An ‘Open House’ sign is displayed in the front yard of a home for sale in Columbus, Ohio. Ty Wright | Bloomberg | Getty Images As some states reopen from the nationwide coronavirus shutdown and open houses reemerge, buyers are coming back to the housing market much faster than expected. Buyer demand kept mortgage application
Month: May 2020
Tesla has been given a tentative green light to restart production at its plant in Fremont, California, just days after the electric carmaker sued its local county and then restarted production in defiance of the authorities. Alameda County, home to the plant employing more than 10,000 people, said it had reviewed Tesla’s Covid-19 prevention plan
On Wall Street continues its annual analysis of base pay for advisors by looking at payout rates for those with $2 million in production. For our analysis of other categories, please see below. Data was collected by Arizent and analysis conducted by Tasnady & Associates. Assumptions for basic pay (prior to special policies/contingent bonuses): 25%
Retail investors are trading more. The move to $0 commissions is likely a major factor. But there are more things occurring to encourage retail trading, including stay-at-home orders and market volatility. Add it all up and you get electronic brokers reporting trading volumes that are up 100% year over year. In the first quarter alone,
TOPLINE New York Gov. Andrew Cuomo’s proposal for an “Americans First Law” that would require corporations to give back federal funds if they do not rehire employees to pre-pandemic levels will be introduced in Congress by the state’s delegation, elevating the governor’s high-profile response to the pandemic to Washington, D.C. The “Americans First Law” floated
Illinois may jump into the market with its $1 billion long-term general obligation bond deal as soon as Wednesday. Late Tuesday, syndicate members on the negotiated issue were told that the state was preparing to enter the market and to join a call with the state and its financial advisors set for early Wednesday morning.
Protests hamper Hong Kong’s ability to profit from coronavirus success Hong Kong’s success in controlling the spread of coronavirus is unlikely to result in a quick recovery because a return of local protests and a global recession will hamper growth, economists said. Standard Chartered downgraded its 2020 gross domestic product forecast for the Chinese territory
Fate is a cruel mistress, the saying goes. But how about turning the phrase on its head? Might fate be a welcoming friend, too? That’s certainly the case during COVID-19. As some companies’ unfortunate line of business has dictated a struggle to make it through the pandemic, some are inherently well set up to benefit.
Federal Reserve Chairman Jerome Powell is expected to strongly oppose the idea of negative interest rates when he speaks Wednesday, though President Donald Trump Tuesday said they would be a benefit to the U.S. Powell is expected to take the opportunity to talk down market speculation about negative interest rates, when he appears in a
via rushlimbaugh RUSH: I have here a story that is written by some guy named Tom Rogers, editor-at-large at Newsweek. Does anybody read Newsweek anymore? It’s just… It’s digital only now, right? You can’t get it at newsstands. Are there newsstands anymore? I guess the virus has shut newsstands down now. Anyway, the headline of this
The CFPB launched a new website today to help struggling renters and homeowners during the COVID-19 … [+] pandemic. Getty If COVID-19 has you worried about making rent or paying your monthly mortgage, you now have a new resource to look to thanks to the CFPB. The Consumer Financial Protection Bureau launched its new coronavirus
More than four million homeowners are now delaying their monthly mortgage payments as part of both government and private lender relief programs – but some have been put into forbearance by mistake and are having a hard time getting out. While the programs cannot, by law, hurt their credit scores, they can keep borrowers from refinancing
FT subscribers can click here to receive FirstFT every day by email. Narendra Modi, India’s prime minister, has announced plans for a $266bn stimulus package to help the country’s stalled economy recover from the lockdown imposed to slow the spread of coronavirus. In a television address on Tuesday, the prime minister said India had to
Where can advisors generating $1 million in annual production earn the most? It’s a straightforward question, but with bonus, penalties and other factors weighing in, one with a frustratingly elusive answer: It depends. To help advisors sort through and fill in the X-factors, On Wall Street presents the third installment of its annual analysis of
The Robinhood application is displayed in the App Store on an Apple Inc. iPhone in an arranged photograph taken in Washington, D.C., U.S., on Friday, Dec. 14, 2018. Andrew Harrer | Bloomberg | Getty Images The coronavirus market downturn spurred young people — in some cases, for the first time in their lives — to get
