CNBC's Kate Kelly reports that SAC Capital will settle with the Federal government for a $1.8 billion fine and will plead guilty to at least one count of securities fraud.
A prosecutor on Friday urged a federal judge to sentence "Dance Moms" star Abby Lee Miller to prison instead of probation for bankruptcy fraud. Assistant U.S. Attorney Gregory Melucci called witnesses to buttress his contention that the reality TV show star tried to avoid repaying hundreds of thousands of dollars in debt by hiding about $775,000 in income from a bankruptcy court. Miller's attorneys will call witnesses when the hearing continues Feb. 24, after which she'll be sentenced.
AT&T’s biggest threat is posed by T-Mobile, which is the company customers most often tend to defect to. “When asking postpaid subscribers that have been with their carrier (less than) two years which carrier did they previously have, the top answer for current Sprint, T-Mobile and Verizon respondents was ‘previously AT&T,’” the research firm said in a letter to investors.
The Federal Housing Administration said Friday it would roll back a cut in mortgage insurance premiums announced just days ago under outgoing Housing and Urban Development head Julian Castro. The reduction of 25 basis points, or a quarter percentage point, was meant to help more borrowers gain access to the mortgage market. It came after a surge in mortgage rates.
Mark Zuckerberg paid close to $100 million for 700 acres of beachfront property on the island of Kauai in 2014. Three holding companies controlled by Zuckerberg filed eight lawsuits in local court on December 30 against families who collectively inherited 14 parcels of land through the Kuleana Act, a Hawaiian law established in 1850 that for the first time gave natives the right to own the land that they lived on. The 14 parcels total just 8.04 of the 700 acres Zuckerberg owns, but the law gives any direct family member of a parcel's original owner the right to enter the otherwise private compound.
Although the overall individual audit rate is only about one in 119, the odds increase dramatically as your income goes up, as it might if you sell a valuable piece of property or get a big payout from a retirement plan. The IRS wants to be sure that owners of IRAs and participants in 401(k)s and other workplace retirement plans are properly taking and reporting required minimum distributions.
The FTC isn't convinced that Walgreen's proposal to sell 865 drugstores to Fred's Inc would do enough to preserve competition that would be lost in the $9.4 billion tie-up, Bloomberg reported on Friday. The FTC is also unlikely to complete its review of the deal before the deadline of Jan. 27 to close the transaction, the Bloomberg report said. In October, Walgreens said it was "confident about this deal," despite having to postpone the closure of the deal by three months to the end of January.
First lady Melania Trump addressed active duty military and veterans at the inaugural Armed Services Ball Friday evening in Washington, D.C.
The U.S. Department of Housing and Urban Development on Friday suspended a controversial plan that would have slashed the premium rates for certain federally backed mortgages. The reversal by the Federal Housing Administration came less than two hours after Donald Trump was sworn in as president.
There’s yet another way to buy things from the online retail giantAFP/Amazon released a new credit card designed to encourage you to spend even more at the online retail giant. In case you needed one more way — or reason — to buy things from Amazon, here it is. The retailer (AMZN) on Wednesday announced its new Amazon Prime Rewards Visa Signature credit card, which will offer 5% back to customers who are members of Amazon Prime, which itself costs $99 per year to join.
By Ian Ransom MELBOURNE (Reuters) - With Novak Djokovic's reign broken, Andy Murray boosted his claim to the Melbourne Park throne with a comprehensive 6-4 6-2 6-4 win over American Sam Querrey to reach the fourth round of the Australian Open on Friday. Top seed Murray, beaten in four of his five finals in Melbourne by Djokovic, has become raging favorite after the Serb's stunning second round exit on Thursday and the Briton lived up to the billing by trouncing Querrey in a tick under two hours at the Hisense Arena. Murray was among the many surprised by Djokovic's elimination but was neither dancing on the Serb's grave nor talking up his own hopes of a maiden title in Melbourne.
As bond yields rose, the prices of virtually everything paying an income stream got slammed. Some of my favorite dividend stocks, REITs and closed-end funds fell by 20% or more ... at a time when the broader stock market was rallying. This is where monthly dividend stocks come in handy.
As of January 2017, the average retiree receives $1,360 per month from Social Security, and the average retired couple gets $2,260 each month. That works out to an average annual benefit payment of $16,320 for an individual or $27,120 for a couple. That means Social Security provides enough to keep a typical person or a couple above the federal poverty level. Even with that, benefit levels are well below the overall average household income for families of that -- or any -- size, which means that the lifestyle Social Security offers is a fairly basic one. Risks in the Social Security lifestyle While Social Security's benefit payments are guaranteed (at least until the Trust Funds empty or Congress
"An imposter, a [political] conman and a would-be dictator," is the verdict of billionaire investor George Soros on Donald Trump. Speaking to a packed audience at his annual dinner at the World Economic Forum in Davos, Mr Soros said he was confident Mr Trump's powers would be limited by Congress. "He won't be able to get away [with being a dictator]," he added. Ultimately, Mr Soros said he expected Mr Trump to fail. "The ideas that guide him are fundamentally contradictory. He has three chiefs of staff instead of one and his cabinet are very fragmented and fighting with each other," he said. Mr Soros has been unrelentingly critical of Mr Trump since his shock election victory, and the pair have
After being sworn in as the 45th president of the United States on Friday, Donald Trump delivered a 16-minute speech in which he promised to transfer power from Washington, D.C. to the American people and called for patriotic nationalism as a path to a brighter future. “From this day forward, a new vision will govern our land,” Trump said. “From this day forward, it's going to be only America first.
