poised to sell nothing but battery propulsion. The GS-6 offers 80 miles of electric range from its 28-kilowatt-hour battery, and 360 of total range via that range extender. The Volvo C40 Recharge shares quite a lot with the XC40 Recharge, but is restyled and lower. Chevrolet’s approach to its electric cars doesn’t differ dramatically from Volvo’s. Chevrolet clearly wants to own the entry-level electric car market, because the EV’s price is down more than $5,000 from the 2021 model.
Oil futures settle higher on talk of a potential rollover of OPEC+ output curbs
       
Oil futures settled higher on Wednesday, buoyed by some speculation that the Organization of the Petroleum Exporting Countries and its allies may decide to extend production curbs at a meeting on Thursday. The group, known as OPEC+, may also move to increase production levels following a recent climb in oil prices back to their highest levels in a year. An OPEC+ committee meeting Wednesday did not offer any recommendations on April output levels, according to S&P Global Platts. Traders also digested data from the Energy Information Administration that showed a whopping 21.6 million barrel weekly rise in U.S. crude supplies, along with hefty declines in gasoline and distillate inventories. April West Texas Intermediate crude CLJ21, +2.59% rose $1.53, or 2.6%, to settle at $61.28 a barrel.
If market thinks we’re not living up to inflation targets that’s ‘a problem,’ says Fed’s Evans
       
Evans said he wanted investors to know he wouldn’t get nervous about inflation until it moved above 2% annual rate. Is 3% just up to 3% and then it is going is starting to come down, that is not such a problem,” Evans said. The Fed has said it won’t raise rates until the labor market has recovered fully and inflation is close to 2% target. “If they think we’re not going to live up to that and raise rates sooner, that creates a problem,” Evans said. “You never want to lose your credibility that you are going to deliver on your inflation objective,” Evans said.
An Updated Mid-Century House in Los Angeles Hits Market for $16.5 Million
       
A Mid-Century masterwork of architect Charles G. Kanner that has been recently renovated and expanded is coming onto the market for $16.5 million in the prestigious Beverly Hills Post Office neighborhood of Los Angeles, Mansion Global has learned. The original house was designed in 1962 by Kanner, who led more than 130 public and private projects across Los Angeles, including the expansion of the Los Angeles Central Library. The resort feel of this property starts with its modern, gated driveway, which leads into a motor court surrounded by mature specimen trees. The two-story house features a Mondrian-pattern, ivory-toned facade adorned with classic black steel casement windows and walls of quarried sandstone. The primary bedroom suite has double wardrobe dressing rooms, a fireplace, and an outdoor terrace, according to the listing.
England, Northern Ireland to Extend Stamp Duty Holiday Through June
       
The stamp duty holiday on home sales in England and Northern Ireland has been fully extended until the end of June and will taper off by the end September, Chancellor of the Exchequer Rishi Sunak announced on Wednesday in his annual budget. The stamp duty holiday, which began last July, eliminated the tax on the first £500,000 of a home sale, for a maximum savings of £15,000, in a push to stimulate the market and boost sentiment amid the coronavirus pandemic. The measure was exceedingly successful in activating the market, so much so that the industry has struggled to handle the number of deals. “The clock is now effectively ticking for new buyers who haven’t yet started the process of purchasing a home to take advantage of a reduced stamp duty charge,” Mr. Whitten said. Under normal circumstances, any buyer paying more than £125,000 for a property would be liable for stamp duty, with the exception of first-time buyers who would only start paying the tax on homes costing more than £300,000.
Best mortgage lenders for 2021
       
Here, we’ll discuss some top lenders, give pros and cons for each and give you a general survey of current rates. Quicken LoansPros Cons One of the nation’s largest lenders Higher fees than many competitors Online (Rocket Mortgage) and in-person options No home equity loans High marks for customer satisfactionFounded: 1985Loans offered: Fixed, ARM, FHA, Jumbo, Refinancing, VAQuicken Loans is one of the most reputable mortgage lenders in the nation, earning J.D. There are Quicken locations all over the United States, but Quicken also offers a completely online service called Rocket Mortgage. Quicken Loans offers several conventional mortgages, as well as government backed loans. If your credit score is preventing you from taking out a mortgage, there are many ways to improve it.
Avis Budget stock rises toward 6-year high after BofA bumps up price target by 40%
       
Shares of Avis Budget Group Inc. CAR, +2.99% hiked 2.5% higher in afternoon trading Wednesday, putting them on track to close at exactly a 6-year high, after BofA Securities analyst Aileen Smith boosted her price target by 40%, saying there's "still good mileage left in this rental." Smith reiterated her buy rating on the rental car company while lifting her price target to $70, which is 15.5% above current levels, from $50. The stock, which headed toward the highest close since March 3, 2015, has run up 58.9% over the past three months, and rocketed 103.3% over the past 12 months. The S&P 500 SPX, -0.96% has advanced 27.8% over the past year.
KKR-Backed Applovin Files for IPO
       
The $100 million, a placeholder figure, will also likely change as Applovin provides more information. KKR (KKR), which owns 69.3% of total voting power, is also listed as a banker on the deal, according to the prospectus. Adam Forough, Applovin CEO, chairperson and co-founder, holds nearly 24% of total voting power before the IPO. Founded in 2012, Applovin provides software for mobile-game developers to grow their business that is used by 410 million customers daily. In 2018, KKR bought a minority stake in Applovin for $400 million, valuing Applovin at $2 billion at the time.
American Express, Boeing share gains lead Dow's nearly 100-point jump
       
Shares of American Express and Boeing are seeing positive momentum Wednesday afternoon, propelling the Dow Jones Industrial Average into positive territory. Shares of American Express AXP, +3.06% and Boeing BA, +2.53% are contributing about a quarter of the index's intraday rally, as the Dow DJIA, -0.01% was most recently trading 94 points higher (0.3%). American Express's shares are up $4.66, or 3.3%, while those of Boeing have gained $7.16, or 3.2%, combining for an approximately 78-point bump for the Dow. Other components contributing significantly to the gain include JPMorgan Chase JPM, +2.33% , Chevron CVX, +1.68% , and Travelers TRV, +1.53% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Ralph Lauren launches first subscription rental program, The Lauren Look
       
Ralph Lauren Corp. RL, +1.31% announced the launch of The Lauren Look, the luxury label's first subscription rental program, in North America. "The closet of the future will include a mix of new seasonal fashion, unique customized pieces and wardrobe staples, alongside pre-owned and rented clothing," said Patrice Louvet, chief executive of Ralph Lauren, in a statement. Wells Fargo expects the apparel rental market to grow to $2.08 billion in 2025 from $1.26 billion in 2019. Wells Fargo rates Ralph Lauren shares overweight with a $132 price target. Ralph Lauren stock was up 1.7% in Wednesday trading, and has gained 16.2% over the last year.
Here’s the problem the Fed is fueling — and it’s not inflation, strategist says
       
Lending growth from commercial banks is slowing, at a time when the economy is accelerating. The Fed’s holding of Treasury debt to manage yields isn’t inflationary because it requires the central bank to hold commercial bank assets, Blitz says. Commercial banks don’t mind since the Fed pays them interest for what is essentially a riskless transaction. The Fed now holds 16% of commercial bank assets, up from 6% in 2019. “This exercise is a reminder that the Fed cannot forever shield the markets from the cost of financing Treasury debt growing faster than nominal GDP.
Ralph Lauren launches first subscription rental program, The Lauren Look
       
Ralph Lauren Corp. RL, +1.25% announced the launch of The Lauren Look, the luxury label's first subscription rental program, in North America. "The closet of the future will include a mix of new seasonal fashion, unique customized pieces and wardrobe staples, alongside pre-owned and rented clothing," said Patrice Louvet, chief executive of Ralph Lauren, in a statement. Wells Fargo expects the apparel rental market to grow to $2.08 billion in 2025 from $1.26 billion in 2019. Wells Fargo rates Ralph Lauren shares overweight with a $132 price target. Ralph Lauren stock was up 1.7% in Wednesday trading, and has gained 16.2% over the last year.
With J&J's vaccine, the US will have enough coronavirus shots for every adult in May, Biden says. Here's your vaccination timeline.
       
The US could distribute 500 million doses by the end of May — enough to vaccinate all of its adult population. But federal officials have said that just 3 to 4 million doses would be immediately available this week. UPS employees move a shipping container with Pfizer's COVID-19 vaccine inside a sorting facility in Louisville, Kentucky on December 13, 2020. In total, J&J, Moderna, and Pfizer are expected to deliver around 500 million doses by the end of May. People wait in line in a Disneyland parking lot to receive COVID-19 vaccines in Anaheim, California.
Kaepernick-Backed Social Justice SPAC Underwhelms in Debut
       
"We are facing various supply chain challenges, both internal and external," CEO Duane Hughes said on the company's Q4 earnings call Monday. The negligible volume also means Workhorse is paying more for parts and for delivery to the plant. "We have completed the setup of the initial assembly operation and are using roughly 33% of the plant capacity," he said. "We have new hires in place to support the growing volume of daily vehicle production. After a November COVID outbreak that further slowed progress at its plant in Union City, Indiana, Workhorse accelerated installation of production systems following an efficiency assessment by Hitachi.
Sands to Sell Vegas Hotels to Apollo, Vici for $6.25 Billion
       
Seller FinancingUnder the terms of the deal, funds affiliated with Apollo will acquire the operating assets and liabilities of the Las Vegas business for about $2.25 billion, including $1.2 billion in seller financing. The sale of the Vegas properties would mark Sands’ exit, for now, from the U.S. gambling industry. Keeping HeadquartersSands intends to keep its corporate headquarters in Las Vegas. The Adelson family, now led by Sheldon’s widow, Miriam, will also maintain a presence through their ownership of the city’s largest newspaper, the Las Vegas Review-Journal. Goldman Sachs Group Inc. acted as financial adviser to Las Vegas Sands in the latest deal.
Las Vegas Sands shuts door on U.S. gambling hub with $6.25 billion asset sale
       
Vici will purchase the real estate and related assets of the Venetian for about $4 billion in cash.The sale of the Vegas properties would mark Sands’ exit, for now, from the U.S. gambling industry. Sands dropped out of the competition to build a casino in Japan last year due to terms that executives described as unfavorable. Goldstein, its CEO, has been holding talks with potential partners, something that could be more of a focus with the cash proceeds from the sale.Keeping HeadquartersSands intends to keep its corporate headquarters in Las Vegas. The Adelson family, now led by Sheldon’s widow, Miriam, will also maintain a presence through their ownership of the city’s largest newspaper, the Las Vegas Review-Journal. Sands is financing $1.2 billion of Apollo’s purchase price with a six-year note that begins at 1.5% interest and rises to 4.25% after three years, according to people familiar with the terms.Goldman Sachs Group Inc. acted as financial adviser to Las Vegas Sands in the latest deal.
S&P 500 companies with more gender diversity on boards see 15% higher ROE: BofA
       
Using public workforce data and AI-driven datasets from Revelio Labs, the bank’s ESG team found that diversity within S&P 500 companies and on their boards led to better performance. Source: BofA Global ResearchRepresentation on boards matters specifically: The bank’s “ESG team finds that S&P 500 companies with above-median gender diversity on their boards see 15% higher ROE, and for companies with ethnic and racially diversified workforce, this is 8% higher.”Gender diversity also reduces risk of earnings volatility. Source: BofA Global ResearchLess than a dozen companies in the S&P 500 have at least 50% female boards, the report found. In terms of leadership, less than 5% of S&P 500 companies are run by a female CEO or equivalent. Source: BofA Global ResearchAfter Merck CEO Ken Frazier retired this February, only three Black CEOs in Fortune 500 companies remain.
Electric Mustang Mach-E sales accelerated in February as Ford slips 14.1 percent overall
       
The Ford Mustang Mach-E is picking up speed. Sales of the all-electric utility vehicle increased from 238 in January to 3,739 in February as increased supplies started reaching dealers. Tesla does not break out U.S. sales and many automakers now follow a quarterly reporting schedule. FOX NEWS CAR REVIEWS: 2021 MUSTANG MACH-EAccording to Ford, the in-demand Mustang Mach-E has a customer conquest rate of 70 percent and is spending just four days on lots before heading home with one of them. GET FOX BUSINESS ON THE GO BY CLICKING HEREOverall sales for Ford and Lincoln weren't as positive, however, and slid 14.1 percent compared to February 2020.
Rates for student loan refinancing have never been lower
       
Lenders competing through the Credible marketplace offered record low fixed rates to refinance student loans in February 2021, as a decline in rates seen during the pandemic continued. Student loan refinancing rate trendsIf you're curious about what kind of student loan refinance rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. Current student loan refinancing rates by FICO scoreTo provide relief from the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended through at least Sept. 30, 2021. A student loan refinancing calculator can help you estimate how much you might save. How rates for student loan refinancing are determinedThe rates private lenders charge to refinance student loans depend in part on the economy and interest rate environment, but also the loan term, the type of loan (fixed- or variable-rate), the borrower's credit worthiness, and the lender's operating costs and profit margin.
Veritiv Leaps on Fourth-Quarter Earnings Beat, Buyback Plan
       
Veritiv (VRTV) - Get Report was soaring after the business equipment and supplies company reported better-than-expected fourth-quarter results and unveiled a $50 million stock repurchase program. The company also said its board had approved a $50 million stock buyback plan. The buyback replaces a $25 million plan the board approved last March. Veritiv expects full-year 2021 revenue to be relatively flat compare with the prior year. Veritiv expects a broader economic rebound in the second half.
Compared to the Rest of the Market, International Game Tech Looks Pretty Good
       
MRVL, OKTA, SPLK, IGT Stocks quotes in this article: SNOWWe're in the midst of a mini-momentum-meltdown right nowI gotta say that there isn't much that looks good from a technical standpoint on the long side of tradingThere's no shame in not making a buy todayAs I said earlier, I could see another 3% to 4% lower on the Nasdaq without much difficultyAt that point, the momentum names would likely be down ...
Appreciation: How Fred Segal’s retail vision forever changed L.A.
       
That, according to retail developer Rick Caruso, was part of the Fred Segal magic touch. She said the arrival of the Fred Segal center touched off major changes in that neighborhood. Fred Segal at a birthday party and charity event in Malibu in 2009. It was like gold if there was a Fred Segal box. So I hope people feel that kind of joyful excitement when they see the red, white and blue Fred Segal [logo].
Rocket's Been Explosive but Its Chart Reveals the Volatility
       
Rocket Cos. has been explosive over the past few days but volatility is a knife that can cut both ways. Let's look at the chart. Trading RocketDaily chart of Rocket stock. After back-to-back tests of this mark, shares were prepping for a big move. Now well below that mark, let’s see if it closes below it.
General Electric Surges on UBS Share Price Target Boost
       
General Electric (GE) - Get Report was surging Wednesday after a UBS analyst raised his price target for the iconic industrial giant to $15 from $14 on positive signs regarding the company's pension liability. "Our pension model shows that GE Industrial net debt contribution from unfunded pension liabilities should come down by about $3 billion in '21," he said. GE's pension obligations "are clearly an overhang" to its balance sheet, free cash flow and ultimately, sentiment, Mittermaier said. Mittermaier estimated that a complete settlement of the defined pension liability would boost free cash flow by $300 million and add 12 cents to earnings per share in the first year. Earlier this month, GE posted weaker-than-expected fourth-quarter earnings, but forecast solid industrial free cash flow growth for the coming year.
Jim Cramer: When Do We Go Back to Buying the Winners and Stop Buying the Losers?
       
WMT, TGT, HD, LOW, MIK, AMZN, KSS, NKE, FL, BBBY, GME, RCL, NCLH, UAL, ROKU, GE, EMR, ETN, HON, ROK, RTX, NUE, MMM, CVX, PXD, BA Stocks quotes in this article: COSTThey are slaughtering the good ones and embracing the bad onesThat's what's happening and it's crushing people who are used to seeing companies that are doing well have stocks that travel with themNot this timeThe companies that are doing well are simply being left behindIn their places are companies that aren't just doing poorly, they aren't doin...
Fiery sheriff’s pursuit in Fairfax district leaves one dead
       
A driver in a nearby car was killed Tuesday when an L.A. County sheriff’s pursuit ended in a fiery crash near the Original Farmers Market in the Fairfax district. The pursuit began when deputies stopped a silver car for a traffic violation at about 10:30 p.m., according to Deputy Trina Schrader, a department spokeswoman. Firefighters took about five minutes to free the SUV driver, according to Nicholas Prange, a spokesman for the Los Angeles Fire Department. Schrader said the SUV driver was pronounced dead at the scene. AdvertisementThe driver involved in the pursuit was taken into custody and is being treated for injuries at a hospital.
The reason Nevada isn’t receiving more vaccine doses just became clear
       
(Ellen Schmidt/Las Vegas Review-Journal)Experts now say there’s a simple reason why Nevada’s COVID-19 vaccine allotment has seemed low for months. Weekly vaccine allocations are proportional to each state’s estimated adult population recorded in the U.S. Census Bureau’s 2014-18 American Community Survey. The 2015-19 estimates show Nevada with a 1.9 percent larger adult population, one of the biggest increases in the nation. Using the 2014-18 estimates, Nevada’s vaccine allocation rate falls in the middle of the pack among the states. Comparing the two datasets, Nevada’s adult population grew more than double the nationwide average.
Eat. Watch. Do. — Restaurant workers’ detail their COVID-19 struggles, plus the future of food delivery and the return of Ms. Biscuit
       
The restaurant opened in the late 1970s, when Bob and Juanita Johnson quit their jobs in the Chanute Air Force Base mess hall to open their own restaurant in the Woodlawn neighborhood. Eventually, the restaurant moved to a much larger space in Washington Park, but it has been closed for the last two years. Now, its owners are preparing to reopen at last.
Michaels arts and crafts chain going private in $5 billion deal
       
Under the terms of the agreement, approved by Michaels’ board, Apollo will begin a tender offer to buy shares for $22 each in cash. The purchase price represents a 47% premium to the closing stock price on Feb. 26, the last trading day prior to the media speculation about the potential deal.
Pandemic puts 1 in 3 nonprofits in financial jeopardy
       
Californians for the Arts, for example, surveyed arts and culture nonprofits in the state and found that about 64% had shrunk their workforces. They will be navigating a very different financial pathway.”Newman-Scott said BRIC has been helping sustain smaller arts nonprofits and offering artists unrestricted $10,000 grants through its Colene Brown Art Prize. The most vulnerable nonprofits may try to reduce costs this year by narrowing their focus or by furloughing workers. Some may seek a merger or an acquisition to bolster their financial viability, Harold noted, although doing so would still mean that fewer nonprofits would survive. “Since the beginning of this pandemic, 400,000 small businesses have closed — 400,000 — and millions more are hanging by a thread,” Biden said.
States rapidly expanding vaccine access as supplies surge: ‘It’s going to give them some peace of mind’
       
President Joe Biden said Tuesday the U.S. expects to have enough vaccine by the end of May for all adults, two months earlier than anticipated, though it is likely to take longer than that to administer those shots. He also pushed states to get at least one shot into the arms of teachers by the end of March and said the government will provide the doses directly through its pharmacy program.
Vacasa sued over alleged ‘smear campaign’ by rival management company
       
A small rival filed a complaint against Portland vacation rental management giant Vacasa on Wednesday, alleging that Vacasa had embarked on a “smear campaign” in an effort to poach clients. Privately held Vacasa has grown enormously since its founding in 2009, primarily by acquiring small management companies in vacation destination communities and by winning clients away from other businesses. “Our primary objective really is to stop Vacasa from engaging in this untoward business practice,” said Annie Robertson, Meredith’s chief legal officer. “We’re starting to see that with these vacation rental management companies. She said Vacasa and other big players are making the vacation management business more difficult for small companies and more expensive for vacationers.
Group of Connecticut lawmakers tells Gov. Lamont they won’t support online gambling agreement without Mohegan Sun and Foxwoods on board
       
The deal, which Lamont said will bring tens of millions of dollars in revenue to the state, calls for a 20% tax on online gambling offerings, or “iGaming,” and a 13.75% tax rate on sports betting. The Mashantucket Pequot Tribal Nation sought an 18% tax on online gambling, though the Lamont administration climbed down from an original 25% proposal, according to a source close to the negotiations.
Ford sales down 14.1% in February amid pandemic, winter storms and an ongoing chip shortage
       
Ford Motor Co.'s sales were down 14.1% year-over-year in February, an already-slow sales month that likely was dragged down further by winter storms, a major parts shortage and the still-raging pandemic. Ford's sales were down across much of its vehicle lineup, though retail sales helped buoy the overall results. Overall truck sales were down 3.6%, to 88,787, but the segment posted a 10.2% improvement in retail sales. SUV sales of 66,217 were down 10.2%, with retail sales up 0.2%. "The all-new Bronco Sport and Mustang Mach-E worked to deliver our best February retail Ford SUV sales in 20 years.
Lawsuit challenges Detroit recreational marijuana shop licensing rules
       
After two years of debate, the City Council in November unanimously approved the ordinance that gives special preference to residents under a certification the city calls "Detroit Legacy." "The ordinance was crafted to make sure longtime Detroit residents benefit significantly from this new industry and can build generational wealth," Mallett said. "The ordinance states that if any part of the Legacy Detroiter provision is struck down, no recreational marijuana licenses will be issued in Detroit. In January, the city opened a six-week application window reserved for legacy residents seeking to operate recreational marijuana shops. General applicants with existing marijuana licenses will be reviewed starting June 16 and applicants without an existing medical marijuana license will be reviewed starting Aug. 1, the city said.
Alamo Drafthouse Cinemas files for bankruptcy, seeks buyer
       
AUSTIN, Texas (AP) — Alamo Drafthouse Cinemas Holdings, a Texas-based dine-in theater chain, said Wednesday that it has filed for bankruptcy and will enter a restructuring agreement due to financial woes during the pandemic. The company plans to sell most of its assets to affiliates of Altamont Capital and Fortress Investment Group under Chapter 11 bankruptcy, which allows Alamo Drafthouse to continue operating while its managers and advisers work on repaying creditors. “More importantly, it will position Alamo Drafthouse to return to growth and continue executing on its long-term strategic vision." In its bankruptcy petition, Alamo Drafthouse listed assets and liabilities of as much as $500 million each. Court papers show that private equity firm Altamont Capital Management owns 40% of the company.
Kansas lawmakers look to help cities with huge energy costs
       
Fifty-three cities provide natural gas to their residents for heat, and 118 operate their own electric utilities — some of which also use natural gas to generate power. Svaty said within a week, gas prices spiked at as much as 200 times what cities had been paying. She said cities operating their own utilities face “an immediate financial crisis” because Great Depression-era laws aimed at stabilizing their finances greatly limit their ability to borrow money. Without help, she and other supporters said, those cities face imposing huge, short-term increases in customers' bills, when loans would allow them to “smooth out” the extra costs over time. Svaty also said that if cities can't pay their gas bills, they risk being excluded from the market, which would leave some of them unable to supply their residents.
Google ends sale of ads using individual web tracking data
       
LONDON (AP) — Google says it won't develop new ways to follow individual users across the internet after it phases out existing ad-tracking technology from its Chrome browser, a change that could shake up the online advertising industry. Still, there are concerns that it will add to the tech giant’s already dominant power in online advertising. And the change won't affect Google's largest advertising moneymakers: Search and YouTube. “There's a growing idea that if you can’t persuade consumers to part with their data willingly, you probably don’t deserve it," said Brian Wieser, global president of business intelligence at media agency GroupM. Brands (thinking long term) are asking ‘do you really want to irritate consumers with messages that create a perception of privacy being violated in some form?'
Activists sue big French retailer over Amazon forest damage
       
PARIS (AP) — Environmental groups and indigenous activists from the Amazon region filed a lawsuit Wednesday in a French court alleging that France-based supermarket chain Groupe Casino is violating human rights and environment rules by selling beef linked to deforestation and land grabs. Casino, a big retailer in South America, would not immediately comment on the lawsuit. They filed the lawsuit in the French city of Saint-Etienne, where Groupe Casino is based, using a 2017 French law requiring large companies to prevent any serious human rights and environmental violations in their businesses and supply chains. Violators must pay reparations for any damage caused by their inaction. It is now up to the prosecutor’s office to decide whether to take up the case.
Fed survey finds modest gains in the US economy in February
       
WASHINGTON (AP) — A Federal Reserve survey of business conditions across the United States has found that economic activity was expanding at a modest pace in February. The Fed survey released Wednesday shows that the central bank's business contacts were expressing optimism last month about a stronger rebound as more COVID-19 vaccines are distributed. Reports on consumer spending and auto sales were mixed, while overall manufacturing showed moderate gains despite supply-side constraints, according to the Fed survey. It will form the basis for discussions when central bank officials meet on March 16-17 to mull their future moves on monetary policy. The expectation is that the Fed will keep its benchmark short-term rate at a record low of zero to 0.25%.
Governor signs pandemic recovery bill with $600 rebates
       
Michelle Lujan Grisham has signed into law a $200 million relief bill aimed a helping hard-hit New Mexico essential workers and restaurants through the final throes of the COVID-19 pandemic. Both bills signed Wednesday are part of a broad million pandemic recovery package that has passed both the House and Senate by overwhelming vote margins during the ongoing 60-day legislative session. The measures took effect immediately Wednesday upon being signed by Lujan Grisham, who described the state’s pandemic stimulus efforts as among the nation’s most sweeping. “This pandemic has been devastating for everyone, but the pain has been spread unequally,” the Democratic governor said. The bill also authorizes a four-month tax holiday — starting March 1 — for restaurants, breweries, food trucks and other dining establishments.
Smuggler's ordeal ends after a cross-border chase with an underwater vehicle and 185lb of marijuana
       
But he fled a hotel, leaving behind phones, a laptop and a diving suit, and somehow dashed back to Canada. He turned up two weeks later in the overnight darkness of the Detroit River as border agents pursued a suspicious boat. Carefully wrapped packages weighing 265lb (120kg) were tied to Mousseau, including marijuana totaling 185lb. Border agents took a photo of the large marijuana bundles and nicknamed him “Scuba Steve” on social media. One of Mousseau’s Seabobs was found on Zug Island in the Detroit River.
Royal Albert Hall boss fears lack of events insurance as theatre and music venues react to budget
       
The Royal Albert Hall’s chief executive has warned that lack of a Government-backed insurance scheme for events could harm venues, as the UK’s theatre and live performance sector reacted to the budget. West End theatres and the UK’s live music sector, together worth more than £2.4 billion to the economy, have suffered a near-total loss of income and broadly welcomed continued financial support for “vital support mechanisms”. But industry experts have criticised the omission of a Government-backed insurance scheme, which they argue would be needed to make planning shows at risk of cancellation viable while the insurers refused to offer Covid-19 cover. Royal Albert Hall chief executive Craig Hassall said: “Uncertainty remains and the lack of insurance for Covid-related cancellation is a huge concern. The group Freelancers Make Theatre Work has estimated that 65000 people in the sector are excluded from support, and has stated that: “Freelancers are painfully aware that this money is not reaching freelance workers.
Sunak needs to level with us about jobs crisis and QE
       
As the Government has spent heavily on furlough and business support, our locked-down economy has struggled to generate tax. Government debt was always going to balloon – but the extent of the extra borrowing is eye-watering. After the 2008 financial crisis, our national debt ballooned from 35pc of national income to 80pc. Thanks to Covid, that debt burden is now heading above 100pc of GDP – a first in our peacetime history. The national debt is now well over 2 trillion – more than £30,000 for every man, woman and child.
Rishi Sunak freezes tax on alcohol to boost pubs forced to close by Covid
       
Tax on all alcohol will be frozen for only the third time in 20 years as part of an attempt by Rishi Sunak to support pubs, restaurants and clubs forced to shut by Covid restrictions. The Chancellor told MPs: "This is a tough time for hospitality so I can confirm that the planned increases in duties for spirits like scotch whisky, wine cider and beer will all be cancelled." The freeze equates to a saving of 2p on a pint of beer, 1p on cider, 8p on a bottle of wine and 30p on 75cl bottle of Scotch whisky. The Budget did not, however, address demands by the hospitality industry and pubs for changes to alcohol duty to help them compete with cut price offers on alcohol in supermarkets. This had been flagged by Boris Johnson as an issue the Budget might address, but it is now expected to be part of an ongoing consultation on alcohol taxes which is expected to report later in the year.
Stamp duty holiday extension will spark modest rise in house prices
       
An extension to the stamp duty holiday announced in the Budget will spark a modest rise in house prices and stimulate additional transactions, the Treasury’s independent forecaster has said. Rishi Sunak announced on Wednesday that the tax relief would continue for another six months, in a boost to the housing market and a major victory for The Telegraph's Stamp out the Duty campaign. As the Chancellor read out the measure, the Prime Minister, who was sitting beside him, gave a thumbs up signal to The Telegraph’s journalist present in the Press Gallery of the Commons. The Chancellor said the current holiday, which sees the nil-band rate apply up to a threshold of £500,000, would be extended for three months until June 30.
Rishi Sunak announces eight freeport locations with tax breaks for businesses
       
Eight low-tax “freeports” have been announced in a bid to encourage new businesses to set up shop in England. East Midlands Airport, Felixstowe and Harwich, the Humber region, the Liverpool City Region, Plymouth, Solent, Thames and Teesside are all set to benefit from the status, Rishi Sunak announced in Wednesday's Budget. Stephen Barclay, a Treasury minister, has previously said the areas could be fully operational by the end of the year. MPs have been jostling for the areas to be created in their own constituencies since the policy was announced. Mr Sunak also announced more than £1 billion for 45 new so-called bespoke "town deals", which support areas that do not qualify for city deal-style funding.
Greensill flop leaves reputations in tatters
       
Sazka is run by Czech billionaire Karel Komarek, whose work in post-Soviet energy markets has involved doing business with the Kremlin. That’s not to say that a star-studded advisory board means something is always amiss but it risks being counter-productive. And he can always hide in his shepherd’s hut until the Greensill affair blows over. Stamp duty giveaway helps Persimmon sail through pandemicAs corporate pledges go, “build right, first time, every time” seems like a fairly sensible one from housebuilder Persimmon. Still, it is to the credit of chairman Roger Devlin that an air of respectability has been restored.
Amazon to be among winners of UK tax 'super-deduction'
       
Amazon looks set to emerge as a key beneficiary of Britain's new tax "super-deduction" thanks to a major ramping up of its UK warehouse footprint, even as the Government wrangles with how to get Big Tech to pay more tax. Under the planned tax super-deduction, the company would likely be able to reduce its tax bill in Britain when it spends on any new warehouse developments. Dame Margaret Hodge, a Labour MP and tax campaigner, said the way the tax was structured was a "big concern". We need to think about how we can effectively tax businesses that operate online through multiple jurisdictions." In Amazon's latest accounts, filed last September and covering 2019, it revealed it had paid less than £300m in UK tax after logging revenues of almost £14bn.
£407bn Covid bill will cast a shadow over our lives for decades to come
       
There’s an old rule of thumb that economic crises come round every 10 years or so. In today’s hyper-connected world, the really big problems happen everywhere all at once. The coronavirus started spreading around the world before the world had fully recovered from the financial crisis of 2008. And global governments are clearly developing a habit of borrowing and spending ever-bigger to combat these serial economic calamities. At that point, we’re into a situation of almost perpetual crisis management with governments unable to shrink the size of the state even if they wanted to - or could remember how.
Ivanka Trump puts on a sporty show in tennis whites as she leaves her Miami apartment
       
Ivanka Trump is on a serious workout kick - heading out for a session on the tennis courts days after being snapped on a run with her husband Jared Kushner in the scorching Miami heat. The 39-year-old First Daughter was pictured leaving her luxury Miami apartment in bright tennis whites on Wednesday morning, complete with a white baseball cap and sporty sneakers. Her matching tennis set featured subtle light blue detailing on both the top and bottom for a pop of color. Like Ivanka, Jared had on a face mask and a baseball cap, though his was light blue. It's been an active week for Ivanka and Jared, who were spotted running together in the scorching Miami heat on Saturday.
Austrian Ex-Minister Who Danced With Putin Gets Rosneft Nomination
       
Austria's former foreign minister who danced with President Vladimir Putin at her wedding has been nominated for a seat on oil giant Rosneft's board of directors, a government decree said Wednesday. In 2018, Karin Kneissl, then Austria's foreign minister, made headlines when she invited Putin to her wedding and danced with him. Kneissl has been nominated to the Rosneft board as an independent director, said a government decree released on Wednesday. Rosneft, Russia's biggest oil producer, is headed by Igor Sechin, one of Putin's most loyal allies. Watch: Putin danced arm-in-arm with Austrian foreign minister Karin Kneissl at her wedding on Saturday.
Oilsands aren't the weakest link: Lessons we learned during crude's year of near oblivion
       
Share this Story: Oilsands aren't the weakest link: Lessons we learned during crude's year of near oblivionOilsands aren't the weakest link: Lessons we learned during crude's year of near oblivion Peter Tertzakian: Before the pandemic we could only speculate what would happen when people stop using oil — now we know Photo by Getty ImagesArticle content How fast can it go from 60 to 0, and back to 60 again? Try refreshing your browser, or Oilsands aren't the weakest link: Lessons we learned during crude's year of near oblivion Back to video Now we know. Here are nine lessons we have learned about the implications of transforming our energy systems. Our behaviour can change — with tech Being locked down has forced us to accelerate the adoption of lifestyle-altering technologies and activities. Alberta’s oilsands aren’t the most vulnerableThe popular narrative has been that Alberta’s oilsands would be the first to go out of business when oil consumption dropped precipitously.
AMLO insists electricity bill doesn't violate constitution
       
“There is nothing in it that violates constitutional rights, nothing, nothing, nothing,” López Obrador told his morning news conference on Wednesday. Legal experts and trade lawyers have said the bill violates the constitution, the U.S.-Mexico-Canada trade agreement and international trade treaties, and opposition politicians have vowed to pursue legal challenges. The law, passed early on Wednesday, rolls back key parts of an energy reform passed in 2013-2014 that created the country’s electricity market. López Obrador said the issue did not come up at a virtual summit with U.S. President Joe Biden on Monday. The legislation is similar to electricity rules favouring the CFE that were proposed by the energy ministry last year.
15 Mindless Things Americans Do That The Rest Of The World Doesn't
       
Hollywood Records Share on Facebook Share on Facebook Share on Pinterest Share on Pinterest Pinterest PinterestIt led to people sharing small things you wouldn't think of that happen in America but not really anywhere else. Hollywood Records Share on Facebook Share on Facebook Share on Pinterest Share on Pinterest Pinterest PinterestHere's what people said:1. — u/BroadminThomas Barwick / Getty Images Share on Facebook Share on Facebook Share on Pinterest Share on Pinterest Pinterest PinterestAdvertisement4. Advertisement — u/ninjapotatoprdTumsasedgars / Getty Images Share on Facebook Share on Facebook Share on Pinterest Share on Pinterest Pinterest Pinterest8. / Getty Images Share on Facebook Share on Facebook Share on Pinterest Share on Pinterest Pinterest Pinterest12.
Garden Terrace Tenants Are Still Fighting for Repairs and Fair Housing
       
× Expand Photo by Kate Alexandrite Garden Terrace Union members march to the home of the man who manages Garden Terrace for its owner. At Durham’s Garden Terrace Apartments in Lakewood, resident Maryeri Sarmiento is tired of being ignored. “We want to get it fixed; we want to get it right and for everybody to be safe and happy.”The Garden Terrace Tenants UnionThe severe maintenance issues at Garden Terrace have shed light on a broader struggle. Fany Sarmiento, the union’s president and Maryeri’s sister, says that roughly three-fourths of Garden Terrace residents have joined the union. “There is no legal entity called the Garden Terrace Tenants Union,” he says.
The Keystone XL pipeline is officially dead. Here’s what Biden and Trudeau should do next.
       