The threats posed by the COVID-19 pandemic on Chicago Transit Authority and Regional Transportation Authority of Illinois revenues led Moody’s Investor Service to revise both agencies’ outlook to negative from stable. In its action last week, Moody’s affirmed the RTA’s sales tax bonds at A2 and downgraded the RTA’s general obligation variable rate bonds to
China suspends imports of red meat from four Australian abattoirs Jamie Smyth in Sydney China has suspended imports of red meat from four Australian abattoirs in a move that comes amid deteriorating diplomatic relations between the nations over Canberra’s call last month for an independent inquiry into the origins of the coronavirus. The beef ban
It probably won’t come as much of a surprise to learn that Barrick Gold (GOLD), the world’s second largest gold mining company, is enjoying a successful 2020. Gold performs particularly well during global crises, and hardly any come any bigger than the current pandemic. As a result, the precious metal has been changing hands for
A man wears a protective mask as he walks on Wall Street during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020. Lucas Jackson | Reuters A $2.25 billion United Airlines debt offering failed last week, but that does not signal trouble for others in the corporate debt market where the
by Michael Snyder Do you personally know people that have lost jobs in 2020? I do, and I am not sure what to tell them. As is the case all over the U.S. right now, there is hope that some of the jobs will still be there when the lockdowns end, but in other cases
Projects that get your family outside have financial as well as emotional value ©Chipper Hatter Right now, many Americans have more time than usual to do home improvement projects. And, since it’s spring, they want to go outside to do them. Joe Raboine, a frequent contributor to HGTV, Realtor.com and Director of Belgard Residential, suggests
The coronavirus pandemic has made us all a lot more familiar with our homes. But it has also thrown up a great number of questions over the future of the property market. While global markets were thrown into turmoil in the early days of the outbreak, the property market, broadly speaking, has remained resilient. As
Over the past weeks, the FT has been full of articles on the efficacy or otherwise of the Treasury’s unprecedented financial support of businesses and employees, including 100 per cent guarantees on small business loans. Little is said about the hopelessly inflexible furlough rules (Report, May 6). The Treasury sees businesses as binary. Furlough is
Advisor pay can be a complicated matter. With our annual compensation report, On Wall Street aims to help advisors break it down. This year’s analysis focuses on compensation plans at the wirehouses and major broker-dealers. Please note: Some planned changes at firms such as Morgan Stanley and Wells Fargo have been postponed in light of
Have you ever stepped inside a voting booth, submitted your choice electronically, and wondered, “Did the vote actually go through? What if a malicious party changes my vote?” Those kinds of doubts dominate discussions about election security. As voting increasingly happens via computerized equipment, cybersecurity experts often warn how it’s easier than someone may think
Billionaire hedge fund investor Paul Tudor Jones said Monday the economy would be in a “Second Depression” if the coronavirus pandemic doesn’t get contained for another year. “If a year from now, we are still in the same situation, we would be called a Second Depression,” Jones said on CNBC’s Squawk Box on Monday. “Just depends on
Getty Imagine, if you will, an alternate reality, in which all 50 states had an equivalent track record in terms of sound fiscal management. They paid their bills on time, they spent responsibly, workers received fair market wages for their services, corruption inflating spending was not an issue, or was evenly prevalent everywhere. To an
Puerto Rico bankruptcy Judge Laura Taylor Swain has postponed to June 4 from May 13 a hearing concerning a lift stay motion for more than $5.5 billion in Puerto Rico Highways and Transportation Authority, Puerto Rico Infrastructure Authority, and Convention Center District Authority bonds. U.S. District Judge Laura Taylor Swain ordered a lift stay hearing
Equities began the week on the front foot as signs of support measures from China’s central bank helped investors put to one side concerns that new coronavirus outbreaks could undermine efforts to restart the global economy. In Asia Pacific trading on Monday, Japan’s benchmark Topix index was up 1.6 per cent, Hong Kong’s Hang Seng
Uber Technologies Inc. (UBER) posted a $2.9 billion loss in the first quarter as the coronavirus pandemic curtailed demand for ridership. The ride-hailing company said the $2.9 billion loss included a $2.1 billion pretax writedown of the value of some of Uber’s minority investments. Excluding the writedown, Uber posted a loss of 64 cents per
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