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Macy’s Launches New Cost-cutting Effort
Macy’s Inc. (NYSE: M) is launching a new $1.5-billion cost-cutting plan to revive its business. Macy’s CEO Jeff Gennette said in a statement, “We are taking the organization through significant structural change to lower... More of this article »
Visa To Acquire Plaid For $5.3 Billion
Visa Inc. (NYSE: V) has announced that it is purchasing financial technology company Plaid for $5.3 billion. Visa expects the acquisition to close in three to six months pending regulatory approval. Goldman Sachs was the exclusive... More of this article »
Hackers Take Down Airport Currency Exchanges
The world’s largest foreign currency exchange, Travelex, has been forced offline by a ransomware attack. The London-based currency exchange company immediately took all its systems offline after detecting the software virus... More of this article »
Robinhood Fined Over Trade Execution Violations
Robinhood Financial has been fined $1.25 million by the Financial Industry Regulatory Authority (FINRA) over what the agency calls “execution violations” tied to customer equity orders, along with other supervisory failures.... More of this article »
Saudi Aramco Now Largest Listed Company In World
Saudi Aramco, which just launched the world’s largest initial public offering (IPO), is now the largest listed company in the world. Aramco’s public debut listed 1.5 percent of its shares on the Saudi Tadawul, which were sold... More of this article »
Banks Can Treat Hemp Industry Like Normal Companies
United States regulators have clarified that hemp businesses should not be treated with any more suspicion than other bank customers. In a joint statement, the Federal Reserve, the Office of the Comptroller of the Currency, the... More of this article »
Gender Bias Allegations Swirl Around Apple Card
Apple Inc. (NASDAQ: AAPL) and Goldman Sachs Group Inc. (NYSE: GS) are under fire after allegations of gender bias were levied against the companies by customers who applied for the Apple Card. The Apple Card is branded and marketed... More of this article »
Changes Made To Retirement Account Limits
Americans will be able to save a bit more in some of their retirement accounts next year. The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2020. Here are some of the changes to... More of this article »
Virgin Galactic Debuts On NYSE
Virgin Galactic stock has begun trading publicly on the New York Stock Exchange, becoming the first big name in the fledgling space startup industry to make the leap into the public markets. The company’s billionaire founder,... More of this article »
Student Pleads Guilty To Frat House Ponzi Scheme
A former University of Georgia student has pleaded guilty to a single count of securities fraud for running a million-dollar Ponzi scheme from his Athens fraternity house. The student, 22-year-old Syed Arham Arbab, admitted to... More of this article »
Global Effort To Tax Multinational Businesses In Works
A global economic body has proposed a plan to prevent large multinational companies like Apple, Facebook, and Amazon from avoiding taxes in countries where they do significant business by shifting profits between countries. The... More of this article »
American Express Says Changes Coming To Delta SkyMiles Cards
Fee increases and changes in benefits are coming soon to consumer and business Delta American Express cards. American Express announced the upcoming relaunch of the cards starting January 30, 2020. There are also new limited time... More of this article »
JP Morgan Creates ‘Volfefe Index’ To Track Financial Effects Of Trump Tweets
President Donald Trump is tweeting more and it’s affecting the bond market. Since his election in 2016, Trump has averaged more than 10 tweets a day to his nearly 64 million followers. Early on in his tenure, Wall Street seemed... More of this article »
Apple Launches The Apple Card For U.S. Customers
The Apple Card, a new kind of credit card created by Apple, is now available in the United States. Apple is partnering with Goldman Sachs as its issuing bank and with MasterCard to provide the support of a global payments network.... More of this article »
General Electric Settles Subprime Loan Charges For $1.5 Billion
General Electric Co. (NYSE: GE) has reached a settlement with the U.S. Department of Justice to pay a $1.5 billion civil fine to resolve claims that the company overstated the quality of loans packaged into residential mortgage-backed... More of this article »
Several Changes Coming To The Tax Filing Process
Several changes to the tax filing process will be coming in the next year. The reforms are the result of changes to the tax code implemented by the Trump Administration for the 2018 tax year. The rollout of the tax reforms has... More of this article »
Some Taxpayers Getting Penalty Relief From The IRS