If Biden and Trudeau are really serious about bilateral collaboration on climate change, the cancellation of the Keystone XL pipeline should be a starting point. The Keystone XL pipeline, briefly explainedThe Keystone XL pipeline became an almost perfect example of the various stakeholders — Native communities, climate activists, scientists, policymakers, farmers, landowners, and everyday citizens — engaging in the broader debate about climate change. Environmental groups took note of Indigenous opposition to the Keystone XL pipeline. “The Keystone XL pipeline was never about any single pipeline. The first step in canceling Keystone XL for good is removing the existing Keystone pipeline infrastructure — which Biden and Trudeau could work together to make happen.
Spotify's Podcast Push May Finally Help It Steer Clear Of Apple
       
Spotify is pushing hard in podcasts, and research firm eMarketer has predicted that this will pay off in 2020 with the company overtaking Apple for US podcast listeners. “This year 28.2 million people will listen to podcasts on Spotify at least monthly, while 28.0 million will listen via Apple Podcasts,” claimed its report. eMarketer thinks the gap will widen after this year too: by 2023 it expects Spotify to have 37.5 million podcast listeners in the US compared to Apple’s 28.8 million. At the end of last year, 25% of Spotify’s monthly active users were listening to podcasts: more than 86 million people. SEE ALSO: Spotify Playlists Are Being Leveraged By Indian Artists To Help Lift Moods During The Pandemic
Biden Needs Unions to Force His Hand
       
Roosevelt also failed to support crucial organizing drives in the steel and textile industries. Out of deference to labor, the next Democratic president, Harry Truman, unsuccessfully vetoed the 1947 Taft-Hartley Act, which allowed states to enact anti-union “right to work” laws. But he was frequently enraged by strikes and union leaders, such as the imperious John L. Lewis of the United Mine Workers of America. Over generations, because of enormous structural economic changes, vehement Republican Party opposition, and labor’s own strategic failures, union membership waned. The modern Democratic Party did not see labor as linked either to its expanding suburban constituency or to the growing Black-freedom movement.
International megatrial of coronavirus treatments is at a standstill
       
International megatrial of coronavirus treatments is at a standstillScience 's COVID-19 reporting is supported by the Heising-Simons Foundation. The only global trial of potential COVID-19 treatments is languishing. “The Solidarity trial is now on pause,” he says. Hundreds of smaller studies of experimental COVID-19 therapies have not included enough patients to convincingly rule in or out any drugs. The Recovery trial also produced important results, including showing in June 2020 that the cheap steroid dexamethasone could cut deaths from COVID-19 by one-third.
Xi Jinping calls US ‘biggest threat’ to China’s security
       
?Communist Party leader Xi Jinping warned that the United States is the “biggest threat” to China’s security ?while touting the country’s economic ?outlook, proclaiming that “the East is rising and the West is declining,” according to a report on Wednesday. “The biggest source of chaos in the present-day world is the United States,” Xi said, ?the New York Times reported. ?“The United States is the biggest threat to our country’s development and security.”?The report cited Xi’s remarks to a county official in northwest China, published on a government website. Xi is expected to present a plan this week for how he will shepherd China’s continued ascent to the National People’s Congress, the Communist Party-backed legislature. The Chinese Communist Party is facing backlash from the Biden administration, which has said it will crack down on Beijing’s human rights abuses.
NY AG settles with New York Sports Club after COVID membership scandal
       
“A public health crisis did not give these gyms license to lift up their finances through unlawful charges,” James said in a prepared statement. NYSC and Lucille Roberts facilities are now being run by a different company, and the new owners are not involved in the case, James’ office said. New York Attorney General Letitia James takes a question at a news conference in New York on Aug. 6, 2020. Kathy Willens/AP,FileStill, the judgment “is not intended to be, and should not be construed as, an admission of liability by TSI,” the court filing reads. TSI lawyer Donald Derrico told The Post, “We do not comment on litigation matters and/or resolutions.”Victims can file complaints to recoup their losses through James’ office.
Why stocks may be able to 'muddle through' rising yields
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy stocks may be able to 'muddle through' rising yieldsCNBC's Brian Sullivan discusses markets and the U.S. economic outlook with Lori Calvasina of RBC Capital Markets and Bob Michele of J.P. Morgan Asset Management.
A bullish call on this space stock
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA bullish call on this space stockCNBC's Rahel Solomon & the "Halftime Report" traders go through the biggest analyst calls of the day
Case for stocks eroded, but not erased by rising yields, says strategist
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCase for stocks eroded, but not erased by rising yields, says strategistCNBC's Brian Sullivan discusses markets and U.S. economic outlook with Lori Calvasina of RBC Capital Markets and Bob Michele of J.P. Morgan Asset Management.
Here's who is getting 'Reddit rich'
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's who is getting 'Reddit rich'CNBC's Robert Frank reports on how the Reddit trade has fueled large wealth gains among already wealthy investors.
Behind Apollo's multibillion-dollar bets on Michaels, Las Vegas Sands
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBehind Apollo's multibillion-dollar bets on Michaels, Las Vegas SandsCNBC's Leslie Picker talks with David Sambur of Apollo Global Management to discuss Apollo's multibillion-dollar bets on Las Vegas Sands and Michaels.
SEC focuses attention on conflicts of interest in financial advice for seniors, retirement savers
       
The financial regulator will prioritize fraud, sales practices and conflicts among financial advisors and brokers, the SEC said in its annual list of examination priorities, which outlined its 2021 oversight agenda for such firms. It will aim to especially guard against conflicts that harm seniors and retirement savers. Regulation Best InterestBrokers have long operated on a different legal playing field from financial advisors. Financial advisors have a fiduciary duty to give advice that's in a customer's best interest, whereas brokers have a less-stringent obligation. The SEC issued a rule — Regulation Best Interest — in 2019 to reduce such conflicts of interest in financial advice.
Mike Santoli’s market notes: Hot stocks under pressure, a possible stealth correction, Oscar Health’s weak debut
       
Traders on the floor of the New York Stock ExchangeThis is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.
CNBC PRO Talks: Top investor John Rogers reveals where he sees buying opportunities right now
       
CNBC PRO subscribers can join Ariel Investments Chairman and Co-CEO John Rogers for a live discussion about how to pick winning stocks to ride the historic economic rebound. CNBC's Scott Wapner will talk to Rogers, who made bets on a handful of stocks during the pandemic market rout that paid off in a big way. The duo will talk about how to navigate the markets amid heightened volatility and where he sees opportunities right now. The Ariel Fund Investor Fund ARGFX, which Rogers has managed since 1986, is up more than 18% this year so far. The fund has consistently beaten its benchmark over the past three-year, five-year and 10-year periods, according to Morningstar.
Federal Reserve: Economic activity expanded modestly
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFederal Reserve: Economic activity expanded modestlyCNBC's Steve Liesman reports the Fed's latest Beige Book report, a collection of anecdotes across the Fed's 12 districts, as the coronavirus pandemic continues to impact the U.S. economy.
New fund tracks 'meme stocks' after GameStop saga caught Wall Street off guard
       
Barring a major collapse this month, GameStop will be eligible to be added to the fund — provided there continues to be enough bullish chatter about it on social media to make it BUZZ-worthy. After Buzz Indexes invested in Penn, Bartstool founder Dave Portnoy, one of the more active traders on social media, decided to take a stake in the index. The Buzz index is up nearly 80% in the past 12 months and has outperformed the S&P 500 over the past three and five years. And this isn't the first time Buzz Indexes has launched a social media-based stock fund. It is possible though that the initial BUZZ ETF was ahead of its time.
Asian-owned small businesses saw an outsized pandemic impact last year
       
A small business owner in Chinatown, San Francisco Source: CNBCThe neighborhood has seen a downturn due to a lack of tourism not only in Chinatown, but the Bay Area at large. The San Francisco Chamber of Commerce says the ZIP code that houses most of Chinatown saw 75% of its storefronts become nonoperational at some point last year. "Covid-19 had a huge impact on tourism, which represents a major portion of San Francisco's income — 25.8 million visitors come to San Francisco [annually]," said Rodney Fong, president and CEO of the San Francisco Chamber of Commerce. More than 70,000 loans were made to Asian-owned businesses for a total of $3.9 billion in 2021. Chinatown, San Francisco Source: CNBCMinority-owned businesses are more likely to be non-employer firms and advocates say lenders may have been less incentivized to make smaller loans to these smaller businesses under the PPP as written last year.
Leadership coach: Managers aren't doing enough to support anxious employees—here's how to start
       
A year ago, she got requests to discuss mental health in the workplace just once or twice per year. "What is surprising is that many employees feel like they should be 'over it' already, and many leaders think that checking in on their employees' mental health and emotional wellbeing is overstepping, overrated or no longer relevant." Depersonalize the feelingRiegel likes to have clients express how they're feeling using different scales and analogies for reference. Every day we're chipping away at the stigma of discussing mental health and wellness at work. Deborah Grayson Riegel Author, speaker, instructorDiscussing how you're feeling in these terms can depersonalize it and make it easier to talk about.
Oil gains as U.S. fuel stocks drop, OPEC+ considers deal rollover
       
NEW YORK (Reuters) - Oil prices rose more than 3% on Wednesday, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week. Gasoline inventories fell to 243.5 million barrels, the U.S. Energy Information Administration said, while distillate stockpiles fell by the most since 2003 to 143 million barrels. “This drop is 100% based upon the storm in Texas,” said John Kilduff, partner at Again Capital Markets in New York. Refining capacity use fell to just 56% of overall capacity, the lowest on record, as the U.S. Gulf Coast’s refining capacity use plunged to 40.9%, the lowest ever. Earlier, oil prices jumped after Reuters, citing three sources, reported that the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies including Russia is considering rolling over production cuts from March into April rather than raising output.
Factbox: Mortgage dealers hop on Reddit-fueled short squeeze bandwagon
       
NEW YORK (Reuters) - Mortgage dealers UWM Holdings Corp and Rocket Companies are the latest stocks to be targeted in a short squeeze trading storm. ** Pharmaceutical firm CEL-SCI Corp shares hit a zenith of $40.77, a 247% advance on the year, a gain that has since shrunk to 59%. ** Finland-based Nokia joined the short squeeze stampede, at one point touching a 150% year-to-date gain at $9.79 per share. ** Consumer electronics company Koss Corp was also caught in the mania, soaring by 3,605% at one point. So far today, UWM Holdings is up 8.5%, while Rocket Companies is down 27.9%
Coronavirus frees UK’s Rishi Sunak from a Brexit budget
       
Put simply, COVID-19 is a big enough economic hole to hide Brexit in, according to economists. At least for now, the impact of Brexit appears to be a series of smaller cuts, compared to the pandemic’s swift and sudden blow. How much of that disruption to trade was COVID, what was Brexit, and how much is short-term or temporary?” said Julian Jessop, an independent economist. Realistically, data can’t offer a guide to how Brexit has impacted trade until the end of the year, he said. Brexit uncertainty is over and “we seem to be doing some things pretty well.”Want more analysis from POLITICO?
Fed's Evans, 'optimistic' on recovery, sees no need to adjust QE
       
FILE PHOTO: Chicago Federal Reserve Bank President Charles Evans looks on during the Global Interdependence Center Members Delegation Event in Mexico City, Mexico, February 27, 2020. REUTERS/Edgard Garrido(Reuters) - Chicago Federal Reserve Bank President Charles Evans on Wednesday said he is “optimistic” about the economic outlook and does not expect to need to further ease Fed policy as long as Congress passes further fiscal relief. “At the moment I think the rebound that we’re expecting is really quite a strong one,” Evans told the CFA Society Chicago. If the economy were to need more of a boost, the Fed -- which is now buying $120 billion in bonds monthly -- could shift to buying longer-duration bonds, he said. The Fed has the tools to deal with too-high inflation as well as too-low inflation, he said, though fighting weak inflation is more difficult.
UK’s Rishi Sunak avoids climate pain and hard choices
       
Those looking for Rishi Sunak to take on the hard work of decarbonizing the economy were disappointed | Justin Tallis/AFP via Getty ImagesIf he talks about climate change at all, Rishi Sunak isn’t ready to talk about the pain. Net zero means doing all of it, everywhere. The government’s net zero review, expected in the summer, may provide more answers for sectors like building and transport, which were ignored in this budget. There were also examples of the type of structural elements seen as required for a full-economy shift to net zero. Chris Stark, who leads the CCC advisory body, is rarely short of a word on the government’s climate policy.
House Energy and Commerce leaders unveil sweeping climate change legislation
       
“The votes are just not there for a price on carbon.”Clean energy standard: Arguably the most consequential title is a clean energy standard, which would create a credit trading system for utilities to meet clean energy goals. It includes a host of new provisions in areas like environmental justice, energy transition, waste reduction and transportation. The legislation also includes a requirement that 40 percent of funds go toward environmental justice communities that have suffered persistent pollution — a priority for the Biden administration. Environmental justice focus: The new environmental justice provisions would notably establish a grant program to finance lead drinking water service line replacements. It would also require environmental justice training for federal employees at agencies and set up an environmental justice clearinghouse at EPA.
As COVID-19 Spread, The Trump Administration Was Cutting Back On Workplace Inspections
       
New data from the Occupational Safety and Health Administration shows a historic drop in inspections performed by the agency while the coronavirus spread. OSHA conducted 21,674 inspections between October 2019 and September 2020, down from 33,393 the previous fiscal year. Debbie Berkowitz, a workplace safety expert at the National Employment Law Project, said in an email that the number of inspections carried out in fiscal year 2020 was the lowest on record going back at least two decades. They should have done at least 12,000 more inspections.” The Trump administration took withering criticism for its ?abysmal response to the workplace hazards posed by the virus. Employers tend to fix hazards more quickly when OSHA performs inspections onsite.
Alamo Drafthouse Cinemas files for bankruptcy, seeks buyer
       
AUSTIN, Texas (AP) — Alamo Drafthouse Cinemas Holdings, a Texas-based dine-in theater chain, said Wednesday that it has filed for bankruptcy due to financial woes during the pandemic. The company plans to find a buyer during its Chapter 11 bankruptcy, which allows it to continue operating while its managers and advisers work on repaying creditors. “More importantly, it will position Alamo Drafthouse to return to growth and continue executing on its long-term strategic vision.”ADVERTISEMENTIn its bankruptcy petition, Alamo Drafthouse listed assets and liabilities of as much as $500 million each. Alamo Drafthouse, like many others in the entertainment industry, has been facing a rough year since the pandemic began forcing many businesses to temporarily close. The Austin-based company has more than 40 theaters nationwide, including some in the Dallas-Fort Worth area and Kansas City, Missouri.
Boy Scouts submit reorganization plan to bankruptcy court
       
Paul Mones, an attorney representing hundreds of former Scouts, called the plan “woefully and tragically inadequate.”“The problem is that the Boy Scouts are not willing to dig deep enough for the deep pain they caused,” he said. “I think the Boy Scouts have a responsibility here to make sure those men are taken care of,” Mones said. Some 600 of the lawsuits were filed after the Boy Scouts asked the bankruptcy judge for a preliminary injunction halting lawsuits against local councils and sponsoring organizations. The committee has complained about a lack cooperation by local councils in response to its requests for information about their financial assets. Meanwhile, a court-appointed panel of mediators submitted a court filing Monday night indicating that the Boy Scouts have reached settlements with the official committee of unsecured creditors and with JPMorgan Chase, the organization’s senior secured lender.
Oil Prices Rise Ahead Of OPEC+ Meeting As Current Cuts Could Be Extended
       
Oil prices climbed Wednesday on a report that OPEC+ could vote to continue its current output cuts for another month when it meets virtually Thursday. Drama Amid Oil Prices TalksWhile conformity is expected, OPEC+ meetings typically have a little drama and intrigue before a consensus is reached. OPEC+ Meeting & Covid-19But like many OPEC+ decisions, it might not be that clear cut. Both countries need sufficient oil prices to balance their budgets and help fund social obligations. OPEC+ has a delicate balancing act of supporting oil prices enough to fund government initiatives while not seeing oil prices rise enough to set off a big increase in U.S. shale production.
Wall Street’s 20 favorite infrastructure stocks are expected to climb as much as 34% over the next year
       
The American Society of Civil Engineers assigned U.S. an infrastructure grade of C-minus in its latest quadrennial report, a slight improvement from the previous D-plus rating. Read: The U.S. needs to fill a hole this big, engineers sayPresident Joe Biden has made it clear that once Congress passes another round of pandemic aid, he wants to move to a large infrastructure spending bill. Half of the 100 stocks held by the iShares U.S. Infrastructure ETF IFRA, +0.62% , for example, are infrastructure asset owners and operators, including 20 electric utilities and four water utilities. Then again, you might also be interested in the individual stocks held by the ETF. Among the stocks held by PAVE, 73 are covered by at least five analysts polled by FactSet.
Option Trade For Ford Stock With An Unlimited Potential Upside Gain
       
Featured VideosOption Trade For Ford Stock With An Unlimited Potential Upside GainFor this option trade, we're going to take a look at a long call in Ford stock. The stock was among a handful of names trading with unusual option volume yesterday, alongside Gamestop, Palantir and AMC.
Dow Jones Rallies Despite Jobs Data As Boeing Soars; Bears Swipe Growth Stocks
       
XThe Dow Jones industrials rose 0.4%, while the S&P 500 fell 0.4% and the Nasdaq tumbled 1.6% in the stock market today. Stocks fell early, as a disappointing jobs report weighed. The stock is building the right side of a cup base with a 244.18 buy point, according to MarketSmith chart analysis. All three stocks are trading at all-time highs and are extended from their most recent buy points. Shares recently triggered the 7%-8% loss-cutting sell signal from a 314.09 buy point in a cup base.
Opinion: This powerful stock market pattern is one you’ve never heard of: The ‘Steamroller’
       
After studying the stock market for many years, I have identified 14 unique stock market behavior patterns. The name of this pattern is the “Steamroller.” To be more specific, it is the Bullish Steamroller (another behavior pattern is the Bearish Steamroller, but that will be saved for another day). If you are a short seller, it would be wise to not fight a Steamroller pattern as it is easy to get mowed down. Each of these enjoyed a Bullish Steamroller behavior pattern that day. Patient traders wait for bullish market conditions before trading the Bullish Steamroller pattern.
Boeing, American Express share gains lead the way, but Dow flat
       
Buoyed by positive gains for shares of Boeing and American Express, the Dow Jones Industrial Average is up Wednesday afternoon. The Dow DJIA, +0.09% is trading 7 points (0.0%) higher, as shares of Boeing BA, +3.01% and American Express AXP, +2.85% have contributed to the blue-chip gauge's intraday rally. Boeing's shares have climbed $5.94 (2.7%) while those of American Express are up $3.30 (2.4%), combining for an approximately 61-point bump for the Dow. Also contributing significantly to the gain are JPMorgan Chase JPM, +2.39% , Chevron CVX, +2.37% , and Travelers TRV, +1.62% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Wall Street’s 20 favorite infrastructure stocks are expected to climb as much as 34% over the next year
       
The American Society of Civil Engineers assigned U.S. an infrastructure grade of C-minus in its latest quadrennial report, a slight improvement from the previous D-plus rating. Read: The U.S. needs to fill a hole this big, engineers sayPresident Joe Biden has made it clear that once Congress passes another round of pandemic aid, he wants to move to a large infrastructure spending bill. Half of the 100 stocks held by the iShares U.S. Infrastructure ETF IFRA, +0.62% , for example, are infrastructure asset owners and operators, including 20 electric utilities and four water utilities. Then again, you might also be interested in the individual stocks held by the ETF. Among the stocks held by PAVE, 73 are covered by at least five analysts polled by FactSet.
GE stock jumps toward 3-year high after UBS analyst gets a little more bullish
       
Mittermaier raised his price target to $15 from $14, while reiterating the buy rating he’s had on the stock since December 2019. The new target would make Mittermaier the second-most bullish on GE of the 21 analysts surveyed by FactSet, behind just Global Equities Research’s $21 target. GE’s stock GE, +3.85% rose 4.1% in afternoon trading, putting them on track to close at the highest level since July 2018. His analysis shows that net-debt contribution from unfunded pension liabilities should come down by about $3 billion this year. “We believe de-risking of pension liabilities will reduce volatility, improve the overall sentiments, along with removing cash and earnings drag, which can provide further upside to the stock,” Mittermaier wrote.
Wall Street’s 20 favorite infrastructure stocks are expected to climb as much as 34% over the next year
       
The American Society of Civil Engineers assigned U.S. an infrastructure grade of C-minus in its latest quadrennial report, a slight improvement from the previous D-plus rating. Read: The U.S. needs to fill a hole this big, engineers sayPresident Joe Biden has made it clear that once Congress passes another round of pandemic aid, he wants to move to a large infrastructure spending bill. Half of the 100 stocks held by the iShares U.S. Infrastructure ETF IFRA, for example, are infrastructure asset owners and operators, including 20 electric utilities and four water utilities. Then again, you might also be interested in the individual stocks held by the ETF. Among the stocks held by PAVE, 73 are covered by at least five analysts polled by FactSet.
Boeing, American Express share gains lead the way, but Dow flat
       
Buoyed by positive gains for shares of Boeing and American Express, the Dow Jones Industrial Average is up Wednesday afternoon. The Dow DJIA, +0.09% is trading 7 points (0.0%) higher, as shares of Boeing BA, +2.96% and American Express AXP, +2.81% have contributed to the blue-chip gauge's intraday rally. Boeing's shares have climbed $5.94 (2.7%) while those of American Express are up $3.30 (2.4%), combining for an approximately 61-point bump for the Dow. Also contributing significantly to the gain are JPMorgan Chase JPM, +2.33% , Chevron CVX, +2.38% , and Travelers TRV, +1.58% . Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Covid-19 Donations Reached at Least $20.2 Billion in 2020
       
The total recorded donations likely will go higher as Candid and CDP continue to gather data, including information available through 2020 tax filings, which the organizations will report on in late 2022. “This is a whole different scale.”Despite the outpouring of gifts, nonprofits are struggling. Because Candid tracks individual donations above US$50,000 that have been announced publicly, the total amount of donations by wealthy individuals may be undercounted. Most of the new, unrestricted gifts Candid tracked in the second half of last year were due to Scott’s contributions. Donations to Covid response from the top independent foundations doubled from US$1.7 billion in the first half of the year to US$4.7 billion, 22% of the total, led by the Bill & Melinda Gates Foundation with US$1.3 billion in grants, and the Rockefeller Foundation, with US$1.1 billion in grants
Alexandria Ocasio-Cortez points out that McDonald’s workers in Denmark make $22 an hour
       
AOC’s claims about McDonald’s workers’ wages were slightly off as McDonald’s workers in Denmark make $21.13 an hour, according to the company’s annual report. The wage differences in McDonald’s workers in the U.S. and Denmark may not have much to do with minimum wage, however. McDonald’s workers in the U.S. do not have a labor union. Ocasio-Cortez has publicly proclaimed that she is in favor of a $15 an hour minimum wage. According to a Pew Research poll, 67% of Americans are in favor of raising the federal minimum wage to $15 an hour.
General Dynamics raises dividend by 8.2%, to push the yield even further above its peer group
       
Shares of General Dynamics Corp. GD, +1.01% rose 0.9% in afternoon trading Wednesday, after the aerospace and defense company raised its dividend by 8.2%, to push the yield even further above its industrial peer group. The new quarterly dividend, which was raised to $1.19 a share from $1.10, will be payable May 7 to shareholders of record on April 9. Based on current stock prices, the new annual dividend rate implies a dividend yield of $2.81%, compared with the yield for the SPDR Industrial Select Sector ETF XLI, +0.78% of 1.46% and the implied yield for the S&P 500 SPX, -0.88% of 1.50%, according to FactSet. General Dynamics said it has now raised its annual dividend for 24 straight years. The stock has edged up 5.1% over the past 12 months, while the industrial ETF has rallied 27.1% and the S&P 500 has climbed 28.4%.
Did you refinance your mortgage last year? Here’s how it could affect your taxes
       
As a result, only “a really small subset of homeowners” need to worry about how the mortgage interest deduction was changed,” Lewis said. How the mortgage interest deduction changedThe Tax Cuts and Jobs Act narrowed the amount of mortgage debt on which the interest is deductible. (For loans on homes purchased before 1987, mortgage interest on the total loan amount may be deductible, depending on eligibility.) After the tax-reform package became law, the mortgage interest deduction limit was lowered. From 2017 onward, homeowners could only deduct interest on up to $750,000 in mortgage debt used to buy, build or improve a home.
Opinion: This powerful stock market pattern is one you’ve never heard of: The ‘Steamroller’
       
After studying the stock market for many years, I have identified 14 unique stock market behavior patterns. The name of this pattern is the “Steamroller.” To be more specific, it is the Bullish Steamroller (another behavior pattern is the Bearish Steamroller, but that will be saved for another day). If you are a short seller, it would be wise to not fight a Steamroller pattern as it is easy to get mowed down. Each of these enjoyed a Bullish Steamroller behavior pattern that day. Patient traders wait for bullish market conditions before trading the Bullish Steamroller pattern.
GE stock jumps toward 3-year high after UBS analyst gets a little more bullish
       
Mittermaier raised his price target to $15 from $14, while reiterating the buy rating he’s had on the stock since December 2019. The new target would make Mittermaier the second-most bullish on GE of the 21 analysts surveyed by FactSet, behind just Global Equities Research’s $21 target. GE’s stock GE rose 4.1% in afternoon trading, putting them on track to close at the highest level since July 2018. His analysis shows that net-debt contribution from unfunded pension liabilities should come down by about $3 billion this year. “We believe de-risking of pension liabilities will reduce volatility, improve the overall sentiments, along with removing cash and earnings drag, which can provide further upside to the stock,” Mittermaier wrote.
These are the people who benefit most from required minimum distributions
       
Those who wish to leave an inheritance benefit the most from delaying required minimum distributions, according to a paper recently distributed by the National Bureau of Economic Research. Required minimum distributions are mandatory for qualified employer-sponsored accounts, such as 401(k) plans, and traditional individual retirement accounts (IRAs) beginning at 72 years old. With required minimum distributions, investors are forced to take a portion of their accounts out of a tax-advantaged plan, which means they lose out on potential future gains. (By comparison, Roth IRAs do not have a required minimum distribution because the money in those accounts was taxed before it was contributed.) For example, if a person’s required minimum distribution was $2,000 in one year, they would pay an additional penalty fee of $1,000.
Alexandria Ocasio-Cortez points out that McDonald’s workers in Denmark make $22 an hour
       
AOC’s claims about McDonald’s workers’ wages were slightly off as McDonald’s workers in Denmark make $21.13 an hour, according to the company’s annual report. The wage differences in McDonald’s workers in the U.S. and Denmark may not have much to do with minimum wage, however. McDonald’s workers in the U.S. do not have a labor union. Ocasio-Cortez has publicly proclaimed that she is in favor of a $15 an hour minimum wage. According to a Pew Research poll, 67% of Americans are in favor of raising the federal minimum wage to $15 an hour.
Wall Street’s 20 favorite infrastructure stocks are expected to climb as much as 34% over the next year
       
The American Society of Civil Engineers assigned U.S. an infrastructure grade of C-minus in its latest quadrennial report, a slight improvement from the previous D-plus rating. Read: The U.S. needs to fill a hole this big, engineers sayPresident Joe Biden has made it clear that once Congress passes another round of pandemic aid, he wants to move to a large infrastructure spending bill. Half of the 100 stocks held by the iShares U.S. Infrastructure ETF IFRA, +0.62% , for example, are infrastructure asset owners and operators, including 20 electric utilities and four water utilities. Then again, you might also be interested in the individual stocks held by the ETF. Among the stocks held by PAVE, 73 are covered by at least five analysts polled by FactSet.
Boeing, American Express share gains lead the way, but Dow flat
       
Buoyed by positive gains for shares of Boeing and American Express, the Dow Jones Industrial Average is up Wednesday afternoon. The Dow DJIA is trading 7 points (0.0%) higher, as shares of Boeing BA and American Express AXP have contributed to the blue-chip gauge's intraday rally. Boeing's shares have climbed $5.94 (2.7%) while those of American Express are up $3.30 (2.4%), combining for an approximately 61-point bump for the Dow. Also contributing significantly to the gain are JPMorgan Chase JPM, Chevron CVX, and Travelers TRV. Editor's Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet.
Wall Street’s 20 favorite infrastructure stocks are expected to climb as much as 34% over the next year
       
The American Society of Civil Engineers assigned U.S. an infrastructure grade of C-minus in its latest quadrennial report, a slight improvement from the previous D-plus rating. Read: The U.S. needs to fill a hole this big, engineers sayPresident Joe Biden has made it clear that once Congress passes another round of pandemic aid, he wants to move to a large infrastructure spending bill. Half of the 100 stocks held by the iShares U.S. Infrastructure ETF IFRA, +0.62% , for example, are infrastructure asset owners and operators, including 20 electric utilities and four water utilities. Then again, you might also be interested in the individual stocks held by the ETF. Among the stocks held by PAVE, 73 are covered by at least five analysts polled by FactSet.
Bojangles heads north to debut its iconic Southern biscuits and chicken in a new state
       
Bojangles is taking its Southern fried chicken and scratch-made biscuits north to the Buckeye State. Those stores will open by the end of the year and early next year, according to Bojangles. Bojangles, based in Charlotte, plans to open 15 stores in Ohio. The iconic Southern chain was founded in 1977 in Charlotte. Bojangles plans to hire more than 30,000 people over the next year, the Observer previously reported.
Gal Gadot Is Pregnant! Actress and Husband Jaron Varsano Expecting Their Third Child
       
ReutersThe United States is focused on "future conduct" of Saudi Arabia and will expect Riyadh to improve its human rights record, a U.S. spokesman said on Monday, after Washington imposed sanctions on some Saudis for the killing of journalist Jamal Khashoggi but fell short of sanctions against Saudi Crown Prince Mohammed bin Salman. The United States on Friday declassified a report that said the crown prince approved an operation in 2018 to capture or kill Khashoggi and issued some sanctions against Saudi nationals and entities. Prince Mohammed, the 35-year old de facto ruler, has denied any involvement in Khashoggi’s killing, for which eight people were jailed in Saudi Arabia last year, but has said he bears ultimate responsibility because it happened on his watch.
How opening a high-yield savings account can help you prepare for big financial surprises in 2021
       
If you have room in your budget to save, a high-yield savings account can offer a convenient place to keep your money. A high-yield savings account can come in handy for covering a number of expenses, both anticipated and unexpected. Here are three financial surprises that a high-yield savings account could help you prepare for in 2021. HOW TO CHOOSE A HIGH-YIELD SAVINGS ACCOUNTCompare high-yield savings accounts onlineOpening a high-yield savings account is relatively easy to do. First, consider whether it makes more sense to open an online savings account or a high-yield account at a brick-and-mortar bank.
Parler sues Amazon again, alleging breach of contract, defamation; drops first antitrust suit
       
Social media company Parler dropped its antitrust lawsuit and filed a separate suit against Amazon and Amazon Web Services this week, alleging breach of contract and defamation. Parler moved to voluntarily dismiss that suit, according to a filing reported by The Verge. In late January, a judge ruled against Parler’s request to force Amazon to restore the company to its web hosting services. Parler's suit alleged Amazon said Parler was “okay” regarding any “problematic” content on its site just two days before Amazon announced the company’s removal. Amazon Web Services had known Parler used a “reactive system to deal with problematic content – and not once had AWS said that such a system was insufficient or in violation of the parties’ contract," it said.
Why Jim Cramer Still Won't Eat Inside a Restaurant
       
Jim Cramer has some thoughts on the reopening of Mississippi and Texas. That gentle admonition from my doctor, who has been on the front lines of fighting COVID-19 for more than a year, is something that I wish more would heed," wrote Cramer in his Real Money column. So what, Governor Greg Abbott, the state's dropping all of those silly mandates because it is time to roll up your sleeves and go back to work," Cramer said. In the video above, Cramer breaks down how he's approaching the reopening world, even after receiving his second COVID shot. Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Wednesday
For Great Trading, There Are Times to Act and Times to Sit and Wait
       
We often hear about how patience is essential for great trading. While patience is essential, it must be balanced with aggressive and decisive action at the correct time. Great traders need to shift from doing nothing to making some big and bold moves in a very short amount of time. There are times to act, and there are times to sit and wait. I'm not doing much today in this lackluster market, but I'm ready to move when the time is right.
Here's When to Move on Zillow
       
During "Mad Money" Tuesday evening, one caller quizzed host Jim Cramer about Zillow Group (Z) . "Zillow has been on fire lately. The Moving Average Convergence Divergence (MACD) oscillator crossed to the downside in late February for a take-profit sell signal. In this daily Point and Figure chart of Z, below, we can see a potential downside price target of $131. Bottom line strategy: Yes the housing market is "on fire" in parts of the country, but maybe Z has already discounted that information.
Centene Charts Remain Weak and Vulnerable
       
The slopes of both the 50-day moving average line and the 200-day moving average line are negative. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line and struggling to give a cover shorts buy signal. The 40-week moving average line is pointed down and the OBV line is slightly weaker since January. The MACD oscillator fell below the zero line in January for a sell signal. Bottom line strategy: The charts of CNC are weak and vulnerable.
Stock Market Today With Jim Cramer: Rocket Was a Dumb Short
       
Jim Cramer discusses the latest stock market news including the drop in Zoom Video, the short-selling of Rocket Companies, and markets on Wednesday. TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Zoom Video, the short-selling of Rocket Companies and markets on Wednesday. Cramer said he wondered why traders did not buy puts on Rocket stock instead of shorting it. Want to be alerted before Jim Cramer buys or sells the stock?
Does the Fed Have a Credibility Problem?
       
There's no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert. READ ARTICLE NOW Already a subscriber? Please Login
Tesla Model 3 Delivery Time Reportedly Reduced
       
Tesla has reportedly reduced Model 3 delivery times to between two and four weeks from three to five weeks. Tesla (TSLA) - Get Report has reduced the delivery time for its Model 3 sedan to between two and four weeks from three to five weeks previously, according to a report. Tesla watcher Teslarati reported the change Wednesday, citing the company's website, which it says changed the delivery time on its website Monday night. Automakers generally have been grappling with a widespread chip shortage that has hindered both production and delivery times of new vehicles. Last month, Tesla for two weeks halted production of its Model 3 electric cars at its assembly plant in Fremont, Calif.
Jim Cramer Says Canopy Growth Stands Out in Crowded Cannabis Sector
       
Jim Cramer talked about cannabis last night during his interview with Canopy (CGC) - Get Report CEO David Klein. "For his next "Executive Decision" segment, Cramer welcomed back David Klein, CEO of Canopy Growth, the Canadian cannabis grower with shares up 43% for the year," wrote TheStreet's Scott Rutt. "Klein had positive things to say about Quatreau, his company's first CBD-infused beverage. In the meantime, Canopy is focused on operating a profitable business so they will not be seen merely as a speculative company," he continued. Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Wednesday
What Dollar Tree Earnings Tell Jim Cramer About Retail
       
Dollar Tree (DLTR) - Get Report reported earnings. The company reported diluted earnings that came in at $2.13 per share, two cents ahead of the Street consensus forecast. “Furthermore, Dollar Tree has completed the rollout of the expanded Crafter’s Square assortment to all U.S. stores and has begun the expansion of our Dollar Tree Plus! initiative to a total of 500 stores, as announced last quarter." Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Wednesday
With $6.5 billion sale of Venetian resort, Las Vegas Sands exits the Strip
       
Under Adelson, the company’s focus turned to Asia years ago, where revenue eventually outpaced even the operations on the Las Vegas Strip. Under the two-part deal announced Wednesday, VICI Properties will buy the casino and resort and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion. The global pandemic broadsided Las Vegas, shuttering the Strip where Las Vegas Sands has been the biggest operator for years. “As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history. The Venetian, located on the Las Vegas Strip, has three luxury hotel towers with gaming, entertainment, shopping and dining.
Concord fatal shooting victim is identified
       
CONCORD — A man shot to death in Concord earlier this week was identified by authorities Wednesday morning. Officers found 26-year-old Robert Currier down in the 1100 block of Concord Avenue early Monday, police said. The location is about one-tenth of a mile and across the way from the Buchanan Airport. A person driving on Concord Avenue called 911 after seeing Currier down in the avenue near Meridian Park Boulevard just after midnight, police said. The fatal shooting is the second homicide of 2021 being investigated by Concord police.
High-end California clothier sued by Osprey over its backpacks
       
It caught the attention of Osprey, which has used Aether as a name for full-size technical backpacks for more than two decades. “Osprey has invested a substantial amount of time, money and effort to promote and advertise its backpacks under the Aether mark, and as a result, Osprey has built substantial goodwill and customer recognition in its Aether brand,” the complaint reads. Aether (pronounced “EE-ther”) is not a registered trademark, the lawsuit says, but is in the process of being approved as such. It also has stores in Los Angeles, New York City and Aspen, Colo.Osprey is based in Cortez, in southwest Colorado. Osprey and Aether representatives did not immediately return a request for comment.
Update: Who’s eligible for the COVID vaccine now?
       
Paramedic Craig Johnson draws a dose of the Moderna COVID-19 vaccine in preparation for Guardian Elite Medical Services vaccine clinic on Thursday, Feb. 4, 2021, in Las Vegas. (Ellen Schmidt/Las Vegas Review-Journal) @ellenschmidtttThe Southern Nevada Health District has added groups of people eligible for the COVID-19 vaccine. — Essential public transportation: taxi, Uber and Lyft drivers at the state and local level. — Remaining essential public health workforce: Public health and environmental health workers specializing in sanitary and infection control, health care facility safety and emergency preparedness planning, public health/community health workers including call center workers. Finding a location for vaccinesEligible Nevadans can get appointments at a variety of locations on the Southern Nevada Health District’s vaccine page here.
Empty office buildings squeeze city budgets around the country as property values fall
       
Drew Levine, a senior vice president at the commercial real estate brokerage Colliers in Atlanta, said that some tenants were looking to buy out their leases, others were trying to sublease vacant space and many were just waiting out the health crisis if they can afford it. Few companies are signing contracts to rent new space, however, and big corporate clients have indicated that plans for their office portfolios over the next few years remain in flux.
Ohio River to hit 56 feet in Cincinnati: How does it compare to past floods?
       
While the Ohio River flooding isn't abnormal for our summer months, hitting a moderate flood stage isn't a frequent occurrence. Moderate flood stage is 56 feet. Then you have to go back to March 2015 for the next time the Ohio River hit moderate flood stage in Cincinnati. Look back at floods of 1945, 1964, 1997In February 2018, the Ohio River crested at 60.53 feet, making it the worst flood Cincinnati had seen since 1997. March 7, 1945: 69.2 feet - The Mill Creek barrier dam failed, sending Ohio River water up the already flooded valley.
Stocks move mostly lower as bond yields resume their climb
       
NEW YORK (AP) — Stocks were mostly lower in afternoon trading as another tick up in bond yields gave investors pause. The Dow Jones Industrial Average was up 95 points, or 0.3%, to 31,487 and the technology-heavy Nasdaq lost 1.6%. Banks benefited from the increase in bond yields, which allows them to charge higher rates on mortgages and many other kinds of loans. The yield on the benchmark 10-year Treasury note rose to 1.48% from 1.41%. The KBW Bank Index, a measure of the 24 largest banks, was up more than 2%.
Activists sue big French retailer over Amazon forest damage
       
PARIS (AP) — Environmental groups and indigenous activists from the Amazon region filed a lawsuit Wednesday in a French court alleging that France-based supermarket chain Groupe Casino is violating human rights and environment rules by selling beef linked to deforestation and land grabs. Casino, a big retailer in South America, would not immediately comment on the lawsuit. In a statement to The Associated Press, it said the company “fights actively against deforestation linked to cattle raising in Brazil and Colombia” and uses a “systematic and rigorous policy to control the origin of beef delivered by its suppliers.”The activist groups are seeking compensation for damages to indigenous lands and livelihoods in Brazil and Colombia attributed to Amazon deforestation for cattle raising. They filed the lawsuit in the French city of Saint-Etienne, where Groupe Casino is based, using a 2017 French law requiring large companies to prevent any serious human rights and environmental violations in their businesses and supply chains. Violators must pay reparations for any damage caused by their inaction.
Alamo Drafthouse Cinemas files for bankruptcy, seeks buyer
       
AUSTIN, Texas (AP) — Alamo Drafthouse Cinemas Holdings, a Texas-based dine-in theater chain, said Wednesday that it has filed for bankruptcy due to financial woes during the pandemic. “More importantly, it will position Alamo Drafthouse to return to growth and continue executing on its long-term strategic vision." In its bankruptcy petition, Alamo Drafthouse listed assets and liabilities of as much as $500 million each. Alamo Drafthouse, like many others in the entertainment industry, has been facing a rough year since the pandemic began forcing many businesses to temporarily close. The Austin-based company has more than 40 theaters nationwide, including some in the Dallas-Fort Worth area and Kansas City, Missouri.
House panel seeks storm documents from Texas grid operator
       
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........WASHINGTON — The House Oversight Committee is investigating the agency that operates the Texas power grid, seeking information and documents about the lack of preparation for the recent winter storm that caused millions of power outages and dozens of deaths across the state. Severe winter storms in Texas “have occurred repeatedly over decades, and ERCOT has been unprepared for them,” Khanna wrote in a letter to ERCOT CEO Bill Magness. “It appears that lessons learned (again) in 2011 were not implemented either, leaving Texas vulnerable to extreme winter weather again in 2021,” he wrote. The inquiry follows reports of wild price swings in the wholesale natural gas and electricity markets amid the storms. Natural gas spot prices spiked as high as 100 times typical levels, forcing utilities and other natural gas users to incur exorbitant costs, many of which were passed on to customers.
States rapidly expanding vaccine access as supplies surge
       
Buoyed by a surge in vaccine shipments, states and cities are rapidly expanding eligibility for COVID-19 shots to teachers, 55-and-over Americans and other groups as the U.S. races to beat back the virus and reopen businesses and schools. Pennsylvania and Wisconsin are reserving the first doses of the new one-shot vaccine from Johnson & Johnson for teachers. In Wisconsin, teachers will get priority when the state receives its first shipment of about 48,000 doses of the J&J vaccine, health authorities said. Pennsylvania teachers will likewise be first in line when an expected 94,000 doses of the J&J formula arrive this week. Giving the vaccine to teachers and other school staff “will help protect our communities.
Arts and crafts retailer Michaels signs deal to go private
       
NEW YORK — Arts and crafts retailer Michaels is going private. Under the terms of the agreement, approved by Michaels' board, Apollo will begin a tender offer to buy shares for $22 each in cash. The purchase price represents a 47% premium to the closing stock price on Feb. 26, the last trading day prior to the media speculation about the potential deal. In midday trading, shares rose 23%, or $4.17, to $22.19. Company executives said that by going private, Michaels will have the financial flexibility to invest and improve its retail and online business.
Crackdown on catalytic converter thefts considered by Louisville Metro Council
       
LOUISVILLE, Ky. — By now, it has been well-documented that catalytic converter theft is on the rise this year in Louisville and across the country. More:What's fueling a rise in catalytic converter thefts in Louisville? 'I'm old, not stupid':Louisville man, 105, survives two pandemics"You should never have a catalytic converter that’s not attached to a car. But officers are still stopping some catalytic converter thieves, Fox said, including one who was caught while underneath a car. Still, it is tough to prove in every case that a catalytic converter was stolen, Fox said.
So... just how concerned should we be about America’s $28 trillion debt?
       
