Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the Bloomberg Global Business Forum in New York, on Wednesday, Sept. 25, 2019. Tiffany Hagler-Geard | Bloomberg | Getty Images J.P. Morgan Chase CEO Jamie Dimon is not bullish on the future of Facebook’s libra cryptocurrency. “It was a neat idea that’ll never
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Scott Eells | Bloomberg | Getty Images Credit card issuer American Express reported a higher-than-expected rise in third-quarter profit on Friday, as more people used cards to shop, pay bills and make big ticket purchases. AmEx cards, for long the preferred choice of affluent Americans, is now battling competition from JPMorgan Chase‘s Sapphire Reserve and
Pimco founder and bond industry legend Bill Gross is done with his previous life running huge investment bonds and making market headlines. But that doesn’t mean he’s done as an investor. Instead, the one-time “bond king” is putting money to work for his own sake rather than running what was once the world’s largest bond
Barry Sternlicht, co-founder of the privately held Starwood Capital global investment firm, believes a wealth tax, as envisioned by Democratic presidential candidates Elizabeth Warren and Bernie Sanders, would not be feasible. “I think it’s a crazy idea,” Sternlicht said on CNBC’s “Squawk Box” on Friday. The wealth tax from Sanders, a Vermont democratic socialist, would
Social Security is a central pillar in retirement security for current retirees and baby boomers. Younger generations are predicting a different outcome. More than 60% of current retirees say their monthly Social Security checks are the primary way they cover their expenses, while just 13% of millennials expect that to be their situation, according to
View of Peoria’s river front Getty Last week Thursday, the Illinois Pension Consolidation Feasibility Task Force released its report recommending the consolidation of the investment funds for the 650-odd local police and fire pension plans, but declining to propose consolidation of the administration of these plans, merely suggesting that this might be a topic for
A mortgage denial deprives potential homeowners of one of the pillars of the American dream. Getty A new study that analyzes where and why mortgage shoppers get denied provides a revealing snapshot of the high rate of denials in Florida. Four cities in the Sunshine State — Miami, Orlando, Tampa and Jacksonville — took the
Getty The Internal Revenue Service (IRS) has announced that a new payment option has been added to the private debt collection program. The payment option is intended to make it easier for those who owe to pay their tax debts, although some practitioners, like me, fear that it could lead to abuse. Taxpayers can now
Source: Anheuser-Busch InBev In the latest escalation of the legal battle between Anheuser-Busch InBev and MillerCoors, the Bud Light brewer is accusing its rival of stealing secret recipes for its beers, including Michelob Ultra and Bud Light. MillerCoors, the U.S. subsidiary of Molson Coors, first filed a lawsuit against Anheuser-Busch in March after its rival
Marcos Brindicci | Reuters Coca-Cola will report third-quarter earnings before the bell Friday. Here’s what analysts surveyed by Refinitiv are expecting: Earnings per share: 56 cents expected Revenue: $9.4 billion expected Coke’s stock, valued at nearly $231 billion, is up 14% since the start of the year. Shares of rival PepsiCo, which has a market
A woman fuels her SUV at an Exxon Mobile gas station in Chicago. Getty Images If worldwide demand for SUVs continues to grow at its current pace, the carbon emissions from these larger vehicles will outweigh the benefits from electric vehicles, a new study from the International Energy Agency found. The number of SUVs on
Wells Fargo Securities’ Michael Schumacher sees year-end bond market volume dropping off earlier than usual. According to the firm’s global head of rate strategy, the slide will likely occur around Thanksgiving instead of mid-December. Not only is Wall Street still thinking about last year’s painful historic stock market drop, Schumacher blames the geopolitical backdrop. He
Jupiterimages | Photolibrary | Getty Images One-quarter of Americans plans to vacation outside the U.S. in the next 18 months, according to a new AAA survey, while 80% have already taken a foreign trip and 2 in 5 — nearly 77 million adults — have rented or used a vehicle while abroad. Sales of international
Getty There are a lot of ratios in personal finance. Most are used to determine your financial health and how financially ready you are for retirement. But one ratio has nothing to do with finances and is the key to determining whether you’ll have a successful retirement. Finances aren’t the most important element in determining
Last month, the Trump Administration announced proposed changes to the U.S. Department of Housing’s reverse mortgage program, the Home Equity Conversion Mortgage (HECM). Senior reverse mortgage borrowers and originators of reverse mortgage loans should be aware of impending changes and how they may be impacted. HUD Secretary Ben Carson delivered written testimony in September, which
Share to facebook Share to twitter Share to linkedin A Bernie Sanders presidency could be very bad news for U.S. billionaires. While Elizabeth Warren would levy taxes of up to 62% on America’s wealthiest individuals, Sanders would go a step further according to professors Emmanuel Saez and Gabriel Zucman from the University of California, Berkeley.
James Gorman, chief executive officer of Morgan Stanley, fixes his jacket during a Bloomberg Television interview on the sidelines of the Morgan Stanley China Summit in Beijing, China, on Thursday, June 1, 2017. Giulia Marchi | Bloomberg | Getty Images Morgan Stanley is set to report third-quarter earnings before the opening bell on Thursday. Here’s
A Chinese flag is seen in front of containers at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018. Johannes Eisele | AFP | Getty Images China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago. Analysts polled by Reuters had expected China’s third-quarter
Pigs raised by farmers are seen at Linquan county on December 5, 2018 in Fuyang, Anhui Province of China. Visual China Group | Getty Images BEIJING — China needs more pork imports than ever as the country grapples with an outbreak of a swine disease — and that could become a business opportunity for U.S.
David Solomon of Goldman Sachs & Co. Patrick T. Fallon | Bloomberg | Getty Images Goldman Sachs CEO David Solomon says the bank’s stake in WeWork is still profitable, even after the company suffered a number of valuation cuts and now faces a bailout crisis. “That was an investment we made a number of years ago