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☆ Why American consumers may finally slow their spending, in charts
▼ + stars: | 2023-11-26 | by ( Christopher Hickey | ) edition.cnn.com time to read: +5 min

Some experts think the combination of high housing costs, rising credit card debt and shrinking savings could mean the end of post-Covid splurges, maybe even as soon as this year’s holiday shopping season. Here are the pressures consumers are facing that could cause a spending slowdown. Keeping up with high prices not only has led to more credit card debt, but also more consumers are falling behind on the payments. Since the first quarter of 2022, the rate of newly serious delinquent credit card debt has risen roughly 90%. And that would mean Americans may be forced to finally pull back on their post-Covid spending spree.

Persons: “, ”, Erik Lundh, Freddie Mac, ” Lundh, Lundh, they’ve Organizations: Conference, Intercontinental Exchange, ICE, New York Federal Reserve, Social Security Administration, San Francisco Federal Reserve, SF Fed, New York Fed, Covid Locations: people’s

The 2022 climate law has accelerated investments in clean-energy projects across the United States. It has also delivered financial windfalls for big banks, lawyers, insurance companies and start-up financial firms by creating an expansive new market in green tax credits. The law, signed by President Biden, effectively created a financial trading marketplace that helps smaller companies gain access to funding, with Wall Street taking a cut. The law created a wide range of tax incentives to encourage companies to produce and install solar, wind and other low-emission energy technologies. But the Democrats who drafted it knew those incentives, including tax credits, wouldn’t help companies that were too small — or not profitable enough — to owe enough in taxes to benefit.

Persons: Biden Locations: United States

☆ Qatar economic growth has normalised in 2023 following World Cup boom - IMF
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas Acquire Licensing RightsDUBAI, Nov 21 (Reuters) - The International Monetary Fund (IMF) said on Tuesday that Qatar’s economic growth has normalised in 2023 following the World Cup-driven boom. The IMF added that the economy of the world's top LNG exporter had a favourable medium-term outlook supported by LNG production expansion and intensifying reform efforts. "Broad fiscal discipline amid hydrocarbon windfalls in 2022-23 resulted in sizeable surpluses and rapid central government debt reduction," IMF said. Reporting by Nayera Abdallah; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuri Gripas, Nayera Abdallah, Andrew Heavens Organizations: Monetary Fund, REUTERS, Rights, IMF, Thomson Locations: Washington , U.S, Rights DUBAI

I wanted to save more for retirement but needed $3,000 to invest in my chosen index fund, VTSAX. To save that money in two months, I started by selling items online and looking for windfalls. I sold stuff onlineWhenever I need extra money super quickly, I often turn to selling used items online. I saved my windfallsWindfalls are basically extra money, but I rarely ever just spend the unexpected cash without a strategy. Two months really flies by, and while $3,000 isn't a small amount to fork over, it was a nice start to help diversify my retirement savings.

Persons: —, Read, it's Organizations: Service, Vanguard, Market Index, Facebook Locations: VTSAX

☆ Receiving an inheritance? Here's how experts say to handle any windfall
▼ + stars: | 2023-10-16 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Inheritances come in three primary forms: cash, real estate and investments. How to handle a cash inheritanceCash is the easiest asset to handle, as long as you're not receiving a boatload of it. How to handle inheriting real estateUnless your parents lived in a palace, you're unlikely to run into the inheritance tax limit on a real estate inheritance either. But remember: Real estate often comes with upkeep costs, says Patel. "People underestimate the expense in real estate, so you should be aware of that prior to making the decision."

Persons: it's, windfalls, Grandpa Winston's, Inheritances, Clay Ernst, Cash, Pratik Patel, We're, Patel, you'll, —, Ernst Organizations: University of Pennsylvania, Federal Reserve's Survey, Consumer Finances, Edelman, BMO Family Office Locations: United States

☆ Exxon buying Pioneer will trigger $71 million in executive windfalls
▼ + stars: | 2023-10-11 | by ( David French | ) www.reuters.com time to read: +4 min

Sheffield is one of the few Pioneer executives who will have a post-deal role - he is set to join Exxon's board. Changes to pay packages that make executive compensation more lucrative in proximity to a sale announcement can also raise eyebrows. The expected payouts do not count whatever Pioneer stock management owns and will be acquired as part of the Exxon deal. Exxon's acquisition of Pioneer will be paid for using new Exxon shares, meaning shares in Pioneer owned by management will be replaced by Exxon stock. It was unclear whether management would have any restrictions on when they could sell the Exxon stock they would ultimately own.