“A big part of our debt that most people don’t know about is what we call intragovernmental debt where the Social Security trust fund brings in more money than they spend and so they actually loan money to the general fund of the [United States] Treasury,” Bolen explains. “So it’s actually us borrowing money out of another federal agency’s budget... That’s about $6 trillion in debt that we just owe to other federal agencies within our government.”
Motorists to be hit by inflation-linked increase in car tax
       
Motorists received a Budget boost as fuel duty has been frozen for the 11th year in succession – but they will be hit by an inflation-linked increase in car tax. Rishi Sunak, the Chancellor, announced the rate will remain at 58p per litre for petrol and diesel at a cost of nearly £800 million to the Treasury. He told the Commons: "Right now, to keep the cost of living low, I'm not prepared to increase the cost of a tank of fuel. So the planned increase in fuel duty is also cancelled.”The Treasury estimated the cumulative saving for the average car driver was £1,600 compared to the pre-2010 escalator.
Chancellor creates eight low-tax freeports in Brexit boost
       
Businesses in eight new freeports, including in Teesside, Humber and Plymouth, will be able to slash their tax bills in a bid to transform left-behind areas into investment hotbeds. The Chancellor unveiled the winning bids in England that will benefit from tariff-free trade and a suite of tax reliefs to lure investment after Brexit. However, eyebrows in the industry were raised after the North East bid backed by Japanese car giant Nissan and electric battery firm Britishvolt failed. Hailed by Rishi Sunak as a way to spur investment after Brexit, freeports are areas where normal tax and customs rules do not apply. Extra tax breaks are often added to the zones to attract more investment but post-Brexit Britain will have more flexibility to offer stronger incentives.
Why was Britain's tax burden so high in the 1960s?
       
Mr Wilson’s six years in office saw the introduction of capital gains tax and a new corporation tax of 40 per cent of profits from 1965. His governments steadily increased the proportion of revenue from direct taxes, like income tax, compared to indirect taxes like VAT and alcohol duty. In the song, the band complains of a 95 per cent tax rate, mimicking a tax officer telling them: “Should five per cent appear too small? Be thankful I don't take it all.”Another extra tax was the “selective employment tax”, designed to tax the service sector of the economy more heavily than manufacturing industries. Capital gains tax and corporation tax remained on the statute books but Mr Health increased the proportion of the Government’s tax revenue from indirect taxes like VAT.
Vauxhall owner demands taxpayer help to keep Ellesmere Port open
       
Vauxhall’s Ellesmere Port factory will close with the loss of thousands of jobs unless it gets support from British taxpayers, the boss of the car maker has warned. Carlos Tavares, chief executive of Vauxhall owner Stellantis, said the company was ready to invest in the Cheshire plant if the Government also committed support for making electric vehicles. Saving Ellesmere Port would mean building electric cars there, Mr Tavares said. That scuppered had a decision to replace the Astra with another model at Ellesmere Port. We are not going to invest in UK product [with conventional engines] when there is a ban from 2030.”
Billionaire charged in tax fraud scheme accused of faking dementia
       
Prosecutors, however, believe Brockman - the chief executive of Ohio-based Reynolds and Reynolds Co - may potentially be faking his mental decline. His company Reynolds and Reynolds, which he was CEO of until the indictment, provides software used by auto dealerships to help manage their business. They also argue that Brockman continued to head his software company during this time despite his alleged mental decline. Prosecutors, however, believe Brockman - the chief executive of Ohio-based Reynolds and Reynolds Co - may potentially be faking his mental decline. At the time of the indictment, Reynolds & Reynolds issued a statement saying the allegations were outside Brockman's work with the company and that the company is not alleged to have participated in any wrongdoing.
Top US health official says not time to end Covid curbs
       
"Every individual is empowered to do the right thing here regardless of what the states decide... "The president is 100 percent behind Doctor Walensky and the CDC's recommendations," White House coronavirus advisor Andy Slavitt said, speaking after Walensky at a coronavirus briefing. It is now time to open Texas 100 percent," he said to cheers from his audience. On Tuesday Biden announced that the United States will have enough Covid-19 vaccines for its adult population by the end of May -- two months earlier than his last forecast. He also unveiled a major deal for pharma giant Merck to produce the vaccine shot developed by its rival Johnson & Johnson.
Toronto photo radar tickets see steep jump, one driver nets 15 fines
       
Toronto’s automated speed enforcement cameras saw brisk business in December. Data made public by the city Monday shows 22,180 tickets were issued by the 50 unattended speed traps in December — a sharp increase from the 721 lead-footed motorists photographed the previous month. December’s numbers are just shy of that issued during the program’s inaugural month, which caught 22,301 speeders between July 6 and August 5. What troubles Tory are people like one 15-ticket repeat offender, or the driver nabbed at nearly twice the limit on McCowan Rd. In December, the camera on Stanley Ave. — at Elizabeth St., near St. Leo Elementary School — issued 13 per cent of the month’s total number of tickets, issuing 2,888 fines to speeding motorists.
Bohemian Like You: Porsche auctions wild Taycan art car for charity
       
Porsche is keen to call the Taycan its first “all-electric sports car.” Tesla fans have been known to call it something quite different. Officially called the Taycan Artcar, its unique livery was created live last December at a pop-up restaurant on Zurich’s Bahnhofstrasse. The lot includes an exclusive individually tailored tour of Stuttgart-Zuffenhausen, the birthplace of Taycan, with Porsche AG’s head of the Taycan model range. This isn’t the first time Porsche has worked with this particular artist. In 2019, Phillips worked with Porsche factory driver Jörg Bergmeister to design a Porsche art car, which then made history at the twenty-four-hour race in Le Mans.
Senate Finance panel approves Katherine Tai as top US trade negotiator
       
USTR nominee Katherine Tai addresses the Senate Finance Committee in Washington in February. Photo: Reuters
What are NFTs, How do they work, What makes them so popular?
       
A non-fungible token (NFT) is a cryptocurrency token that is indivisible and unique. NFTs are unique tokens or digital assets that generate value because of their uniqueness. NFTs are popular among gamers and collectors due to the features which make them unique and more reliable. ConclusionBillionaire investor Mark Cuban has been vocal about his investment in digital tokens like NFTs. Investors have expressed interest in digital assets in the past and NTFs can be more popular in the coming years due to it’s distinguishing features.
India is now only 'partly free' under Modi, says report
       
Image copyright Getty Images Image caption The report says that the freedom of expression is under threat in IndiaIndia's status as a free country has changed to "partly free", according to an annual report on global political rights and liberties. Civil liberties in India have been in decline since PM Narendra Modi came to power in 2014, said Freedom House in its report Democracy under Siege . The report also noted the government's response to the pandemic, saying it had exacerbated the global decline in freedom. The global freedom report also added that "the countries with declines in political rights and civil liberties outnumbered those with gains by the largest margin recorded during the 15-year period". "With India's decline to Partly Free, less than 20% of the world's population now lives in a Free country, the smallest proportion since 1995," the report said.
Alamo Drafthouse Cinemas files for bankruptcy, seeks buyer
       
AUSTIN, Texas (AP) — Alamo Drafthouse Cinemas Holdings, a Texas-based dine-in theater chain, said Wednesday that it has filed for bankruptcy due to financial woes during the pandemic. The company plans to find a buyer during its Chapter 11 bankruptcy, which allows it to continue operating while its managers and advisers work on repaying creditors. “More importantly, it will position Alamo Drafthouse to return to growth and continue executing on its long-term strategic vision.”In its bankruptcy petition, Alamo Drafthouse listed assets and liabilities of as much as $500 million each. Alamo Drafthouse, like many others in the entertainment industry, has been facing a rough year since the pandemic began forcing many businesses to temporarily close. The Austin-based company has more than 40 theaters nationwide, including some in the Dallas-Fort Worth area and Kansas City, Missouri.
States rapidly expanding vaccine access as supplies surge
       
Hartford Public Schools Safety Officer Victor Rodriguez flexes his arm muscle after receiving a Johnson & Johnson COVID-19 at Hartford Hospital in Hartford, Conn., Wednesday, March 3, 2021. Cities and states are rapidly expanding access to vaccines as the nation races to head off a resurgence in coronavirus infections and reopen schools and businesses battered by the pandemic. Cities and states are rapidly expanding access to vaccines as the nation races to head off a resurgence in coronavirus infections and reopen schools and businesses battered by the pandemic. Pennsylvania and Wisconsin are reserving the first doses of the new one-shot vaccine from Johnson & Johnson for teachers. In Wisconsin, teachers will get priority when the state receives its first shipment of about 48,000 doses of the J&J vaccine, health authorities said.
Keep your mask on at Kroger: Company says they are still required in Texas and Mississippi
       
While Texas and Mississippi plan to lift their mask mandates, Kroger said Wednesday it will continue to require both customers and employees to wear face coverings amid the ongoing COVID-19 pandemic. The declaration carries some serious weight: Kroger is the nation's largest supermarket chain and the third-largest retailer in the world. Besides Kroger stores, the grocer operates several regional supermarket chains in 35 states, including Fred Meyer, Harris Teeter, Ralphs, Mariano's, Fry's, Smith's, King Soopers, QFC and others. Uncertainty, anger, joy:Texas businesses react to governor dropping state's mask mandateMore:Deli owner reacts to lifting of mask rule in TexasThe notice from the supermarket comes after the Republican governors of Texas and Mississippi said Tuesday they're lifting COVID-19 restrictions, including mask mandates. The company also said it encourages customers and employees to practice social distancing and frequent hand washing as recommended by federal health officials.
Las Vegas Sands to sell Venetian casino resort, Sands Expo for $6.25B
       
Las Vegas Sands is selling the iconic Venetian casino resort and its Sands Expo and Convention Center for $6.25 billion, withdrawing from gambling operations on the Las Vegas Strip after changing the nature of the casino business there and just about everywhere else. Under the two-part deal announced Wednesday, VICI Properties will buy the casino and resort and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion. The global pandemic broadsided Las Vegas, shuttering the Strip where Las Vegas Sands has been the biggest operator for years. “As we announce the sale of The Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history. The Venetian, located on the Las Vegas Strip, has three luxury hotel towers with gaming, entertainment, shopping and dining.
Oscar Health CEO Mario Schlosser on the company's IPO
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOscar Health CEO Mario Schlosser on the company's IPOOscar Health co-founder and CEO Mario Schlosser joins "Squawk Alley" ahead of the company's first trade to discuss its IPO and outlook.
Watch CNBC's full interview with HPE CEO Antonio Neri
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with HPE CEO Antonio NeriAntonio Neri, CEO of Hewlett Packard Enterprise, joins "Squawk Alley" to discuss the company's earnings, the decision to move the company to Texas and more.
HPE CEO Antonio Neri on Q1 results and moving HQ to Texas
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHPE CEO Antonio Neri on Q1 results and moving HQ to TexasAntonio Neri, CEO of Hewlett Packard Enterprise, joins "Squawk Alley" to discuss the company's earnings, its decision to move the company headquarters to Texas and more.
Plenty more upside in Alcoa: Trader
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPlenty more upside in Alcoa: TraderCNBC's "Halftime Report" discusses what they think of Goldman's upgrade of Alcoa to buy from sell with a price target at $32.
These cheap stocks do well under low or high rates, Morgan Stanley says
       
Trader passes by a screen that displays trading information for United Technologies and Raytheon on the floor of the New York Stock Exchange (NYSE) in New York CityVolatility in the bond market is mirroring the equity market right now, so it could be beneficial if investors pick stocks that perform well in a high- and low-rate environment, according to Morgan Stanley.
Lyft stock jumps as much as 11% after coming off strongest week since lockdowns began
       
Shares of Lyft jumped as much as 11% Wednesday as investors rallied around the company after it said it's seeing rideshare recovery sooner than expected. Lyft's recovery also brought optimism to Uber shares, which were up as much as 5.8% Tuesday in an otherwise weak day for tech stocks. The company also said that the last week of February was its best week in terms of volume since pandemic lockdowns began in March of 2020, and expects recovery to continue into this month. The company's burgeoning recovery comes as more states are starting to lift Covid-19 restrictions and vaccines continue to roll out across the nation. Uber and Lyft have still maintained optimism they will become profitable by the end of this year on an adjusted EBITDA basis.
Big companies in Texas and Mississippi will still require masks as states end mandates
       
There are exceptions, however, and some business advocates are concerned that the end of these states' mask mandates will create new challenges for companies and their workers. Tate Reeves both announced Tuesday that their states will lift mask requirements that have been in place for months to protect against Covid-19. The announcements come as Covid-19 cases and hospitalizations continue to drop across the country and more Americans get vaccinated. The company has 13,500 employees in Texas. "This will ensure we adequately protect our employees and continue to meet OSHA workplace protection standards."
Pandemic school closures could create a drag on the economy for years
       
Jay Horton, 6, attends virtual first grade on the first day of school at the Horton familys home in Arlington, Virginia on Tuesday, September 8, 2020. Newly confirmed Education Secretary Miguel Cardona will have his hands full as he navigates the perilous journey to reopening schools that have been largely shuttered for a year during the Covid pandemic. The Centers for Disease Control and Prevention has issued new guidelines for reopening that include masking, social distancing, testing and contact tracing. Still, many teachers' unions have pushed back, angling first to get teachers to the front of the line for vaccination. Biden said Tuesday he wants all teachers to receive at least one shot by the end of this month.
Exclusive: Aon's $30 billion bid for insurance broker Willis hits EU antitrust hurdle - sources
       
The deal, announced a year ago, would create the world’s largest insurance broker, putting the merged entity ahead of world No. Aon shares extended losses and were down 0.5% while Willis erased earlier gains and were 0.6% lower by 1655 GMT. The Commission is readying a statement of objections, a charge sheet setting out possible competitive harm, the people said. Aon could stave off the charge sheet by offering concessions to address EU regulators’ concerns. Replacing Willis means replacing Willis’ footprints, their data analytic skill abilities, their cross risk capability, these are really expensive, hard things to build,” the person said.
Rising yields still 'a world away' from impacting sovereign ratings - S&P Global
       
LONDON (Reuters) - The recent jump in global bond market borrowing costs is still a world away from impacting most countries’ credit ratings S&P Global has said. FILE PHOTO: The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. It means yields would have to triple to well over 2.5% to really have a negative impact on its finances. “I would expect over the next two years you will see a much bigger effort globally to tax financial wealth,” Gill said. “You are going to definitely see governments become more creative.”Graphic: Global borrowing surge in wake of COVID -
Texas electricity regulator cuts some emergency fees tied to winter storm
       
HOUSTON (Reuters) - The Texas electricity regulator on Wednesday ordered cuts to emergency fees paid to generators amid a financial crisis in its power market, but adjourned without acting on calls to protect consumers from price spikes. About $47 billion in one-time costs are threatening companies that sell, transmit or generate electricity in the state. U.S. lawmakers on Wednesday demanded the state’s grid operator turn over documents and communications with officials from during the storm. The state’s independent PUC adviser, Carrie Bivens, recommended cuts that could shave about $2 billion from business fees, though she provided no estimate of the total. The PUC supervises grid operator Electric Reliability Council of Texas (ERCOT), which is facing a $2.46 billion shortfall from companies that have not paid their bills.
Democrat Katie Porter says to target Big Oil in new role as natural resources chair
       
WASHINGTON (Reuters) - U.S. Representative Katie Porter, who has earned a reputation for grilling bank and drug company executives during Congressional hearings, told Reuters she will focus on a new target in her new role as chair of the House Natural Resources Oversight Committee: Big Oil. “How can things not have gone up as I see the cost of my everyday expenses -- healthcare, childcare, college, housing -- all go up?” Porter said. “I confess when I first heard the term ‘oil and gas royalty rates’ I didn’t immediately feel a deep emotional sort of reaction to fighting the issue. But as I began to understand what’s really at stake, which is oil and gas companies taking our public resources at pennies on the dollar, I began to feel outraged,” she said. Porter said that as a professor who taught classes about bankruptcy, she enjoys teaching esoteric policy and making it real for people.
House panel seeks storm documents from Texas grid operator
       
As temperatures plunged and snow and ice whipped the state, much of Texas' power grid collapsed, followed by its water systems. As temperatures plunged and snow and ice whipped the state, much of Texas' power grid collapsed, followed by its water systems. (AP Photo/LM Otero, File)WASHINGTON (AP) — The House Oversight Committee is investigating the agency that operates the Texas power grid, seeking information and documents about the lack of preparation for the recent winter storm that caused millions of power outages and dozens of deaths across the state. “The failures of ERCOT and the state of Texas were costly,? he wrote. “It appears that lessons learned (again) in 2011 were not implemented either, leaving Texas vulnerable to extreme winter weather again in 2021,? he wrote.
IBD 50 Stocks To Watch: T. Rowe Price In Buy Range As It Beats The Market Twice
       
"Despite limited exposure to faster growing areas in asset management and below-average diversification, TROW's organic growth profile is favorable." Stocks To Watch: Strong FundamentalsIBD Stock Checkup assigns T. Rowe a 95 Composite Rating, which gives investors a quick way to assess a stock's key growth traits. That puts it among IBD's best dividend stocks. On the technical front, a 60 Relative Strength Rating means T. Rowe is lagging 40% of all other stocks. Follow Nancy Gondo on Twitter at @IBD_NGondoYOU MAY ALSO LIKE:7 Dividend ETFs To Buy And Watch For 2021Find Today's Best Growth Stocks To Watch With IBD 50Learn How To Time The Market With IBD's ETF Market StrategyFind Winning Stocks With MarketSmith Pattern Recognition & Custom Screens
IPO Stocks To Watch: Outdoor Leader Yeti Displays Two New Buy Points
       
IPO Stock News And Analysis: Find Today's Top New Issues4:43 AM ET Get the latest news on recent and upcoming IPOs, filings for new issues, and today’s top-performing IPO stocks. 4:43 AM ET Get the latest news on recent and upcoming IPOs, filings...
Ford Stock: Will Ford Options Shoot Higher Like Rocket Stock?
       
Some other stocks with unusual option volume yesterday were Ford Motor (F), AMC Entertainment (AMC), Palantir Technologies (PLTR) and once again … GameStop (GME). Ford stock is rated second in the Auto Manufacturers Group behind Tesla (TSLA). From a technical perspective, Ford stock is above the 21-day, 50-day and 200-day moving averages and the averages are all sloping upward. But perhaps Ford stock will shoot higher today as RKT stock did yesterday. Follow him on Twitter at @OptiontradinIQYOU MIGHT ALSO LIKE:NFLX Stock: Bull Call Spread Option IdeaBA Stock: Advanced Option Strategy IdeaDKNG Stock: Option Straddle Trade For EarningsTSLA Stock: How To Generate A 13% "Dividend" Using Options
IBD Stock Of The Day: FBC Stock Flashes Buy Signal As Flagstar Bancorp Boasts Rapid Growth
       
Flagstar Bancorp (FBC) is the IBD Stock of the Day, with several quarters of triple-digit earnings growth. FBC stock has higher ratings than big bank stocks. FBC stock is in a flat base with a 48.02 buy point, according to MarketSmith analysis. Comparison To Other Bank StocksAmong larger bank stocks, Morgan Stanley (MS) and Goldman Sachs (GS) both have Composite Ratings of 85. FBC stock has run higher over the past year, after crashing initially due to the onset of the coronavirus pandemic.
Rocket Stock Is Sliding After Its Incredible Surge. Here’s Why.
       
Rocket Cos. stock headed back to Earth on Wednesday morning, after shooting up 71% the day before. The downgrade follows “a strong quarter late last week and abnormal volatility in the shares,” Perlin wrote. Perlin wrote that Rocket’s operating leverage is expected to remain positive through 2021, and highlighted the company’s special dividend of $1.11. With 39.73% of available shares shorted, Rocket stock is among the most shorted. UWM Holdings (UWMC), a wholesale mortgage lender that went public via SPAC in January, gained 12.2% Tuesday, and rose another 9.3% Wednesday.
Dow up 100 points, but tech stocks fall as bond yields climb and economic data disappoints
       
The Dow was up slightly Wednesday afternoon, while pressure on the technology shares weighed down the S&P 500 and Nasdaq Composite, as bond yields spiked and weaker-than-expected economic data suggested a more tepid rebound from the COVID-19 pandemic. On Tuesday, the Dow fell 143.99 points, or 0.5%, to 31,391.52, the S&P 500 slid 31.53 points, or 0.8%, to 3,870.29, while the Nasdaq Composite Index dropped 230.04 points, or 1.7%, to 13,358.79. Technology stocks were under pressure again Wednesday and weighing down the broader equities market, as benchmark government bond yields climbed and high-growth stocks Apple Inc. AAPL, Amazon.com, Inc. AMZN and Tesla Inc. TSLA slumped. Investor anxieties have centered on moves in the bond market over the past two weeks, with attention trained on moves in the benchmark 10-year Treasury yield. I think rates move higher and stocks can move higher with rates.
Patterson Cos. shares fall as earnings beat weighs against failure to offer guidance
       
Patterson Cos. shares slid 3.6% Wednesday, after the maker of dental and animal health products posted better-than-expected earnings for its fiscal third quarter but declined to offer guidance given the continued uncertainty created by the coronavirus pandemic. Adjusted per-share earnings came to 58 cents, ahead of the 51 cents FactSet consensus. Sales of dental products, which accounted for about 42% of total sales, rose to $648.9 million from $626.6 million. Sales at the animal health business rose to $894.3 million from $817.3 million a year ago. The animal health business was boosted by people acquiring pets for company during the pandemic’s restrictions on movement and social distancing requirements.
Opinion: Should I take a $1,913-a-month pension or a $445,000 lump sum?
       
My husband and I will start to collect Social Security benefits Jan. 1, 2022, when each of us will collect $2,600 a month. Collect a monthly pension of $1,913, with my husband continuing to collect the same amount upon my death. These include lump sum, full pension payout or shared amount for the surviving spouse, as your husband opted with his pension. Social Security: You mention you will both start collecting Social Security in 2022 from your separate earnings records. The Social Security administrators who are trained to help you often recommend you take it right away.
Oscar Health stock stumbles out of the gate
       
Shares of Oscar Health Inc. OSCR, -9.19% didn't pick a great day to go public, as the stock opened 7.7% above the initial public offering price despite better-than-expected pre-open investor demand. The digital health-insurance company offered 37 million shares in the upsized IPO, which priced at $39 each, above the recently raised expected range of between $36 and $38 a share. The stock's first trade was at $36.00 at 12:15 p.m. Eastern for 2.5 million shares. The stock has since pared some losses to trade down 6.7% at $36.17, while trading in a range of $35.00 to $36.77. Oscar Health went public on a day that the Renaissance IPO ETF IPO, -3.69% was shedding 3.3% while the S&P 500 SPX, -0.39% fell 0.4%.
Why It’s Time to Buy French Videogame Maker Ubisoft’s Stock, According to an Analyst
       
Since the beginning of the year, shares of French videogame publisher Ubisoft Entertainment have slumped about 14%—not the strongest start to 2021. But at the current price, it’s a chance for long-term investors to pick up shares, Citi Research says. For Singlehurst, the current stock price looks attractive for several reasons. That gives investors at least some insight into Ubisoft’s fiscal fourth-quarter results, and the company’s sales into its fiscal 2022. Of the analysts that cover Ubisoft stock, 13 rate it a Buy, 14 have a Hold, and there is a single Sell rating.
Patterson Cos. shares fall as earnings beat weighs against failure to offer guidance
       
Patterson Cos. shares slid 3.6% Wednesday, after the maker of dental and animal health products posted better-than-expected earnings for its fiscal third quarter but declined to offer guidance given the continued uncertainty created by the coronavirus pandemic. Adjusted per-share earnings came to 58 cents, ahead of the 51 cents FactSet consensus. Sales of dental products, which accounted for about 42% of total sales, rose to $648.9 million from $626.6 million. Sales at the animal health business rose to $894.3 million from $817.3 million a year ago. The animal health business was boosted by people acquiring pets for company during the pandemic’s restrictions on movement and social distancing requirements.
The stock market’s most sensitive sector says cycle isn’t anywhere close to turning
       
Consumer discretionary stocks are the most sensitive to the market cycle, and right now they’re giving no indication that cycle is about to turn, according to one of Wall Street’s most closely followed technical analysts. “Discretionary names historically deteriorate before the cycle ends,” said Jeff deGraaf, founder and chairman of Renaissance Macro Research, in a Wednesday note. “That makes them excellent contrarian proxies for the market cycle. With discretionary names at new relative highs, it suggests that the market cycle is still in middle, even early, but not the late innings that inflation and growth suggest,“
What the SPAC phenomenon is doing for venture-capital backed companies
       
The laws surrounding IPOs mean that investment banks and lawyers tend to take public companies that have proven track records, while riskier companies are kept private. The shareholders can then exchange their SPAC shares for shares in the new company, or ask for $10 back. The general framework involves downside protection for all parties except those who trade SPAC shares after the listing. On the two types of SPAC investors: To answer this, it’s important to recognize that the lifecycle of a SPAC has two distinct periods: pre- and post-merger. Until two months ago, I had never bought a SPAC IPO.
UPDATE 1-Texas electricity regulator cuts some emergency fees tied to winter storm
       
About $47 billion in one-time costs are threatening companies that sell, transmit or generate electricity in the state. U.S. lawmakers on Wednesday demanded the state's grid operator turn over documents and communications with officials from during the storm. The state's independent PUC adviser, Carrie Bivens, recommended cuts that could shave about $2 billion from business fees, though she provided no estimate of the total. The PUC supervises grid operator Electric Reliability Council of Texas (ERCOT), which is facing a $2.46 billion shortfall from companies that have not paid their bills. Brazos this week said storm charges could increase consumer bills by 2 cents per kilowatt hour.
Texas isn't the only state lifting COVID-19 restrictions. Here's how 11 other states and cities are easing lockdowns, despite the CDC insisting that 'now is not the time.'
       
Greg Abbott issued an executive order that would end all COVID-19 restrictions, including a mask mandate, on March 10. Texas on Tuesday became the largest state in the US to lift its mask mandate. Greg Abbott issued an executive order set to end all COVID-19 restrictions on March 10. He said that the state's mask mandate would remain in place until March, provided the number of cases and hospitalizations were low. Greg Gianforte of Montana terminated the state's mask mandate February 12.
Texas no longer has a mask mandate — but here are some major businesses requiring them
       
Some major companies in Texas will still require customers to wear face masks, despite Gov. Here is a list of businesses that will require mask wearing, either with employees or customers. “Though statewide policy has changed, our store policy has not. The department store said in July in announcing its mask policy that it will provide masks to customers. Public health experts worry Abbott’s COVID decision may create ‘drop your guard’ cultureFrustrated Fort Worth businesses split on whether to continue masks, COVID precautions‘RIP Texas’ trends after Gov.
Budget 2021: UK chancellor Rishi Sunak vows no more austerity as taxes soar
       
He promised "strong investment in public services" for the duration of this parliament. WATCH: UK budget round-up: The key pointsSpending to tackle the COVID-19 crisis has put the government on track to run a budget deficit of more than £350bn this year. UK public debt has soared past £2tn to reach more than 100% of GDP. The chancellor pledged not to increase income tax, national insurance, or VAT. A report commissioned by Sunak last year recommended increasing the tax on investment gains to bring it in line with income tax.
Are consumers about to buy a ton of new clothes post-pandemic?
       
After a year of wearing the same joggers to work on Zoom calls — and essentially going nowhere during the pandemic — signs are emerging that consumers are starting to rebuild their very outdated closets with new clothes for their post vaccination life this year (hopefully). "More recently, however, we're seeing signs of customer interest in going out-type apparel beginning to emerge," Urban Outfitters co-founder and CEO Richard Hayne told analysts on an earnings call Tuesday evening. "Our product is resonating and our message is resonating," Abercrombie & Fitch CEO Fran Horowitz told Yahoo Finance Live in an exclusive interview on Tuesday. At $20 billion in January of this year, sales at clothing and accessories stores have gained for two straight months. 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.
'Roaring Kitty' in GameStop saga testifies before Massachusetts regulators
       
Maintenance work at refineries allowed the kingdom to make the output reduction with minimal impact on exports, with some crude probably also drawn from stockpiles. Shipments to the region’s closest major customer fell by more than 500,000 barrels a day, or 20%, in February, dropping to their lowest level since June. Lower shipments from Saudi Arabia and Iraq more than offset increases from the UAE and Kuwait.Crude and condensate flows to Japan edged higher in February to remain close to 1.85 million barrels a day. But they are still about 15% below their 2019 average level of 2.18 million barrels a day.Flows to the U.S. dropped back in February after jumping in January, returning to the levels seen in November and December. They include crude and condensates, a light form of oil extracted from gas fields.
Dollar Tree's small-town store concept is big win for customers
       
Dollar Tree Inc. is going big on its small store concepts. "These are markets where the company would traditionally not open a Dollar Tree store alone," the company said. Dollar Tree opened its first combination store in 2019 followed by two more test locations in 2020. Since then, Dollar Tree has analyzed the store performance and customer feedback to better refine the stores. “We are extremely pleased with our customers’ response to the new Combination Store concept," Dollar Tree CEO Michael Witynski said in a statement.
Elizabeth Warren's wealth tax the 'stupidest idea ever': Economist Kevin Hassett
       
Economist Kevin Hassett said Massachusetts Sen. Elizabeth Warren’s proposed wealth tax is the “stupidest idea ever.”The former White House economic adviser made the comment on “Mornings with Maria” on Tuesday arguing that the wealthy will find ways to “avoid” the tax by hiding their wealth. ELIZABETH WARREN'S WEALTH TAX WOULD COST 100 RICHEST AMERICANS $78BWarren’s legislation would tax the net worth of the wealthiest Americans in the proposal aimed at reducing income inequality in the U.S. The measure is nearly identical to the wealth tax that Warren, D-Mass., introduced during her failed 2020 presidential campaign. “Right now, if you put your money in treasuries you get say less than 2% a year income,” Hassett said. “If the wealth tax is 3% a year then that means that you’ve got 150% income tax on wealth.
Biden tightens $1,400 stimulus check income limits amid pressure from moderate Dems
       
President Biden has endorsed a plan from moderate Democrats to narrow income eligibility for the third round of stimulus checks in his nearly $2 trillion coronavirus relief package, a Democratic source said Wednesday. Under the latest proposal, Americans earning $75,000 or less would receive the fully promised $1,400 payment. That means individuals earning between $80,000 and $100,000, and couples earning between $160,000 and $200,000, are newly excluded from a partial check under the newest plan endorsed by the Biden administration. Stimulus check eligibility emerged as a major point of contention between different ideological factions of the Democratic Party. But progressives have signaled they will fight against tightening the income criteria for the payments.
Stopped Out on Johnson & Johnson but Willing to Buy it Lower
       
In his first "Executive Interview" segment of Mad Money Tuesday evening, Jim Cramer talked to Alex Gorsky, chairman and CEO of Johnson & Johnson (JNJ) . Prices are now trading below the 50-day moving average line which is cresting. The slightly rising 200-day moving average line intersects just above $150 and could be tested in the weeks ahead. The Moving Average Convergence Divergence (MACD) oscillator is poised to cross below the zero line to generate an outright sell signal. Prices could weaken to retest the slightly rising 40-week moving average line that intersects down around $150.
Get Some Dividend Insurance With This Stock
       
Stocks quotes in this article: MCYInsurance companies make money in two basic ways: prudent underwriting and investment incomeAs premiums come in, investment companies hold that money until claims are paid outIf the insurance company pays out less than it takes in, that's an underwriting profitIn addition, as the money is waiting to be paid out, insurance companies have the advant...
Jim Reacts to BUZZ ETF, Launched With Help From Dave Portnoy
       
Dave Portnoy noted that he's partnering, but no this is not his ETF. The VanEck Social Sentiment ETF, which will trade under BUZZ, is expected to launch on Thursday. "In essence, BUZZ will invest in the stocks that are receiving the most positive sentiment on the internet and social media. It does this by using an artificial intelligence natural language processing algorithm to scour the web for mentions," wrote David Dierking for TheStreet. Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Wednesday
How to Trade Snowflake After It Reports Earnings
       
Let’s remember that when Snowflake went public on Sept. 16, the market was in the midst of a steep pullback. Now down about 40% to $255, investors are wondering if Snowflake can regain some of that momentum after it reports earnings after the close. Trading SnowflakeDaily chart of Snowflake stock. Thankfully, we have several months under our belt with Snowflake stock, as well as one fantastically received earnings reaction in December. Should Snowflake take out this zone, the February high is next in line near $327, followed by the 61.8% retracement near $350.
Jim Cramer to Zoom Stock Investors: 'Be Willing to Take Pain'
       
Jim Cramer to Zoom Stock Investors: 'Be Willing to Take Pain'On Tuesday, Cathie Wood's ARK Invest bought $95 million worth of Zoom (ZM) - Get Report stock. This came after Zoom reported adjusted earnings earlier this week of $1.22 per share on revenue of $882.5 million, a 369% year-over-year increase. “The fourth quarter marked a strong finish to an unprecedented year for Zoom. Jim Cramer weighs in on the stock on Tuesday. Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Wednesday
Jim Cramer Has a Problem With the Short Case Against Rocket
       
There's still some back and forth around whether or not Rocket (RKT) - Get Report has been sent soaring by WallStreetBets investors--who were responsible for the GameStop (GME) - Get Report rally--but there's not doubting that some traders have jumped into the name, which sent shares rallying on Tuesday. TheStreet's Martin Baccardax noted, "Rocket Companies, which is controlled by Cleveland Cavaliers owner Dan Gilbert, has more than doubled in value over the past five days despite being one of the most heavily-bet against stocks on Wall Street. The move appears to echo a similar run in shares of GameStop, the money-losing video game retailer that came to define the power of individual investors in their battle with hedge funds and short-sellers when it soared more than 1600% from late January into early February." Jim Cramer breaks down his problem with the Rocket Short thesis in the video above. Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Wednesday
Elizabeth Cady Stanton: An Uncompromising Leader of the American Women's Rights Movement
       
Elizabeth Cady Stanton: An Uncompromising Leader of the American Women's Rights MovementTheStreet's month-long video series Women's History, Wall Street, and Beyond continues today with a look back at Elizabeth Cady Stanton. A noted abolitionist and true radical of her time, Stanton was one of the earliest American proponents of women's suffrage. She continually pushed the envelope of civil and human rights arguing for the right of women to divorce, to serve on juries, and even to ride bicycles. She was also the first woman to run for Congress in 1866. ( (C) - Get Report)
5 Top Stock Gainers for Wednesday: Michaels, Alcoa, Ovid Therapeutics
       
Michaels, Alcoa, Horizon Acquisition, KemPharm and Ovid Therapeutics are five top gainers for Wednesday. Stocks were wavering Wednesday following a report that showed the U.S. private sector added jobs in February at a weaker-than-expected pace. Alcoa | Increase 9.6%Shares of Alcoa (AA) - Get Report climbed after Goldman Sachs analyst Emily Chieng double upgraded the aluminum company to buy from sell with a price target of $32, up from $19. Horizon Acquisition | Increase 17.2%Horizon Acquisition (HZON) soared following a Bloomberg report that the special purpose acquisition company was in talks to take Swiss gambling data company Sportradar public. Ovid Therapeutics | Increase 36%Shares of Ovid Therapeutics (OVID) - Get Report surged after Takeda Pharmaceutical said it will spend as much as $856 million to secure global rights from the biopharma to an experimental drug being developed to treat rare epilepsy.
We can’t afford to let women fall through the economy’s cracks
       
Before the pandemic, women in Massachusetts were participating in the workforce at increasing rates, surpassing the national rate by 2019 . In a survey conducted by the Associated Industries of Massachusetts last fall, 67 percent of employers listed lack of child care as a primary concern for their workforces. AdvertisementFortunately, organizations in Massachusetts are taking a leadership role in addressing the ongoing challenges facing women in the workforce. Even before the pandemic, women on average made about 81 cents for every dollar earned by male counterparts. Joanne Hilferty is chair of the Board of Associated Industries of Massachusetts and president/CEO of Morgan Memorial Goodwill Industries.
Are alcohol sales down at Frisco restaurants because of COVID-19? Here are the receipts from January
       
Frisco restaurants and bars reported more than $3 million in alcohol sales in January, despite COVID-19 safety restrictions in place that month lowering restaurant capacity to 50% and closing all bars through late February. Those restrictions have since been eased after COVID-19 hospitalizations in the 19-county region including Frisco dropped below 15% of the region’s total hospital bed capacity — a threshold set by Gov. Greg Abbott — on Feb. 18, allowing bars to reopen and restaurants to serve at 75% capacity. Abbott announced Tuesday that all businesses across the state can resume operations at 100% occupancy on March 10. Here are the restaurants and bars where Frisco diners spent the most on alcohol in January.
Exxon vows to boost dividend, trim expenses and up returns in Permian, Guyana
       
Exxon Mobil Corp. pledged to boost the S&P 500 Index’s third-largest dividend and end two years of cash burn by bringing on high-profit oil and chemical projects while trimming expenses. Key targets announced today include:700,000 barrels a day from the Permian Basin by 2025. 7-10 rigs will be active on Exxon’s Permian wells this year, down from 10-12 at year-end 2020. Permian production to be about 400,000 barrels a day in 2021, slightly down from 4Q 2020. $3.5 billion of cash flow from Guyana and $4 billion from the Permian by 2025, assuming $50 crude.
Kroger and other big and small retailers stick with required masks
       
