In October 2008, in the midst of the financial crisis, Berkshire Hathaway CEO Warren Buffett made a late-night phone call to then-Treasury Secretary Henry "Hank" Paulson, with an idea about how the government might be able to turn the economy around. Paulson was asleep. "I was exhausted," he recounts on Vice Special Report's " Panic: The Untold Story of the 2008 Financial Crisis ," a documentary that debuted Monday night on HBO .
Houston-based EP Energy Corp. (NYSE: EPE) is giving its top executive a bonus and a 70 percent raise a year after hiring him. EP Energy will pay Russell Parker, its president and CEO, a salary of $850,000, up from $500,000, according to a Dec. 11 filing with the U.S. securities and Exchange Commission. The upstream oil and gas company made the awards to motivate and retain Parker and to recognize him for his work in the past 12 months, according to the filing.
Nvidia is a company that has reached the highest highs and the lowest lows, all in the span of a couple of weeks. Over the past two months, Nvidia’s stock has dropped from a closing price of $289.36 on Oct. 1 to today’s opening of $148.42, a decline of 48.8%. It takes a lot for a company to lose nearly half its value in such a short period of time, but Nvidia is proving that an otherwise strong technology business can disappear in a blink of an eye.
Toyota is recalling about 70,000 Toyota and Lexus brand vehicles in North America to replace air bag inflators that could explode and hurl shrapnel at drivers and passengers. Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags. The Toyota and Lexus vehicles were recalled previously and the inflators replaced with new ones that still used ammonium nitrate.
The world’s largest oil exporter has shipped 6,000 tons of the crustaceans to China since last week, Ahmed Al-Bala’a, chief executive officer of the National Aquaculture Group, said in a statement. Saudi Arabia is testing the waters in China for shrimp as it seeks to reduce its reliance on oil and develop new industries and lines of business. Saudi shrimp exports to China should exceed 30,000 tons by the end of the year, said Al-Bala’a, whose closely held company operates a sprawling network of shrimp farms on the Red Sea coast.
The Affordable Care Act (ACA), informally known as “Obamacare,” has subsidies that can make an insurance plan’s premiums very cheap. A $0 premium may sound good if your income qualifies, but that is for one of the bronze plans. Bronze plans are estimated to cover 60% of the average person’s healthcare expenses, versus the 70% that a silver plan does.
Kirk Hartman of Wells Fargo Asset Management says there are "a lot of" opportunities, but he would invest in bonds and bond-like stocks in the current environment.
A global medical technologies company is relocating its corporate headquarters from California to North Texas. The latest in a steady stream of moves from California to Texas, DJO plans to move its operations from San Diego to Lewisville within the first few months of 2019, according to a release. The company provides products that assist in injury prevention, rehabilitation and more.
Most people think they’re above average in intelligence, relationship status and professional achievement. Social scientists call this “illusory superiority.” My business partner Scott Puritz, has found the one area where even above-average people, objectively smart, rich, successful professionals, seem to wave the white flag and admit to not understanding — money and investing. “One of the most shocking things is the low-level financial literacy throughout our culture,” Puritz told the Washington Post.
Germany has become a popular destination for American retirees due to its reasonable costs, excellent healthcare system and well-kept infrastructure. As any financial advisor will tell you, one of the most important factors to consider when building a retirement plan is your cost of living. Like any other country, how much money you’ll need to live in Germany will depend on the city you choose.
Burger behemoth McDonald’s no doubt will be happy to know it has emerged as one of two brands said to be the most popular among consumers in its home state of Illinois, according to a new study of the most popular brands state by state. UPS wasn’t just one of the two most popular brands in Illinois alone. The company also was cited as the single-most popular brand in six other states, including Idaho, Utah, Arizona, New Mexico, Texas and Maryland. UPS tied with Coca-Cola (NYSE: KO) and Mercedes-Benz as the most popular brands in Georgia.
Boeing unveiled a new luxury VIP business jet model for its massive new 777X widebody jet. Boeing said it plans to launch a 777X VIP luxury business jet that can fly more than half way around the world nonstop – farther than any business jet ever built. "Our most exclusive customers want to travel with the best space and comfort and fly directly to their destination," said Greg Laxton, head of Boeing Business Jets.
Top 5 Hemp Companies Cannabis research firm Brightfield Group found that hemp-derived CBD (cannabidiol) sales in the U.S. hit $291 million in 2017. Brightfield also said that with the anticipated passing of the 2018 U.S. Farm Bill, the hemp-derived CBD market is expected to quickly go mainstream and become a $5.7 billion market by next year, and a $22 billion market by 2022 -- nearly 40x its current size. This number tends to be larger than most other hemp market estimates.