When it comes to investing, big isn't always better. Big companies with thousands of employees and operations all over the planet take a lot to adapt to economic and market changes. Take Exxon Mobil (XOM) as a prime example. With some 75,000 employees and bits and pieces on nearly every corner of the globe, lithe it isn't. And when it comes to the oil and gas market, complete with plenty of gushers and dry holes along with the recent yo-yoing of market prices, big doesn't cut it over smart. Exxon Mobil announced this week that it's doubling its holdings in an area called the Permian Basin in West Texas and New Mexico. The Permian Basin has long been one of the richest oil fields, handing many
Mexico's Colima volcano erupted early Thursday morning, sending ash more than a mile into the sky and lava flowing down its sides. Photo: Webcams de Mexico via Storyful.
Windows business customers who missed out on their shot at a free Windows 10 upgrade may be getting a second chance. Microsoft announced in a blog post on Thursday that customers with Windows subscriptions through its Cloud Solution Provider (CSP) program will be able to upgrade their Windows 7 and Windows 8.1 devices to Windows 10 for free. Specifically, according to the blog post, "customers subscribed to Windows 10 Enterprise E3 and E5 as well as Secure Productive Enterprise E3 and E5, can now upgrade their Windows 7 and Windows 8.1 PCs and devices to Windows 10 without the need to purchase separate upgrade licenses." As noted by ZDNet's Mary Jo Foley, the Enterprise E3 and E5 subscriptions
It wasn’t so long ago when “healthy chain restaurants,” or, more specifically, “healthy fast food,” was considered an oxymoron. First of all, it needs to be an actual chain, with more than 15 locations and a robust expansion plan. Second, the restaurant needs to be making a concerted and visible effort to serve healthy food, menu-wide.
The wireless carrier also said it would record a pretax loss of about $1 billion in the fourth quarter after lowering the assumed discount rates used to measure pension and post-retirement plan obligations. The loss will not affect operating results in its various divisions and will be included as an adjustment in its fourth-quarter report scheduled for release on Wednesday, AT&T said. Wells Fargo analyst Jennifer Fritzsche said in a note that both the DirecTV and wireless numbers were a "net positive," and the DirecTV Now additions appeared to be ahead of expectations.
Amazon.com has been crowing about its plans to create 100,000 American jobs in the next year, but as with other recent job-creation announcements, that figure is meaningless without context. What Amazon (AMZN) won’t tell us is that every job created at Amazon destroys one or two or three others. What Jeff Bezos doesn’t want you to know is that Amazon is going to destroy more American jobs than China ever did.
Recap and release, a recapitalization of the companies followed by releasing them from government control, is a plan supported by several investors who hold shares of the companies. "I believe (Fannie Mae and Freddie Mac) are very important entities to provide the necessary liquidity for housing finance.
Competition for the EpiPen keeps mounting. The talking auto-injector competitor to Mylan's billion-dollar allergy attack remedy, the Auvi-Q, will return to market Feb. 14, manufacturer Kaleo said Thursday. The price? A whopping $4,500 for two auto-injectors. But not so fast, Kaleo said. It guarantees a cash price of $360 for two auto-injectors. Plus it will offer a program it calls Auvi-Q AffordAbility that guarantees U.S. patients with commercial insurance will have no out-of-pocket costs for the devices, plus free product for those who don't have insurance and have a household income of less than $100,000. It's an example of the complicated economics that govern drug pricing. "We wish we didn't
Republican governors who turned down billions in federal dollars from an expansion of Medicaid under President Barack Obama's health care law now have their hands out in hopes the GOP-controlled Congress comes up with a new formula to provide insurance for low-income Americans. The other GOP governors, such as Ohio Gov. John Kasich, who agreed to expand state-run services in exchange for federal help — more than a dozen out of the 31 states — are adamant that Congress maintain the financing that has allowed them to add millions of low-income people to the health insurance rolls.
Shares of General Electric (NYSE: GE) edged lower in premarket trading Friday after the company reported quarterly revenue that fell short of expectations. The company's fourth-quarter earnings of 46 cents per share were in line with forecasts, but revenue was $33.08 billion, less than the consensus estimate from Thomson Reuters of $33.63 billion. Since Donald Trump won the Nov. 8 election, industrial stocks have risen nearly 9 percent on expectations that the president-elect's policies will benefit the sector.
Western Union Co , the world's biggest money-transfer company, agreed to pay $586 million and admitted to turning a blind eye as criminals used its service for money laundering and fraud, U.S. authorities said on Thursday. Western Union, which has over half a million locations in more than 200 countries, admitted "to aiding and abetting wire fraud" by allowing scammers to process transactions, even when the company realized its agents were helping scammers avoid detection, the U.S. Department of Justice and the Federal Trade Commission said in statements. With the help of Western Union agents, Chinese immigrants used the service to send hundreds of millions of dollars to pay human smugglers, wiring the money in smaller increments to avoid federal reporting requirements, U.S. authorities said.