Greg Abbott lifted the statewide mask requirement, it will continue to require its employees and customers to wear masks in its Texas stores. “We will still require masks to shop at Favor the Kind. She and other retailers said they are worried that without the cover of the state’s mask requirement, confrontations will return and escalate. Walmart and Costco haven’t yet said what they plan to do, but both major retailers had made masks a requirement nationwide. The Kroger decision is nationwide and the retailer said it will continue the mask requirement until all its frontline grocery employees can receive the COVID-19 vaccine.
Nonprofits imperiled by COVID pandemic, 1 in 3 in financial jeopardy, study finds
       
Other studies have concluded that smaller arts and culture groups, in particular, are at serious risk. They will be navigating a very different financial pathway.”Newman-Scott said BRIC has been helping sustain smaller arts nonprofits and offering artists unrestricted $10,000 grants through its Colene Brown Art Prize. According to the study, the District of Columbia is expected to lose the most nonprofits per capita, followed by Vermont and North Dakota. The most vulnerable nonprofits might try to cut costs this year by narrowing their focus or by furloughing workers. Some could seek a merger or an acquisition to bolster their financial viability, Harold said, though doing so would still mean fewer nonprofits survive.
Man sought in armed robbery of central Las Vegas business
       
Anyone with information should call the police department’s commercial robbery section at 702-828-3591. Police are seeking this man in connection to an armed robbery Tuesday, March 2, 2021, on the 2700 block of South Maryland Parkway in Las Vegas. (Metrpolitan Police Department)Police are seeking a man in connection with an armed robbery of a central Las Vegas business on Tuesday. The man entered Boost Mobile, 2730 S. Maryland Parkway, just before 3:45 p.m., according to a Metropolitan Police Department news release and police records. Anyone with information should call the police department’s commercial robbery section at 702-828-3591 or Crime Stoppers at 702-385-5555.
Investigators retrieve data from ‘black box’ in Tiger Woods’ SUV
       
LOS ANGELES — Detectives are looking at data from the so-called “black box” of Tiger Woods’ SUV to get a clearer picture of what occurred during the Southern California rollover crash last week that seriously injured the golf star, authorities said Wednesday. The Los Angeles County Sheriff’s Department said traffic investigators executed a search warrant Monday to retrieve the data from the device from the Genesis SUV that Woods was driving. There was no information regarding what was found in the black box, Deputy Trina Schrader said in a statement. Woods suffered a serious leg injury when the SUV he was driving went off a Los Angeles County road and rolled over on a downhill stretch known for crashes. USA TODAY first reported the search warrant.
Las Vegas marijuana dispensaries can now operate drive-thru windows
       
The City Council on Wednesday voted 6-0 to rescind a citywide restriction on such operations. A cashier rings up a marijuana sale at the Essence cannabis dispensary in Las Vegas. (John Locher/AP)Cannabis dispensaries in Las Vegas will be allowed to propose and operate drive-thru windows, not unlike what is permitted in neighboring jurisdictions. The City Council on Wednesday voted 6-0 to rescind a citywide restriction on such operations. The bill’s passage, sponsored by Councilwoman Michele Fiore, follows other jurisdictions that have recently ended prohibitions on drive-thru windows at dispensaries including Clark County and North Las Vegas.
Here’s how businesses are preparing for Black Friday in the midst of a pandemic
       
Whether or not crowds will be smaller — or if sales will be down — is yet to be seen. But a recent survey of shoppers done by Deloitte gives a small hint: As many as 38% of shoppers plan to spend less money, partly out of concern for economic stability and a desire to save more. And while people feel more comfortable shopping online, according to the survey, they will probably spend about 7% less this year per household.
Designer fashion shop with non-designer prices pops-up in Mizner Park
       
“We have established relationships with leading design houses, allowing us to provide our customers with the most iconic names in fashion at highly discounted pricing,” says Hillel Simon of the Shop EFG designer fashion pop-up coming to Boca Raton's Mizner Park. “Previously, we wholesaled to all the luxury off-price powerhouses such as Century21 and Neiman Marcus Last Call. Our pop-up shops allow us to go direct to the consumer at even better prices.” Shop EFG will be open Jan. 21-Feb. 21. (Shop EFG / Courtesy)
Florida politics and election news
       
When Florida lawmakers ended their last session, the COVID-19 pandemic was just getting started. Nearly one year later, as vaccines are distributed and some can sense the end of the pandemic that has taken more than 30,000 lives in the state, lawmakers will return Tuesday for a 60-day session to deal with the fallout.
Millions of homeowners face higher fees to pay their mortgage online
       
In a brief filed in the case on Jan. 29, the 33 attorneys general said that a proposed settlement negotiated between PHH and attorneys representing the plaintiffs would allow the company to continue charging the “likely illegal” fees. The settlement also would allow the company to amend the mortgage contracts of all of its borrowers — without the borrowers’ consent and without recording the amended contracts in official records.
Florida’s troubled unemployment system could take up to $244 million to overhaul
       
His department has released a 200-page report chronicling the woes of the embattled agency’s disastrous performance last year as it distributed billions in state and federal benefits to millions of unemployed Floridians who lost their jobs due to COVID-19. As of Sunday, the state had paid more than $2.3 billion to more than 2.2 million Floridians who sought help since last March 15.
Map: It’s getting more expensive to rent in most parts of South Florida as demand soars
       
“We have seen a massive influx of people from up north in years past, but not like now. We are projected to have an extra 1 million people in the next 10 years,” said Ken H. Johnson, a real estate economist at Florida Atlantic University. “Because we don’t have enough product, the prices keep going up.
DeSantis declares schools, businesses will remain open as Legislature convenes
       
“If we do get it, our priority should be to reinvigorate this economy,” Simpson said. “We can do that with dynamic, one-time investments in our shovel-ready road projects, our water infrastructure, and we ought to replenish our unemployment trust fund, which would be a major tax cut for our Florida businesses. The balance of funds should go into our state reserves.”
Here’s how to get your COVID vaccine in Florida when you’re under 65
       
Hospitals, pharmacies, community clinics and doctor’s offices, provided they have the vaccine. This includes Publix, Winn-Dixie, CVS and Walmart. Walgreens will soon be on the list. Publix originally had said its pharmacies would not need a doctor’s note to dole out the vaccine but has since clarified its position to say it will ask for the required form. All pharmacy locations and hospitals require appointments; you can find a list of options at https://bit.ly/3rf9Q2C or at SunSentinel.com/coronavirus.
Florida lottery numbers, results and jackpots
       
Check here for Florida lotto results. Find the top jackpots and winning Florida lottery numbers for Powerball, Mega Millions, Cash 4 Life, Lotto Xtra, Fantasy 5, Lucky Money, Jackpot Triple Play, Pick 3, Pick 4 and other national lottery results.
Biden stands by May timeline for vaccines for all US adults
       
The Biden administration has told governors to make preparations to administer even more doses in the coming weeks. Psaki said the Biden administration was using its powers under the Defense Production Act to help Merck retool to work on the production. The J&J vaccine can be stored for months at refrigerated temperatures, rather than frozen. Now, with a global clamor for more vaccine doses, those heavyweights are helping manufacture doses for less-experienced rivals whose vaccines won the first emergency authorizations from regulators. Merck has since said it was in talks to help other drug companies with vaccine production, but wouldn’t say Tuesday whether other deals are imminent.
Top Workplaces 2021: The Courant wants to know the best workplaces in Connecticut; tell us how COVID-19 has changed where and how you work
       
For the annual Top Workplaces recognition program this unusual year, The Courant is again looking for companies, nonprofit organizations and other groups to tell us how they have responded and evolved during the pandemic. We want, of course, to know what companies should be ranked among the best places to work in Connecticut.
Kroger to Texas and Mississippi: Mask still required
       
While Texas and Mississippi plan to lift their mask mandates, Kroger said Wednesday it will continue to require both customers and employees to wear face coverings amid the ongoing COVID-19 pandemic. "The Kroger family of companies will continue to require everyone in our stores across the country to wear masks until all our frontline grocery associates can receive the COVID-19 vaccine," the Cincinnati-based company said in a statement. The declaration carries some serious weight: Kroger is the nation's largest supermarket chain and the third-largest retailer in the world. Besides Kroger stores, the grocer operates several regional supermarket chains in 35 states, including Fred Meyer, Harris Teeter, Ralphs, Mariano's, Fry's, Smith's, King Soopers, QFC and others. For the latest on Kroger, P&G, Fifth Third Bank and Cincinnati business, follow @alexcoolidge on Twitter.
Polaris mall: Reported shooting leads to evacuation; no victim or suspect located
       
The Columbus DispatchColumbus police are evacuating Polaris shopping mall after a report of shots fired early Wednesday afternoon in the area of the Macy's department store. Police received calls from mall security and patrons that there had been a shooting at the mall around 12:30 p.m.No victim or suspect has been located so far, Sgt. The mall is being evacuated, he confirmed. An officer at the scene reported they are doing a systemic search of the mall, but no victims have been found, according to radio traffic. Mall patrons are being evacuated out a south entrance secured by police, according to radio traffic.
Brothers sentenced after admitting food assistance fraud at Sullivant Avenue market
       
Two brothers who ran a Sullivant Avenue market were sentenced Wednesday in federal court in Columbus after admitting they defrauded federal food assistance programs of nearly $3 million . Federal law prohibits such transactions or the use of food stamp benefits for alcohol, tobacco products, cleaning products and other items. Hassan Nuriso owned the market, but Abdurahim Nuriso oversaw the criminal activity and conducted daily transactions over an eight-year period, according to prosecutors. “It was a nonviolent offense, Mr. Nuriso,” he said in sentencing Hassan Nuriso. Prosecutors did not object to home confinement or probation for Hassan Nuriso, who had a liver transplant and ongoing health issues.
Polaris mall: Reported shooting leads to evacuation; no victim or suspect located
       
The Columbus DispatchColumbus police are evacuating Polaris shopping mall after a report of shots fired early Wednesday afternoon in the area of the Macy's department store. Police received calls from mall security and patrons that there had been a shooting at the mall around 12:30 p.m.No victim or suspect has been located so far, Sgt. The mall is being evacuated, he confirmed. An officer at the scene reported they are doing a systemic search of the mall, but no victims have been found, accordingf to radio traffic. Mall patrons are being evacuated out a south entrance secured by police, according to radio traffic.
Why US hiring could rebound faster than you might expect
       
Why US hiring could rebound faster than you might expectWASHINGTON — Hiring has weakened for six straight months. And this week, the Congressional Budget Office forecast that employment won’t regain its pre-pandemic level until 2024. “I am not often optimistic,” said Heidi Shierholz, an economist at the liberal Economic Policy Institute. Once the virus is contained, that cushion of cash could drive pent-up consumer spending. That spending, in turn, would support faster hiring.
Layoffs at Chesapeake: Hundreds cut as bankruptcy process nears end
       
Chesapeake Energy shed about 15% of its staff this week as it nears the finish line in its bankruptcy process. The decision to layoff 220 workers, mostly from its Oklahoma City headquarters, is tied to ongoing economic factors created by COVID-19 that are impacting demands for oil and natural gas, company officials said. At the same time, the company is wrapping up what it needs to accomplish before it officially emerges from bankruptcy, which is expected to happen sometime next week. On Monday, it announced it was able to successfully raise $1 billion of unsecured debt.
US unemployment claims fall to 779,000 but job cuts grind on
       
WASHINGTON — The number of Americans seeking unemployment benefits declined to 779,000 last week, a still-historically high total that shows that a sizable number of people keep losing jobs to the viral pandemic. Last week’s total, the third straight, declined from 812,000 the previous week, the Labor Department said Thursday. Thursday’s report reflects a U.S. job market that is still suffering from the pandemic, with hiring having weakened for six straight months. It is a key reason why President Joe Biden is pushing Congress to enact a $1.9 trillion economic rescue program, on top of a $900 billion federal aid package that was approved late last year. The decline in applications for unemployment aid over the past few weeks suggests that layoffs have eased slightly as several states have loosened restrictions on restaurants, bars and other service firms, causing these businesses to retain workers.
Oklahoma oil prices and drilling report for Feb. 5, 2021
       
Oklahoma oil prices and drilling report for Feb. 5, 2021Oklahoma crude oil prices as of 5 p.m. Thursday:Natural Gas (Henry Hub) as of 4 p.m. EST Thursday:COMPLETIONNo postings. INTENT TO DRILLCarter: Mack Energy Co.; SW Wildcat Jim Deese Unit No. 1-2 Well; NE1/4 SW1/4 NW1/4 SE1/4 (SL) of 01-02S-03W; TD 4,700. Mack Energy Co.; SW Wildcat Jim Deese Unit No. 3-1 Well; NE1/4 SW1/4 SW1/4 SE1/4 (SL) of 01-02S-03W; TD 4,900.
A meager gain in US jobs last month highlights virus' damage
       
WASHINGTON (AP) — America's employers barely added jobs last month, underscoring the viral pandemic's ongoing grip on the economy and likely adding momentum to the Biden administration's push for a bold rescue aid package. The increase of just 49,000 positions in January made scarcely any dent in the nearly 10 million jobs that remain lost since the virus intensified nearly a year ago. The tepid increase followed a decline of 227,000 jobs in December, the first loss since April. Most of the drop in unemployment occurred because some people out of work found jobs, but others stopped looking for work and were no longer counted as unemployed. And without an increase of 80,000 temporary jobs, the economy would have posted a net loss for January.
Well closures ordered after earthquake near Enid
       
COVINGTON — The Oklahoma Corporation Commission’s induced seismicity department directed operators of five saltwater disposal wells near a 4.2-magnitude earthquake that happened Friday near here to cease operating those wells. The agency also issued a directive requiring operators of 10 additional disposal wells within the general area to reduce their operational volumes, for now. The shut-in wells are within three miles of the earthquake’s epicenter, which was located south of Covington in southeastern Garfield County. Wells where operators were required to reduce volumes to no more than 50% of each well’s most recent 30-day volume are located within 10 miles of the temblor’s location.
Biden wants fast COVID aid, but minimum wage hike in doubt
       
The stakes for the county and economy were amplified Friday morning by the release of the government's jobs report for January, which showed that hiring had stalled to a pace that could hinder a return to full employment for several years. Some 406,000 people left the labor force last month as deaths from the pandemic have surged. “A lot of folks are losing hope,” Biden said in a speech at the White House. “I believe the American people are looking right now to their government for help, to do our job, to not let them down. Vice President Kamala Harris cast the tie-breaking vote in the Senate, her first.
Don’t risk it all if you hate your job
       
That tells me you don’t really know what you want to do. Dear Dave, I don’t like admitting this, but I absolutely hate my job. Considering how I feel, do you think this would be a good idea? Opening a business just because you don’t like your current job, or you’re angry at “the man,” is a bad idea. You don’t have to risk it all to get away from a job you hate and into one you love!
Livestock report from the Oklahoma City Stockyards
       
Livestock report from the Oklahoma City Stockyards:Oklahoma Weekly Cattle Auction SummaryLivestock Weighted Average Report for the week of Feb. 2 through Thursday. Feeder steers sold steady to $4 higher. Feeder heifers steady to $2 lower. Steer and heifer calves sold steady to $4 higher, instance of $10-$12 higher on heifer calves. Slaughter cows sold $1-$7 higher.
Chesapeake Energy opens empty campus office space to outside investors
       
The oil and gas company, which expects to emerge from bankruptcy as soon as next week, is hiring Cushman & Wakefield | Commercial Oklahoma to help it find someone who can come up with a plan to use office space and land there the company no longer needs. But an announcement the company is about to make involving its core campus in Oklahoma City drives that point home. And according to a news release dated for Monday obtained from Chesapeake by The Oklahoman, the team’s plan doesn’t contemplate selling off the campus’ unoccupied buildings in a piecemeal fashion, either. Ultimately, it hopes to land a developer that could lure one company (or maybe more) that would commit to make part of Chesapeake’s home their own. If the plan achieves success, Chesapeake and Cushman & Wakefield believe that kind of redevelopment will benefit the 800 Chesapeake Energy employees who still work on campus, plus make the community a better place to work and live.
Opinion: Silver prices slashed after massive surge
       
Silver prices began the week with the biggest single-day explosion in 10 years, only to tumble midweek as Wall Street and internet speculators on GameStop stock and options created massive swings and attention from regulators. GameStop shares crashed 60% in one day — their largest decline ever — and pulled silver prices along for the ride. As of midday Friday, March silver recovered to $27.05. February gold was trading at $1,810, down $30 per ounce compared to last Friday. Black gold flows uphill
Council member creates map of where pedestrians, cyclists have been killed on OKC streets
       
Ward 6 Councilwoman JoBeth Hamon has compiled police department data to produce a map detailing the deaths of 66 pedestrians and six bicyclists in traffic accidents since 2018. The list includes 32-year-old Brittany Thompson, who was killed two months ago. Return of virtual meetingsCity officials are prepared to return to virtual public meetings when an Open Meetings bill moving through the Oklahoma Legislature becomes law — which could happen this week. Senate Bill 1031 passed the Senate 45-0 last week. The Oklahoma City Council and other public bodies returned to in-person meetings in November, when last year’s legislation expired.
All this shopping online put Estes Express in its own driver's seat as its expands in OKC
       
All this shopping online put Estes Express in its own driver's seat as its expands in OKCBig wheels are rolling in the trucking business, and after trial by coronavirus fire last spring, the industry is moving on: A terminal here has turned from one freight-hauling company to another as the industry rides the rise in online shopping, which still requires off-line delivery. Estes Express Lines just bought the Waggoners Trucking terminal at 1501 SE 15. Klaus said three national trucking companies vied for the property, which belonged to Waggoners for 25 years. It originally was a Transcon Lines terminal, said Klaus, who marketed it after Transcon went into bankruptcy in 1990. The property, on the northeast corner of SE 15 and Interstate 35, includes 17 acres fronting I-35 and is prime for development, Klaus said.
Yellen: Biden’s plan could restore full employment by 2022
       
WASHINGTON — Treasury Secretary Janet Yellen said Sunday the country was still in a “deep hole” with millions of lost jobs but that President Joe Biden’s $1.9 trillion relief plan could generate enough growth to restore full employment by next year. Republican senators argued that Biden’s proposal was too expensive and they cited criticism from Larry Summers, a treasury secretary under President Bill Clinton, that passage of the measure could run the risk of triggering runaway inflation. Summers also contended that Biden’s plan would make less money available for other initiatives such as improving the nation’s infrastructure. Yellen, a former Federal Reserve chair who is the first woman to lead the Treasury Department, said the central bank had the tools to handle any potential inflationary threat. She said the urgent need now was to deal with the problems raised by the pandemic-induced recession: as joblessness, lost small businesses and reopening schools.
Tesla buys $1.5B in Bitcoin, will accept as payment soon
       
Tesla buys $1.5B in Bitcoin, will accept as payment soonSILVER SPRING, Md. — Tesla has invested around $1.5 billion in Bitcoin and said it plans to begin accepting the digital currency as payment for its high-end vehicles soon. The price of Bitcoin soared 15% to above $43,000 Monday. The California-based electric car maker headed by Elon Musk revealed the new strategy in a filing with the U.S. Securities and Exchange Commission, saying its investment in digital currency and other “alternative reserve assets” may grow. In its fourth-quarter earnings report last month Tesla said it had cash and cash equivalents of $19.4 billion.
Luxembourg defends itself against new tax haven allegations
       
LUXEMBOURG (AP) — Luxembourg on Monday denied claims made in international media publications that the nation is a massive tax haven for the world's rich and famous despite European Union legislation to clamp down on it. A group of media outlets including France's Le Monde allege that the Grand Duchy has scores of ghost companies without staff or offices with only the aim in mind to hide or protect funds and wealth from tax collectors or harbor suspect funds. The outlets cite financial data they collated based on publicly available registers of companies. The Luxembourg government said in a statement Monday it “rejects the claims made in these articles as well as the entirely unjustified portrayal of the country and its economy." It said that as an international financial center, “Luxembourg continuously assesses and updates its supervisory architecture and arsenal of measures to combat money laundering and terrorist financing."
Oklahoma oil prices and drilling report for Feb. 9, 2021
       
Oklahoma oil prices and drilling report for Feb. 9, 2021Caddo: Excalibur Resources LLC; Ruckman No. 1-20 Well; C SW1/4 SW1/4 of 20-11N-12W; TD 13,990. Oklahoma oil and gas drilling activity posted Jan. 21:Natural Gas — $2.88 per MMBtuNatural Gas (Henry Hub) as of 2 p.m. EST Monday:Canadian: Citizen Energy III LLC; South Ranch No. 1H-22-27 Well; SE1/4 SW1/4 SE1/4 SW1/4 (SL) of 15-12N-09W; TD 23,000. 2H-22-27 Well; SE1/4 SW1/4 SE1/4 SW1/4 (SL) of 15-12N-09W; TD 23,000.
Chesapeake Energy clears bankruptcy, officially
       
After years of trying to tame its crushing debt, after laying off thousands of employees and after wiping out the investments of its common shareholders, Chesapeake Energy on Tuesday emerged from bankruptcy. The company is much smaller than the one that once was the nation's second-largest producer of natural gas, a free-spending firm that secured assets in nearly every major energy-production basin in America. Parts of its spacious, verdant campus in northwest Oklahoma City are now vacant and up for redevelopment ideas. But company leaders say they retained some key assets after the seven-month bankruptcy process in which Chesapeake shed billions of dollars of its debt. CEO Doug Lawler said Chesapeake is prepared to show the value of a portfolio of operational areas its team has painstakingly worked to preserve and improve for the better part of the past eight years.
Oklahoma oil prices and drilling report for Feb. 10, 2021
       
Oklahoma oil prices and drilling report for Feb. 10, 2021Oklahoma crude oil prices as of 5 p.m. Tuesday:Natural Gas (Henry Hub) as of 4 p.m. EST Tuesday:COMPLETIONCarter: Mack Energy Co.; SW Wildcat Jim Deese Unit No. 19-2-I Well; NE1/4 NW1/4 NE1/4 SW1/4 (SL) of 07-02S-02W; 46 barrels oil per day, 10,000 cu-ft gas per day; TD 4,316. 1-31-30WH Well; NW1/4 NW1/4 NW1/4 NE1/4 (SL) of 06-08N-12E; 8,922,000 cu-ft gas per day; TD 15,182. Kingfisher: Ovintiv Mid-Continent Inc.; CD Frederick 1508 No. 5H-22X Well; SE1/4 SE1/4 SW1/4 SE1/4 (SL) of 15-15N-08W; 1,244 barrels oil per day, 2,967,000 cu-ft gas per day; TD 19,679.
Oklahoma oil prices and drilling report for Feb. 11, 2021
       
Oklahoma oil prices and drilling report for Feb. 11, 2021Canadian: Camino Natural Resources LLC; Geronimo 1207 No. 6-5MH Well; SE1/4 SE1/4 SW1/4 SW1/4 (BHL) of 06-12N-07W; 163 barrels oil per day, 1,657,000 cu-ft gas per day; TD 15,185. 2H-22X Well; SE1/4 SE1/4 SE1/4 SW1/4 (SL) of 15-15N-08W; 718 barrels oil per day, 2,960,000 cu-ft gas per day; TD 19,780. 4H-22X Well; SE1/4 SE1/4 SE1/4 SW1/4 (SL) of 15-15N-08W; 1,214 barrels oil per day, 1,833,000 cu-ft gas per day; TD 19,610. 7H-22X Well; SE1/4 SE1/4 SW1/4 SE1/4 (SL) of 15-15N-08W; 988 barrels oil per day, 2,866,000 cu-ft gas per day; TD 19,655.
US jobless claims fall slightly to 793,000 with layoffs high
       
WASHINGTON — The number of Americans seeking unemployment benefits fell slightly last week to 793,000, evidence that job cuts remain high despite a substantial decline in new confirmed viral infections. Before the virus erupted in the United States in March, weekly applications for jobless aid had never topped 700,000, even during the Great Recession. Nearly 10 million jobs remain lost to the pandemic. All told, 20.4 million people were receiving benefits in the week that ended Jan. 23, the latest period for which data are available. Part of that increase likely reflects the processing of a rush of claims after the extension of two federal aid programs just after Christmas.
Man charged with shooting guard at Virginia federal facility
       
NORFOLK, Va. (AP) — A man accused of shooting a security guard at a Virginia social security building came equipped with several weapons, 600 rounds of ammunition and three bottles of beer, authorities said. William Rankin, 44, was charged with attempted murder of someone helping an employee of the U.S. government, and other offenses, after he entered the Norfolk Social Security Administration building Monday afternoon and wounded a guard, FBI Special Agent Justin Goodrich said Thursday. Rankin was also wounded in an exchange of gunfire. Norfolk police previously said Rankin's wounds were life-threatening but it's unclear whether his condition has changed. Rankin's wife told FBI agents after the shooting that he had been dealing with Social Security over the phone for months regarding his mother’s benefits, according to the affidavit filed against Rankin.
Small stocks roar in recent months
       
NEW YORK — Small stocks are delivering the biggest punch on Wall Street. Over the last three months, an index that tracks 2,000 of the smallest stocks in the U.S. market has more than tripled the gains of the big-cap S&P 500. It marks at least a temporary return to form for smaller stocks, which have historically provided bigger returns than large-cap stocks over the long term. The Russell 2000 currently includes stocks like Bank7, a community bank based in Oklahoma with a market value earlier this week of about $150 million, and fuel-cell maker PlugPower, whose market value shot from less than $6 billion in October to more than $33 billion earlier this week. The median company in the large-cap S&P 500 has a market value of about $26 billion.
Lawsuit targets ride-hail labor law
       
OAKLAND, Calif. — Ride-hail drivers and a union filed a lawsuit Thursday against Proposition 22 — a ballot measure that exempted Uber and other companies from California’s gig economy law — after the state Supreme Court threw out their case. The suit filed in Alameda County Superior Court contends the measure that passed in November violates California’s Constitution. The proposition shields app-based ride-hailing and delivery companies from a new labor law that required such services to treat drivers as employees and not independent contractors, who don’t have to receive benefits such as paid sick leave or unemployment insurance. Last week, the state’s highest court declined to hear the case but left open the possibility of a lower court challenge. The new suit is essentially the same as the Supreme Court suit.
Livestock report from the Oklahoma City Stockyards
       
Livestock report from the Oklahoma City StockyardsOklahoma Weekly Cattle Auction Summary: Livestock Weighted Average Report for the week of Feb. 8 through Thursday. Receipts: 13,675; Last week: 34,616; Last year: 21,410Compared to last week: Combined weighted average for 5 auctions: Ada, McAlester, OKC, OKC West, and Tulsa. Freezing temperatures and a winter mix moved across the trade region this week limiting cattle movement. Combined weighted average for 3 Slaughter/Replacement cattle auctions: McAlester, OKC, and Tulsa. On a very light test, slaughter cows sold steady to $2 higher.
Oklahoma oil prices and drilling report for Feb. 13, 2021
       
Oklahoma oil prices and drilling report for Feb. 13, 2021Blaine: Continental Resources Inc.; Angus Trust No. 2-33-4XHM Well; SE1/4 SW1/4 SW1/4 SW1/4 (BHL) of 04-14N-12W; 646 barrels oil per day, 5,975,000 cu-ft gas per day; TD 22,500. 4-33-4XHW Well; SE1/4 SW1/4 SW1/4 SW1/4 (BHL) of 04-14N-12W; 3,297,000 cu-ft gas per day, 145 barrels oil per day; TD 23,216. 3H-13X Well; NE1/4 NE1/4 NW1/4 NE1/4 (BHL) of 13-17N-09W; 1,302 barrels oil per day, 1,948,000 cu-ft gas per day; TD 19,086. 3-1/12H Well; SE1/4 SW1/4 SE1/4 SE1/4 (BHL) of 12-07N-17E; 7,688,000 cu-ft gas per day; TD 18,471.
Cornerstone Crossing retail sale by Price Edwards & Co., plus more commercial real estate deals from The Oklahoman for Feb. 13, 2021
       
• Ascent Resources Management Services LLC renewed a lease for 89,939 square feet of office space in Atrium Towers at 3501 NW 63. Craig Tucker handled the transaction. • Gable & Gotwals leased 20,854 square feet at BOK Park Plaza at 499 W Sheridan Ave. Tucker handled the transaction. • The Baker Group renewed and expanded an office lease to 17,211 square feet in Valliance Tower at 1601 Northwest Expressway. Tucker handled the transaction.
Stocks end mostly lower
       
U.S. stock indexes closed mostly lower Tuesday as losses in health care and technology companies kept gains in energy and other sectors of the market in check. Energy companies that stand to benefit from record electricity prices due to the frigid cold impacting much of the country surged. Bond yields, which have been ticking higher on expectations of rising inflation, rose sharply. Bank stocks made broad gains on the higher yields, which allow them to charge more lucrative interest rates on loans. Utilities and real estate stocks, bond proxies that can look less attractive when bond yields rise, were among the biggest decliners.
Not every sector lost jobs during the pandemic. Some grew.
       
Not every sector lost jobs during the pandemic. Almost a year ago, Oklahoma’s economy felt the shock of a worldwide pandemic that shuttered businesses, sent workers home and changed the landscape of what it means to be an employee in the workforce. Across the state, at least 150,000 people lost their job. Entire industries felt the squeeze as jobs disappeared, and many still have not recovered. And general merchandise stores, which include big-box retailers Walmart and Target, employed more people during the pandemic than they did the year before.
Oklahoma City's Enable Midstream to be acquired by Texas company
       
Oklahoma City's Enable Midstream to be acquired by Texas companyThe number of publicly traded energy companies in Oklahoma is about to shrink – again. On Wednesday morning, Enable Midstream Partners announced it has entered into an agreement to become part of Energy Transfer through an all-equity transaction worth about $7.2 billion. Enable Midstream, a master-limited partnership formed in 2013 and headquartered in Oklahoma City, employs 1,705 workers, according to owler.com. Wikipedia shows that Energy Transfer, a master-limited partnership formed in 1995 and headquartered in Dallas, employs more than 12,000.
Cost of a single Bitcoin exceeds $50,000 for 1st time
       
— The seemingly unstoppable rise of Bitcoin continued Tuesday with the cost of a single unit of the digital currency rising above $50,000 for the first time. The price of Bitcoin has risen almost 200% in the last three months and its volatility was on display Tuesday. At that price, with about 18.6 million Bitcoins in circulation, Bitcoin has a market value of nearly $907 billion. Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. Companies have been leery because of Bitcoin’s volatility and its use by parties who want to avoid the traditional banking system for a myriad of reasons.
US retail sales jumps 5.3%, thanks to $600 stimulus checks
       
NEW YORK — Those $600 stimulus checks got Americans shopping again. After three months of declines, retail sales soared a seasonally adjusted 5.3% in January from the month before, the U.S. Commerce Department said Wednesday. It was the biggest increase since June and much larger than the 1% rise Wall Street analysts had expected. The $600 stimulus checks, sent out at the very end of last year, pushed people to buy new furniture, clothing and appliances. Darryl Crum bought a new washing machine with his stimulus money, since his old one wasn’t spinning clothes well enough anymore.
>Online trading platform put restrictions on soaring GameStop stock
       
The drama entangled huge short-selling hedge funds, a social media message board and ordinary investors wanting in on the hottest new trade. Some of the toughest questions and harshest criticism was directed at Vlad Tenev, CEO of Robinhood, which operates an online trading platform that is popular with individual investors. Tenev defended Robinhood against allegations that trading restrictions it put in place at the height of the GameStop frenzy disadvantaged those smaller investors in favor of bigger institutional clients. The head of the Financial Services Committee, Rep. Maxine Waters, D-Calif., brusquely grilled Tenev on those restrictions. She also asked Tenev about Robinhood’s close relationship with Citadel Securities, which she maintains poses a conflict of interest.
Oklahoma oil prices and drilling report for Feb. 19, 2021
       
Oklahoma oil prices and drilling report for Feb. 19, 2021Oklahoma crude oil prices as of 5 p.m. Thursday:Natural Gas (Henry Hub) as of 2 p.m. EST Thursday:COMPLETIONCanadian: Ovintiv Mid-Continent Inc.; Breuggen 1407 No. 4H-2X Well; NE1/4 NW1/4 NW1/4 NE1/4 (BHL) of 02-14N-07W; 860 barrels oil per day, 250,000 cu-ft gas per day; TD 19,740. 2H-2X Well; NW1/4 NW1/4 NE1/4 NW1/4 (BHL) of 02-14N-07W; 894 barrels oil per day, 707,000 cu-ft gas per day; TD 19,507. Grady: Citizen Energy III LLC; Wright No. 1H-25-24 Well; NW1/4 NW1/4 NW1/4 NE1/4 (BHL) of 24-10N-08W; 77 barrels oil per day, 944,000 cu-ft gas per day; TD 20,220.
Lawmakers to face off with GameStop saga’s key players
       
WASHINGTON — The GameStop saga has been portrayed as a victory of the little guy over Wall Street giants but not everyone agrees, including some lawmakers in Washington. GameStop shares soared 1,600% in January before falling back to earth. The House Financial Services Committee is ready to dig into the confounding episode at a hearing on Thursday. Several lawmakers have denounced Robinhood’s move on Jan. 28 temporarily blocking its users from buying shares of GameStop and a dozen other companies. But lawmakers and investor advocates accused Robinhood of changing the rules of the road midway through, to favor its big Wall Street clients that stood to lose money if GameStop shares kept rising.
Jobless claims rise to 861K; layoffs stay high
       
Applications from laid-off workers rose 13,000 from the previous week, which was revised sharply higher, the Labor Department said Thursday. Nearly 10 million jobs remain lost to the pandemic. Still, fraudulent claims for jobless aid in some states and other issues, including potential backlogs of claims, may be elevating the totals. And this week, Ohio reported that applications under a federal program that covers self-employed and gig workers jumped from about 10,000 to over 230,000. That could reflect a backlog of applications, because Ohio hadn’t reported data under that program until two weeks ago.
Stocks fall as investors fret over inflation
       
Stocks posted modest losses on Thursday as investors had little reason to buy stocks with discouraging economic data and a steady rise in bond yields, which has start to raise concerns about inflation. Natural gas prices closed down 4.3%. Energy prices have been volatile the past week as record demand for natural gas and other fossil fuels to warm homes has caused electricity prices to skyrocket. Natural gas is typically used as an “on-demand” fuel source to cover increased electrical needs. The yield on the 10-year U.S. Treasury note was at 1.29%, nearly double where it was last fall.
Walmart sales still surging, but a chill may be on the way
       
Walmart sales still surging, but a chill may be on the wayNEW YORK — Walmart is raising wages for 425,000 of its 1.5 million U.S. workers and is investing $14 billion this year to speed up its distribution network as the nation’s largest retailer navigates vast industry changes that were accelerated by the pandemic. Walmart Inc. reported a mixed performance Thursday for the fourth quarter. But sales surged by 7.4% in the period that includes the critical holiday shopping season. Sales at stores opened at least a year rose 8.6%, up from 6.4% in the previous quarter. While online sales surged 69%, that is down from an 80% spike in the prior period and it was the slowest growth since the pandemic began.
Oklahoma oil prices and drilling report for Feb. 20, 2021
       
Oklahoma oil prices and drilling report for Feb. 20, 2021Oklahoma crude oil prices as of 5 p.m. Friday:Natural Gas (Henry Hub) as of 4 p.m. EST Friday:COMPLETIONCanadian: Ovintiv Mid-Continent Inc.; Brueggen 1407 No. 3H-2X Well; NW1/4 NE1/4 NE1/4 NW1/4 (BHL) of 02-14N-07W; 972 barrels oil per day, 830,000 cu-ft gas per day; TD 19,436. Ovintiv Mid-Continent Inc.; Brueggen 1407 No. 5H-2X Well; NE1/4 NE1/4 NW1/4 NE1/4 (BHL) of 02-14N-07W; Horizontal Hole TD 19,237. INTENT TO DRILL
Mize: Lumber, steel and other building costs are up; this is how inflation starts
       
Mize: Lumber, steel and other building costs are up; this is how inflation startsIt's not just lumber prices that are skyrocketing and homebuilders who are taking the hit (and passing it along to homebuyers): Costs are soaring for commercial construction as well, hitting general contractors. Lumber gets the most attention because it literally hits home, at least for those in the market for a new house. Trade publication Random Lengths reported this week that its framing-lumber composite price hit an all-time high of $963 per 1,000 board-feet. "Lumber is killing us," said Curt Hellen, president of Stava Building Corp. in Tulsa. "We have a nine-building project in Tulsa that has experienced a massive cost increase, which did initially delay the project from (the fourth quarter of) 2020 to now."
Merkel, German governors mull way forward on lockdown
       
BERLIN (AP) — German leaders are looking for ways to ease the country out of a long-running coronavirus lockdown, which they are expected to extend on Wednesday while also opening the door to relaxing some restrictions. Chancellor Angela Merkel and the country's 16 state governors are looking for ways to balance concern over the impact of more contagious coronavirus variants with a growing clamor for a return to a more normal life. Merkel and the governors, who in highly decentralized Germany have the power to impose and lift restrictions, are expected to extend the shutdown in principle by three weeks until March 28. The first restrictions already have been relaxed: many elementary students returned to school a week ago. And on Monday, hairdressers opened after a 2 1/2-month break.
COVID-19 reverses key home design trends
       
WASHINGTON— After declining for four years, a number of key trends — including the average size of the home and the number of bedrooms and bathrooms — reversed course in 2020 as a result of shifting buyer preferences in response to COVID-19. The average size home remained flat at 2,486 square feet, while the percentage of homes with four or more bedrooms and three or more bathrooms rose to 46% and 33%, respectively, rising closer to 2015 peaks, according to information from the National Association of Home Builders presented during the recent International Builders' Show, held virtually. "The primary reason is that COVID-19 has led a segment of homebuyers to desire larger homes and to move out to the suburbs," said Rose Quint, assistant vice president of survey research for the NAHB. An increased number of rooms within the same footprint means homeowners are becoming more creative in how they use the space within their homes, and using features such as windows to help make these spaces feel larger.
So, the pandemic has you looking to improve your home. How do you pay for it?
       