Persons: Scott Sheffield, Eduardo Munoz, Richard Dealy, Bart Brookman, Chris Kendall, Denbury, David French, Gary McWilliams, Anna Driver Organizations: Natural Resources Company, REUTERS, Natural Resources, Exxon Mobil, Sheffield, Pioneer, Reuters, Exxon, Kimmeridge Energy Management, PDC Energy, Chevron, Thomson Locations: New York, U.S, America, Houston

☆ My husband and I paid off our mortgage more than 15 years early by following a simple money rule we learned from our parents
▼ + stars: | 2023-10-04 | by ( Marisa Palmieri Shugrue | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +6 min

This July, my husband and I sent in our final mortgage payment. Why we decided it made sense to pay off our mortgage earlyAn early mortgage payoff had been a major financial goal of ours since 2016. After doing some research and calculations, we realized a combination of investing and paying off our mortgage early would give us the more flexible lifestyle we had in mind. We have not had a car payment in five years. It led us to paying off our mortgage early, which has allowed us both to choose more fulfilling work and spend more time with our daughters.

Persons: it's, We've, didn't Organizations: Ohio National Guard Locations: Cleveland

CNN —A furious scramble for second place is underway in the crowded Republican primary contest, with candidates vying for an opportunity to directly take on front-runner Donald Trump. Since the 2024 presidential race began, the second-place spot in GOP primary polling has been a coveted one. He was more muted compared with other rivals at last month’s first Republican primary debate in Milwaukee, and he’s now polling at similar levels to several other non-Trump contenders. She said she ultimately intends to take part in the Republican primary and is considering Haley, Christie or former Texas Rep. Will Hurd. This cycle is shaping up to be similar to that, said Kyle Plotkin, a veteran Republican campaign strategist.

Persons: CNN —, Donald Trump, Ron DeSantis, Trump, DeSantis, Vivek Ramaswamy, Nikki Haley, Chris Christie, Haley, ”, Ramaswamy, Tom Boyer, “, ” Boyer, Thalia Floras, Christie, Will Hurd, Mitt Romney, Newt Gingrich, Rick Perry, Rick Santorum, Kyle Plotkin, “ Everyone’s, ” Plotkin, he’s, David Urban, ” Urban, ‘, It’s, That’s, Brett Doster, ” Doster, Mike, Pence, Vivek Organizations: CNN, Republican, Florida Gov, Trump, University of New, South Carolina Gov, New, New Jersey Gov, GOP, Republicans, Anselm College, Democratic Party, Texas Rep Locations: Florida, Milwaukee, University of New Hampshire, Granite, New Jersey, DeSantis, Iowa , New Hampshire, South Carolina, New Hampshire, Ukraine

☆ 41,000 people are about to get $240 million in medical debt cancelled thanks to an infusion of cash from Biden's pandemic aid
▼ + stars: | 2023-09-19 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

In Toledo, Ohio, 41,000 residents will see around $240 million in medical debt relieved. Communities across the country have allocated at least $16 million toward relieving medical debt, according to the White House . Cook County officials connected Grim with RIP Medical Debt, a nonprofit that buys up medical debt across the country and wipes it out completely. "If you have your medical debt relieved, they can go back to the doctor again, they can put food on the table." Do you have medical debt, or have received medical debt relief?

Persons: Michele Grim, It's, Grim, Joe Biden, Grim — Organizations: Service, Kaiser Family Foundation, Consumer Financial, Bureau, American, ARPA Locations: Toledo , Ohio, Wall, Silicon, Ohio, Lucas County, Toledo, Cook County , Illinois, Cook, Cook County

[1/2] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 7 (Reuters) - Goldman Sachs (GS.N) and Morgan Stanley (MS.N) are poised for stronger results next year compared to other large-cap U.S. banks as dealmaking on Wall Street picks up and asset management businesses gain momentum, HSBC said on Thursday. The brokerage said that Goldman Sachs and Morgan Stanley should post high single-digit to low double-digit revenue growth in 2024 and sizable earnings growth in 2024 and 2025 after being weighted from a decade-long low in investment banking. Lead analyst Saul Martinez believes a "bifurcation" is emerging in revenue forecast between traditional and capital markets-focused banks and picks Goldman Sachs as the brokerage's preferred name in its coverage. "We see deal activity picking up: even in a sluggish economic growth environment, greater visibility regarding the direction of economic growth, interest rates, and inflation should trigger more equity and debt issuance and M&A activity," Martinez said.

