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☆ Denmark welcomes return of banned South Korean noodles
▼ + stars: | 2024-08-13 | by ( ) www.nbcnews.com time to read: +1 min

Danes in central Copenhagen on Thursday marked the return to supermarket shelves of fiery South Korean ramen noodles that had been banned for being too spicy, a decision that has since been partly reversed. Stores in Denmark in June removed three variants of South Korean Samyang Foods’ Buldak instant ramen line after the Danish Veterinary and Food Administration found the noodles’ high capsaicin level posed a serious health risk. Samyang, which sells the products worldwide, had contested the ban, and on Thursday celebrated the reversal by feeding its noodles to social media influencers, gathered on a ferry adorned in the firm’s bright-red colors on Copenhagen’s harbor. But the ban was lifted last month for two of the three variants after further examination of the spicy noodles showed that they did not exceed the critical capsaicin level. “When they were banned, I bought like 50 packages, which I still have now but I guess I have a good deposit,” Phillip said.

Persons: I’ve, ”, Phillip, Influencers, ” Phillip, “ Organizations: Korean, Danish Veterinary, Food Administration Locations: Copenhagen, Denmark, Danish

☆ These banks are cutting CD and savings rates. Where to park your cash to grab yield
▼ + stars: | 2024-08-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Last week, three online banks cut their 1-year CD rates, according to BTIG. Meanwhile, Synchrony slashed its online savings rate by 10 basis points to 4.65%. "We believe online banks are intentionally trying to shift customers toward savings rates, which are floating, over term rates," he said. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is 5.11%, as of Monday. With both high-yield savings and money market funds, the rates can fluctuate.

Persons: Marcus, Goldman Sachs, Sallie Mae, Synchrony, Jerome Powell, Vincent Caintic, Christine Benz, Benz, Winnie Sun, Cathy Curtis, Curtis Organizations: Federal, Morningstar, Federal Deposit Insurance Corp, Sun, Wealth Partners, CNBC, Money, Curtis Financial, Treasury Locations: Capital

☆ China's bond market is rattled as central bank squares off with bond bulls
▼ + stars: | 2024-08-12 | by ( ) www.cnbc.com time to read: +4 min

A "Buy Treasury bonds" poster is seen at a bank in Haian, East China's Jiangsu province, Aug 1, 2024. "We remain actively bullish," said a bond fund manager, undeterred by unprecedented government moves to cool the sizzling treasury market and arrest a plunge in yields, which move inversely to prices. Falling yields also complicate the People's Bank of China's (PBOC) efforts to stabilize the weakening yuan. Unlike the West, "China's financial markets, including the bond market, are subject to top-down regulation," said Ryan Yonk, economist with the American Institute for Economic Research. Late on Friday, the central bank said it will gradually increase the purchase and sale of treasury bonds in its open market operations.

Persons: Wang Hongfei, Ryan Yonk, Pan Gongsheng, Kiyong Seong, Tan Yiming Organizations: Bank of China's, American Institute for Economic Research, Societe Generale, Minsheng Securities Locations: Haian, East China's Jiangsu, Beijing, Shanghai, China, Asia

We've explained how current high-yield savings accounts beat inflation rates, and what Fed rate cuts mean for your savings. How does inflation affect savingsIn order to understand how high-yield savings accounts beat inflation, you first have to understand what inflation is. Dixon says that, while high-yield savings accounts are good for shorter-term savings such as emergency funds, investing can be a good longer-term strategy — as long as you understand the risk. If your savings aren't kept in a high-yield savings account, the interest you earn on your savings could be outpaced by the current inflation rate. Using a high-yield savings account can help you save your savings from inflation because current high-yield savings account rates are higher than current inflation rates.