So, the pandemic has you looking to improve your home. How do you pay for it? Brandon Segal was set to make a substantial addition to his historic house in a Philadelphia suburb, but he wasn’t sure how to pay for it. He didn’t have enough equity to cover the six-figure renovation bill with a home equity line of credit or a cash-out refinance. “I like the ability to borrow based on what my appraised value is going to be,” Segal says.
It's 'The End' for Midwest City's Warren Theatre
       
It's 'The End' for Midwest City's Warren TheatreDraw the curtain and keep the lights out at Midwest City's Warren Theatre, which is headed to a sheriff's sale. It never had a chance because of the coronavirus. Arvest Bank foreclosed with MWC Warren Theatre Inc. owing $16,277,807.79, plus attorneys' fees, expenses and interest. Interest is accruing at $3,830.33 per day, district court records show.
Court ruling confirms earlier decision — even big businesses have to stick with their electrical provider
       
Electrical service territories inside of Oklahoma matter, three judges on Oklahoma’s Court of Civil Appeals have ruled. In a decision handed down this week, judges making up one of the court's four panels upheld an Oklahoma Corporation Commission order issued two years ago requiring a customer of an electric cooperative to continue using that provider to power one of its wells. The decision is just one salvo in an ongoing battle happening inside Oklahoma right now as part of a debate that pits economic development efforts against the well-being of rural Oklahomans who rely on nonprofit cooperatives to supply the energy they need to live their lives. On one side of the lines are large, investor-owned utilities like Oklahoma Gas and Electric (OG&E), which can supply a lot of energy to a new customer much cheaper than a cooperative can. Regulatory changes on regional and federal levels have slashed investor-owned utilities' costs to provide that power further, and they argue that resulting lower electricity rates they can offer helps boost economic development efforts in rural parts of Oklahoma.
ONG, CenterPoint Energy ask customers to conserve
       
Two of Oklahoma’s regulated natural gas suppliers are asking customers to conserve the fuel between now and Friday morning. Sunday morning, Oklahoma Natural Gas joined CenterPoint Energy in asking its customers to keep an eye on how much gas they are using. ONG, a division of ONE Gas that serves about 884,000 Oklahoma homes and businesses, said it began preparing for last week’s conditions when it sent notices to commercial and industrial customers to advise that shortages might occur. Kent Shortridge, ONG’s operations vice president for Oklahoma, said the utility doesn’t expect to see any significant issues with the system it uses to deliver fuel to its customers.
Rolling blackouts ordered, then rescinded across grid that includes Oklahoma as power demand exceeds supply
       
Oklahomans may be wondering when their power might go off or come back after local utilities including Oklahoma Gas and Electric Co. were briefly ordered Monday to initiate rolling blackouts when power demand exceeded supply across the country's midsection, where frigid temperatures were far below normal. The Southwest Power Pool (SPP), the regional transmission operator that oversees the grid that serves parts or all of 14 states between here and Canada, notified users across its system at 12:30 p.m. that it was ordering blackouts within parts of its system in an attempt to conserve available power supplies. The order was generated because electricity use had exceeded the amount of generation that was available and the curtailments were needed, officials said, to prevent further, more widespread and uncontrolled outages. It requested that operators curtail their service by about 1.5% of what peak demand was Monday morning. About 50 minutes later, the SPP pulled back its alert status to a Level 2, suspending the need for rolling blackouts — at least for Monday afternoon.
State lawmakers will have $9.6 billion to spend next year, budget board says
       
State lawmakers will have $9.6 billion to spend next year, budget board saysState lawmakers will have roughly $9.6 billion to spend in the upcoming fiscal year. The figures certified by the State Board of Equalization on Tuesday are $1.1 billion, or 14%, more than the $8.5 billion spending limit certified by the board in December. Kevin Stitt and top state lawmakers expressed caution about spending beyond the state’s means as projected recurring revenue beyond the upcoming fiscal year is estimated to be roughly $7.9 billion. “We always have to be careful about our recurring revenue, and that’s something that kind of gets lost in the weeds because we can appropriate $9.6 billion, but a lot of that is one-time cash,” Stitt said. “It’s like if you have a rich relative that died and you inherited $1 million this year.
More rolling blackouts possible across Oklahoma
       
Oklahomans are back to wondering when their power might go off or come back after local utilities including Oklahoma Gas and Electric Co. were ordered on Tuesday to again initiate rolling blackouts to conserve power across the country's midsection. As temperatures reached as low as a 15 degrees below zero in central Oklahoma on Tuesday morning, the Southwest Power Pool (SPP), the regional transmission operator that oversees the grid that serves parts or all of 14 states between here and Canada, notified users across its system at 6:46 a.m. that it was ordering blackouts within parts of its system in an attempt to conserve available power supplies. The order was rescinded about 10:30 a.m., an email from Oklahoma Gas and Electric Co. stated. And just after 1 p.m., the SPP stated it had dropped its alert status back to a Level 1, meaning it had enough energy online to meet demands without needing to tap reserves. Tuesday morning's Level 3 order was generated because the current level of electricity demand at that time (42 gigawatts) had exceeded the amount of generation that was available.
OG&E: All power restored; rolling blackouts still possible
       
Most or all Oklahoma Gas & Electric customers awoke Wednesday morning to restored power with the utility reporting as of 7:30 a.m. it had no further outages related to deadly cold temperatures. The utility reported more than 1,000 restoration workers were ready to address any issues. Concerns remain with the Southwest Power Pool, which triggered rolling blackouts across its 14-state area when it hit phase three with generating capacity dropping below its load of 42 gigawatts due to sub-zero temperatures and inadequate supplies of natural gas. SPP reported it hit its morning peak on Wednesday of over 38,600 megawatts about 9 a.m. The outages remain paused, but the alert was raised to phase two Tuesday night after dropping briefly to phase one.
Takeout cocktails could be legalized in Oklahoma during COVID-19 pandemic
       
Takeout cocktails could be legalized in Oklahoma during COVID-19 pandemicIn light of the COVID-19 pandemic, state lawmakers are looking at easing Oklahoma liquor laws to allow some restaurants and caterers to sell takeout cocktails and mixed drinks. An Oklahoma House panel on Thursday unanimously passed legislation that would allow businesses with mixed-beverage licenses to offer some alcoholic beverages as takeout items during the pandemic. "This is to help restaurants because they've been hurt by the pandemic, and this allows them to regain a revenue stream," said Rep. Marcus McEntire, R-Duncan, who is carrying House Bill 2122 from the Oklahoma Restaurant Association. HB 2122, which would create the "Oklahoma Cocktails To Go Act of 2021," easily cleared the House Alcohol, Tobacco and Controlled Substances Committee.
Oklahoma regulators open flow on wells to help address natural gas shortage
       
Members of Oklahoma’s Corporation Commission on Monday voted to remove a cap on natural gas production from wells inside the state, at least temporarily. The removal marks the first time the commission has allowed a well operator to produce natural gas from a well at 100% of its open flow potential without a cap since at least 1999. Between then and March 2020, commissioners routinely had set proration formulas for natural gas production from the state’s most prolific unallocated wells at 65% of open flow potential, or 2 million cubic feet per day (mmcf/d), whichever is greater. Most wells don’t produce that volume for extended periods of time. In March 2020, commissioners adopted a proration formula impacting those wells at 50% of open flow potential, or 2 million cubic feet per day.
With thanks to our delivery contractors
       
With thanks to our delivery contractorsA subscriber on Friday asked if we have a sainthood program. “In this freezing and dangerous weather, I received my copy of The Oklahoman today, completely unnecessary and unexpected. “I received my newspaper along with those for Wednesday and Thursday. Tuesday, I received my newspaper along with Monday’s. I am grateful and amazed that during this time of severe weather I have been able to receive all my newspapers.”
Recap: Gov. Stitt addresses Oklahoma winter storm utility bills Monday
       
Kevin Stitt and other Oklahoma officials addressed the effect of last week's severe winter storm on utility bills at 11 a.m. Monday. Oklahoma Gas & Electric Co. said Sunday it's likely the recent frigid weather will cost customers more in terms of higher utility bills. "It’s too early to estimate how customer use and higher fuel costs will affect utility bills" the Oklahoma City-based utility said in a statement issued Sunday. "As a regulated utility, OG&E will work with the Oklahoma Corporation Commission to determine a path forward." The prices that regulated utilities pay for fuel are passed along to customers through periodic rate adjustments that are reviewed and authorized by the Oklahoma Corporation Commission’s Public Utility Division.
Oklahoma governor thanks Biden for storm aid
       
Oklahoma Gov. Kevin Stitt thanked President Joe Biden's administration Thursday for quickly approving additional disaster assistance to help the state recover from last week's winter storm. Stitt also urged Oklahomans to continue to report storm-related damage. "Oklahomans experienced a once-in-a-lifetime storm last week, and this individual assistance is critical for our full recovery," Stitt said. The additional federal disaster declaration issued late Wednesday by the Biden administration allows homeowners, renters and businesses in 16 Oklahoma counties to apply for disaster assistance or low-interest loans from the U.S. Small Business Administration.
Oklahoma lawmakers push to curb Gov. Kevin Stitt’s power amid coronavirus pandemic
       
Less than a year after state lawmakers temporarily granted Gov. Kevin Stitt unprecedented emergency powers, legislators are looking to curb the governor’s authority in light of the COVID-19 pandemic. Several Republican legislators have introduced bills aimed at telling Oklahoma’s governor what he can, and more specifically, what he cannot do in emergency situations. They say the bills are intended to strengthen the state’s system of political checks and balances and prevent the governor from violating Oklahomans’ rights, regardless of the circumstances. Lawmakers in at least six states are pushing legislation to strip governors of some of their emergency powers.
Majority of small businesses not requiring vaccines, tests
       
ORLANDO, Fla. (AP) — A majority of small businesses are not requiring their employees to get tested for the new coronavirus or get any COVID-19 vaccines, though the health care and hospitality industries are ahead of the curve on this requirement, according to a report released this week by the U.S. Census Bureau. The bureau's most recent Small Business Pulse Survey showed 70% of the small businesses surveyed said “no" when asked if they had required employees to test negative for COVID-19 before coming to work in the last week. Another 10% said “yes" and almost 20% said the question was not applicable. Of the small businesses, two sectors, health care and accommodations/ food service had higher rates than the national average — respectively 15.5% and 14.3%. When asked if employees were asked to have proof of COVID-19 vaccination in the past week, 2.2% of the small businesses answered “yes" and 78.4% answered “no," with 19.4% saying it wasn't applicable, according to the survey.
Biden stands by May timeline for vaccines for all US adults
       
Biden stands by May timeline for vaccines for all US adultsWASHINGTON (AP) — President Joe Biden said the U.S. expects to take delivery of enough coronavirus vaccine for all adults by the end of May — two months earlier than anticipated — and he pushed states to get at least one shot into the arms of teachers by the end of March to hasten school reopenings. Biden also announced Tuesday that drugmaker Merck will help produce rival Johnson & Johnson’s newly approved one-shot vaccine, likening the partnership between the two drug companies to the spirit of national cooperation during World War II. Despite the stepped-up pace of vaccine production, the work of inoculating Americans could extend well into the summer, officials said, depending both on the government’s capacity to deliver doses and Americans’ willingness to roll up their sleeves. Biden’s announcements quickly raised expectations for when the nation could safely emerge from the pandemic, but even as he expressed optimism, Biden quickly tempered the outlook.
How an OKC trust officer stole client money and paid for cars, vacations and a mortgage
       
How an OKC trust officer stole client money and paid for cars, vacations and a mortgageJordan Glen Young was about a decade into his work helping clients manage their investments and estates when easy access to other people’s money proved too much of a temptation to overcome. A 2012 graduate of Leadership Oklahoma City, a program for young adults in the early stages of their careers, Young is now 38 and facing federal prison time after spending the last few years of his career transferring more than $2.3 million from client accounts into his personal bank accounts, federal court documents show. Young spent the stolen funds on a mortgage, vacations, cars and clothes. Having earned his bachelor’s degree in 2006 from East Central University in Ada, Young was employed as a trust administration officer at Oklahoma City-based InvesTrust Wealth Management from 2006 until March 2020, distributing funds into beneficiary accounts at the request of guardians.
Free Credit Reports Extended Until April 2022—Here’s How To Get Yours
       
“For consumers, ensuring that one’s credit remains in good standing during this challenging time goes beyond paying mortgages, auto loans, credit card bills and other financial obligations each month,” said Francis Creighton, president and CEO of the Consumer Data Industry Association, in the bureaus’ press release. “Consumers should have the tools they need to be knowledgeable about their financial information.”Why You Should Check Your Credit Report RegularlyYour credit report shows any credit cards or loans you have open (like car, student or personal loans) as well as the balance on those accounts. Whether you have a lot of debt or no debt at all, it’s important to keep tabs on this report because you need to prove good credit health if you want to access new credit—like to buy a new car, buy a home, or go to college—down the road.
Senate Finance panel OKs Tai as top U.S. trade negotiator
       
WASHINGTON (AP) — The Senate Finance Committee easily approved President Joe Biden's pick to be America's top trade negotiator. The panel on Wednesday confirmed Katherine Tai to be U.S. trade representative on a voice vote. Her nomination, which has received strong bipartisan support, will now go to the full Senate for approval. Tai has promised to make sure that U.S. trade policy benefits America's workers, not just corporations, and to work more closely with U.S. allies to counter an increasingly assertive China. Fluent in Mandarin, Tai spent several years as the Office of the U.S. Trade Representative's head of China enforcement.
Brazil economy faces headwinds after worst plunge in decades
       
Brazil saw a robust rebound in the back half of 2020, with 7.7% and 3.2% growth in the third and fourth quarters, IBGE data showed. Family consumption buoyed results in both quarters, helped by the government welfare program, but that was discontinued at the end of the year. Brazil’s economy was expected to contract less in 2020 than any other major economy in the region, the IMF’s Western Hemisphere director, Alejandro Werner, wrote in a report last month. Nearly 14 million people were unemployed in Brazil at the end of 2020, a slight improvement from the third quarter, according to IBGE data. Under increasing pressure to restore at least some emergency funding to poor Brazilians, Economy Minister Paulo Guedes warned this week that Brazil’s economy could resemble that of Argentina within six months and Venezuela within a year and a half if it doesn’t limit spending.
Stocks move mostly lower as bond yields resume their climb
       
NEW YORK (AP) — Stocks were mostly lower in afternoon trading as another tick up in bond yields gave investors pause. Banks benefited from the increase in bond yields, which allows them to charge higher rates on mortgages and many other kinds of loans. Goldman Sachs rose 2% and JPMorgan rose 2.5%, while Wells Fargo and Citigroup both rose more than 3%. "The 10-year yield is saying the economy is going to get stronger,” said Ryan Detrick, chief investment strategist for LPL Financial. Treasury yields hit the psychologically important 1.50% mark last week, as investors have braced for stronger economic growth but also a possible increase in inflation.
Merkel, German governors mull way forward on lockdown
       
BERLIN (AP) — German leaders are looking for ways to ease the country out of a long-running coronavirus lockdown, which they are expected to extend on Wednesday while also opening the door to relaxing some restrictions. Chancellor Angela Merkel and the country's 16 state governors are looking for ways to balance concern over the impact of more contagious coronavirus variants with a growing clamor for a return to a more normal life. Merkel and the governors, who in highly decentralized Germany have the power to impose and lift restrictions, are expected to extend the shutdown in principle by three weeks until March 28. Some German states also allowed businesses such as florists and hardware stores to open on Monday. Restaurants, bars, sports and leisure facilities have been closed since Nov. 2 and hotels are allowed only to accommodate business travelers.
Lebanon's president wants investigation into currency crash
       
BEIRUT (AP) — Lebanon’s president Wednesday ordered the central bank governor to open an investigation into currency speculation, after the Lebanese pound plunged to record lows on the black market this week. While officially the U.S. dollar costs only 1,520 Lebanese pounds, the black market price was around 9,900 pounds on Wednesday — a day after briefly hitting a record high of 10,000. Just a few months earlier, dollars could be bought at a rate of some 7,000 pound per dollar. The currency drop led to protests across the country. Enraged protesters, angry over the higher costs of dollar denominated goods, have blocked roads and highways with burning tires across the country.
House panel seeks storm documents from Texas grid operator
       
Because Texas is not connected to the national grid, “ERCOT has limited ability to import electricity from outside of the state,'' Khanna noted, adding that nearby regions, such as El Paso, experienced the same extreme temperatures but fewer disruptions. Last month's storm followed similar winter storms in 1989 and 2011 that also caused massive outages, Khanna said. “It appears that lessons learned (again) in 2011 were not implemented either, leaving Texas vulnerable to extreme winter weather again in 2021,'' he wrote. The subcommittee requested documents from ERCOT by March 17 related to its preparedness for extreme weather events; decisions on where and when to implement rolling blackouts; and the disruption of electricity supply in the mid-February storm. A spokesperson for ERCOT could not be reached Wednesday.
Georgia House unanimously approves $140M income tax cut
       
Before the pandemic scrambled state revenues last year, Ralston was eyeing a larger tax cut, a second reduction in the state’s top income tax rate. Legislators cut the top income tax rate from 6% to 5.75% in 2019 as part of a package of changes meant to prevent Georgia’s state income tax collections from increasing sharply after changes to the federal income tax. However, growth in income tax collections undershot forecasts after the changes took effect. When the first phase of the tax cut was passed, lawmakers envisioned the additional quarter-percentage decrease to 5.5% this year. Analysts estimate the state would forgo $500 million to $550 million in revenue from another cut.
Taxes on long-haul flights to go up despite airlines' pleas for suspension
       
Figures from the Office for Budget Responsibility (OBR) showed that Treasury receipts from APD were slashed by 85 per cent in face of the collapse in flights. The OBR predicted that air travel was unlikely to return to a post-Covid "new normal" until 2024-25. Travel magazine, said that given the state of the industry it was "an odd time" to increase the cost of flying. John Holland-Kaye, the Heathrow chief executive, said: "The Chancellor talks about protecting jobs and livelihoods, fixing the public finances and laying the foundations for the future economy, and yet he continues to ignore the UK's aviation sector. "He clearly doesn't understand that all three depend on a strong aviation sector delivering the trade, tourism and investment that power vast parts of the British economy.
Four ways to beat the Chancellor’s Budget tax raid
       
Tax raid 1: Income tax – 800,000 extra 40pc rate payersSolution: Use salary sacrifice and other schemes to lower your taxable incomeWorkers do not pay income tax until they earn more than £12,500. Hargreaves Lansdown, a fund shop, reckons because of the frozen allowances, some 800,000 more people will pay income tax by 2026 and an additional 800,000 will be higher-rate taxpayers. The bigger your pay rise over the next five years, the harder you will be hit. Savers can also use investment schemes such as venture capital trusts and enterprise investment schemes. While these do not reduce your income for tax purposes, any money held in such schemes attracts tax relief.
Sainsbury's slashes 500 jobs with another 650 at risk
       
Sainsbury’s will slash about 500 office roles with a further 650 depot jobs at risk as it seeks to bolster its online business. The supermarket plans to reduce its office space by at least one floor in Manchester and two floors in London and Milton Keynes. The majority of the jobs at risk affect employees that work in human resources, supply chain and logistics, general merchandise as well as commercial operations. It will also shut a warehouse in London that helps send out online orders in June, but the grocer hopes to find jobs for those 650 staff in nearby stores. “I understand this will be a very difficult time for affected colleagues and we will do everything we can to fully support them.”
Climate change: Global CO2 emissions must decrease tenfold, scientists warn
       
Global carbon dioxide (CO2) emissions still need to decrease tenfold to avoid a climate emergency, scientists warn, despite a global fall in 2020 due to Covid-19. They found global CO2 emissions fell by around 2.6 billion tonnes of CO2 in 2020, a decrease of about 7 per cent from 2019 levels. Global CO2 emissions declined sharply in 2020, but with a rebound expected in 2021 efforts must be intensified if the world is to reach the targets of the Paris Climate Agreement. 'The drop in CO2 emissions from responses to Covid-19 highlights the scale of actions and of international adherence needed to tackle climate change.' CO2 emissions decreased by 0.16 billion tonnes on average each year among the 64 countries where emissions decreased.
Las Vegas Sands Corp. sells Venetian, Expo Center for $6.25 billion to focus on business in Asia
       
Las Vegas Sands Corp. is selling the iconic Venetian resort and its Sands Expo and Convention Center for $6.25 billion, withdrawing from gambling operations on the Las Vegas Strip to focus on its casinos in Asia. Under the two-part deal announced Wednesday, VICI Properties will buy the casino and resort and all assets associated with the Venetian Resort Las Vegas and the Sands Expo for $4 billion. After explosive growth in Las Vegas, Adelson turned his eye to Asia. The Venetian, located on the Las Vegas Strip, has three luxury hotel towers with gaming, entertainment, shopping and dining. Former Las Vegas Sands CEO Sheldon Adelson passed away in January at the age of 87At one point, Adelson was the third-richest man in the entire world.
Mercedes launches new E Performance brand
       
Mercedes is launching new branding for its on-road electric performance vehicles, dubbed E Performance. The new monicker replaces “EQ Power+” which was previously used for the brand’s electric vehicles. The first on-road vehicle to wear the new name will be the upcoming Mercedes-AMG GT 73, a super high performance version of the current GT four-door sedan. The GT 73 V8 BiTurbo E Performance will pair a twin-turbo 4.0-litre V8 with a hybrid system, making for a total system output of over 800 horsepower. For now, the E Performance badge will only be used on hybrid vehicles, but in the future, it could also adorn full electric vehicles as well, such as the upcoming EQS.
Houston woman accused of buying homes, Land Rover, Chanel items in alleged $3.7M PPP scam
       
EMBED >More News Videos An Associated Press investigation has found that scores of Roman Catholic dioceses in the U.S. had more than $10 billion in cash and other readily available funds when they received at least $1.5 billion from the federal government's small business emergency relief program. EMBED >More News Videos Lee Price III is accused of spending $1.6 million in CARES Act money on a Lamborghini Urus, which starts at a price of about $207,000, and a Rolex watch. He also allegedly spent thousands at strip clubs, among other things. HOUSTON -- A 37-year-old Houston woman is being accused of buying dozens of luxury items using CARES Act money.The Justice Department indicted 37-year-old LaDonna Wiggins with bank fraud, making a false statement to a bank and money laundering.According to a statement issued on Tuesday, Wiggins submitted two Paycheck Protection Program (PPP) loan applications and received more than $3.6 million. If convicted, Wiggins faces up to 30 years in federal prison and a possible $1 million maximum fine.
To Restore American Democracy, We Need to Tax the Ultra-Wealthy
       
And much of the wealth of Wall Street is in the hands of private equity and hedge fund executives. Warren Buffett and Michael Bloomberg, two Wall Street billionaires, have publicly endorsed a wealth tax plan in the past. The Ultra-Millionaire Wealth Tax would ensure that the super-rich pay taxes on all their assets, not just their New York mansions or Florida getaways, but their stocks, bonds, jewelry, sports cars, and art collections. Imagine how Schwarzman, with his $22.5 billion fortune, will react when the Warren-Jayapal wealth tax demands a payment to the U.S. Treasury seven times that size. In 2019, Leon Cooperman, founder and CEO of hedge fund Omega Advisors, pushed back on Warren’s proposed wealth tax plan to the point where he broke down in tears on national television.
Cancel All Coal Projects to Have 'Fighting Chance' Against Climate Crisis, Says UN Chief
       
"Global coal use in electricity generation must fall by 80% below 2010 levels by 2030," he added. Today, I call on all governments, private companies & local authorities to take 3 #ClimateAction steps: Cancel all global coal projects in the pipeline. End coal plant financing & shift investment to renewable energy projects. Cancel all global coal projects in the pipeline;End the international financing of coal plants and shift investment to renewable energy projects; andJump-start a global effort to finally organize a just transition. "The needs of coal communities must be recognized, and concrete solutions must be provided at a very local level."
MF Daily for Wednesday March 3, 2021
       
An icicle-covered road sign and hedges in Shenley, Britain. Welcome to MF Daily(Formerly know as Mojo Friday’s Weekly Open Thread — MFWOT)All are welcome to hang out and share what is happening in your life today.
Gas, Pipelines Are A Cure For Poverty, Says OpEd By Gas, Pipeline Proponent In RealClearEnergy
       
Was the vague-sounding Alliance for Innovation and Infrastructure a misguided outfit of well-meaning engineers and infrastructure experts? Or just another front for the oil and gas industry hiding behind glossy stock photos? That the piece appeared in RealClear gave us reason to suspect the latter, and we started poking around the organization’s website. But the very last sentence does say that he’s also the chief executive of the Trans Alaska Pipeline System. So it’s a vaguely-named organization with unusual succession practices formerly run by a current oil pipeline executive, and currently delivering pro-pipeline propaganda in a key outlet in the Koch et al.
Senate Parliamentarian is Wrong: Raising the Minimum Wage has Significant Budget Impact
       
If the GOP tax scam could be passed through reconciliation, so should raising the minimum wage. The minimum wage has been raised 22 times by 12 presidents since first adopted in the Fair Labor Standards Act of 1938 the midst of the Great Depression (with the same opposition as today), but has gone longer without increase in minimum wage than in the 80 years since. Republicans love to cite the figure from the Congressional Budget Office (CBO) that a $15 minimum wage would cost 1.4 million jobs. But that is disputed by the Economic Policy Institute – because new jobs would be created with higher consumer demand, as well as past experience: in states that raised the minimum wage jobs were not lost (14 states raised their minimum wage at the beginning of 2016), consumer prices did not rise significantly. The only reason wages did rise at the lower rungs was because of states that raised their minimum wage.
To Renew Our Democracy, We Need to Tax the Ultrarich
       
And much of the wealth of Wall Street is in the hands of private equity and hedge fund executives. Warren Buffett and Michael Bloomberg, two Wall Street billionaires, have publicly endorsed a wealth tax plan in the past. Wall Street Billionaire WealthThere is bound to be loud and hostile opposition from the billionaires who will pay the tax. Imagine how Schwarzman, with his $22.5 billion fortune, will react when the Warren-Jayapal wealth tax demands a payment to the U.S. Treasury seven times that size. That’s right, the tax rate for the rest of us is twice as high as the tax rate for the super-rich.
Biden’s Appointments on Energy and the Environment Are at Best a Mixed Bag
       
But in his appointments to top energy posts, he has selected nuclear power devotees. She has strongly opposed fossil fuels in favor of renewable energy, but she is a nuclear power advocate. Most regrettably, Granholm’s stance on nuclear energy might fit in well with the long avidly pro-nuclear U.S. Department of Energy. In the place of the AEC, the NRC was formed to regulate atomic energy and, later, the Department of Energy (DOE) was created to promote nuclear power, with the Office of Nuclear Energy in DOE the lead component pushing atomic energy at the agency. The nuclear industry will have no such problem with Hanson, an ardent, outspoken member of the nuclear power cult.
Security camera captures earthquake with preliminary magnitude of at least 6.0 hitting Greece
       
Security camera captures earthquake with preliminary magnitude of at least 6.0 hitting GreeceThe earthquake shook clothes on racks as debris fell from the ceiling as seen in the security camera footage.
Stocks mostly lower as bond yields resume climb
       
The Associated PressStocks were mostly lower as another tick up in bond yields gave investors pause. Wall Street continues to look to Washington, where economic data, comments out of the Federal Reserve and President Joe Biden’s stimulus package remain front and center. Banks benefited from the increase in bond yields, which allows them to charge higher rates on mortgages and many other kinds of loans. The big piece of data investors will get will be the February jobs report on Friday. Economists surveyed by FactSet expect employers created 225,000 jobs last month, but with the disappointing economic data, investors are likely to dampen their outlooks.
Alamo Drafthouse cinema chain files for bankruptcy
       
Dine-in cinema chain Alamo Drafthouse filed for bankruptcy Wednesday after taking a beating from the COVID-19 pandemic. The chain also has 23 franchised cinemas in addition to its company-owned sites. Alamo’s bankruptcy is just the latest sign of the damage the COVID-19 crisis has inflicted on movie exhibitors around the world. AMC, the world’s largest cinema operator, narrowly avoided bankruptcy this year after weathering heavy losses alongside rival Cinemark. Alamo is known for enforcing a “zero-tolerance” policy against talking and cellphone use during screenings at its eat-and-watch cinemas.
Crafts retailer Michaels to be acquired by Apollo for $3.3 billion
       
Arts-and-crafts retailer Michaels said it has agreed to be acquired by private equity giant Apollo Global Management in a deal that values the company at $3.3 billion. The going-private transaction values Michaels’ outstanding stock at $22 a share, a 47 percent premium to the closing price on Feb. 26, the last trading day before the media reported that Michaels was in play, the companies said. The deal with Apollo — controlled by billionaire Leon Black, who has been weathering a scandal over his ties to dead pedophile Jeffrey Epstein — is valued at a total of $5 billion including debt. The arts-and-crafts retailer has more than 1,200 stores in North America and it had been a go-to stop for consumers looking for something to do during quarantine. “As a private company, we will have financial flexibility to invest in, expand, and improve our retail and digital platforms.”
This is how traveler loyalty has changed during the pandemic
       
In a world of travel restrictions and lockdowns, loyalty programs became irrelevant. As the pandemic progressed, the companies behind travel loyalty programs were desperate to keep their customers. “With the pandemic pummeling travel, consumers’ choices are going to be more erratic in the next few months,’’ Garibaldi predicts. I suggested that loyalty programs faced an existential crisis because they weren’t taking care of their customers. AD“The pandemic has broken all established patterns and required consumers to rethink their loyalty to any and all travel companies,” says Erik Budde, loyalty expert and CEO of GigaPoints, a credit-card comparison tool.
Black and Hispanic women stand to gain the most from a $15 an hour minimum wage
       
About 46 percent of Hispanic women and almost as many Black women (39 percent) still earn less than $15 an hour. People earning minimum wage are still much better off.”Of course, $15 is still on the low end of the wage distribution. At the other end of the ranking, a number of states have already raised their minimum wage — plus an outlier, New Hampshire. Finally, you’ll need to account for research which shows that, when a government raises the minimum wage, you also raise earnings for workers earning slightly above the minimum wage. Put all that together, and you get estimates that as many as 32 million Americans — particularly Black and Hispanic women — will gain from a $15 minimum wage.
Opinion | The White House’s use of Zoom for meetings raises China-related security concerns
       
ADADNevertheless, the White House has to be especially careful about cyber security threats, and its reliance on Zoom is a problem, the House’s Republican Study Committee Chairman Jim Banks (Ind.) wrote in a letter to Ron Klain, the White House chief of staff. They also emphasized the White House uses Zoom for Government, a more secure version, and not for classified meetings. A former senior Trump administration official acknowledged that the Trump administration had used Zoom, but pointed out that the Trump administration practiced lots of unsafe cyber security habits so it should not be held up as the standard going forward. McMaster’s latest book calls the Chinese Communist Party the greatest threat in a generation.
Ralph Lauren 'first' luxury brand to start a clothing rental business
       
Ralph Lauren has announced a new clothing rental service hailed as a first for a luxury brand. The New York fashion house is peddling a program called "The Lauren Look," offering frugal fashionistas the chance to rent an "ever-evolving" selection of womenswear apparel from its Lauren Ralph Lauren brand for $125 a month. GOODWILL DONOR IN TEXAS ACCIDENTALLY LEAVES $5,000 IN JACKET, GETS IT BACK WEEKS LATERMuch like Rent the Runway, chosen selections are shipped out to the shopper to rent, try or buy. "The Lauren Look allows us to explore an entirely new model tapping into the growing focus on the sharing economy and revolutionizing how we look at fashion consumption," said David Lauren, Chief Innovation and Branding Officer. Like many luxury brands, Ralph Lauren has struggled during the coronavirus pandemic with continued store closures and diminished global demand, Reuters reports.
Cramer: Post-Covid travel boom could be 'a sky's the limit situation'
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer: Post-Covid travel boom could be 'a sky's the limit situation'"It's going to be a beam here in this country and I don't think people are ready for it," CNBC's Jim Cramer. "This may be a sky's the limit situation. I think people are going to go everywhere."
Li-Cycle CEO on the company's role in the EV battery supply
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLi-Cycle CEO on the company's role in the EV battery supplyAjay Kochhar, CEO at Li-Cycle, joins "Squawk on the Street" to discuss the company's SPAC plans and EV battery recycling business.
How ACME Capital's Hany Nada is reading into the volatile trading
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow ACME Capital's Hany Nada is reading into the volatile tradingHany Nada, co-founder and managing partner at ACME Capital, joins "Squawk Alley" to discuss volatile trading in Rocket Companies and other stocks favored by retail traders.
Aston Martin chairman: Adding F1 to market our road cars is 'monumental'
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAston Martin chairman: Adding F1 to market our road cars is 'monumental'Aston Martin Chairman Lawrence Stroll speaks on the company's launch of a new F1 car.
Here's how Neuberger Berman's Joseph Amato expects stimulus to affect the market
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's how Neuberger Berman's Joseph Amato expects stimulus to affect the marketJoseph Amato, CIO at Neuberger Berman, joins "Squawk on the Street" to discuss the volatility in names like Rocket Companies and GameStop, and what it means for the market.
Here's what a proposed wealth tax could cost investors
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what a proposed wealth tax could cost investorsCNBC's Robert Frank takes a look at the true cost of a wealth tax proposed by Sen. Elizabeth Warren and other Democrats.
Pfizer will see vaccine sales last longer than people realize: Mizuho's Divan
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPfizer will see vaccine sales last longer than people realize: Mizuho's DivanLouise Chen of Cantor Fitzgerald and Dr. Vamil Divan of Mizuho join "Squawk on the Street" to discuss vaccine stocks and their outlook.
Here's why this California city halted construction of new gas pumps
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why this California city halted construction of new gas pumpsMayor Teresa Barrett of Petaluma, Calif., joins "Squawk on the Street" to discuss the city's push toward green energy by phasing out new gas stations.
U.S. will have vaccines for every adult by the end of May, Biden says: Here's how the headlines could affect your money
       
Stocks pull back, President Joe Biden delivers optimistic vaccine news, and experts recommend filing your taxes ASAP. Public health experts say the best vaccine is whichever is offered to you once you're eligible. That's a marked uptick from the 15.7 million returns the IRS received in the first week of tax season last year. Americans are smart to file as soon as possible, tax experts say. Video by David Fang Filing is also the fastest way to get any stimulus funds you may be owed, experts say.
A career expert shares 5 questions she wishes more candidates 'had the guts to ask' during job interviews
       
Below are five questions I wish more candidates had the guts to ask during job interviews. So it's good to be prepared and have a strong understanding of what the expectations are and whether your experience and skills indicate you're right for the role. Hiring managers love when candidates ask this question because it shows a sense of self-awareness. Let's say you're told: "I'm worried you might not be happy in this job because it's not a client-facing position." 'How does my background compare to other candidates you're interviewing?'
GM extends plant shutdowns due to global semiconductor chip shortage
       
General Motors employees work on the assembly line at the Fairfax Assembly & Stamping Plant in Kansas City, Kansas. GM also said its Gravatai plant in Brazil will take downtime in April and May. DETROIT — General Motors is extending temporary shutdowns at three of its North American plants due to a global semiconductor chip shortage, which is expected to shed billions off automakers' earnings in 2021. "GM has not taken downtime or reduced shifts at any of its truck plants due to the shortage." Consulting firm AlixPartners estimates the chip shortage to cut $60.6 billion in revenue from the global automotive industry this year.
Shares of Oscar Health dip in NYSE market debut, begins trading at $36 per share
       
Shares of Oscar Health dipped 8% in its initial public offering Wednesday on the New York Stock Exchange. The stock began trading at $36 per share. Oscar had priced its shares at $39 apiece, above its target range of $36 to $38. It competes against health giants such as UnitedHealth and CVS Health's Aetna, but previously told CNBC it believes it can succeed through its focus on customer service and technology. Oscar's market debut comes amid strong interest in virtual health companies, as Americans seek alternatives to more traditional brick-and-mortar care.
Stocks making the biggest moves midday: Rocket Companies, Lyft, Michaels, Ambarella & more
       
Ambarella – The semiconductor company's stock jumped more than 6% following Ambarella's fourth quarter earnings. Wendy's – The restaurant stock slid more than 5% after Wendy's missed estimates on the top and bottom lines for the fourth quarter. Nordstrom – Shares of the retailer fell about 4% despite beating Wall Street estimates on the top and bottom lines for its fourth quarter. FuboTV lost $2.47 per share, and it is unclear if that was comparable to analysts' estimates. Dollar Tree – Shares of the discount retailer advanced more than 4% after Dollar Tree beat earnings estimates for the fourth quarter.
More than $45 billion in rental assistance could soon be available. Here's how to apply
       
"But new programs are opening regularly," said Diane Yentel, president and CEO of the National Low Income Housing Coalition. Not all states have set up there rental assistance program yet, but all states should eventually have one. "If individuals are in a state where the program has not opened, they should check to see if their locality is offering a rental assistance program," Yentel said. Many areas already had existing rental assistance funds, and it will be through one of these that you apply for the new aid. Diane Yentel president and CEO of the National Low Income Housing CoalitionThe National Low Income Housing Coalition has a database of rental assistance programs, too.
Fewer Americans could receive those $1,400 stimulus checks. Here's why
       
New $1,400 stimulus checks are set to go out once Washington lawmakers finalize a new coronavirus relief bill. However, fewer people could see the money, based on reports that President Joe Biden has agreed to lower the income levels at which those payments are capped. Instead, the payments would be capped for individuals earning $80,000, heads of household with $120,000 and married couples with $160,000. Consequently, fewer Americans with incomes above the thresholds for the full payments will receive checks. "It means less money in the hands of Americans," said Aaron Klein, senior fellow in economic studies at the Brookings Institution.
FedEx pledges $2 billion toward carbon-neutral operations by 2040, aims for all-electric fleet
       
A FedEx Corp. Boeing 767-300F cargo plane sits parked at the San Diego International Airport (SAN) in San Diego, California, U.S., on Monday, April 27, 2020. FedEx is investing at least $2 billion toward sustainable energy initiatives, including electric vehicles and carbon capture research, as part of a new pledge to become carbon neutral by 2040, the company announced Wednesday. The Memphis-based logistics giant said it aims to replace all of its parcel pickup and delivery vehicles with a sustainable electric fleet by 2040. FedEx joins other large companies setting carbon neutral goals within the next few decades. Amazon, which has previously pledged to become carbon neutral by 2040, called on other companies in September to set similar targets.
Private equity firm acquires Michaels in $5 billion deal
       
New York (CNN) Private equity giant Apollo Global Management is acquiring arts and crafts retailer Michaels in a $5 billion deal. Apollo will buy all outstanding Michaels shares for $22 each — a 47% premium to Friday's closing stock price, and well above the stock's pandemic-era low of around $1. Michaels, which operates more than 1,250 stores in the United States and Canada, was hit hard last spring when the pandemic forced it to shutter locations temporarily. Michaels has also implemented new strategies including adding curbside pick-up and same-day delivery. Saunders says Apollo will "benefit from the recent investments Michaels has made in its online proposition."
Winter storm cools gun sales after Capitol insurrection led to record-setting January
       
New York (CNN) The winter storm that left much of the nation covered in snow and ice last month also caused gun sales to cool down a bit after heating up in January following the Capitol Hill insurrection. Gun retailers across the country still managed to sell more firearms last month than in any February since 2016, according to FBI firearm-sale background check data released Tuesday afternoon. The estimated 1.39 million guns sold last month was a 7.2% year-over-year increase from the roughly 1.29 million guns sold in February 2020, according to the National Shooting Sports Federation, a firearms industry trade group that tracks monthly gun sales. The NSSF, which cross references FBI background checks with national retail sales figures to come up with its more-accurate firearm sale stats, said gun sales last month were the third highest for any February on record. An assortment of rifles hang in a gun shop on February 19, 2021, in Salem, Ore.With the exception of February 2016, last month's gun sales were surpassed only by those in February 2013, two months after the Sandy Hook Elementary mass shooting , which left many gun buyers fearful that Congress would pass sweeping legislation limiting their ability to purchase weapons.
Ample is trying to make battery-swapping for EVs a reality in the U.S., starting with Uber drivers in the Bay Area
       
