Bill Ackman, founder and CEO of Pershing Square Capital Management. Adam Jeffery | CNBC This week, Bill Ackman, through Pershing Square Holdings, is sponsoring the largest Special Purpose Acquisition Company ever raised. A SPAC, also known as blank check companies, has no commercial operations and is formed strictly to raise capital through an initial public
Month: July 2020
In 1998, Jamie Dimon was fired by his own mentor, former Citigroup CEO Sandy Weill, after the pair had worked together for 15 years. At the time, “I was the president and chief operator of Travelers,” an insurance company, Dimon, now 64, said on the July 15 episode of the “Coffee with The Greats” podcast.
All theater performances in New York are suspended through the remainder of 2020 due to the coronavirus outbreak. Pictured, shuttered Broadway theaters. Photo by Spencer Platt/Getty Images Great Depression levels of unemployment have hit some of the country’s biggest cities. The coronavirus pandemic has pushed the jobless rate in New York, Los Angeles and other
Next, we consider the joint impacts of rollup rates and payout rates on the amount of guaranteed income the annuity can support. When it comes time to begin taking guaranteed withdrawals, it is worthwhile to investigate whether applying the contract value of the annuity assets to a higher payout rate possibly available from other annuities
As benefits expire, rent comes due, the school year looms and states struggle, Washington’s warring factions are racing to rescue the economy and their political fortunes. Tom Williams/CQ-Roll Call, Inc via Getty Images, Mario Tama/Getty Images, Alex Wong/Getty Images, Doug Mills-Pool/Getty Images. Design by Forbes The coronavirus pandemic has taken an inconceivable toll on the
As a real estate investor, property valuation is one of the most important–and most challenging–skills to master. You need to determine the value of the property, how much it will sell for and what kind of profit you can expect. While this can be difficult, making appropriate valuations will help you make better investment decisions
European Union leaders reached a breakthrough agreement for $2 trillion in fiscal stimulus after four days of negotiations. U.S. lawmakers, similarly, are back on Capitol Hill this week and will be seeking to pass another virus relief bill, just as extended benefits are set to expire. President Donald Trump said he will resume his daily Covid-19 briefings, possibly as soon
A United Airlines Boeing 777-200 aircraft Nicolas Economou | NurPhoto | Getty Images United Airlines posted a $1.63 billion net loss for the second quarter, driven by a plunge in air travel demand because of the coronavirus pandemic, the carrier said Tuesday. Revenue fell more than 87% from a year earlier to $1.48 billion from a
U.S. stock futures were flat in overnight trading ahead of major technology earnings from Microsoft and Tesla on Wednesday. Dow futures rose 20 points. The S&P 500 and Nasdaq-100 futures rose 0.05% and 0.07%, respectively. A few disappointing company earnings after the bell Tuesday weighed on investor sentiment. Shares of Snap dropped more than 9% in
New York’s billionaires would pay about $5.5 billion a year under a new tax being proposed by Democrats in the state legislature. The tax, part of a new “Make Billionaires Pay” campaign by progressive lawmakers and activists, would impose a new form of capital gains tax on New Yorkers with $1 billion or more in
All eyes are on Congress to see what they will include in the next coronavirus stimulus bill. That could include a second set of stimulus checks. Senate Majority leader Mitch McConnell, R-Ky., said on Tuesday that lawmakers want to send another round of direct payments to Americans. For some, that could mean a new chance
One look at the numbers, and the problem is clear. U.S. businesses are losing an estimated $1 trillion a month as businesses are disrupted due to the coronavirus pandemic, according to estimates by the American Property Casualty Insurance Association. Yet, insurers collect only $4.5 billion a month for all commercial property policies. This month, the
NEW CASTLE, DE – JULY 21: Democratic presidential candidate Joe Biden speaks about economic … [+] recovery. (Photo by Drew Angerer/Getty Images) Getty Images Likely Democratic presidential nominee Joe Biden has proposed a major new initiative to encourage state Medicaid programs to expand home and community-based care for low-income older adults and younger people with
The Fed’s new municipal lending powers are not the solution to the massive fiscal problem facing states and cities. That’s up to Congress, and the focus needs to be on overcoming damaging and stubborn Republican opposition to increased state and local aid. State and local governments face a massive revenue shortfall, and more revenue is
COVID-19 is making people take a hard look at their investment strategies, estate planning, insurance and their real estate. Market volatility has given rise to “experts” who are coming out of the woodwork with spam emails and ads that offer assistance with stocks or investment opportunities in hard assets like gold coins. Bad decisions are
Melissa da Silva, president of tour operators Trafalgar Tours, Brendan Vacations and Costsaver, divisions of Cypress, California-based The Travel Corporation. Trafalgar Tours/The Travel Corporation One of the biggest disappointments of the pandemic lockdown of 2020 — and there are many — has to be the eagerly awaited vacations and getaways that millions of Americans have
Bracken Darrell, CEO, Logitech International Scott Mlyn | CNBC Logitech raised its outlook for the 2021 fiscal year and reported a more than 75% increase in non-GAAP operating income in its first quarter, boosted by demand for its webcams, video conferencing products and headsets as homeworking increased during the coronavirus lockdowns. The company said demand
President Donald Trump discussed a proposed round of federal stimulus aid with House Minority Leader Kevin McCarthy, R-Calif., (left) and Senate Majority Leader Mitch McConnell, R-Ky., (center) in the Oval Office on Monday. Photo by Doug Mills/Getty Images Enhanced unemployment benefits are likely ending sooner than many may realize. That could impose financial hardship on
Jeff Bezos had a pretty lucrative Monday. The billionaire Amazon CEO set a record when his net worth jumped by $13 billion in just one day, on Monday, according to Bloomberg. The Bloomberg Billionaires Index put Bezos’ estimated net worth at $189.3 billion at the end of Monday. Bezos, who is the world’s wealthiest man
CNBC’s Jim Cramer said Tuesday the stock market could go higher if more people in the U.S. wore face masks to limit the spread of the coronavirus. The current strength in equities is concentrated in technology-related stocks and not sectors tied to state economic reopening plans, Cramer said on “Squawk on the Street.” “Let’s give the
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