Persons: —, We've, Patrina Dixon, there's, Dorsainvil, Dixon, it's, aren't Organizations: Service, Business, Federal Reserve, Consumer, Dorsainvil, YGC, CME, Am Locations: CFEI, U.S

☆ Rethinking Tourism With the Renewal of a Beloved Italian Path
▼ + stars: | 2024-08-11 | by ( Elisabetta Povoledo | ) www.nytimes.com time to read: +1 min

In Riomaggiore, one of the five vertigo-inducing villages that make up Cinque Terre, which hug the steep cliffs of Italy’s northwestern coast, just about everyone has a memory of the Via dell’Amore, or Love’s Lane. With breathtaking sunset views, the seacoast trail to neighboring Manarola was popular with local couples. “Otherwise what kind of love lane would it be?” said Marinella Cigliano, a 60-something who remembers getting caught by her mother while making out with a long-ago boyfriend. The only alternatives were oft-crowded trains, ferries or a sweat-inducing path up in the hills. “For us, it was a tragedy,” said Ms. Cigliano, who runs a luggage deposit near the Riomaggiore train station.

Persons: ”, Cigliano, “, Roberta Pecunia, Brizio, Vittoria Capellini’s Organizations: Terre Locations: strollers

☆ Your Online Lender May Not Be a Bank. Here’s How to Keep Your Money Safe.
▼ + stars: | 2024-08-10 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

If it looks like a bank, advertises like a bank and accepts money like a bank — it still might not be a bank. That is the lesson being meted out in painful fashion to tens of thousands of depositors who entrusted their savings to online-only lenders. But to the surprise of many depositors, these companies merely collect money and funnel it through intermediaries to banks. Because Synapse was not a bank, the F.D.I.C. insurance did not automatically apply, and now nearly $100 million of deposits have been frozen or lost.

Organizations: Federal Deposit Insurance Corporation, Synapse Financial Locations: U.S

See our picks for the best debt consolidation loans »PenFed Personal Loan FeaturesPenFed Credit Union Personal Loan amounts range from $600 to $50,000. For example, Navy Federal Credit Union Personal Loan amount range is $250 to $50,000, and the range for Connexus Credit Union Personal Loan is $2,500 to $25,000. PenFed Personal Loan Pros and ConsPenFed Credit Union Personal Loan ProsWide range of loan amounts. PenFed Personal Loan ConsYou have to be a member to get your loan. Yes, PenFed Credit Union is a legitimate credit union federally insured by the National Credit Union Administration.

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The Federal Reserve is gearing up to cut interest rates as soon as next month, which could bring relief to people with mortgages, credit cards and car loans. Certificates of deposit — fixed-rate bank accounts with term limits — are a go-to when interest rates are high. With interest rates coming down, the idea is just pay and save as much as you can right now. There’s no bad time to do that, but when the central bank lowers interest rates, it can be even more valuable. “It’s tempting to say, ‘Well, when interest rates go down, stocks are going to do well, because people are switching from low-return to higher-return assets,’” she said.

Persons: Mark Hamrick, “, ”, Hamrick, Rodney Lake, Laura Veldkamp, Veldkamp, Jude Boudreaux, now’s, ” Jude Boudreaux, you’re, ” Boudreaux, ” DON’T, Jonathan Smoke, Cox, Edmunds, Ivan Drury Organizations: Federal, GW Investment, George Washington University School of Business, Columbia University’s Graduate School of Business, Chipping, Columbia Business, Philadelphia Fed, Federal Reserve, Mortgage, Association, Fed Locations: U.S, Orleans, New Orleans, Edmunds

☆ The yen carry trade unwind: A big complication for global markets
▼ + stars: | 2024-08-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

In its simplest form, the yen carry trade has investors borrowing cheap yen to invest in higher yielding assets, often currencies. For example, because there is not a central source to track currency trades, we have no idea how big the yen carry trade is. The yen is rising, and that is making the yen carry trade less profitable. If the yen goes from 155 to 145, which is where it traded Monday, it will take $68,965 to repay that 10 million yen (10 million yen divided by 145 = $68,965). One positive sign: the ETF to watch is the Invesco Japanese Yen ETF (FXY), which tracks the price of the Japanese yen, had volume six times normal yesterday.

Persons: That's, Nicholas Colas Organizations: Nikkei, Street Journal, Federal Reserve, Bank of Japan, U.S, U.S ., Yen ETF Locations: U.S, Japan

Two credit unions are offering CDs with at least 9% APY, which is much higher than normal. There are currently not one, but two credit unions offering CDs with at least 9% annual percentage rate, or APY: California Coast Credit Union and Express Credit Union. Since both of these financial institutions are credit unions, you'll need to be eligible for membership to open any accounts with them. You'll also be able to become a member of Express Credit Union if an immediate family member is already a member of that credit union. California Coast Credit Union offers the California Coast Credit Union Celebration Certificate, which lasts for five months and gives 9.50% APY.