Taxpayers facing unexpected penalties following the implementation of the Tax Cuts and Jobs Act are getting some relief from the Internal Revenue Service. Typically, taxpayers pay fines if they don’t pay at least 90 percent of... More of this article »
Nike’s Shares Fall After Miss On North American Revenue
Despite posting better-than-expected earnings results, Nike Inc. (NYSE: NKE) shares fell after the company reported North American sales that fell short of consensus expectations. Sales in North America, Nike’s largest market,... More of this article »
Levi Strauss & Company Goes Public Once Again
Levi Strauss & Company has started trading publicly again, listing its shares under the ticker LEVI on the New York Stock Exchange. Shares opened at more than 30 percent above the company’s IPO price of $17, setting the... More of this article »
Gap Inc. To Spin Off Old Navy
Gap Inc. (NYSE: GPS) has made the surprising announcement that it will soon break into two companies. The Old Navy brand will be spun off as a separate company from Gap’s remaining brands, which will be held under a yet-to-be-named business... More of this article »
Walmart Posts Surprising Results For Fourth Quarter
Walmart Inc. (NYSE: WMT) posted surprisingly strong results for its holiday quarter. For the fourth quarter of fiscal year 2018, the company reported adjusted earnings per share of $1.41, ahead of analysts’ estimates of $1.33.... More of this article »
Finland’s Basic Income Trial Produces Mixed Results
A two-year government experiment in Finland has found that giving residents a guaranteed income produces mixed results. The trial found that the guaranteed money made the recipients happier, but didn’t make them more likely... More of this article »
$190 Million In Clients’ Money Stuck After Crypto Exchange Founder Dies
In a bizarre turn of events, Canadian cryptocurrency exchange QuadrigaCX says that most of $190 million in client holdings are stuck in cold storage after the exchange’s founder died without disclosing the only passwords to... More of this article »
Highly Sensitive Documents Exposed In Loan Data Leak
A massive data leak of mortgage and loan data has exposed highly sensitive information from tens of thousands of people who obtained loans and mortgages over the past decade. The leaked documents include financial agreements between... More of this article »
Newmont Mining Planning To Acquire Goldcorp
Newmont Mining (NYSE: NEM) has announced its intentions to buy smaller rival Goldcorp (NYSE: GG) in a deal valued at $10 billion. According to published reports, Newmont is offering 0.3280 of its shares and $0.02 for each Goldcorp... More of this article »
J.C. Penney Reports Disappointing Holiday Sales Numbers
J.C. Penney Co. (NYSE: JCP) announced that its holiday sales fell more than expected during the crucial holiday season period. The company reported that its same-store sales fell 3.5 percent on an adjusted basis for the nine weeks... More of this article »
Abercrombie & Fitch Delivers Strong Results For Third Quarter
Abercrombie & Fitch (NYSE: ANF) reported quarterly earnings and sales for the third quarter of its fiscal year that topped Wall Street expectations. CEO Fran Horowitz was happy with the results, saying during the earnings announcement,... More of this article »
Latest Investment Round For Epic Games Boosts Valuation To $15 Billion
Epic Games, the creator of video game sensation “Fortnite”, has completed its latest investment round with a valuation of nearly $15 billion. The value of the firm has risen threefold in six months. The company was estimated... More of this article »
Installment Financing Now Available From Square
A new service from Square allows its small business sellers to offer financing to their customers. The service is called Square Installments and it is being run out of Square Capital, a subsidiary of Square that also offers cash advances... More of this article »
Walmart Buys Online Retailer Eloquii For Undisclosed Amount
Plus-sized online retailer Eloquii has reached a deal to be acquired by Walmart (NYSE: WMT). The terms of the all-cash deal were not disclosed to the public. The deal is expected to close later this quarter. Eloquii is considered to... More of this article »
Argentina Announces New Measures To Slow Currency Collapse
Argentina has announced a series of new austerity measures to grapple with the collapse of its currency. Those measures include getting rid of half of its government ministries and hiking taxes on exports. The ministries that would... More of this article »
Tax Deduction Limits To Be Reinforced With New Rules
The Internal Revenue Service and Treasury Department have proposed new rules meant to block schemes by high-tax states to help their residents avoid new limits on state and local tax (SALT) deductions. The tax overhaul passed by President... More of this article »