Persons: Goldman Sachs, Andrew Kelly, Morgan Stanley, Saul Martinez, Martinez, JPMorgan Chase, Wells, Aniruddha Ghosh, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Wall, HSBC, Federal Reserve, Bank of America, JPMorgan, of America, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ These 6 senators made more money from selling books than from their day jobs last year
▼ + stars: | 2023-08-15 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

Senators raked in hundreds of thousands of dollars from book sales in 2022, disclosures show. Raphael Warnock, Ted Cruz, Elizabeth Warren, Tim Scott, and others. In fact, a handful of senators made far more from book sales than their congressional salaries in 2022, according to recently-filed financial disclosures. Other senators reported significant windfalls from book sales in 2022 as well. Sen. Raphael Warnock disclosed details of his book tour on his 2022 financial disclosures.

Persons: Sens, Raphael Warnock, Ted Cruz, Elizabeth Warren, Tim Scott, hasn't, Democratic Sen, Raphael Warnock —, Republican Sen, Tammy Duckworth, Tom Cotton, Tim Scott of, Elizabeth Warren of, Independent Sen, Bernie Sanders, JD Vance, Mazie Hirono, Amy Klobuchar, Cruz, Warnock, Sen, Warren Organizations: Service, American, Democratic, Republican, Illinois, Independent, Vermont Locations: Wall, Silicon, States, Washington, Ted Cruz of Texas, Arkansas, Tim Scott of South Carolina, Elizabeth Warren of Massachusetts, Ohio, Minnesota, Texas, Georgia

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/trumps-donors-help-fund-his-legal-bills-becoming-windfalls-for-his-attorneys-9b119b1c

Persons: Dow Jones, 9b119b1c

☆ Mega Millions jackpot hits $940 million. If you win, here's the tax bill
▼ + stars: | 2023-07-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The Mega Millions jackpot grew to $940 million on July 27, 2023. OLIVIER DOULIERY | GettyThe Mega Millions jackpot has ballooned to an estimated $940 million ahead of Friday's high-stakes drawing at 11:00 p.m. The chance of hitting the Mega Millions jackpot is roughly 1 in 302 million. About $113.4 million immediately goes to the IRSBefore collecting a dollar of the Mega Millions jackpot, there's a 24% federal withholding. watch nowHow to calculate federal taxesThe multimillion-dollar Mega Millions jackpot bumps the winner into the top federal income tax bracket, which is currently 37%.

Persons: OLIVIER DOULIERY, John Loyd, Loyd Organizations: IRS, Mega Locations: Fort Worth , Texas

LONDON, July 26 (Reuters) - Even as fears of a 2023 U.S. recession recede and stock market bears concede defeat, there's scant sign of party mode. After wild swings of output, prices, employment, liquidity and interest rates, firm convictions about the precise onset of "technical" recessions - or even previously reliable gauges of bull and bear markets - have all become a bit suspect. Whether on a domestic or global scale, aggregate views of the economy, or stock market, right now are likely misleading. A bull to bear market and back again in little over 18 months - or so it seems. SP 500 2023 YTD THROUGH JULY 21BLUNTEDChief among the puzzles is the variable impact of sharply higher interest rates on both households and firms.

Persons: Morgan Stanley's, Mike Wilson, Wilson, Morgan Stanley, Andrew Lapthorne, Russell, Mike Dolan Organizations: Reuters Graphics, Barclays, International Monetary Fund, Tuesday, eventual, San Francisco Federal Reserve, Generale, Fed, Reuters, Twitter, Thomson Locations: U.S, midyear

INVESTMENT BANKING GAINSInvestment banking was a standout, with net income surging 76% to $2.7 billion. The gains were driven by higher interest payments and leasing revenue, the company said. In another surprise bright spot, the bank's sales and trading revenue outperformed expectations to post a 3% increase in revenue to $4.3 billion. Revenue from fixed income, currencies and commodities trading rose 7% to $2.7 billion from a year earlier. The financial health of consumers underpins BofA's consumer banking unit, where revenue rose 15% to $10.5 billion.