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Three years ago, JPMorgan Chase became the first bank with a branch in all 48 contiguous states. "We're still at very low single-digit branch share, and we know that in order for us to really optimize our investment in these communities, we need to be at a higher branch share," Roberts said in an interview with CNBC. Wells Fargo and Bank of America closed the highest net number of branches, while JPMorgan was the most active net opener. According to FDIC research collated by KBW, growth in bank branches peaked right before the financial crisis, in 2007. When it comes to prioritizing locations for new branches, Roberts said it's a "balance of art and science."

Persons: JPMorgan Chase, Jamie Dimon, Dimon's, Dimon, Jennifer Roberts, We're, Roberts, Wells, KBW, it's Organizations: JPMorgan, Chase Consumer Banking, CNBC, Midwest, P Global Market Intelligence, Bank of America Locations: Iowa, Minnesota , Nebraska , Missouri , Kansas, Arkansas, U.S, Wells Fargo

The same Chinese brokers who were laundering fentanyl proceeds were now heavily involved in marijuana trafficking across the U.S. as well. Over the past decade, Chinese organized crime groups in the U.S. quietly became the dominant money launderers for Mexican cartels. Since 2023, federal prosecutors have charged at least 31 people linked to Chinese groups accused of laundering cartel drug money. In the ensuing months, the team began to understand for the first time how the Chinese became the Mexican cartels’ go-to money launderers. The Chinese money brokers then arrange for the cartels to receive the equivalent amount in pesos or cryptocurrency in Mexico.

Persons: Ray Donovan, Joaquin “ El Chapo ” Guzman, Guzman, Donovan, ”, Michael Mezner, ‘, I’ve, El Chapo, ” Donovan, “, Christopher Urben, “ They’ve, Dennis Wilder, ” Wilder, Urben, ” Urben, Bill Bodner, Vanda Felbab, Brown, ’, They’re, Xi Jinping Organizations: Attorney’s, Central, Central District of, U.S, Division, CIA, Ministry of State Security, U.S ., National Intelligence, National Security Council, Los, Singapore —, Brookings Institution, Operations Division, DEA, Citibank Locations: U.S, East, China, El, Sinaloa, Pasadena, Calif, Central District, Central District of California, Virginia, United States, CJNG, propping, Los Angeles, San Francisco and New York, Asia, Australia, Singapore, New York, Chicago, Miami, Mexico, Los Angeles County . U.S, Guangzhou, America

☆ 23% of low-income Americans are living without a bank account
▼ + stars: | 2024-08-02 | by ( Genna Contino | ) www.cnbc.com time to read: +5 min

"When they don't see a financial institution or a bank, [they] tend to say, 'There's no avenue for me this way. Of 18- to 29-year-olds, 11% are living without a bank account, compared to 9% of 30- to 44-year-olds, 5% of 45- to 59-year-olds and 2% of people 60 and older, according to the Federal Reserve. People without bank accounts might also turn to check cashing services or consider payday loans, especially if they're the only brick-and-mortar financial services in their neighborhood. The Community Financial Services Association of America, which represents payday lenders, did not respond to a request for comment. "They're going out into the community, they're promoting their services into the community, they're creating programs specifically for the community," he said.