Home Depot 2nd Quarter Results Beat Expectations
Home Depot Inc. (NYSE: HD) beat Wall Street forecasts for earnings and revenue for the second quarter of its fiscal year. The company reported that net earnings rose to $3.5 billion or $3.05 per share in the three months ended July... More of this article »
Facebook Loses Nearly $120 Billion In Single Day
In its biggest loss of its history, Facebook shares have tumbled nearly 20 percent, wiping out about $120 billion in market value. The company’s previous worst single-day performance was on July 27, 2012, when the stock fell... More of this article »
New Canadian Tariffs On US Goods Begin July 1
Canada will impose about $12.6 billion worth of retaliatory tariffs on United States goods on July 1. The announcement by Foreign Minister Chrystia Freeland was accompanied by a list of affected products by the Department of Finance.... More of this article »
Supreme Court Sides With States On Online Sales Taxes
Consumers can expect to see sales tax charged on more online purchases after a recent Supreme Court decision. States will now be able to force more people to pay sales tax when they make purchases online. The decision is a big financial... More of this article »
Study Says Bitcoin’s Record Price Manipulated
A new study is claiming that the sky-high prices hit by Bitcoin last year were the result of market manipulation. Bitcoin hit a near-$20,000 high in December last year, but has dropped to nearly $6,100 this week – the lowest... More of this article »
Changes To Volcker Rule To Ease Bank Regulations
Federal bank regulators are eyeing changes to soften the Volcker Rule, part of the broader Dodd-Frank law aimed at curbing risky behavior on Wall Street in the wake of the 2008 financial crisis. Since its implementation, Wall Street... More of this article »
Apple To Use Share Buybacks To Satisfy Investors
Apple (NASDAQ: AAPL) is expected to announce plans to return between $100 billion and $150 billion to shareholders through an expansion of its share buyback program and an increase in its dividend. Analysts are predicting that Apple... More of this article »
Credit Card Receipt Signatures Becoming A Thing Of The Past
The act of signing your signature to a credit card receipt is becoming a thing of the past. Visa, American Express, Discover and Mastercard have all said that they will no longer require customers to sign their names to credit card... More of this article »
Bank Of America Ends Lending To Assault Rifle Manufacturers
Bank of America Corp. (NYSE: BAC) will stop lending to companies that make assault-style guns for the general public. Anne Finucane, a vice chairman at Bank of America, said, “It’s our intention not to finance these military-style... More of this article »
Tesla Investors Suing Over SolarCity Deal
A Delaware judge has ruled that a lawsuit by Tesla Inc. (NASDAQ: TSLA) investors challenging the acquisition of SolarCity Corp. may proceed. Delaware Chancery Court Judge Joseph Slights concluded Musk being Tesla’s founder, CEO and... More of this article »
Cryptocurrency Exchange Pricing Glitch Stokes Concerns
A recent glitch at Japanese cryptocurrency exchange Zaif created a situation that caused an error with its price calculation system. As a result, some users were able to buy digital currencies for free. One of the parties allegedly... More of this article »
Home Depot Tops Expectations For Fourth Quarter
Home Depot’s (NYSE: HD) fourth-quarter earnings and sales topped Wall Street’s expectations. Home Depot reported net income for the fourth quarter of fiscal 2017 of $1.8 billion, or $1.52 a share, compared with $1.7 billion,... More of this article »
Equifax Breach Deeper Than Originally Thought
New documents given to lawmakers show that the hack of Atlanta-based Equifax Inc. (NYSE: EFX) exposed more of consumers’ personal information than the company originally disclosed. The company previously said that the stolen... More of this article »
General Electric Under SEC Investigation
A $10 billion quarterly loss has apparently sparked a Securities and Exchange Commission investigation into General Electric’s (NYSE: GE) financial accounting. The investigation initially began in late November and focused on long-term... More of this article »
General Electric Takes $6.2 Billion Charge For Finance Unit
General Electric (NYSE: GE) has announced it will take a $6.2 billion charge in the fourth quarter of the fiscal year to pay for lingering problems in its GE Capital unit. G.E. said it was making the move after conducting a review... More of this article »
Sam’s Club Locations Closing Across America
Walmart (NYSE: WMT) has announced it will be closing 63 of its Sam’s Club locations across the U.S. The company released a statement saying, “After a thorough review of our existing portfolio, we’ve decided to close a series... More of this article »