Ample is now operating five battery swap stations in the San Francisco Bay Area specifically for Uber drivers. Participating drivers with supported electric vehicles can exchange a spent battery for a fully charged one in less than 10 minutes. Ample battery swap stations are designed to be installed quickly along a route -- they are pre-fabricated and assembled wherever they're wanted, but do not require complex construction or permitting. Like most companies in the emerging field of electric vehicles, Ample is also looking to reduce the environmental impact of energy generation for the onslaught of electric vehicles in and beyond the US. The co-founders also said swapping should enable used electric vehicles to stay on the road, performing perfectly for longer, rather than turning into e-waste.
Refiner Delek rejects peer CVR Energy's board nominees
       
(Reuters) - Refiner Delek US Holdings Inc on Wednesday rejected CVR Energy Inc’s nominees to its board, raising concerns about their independence, days after the Carl Icahn-backed company questioned the compensation of Delek’s chief executive. CVR, which owns about 15% of Delek and is its largest stockholder, questioned the compensation of Delek’s CEO, Uzi Yemin, after it said it was not interested in buying the refiner and sought to replace three Delek directors. [bit.ly/3uYLlJl]“None of the nominees offered experience and skills that are different than its current board,” the company also added. CVR Energy was not immediately available for comment. CVR had urged Delek to cease refining operations at the Krotz Springs and El Dorado refineries in the U.S. Delek stated that the refinery supplies light products into markets where CVR is a direct competitor and its closure would create a competitive advantage to CVR.
Mexican president says Vitol offered Pemex $30 million in damages after scandal
       
Slideshow ( 3 images )MEXICO CITY (Reuters) - Vitol, the world’s largest independent oil trader, offered to Mexican national oil firm Petroleos Mexicanos (Pemex) about $30 million in compensation after Vitol admitted to paying bribes, Mexican President Andres Manuel Lopez Obrador said on Wednesday. Vitol offered Pemex compensation of about $30 million due to the bribery scandal, Lopez Obrador said at a regular news conference. He said it is the government’s objective to determine who accepted the bribes at Pemex, but that a prosecutor would be in charge of the process. “If we do not know who, we cannot accept the supposed reparations of the damage because we would be covering up, accomplices,” Lopez Obrador said. As part of the total compensation, Vitol offered around $17 million in cash to Pemex and an unknown amount to cover contracts that Pemex no longer wished to carry out with Vitol, Pemex Chief Executive Octavio Romero said.
Exxon touts growing dividends, cutting spending as climate challenges loom for Big Oil
       
It expects output to remain flat at around 3.7 million barrels of oil and gas per day through mid-decade as it focuses on boosting cash flow instead. The company made costly misfires in recent years by overspending on shale and oil sands projects that it later wrote down. But after the pandemic slashed energy demand, Exxon cut spending by nearly a third - reducing the value of its shale gas properties by more than $20 billion. Exxon plans to spend $3 billion through 2025 on its Low Carbon business, or about 3% of its capital spending, up from about 1% previously. Exxon expects $2 billion in savings alone from its workforce cuts, said Andrew Swiger, chief financial officer.
UK businesses told to review COVID-19 claims as UK cracks down on fraud
       
REUTERS/Lee SmithLONDON (Reuters) - British businesses were on Wednesday urged to review how they claimed for government support during the coronavirus pandemic as the country launched a 100 million pound ($140 million) taskforce to tackle fraud. “Businesses concerned they are in the ‘mistake’ category should review those claims as a matter of urgency...,” said Sarah Wallace, a partner at Constantine Law. “Those who think these (discrepancies) will most likely fall under the radar should perhaps think again. There may be civil or criminal consequences.”The government said its taskforce would have 1,265 HMRC staff. It also plans to strengthen rules around its “bounce back loan” programme, aimed at helping businesses survive the pandemic.
Privacy activists pile on EU-UK data flows deal
       
In submissions to the European Commission and the bloc's data protection regulators today, British non-profit collective the Open Rights Group demanded stricter privacy standards for immigrants under the U.K.'s privacy framework before the data flows deal is finalized. He was referring to a carve-out in U.K. data protection law that waives rights for certain cases involving immigrants' data. The European Commission gave its preliminary approval to Britain’s data protection standards, in what is called an adequacy decision, in mid-February. The approval must now be scrutinized by Europe’s data protection regulators and receive a sign-off from national capitals before cross-Channel data flows are guaranteed. In a sign that the EU's executive will have a tough time convincing skeptics that it was right to give the U.K. data regime the green light, British academics also published a paper today criticizing the deal.
UK’s coronavirus crisis support for the economy compared
       
Withdraw support for businesses and jobs too soon and they risk a wave of bankruptcies and a spike in unemployment. The European Commission is due to present a communication tomorrow inviting governments to “ease” out of support measures gradually. Germany’s furlough scheme, or Kurzarbeit, has been extended until the end of 2021. The government will also likely extend its furlough scheme. Spain has extended its furlough scheme until May.
A Betsy DeVos Holdover Is Still In Charge Of America’s Student Loans
       
Advocates for student loan borrowers are pressuring President Joe Biden’s administration to fire the head of Federal Student Aid, a Trump administration holdover they say has mismanaged an office that could be key in advancing Democratic goals to make college more affordable. and American Federation of Teachers President Randi Weingarten ? is likely to increase now that Education Secretary Miguel Cardona has taken office. The office’s struggles are well-known, and even prompted DeVos to propose spinning off FSA as an independent agency in 2019. On his first day in office, Biden extended a pause on student loan payments until the end of September. The office also faced intense criticism after Great Lakes, a major student loan servicer, provided inaccurate information to credit agencies last year, hurting some borrowers’ credit scores.
$20 million lawsuit filed against Catholic high school over 'blackface photo'
       
The incident took place in August 2017 prior to the boys starting school that fall at St. Francis. "Believing themselves to look 'silly' in the masks, A.H. and Minor III took a time-stamped photograph of themselves in the masks," the lawsuit states. Pupils from St. Francis High School in Mountainview, Calif. The image sparked outrage from other St. Francis students and parents and prompted the school's president, Jason Curtis, to publicly condemn it. St. Francis and Curtis did not respond to a request for comment on Wednesday.
Detectives look at SUV’s ‘black box’ from Tiger Woods crash
       
Workers collect debris beside a vehicle after a rollover accident involving golfer Tiger Woods Tuesday, Feb. 23, 2021, in Rancho Palos Verdes, Calif., a suburb of Los Angeles. Woods suffered leg injuries in the one-car accident and was undergoing surgery, authorities and his manager said. (AP Photo/Marcio Jose Sanchez)Workers collect debris beside a vehicle after a rollover accident involving golfer Tiger Woods Tuesday, Feb. 23, 2021, in Rancho Palos Verdes, Calif., a suburb of Los Angeles. Woods suffered leg injuries in the one-car accident and was undergoing surgery, authorities and his manager said. (AP Photo/Marcio Jose Sanchez)LOS ANGELES (AP) — Detectives are looking at data from the so-called “black box” of Tiger Woods’ SUV to get a clearer picture of what occurred during the Southern California rollover crash last week that seriously injured the golf star, authorities said Wednesday.
Market divergence persists, Nasdaq whipsaws at 50-day average
       
Delving deeper, the 3,830 area is followed by the 50-day moving average, currently 3,819. The index has whipsawed of late near the 50-day moving average, currently 13,342. To reiterate, consecutive monthly closes — January and February — have registered within two points of the 50-day moving average. Technically, the group has weathered a relatively modest late-February downturn, maintaining the 50-day moving average. The ensuing pullback has been underpinned by the breakout point, and more recently, the 50-day moving average.
Las Vegas Sands Is Leaving Las Vegas As It Sells U.S. Properties For $6.25 Billion
       
Las Vegas Sands (LVS) announced Wednesday that it has agreed to sell its Las Vegas properties for about $6.25 billion as it turns its focus to its Asia operations. Before his death on Jan. 11, Las Vegas Sands founder and CEO Sheldon Adelson had discussed selling the Las Vegas properties. Despite its name, the majority of Las Vegas Sands' revenue has come from Macau for several years. Las Vegas Sands has been lobbying New York and Texas lawmakers to allow casinos in their states. Las Vegas Sands' relative strength line has been trending upward lately.
Market divergence persists, Nasdaq whipsaws at 50-day average
       
Delving deeper, the 3,830 area is followed by the 50-day moving average, currently 3,819. The index has whipsawed of late near the 50-day moving average, currently 13,342. To reiterate, consecutive monthly closes — January and February — have registered within two points of the 50-day moving average. Technically, the group has weathered a relatively modest late-February downturn, maintaining the 50-day moving average. The ensuing pullback has been underpinned by the breakout point, and more recently, the 50-day moving average.
Greensill Capital planning to file for insolvency in U.K. this week
       
Embattled financial startup Greensill Capital plans to file for insolvency in the U.K. this week, as it simultaneously moved toward a deal to sell its operating business to Apollo Global Management APO, +1.67% , according to people familiar with the matter. The deal with Apollo, which could be struck by the end of the week, would be part of a Greensill insolvency, similar to the U.S. bankruptcy process, the people said.
The huge service side of the U.S. economy suffers a hiccup in February, ISM finds
       
Companies anticipate stronger sales in 2021 on the expectation that vaccines for the coronavirus will allow the economy to return closer to normal. “Respondents are mostly optimistic about business recovery and the economy,” said Anthony Nieves, chairman of the survey. Read: Manufacturers grow at fastest pace since pandemic, ISM findsWhat happened: New orders and production expanded again in February, but at a much slower pace than at the start of the year. Even with all those troubles, 17 of the 18 service industries tracked by ISM expanded last month. The biggest problem for companies is getting badly needed supplies at reasonable prices in light of widespread shortages of key materials.
Biden moves up timeline for when enough vaccine doses will be available for all adults: now end of May
       
“We’re now on track to have enough vaccine supply for every adult in America by the end of May,” Biden said. The supply of J&J doses to states, expected to dip after the initial shipment this week, will climb to 4 million to 6 million weekly doses by the end of March and 5 million to 6 million doses weekly through the end of April. The company has promised to deliver 100 million doses by the end of June. Now, amid the global clamor for more vaccine doses, those heavyweights are helping manufacture doses for less-experienced rivals whose vaccines won the first emergency authorizations from regulators. Merck has since said it was in talks to help other drug companies with vaccine production, but wouldn’t say Tuesday whether other deals are imminent.
Market divergence persists, Nasdaq whipsaws at 50-day average
       
Delving deeper, the 3,830 area is followed by the 50-day moving average, currently 3,819. The index has whipsawed of late near the 50-day moving average, currently 13,342. To reiterate, consecutive monthly closes — January and February — have registered within two points of the 50-day moving average. Technically, the group has weathered a relatively modest late-February downturn, maintaining the 50-day moving average. The ensuing pullback has been underpinned by the breakout point, and more recently, the 50-day moving average.
PayPal Thrived in Covid-19 Times. Its CFO Is Determined to Keep the Momentum Going.
       
Companies that benefited from the Covid-19 pandemic might be the only ones not looking forward to its end, as they face investors’ questions about how they will keep momentum going. Chief Financial Officer John Rainey tells Barron’s that setting the bar high is a logical step for a payments company confident in its importance to consumers, no matter how they shop. “We recognized that this is an inflection point for digital payments, and we’re investing into that,” he notes, citing innovations like QR code contactless payments and buy now, pay later options. Despite all the gains that PayPal has made, Rainey notes there is a lot of opportunity left—in the U.S. and abroad. Ultimately, Rainey thinks that services like PayPal, which make payments secure and seamless, won’t lose their luster once people resume their regular lives.
How Much Is Tesla Software Worth? A Lot.
       
The conclusion, good news for the company and for other car makers, is that Tesla software is worth a lot. Hummell isn’t the only one that values Tesla software highly. Morgan Stanley analyst Adam Jonas has taken a sum-of-the-parts approach to valuing Tesla stock, looking at the different businesses separately. That’s lower than Hummell’s call, but Jonas still rates Tesla stock at Buy, with a target of $880 for the share price. Jonas believes the Tesla car business is more valuable than Hummell does, valuing it at roughly $350 billion.
Exxon’s Approach to Fight Climate Change May Win Investors Over
       
Exxon Mobil executives made their case on Wednesday for why they think they can fight climate change while still being one of the biggest oil and gas producers in the world. Exxon’s plan seems to be getting more positive attention — on Wall Street at least — than the plans from competitors like BP (BP) that have pledged more money to combat climate change. It’s a significant rhetorical shift for a company that Greenpeace and others have accused of undermining efforts to combat climate change for decades. The company has denied those claims and was found not guilty in 2019 in a case brought by the New York Attorney General that alleged Exxon committed securities fraud by misleading investors about climate change. The company says that 90% of its oil and gas investments can achieve returns of 10% even if oil falls to $35 per barrel.
Google Plows Ahead With Plan to Curb How Ads Track Users
       
“Once we are on the way to recovery, we will need to begin fixing the public finances – and I want to be honest today about our plans to do that.”The U.K. economy has already suffered its deepest recession in more than 300 years, alongside the worst pandemic death toll in Europe. He extended significant near-term support to help drive the recovery from the pandemic while deferring most tax increases until the economy has healed.”-- Dan Hanson, senior economist. Click here for full INSIGHT.The extended aid for workers and businesses will help prevent a surge in unemployment. That gives the chancellor breathing space, although he’ll also have an eye on the next general election due in 2024. (Updates with details, context)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A more targeted stimulus package is 'difficult to do': Democratic congressman
       
Even the U.S Chamber of Commerce is warning the relief bill isn’t targeted enough given the state of the economy and should provide relief to those who truly need it. “I think everyone would like it to be more targeted, but that's difficult to do,” he told Yahoo Finance Live. The overall cost of the COVID-19 relief package is expected to shrink when the Senate picks it up this week. Congress is looking to vote on the relief bill quickly so that it can be signed into law before March 14 — when stimulus from the previous relief package is set to expire. Beyer said he would still vote for a slimmed down relief package, even if it doesn’t include a hike in the minimum wage to $15 an hour.
Wall Street ends lower, tech stocks retreat
       
Stocks on Wall Street ended Tuesday lower, a day after a blockbuster rally that saw the S&P 500 have its best day since June. And the Nasdaq lost about 1.7% as Apple, Facebook, Tesla and other big technology names tumbled. Video Transcript- Stocks on Wall Street ended Tuesday lower, a day after a blockbuster rally that saw the S&P 500 have its best day since June. And the NASDAQ lost 1.7% as Apple, Facebook, Tesla, and other big technology names tumbled. Shares have risen sharply over the past year, but fell nearly 7% on Tuesday on the expected hit to margins.
Wall Street ends lower as Apple and Tesla retreat
       
By Noel Randewich(Reuters) - Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the U.S. Congress to approve another stimulus package. The S&P 500 materials and consumer staples sector indexes rose. The consumer discretionary index dipped 1.3%, with Amazon falling 1.6%. The Dow Jones Industrial Average fell 0.46% to end at 31,391.52 points, while the S&P 500 lost 0.81% to 3,870.29. The S&P 500 posted 30 new 52-week highs and no new lows; the Nasdaq Composite recorded 165 new highs and 57 new lows.
U.S. private payrolls miss expectations in February
       
U.S. private payrolls miss expectations in February BUFILE PHOTO: The spread of the coronavirus disease (COVID-19), in Fort SmithBy Lucia MutikaniWASHINGTON (Reuters) - U.S. private payrolls increased less than expected in February amid job losses in manufacturing and construction, suggesting the labor market was struggling to regain speed despite the nation's improving public health picture. Private payrolls rose by 117,000 jobs last month, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private payrolls would increase by 177,000 jobs in February. It has a very poor track record predicting the private payrolls count in the government's more comprehensive, and closely watched, employment report because of methodology differences. The ADP report's initial 174,000 private payrolls tally for January way overshot the Labor Department's total of only 6,000.
World Bank's Malpass: We need more transparency on COVID-19 vaccine rollout, debt servicing
       
World Bank President David Malpass said more transparency is needed on debt servicing and the vaccine rollout, as the world’s most impoverished countries continue to struggle with the COVID-19 pandemic. The World Bank has contributed $12 billion to COVAX, a global initiative to distribute vaccines to countries that may not have the financial resources to afford them. The World Bank also works directly with countries on funding, which it hopes will reach 40 countries. Story continuesHe added that debt reduction efforts targeting developing countries would help free up fiscal space to move toward infrastructures with smaller carbon footprints. "The direction that the world needs to head is toward a greener, more resilient, more inclusive recovery," Malpass said.
House Republicans move to block financial transaction tax as GameStop furor revives Dems' calls for penalty
       
EXCLUSIVE: House Republicans on Wednesday unveiled a bill to block a financial transaction tax after the recent frenetic trading of GameStop shares revived a years-long effort by progressive Democrats to impose a penalty on stock trades. ILHAN OMAR'S FINANCIAL TRANSACTION TAX WOULD HURT MAIN STREET: GAMESTOP HEARING EXPERTDuring a House hearing last week to examine the GameStop furor, Rep. Maxine Waters, D-Calif., who chairs the Financial Services Committee, said she is considering such a tax, which is supported by progressive lawmakers, including Sens. But critics, including McHenry and Huizenga, say that a financial transaction tax could decrease trading activity, lower earnings and ultimately hurt the average American who's trying to save for retirement. The tax on stock trades is applied each time a financial transaction is conducted, which includes mutual funds – owned by roughly 45% of U.S. households – and pension plans. RISING INTEREST RATES SPELL TROUBLE FOR STOCKS“Democrats continue to ignore the facts by pushing a financial transaction tax," McHenry said in a statement.
Walmart to Invest $350 Billion in U.S. Manufacturing Over Next 10 Years
       
Shares of Walmart (WMT) - Get Report were falling Wednesday as the company announced plans to expand its investment in U.S. manufacturing with a $350-billion commitment over the next 10 years. Shares of Walmart were falling 1.38% to $128.31 on Wednesday at last check. "In 2013, 20 years after I started at Walmart, we made a bold commitment to invest $250 billion in products made, grown or assembled in America," Walmart CEO John Furner said in a blog post Wednesday. Walmart says the investment includes plans to avoid 100 million metric tons of carbon dioxide emissions by sourcing manufacturing locally while also providing an opportunity for 9,000 entrepreneurs to become Walmart suppliers and sellers through the company's annual Open Call events. Want to be alerted before Jim Cramer buys or sells WMT?
Marvell Technology Reports Wednesday, Here's My Trade Idea
       
Marvell Technology Group (MRVL) , a former Sarge fave and former member of my original 5G technology implementation portfolio, is set to report the firm's fourth quarter performance on Wednesday evening. Among these 27 professional followers of Marvell Technology, over the past three months 15 have increased their estimates for earnings, while four have revised downward. In addition, a lot of portfolio managers follow both the 50 day and 200 day SMA as religion, and since giving up the 50 day line on February 23rd, that line has acted as very stiff resistance on almost a daily basis. Keeps the dime if the shares close on Friday in between $42 and $46.90, and runs into real equity risk should the shares close Friday below $42. (Marvell Technology is a holding in Jim Cramer's Action Alerts PLUS member club.
Jim Cramer Calls Market 'Terrible,' Explains Why Stocks Can't Rally Wednesday
       
The Dow was pushing to stay higher in intraday trading, while the S&P and the Nasdaq were lower. Jim Cramer had one word to describe Wednesday's stock action: Terrible. Cramer said investors filing into the industrials is leaving stocks lower into intraday trading. Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets WednesdayCurious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer's exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.
Micron Higher After Raising Earnings Estimates
       
Micron estimates adjusted earnings per share will total 93 cents to 98 cents, up from its prior range of 68 cents to 82 cents. Micron Technology (MU) - Get Report shares rose Wednesday after the largest U.S. maker of memory chips lifted its earnings estimates for the current quarter, which ends Thursday. For that fiscal 2021 second quarter, the Boise, Idaho, company estimates adjusted earnings per share will total 93 cents to 98 cents, up from the range of 68 cents to 82 cents in its previous forecast. It also projects revenue of $6.2 billion to $6.25 billion for the latest quarter, up from its prior estimates of $5.6 billion to $6 billion. “Consequently, we are raising our fair value estimate to $65 per share from $50 per share for no-moat Micron,” he wrote after the company’s Jan. 8 earnings report.
The Stimulus Package and Your Taxes, TurboTax Advice
       
Tax season is upon us. TurboTax is teaming up with TheStreet all tax season long. In the video above, Lisa Greene-Lewis, TurboTax ( (INTU) - Get Report) expert and CPA discusses the key provisions and just how they might affect you at tax time. TurboTax will help you through the entire tax season. So far, Greene-Lewis has tackled a number of tips from advice for gig workers, parents, crypto investors, and more.
Bond Yields Resume Climb, Tech Stocks Slide as Market Inflation Rates Pass 12-Year High
       
A key market gauge of near-term inflation hit a 12-and-a-half year high Wednesday as investors continue to factor in faster consumer price increases as the economy nears its COVID pandemic exit. U.S. stocks extended declines Wednesday amid higher Treasury bond yields as investors grappled with the prospect of a faster pandemic recovery that could boost economic growth but also trigger near-term inflation. The so-called breakeven rate between five-year Treasury bonds and five-year inflation protected securities, a key market gauge for consumer price increases, hit a 2008 high of 2.5% Wednesday -- firmly ahead of the Fed's 2% inflation target. Benchmark 10-year Treasury bond yields, meanwhile, jumped to 1.485% in mid-morning trading, but held under the key 1.5% level, after a weaker-than-expected reading of private employment growth from ADP of 117,00 for the month of February. Higher 10-year note yields, which was briefly surpassed 1.6% during last week's bond sell-off (prices and yields move in opposite directions), could prove crucial to stock investors focused on dividend yields.
Uncertainty, anger, joy: Businesses react to Texas governor lifting mask mandate
       
Business operators in Austin and throughout central Texas expressed a mix of uncertainty, anger and relief after Gov. Greg Abbott’s announced that he’s lifting the mask mandate in Texas and allowing businesses to return to 100% capacity beginning March 10. Employees and vendors still will be required to wear masks, the company said. Advertisement“We will continue to require all shoppers and employees to wear masks when inside the store,” said Averey Robertson, store manager of the chain’s Anderson Lane store. Fojtasek said that reopening the state will make more sense once restaurant workers are vaccinated and can feel safe about returning to work.
Crypto Conversation: Elon Musk's Bark About Dogecoin Has Some Bite
       
We stacked DOGE up against other cryptos, and we see why whales could put this one in the doghouse. It was created in 2013 at the height of the "Doge" meme craze because its founders thought that crypto was being taken too seriously. However, later that year a major scam divided the community, and Dogecoin co-founder, Jackson Palmer, eventually left the network. For reference, Dogecoin was a fork of Litecoin, which was itself a fork of Bitcoin — meaning they all tweaked the same source code. The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies' fundamentals.
Ford U.S. Vehicle Sales Fall but Get Jolt From Electric SUV
       
Ford reports a drop in U.S. sales, but its electric SUV bit into Tesla's market share. Share gains came from trucks and new-product offerings of Bronco Sport and the fully electric Mustang Mach-E, the company said. The Bronco Sport and Mustang Mach-E helped Ford SUVs post their best February retail sales in 20 years. "The all-new F-150 PowerBoost Hybrid and the fully electric Mustang Mach-E lifted Ford to an all-new February electrified vehicle sales record," Andrew Frick, vice president of Ford sales U.S. and Canada, said in a statement. "The all-new Bronco Sport and Mustang Mach-E worked to deliver our best February retail Ford SUV sales in 20 years."
Democrats agree to tighten eligibility for $1,400 checks in COVID-19 relief bill
       
The COVID-19 relief measure Senate Democrats planned to unveil will also retain the $400 weekly emergency jobless benefits that were included in a House-approved version of the legislation, the official said. But under Wednesday’s agreement, those checks would end for individuals making $80,000 and couples earning $160,000, the official said. The Senate bill was expected to largely mirror the House-approved package, with the most glaring divergence the Senate's dropping of language boosting the federal minimum wage to $15 hourly. Progressives, though, were still smarting over the virtual certainty that the Senate bill will lack the minimum wage boost, up from $7.25 hourly locked in since 2009. Opposition by moderates including Manchin and Sen. Kyrsten Sinema, D-Ariz., has left Democrats without the votes needed to salvage it.
Police investigate bank robbery in Oakland’s Montclair District
       
OAKLAND — A man who was seen with a gun in his pocket robbed a bank in the Montclair District on Tuesday, authorities said. Police did not make any arrests, and the man fled into a waiting car that sped away, police said. According to police, a man entered the Bank of the West at 2023 Mountain Boulevard around 3:42 p.m. and gave the teller a note that demanded money. Police and Crime Stoppers of Oakland are offering up to $2,500 in reward money for information leading to the arrest of the robber. Anyone with information may call police at 510-238-3326 or Crime Stoppers at 510-777-8572.
This Portland-based coffee chain has big plans brewing for North Texas expansion
       
Black Rock Coffee Bar, a 13-year-old chain from Portland, Ore., is brewing up some big business for North Texas. The company first launched in Texas with an Austin store four years ago. With the Sachse store slated to open this month, and the Southlake location (2305 E. Southlake Blvd.) scheduled to open later this spring, Hernandez is ramping up to be in Texas for the long haul. “You’ve got to be really good to stand out,” he said, describing his coffee as “killer.”
California-based investor partners on Sabre campus buy
       
Los Angeles-based investor PCCP LLC said its partnering with Dallas’ Cawley Partners and Staubach Capital two own the Sabre Corp. office campus in Southlake. In January, Cawley and Staubach said they acquired the two-building, 474,782-square-foot Sabre global headquarters office campus near State Highway 114. PCCP – Pacific Coast Capital Partners - said the new owners have negotiated a 12-year lease with travel firm Sabre for one of the buildings. The second former Sabre building will be renovated for other business tenants. The Sabre campus is next to the Solana business park, which is one of the largest office districts in that area.
Palatial East Texas Pilgrim estate will cost you $4.995 million
       
The grand East Texas estate built by the late chicken tycoon Lonnie “Bo” Pilgrim is up for grabs again. The palatial property in Pittsburg includes an 18,000-square-foot house located about 130 miles northeast of Dallas. The property was auctioned in late 2019 with bids topping $3 million. The real estate listing suggests the Pilgrim home could be converted to a rehabilitation center, religious facility or retirement home. The East Texas property is listed for sale at $4.995 million.
Walmart to spend $350 billion on goods manufactured, grown or assembled in the U.S.
       
Walmart plans to invest $350 billion in products made, grown or assembled in the United States over the next 10 years, a move it says will help create 750,000 jobs. The announcement follows a similar commitment from 2013, when it said it would invest $250 billion in products made (or grown or assembled) domestically. manufacturing really matters,” John Furner, chief executive of Walmart U.S., said in a statement. Truth in Advertising, a consumer advocacy nonprofit group, has repeatedly taken issue with Walmart’s labeling of U.S.-made goods as deceptive and misleading. The agency briefly investigated the matter but closed its inquiry after it concluded that Walmart had taken sufficient steps to prevent consumer deception.
Denver drivers are wasting $2,000 a year thanks to poor road conditions, traffic study finds
       
Analysts found 22% of Colorado’s roads are in poor condition, and 25% are rated as mediocre. In Denver, 37% of major local and state roads are in poor condition and another 26% are in mediocre shape. About 30% of their major roads are in poor condition, and another 25% are mediocre, which cost drivers about $644 in additional costs. About 5% of Colorado’s state and local bridges are in poor condition, while 54% are only in fair shape. The sixth most congested stretch of highway was a near five-mile portion of Interstate-70 through West Vail.
Metro Denver housing market flipping homes faster and faster
       
At the end of last month, only 1,120 single-family homes and 904 townhomes and condos were available for purchase across all of metro Denver and a few nearby counties, according to a monthly update from the Denver Metro Association of Realtors. Even though far more single-family homes are available to go on the market than in 1985 or 1995 or 2005 — about 815,000 total by U.S. Census Bureau counts — the number of homes actually available for sale has never been lower. The housing market, responding to historically low mortgage rates and pent-up demand, has moved at a faster and faster pace in Denver and other cities. The median number of days it takes a listing to sell is down to five days compared to 15 days in February 2020 in metro Denver. What might calm the frenzy of what observers considered an already overvalued market spinning off 20% plus annual home price gains?
Pet food maker Stella & Chewy's will expand its Oak Creek headquarters. That $67.7 million project will add 245 jobs.
       
A plan to nearly double the size of natural pet food maker Stella & Chewy's Oak Creek headquarters is proceeding — a $67.7 million project expected to create 245 jobs over the next three years. The actual amount of tax credits Stella & Chewy’s will receive is based on the number of jobs created. According to WEDC, Stella & Chewy’s now expects to hire 245 employees. Stella & Chewy's also has 75 office workers, according to the Plan Commission report. Stella & Chewy's growth led to a 2015 move to its current facility at OakView Business Park at South Howell Avenue and West Oakwood Road.
Sands sells Las Vegas Strip properties for $6.25B
       
Affiliates of Apollo Global Management Inc. and VICI Properties Inc. will acquire subsidiaries that hold Las Vegas Sands’ Strip properties for $6.25 billion. Cannon Las Vegas Review-Journal @KMCannonPhotoTourists ride gondolas at The Venetian on Wednesday, April 24, 2019, in Las Vegas. Cannon Las Vegas Review-Journal @KMCannonPhotoThis Nov. 21, 2020, file photo shows The Palazzo and The Venetian on the Las Vegas Strip. (Chitose Suzuki / Las Vegas Review-Journal) @chitosephotoThis Nov. 21, 2020, file photo shows The Palazzo on the Las Vegas Strip. (Chitose Suzuki / Las Vegas Review-Journal) @chitosephotoLas Vegas Sands Corp. has sold The Venetian, its flagship Strip resort, and the rest of its Las Vegas properties in a multibillion-dollar deal that shakes up Nevada’s gaming industry.
A couple barely survived when a couch fell off a truck in front of them on I-95. Then they got a $166 traffic ticket
       
“You have to look at the totality of the circumstances,” said Lt. Yanko Reyes. “Remember, in Florida it is recommended to have at least a two-vehicle length between your vehicle and the vehicles in front of you because that way you have enough time to react in case something like this happens, in case somebody brakes, in case debris falls on the roadway, you’re able to avoid any and all difficulties.”
Bed Bath & Beyond hopes store brands will revive sales
       
The new brands were announced Wednesday by CEO Mark Tritton, who was hired in late 2019 from Target where he did much the same thing as chief merchandising officer. The more than 30 new brands introduced under Tritton were key in Target’s revitalization.
Son of former state Rep. Eddie Acevedo pleads not guilty to tax charges stemming from ComEd probe
       
Prosecutors contended that his gross income in 2017 was more than $130,000, and he owed nearly $20,000 in taxes. But Acevedo allegedly had an accountant file a tax extension and claim the former lawmaker owed no taxes, prosecutors said. He allegedly followed a similar pattern in 2018 and failed to file returns in other years.
New 2021 Chevrolet Silverado 1500 for Sale in San Antonio TX
       
All prices, specifications and availability subject to change without notice. Tax, Title and Tags not included in vehicle prices shown and must be paid by the purchaser. This is easily done by calling us at 210-231-4358 or by visiting us at the dealership. **Manufacturer’s Rebate subject to residency restrictions. Any customer not meeting the residency restrictions will receive a dealer discount in the same amount of the manufacturer’s rebate.
Detectives looking at SUV’s ‘black box’ from Tiger Woods crash
       
Woods suffered a serious leg injury when the SUV he was driving went off a Los Angeles County road and rolled over on a downhill stretch known for crashes. Sheriff Alex Villanueva said Woods was not drunk and was driving alone in good weather when the SUV hit a raised median, went across oncoming lanes and rolled several times. The crash injured his right leg, requiring surgery.
Opinion: Purdue case has familiar ring to it in Oklahoma
       
In the run-up to Thanksgiving and with COVID-19 dominating our lives, it may have been easy to miss a recent story out of New Jersey that should strike a chord here in Oklahoma. In a federal court, Purdue Pharma formally pleaded guilty to three charges and acknowledged contributing to the country’s opioid epidemic through its work practices. The pleas were part of a settlement that had been announced in October by the Department of Justice. The chairman of Purdue’s board of directors admitted that the company, developer of the painkiller OxyContin, had not run an effective program to keep prescription drugs from getting diverted to the black market, that it had reported misleading information to the Food and Drug Administration to increase the company’s manufacturing quotas, and that it had worked against the FDA’s attempts to curb the epidemic. The chairman also acknowledged that during a nine-year stretch, Purdue had paid doctors through its speaker program to induce them to prescribe more of the company’s opioids.
Point of View: Oklahoma families cannot wait any longer for relief
       
Along with more than 75,000 Oklahomans relying on unemployment benefits, I face losing my last financial lifeline the day after Christmas. Luckily, Congress passed the CARES Act that month, which, along with the $1,200 stimulus checks everyone received, authorized a $600 weekly pandemic unemployment compensation to supplement inadequate state unemployment insurance benefits. The $600 kept us going during this spring and summer. But Senate Majority Leader Mitch McConnell let the $600 supplement expire at the end of July. A job with public contact would expose my son to COVID, which he wouldn’t survive.
Cal Thomas: Trump is still winning on the economy
       
The latest jobs report shows that despite the pandemic, President Trump’s policies of lower taxes and reducing regulations continue to work. Yes, some businesses are struggling, or have closed, due to arbitrary orders from politicians, some of whom ignore their own directives. Employers added 245,000 jobs in November, down from 638,000 jobs the previous month. Overall, future signs remain positive and additions are better than subtractions. The November jobs and economic numbers were released last Friday.
Opinion: Forgiving student debt may be a tough sell
       
President-elect Joe Biden is putting together his team in preparation for inauguration day, when policy proposals will move front and center. One of those could include student debt forgiveness, a campaign promise that may prove to be tough sell. Biden made forgiveness of $10,000 in federal student loans a part of his Emergency Action plan for reviving the economy. Senate Minority Leader Chuck Schumer, D-N.Y., meantime, is among those on the left pushing for $50,000 in forgiveness per borrower. But some wonder whether the plans would really have much of an impact on the economy.
Opinion: Oklahoma's medical marijuana program needs evidence-based educational resources
       
On Monday, Dec. 14, Oklahoma legislators are scheduled to discuss the current state of Oklahoma’s medical marijuana program, which voters overwhelmingly supported in 2018. It is my hope they talk about how to give their constituents the medical program that they voted to pass. Only two-and-a-half years since the medical marijuana program passed, the state has nearly 400,000 approved patients and in just the past year has distributed nearly $42 million to the education fund. Oklahoma goes big in the dispensaries, too, where patients can purchase a one-serving mug cake that includes 250 mg of THC. During a recent industry association meeting, the director of Oklahoma Medical Marijuana Association, Kelly Williams stated, “Our whole purpose is to ensure patient safety,” and discussed the importance of cannabis product testing.
Stephen Moore: Potential 900% tariffs on mattresses could wallop consumers
       
When import tariffs are under discussion in Washington, D.C., they typically revolve around rates of 5% to 25% on foreign goods. But what about duties on imported household items that can reach 300%, 500% or even 900%? Those are the tariff rates that some in Congress and the Trump administration propose on imported bedding products and mattresses. This group includes Utah-based bedding company Malouf and retail home goods giant Ashley HomeStore. The bedding industry is roughly $10 billion of annual revenue, with upward of 30 million mattresses sold every year.
Opinion: Fears of Oklahoma court case's impact being realized
       
An effort by the Seminole Nation to tax oil and gas companies working in the tribe’s “jurisdictional area” gives credence to those who worried this summer about the potential scope of a landmark U.S. Supreme Court decision. In that decision, McGirt v. Oklahoma, the high court said the Muscogee (Creek) Nation’s reservation had not been disestablished and thus a child rapist named Jimcy McGirt should have gone to trial in federal court instead of state court. The state Court of Criminal Appeals is weighing whether to affirm recent state court rulings that those tribes’ reservations were never disestablished. The hope of state officials was that the tribes would negotiate compacts to resolve jurisdictional disputes over criminal and civil matters, but progress has been slow. Some tribes, including the Seminoles, see that idea as potentially infringing on sovereignty.
Opinion: Restaurants, clubs feeling the pain from COVID-related decisions
       
An 11 p.m. curfew intended to reduce the spread of COVID-19 is hurting Oklahoma’s restaurants and clubs. But meeting that goal is becoming more difficult for some, as a story by The Oklahoman’s Josh Dulaney and David Dishman highlighted. They interviewed Erik Deloera, proprieter of Senor Shots, a club in Bricktown, and owner of two San Marcos Mexican restaurants. Steve Brack, owner of Western Nights, said he is mulling whether to close. Brack wonders why the changes implemented last month didn't include a plan from Gov.
Point of View: Canceling student debt would narrow the racial wealth gap, stimulate the economy
       
President-elect Joe Biden has the power on day one as president to help close the racial wealth gap and stimulate the economy for a country on the brink of economic disaster by completely erasing student loan debt for all 45 million borrowers. Student borrowers hold an eye-popping $1.6 trillion in debt — $1.37 trillion of which the federal government owns. Prior to the federal government suspending student loan payments as part of the spring coronavirus stimulus package, one person defaulted on their student loans every 26 seconds. By 2021, borrowers are expected to hold $2 trillion in student debt. Black and Latinx people are forced to borrow at higher rates and in larger amounts due to racial inequities in incomes and wealth.
Your Views Sunday, Dec. 27
       
I for one am very disappointed in our U.S. senators, as well as other congressional leaders, who supported and voted for the so-called stimulus bill. I was hoping that Oklahoma’s leaders had gotten past the “Pelosi” deal whereby she said they needed to pass a bill to see what was in it. Regarding “Oklahoma County officials vote to give themselves pay raises” (News, Dec. 24): So the assessor, treasurer, court clerk, county clerk, sheriff and county commissioners voted themselves an annual pay increase of $17,375 when they are already getting paid $105,262.50! It’s so they can take on more hires and not let them get paid more than they do. No longer will I feel as if they can't sink any lower because this is evidence that there is no limit as to how low they can sink.
Point of View: Oklahoma AG can right these wrongs
       
One of the first things Mike Hunter did when he became Oklahoma's attorney general was to right a wrong that happened years earlier. However, when Webb promptly applied for the compensation, his application was erroneously denied. When Hunter took office in 2017, he found on his desk a new application for compensation that Webb filed in 2016. The AG's office had been holding it up because, it said, Webb should not have waited so long to re-apply. Today, Hunter has an opportunity to right two more wrongs that occurred long ago in an Oklahoma court.
Point of View: Apprenticeships provide economic solutions
       