Persons: Sean Gladwell, Wole Coaxum, Joe Lugo, Lugo, that's, Darrin Williams, Williams, Harris, Winnie Sun, It's, Sun, Preston Duppins, Duppins, They're Organizations: Federal Reserve, Southern Bancorp, Inc, Finance, Sun, Wealth Partners, CNBC, Federal Deposit Insurance Corp, Federal Deposit Insurance Corporation, American Fintech Council, Wealth Management, Community Financial Services Association of America, Chamber, Commerce Locations: Clearwater , Florida, U.S, Irvine , California, Florida, Lugo, Pinellas County

Best Credit Cards for Excellent Credit of August 2024Compare the Top Credit Cards for Excellent CreditBest mid-tier travel card Chase Sapphire Preferred® Card Apply now lock icon An icon in the shape of lock. Best Credit Cards for Excellent Credit ReviewsConsumers with excellent credit have a lot of options when it comes to credit cards. The Bank of America® Premium Rewards® credit card isn't flashy, but it offers unique long-term value for those who prefer cash back credit card rewards and have a broader banking relationship with Bank of America. The Capital One Venture X Rewards Credit Card is Capital One's entry into the premium credit card market. Credit Cards for Excellent Credit Frequently Asked QuestionsWhat is the best credit card to get with an 800 credit score?

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☆ Here’s where Jeffrey Gundlach says investors can find attractive yields in preparation for Fed rate cuts
▼ + stars: | 2024-08-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Central bank policymakers have kept their target interest rate at 5.25% to 5.5% for the past year, creating a yield bonanza for investors in money market funds, certificates of deposit and Treasury bills. Gundlach, speaking on CNBC's " Closing Bell " on Wednesday, said he sees the Fed enacting as much as 150 basis points worth of rate cuts in the next year, or 1.5 percentage points, which would lower the fed funds rate to 3.75% to 4.00%. As interest rates come down, cash, short-dated instruments and floating-rate debt will also see lower yields, translating to less income for investors, he added. In lieu of those bank loans, investors may want to consider migrating toward BB-rated, fixed-rate high yield bonds — high-yield issues, he said. State Street offers the SPDR Portfolio High Yield Bond ETF (SPHY) .

Persons: Jeffrey Gundlach, Jerome Powell, Gundlach Organizations: Federal, BB, Corporate Bond, SEC, State Street, Investors Locations: Central

☆ I moved to Spain single and started dating locals. Most were still living with their parents and expected to split the dinner bill.
▼ + stars: | 2024-08-01 | by ( Jennifer Fernández Solano | ) www.businessinsider.com time to read: +5 min

We'd "met" a few nights before on a dating app, and I was doing my best to keep the conversation flowing. I've had friends move back home to save for a house deposit and have also met men in their 40s living with their parents following a divorce. At the time, I found that everyone in Spain used Tinder — there was hardly anyone to match with on the other apps. I also noticed that most men didn't fill out their profiles, which made it hard to see if we had common interests. I came up with strict parameters and finally met the oneSix months into living in Spain, I was getting frustrated with the dating scene.

Persons: —, he's, it's, I've, it'd, haven't Organizations: Service, Business Locations: Spanish, Spain Before Spain, Australia, American, Mexico City, Valencia, Spain, Mexico, Europe, Portugal, Valencian

☆ Time to dump CDs? 6 experts share 6 investing moves to make as the Fed prepares to cut rates in September.
▼ + stars: | 2024-07-31 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Certain areas of the stock market that benefit from lower rates could see a boost. AdvertisementInstead, plug some money into longer-duration bonds to lock in higher returns while they're still around, Milan said. In addition to tying down solid returns, longer-duration bonds could also appreciate when rates fall, he said. AdvertisementLook at rate-sensitive areas of the stock marketCertain areas of the stock market should also benefit from Fed rate cuts. But investors should keep their eye on the labor market the more the Fed cuts rates, Young Thomas said.

Persons: —, Daniel Milan, they're, Ed Mahaffy, Mahaffy, Robert Phipps, Bernstein, Liz Young Thomas, Shmuel Shayowitz, Kristy Kim, Young Thomas Organizations: Service, Federal Reserve, Business, Cornerstone Financial Services, Treasury, ClientFirst Wealth Management, Corporate, Per Stirling Capital Management, Bloomberg, Bond, Index, Fed, Vanguard, ®, Schwab, Fidelity Locations: Michigan, Milan, TreasuryDirect, TomoCredit

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Persons: it's, you'll, You'll Organizations: CreditWise, Capital, U.S, Card, Credit Card, Quicksilver Locations: Capital, Chevron

