Month: February 2019

Minnesota trimmed about $500 million off its previously projected $1.5 billion surplus in its annual February revenue forecast, putting a damper on some of the new spending and bonding proposed by Gov. Tim Walz. “Minnesota’s budget and economic outlook has weakened since November” when the last formal forecast was published, according to Minnesota Management and
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A cryptocurrency project that appears to have raised at least $20 million through a referral-based marketing scheme has been advertising false information about its team members, a CoinDesk investigation has found. Launched on Dec. 2, BHB claims to offer an ethereum-based solution for peer-to-peer lending, but by Jan. 18, local media reports were already accusing the
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Federal Reserve Chairman Jerome Powell sidestepped a verbal hand grenade in his Congressional testimony on Tuesday. Sen. John Kennedy, R-LA, asked Powell where he stood on recent trial balloons to restrict the ability of corporations to buy back stock. Powell reflected for a moment and said that the allocation of capital has always been left
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Check out the companies making headlines after the bell: L Brands shares fell more than 8 percent in extended trading after posting mixed fourth-quarter earnings and weak full-year guidance. The retail company posted $4.85 billion in revenue, compared to the $4.88 billion forecast by analysts. Earnings per share were $2.14, beating Wall Street’s expectation of
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JPMorgan Chase held their annual investor day yesterday. The company’s CEO, Jamie Dimon, was involved in a question-and-answer session and answered a few questions about the bank’s latest venture, the JPM Coin. The world’s first bank coin was originally meant for cross-border remittances, but it seems the bank may have other ideas for it down
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A Securities and Exchange Commission settlement approved by the Oyster Bay, New York, Town Board does not require the town to pay any fines. Oyster Bay faced a November 2017 SEC lawsuit alleging it and former Town Supervisor John Venditto defrauded investors by hiding the existence and potential impact of side deals with a local
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Ether price volatility could spike in the days ahead, courtesy of an upcoming ethereum upgrade scheduled for Thursday. The Constantinople hard fork, a planned two-part upgrade to the world’s second-largest cryptocurrency, is scheduled to occur once block 7,280,000 on the ethereum blockchain is mined. At the time of writing, ether’s block height is 7,272,826, meaning the
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Check out the companies making headlines after the bell: After being halted for volatility, Weight Watchers shares cratered as much as 28 percent after hours Tuesday after posting dismal fourth-quarter earnings and weak full-year guidance. Missing on the top and bottom lines, the weight-loss and wellness company earned $330 million in revenue, missing Refinitiv estimates
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The College of New Rochelle is on the brink of closure after staff cuts, asset sales and a refinancing failed to alleviate a debt crunch. The 115-year old Catholic school in New York’s Westchester County said Friday that “cash flow challenges” probably will force an end of operations by the end of this summer. The
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Caterpillar shares fell on Tuesday after UBS double downgraded the shares, citing slowing global construction demand. UBS downgraded Caterpillar from buy all the way to sell and lowered its 12-month price target to $125 from $154 a shares. Caterpillar shares dropped 3.5 percent in premarket trading to $136.45. “We believe 55 percent of CAT’s end
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Mortgage application volume increased 3.6 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications to purchase a home increased 2 percent for the week — the first uptick in a month — a sign of optimism in the housing market. “After four consecutive declines, purchase applications increased
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