Persons: Wells, Brian Moynihan, David Fanger, BofA, Alastair Borthwick, Borthwick, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva, Nick Zieminski Organizations: YORK, Bank of America's, Wall, U.S, . Bank of America, JPMorgan Chase, Federal Reserve, " Bank of America's, Investment, Bank of America, Thomson Locations: U.S, dealmaking, Bengaluru, New York

☆ Exchange operator Cboe launches global listing offering
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, June 2 (Reuters) - Exchange operator Cboe Global Markets (CBOE.Z) said on Friday it will let companies list across its U.S. and international exchanges, expanding in a fiercely competitive field dominated in the United States by the New York Stock Exchange and Nasdaq Inc (NDAQ.O). Cboe, which has stock exchanges in North America, Europe, and the Asia-Pacific region, currently lists only its own stock, along with exchange-traded funds, on its U.S. exchange. But financial software firm Abaxx Technologies Inc (ABXX.NLB), which is listed on Cboe Canada, has received conditional approval to be intralisted on Cboe U.S., the exchange operator said. "Cboe has built an expansive, global equities footprint unrivalled in the industry that uniquely positions us to deliver the first-ever truly global listing experience for issuers seeking to tap new markets beyond their home region," Dave Howson, global president of Cboe Global Markets, said in a statement. Exchanges earn recurring revenue from listings and charge various listing fees based on factors such as the amount of shares a company lists.

Persons: Cboe, Dave Howson, John McCrank, Hugh Lawson Organizations: YORK, Cboe, New York Stock Exchange, Nasdaq Inc, Abaxx Technologies, Intercontinental Exchange Inc, NYSE, Nasdaq, Thomson Locations: United States, North America, Europe, Asia, Pacific, Cboe Canada, Cboe, Canada, Netherlands, Australia, Chicago

☆ 'It's darkest before dawn': The global head of portfolio construction at a $311 billion firm explains why investors who haven't pivoted from defense to offense could be giving up big returns — and bre
▼ + stars: | 2023-06-02 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +5 min

In the face of an impending downturn, investors have been flocking to defensive assets. Maybe the most important pivot is actually going to be the pivot in portfolios from defense to offense," Hetts told Insider in a recent interview. According to Hetts, investors who don't have an appropriate allocation to offensive assets risk not being exposed to the market's upside when it rebounds. In fact, Hetts actually believes that the rotation to offensive assets may come sooner than investors imagine. Balancing defensive and offensive investmentsIn the case of a lasting bear market, Hetts expects a drop in earnings growth.

Persons: Adam Hetts, aren't, Hetts, Janus Henderson, we're, Warren Buffet Organizations: Janus, Janus Henderson Investors

☆ How do you solve a problem like AI? Tax it
▼ + stars: | 2023-05-18 | by ( John Foley | ) www.reuters.com time to read: +6 min

The chances of “generative AI” being put back in its box are very small. Goldman Sachs economists estimate that 18% of work could be automated globally, and that 7% of the U.S. workforce might be substituted by AI. Moreover, while AI will create profit windfalls, many countries don’t tax those as effectively as they ought to. But a dollar of saved costs for a company creates only 21 cents in corporate income tax revenue. Capital gains are still taxed below the level of income in most countries.

☆ Australia to deliver first budget surplus in 15 years
▼ + stars: | 2023-05-08 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY (Reuters) - Australia is set to deliver its first budget surplus in 15 years on Tuesday, as its coffers bulge with tax windfalls from higher commodities prices and wages, giving it room to dole out cost-of-living relief amid an inflation squeeze on households. FILE PHOTO: Tourists walk around the forecourt of Australia's Parliament House in Canberra, Australia, October 16, 2017. REUTERS/David GrayHowever, fiscal challenges loom large with resource prices well off their peaks and the domestic economy slowing thanks to high interest rates. That is a huge turnaround from a projected deficit of A$36.9 billion in October, although underlying structural pressures are seen keeping the budget in the red in years ahead. “This will be a responsible Budget, which focuses on people doing it tough,” said Chalmers in an interview with ABC Radio on Monday.