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Persons: it’s, Quicksilver, you'll, Cardholders, You'll, you've, who've Organizations: Business Insider, U.S . Bank, Quicksilver, Capital, CreditWise, U.S, Bank Cash, Visa, . Bank, EV, U.S . Bank Cash, Chevron Locations: Capital, U.S, Chevron

☆ What to do now that the Fed is signaling lower interest rates
▼ + stars: | 2024-07-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

Given the many ways lower rates can affect your finances, here are some things to consider when deciding what steps to take in response. Here’s how lower rates may affect key areas of your financial life, along with tips on what to do about it. If that proves difficult to get, see if you can transfer your balance to a credit card from a credit union or local bank that offers lower rates than the biggest banks. And because many variables determine what that factor will be, it will be hard to figure out the impact of lower interest rates. His advice: Don’t keep more than six months’ to a year’s worth of living expenses in cash or cash equivalents.

Persons: ”, Greg McBride, ” McBride, “, Chris Diodato, Diodato, you’ll, McBride, ” Dodiato, Collin Martin, don’t Organizations: New, New York CNN, Federal Reserve, Bankrate, Schwab Center, Financial Research, AAA Locations: New York, Schwab.com

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Chase Bank is offering a $3,000 checking account bonus for its Private Client Checking account. The highest bank account bonus currently offered is from Chase Bank. Speak with a Private Client Banker to open your Chase Private Client Checking℠ account today. Other top checking account bonus offersIf Chase's checking account bonuses don't interest you, several other banks offer checking accounts with high bonuses. BMO Bank ReviewAxos Bank Rewards CheckingAxos Bank also has a up to $500 bonus for its Axos Bank Rewards Checking account.

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It’s been a year since interest rates reached a two-decade high, but they may soon begin to reverse course. The Federal Reserve is expected to hold its benchmark interest rate steady on Wednesday, while signaling that a cut is possible when policy-setting officials meet again in September. If interest rates are elevated for too long, they risk weakening the employment picture. The central bank uses interest rates to influence the broader economy. Home-equity lines of credit and adjustable-rate mortgages — which each carry variable interest rates — generally rise within two billing cycles after a change in the Fed’s rates.

Persons: It’s, ” Jonathan Smoke, that’s, Freddie Mac, ”, Sam Khater, —, “ Banks, Ken Tumin Organizations: Federal, “ Manufacturers, Cox Automotive, Treasury, Savings Vehicles Locations: Edmunds

☆ Consumer agency calls out ‘junk’ fees that parents pay for online school lunch accounts
▼ + stars: | 2024-07-30 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —The fees parents pay to make online deposits into their children’s school lunch accounts are under scrutiny at the Consumer Financial Protection Bureau, which found that some parents may pay up to 60 cents in fees for every dollar they deposit. “Transaction fees and other types of junk fees can take an economic toll on American families just trying to pay for basic school expenses, including school lunch for kids,” said CFPB director Rohit Chopra in a statement. Based on data the agency collected, it determined such families pay roughly $72 a year for 180 days of lunches plus $42 in fees when they make two deposits a month into their child’s account. The agency estimates that payment processors collect between $28 million and $92 million in fees from families paying full fare for lunch, and between $1.9 million and $10.2 million from those paying reduced prices. On top of transaction fees, parents may be charged a small program fee when they open an account or a convenience fee to transfer funds between their children’s accounts.

Persons: ”, Rohit Chopra, CFPB Organizations: New, New York CNN, Consumer Financial Protection Bureau Locations: New York

The Best Banks and Credit Unions in GeorgiaCapital One 360 Checking: Best bank for opening a savings account and best online checking accountRegions Bank: Best bank for opening a checking accountDelta Community Credit Union: Best credit unionCredit Union of Atlanta: Best credit union, tiedAll of the financial institutions on our list are protected by FDIC or NCUA insurance. Some banks and credit unions that we recommend are Capital One 360, Regions Bank, Delta Community Credit Union, and Credit Union of Atlanta. We chose Delta Community Credit Union and Credit Union of Atlanta as the best credit unions in Georgia. Yes, there are U.S. banks and credit unions that operate in Georgia, such as Delta Community Credit Union and the Credit Union of Atlanta. Best Credit UnionYou might like Delta Community Credit Union if you want to use a credit union instead of a bank.

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