Another batch of compensation checks is in the works for victims of Bernard Madoff on the 10th anniversary of the con man’s arrest in New York following the collapse of his $19 billion Ponzi scheme. Irving Picard, the trustee unwinding Madoff’s defunct investment advisory firm, said in a statement Tuesday that he asked a bankruptcy court judge to authorize $419 million in distributions on approved claims, which will go out to 880 accounts. While victims will never recover the $45 billion in fake profits Madoff claimed on account statements, the trustee has focused on returning the cash they invested.
Verizon wrote off $4.6 billion from its AOL and Yahoo acquisitions, an admission that Oath hasn't succeeded within the broader company. Verizon had received criticism at the time that it was too cautious around media, but staying away from big deals may have been the right move for the company. When Verizon VZ acquired Yahoo for $4.8 billion in 2016 after spending $4.4 billion for AOL a year earlier, investors and analysts were skeptical .
Bill Smead, CEO and chief investment officer at Smead Capital Management, and Brad McMillan, chief investment officer at Commonwealth Financial Network, discuss the market movement and their outlook for the next year with CNBC's "Power Lunch" team.
Chip stocks have been among the market’s biggest winners over the past several years. Huge demand tailwinds from the data center, cloud computing, connected device and artificial intelligence (AI) markets have converged on a limited-supply base, creating a “high demand, low supply” dynamic in the chip market wherein chip prices are soaring. Such improvements have driven huge gains in chip stocks. Chip supply won’t remain subdued forever — it is already ramping to meet demand, and there are some reports out there that chip prices may have already peaked.
Oracle filed suit in federal court last week alleging yet again that the decade-long $10 billion Pentagon JEDI contract with its single-vendor award is unfair and illegal. The complaint, which has been sealed at Oracle's request, is available in the public record with redactions. If all of this sounds familiar, it's because it's the same argument the company used when it filed a similar complaint with the Government Accountability Office (GAO) last August.
I have an academic lifestyle,” Springer said in an interview. I’m not into ramen noodles, but my friends are academics, so it doesn’t really behoove me to be flashy. His few indulgences include a modernist home in Boston's upscale Chestnut Hill neighborhood, where Springer, 70, devotes his surplus energy to keeping a prolific garden.
If you're like most American workers, you plan to rely on Social Security benefits for at least some of your income in retirement. Getting the most from your benefits requires that you choose the best claiming strategy for you, a choice that can confuse many retirees. Many American workers plan to rely on Social Security benefits as a steady source of income in retirement.
Suze Orman is one of those singular personalities in the financial business who seems to be right on the pulse of everyone she meets. She’s written books, starred in her own television show and made innumerable appearances in person. Like Oprah and Bono, she’s nearly a one-name-only celebrity.
The U.S. housing market has weathered all the recessions since 1980, with the exception of the Great Recession of 2008, Jefferies pointed out in a recent note. The FHFA U.S. house price index rose by an average of 7.4 percent in the year prior to a recession and prices rose an average of 2.7 percent from the start of a recession to the end, the note stated. "Other than during the GFC (Great Financial Crisis), home prices have kept rising even during recessions, probably because rates fall, the vast majority of people retained jobs and household formation continues," said Thomas J. Thornton, Jefferies' head of U.S. equity product management, in the note to clients Saturday.
The Fed had losses of $66.5 billion on its securities holdings on Sept. 30, if it marked them to market, according to its latest quarterly financial report. The Fed, of course, is not a normal bank and does not mark its holdings to market. As a result, officials play down the significance of the theoretical losses and say they won’t affect the ability of what they call “a unique non-profit entity’’ to carry out monetary policy or remit profits to the Treasury Department.
GE shares fell in Tuesday trading as far as the lowest close during the financial crisis. General Electric GE shares fell as low as $6.66 share in trading Tuesday, a level which marked the lowest close for the stock during the financial crisis a decade ago. Despite a brief rally after the appointment of Larry Culp as chairman and CEO, the beleaguered industrial company's stock has sold off.
The chief financial officer of Chinese telecommunications giant Huawei was granted bail by a Canadian court on Tuesday, just more than a week after being arrested in Vancouver at the behest of the United States. After three days of hearings, a British Columbia justice granted bail of $10 million Canadian (US$7.5 million) to Meng Wanzhou, but required her to wear an ankle bracelet, surrender her passports, stay in Vancouver and its suburbs and confine herself to one of her two Vancouver homes from 11 p.m. to 6 a.m. The decision was met with applause in the packed courtroom, where members of Vancouver's Chinese community had turned out to show support for Meng.