☆ Australia pledges $10 billion in budget to ease cost of living
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 8 (Reuters) - Australia's centre-left Labor government said on Monday it would include A$14.6 billion ($9.84 billion) over four years in the federal budget for cost of living relief for families and businesses, which it promised would not stoke inflation. The plan is designed to directly ease price pressures and inflation, the federal government said, which has eased in the first quarter but still sits near 30-year highs of 7.0%. "The centrepiece of the budget ... will be cost-of-living relief that doesn't add to inflation," Treasurer Jim Chalmers said in a statement, ahead of Tuesday's federal budget. We've carefully calibrated and designed this Budget so that it takes pressure off the cost-of-living rather than add to it." ($1 = 1.4830 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ A real-estate investor shares the 3 tips for seasoned pros that helped him build a $2.7 million portfolio in just 4 years — including leveling up one's goals and finding ways to scale
▼ + stars: | 2023-05-04 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +9 min

As seasoned real estate investors know, at a certain point buying rental properties becomes child's play. But reaching the big leagues requires some diversification, such as investing with real estate syndicates for bigger windfalls, or outsourcing day-to-day real estate operations to property managers to maximize time and efficiency. In a previous interview with Insider, Rivers shared his top three pieces of advice for beginning real estate investors. But he's also got some great insights for more seasoned real estate investors to help them diversify their holdings and reach the next level. But as they find their footing, at a certain point real estate investors must clearly define their goals.

☆ Eli Lilly’s golden ticket is a regrettable winner
▼ + stars: | 2023-05-03 | by ( Robert Cyran | ) www.reuters.com time to read: +6 min

NEW YORK, May 3 (Reuters Breakingviews) - Eli Lilly’s (LLY.N) Mounjaro might turn out to be the biggest selling drug ever. The pharmaceutical giant is maximizing the diabetes treatment’s gain by using a golden ticket to speed its U.S. approval for use in a possibly bigger market, obesity. Lilly’s peak sales for treating obesity might be about 10 times as high, Jefferies analysts estimate. At the industry multiple of 5 times revenue, that would pad its $535 billion market value by $30 billion. Lilly may have secured a Willy Wonka-like golden ticket that allows its obesity drug to reach customers quicker.

☆ Australia to reveal huge budget rebound, pledge restraint in response
▼ + stars: | 2023-05-01 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Treasurer Jim Chalmers has spent weeks using "restraint" and "responsible" to describe his second budget since coming to power in May last year. Instead, the aim is to bank any budget savings, and there are plenty to go around. As recently as October, Chalmers had forecast a deficit of almost A$37 billion ($24.47 billion) for the year to end June 2023. "To place the budget on a more sustainable footing over the medium-term will require an increase in revenue flow and/or more spending discipline." In short, Australia, like most developed economies with aging populations, is finding deficits are the new normal.

☆ AI is disrupting Hollywood, and one investor sees huge potential in startups harnessing data to identify valuable IP for TV and film
▼ + stars: | 2023-04-26 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

A private credit investor explains why Wall Street sees the potential for big returns from the tech. "What we're interested in right now are companies that are creating a more automated way of identifying valuable IP," Aria Vossoughi of Serengeti Asset Management told Insider. To be sure, Hollywood has been taking steps toward fusing data, algorithms, and creative content for years. Michael Blank, head of consumer investing at CAA, previously told Insider that investments in this arena are "blowing up right now." It supplements it more than replacing it," he told Insider of AI tech.

☆ Morgan Stanley profit beats as wealth business cushions deals slump
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +4 min

[1/2] A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas JacksonApril 19 (Reuters) - Morgan Stanley's first-quarter profit beat expectations as rising revenue from its wealth management division offset declines in its investment banking and trading units. The downswing in investment banking activity for Morgan Stanley, which forms the core of the bank's business, dragged total revenue down nearly 2% to $14.5 billion in the quarter. Meanwhile, revenue from equities trading fell 14%, while fixed income trading dropped 12%. While investment banks like Morgan Stanley and Goldman remain relatively insulated from the broader contagion worries of the crisis, the resultant uncertainty has again hurt the outlook for dealmaking, dampening hopes of recovery in the near-term.

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