During this time of recovery and economic unpredictability, apprenticeships will play an important role in helping Oklahomans find stable employment in well-paid positions. Apprenticeships are work-based learning programs that help workers gain skills on the job and allow employers to create uniform standards for staff education. We help create program models for businesses to best capture their specific needs. Employers see reduced turnover, less waste and better productivity when they train their staff through apprenticeships. While many jobs within apprentice programs require certain classroom work or certification, people taking on apprenticeships have the benefit of making an income as they train.
Opinion: Biden's pledge likely to be tested by Democratic House, Senate
       
President-elect Joe Biden has tried to assure Republicans and conservatives that their concerns about his administration veering leftward are overwrought. His $1.9 trillion coronavirus relief proposal, however, likely will not do much to assuage the other side. The proposal is loaded with items sought by the most progressive Democrats, such as a $15 federal minimum wage. Other pieces of Biden’s proposal have little to do with true coronavirus relief. And this proposal comes only a month after Congress approved roughly $900 billion in relief following the $2.9 trillion package in the spring.
Point of View: Developing tomorrow's leaders through mentorship today
       
If you have ever had a mentor, you know how positive and impactful one can be. One way experienced leaders can make a difference in the new year is to offer their expertise and knowledge through mentorship to Oklahoma's emerging leaders. Providing support and mentorship in the workforce is a positive and impactful way to give back to an industry while shepherding the professional development of rising stars. Programs like this are vital to the diversity and development of tomorrow's professional leaders. Mentorship is an ideal way to connect with emerging individuals seeking advancement while providing a key ingredient for future success for individuals and industries.
Point of View: Spreading the word about Earned Income Tax Credit
       
Supporting Oklahoma families and working to grow small businesses have been two of my focal points while in political office. It’s essential that every eligible family know about the federal Earned Income Tax Credit for households earning $56,000 or less a year. This month, a campaign known as OKC Tax Help has launched a 2020 tax season initiative to increase the number of claimants of the EITC. The average credit received by an Oklahoma tax filer in 2019 was $2,577. In addition, I am resubmitting legislation this session to once again allow Oklahoma families to also file for the EITC on their state tax return.
Opinion: Biden's continued blitz against fossil fuels
       
The climate plan forwarded last year by candidate Joe Biden made clear that fossil fuels would be in his crosshairs. Even so, Biden’s blitz against the industry in his first eight days as president is striking, and concerning. “We can’t wait any longer." The American Petroleum Institute has estimated an outright ban would cost more than 100,000 jobs in the next year or so. The result: a blueprint that would, within 15 years, stop the use of coal and natural gas to generate electricity, and seeks net-zero greenhouse gas emissions no later than 2050.
Point of View: Reimagining branding in the "new normal"
       
Out of necessity, brands developed new ways of conducting business, making way for 2021's marketing and branding landscape. Brands must adjust the way they operate to keep up with the times' demands and embrace risks when needed. In 2020, shopping, dining, and recreation changed drastically, and successful brands changed their strategy to stay relevant. One local example of a brand adapting is Citizens Bank of Edmond. In the face of the pandemic, Citizens launched a curbside banking offering, which increased capacity to serve customers beyond the traditional drive-thru.
Your View: On masks, lawmakers should set an example
       
Regarding the headline in The Oklahoman’s 1-30-21 edition,“Lawmakers Exempted from Mask Rule,” few, if any, have even made comment of this article. It seems quite childish on the surface considering very little has changed on the issue of masks. Unfortunately, throughout this ordeal we’ve witnessed some of our governmental officials saying one thing and doing the exact opposite. Still, these lawmakers are elected officials and for all intents and purposes should set an example for the common good, not something contrary which only creates discord and malice towards government. Then reflect back to all the restaurants and other non-essential businesses who were forced to close due to governmental mandates.
Oklahoma County property sales from The Oklahoman for Feb. 20, 2021
       
Oklahoma County property sales from The Oklahoman for Feb. 20, 2021Recent major sales in Oklahoma County totaled more than $86 million, according to deeds released from County Clerk David B. Hooten's office. To search more deeds go to okcc.online. Major sales are those of $300,000 or more. $1,000,000 or more• LTRE-OKC LLC from LTF Real Estate Co. Inc., 2563 W Memorial Road (Life Time Athletic), $37,000,000. • Chickasaw Community Bank from NW Corridor Land LLC, 7400 W Memorial Road, $3,250,000.
Teaching your kids about money, markets
       
The recent stock market mania over the video game company GameStop, which this week was scrutinized by Congress, has provided a teachable moment for kids. The Associated Press talked to a few parents and financial experts for their tips on talking with kids about investing and the often confusing behavior of financial markets. Here's a summary of what they had to say. Keep it simpleParents should make sure kids understand money basics before they try to conquer investing. Once they're ready, don’t overwhelm kids with too much information at once — you risk them missing the lesson and losing interest.
Freezing commodities drive up prices
       
Fuels: The cold snap in Houston, our “capital of energy,” wreaked havoc on natural gas and crude production. Freezing pipelines and ground transit came screeching to a halt and hampered transportation of those fuels. Demand for refined products, such as gasoline, propane, diesel and heating oil surged just as availability declined. Heating oil for March delivery traded at $1.83 per gallon on midday Friday, up about 3 ½ cents from last week. Chicago March Wheat traded at $6.54 per bushel, up about 20 cents from last week.
EPA sides with ethanol industry in Wynnewood refinery's Renewable Fuel Standards case
       
The U.S. Environmental Protection Agency on Monday emphasized it is taking the side of the ethanol industry in a case that pits the agency against small, independent refiners. On Monday, the agency published a news release reaffirming its support of an appeals court decision invalidating decisions made by the Trump-led EPA to allow a small refiner in Oklahoma and others to sidestep renewable fuels blending requirements. The decision issued by the U.S. Court of Appeals for the 10th Circuit in January 2020 was heavily criticized by political leaders of oil and natural gas-energy dominant states and was appealed by the refiners to the U.S. Supreme Court. The 10th Circuit ruling ordered the EPA to re-evaluate decisions it made to provide blending requirement exemption “extensions” to the CVS Refinery in Wynnewood, as well as two other small refineries owned by HollyFrontier in Wyoming and Utah.
Oklahomans' utility bills will be higher, but too soon to say how much
       
Oklahomans' utility bills will be higher, but too soon to say how muchOklahoma Gas & Electric Co. said Sunday it's likely the recent frigid weather will cost customers more in terms of higher utility bills. "It’s too early to estimate how customer use and higher fuel costs will affect utility bills" the Oklahoma City-based utility said in a statement issued Sunday. "As a regulated utility, OG&E will work with the Oklahoma Corporation Commission to determine a path forward." That led to spikes in natural gas prices, and prompted rolling blackouts for some Oklahomans. In addition to being used to heat homes and buildings, natural gas fuels many power generation plants.
Oklahoma oil prices and drilling report for Feb. 23, 2021
       
Oklahoma oil prices and drilling report for Feb. 23, 2021Oklahoma crude oil prices as of 5 p.m. Monday:Natural Gas (Henry Hub) as of 4 p.m. EST Monday:COMPLETIONAlfalfa: Trans Pacific Oil Corp.; Kisling A No. 1-32 Well; C SE1/4 of 32-29N-12W; 56 barrels oil per day, 124,000 cu-ft gas per day TD 5,550. INTENT TO DRILLDewey: Mewbourne Oil Co.; Lingenfelter 10/3 OA No. 1HS Well; C N1/2 N1/2 NE1/4 (BHL) of 03-17N-19W; TD 19,608.
Texas-size concern: Stitt, regulators work to keep Oklahoma utility bills from spiking
       
Texas-size concern: Stitt, regulators work to keep Oklahoma utility bills from spikingOklahomans can expect to see bigger utility bills next month as they pay for additional energy used to get through February’s brutal winter weather. And no one should be surprised. As temperatures plummeted, energy needs spiked. But state leaders offered assurances to worried consumers Monday most won’t see Texas-size amounts when they open those bills. Most consumers of electricity and natural gas within Oklahoma are served by companies, electrical cooperatives, municipal systems and other sanctioned power providers regulated by the Oklahoma Corporation Commission or Oklahoma’s Legislature.
Boeing sends newest passenger jet to rural Oklahoma airport for testing
       
A Boeing 777-9 landed at a remote Oklahoma airport Tuesday to begin flight tests proposed by the company last year. The 777-9 is Boeing's newest commercial wide-body jet. It's the longest aircraft of its kind in the world at over 251 feet, and can carry more than 400 passengers. The airplane arrived Tuesday afternoon at Clinton-Sherman Airport in Burns Flat, about 100 miles west of Oklahoma City. "We are scheduled to perform testing in Oklahoma with our new Boeing 777-9," a company spokesperson told The Oklahoman.
Gains reverse most of a slide
       
A late-afternoon burst of buying on Wall Street helped reverse most of a stock market sell-off Tuesday, nudging the S&P 500 to its first gain after a five-day losing streak. The Nasdaq lost 0.5% as technology stocks fell for a sixth straight day. The Dow Jones Industrial Average, which is less exposed to tech stocks than the two other indexes, managed to rise 0.1%. Facebook, Disney, Netflix and other communications stocks helped drive the market’s comeback. Financial and energy companies also helped lift the market, outweighing losses in technology and other sectors.
Pops gets sold, but new owners to continue providing food, fuel, fizz and kicks on Route 66
       
Pops gets sold, but new owners to continue providing food, fuel, fizz and kicks on Route 66ARCADIA — Pops, which gave the late Aubrey McClendon — and people the world over — food, fuel, fizz and kicks on Route 66, is in the hands of new owners. US Star Properties LLC — Jessie and Zar Sandhu, who live west of Edmond — paid $2.22 million for the combo convenience store, restaurant and "Soda Ranch," which sells hundreds of obscure and hard-to-find brands of soda pop, at 660 W State Highway 66 in Arcadia. The gist of the place, with its distinctive cantilever truss extending over the gas pumps and part of the parking area, is announced by an iconic, towering, 66-foot-tall LED pop bottle visible from the distance. Oklahoma City architect Rand Elliott designed Pops. The seller was Pops LP, which belonged to McClendon's estate.
Oklahoma oil prices and drilling report for Feb. 25, 2021
       
Oklahoma oil prices and drilling report for Feb. 25, 2021Oklahoma crude oil prices as of 5 p.m. Wednesday:Natural Gas (Henry Hub) as of 4 p.m. EST Wednesday:COMPLETIONGarfield: Continental Resources Inc.; Lambrecht No. 2-17-20XHW Well; SE1/4 SW1/4 SW1/4 SW1/4 (BHL) of 20-07N-05W; 295 barrels oil per day, 371,000 cu-ft gas per day; TD 18,325. Grady: Continental Resources Inc.; Z 21 No. 3-17-8XHW Well; NW1/4 NE1/4 NW1/4 NE1/4 (BHL) of 08-07N-05W; 364 barrels oil per day, 1,049,000 cu-ft gas per day; TD 22,082. 4-17-8XHW Well; NW1/4 NE1/4 NE1/4 NE1/4 (BHL) of 08-07N-05W; TD 18,085.
Powell: Fed in no hurry to raise interest rates
       
WASHINGTON — Federal Reserve Chairman Jerome Powell told Congress on Wednesday that the central bank will not start raising interest rates until it believes its goals on maximum employment and inflation have been reached. Powell also warned that many who had worked in industries hardest hit by the pandemic and ensuing recession will likely need to find different jobs. As he did before the Senate Banking Committee on Tuesday, Powell told the House Financial Services Committee that the Fed is in no hurry to raise its benchmark short-term interest rates or to begin trimming its $120 billion in monthly bond payments used to put downward pressure on longer-term rates. Financial markets, which had begun to wane Tuesday on fears that higher inflation might trigger an earlier-than-expected tightening of credit conditions by the Fed, rebounded on Powell’s comments.
ConocoPhillips closing lab, ending shuttle service
       
ConocoPhillips is closing its Bartlesville Labs and ending its Corporate Air Shuttle service out of the city this year, with an undisclosed amount of related layoffs. A company spokesperson said he could not give reasoning for the decisions or the number of jobs being eliminated, saying ConocoPhillips does not “anticipate a significant impact to our overall workforce in Bartlesville” from the layoffs. The changes come amid plans for the company to relocate 20 to 25 new employees to Bartlesville throughout the year, connected to its January acquisition of Concho Resources. ConocoPhillips’ Bartlesville Labs, located in the Phillips 66-owned Research Center, will close by the fourth quarter of 2021, with the company’s lease for the space ending in the second quarter of 2022.
Jobless claims fewest in 3 months
       
Jobless claims declined by 111,000 from the previous week to a seasonally adjusted 730,000, the Labor Department said Thursday. Still, before the virus erupted in the United States last March, weekly applications for unemployment benefits had never topped 700,000. The latest figures coincide with a weakened job market that has made scant progress in the past three months. All told, 19 million people were receiving unemployment aid as of Feb. 6, up from 18.3 million the previous week. About three-quarters of those recipients are receiving checks from federal benefit programs, including programs that provide jobless aid beyond the 26 weeks given by most states.
Livestock report from the Oklahoma City Stockyards
       
Livestock report from the Oklahoma City Stockyards:Oklahoma Weekly Cattle Auction SummaryLivestock Weighted Average Report for the week of Feb. 21 through Thursday. Demand moderate for feeder cattle, good for calves. Slaughter bulls steady on very light receipts. Supply included: 92% Feeder Cattle (54% Steers, 43% Heifers, 2% Bulls); 6% Slaughter Cattle (85% Cows, 15% Bulls); 3% Replacement Cattle (14% Stock Cows, 58% Bred Cows, 10% Bred Heifers, 17% Cow-Calf Pairs). Feeder cattle supply over 600 lbs.
Continental Resources sues government over stalled drilling permits in North Dakota
       
Continental Resources has sued the federal government over dozens of North Dakota drilling permit applications that have stalled during the approval process. The permits filed last year would allow Continental to drill oil and gas wells on federal land in North Dakota. In the lawsuit filed Tuesday, the company said 37 applications should have been approved under the Donald Trump administration by Jan. 20. Continental says final approval for the applications were delayed again when the incoming Joe Biden administration ordered a review of agency decisions. "BLM’s illegal delay in processing these (applications) has injured and will continue to injure Continental.
Pizza sales, booming in pandemic, start to slow
       
ANN ARBOR, Mich. — After a pandemic-fueled boom, U.S. pizza sales appear to be headed back to earth. Domino’s and Papa John’s pizza chains both said Thursday that their same-store sales lost steam in the fourth quarter compared to the huge increases they saw earlier in 2020. Same-store sales are expected to continue seeing percentage declines well into this year. Pizza delivery remains popular, but diners’ choices are expanding, with more restaurants now offering delivery. Pizza could also be pressured as the pandemic eases and dining rooms reopen.
Working remotely? Some cities, states will pay you to move in
       
Working remotely? Some cities, states will pay you to move inAs the coronavirus pandemic spurs a migration of skilled workers out of expensive metro areas, a growing number of cities and states are recruiting new homeowners and even renters the old-fashioned way — by bribing them. Baltimore; Topeka, Kansas; and Tulsa are among the places paying bounties of up to $15,000 to lure remote workers to town. The states of Maine and Alaska also dangle incentives for new residents. Video game designer Tyler Jaggers is one taker.
Oklahoma oil prices and drilling report for Feb. 27, 2021
       
Oklahoma oil prices and drilling report for Feb. 27, 2021Oklahoma crude oil prices as of 5 p.m. Friday:Natural Gas (Henry Hub) as of 4 p.m. EST Friday:COMPLETIONHughes: Calyx Energy III LLC; Rapunzel No. 3-15-22WH Well; SE1/4 SW1/4 SW1/4 SE1/4 (SL) of 10-08N-12E; 9,081,000 cu-ft gas per day; TD 15,476. Kingfisher: Ovintiv Mid-Continent Inc.; South Stangl 1509 No. 3H-12X Well; SW1/4 NE1/4 NW1/4 NE1/4 (SL) of 12-15N-09W; 1,279 barrels oil per day, 2,825,000 cu-ft gas per day; TD 19,749. 5H-12X Well; SW1/4 NE1/4 NW1/4 NE1/4 (SL) of 12-15N-09W; 989 barrels oil per day, 1,928,000 cu-ft gas per day; TD 19,579.
With House voting on relief bill, Dems mull wage plan rescue
       
WASHINGTON — A $1.9 trillion package aimed at helping the country rebuild from the pandemic seemed headed toward House passage Friday, even as Democrats searched for a way to revive their derailed drive to boost the minimum wage. A virtual party-line House vote was expected on the COVID-19 relief measure, which embodies President Joe Biden’s push to flush cash to individuals, businesses, states and cities. The White House issued a statement reinforcing its support for the new president’s paramount initial goal. “The bill would allow the administration to execute its plan to change the course of the COVID-19 pandemic,” it said. “And it would provide Americans and their communities an economic bridge through the crisis.”Republicans have lined up against the plan, calling it an overpriced and wasteful attempt to help Democratic allies like labor unions and Democratic-run states.
New industrial lots for north OKC, plus more commercial real estate deals from The Oklahoman for Feb. 27, 2021
       
New industrial lots for north OKC, plus more commercial real estate deals from The Oklahoman for Feb. 27, 2021Gerald L. Gamble Co. reports these real estate transactiions:• Lincoln Development LLC paid $2,598,000 to OKC Industrial Properties LC for 24 acres east of N Lincoln and south of NE 150 to develop into industrial lots. Gerald Gamble handled the sale. Title services provided by Oklahoma City Abstract & Title Co.• KCDS Holdings LLC paid $4.4 million to 38th/Santa Fe LLC for 216,000-square-foot Centennial Business Center, 3815 N Santa Fe Ave. Lori Bedford with Gerald L. Gamble Co. represented the buyer, and Brett Price with Newmark Levy Strange Beffort represented the seller. Title services provided by Chicago Title Insurance Co.
Should you buy or sell a home in 2021? Here’s what to know
       
Should you buy or sell a home in 2021? Here’s what to knowWhile the roll-out of the COVID-19 vaccine has left a lot of question marks about the future of the U.S. economy at-large, analysts expect the housing market to remain strong and stable in the coming year. “Despite the uncertainties of the pandemic, the housing market performed well in the second half of 2020,” says Sam Khater, Freddie Mac’s chief economist. “Low mortgage rates and the ability to work remotely continued to propel demand for housing, which is reflected in home sales reaching levels not seen in 15 years.”Whether you’re a potential homebuyer, a current homeowner or considering selling, here are some of the biggest takeaways of Freddie Mac’s Quarterly Forecast:• Interest rates are likely to remain low.
Oklahoma County property sales from The Oklahoman for Feb. 27, 2021
       
Oklahoma County property sales from The Oklahoman for Feb. 27, 2021Recent major sales in Oklahoma County totaled more than $56 million, according to deeds released from County Clerk David B. Hooten's office. To search more deeds go to okcc.online. Major sales are those of $300,000 or more. $1,000,000 or more• Copart of Oklahoma Inc. from GS & SS Properties LLC, 1028 S Portland Ave., Unit 3, $6,000,000. • Haridarshan LLC from CPLG Properties LLC, 4829 Northwest Expressway, $5,170,000.
These tips can help you raise your gardening game
       
These tips can help you raise your gardening gameFairly easy to construct and even easier to maintain, raised garden beds are a great way to raise plants and vegetables in the comfort and convenience of your backyard. In a recent episode of the Exmark Original Series, “Done-in-A-Weekend-Extreme,” landscape designer and show host, Doug Scott, spoke to organic gardener Joe Lamp’l, of “Growing a Greener World,” about the ins and outs of raised garden beds. Here are some of the top insights and tips Lamp’l shared. • Why use raised garden beds?
Minimum wage hike all but dead in big COVID relief bill
       
WASHINGTON — Democrats’ efforts to include a minimum wage increase in their $1.9 trillion COVID-19 relief bill seemed all but dead Monday as Senate leaders prepared to begin debate on their own version of the House-passed aid package. Top Democrats abandoned a potential amendment threatening tax increases on big companies that don’t boost workers’ pay to certain levels, Senate aides said. Four days after the chamber’s parliamentarian said Senate rules forbid inclusion of a straight-out minimum wage increase in the relief measure, Democrats seemed to have exhausted their most realistic options for quickly salvaging the pay hike. “At this moment, we may not have path, but I hope we can find one” for pushing the federal pay floor to $15 an hour, said No. Senate Democrats hope to unveil their version of the broad relief package and begin debate as early as Wednesday.
Oklahoma oil prices and drilling report for March 2, 2021
       
Oklahoma oil prices and drilling report for March 2, 2021Coal: Canyon Creek Energy Arkoma LLC; HB No. 2-14/11H Well; NE1/4 SW1/4 NE1/4 NW1/4 of 23-02N-09E; TD 1,900. Natural Gas (Henry Hub) as of 4 p.m. EST Monday:Canyon Creek Energy Arkoma LLC; HB No. 3-14/11H Well; NE1/4 SW1/4 NE1/4 NW1/4 of 23-02N-09E; TD 1,900. 4-14/11H Well; NE1/4 SW1/4 NE1/4 NW1/4 of 23-02N-09E; TD 1,900.
Texas power company seeks bankruptcy protection after storm
       
The largest and oldest power cooperative in Texas is filing for bankruptcy protection, citing last month’s winter storm that left millions without power, and it is unlikely to be the last utility to seek shelter in the courts. Brazos Electric Power Cooperative serves distributors that supply electricity to more than 1.5 million Texans in 68 counties from the Panhandle to Houston. Brazos said Monday that it was a “financially robust, stable company” before the Arctic freeze that hit Texas between Feb. 13 and Feb. 19. It said it received excessively high invoices from the Electric Reliability Council of Texas, or ERCOT, which operates the state power grid, for collateral and the cost of electric service. As a cooperative, Brazos’ costs are passed through to its members and retail consumers served by its members.
Lebanon's president wants investigation into currency crash
       
BEIRUT (AP) — Lebanon’s president ordered the central bank governor on Wednesday to open an investigation into currency speculation, after the Lebanese pound plunged to record lows on the black market this week, leading to protests in the stricken country. While officialy, the U.S. dollar costs only 1,520 Lebanese pounds, the black market price was around 9,900 pounds on Wednesday — a day after briefly hitting a record high of 10,000. Just a few months earlier dollars could be bought at a rate of some 7,000 pounds. In a statement released by his office after meeeting central bank governor Riad Salameh, Aoun said if it turns out that the crash was because of speculators, they should face justice. Enraged protesters, angry over the higher costs of dollar denominated goods, have blocked roads and highways with burning tires across the country.
Biden vows enough vaccine for all US adults by end of May
       
Biden vows enough vaccine for all US adults by end of MayWASHINGTON (AP) — President Joe Biden said the U.S. expects to take delivery of enough coronavirus vaccine for all adults by the end of May — two months earlier than anticipated — and he pushed states to get at least one shot into the arms of teachers by the end of March to hasten school reopenings. Biden also announced Tuesday that drugmaker Merck will help produce rival Johnson & Johnson’s newly approved one-shot vaccine, likening the partnership between the two drug companies to the spirit of national cooperation during World War II. “We’re now on track to have enough vaccine supply for every adult in America by the end of May,” Biden said. Despite the stepped-up pace of vaccine production, the work of inoculating Americans could extend well into the summer, officials said, depending both on the government’s capacity to deliver doses and Americans’ willingness to roll up their sleeves.
UK extends job support, tax breaks for pandemic-hit economy
       
LONDON (AP) — Britain’s treasury chief on Wednesday announced an additional 65 billion pounds ($91 billion) of support for an economy ravaged by the coronavirus pandemic, extending job support programs and temporary tax cuts to help workers and businesses in his annual budget. “An important moment is upon us,” Sunak told the House of Commons. “A moment of challenge and of change. Of difficulties, yes, but of possibilities, too. This is a budget that meets that moment.”
Continental's acquisition, Devon's merger and Chesapeake's emergence illustrate changing times for OKC energy companies
       
Oil and gas operators headquartered in Oklahoma continue adjusting their footprints as market and geopolitical issues evolve. Of course, companies are always updating where they plan on spending their money and buying and selling assets based upon market conditions here at home and abroad. But over the past six months, those types of activities have been on the upswing. Continental Resources, for example, acquired assets Samson Resources II held in the Powder River Basin of Wyoming for $215 million. Samson is in the process of shutting its doors.
Don't bogart that warehouse: Medical marijuana helps keep industrial property smoking in OKC area
       
Industrial property is still as hot as fever compared with other real estate sectors, thanks, still, to medical marijuana companies' continued demand for growing space and storage space. Demand for space by so-called "pandemic-proof" users surely will abate as the coronavirus is subdued and more people are willing to go back into stores. Demand is strong for logistics-warehouse distribution space in general, as well as for general equipment storage, said Zac McQueen, industrial property specialist with NAI Sullivan Group. I thought idled oil-and-gas equipment might be sitting everywhere, but McQueen said improvement in the sector has kept it from filling up the yards. It's demand in general, he said.
Strong quake hits Japan's northeast coast; no tsunami alert
       
TOKYO (AP) — A strong earthquake hit off the coast of northeastern Japan late Saturday, shaking Fukushima, Miyagi and other areas, but there was no threat of a tsunami, officials said. Tokyo Electric Power Co. said there were no irregularities at the Fukushima Dai-ichi nuclear plant, which experienced meltdowns following a massive quake and tsunami 10 years ago. There were no immediate reports of irregularities from other nuclear plants in the area, such as Onagawa or Fukushima Dai-ni, government spokesperson Katsunobu Kato told reporters. The Japan Meteorological Agency said the quake had a magnitude of 7.3, raising it from a preliminary magnitude of 7.1.
Water leaks indicate new damage at Fukushima nuclear plant
       
TOKYO (AP) — Cooling water levels have fallen in two reactors at the wrecked Fukushima nuclear plant since a powerful earthquake hit the area last weekend, indicating possible additional damage, its operator said Friday. New damage could further complicate the plant’s already difficult decommissioning process, which is expected to take decades. Tokyo Electric Power Co. spokesman Keisuke Matsuo said the drop in water levels in the Unit 1 and 3 reactors indicates that the existing damage to their primary containment chambers was worsened by Saturday's magnitude 7.3 quake, allowing more water to leak. The leaked water is believed to have remained inside the reactor buildings and there is no sign of any outside impact, he said.
Fukushima nuclear plant operator: Seismometers were broken
       
TOKYO (AP) — The operator of the wrecked Fukushima nuclear power plant said Monday that two seismometers at one of its three melted reactors have been out of order since last year and did not collect data when a powerful earthquake struck the area earlier this month. The acknowledgement raised new questions about whether the company's risk management has improved since a massive earthquake and tsunami in 2011 destroyed much of the plant. The malfunctioning seismometers surfaced during a Nuclear Regulation Authority meeting on Monday to discuss new damage at the plant resulting from a magnitude 7.3 quake that struck the region on Feb. 13. Cooling water and pressure levels fell in the Unit 1 and 3 reactors, indicating additional damage to their primary containment chambers. The operator, Tokyo Electric Power Co., has repeatedly been criticized for coverups and delayed disclosures of problems at the plant.
Injections wells closed or reduced after Oklahoma earthquake
       
OKLAHOMA CITY (AP) — The injection of wastewater into underground wells by oil and natural gas producers has been stopped or reduced in the area where a magnitude 4.2 earthquake struck in northern Oklahoma. The Oklahoma Corporation Commission on Friday directed disposal wells within three miles of the quake’s epicenter to stop operations and those from three to 10 miles of the epicenter to reduce volume by at least 50%. There were no injuries or damage reported from the quake that occurred Friday morning near Manchester, a town of about 100 residents along the Oklahoma-Kansas state line about 100 miles (161 kilometers) north of Oklahoma City. The commission took similar action earlier this month after a series of earthquakes, including one also of magnitude 4.2, about 55 miles (89 kilometers) southeast of Friday's seismic activity.
Del City can help you get rid of that old mattress and broken tree limbs March 8-12
       
Del City can help you get rid of that old mattress and broken tree limbs March 8-12 shares emailDEL CITY — The city of Del City will be offering residential bulk waste pickup Monday through March 12. Residents may place bulky items at the curb as early as Thursday but no later than 6 a.m. Monday. Only one pass-through will be made, so items must be placed at curbside by Monday. The following are the city's requirements to participate in the program:
'You want to be part of something, part of a movement, part of a growth story.'
       
'You want to be part of something, part of a movement, part of a growth story.' But a number of business owners are recognizing the state's growing reputation as a legit hub for tech entrepreneurs. Three tech startups recently made big moves in Oklahoma, including one who literally moved here before scoring a multi-million dollar funding round. But the founders' experiences – and thoughts about the future of Oklahoma's startup ecosystem – demonstrate the state's opportunity to grow its tech industry. Podchaser's CEO and founder moved here and wants to be a part of the city's growth.
OKC sales tax revenue slumps
       
Sales tax retreatsOklahoma City's sales tax revenue for the most recent month was off 4.6% compared to this time last year and below the city budget office's projection of a 2% decline. Overall, sales tax collections are down 4.1% through the first eight months of the fiscal year, a better result so far than had been expected. Sales tax is the city's single-largest revenue source. Noteworthy: Use tax revenue of $8.1 million set a monthly record, up 9.6% from the same month in 2020. "I think this points to the growing importance of internet sales … as holiday shopping likely boosted the total," Dowler said.
Senator seeks probe of natural gas price spikes during storm
       
WASHINGTON (AP) — A Democratic senator is calling for federal investigations into possible price gouging of natural gas in the Midwest and other regions following severe winter storms that plunged Texas and other states into a deep freeze that caused power outages in millions of homes and businesses. Minnesota Sen. Tina Smith says natural gas spot prices spiked as high as 100 times typical levels, forcing utilities and other natural gas users to incur exorbitant costs, many of which were passed on to customers. In a letter sent Saturday to federal regulators, Smith said the price spikes will not just harm consumers, but could “threaten the financial stability of some utilities that do not have sufficient cash reserves to cover their short-term costs in this extraordinary event." The letter was sent to the Energy Department, Federal Energy Regulatory Commission and the Commodities Futures Trading Commission. At the same time, many gas-fired power plants in Texas and other states were knocked offline because of icy conditions, and some plants appeared to suffer fuel shortages as natural gas demand spiked nationwide.
Former Chelino Mexican Restaurant building sells in OKC's Bricktown, plus more real estate transactions from The Oklahoman
       
Former Chelino Mexican Restaurant building sells in OKC's Bricktown, plus more real estate transactions from The OklahomanThe former Chelino’s Mexican Restaurant building in Bricktown — a victim of the coronavirus and related business shutdowns and slowdowns — is in new hands. The new owners’ exact plans for the building could not immediately be determined. Neither Dardashti nor anyone with Rose Hill Builders could be reached on Friday. “This unique property has four patio spaces that we expect to be back in use following a renovation from the new owner,” Price Edwards said. The firm had no information on timing.
Improper storage, use of explosives killed 10 Chinese miners
       
BEIJING (AP) — Improper storage and use of explosives caused a massive blast at a gold mine in eastern China that killed 10 people last month, state media reported Tuesday. A total of 45 people are facing various punishments over the disaster in the city of Qixia in Shandong province, including possible criminal penalties, the ruling Communist Party's People's Daily newspaper said. One person remains missing. Among those facing punishment are 28 public officials and 15 officials from blasting, construction and mining companies involved in the work to make the mine operational. Both the mine owner, Shandong Wucailong Investment Co. Ltd., and the city government of Qixia delayed reporting the accident for more than 24 hours in an apparent attempt to avoid penalties.
Oklahoma's young marijuana industry's growth exceeds expectations
       
A weed is a wild plant growing where it is not wanted and in competition with cultivated plants. Literally, marijuana no longer fits the definition as it is one of the highest-demanded and most lucrative cash crops in Oklahoma. Numbers of growers, processors, dispensers, tax revenues, patients and consumers all are spiking since the substance was legalized with the passage of State Question 788 last year. But metaphorically, the industry is outgrowing its own bounds and influencing other, more well-established industries. Higher education, the food service industry and Oklahoma's state politicians, in addition to those in the medical field, all are working to adapt to the changes brought with such a rapidly expanding industry.
Biden directive expands jobless aid to more unemployed
       
WASHINGTON (AP) — Unemployed Americans who have turned down job offers because they feared their prospective employers weren't providing sufficient protection from the coronavirus would qualify for jobless aid under a directive the Labor Department issued Thursday. It would also cover school employees who lose jobs or work hours because of school closings. The federal program, known as Pandemic Unemployment Assistance, made the self-employed and gig workers eligible for jobless aid for the first time. “Until now, unemployment insurance benefits during the pandemic have been too scattered and too uncertain,” said Patricia Smith, senior adviser to the labor secretary. “That begins to change today, with many more workers now eligible for unemployment insurance benefits.”
Boeing will pay $6.6 million to settle FAA allegations
       
Federal regulators have imposed $5.4 million in civil penalties against Boeing for violating terms of a $12 million settlement in 2015, and the aircraft maker has agreed to pay another $1.21 million to settle two current enforcement cases. The Federal Aviation Administration said Thursday that Boeing managers failed to put adequate priority on living up to the earlier settlement and complying with FAA regulations. Under terms of the previous settlement, Boeing can't appeal the new penalty, the FAA said. This is merely the latest brush with regulators for Chicago-based Boeing. Boeing admitted that two former employees misled FAA about a key flight system implicated in the crashes.
Owners of company involved in crash that killed 7 charged
       
The owners of the truck involved in a crash in New Hampshire in June 2019 that killed seven motorcyclists are facing charges of falsifying company driving logs, federal prosecutors announced Friday. Dunyadar Gasanov, also known as Damien Gasanov, 36, was indicted on charges of falsification of records, conspiracy to falsify records and making a false statement to a federal official investigating the crash, according to a statement from the U.S. attorney's office in Boston. Dartanayan Gasanov, 35, was indicted on a charge of falsification of records. Dartanayan Gasanov was released after an initial appearance in Springfield federal court Friday with conditions, including that he not leave Massachusetts and not seek employment as a commercial driver. Dartanayan Gasanov’s federal public defender said in an email that he had no comment.
Kohl's reports mixed 4Q results but offers upbeat outlook
       
NEW YORK (AP) — Kohl's reported mixed results for its fiscal fourth quarter, delivering a 30% increase in profits but a 10% drop in sales. Results handily beat Wall Street estimates. Online sales growth remained strong, up 22% for the latest quarter, and accounted for 42% of net sales. The Menomonee Falls, Wisconsin, company also issued a per-share forecast for the current year whose top range beat analysts' expectations. The earnings report comes out as Kohl’s is fighting back against an investor group’s efforts to take control of the department store chain’s board, arguing that it would derail its progress and momentum.
TSET Phase 1 clinical trials bring world-class care close to home
       
To learn how to participate in, email us at brand-insight@opubco.comSince 2012, TSET has invested more than $53 million in the Stephenson Cancer Center bringing state-of-the-art cancer treatment to Oklahoma. [PHOTO PROVIDED]An innovative partnership between the Oklahoma Tobacco Settlement Endowment Trust (TSET) and Stephenson Cancer Center is ensuring that Oklahomans have access to cutting-edge cancer care that’s close to home. TSET uses only the earnings from the trust to support programs to improve the health of Oklahomans. Since 2012, TSET has invested more than $53 million in Stephenson to fund the TSET Phase 1 clinical trials. The program provides promising, experimental treatments to cancer patients from Oklahoma and surrounding states.
Senior adults offer reasons for mid-pandemic moves
       
To learn how to participate in, email us at brand-insight@opubco.comLinda and Mike Bauman enjoy their kitchen in their new apartment at Spanish Cove Retirement Village. While it may seem like the world, and especially senior living communities, are standing still amidst the COVID-19 crisis, there are still those who are electing to move. There are several reasons offered by those who have decided to make mid-pandemic moves to local retirement communities. Among the top reasons were increased social engagement, physical support, and increased peace of mind. Social engagementEven self-professed homebodies said that staying home and avoiding social gatherings has taken its toll these past several months.
The art of meaningful gift-giving
       
To learn how to participate in, email us at brand-insight@opubco.comConnecting local experts and business leaders with the NewsOK audience. [PROVIDED]In a year unlike any other, creating moments rather than simply giving a gift is what can make the holidays more special. "A meaningful gift puts light into people's lives," said Coleman Clark, president of BC Clark, Oklahoma's longest-running jewelry business. Giving gifts can be an active investment in relationships and bring people closer. Since the stone age, people have been giving gifts to show appreciation and underscore what the recipient means to the giver.
Regional Food Bank’s Holiday Match kicks off
       
To learn how to participate in, email us at brand-insight@opubco.comA simple $1 donation to the Holiday Match campaign helps the Regional Food Bank provide eight meals to residents living with food insecurity in central and western Oklahoma. However, thanks to gifts from presenting sponsor APMEX and with support from the Cresap Family Foundation, the Regional Food Bank of Oklahoma's annual Holiday Match will again provide an opportunity to double the impact of donations. “One of APMEX's core values is giving back to the community, so this is our fifth year in a row to partner with the Regional Food Bank on the Holiday Match Campaign,” said Scott Thomas, founder and president of APMEX. We are so appreciative of APMEX for making this match possible.”One in six Oklahomans, including one in four children, lives with food insecurity every day, according to Regional Food Bank statistics. During the COVID-19 pandemic, the Regional Food Bank and its network of partner agencies report serving 30% more Oklahoma households in central and western Oklahoma.
Junior League’s Mistletoe Market going virtual
       
To learn how to participate in, email us at brand-insight@opubco.comConnecting local experts and business leaders with the NewsOK audience. Leslie Coale-MossmanThe holiday season has officially kicked off with the start of Mistletoe Market, Oklahoma City’s annual shopping experience. Mistletoe Market is proud to announce a completely online reinvention of this iconic, charitable event. “In light of current events, the Junior League of Oklahoma City Board of Directors decided to move away from an in-person shopping event,” said Leslie Coale-Mossman, JLOC President. “This year, our Mistletoe Market will be an online holiday market full of festive spirit and shopping.”All of the activities may be accessed from https://www.jloc.org/mistletoe-market.
Why we don’t know (yet) what your future utility bills will be following winter storm
       
Why we don’t know (yet) what your future utility bills will be following winter stormIt will take weeks or maybe even months for customers of Oklahoma’s power providers to find out how their bills over the next five to 10 years will be impacted by the providers’ February storm costs. Here’s why:• Total costs are still being calculated. Power providers don’t yet know exactly how much they spent to acquire the natural gas they needed to keep generating stations that use that fuel operating. They also don’t yet know how much additional power they purchased from the grid to keep energy flowing across the grid during the storm cost them. Their operations are governed by state law.
Power providers to seek billions from Oklahomans in wake of storm
       
More regulated utilities kicked off cases seeking to recover billions of dollars of storm-related costs from customers at the Oklahoma Corporation Commission this week. On Thursday, Oklahoma Gas and Electric (OG&E) and Public Service Co. of Oklahoma (PSO) filed requests to start regulatory recovery proceedings with the agency. Oklahoma Natural Gas (ONG), which supplies residential and many commercial customers with that fuel, filed its case before the commission last week. While it isn’t yet clear what the total costs will be, OG&E alone aims to recover $1 billion in costs — more than what it spent in all of 2020 to keep power flowing into the grid, officials said Thursday morning. PSO, meanwhile, reported on Thursday that its preliminary estimates on storm-related costs stand at about $825 million.
Additional federal funding approved for Oklahomans after historic storm
       
President Joseph R. Biden Jr. has approved additional federal funding for Oklahomans after historic winter storms lingered in the state earlier this month, Gov. Kevin Stitt announced Tuesday evening. The additional funding delivers Federal Emergency Management Agency public assistance to municipalities, counties and tribes in all 77 Oklahoma counties for infrastructure repairs and other costs associated with the storm, state officials said. Additionally, individual assistance for homeowners, renters and business owners affected by the storm was approved for 16 counties: Canadian, Carter, Cherokee, Comanche, Cotton, Hughes, Jefferson, LeFlore, McIntosh, Oklahoma, Okmulgee, Osage, Pittsburg, Stephens, Tulsa and Wagoner. Read the complete story on TulsaWorld.com.
REIT quietly buys Guthrie, OK, self-storage, and more commercial real estate transactions from The Oklahoman for Jan. 23, 2021
       
REIT quietly buys Guthrie, OK, self-storage, and more commercial real estate transactions from The Oklahoman for Jan. 23, 2021GUTHRIE — A real estate investment trust has bought Always Storage, an 801-unit self-storage property in Guthrie, paying $4,725,000, county records show. The buyer was NSA Property Holdings LLC, an affiliate of National Storage Affiliates Trust in Greenwood, Colorado. The sale was handled by brokers Trey Hammond, Mike Mele and Luke Elliott with Cushman & Wakefield, representing the seller, Always Storage LLC. “Generating competing offers from out-of-state private investors, private equity and self-storage REITs, this transaction perfectly illustrates the renewed demand for tertiary market facilities,” Hammond said. “Investors are eager to migrate their capital from the coast in order to take advantage of smaller and more stable markets.”
Retail rocks and hard places: Coronavirus has OKC stores, eateries, venues caught in some middles
       
Not surprisingly, there were no specific teasers in Price Edwards & Co.'s year-end retail property report — no Costco is heading here, or Warren Theater (RIP) is landing there, or Ruth's Chris Steak House is sniffing out a space. Warren Theater, among others, succumbed to the coronavirus. Ruth's Chris at First National is a deal undone, probably for the same reason. This is an in-between time for stores, restaurants, and entertainment venues. Retail vacancy locally increased to 9.7% at year-end from 9.2% at midyear and 8.7% a year ago.
Marni Jameson: Pull the plug on dated light fixtures
       
They put in a default “lighting package,” a matching set of fixtures for the dining room, entryway, kitchen, hallways and bathrooms — so contrived you can imagine them all holding hands and singing “I’d Like to Teach the World to Sing” in smarmy unison. Back then, heavy, oil-rubbed bronze light fixtures were what you did. I built a home that same year in Colorado, and picked out almost the same light fixtures. Whenever I thought about updating them, I hit a snag, which I call the stocking problem. You have to change the light in the entryway, then in the kitchen, then down the hall, and, and … and you freeze.
Oklahoma City building permits for Jan. 23, 2021
       
Richard MizeReal estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked... Read more ›
Oklahoma Home Builders Association names new officers
       
The Oklahoma Home Builders Association has selected Jim Schuff, co-owner of Vesta Homes, as 2021 president. Other officers are Brandon Jackson, of Tara Custom Homes in Tulsa, vice president-treasurer; and Ron Nance, of The Oaks in Lawton, vice president-secretary. Four people have been added to the Oklahoma Housing Hall of Fame. • Irvin “Bud” Blakley, as both a past president of the Oklahoma Home Builders Association and the Oklahoma Lumbermen’s Association, was a leader in housing for rural Oklahoma. Through his building company and lumber company in Chandler, he was involved in thousands of homes.
Landscape, hardscape, escape to Edmond for The Oklahoman's Listing of the Week for Jan. 23, 2021
       
Landscape, hardscape, escape to Edmond for The Oklahoman's Listing of the Week for Jan. 23, 2021The Listing of the Week is a two-story home with a pool and meticulous landscaping and hardscaping, front and back, in Edmond's Hunters Creek addition. The kitchen has a breakfast bar, island, pantry, double ovens, gas cooktop with grill, and extra prep and storage space. The master bedroom, downstairs, has a ceiling fan and bath with double vanities, walk-in shower, whirlpool tub and walk-in closet. The home has a covered patio, open patio, generator, security system and underground sprinkler system. In back is a hot tub, pergola, flagstone and extensive landscaping.
Oklahoma County property sales from The Oklahoman for Jan. 23, 2021
       
Oklahoma County property sales from The Oklahoman for Jan. 23, 2021Recent major sales in Oklahoma County totaled more than $62 million, according to deeds released from County Clerk David B. Hooten's office. To search more deeds, go to okcc.online. Major sales are those of $300,000 or more. $1,000,000 or more• Oasis Apartment Enterprises LLC from Continental 279 Fund LLC, 13331 N MacArthur Ave., $24,225,500. • Naples SV Apartments LLC from Far Wespen LLC, 1010 W Park Place, 1016 W Park Place, 1020 W Park Place, 1017 NW 10, and 1007 NW 10, $3,400,000.
Does it make sense to pay off your mortgage early?
       
When you own a home, the thought of a mortgage hanging over your head for decades can be daunting for many people — and it’s natural to want to pay off your mortgage as soon as possible. But before you decide to use an inheritance, a raise or your savings to pay off your mortgage (or even before you decide to make extra payments), it’s important to take a step back and determine whether it really makes financial sense for you. In some cases, the amount you save on interest when you pay off your mortgage early might not exceed what you would earn if you put the money to work elsewhere. On the other hand, sometimes it’s not about the return on other investments and more about peace of mind or freeing up cash flow for other opportunities. Here’s what you need to know as you decide whether to pay off your mortgage early.
Millennial Money: 3 things to know if you’re new to gig work
       
Millennial Money: 3 things to know if you’re new to gig workShutdowns, layoffs and salary cuts brought on by the coronavirus pandemic have left millions of Americans searching for new sources of income. Those who’ve recently turned to gig work may be weeks away from a financial surprise in the form of unexpected tax bills and insurance coverage fine print. “These are the two key items that most new business owners overlook,” says Chris Russell, a San Diego-based certified financial planner who specializes in business owners and the self-employed. Don’t consider yourself a small-business owner? TO THE IRS, YOU ARE A SMALL BUSINESS
When ice storm gives you broken limbs, make mulch
       
EDMOND — Free mulch stemming from the October 2020 ice storm is available on a first-come, first-served basis until it is gone. The mulch pile is outside of the baseball fields on the north end of Hafer Park at Ninth Street and Bryant Avenue. The mulch site is not staffed, so anyone picking up mulch will need to make all personal arrangements to include tools, loading and transportation. The mulch pile consists of shredded tree debris and is safe to use for landscaping needs. However, the mulch is not as finely shredded as what is typically sold by retailers.
Owners counter with deli move after shuttering Aunt Pittypat's
       
The just reopened the dining area has a few socially distanced tables available, and take-out business remains brisk. Howell and Dowd were busy stocking shelves on the market side and pushing out fresh deli when I visited. Finally got a chance to drop by Mediterranean Deli , 5620 N May Ave., where new owners Howell and Dowd have taken the baton from founder Atif and Afaf Asal. It's a fantastic rebound for the couple whose only sin before the pandemic was to be in the catering business. In the meantime, Mediterranean Deli is open 10 a.m. to 6 p.m. Monday through Friday and 11 a.m. to 6 p.m. Saturday.
Is your organization looking to improve Midwest City? There's a grant for that
       
“The MCMHA Trust Indenture typically limits the use of the community grants to non-reoccurring expenses,” said Tim Lyon, general manager/administrator of the Midwest City Memorial Hospital Authority. This round of Community Improvement Grants also can be used to replace or supplement recurring operating expenses, including maintenance, supplies, salaries and general operating costs. The Midwest City Community Grants application and instructions may be downloaded from the city’s website at http://bit.ly/2LHtO6F. Completed applications and copies must be postmarked or hand delivered by 5 p.m. Feb. 15 to: Tim Lyon, 100 N Midwest Blvd., Midwest City, OK 73110. Funding recommendations from the Board of Grantors will be presented to the Midwest City Memorial Hospital Authority Trustees at the March 23 meeting with most consideration given to applicants who provide the most overall benefit and impact to the Midwest City community and to businesses within the community that have suffered due to the pandemic.
Savvy Senior: How to find affordable housing for seniors
       
DEAR SAVVY SENIOR: Are there any resources to help seniors find and pay for senior apartments? My aunt, who’s 75 years old, needs to find a new place to live but has very little money. — Searching SarahDEAR SARAH: Finding affordable senior housing options can be difficult depending on where your aunt lives. Senior apartments for some retirees are a good option, and you’ll be happy to know that there are a number of government programs that can help out financially. Here are some tips that can help you and your aunt find a low-income senior apartment that fits her budget and living preferences.
The country is close to running out of houses
       
Imagine zero houses for sale. The market will not allow the housing inventory to fall to zero. Last year ended with the average sale price at $243,324, up 9% compared with December 2019, according to the Oklahoma City Metro Association of Realtors. But I think it's more or less true: Everything has a price. Prices aren't up enough for any of y'all flippers-investors to get to me — or lots of other people.
OKC homebuilders will bring ideas back 'from' the International Builders Show, as usual, even though it's online this year, which is not
       
OKC homebuilders will bring ideas back 'from' the International Builders Show, as usual, even though it's online this year, which is notHomebuilders aren't going on their usual middle-of-winter excursion to the International Builders Show, but they'll still be able to learn the latest in home design and construction trends and incorporate them into their houses. The show, like so much else, went virtual this year. Organizers decided in October that the coronavirus posed risks too great to ignore, and canceled the in-person convention planned for Orlando, Florida. So Design & Construction Week, which includes the International Builders Show and the Kitchen & Bath Industry Show, will be wholly online Feb. 9-12. Hundreds of Oklahoma builders and people in related businesses make the annual trek to Orlando, or Las Vegas, or Dallas, or wherever a big enough convention center can be found, for training and to walk hundreds of thousands of square feet of exhibits.
Check out The Oklahoman's Listing of the Week for Jan. 30, 2021, a luxuty condo in Midtown Oklahoma City
       
Check out The Oklahoman's Listing of the Week for Jan. 30, 2021, a luxuty condo in Midtown Oklahoma CityThe Listing of the Week is a luxury condo at 701 Hudson in Midtown. 100, has one bedroom, one bath, one half-bath, one living room, one dining room and a fireplace. Tall Pella Architect Series windows have two-way Hunter Douglas shades and are surrounded by custom pecan wood built-ins spanning the length of the living space. The kitchen features custom cabinetry with a pecan wood island, Jenn-Air Pro-Style appliances, Delta Brizo faucet and quartz counters. The owner's bath features Volakas marble with heated floors, a Haiku ceiling fan in the bedroom and Emtek door hardware throughout.
OKC metro Realtors give thousands to state housing foundation
       
MLSOK Inc., a subsidiary of the Oklahoma City Metro Association of Realtors, has donated $42,250 to the Oklahoma Housing Foundation. The foundation, which is run by the Oklahoma Association of Realtors, is an online resource connecting Oklahomans in crisis with housing solutions. The foundation creates partnerships with community outreach organizations and empowers Realtors across the state to meet the needs of their communities. "I am proud to be a part of an organization making significant contributions to help people in their most trying times,” said Monty Strickland, 2021 MLSOK president. “We appreciate the mission of the Oklahoma Housing Foundation and thank them for all that they do.”Supporting the community is important to Realtors, said Jeff Langum, 2020 MLSOK president.
UK online fashion retailer buys Topshop, three other brands
       
LONDON (AP) — Online fashion seller Asos says it has bought Topshop, which once boasted designs by Kate Moss and Beyonce, along with three other brands for 265 million pounds ($363 million) as rivals scoop up bargains after the collapse of Britain’s Arcadia retail group. The deal, announced Monday, puts thousands of jobs at risk because Asos acquired the Topshop, Topman, Miss Selfridge’s and HIIT brands but none of their stores. Asos said it plans to keep only about 300 of the brands’ employees. In addition to the purchase price, Asos said it also planned an additional cost to build stock. Arcadia, built by controversial retail tycoon Philip Green, went into bankruptcy on Nov. 30 as the COVID-19 pandemic closed stores and accelerated the shift to online shopping, compounding troubles for a group that was slow to embrace the internet.
Liz Weston: How to prioritize debt payments in the pandemic
       
Interest and payments have been paused on federal student loans. Still, many Americans say they took on more debt last year because of the pandemic, according to NerdWallet’s household debt survey. If you are one of them, or if you have other household debt that’s been put on hold, you may not want to rush to pay that money back even if you can. The COVID-19 crisis and its economic fallout are far from over, so you’ll want to be strategic when dealing with pandemic-related and other debt. STUDENT LOANS ARE STILL ON HOLD
Savvy Senior: How much do you have to make to file income taxes?
       
DEAR SAVVY SENIOR: What are the IRS income tax filing requirements for retirees in 2020? My income dropped way down when I was forced into retirement last March due to COVID, so I’m wondering if I need to file a tax return this year. — Unexpected RetireeDEAR UNEXPECTED: Whether or not you are required to file a federal income tax return this year actually depends on several factors: How much you earned last year (in 2020), the source of that income, your age and your filing status. Here’s a rundown of this tax season’s IRS tax filing requirement thresholds. If your 2020 gross income — which includes all taxable income, not counting your Social Security benefits, unless you are married and filing separately — was below the threshold for your filing status and age, you may not have to file.
Online shopping surge delivers record revenue for UPS
       
NEW YORK (AP) — A surge in online shopping helped UPS post record revenue during the last three months of 2020, the company said Tuesday. Demand for UPS and other delivery companies has spiked as more people shop online during the pandemic and avoid going into stores. Not only was the Atlanta company working to deliver gifts during the holiday season, but it also started shipping COVID-19 vaccines at the same time. During the quarter, UPS said the daily average number of packages it delivered rose nearly 11%. Its biggest customer — online shopping giant Amazon — helped fuel growth.
Do you have suggestions for the Edmond Veterans Memorial design?
       
Do you have suggestions for the Edmond Veterans Memorial design? EDMOND — Edmond residents are being asked to complete a survey, providing comments and suggestions for the creation of the Edmond Veterans Memorial. The city of Edmond and the Veterans Memorial Advisory Committee are working with a firm to design the memorial and wanting the public's input on the project. Survey feedback will be considered in the design of the memorial, which will be in Bickham-Rudkin Park. The survey will be open through Feb. 21 at https://www.surveymonkey.com/r/veteranmemorial.
How to keep your student loan payment at $0
       
How to keep your student loan payment at $0President Biden announced on Jan. 20 that most federal student loan payments would be suspended interest-free through September 2021 due to the ongoing pandemic. Once the suspension lifts, though, a $0 payment still may be a necessity for some borrowers. According to an October 2020 survey from NerdWallet conducted by The Harris Poll, 45% of Americans with federal student loans of their own weren’t confident they’d be able to afford their loan payments when the payment freeze was scheduled to end last December. Borrowers will hopefully be better off financially by September. But if you’ll need to keep paying less, here are your options.
Arcadia Farmers Market General Store can fill a Valentine’s Day gift basket
       
ARCADIA — Love is in the air at the Arcadia Farmers Market General Store, where you can fill your own Valentine’s Day gift basket or purchase an already-packaged theme basket. New on the shelves are rubs, sauces, brisket mops and other meat flavorings from Butcher Barbecue. David Bouska, who has spent 34 years in the meat business, said he is pleased to be able to showcase his products at the General Store. His son’s restaurant, the Butcher Barbecue Stand in Wellston, is immensely popular with Route 66 travelers, and Bouska wanted another opportunity to be part of the Route 66 experience. “I watched when they started putting it in,” he said of the year-round food and gift store that is an outgrowth of the outdoor Arcadia Farmers Market.
These 5 Oklahoma companies need employees
       
Goodwill Industries of Central Oklahoma will host a career fair from noon to 2 p.m. Thursday at the Goodwill Job Connection Center in downtown Oklahoma City. Five Oklahoma companies will be in attendance and ready to hire candidates looking for a new job or a career change in 2021. Participating in the career fair will be:• Goodwill Industries of Central Oklahoma
Oklahoma to get $8.9 million in settlement with consulting firm to fight opioid crisis
       
Oklahoma to get $8.9 million in settlement with consulting firm to fight opioid crisis shares emailOklahoma Attorney General Mike Hunter. [Doug Hoke/The Oklahoman]Oklahoma will get $8.9 million to fight the opioid epidemic from a settlement with the global consulting firm McKinsey & Co. The firm agreed to pay nearly $600 million overall in settlements involving 49 states, the District of Columbia and five U.S. territories. Attorney General Mike Hunter announced Oklahoma's settlement in a news release Thursday. “As we showed at our 2019 trial against Johnson & Johnson, McKinsey came up with the playbook on how to strategically market these powerfully addictive drugs, leading to a drastic increase in the number of opioids prescribed and contributing to the epidemic,” Hunter said.
Record home sales defy exclamation
       
EDMOND — Wow, oooh, ahh, yeah and (choose your own exclamation), or, as Brian Preston put it, "What a year" it was for home sales in Edmond. "Of course, a record was set, and by a bunch," he wrote on his blog to introduce his 2020 year-end Preston Report of sales in the Edmond market area. Preston is broker-owner of RE/MAX at Home, 3224 S Broadway, Suite 225. Home sales have blazed through the coronavirus pandemic to the point of a shortage, nationally and locally — just eight houses listed under $200,000, out of just 476 total, when he compiled and crunched the numbers. That, he said, made them "harder to find than toilet paper" was in May during a coronavirus-related run on TP.
Learn about OKC home repair programs during virtual town hall
       
Grants and loans offered by the city of Oklahoma City to homeowners and residents interested in owning a home will be explained at a virtual town hall meeting at 5:30 p.m. Feb. 9, hosted by Ward 2 City Councilman James Cooper. Chad Davidson, code enforcement superintendent, will talk about common exterior home maintenance violations and what is needed to fix them. “If you want to make repairs to your home but struggle to afford it, this town hall is for you,” Cooper said. “By taking advantage of maintenance programs offered through the city, residents can improve their home’s value and strengthen their neighborhood. If you’re interested in responsible home ownership and know someone who would benefit from information about our city’s down payment assistance/closing costs programs, this town hall is also for you.”
Grandma is moving in sooner than expected as demand increases for homes for the generations.
       
Grandma is moving in sooner than expected as demand increases for homes for the generations. THE VILLAGE — The coronavirus hasn't just kept people at home and spurred many to buy a new home — it's bringing Grandma to the kids' home faster. Multigenerational home purchases accounted for 15% of sales after March, compared to 11% before, the Realtors reported. Simon Shingleton has seen it repeatedly as a Realtor and agent with Keller Williams Realty Elite. Some buyers want to protect older family members from COVID-19 outbreaks in nursing homes and adult care communities.
Oklahoma County property sales from The Oklahoman for Feb. 6, 2021
       
• The Cheryl Anne Bumps Revocable Trust and the Regina L. Newey Revocable Trust from BARKAR LLC, 1817 Coventry Lane, Nichols Hills, $1,250,000. • Stephen Phillip Stull and Karen Ann Stull from MassaRossa Luxury Homes LLC, property near the northeast corner of N Westminster Road and E Covell Road, Edmond, $1,213,000. • Shervin Dardashti from Robert N. Barnes, trustee of the Robert N. Barnes Trust, Cara C. Barnes, and Robert N. Barnes, 1701 W Wilshire Blvd., Nichols Hills, $1,175,000. • Maa Meldi LLC from Shiva LLC, 3300 SW 29, $1,000,500.
8 tips for a successful home renovation
       
Before work starts, clear all spaces where professionals will be working, as well as walkways they will use to access these areas. Remove valuables and breakables to avoid damage, and cover furniture in areas where paint or dust could harm upholstery. For example, if you’re renovating the kitchen, you may need to create a temporary food prep area. Work with prosWhen selecting a contractor, check for references, certification and an understanding of the project. For example, when tackling window and door projects, Andersen Windows Inc. recommends hiring an Andersen Certified Contractor to do the job.
Millennial Money: Get tough money tasks off your to-do list
       
Nothing sparks procrastination quite like a to-do list of financial tasks. Sometimes the only thing scarier than making a financial choice in the first place is making the WRONG choice, which can happen when you don’t totally understand what you’re doing. Tackling money-related chores can be difficult even for those of us who write about this stuff for a living. The mere mention of rolling over old 401(k)s elicited eyerolls from a few of my colleagues in a recent video meeting. Thankfully, you can trick yourself into productivity by rethinking how you approach your financial to-do list.
Rent is going up, and apartment sales are strong in OKC
       
Renters struggled in 2020, but in the Oklahoma City area they mostly kept their rent paid up, and it shows in the apartment sales data for the year. As "difficult and unpredictable" as it was, "the roller coaster ride may have been more emotional than financial," said Mike Buhl, broker-owner of multifamily property brokerage Commercial Realty Resources Co. in Norman. "The effects of COVID?19 on the multifamily sector have so far proven to be more of an interruption than a trend. Renters have prioritized rent payments." With employment in recovery from the depths of the pandemic, and borrowing costs remaining historically low, investors kept coming, looking for property to buy, Buhl said in his year-end apartment market report, available at http://www.crrc.us/.
Mize: OKC apartment renters, don't expect much improvement anytime soon
       
Renters, any improvements planned for your apartment complex before the coronavirus could be on hold until well after the virus is under control. That might not be such a bad thing with rents already on the rise in general. Any serious renovations at any given place usually mean a rent hike is coming in particular. "Value-add" investments are out. That's what apartment buyers call it when they buy low, put money into a property improving it, in order to justify raising rents.
Looking for an Oklahoma gardening event?
       
Looking for an Oklahoma gardening event? shares email[Provided]To submit items, send an email to Richard Mize at rmize@oklahoman.com. In the subject line, put "Garden calendar.” Please submit items at least 10 days before publication. Meetings and workshops free and open to the public unless stated otherwise. Expand your knowledge of Oklahoma plants and find inspiration for your own garden.
Who bought what and where in Oklahoma County: property sales from The Oklahoman for Feb. 13, 2021
       
Who bought what and where in Oklahoma County: property sales from The Oklahoman for Feb. 13, 2021• 3332 NW 174 LLC from Brent and Eleen Amaya, 3332 NW 174, $1,239,000. $1,000,000 or moreRecent major sales in Oklahoma County totaled more than $35 million, according to deeds released from County Clerk David B. Hooten's office. Major sales are those of $300,000 or more. $999,999 to $300,000• Curt P. Tyszko and Sarah L. Tyszko from Lewis F. Truney and Angela D. Truney, trustees of the Lewis and Angela Truney Revocable Trust, 4301 Preserve Place, Edmond, $752,500. • Star Holdings LLC from Flint Lair LLC, 8208 Glade Ave., $690,000.
Oklahoma County property sales from The Oklahoman for Nov. 7, 2020
       
Oklahoma County property sales from The Oklahoman for Nov. 7, 2020Recent major sales in Oklahoma County totaled more than $38 million, according to deeds released from County Clerk David B. Hooten's office. To search more deeds go to okcc.online. Major sales are those of $300,000 or more. $1,000,000 or more• Agree Stores LLC from Campbell Properties LP, 6625 SW 3, $2,739,500. • Mountain Express Oil Co. from US Star Properties LLC, 7944 W Hefner Road, $1,433,500.
Are you a kid or teen with a great business idea?
       
Are you a kid or teen with a great business idea? As the Norman Farm Market prepares for its 31st season opening on April 3, a program is promoting business startups by children and teens. Loveworks Leadership, a Norman-based youth leadership and entrepreneurship organization responsible for the development of kid-run businesses such as Real Kitchen (www.real.kitchen) and Wrist World (www.wrist.world), is collaborating with the market to implement the initiative. The program will harness the natural entrepreneurial abilities of youngsters and teens and teach them the skills needed to sell a product to the public. While applicants gain the experience of interviewing and selling products, the program will broaden the scope of products available through Loveworks at the Norman Farm Market.
Do you have hearing or speech communication needs?
       
Do you have hearing or speech communication needs? The Oklahoma School for the Deaf’s Equipment Distribution Program is offering telephone and assistive equipment to eligible Oklahomans who are deaf, hard of hearing, deaf-blind or have speech communication needs. This adaptive equipment is free or at little cost for those who meet the guidelines of the program, which is located on the school’s main campus in Sulphur. The Oklahoma School for the Deaf is a division of Oklahoma Department of Rehabilitation Services. “OSD’s Equipment Distribution Program offers telephone devices, such as amplified phones, captioned phones which automatically display conversation as text, and text telephones (TTYs) with keyboards that enable users to type messages that are transmitted over regular phone lines,” said Brandy Johnson, DRS equipment distribution program coordinator.
Ready for a custom house? You might not be able to buy one
       
Ready for a custom house? You might not be able to buy oneHomebuilders are turning away customers — for custom-built homes at least — because of uncertainty surrounding soaring lumber prices. "We have been hammered by lumber prices," said Jim Schuff, co-owner of Vesta Homes in Moore and president of the Oklahoma Home Builders Association. "How do you even begin to price a project that will take six months or more to complete?" He said they wonder: "If you start a spec home today and price it where it should be when you get it complete, will it appraise?
Shops, haircuts return in April as UK lifts lockdown slowly
       
LONDON (AP) — Children in England will return to class and people will be able to meet a friend outside for coffee in two weeks’ time, Prime Minister Boris Johnson announced Monday as he laid out a slow easing of one of Europe’s strictest pandemic lockdowns. But those longing for a haircut, a restaurant meal or a pint in a pub have almost two months to wait, and people won’t be able to hug loved ones that they don’t live with until May at the earliest. Johnson said the government's plan would move the country “cautiously but irreversibly” out of lockdown. “We are now traveling on a one-way road to freedom,” he said at a televised news conference.
States pass their own virus aid, not waiting on Washington
       
(AP) — Not waiting for more federal help, states have been approving their own coronavirus aid packages, spending hundreds of millions of dollars to help residents and business owners devastated by the the pandemic's economic fallout. North Carolina's governor wants additional state aid for such things as bonus pay for teachers and boosting rural internet speeds. The spending also provides fuel for critics who say states don’t need another massive infusion of cash from Congress. The Biden administration’s $1.9 trillion relief plan would send hundreds of billions of dollars to state and local governments. Governors and lawmakers say their state spending is targeted at Americans who remain desperate for help nearly a year after the pandemic began shuttering businesses.
Liz Weston: Worry about the right thing with estate taxes
       
Death and taxes may be the only certainties in life, but death taxes are only a remote possibility for most people. The vast majority of Americans won’t ever have or give away enough to owe estate or gift taxes. That’s her tax basis. If you sold the stock later, you would owe tax only on the gain since her death. But it’s no exaggeration to say that far more people benefit from our estate tax system — by inheriting homes and other assets with a stepped-up tax basis — than have to pay any estate taxes.
US service sector growth slows sharply in February
       
WASHINGTON (AP) — Growth in the services sector, where most Americans work, slowed sharply in February with hurdles related to the pandemic hindering growth. The Institute for Supply Management said Wednesday that its index of service sector activity dropped to a reading of 55.5% in February, down 3.4 percentage-points from January when activity neared a two-year high. Even with the decline, it was the ninth straight month of growth in the services sector. Any reading above 50 signifies growth. The index readings for business activity and employment also fell from the previous month.
Detectives look at SUV's 'black box' from Tiger Woods crash
       
LOS ANGELES (AP) — Detectives are looking at data from the so-called “black box” of Tiger Woods' SUV to get a clearer picture of what occurred during the Southern California rollover crash last week that seriously injured the golf star, authorities said Wednesday. The Los Angeles County Sheriff's Department said traffic investigators executed a search warrant Monday to retrieve the data from the device from the Genesis SUV that Woods was driving. There was no information regarding what was found in the black box, Deputy Trina Schrader said in a statement. The 2021 GV80, made by the Hyundai luxury brand, is likely to have a newer version of event data recorders nicknamed “black boxes” after more sophisticated recorders in airplanes. They store a treasure trove of data for authorities to review.
Putin seeks crackdown on those who push children to protest
       
MOSCOW (AP) — Russia's President Vladimir Putin on Wednesday urged police to track down people who encourage children to join in unsanctioned demonstrations, a move that follows a wave of protests against the jailing of opposition leader Alexei Navalny. Speaking to top officials of the Interior Ministry, which oversees the police, Putin said they should more actively monitor social platforms and track down those who “draw the underaged into unlawful actions.”“It's a violation of the law to draw the children into illegal and unsanctioned street actions, and it's necessary to respond accordingly,” Putin said. Last month, Russian authorities charged Leonid Volkov, a chief strategist for Navalny, with encouraging minors to take part in unauthorized rallies, which could land him in jail for up to three years. Volkov, who has lived abroad since 2019, has rejected the charges. The government of Lithuania, where he now lives, has bluntly rejected the Russian court's demand for his arrest.
Collins to back Haaland for Interior, sealing her approval
       
Collins, a moderate who frequently sides with Manchin, said she differs with Haaland on a number of issues but appreciated her role in helping to lead House passage of the Great American Outdoors Act. The landmark law, co-sponsored by Collins in the Senate, authorizes nearly $3 billion on conservation projects, outdoor recreation and maintenance of national parks and other public lands. Collins said she also appreciated Haaland’s support on issues important to Maine, such as Acadia National Park, “as well as her deep knowledge of tribal issues, which has earned her the support of tribes across the country, including those in Maine.'' Interior oversees the nation's public lands and waters and leads relations with nearly 600 federally recognized tribes.
Pandemic puts 1 in 3 nonprofits in financial jeopardy
       
Californians for the Arts, for example, surveyed arts and culture nonprofits in the state and found that about 64% had shrunk their workforces. They will be navigating a very different financial pathway.”Newman-Scott said BRIC has been helping sustain smaller arts nonprofits and offering artists unrestricted $10,000 grants through its Colene Brown Art Prize. The most vulnerable nonprofits may try to reduce costs this year by narrowing their focus or by furloughing workers. Some may seek a merger or an acquisition to bolster their financial viability, Harold noted, although doing so would still mean that fewer nonprofits would survive. We saw that with hundreds and hundreds of foundations.”___The Associated Press receives support from the Lilly Endowment for coverage of philanthropy and nonprofits.
Thousands of meatpacking workers to be vaccinated this week
       
— Meatpacking workers across the country have started receiving coronavirus vaccines and thousands more will have a chance to get their shots this week, offering some peace of mind in an industry that was ravaged by COVID-19 a year ago. Last spring, major outbreaks at a number of meatpacking plants — where workers often stand should-to-shoulder on production lines — forced them to close temporarily because of the number of illnesses and to install additional safety measures. The UFCW union, which represents roughly 80% of the nation’s beef and pork workers and 33% of its poultry workers, estimates that at least 22,000 meatpacking workers have been infected or exposed, and 132 have died of COVID-19. Illinois was one of the first places to offer the vaccines to entire plants of workers last month. JBS and Pilgrim’s Pride said roughly 8,500 of their workers in eight states will have the chance to get the vaccine this week.
Official: Democrats OK tightened income limits for relief
       
WASHINGTON (AP) — President Joe Biden urged Senate Democrats to rally behind a $1.9 trillion COVID-19 relief bill and stood by his proposed $1,400 payments to individuals, even as some party moderates sought to dial back parts of the package. “He said we need to pass this bill and pass it soon. The president's cry for unity came as Democrats, with no votes to spare in a 50-50 Senate, sorted through lingering divisions over the emerging bill. Those included moderates' efforts to focus spending more narrowly on those hardest hit by the deadly pandemic and resulting economic contraction. Biden took to Twitter to signal he wouldn't budge from his demand that lawmakers add a fresh $1,400 payment to the $600 that millions of individuals received from a December relief measure.
Official: Dems OK tighter income limits for COVID-19 relief
       
The version the House approved last Saturday would gradually phase down those amounts and reach zero for individuals making $100,000 and couples earning $200,000. But under Wednesday’s agreement, those checks would end for individuals making $80,000 and couples earning $160,000, the official said. But Biden and party leaders stood firm and will retain the $400 weekly emergency jobless benefits, which are paid on top of regular state payments. Moderates have wanted to trim those payments to $300 per week, with some saying the higher amount could discourage people from returning to their jobs. The Senate needs to pass the American Rescue Plan and finish the job of delivering $2,000 in direct relief,” Biden wrote in one of his infrequent uses of a medium his predecessor, Donald Trump, at times used over 100 times daily.
New Barcelona president will be beholden to club's bankers rather than its members
       
It will be the lenders who run Barcelona in the future, not the members or the president. Real Madrid have the same deal in place with the US hedge fund Providence. Covid-19 has brought the unsustainable financial models of Barcelona and Real Madrid – not to mention their dismal standards of governance – to their knees, but the seeds were sown years before the pandemic. Florentino Perez, the Real president who changed the rules to mean that it was impossible for him to be challenged in elections. Bartomeu, the Barcelona president who presided over the meltdown in relations between club and squad.
Cutting aid to starving children in Yemen – our national badge of shame
       
The UN Secretary General, Antonio Guterres, has described the shortfall in donor support for Yemen as a ‘death sentence’. Working with Save the Children, I have seen the difference that UK aid makes in Yemen. Most of that aid is spent on nutrition, health, clean water, and education. Sadly, the UK’s aid cut for Yemen is an early chapter in what is likely to be a longer tragedy. Earlier this week Foreign Office minister James Cleverly cited the ‘the difficult financial context’ as grounds for reducing aid to Yemen
Texas electricity co-op Brazos files for bankruptcy after $2.1BILLION power bill
       
The largest and oldest electricity co-operative in Texas has filed for bankruptcy protection after it received a $2.1 billion bill from ERCOT, the state's grid operator. Meanwhile, Texas lawmakers indicated their intention to hold power companies accountable after the arctic conditions in mid-February overwhelmed local utility companies ill-prepared for such weather, ultimately having deadly consequences. The largest and oldest electricity co-operative in Texas has filed for bankruptcy protection after it received a $2.1 billion bill from ERCOT, the state's grid operator. Meanwhile, Texas lawmakers indicated their intention to hold power companies accountable after the arctic conditions in mid-February overwhelmed local utility companies ill-prepared for such weather, ultimately having deadly consequences. Not all energy companies in Texas are suffering because of the freeze.
UK will no longer use bee-harming pesticide
       
It now says some damage to the crop is still likely, but expected to be below the level at which the pesticide use is considered to be justified.
UK hikes corporation tax to 25% as pandemic support hits £407 billion
       
Wiktor Szymanowicz | Barcroft Media | Getty ImagesLONDON — British Finance Minister Rishi Sunak announced Wednesday that U.K. corporation tax will increase to 25% in April 2023 as the government looks to restore public finances in the aftermath of the Covid-19 pandemic. GDP forecastsThe OBR now expects the British economy to return to its pre-Covid level by the middle of 2022, with GDP growing by 4% in 2021 and 7.3% in 2022. The government has borrowed a peacetime record £355 billion since the onset of the pandemic, 17% of GDP, and expects to borrow a further £234 billion, (10.3% of GDP) next year. Sunak also announced the freezing of personal tax thresholds, removing the "incremental benefit created had thresholds continued to increase with inflation." The opposition Labour party leader, Keir Starmer, accused Sunak's budget of having "papered over the cracks, rather than rebuilding the foundations" of the British economy.
The oil industry is getting greener faster as U.S. policy shifts to climate change
       
Nick Oxford | ReutersThe greening of the American oil industry has gone into overdrive. Occidental Petroleum CEO VIcki Hollub told the conference her goal is to produce net zero carbon oil. She said that in 15 to 20 years, Occidental will be a carbon management company, not just an an oil company. BP has expanded in wind and other technology and Looney says it will be an integrated energy company in the future, rather than an international oil company. They're accelerating, and they're certainly spending much more time marketing their efforts on carbon capture and a low carbon future.
Self-employed, gig workers are still waiting for new PPP rules that would mean bigger loans
       
The self-employed and gig workers are anxiously waiting for the Small Business Association to update guidelines to its Paycheck Protection Program, which could mean bigger loans for the group. The Biden administration announced last week changes to how the SBA will calculate forgivable loans for sole proprietors and other small businesses without any employees. The updated formula — which will likely lead to larger loan amounts for non-employer firms, including sole proprietors and independent contractors — will be announced this week. Of course, sole proprietors will still be able to apply for PPP loans until the program deadline at the end of the month; they just won't get priority treatment once the 14-day exclusivity window closes. For now, lenders are working to help borrowers prepare what they can to be ready for the updated guidelines.
Britain Announces Relief Programs as Economy Slowly Reopens: Live Updates
       
ET Britain Announces Relief Programs as Economy Slowly Reopens: Live Updates RIGHT NOW Michaels will be acquired by a private equity firm in a $5 billion deal. In the short term, he is aiming to support jobs as the vaccine rollout continues and the economy cautiously reopens. Borrowing this fiscal year has climbed to 355 billion (about $495 billion), a peacetime record, and a sixfold increase from the previous year. Michaels will be acquired by a private equity firm in a $5 billion deal. As a private company, Michaels will have “financial flexibility” to further expand its retail and online business, said Michael’s chief executive, Ashley Buchanan.
More than 200,000 Americans sign up for ACA health plans during special enrollment period
       
But the demand for ACA health plans during this early phase of the unprecedented three-month enrollment extension was a fraction of the enrollment during the first two weeks of the most recent regular enrollment time, when 1.6 million Americans signed up during the first half of November. ADADOrdinarily, the federal ACA insurance marketplace is open mainly during an annual enrollment season — a six-week period near the end of the year during the Trump administration. Days after he was sworn into office in January, Biden directed health officials to reopen the online federal insurance marketplace for three months, until mid-May. Among other things, the package would increase subsidies — received by nearly 9 in 10 people who have ACA health plans — to help pay monthly insurance premiums. The insurance sold through federal and state ACA marketplaces is intended for Americans who cannot get affordable health benefits through a job.
Walmart to invest $350 billion in U.S. manufacturing
       
The announcement follows a similar commitment from 2013, when it said it would invest $250 billion in products made (or grown or assembled) domestically. That effort later came under scrutiny after consumer advocacy groups reported what they called misleading labels on Walmart.com to the Federal Trade Commission. manufacturing really matters,” John Furner, chief executive of Walmart U.S., said in a statement. Walmart, which had $524 billion in sales last year, said its efforts could help reduce carbon-dioxide emissions by sourcing products closer to its customers. The agency briefly investigated the matter but closed its inquiry after it concluded that Walmart had taken sufficient steps to prevent consumer deception.
Stellantis sees rebound and targets higher profitability in 2021
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStellantis sees rebound and targets higher profitability in 2021CNBC's Charlotte Reed reports on carmaker Stellantis, which is targeting higher profitability for 2021 despite some uncertainty due to the pandemic and a chip shortage.
ISM services index misses expectations in February