Average student loan debt soars to over $26,000
Average student loan debt soars to over $26,000
(Bloomberg) -- Jeff Bezos sold about $2.5 billion of Amazon.com Inc. stock, his first big disposal this year after offloading more than $10 billion worth of shares in 2020.Bezos sold around 739,000 shares this week under a pre-arranged trading plan, according to U.S. Securities and Exchange Commission filings. He plans to sell as many as 2 million shares, according to a separate filing.The world’s richest person continues to hold more than 10% of Amazon.com, the primary source of his $191.3 billion fortune, according to the Bloomberg Billionaires Index.In the 15 years after Amazon.com went public in 1997, Bezos sold about a fifth of the online retailer for roughly $2 billion. The value of his stake has ballooned in recent years to such an extent that he can now sell relatively small amounts for billions of dollars.Amazon stock is little changed this year after rallying 76% in 2020 as the Covid-19 pandemic kept people away from physical stores and encouraged online shopping.The Amazon founder has used stock sales to fund rocket company Blue Origin, while he’s committed $10 billion to the “Bezos Earth Fund” to help counter the effects of climate change.The rocket maker said Wednesday it has set July 20 for its first mission carrying people to space and plans to auction off one seat on its New Shepard rocket.Bezos would be far richer if it weren’t for his divorce from MacKenzie Scott. She received a 4% stake in Amazon as part of the split and quickly became one of the world’s most important philanthropists.(Updates with Blue Origin plans in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Qatar’s prosecutor ordered the arrest of Finance Minister Ali Sharif Al-Emadi to question him over an alleged abuse of power and misuse of public funds, state-run Qatar News Agency reported.Al-Emadi was named finance minister a day after Sheikh Tamim bin Hamad Al Thani took over leadership of the country in June 2013, and has held the role since. The prosecutor has launched an investigation, QNA said on Thursday. No further details were immediately available.The arrest was unusual, because allegations of criminal conduct by senior state officials or members of ruling families in the Gulf are typically addressed behind closed doors. Saudi Arabian Crown Prince Mohammed bin Salman’s declared anti-corruption drive in 2017, which targeted royals and businesspeople, was an exception.Still, Qatar’s dollar bonds held on to most of their earlier gains following the news, with the yield on the security due 2050 down about 4 basis points to 3.4%. The country’s stock market has closed for the weekend.Al-Emadi had been a stalwart of Qatar’s financial system, helping to transform Qatar National Bank from a local champion into the region’s biggest lender as its chief executive from 2007 to 2013. He currently serves as chairman of the bank’s board, is president of the executive board of Qatar Airways, and is also on the board of Qatar Investment Authority, the country’s sovereign wealth fund.More recently, amid speculation that Al-Emadi had fallen out of favor, he was replaced as chairman of the Qatar Financial Centre -- a platform through which most foreign financial firms working in the country are registered and among agencies that encourage foreign investment.Al Emadi has been regarded as a budget-conscious finance chief, reluctant to raise excess debt even though Qatar’s bond yields are among the lowest in developing economies. At the same time, he’s overseen heavy spending in preparation for the 2022 FIFA World Cup that Qatar is to host. Bloomberg Intelligence estimates the country will plow $300 billion into infrastructure projects ahead of the soccer tournament.(Updates with details on finance chief in last paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
MELBOURNE (Reuters) -A majority of Rio Tinto's shareholders rejected the global miner's executive pay packages on Thursday, in a backlash over its destruction last year of ancient rock shelters in Western Australia. Rio Tinto blasted 46,000-year-old rock shelters at Juukan Gorge last May to expand an iron ore mine, sparking condemnation from investors, politicians, its own staff and the wider community. Following the company's Australian annual meeting, Rio Tinto said more than 60% of votes cast by investors in the Anglo-Australian dual-listed company were against its remuneration report.
(Bloomberg) -- Stocks almost wiped out their gains as technology shares turned lower, offsetting optimism over solid corporate earnings and economic reports. Treasuries climbed.The S&P 500 notched an advance of less than 0.1% while the Nasdaq 100 ended in the red. The Dow Jones Industrial Average rose to a fresh record. Moderna and Johnson & Johnson retreated, while Pfizer finished little changed on news the U.S. will support a proposal to waive intellectual-property protections for Covid-19 shots. Peloton tumbled after recalling its treadmill products. Copper and lumber rallied, adding to inflation worries.As the world’s largest economy rebounds, an intense debate has emerged over whether actual price pressures are set to materialize. The five-year breakeven rate -- a proxy for the annual inflation rate bond traders expect over the span -- jumped to the highest since 2008. Despite the increase in commodity prices and supply shortages, several Fed officials said Wednesday that inflation is unlikely to get out of control.Money managers who’ve spent the bulk of their careers profiting from deflationary trends need to quickly switch gears or risk an “inflation shock” to their portfolios, warned JPMorgan Chase & Co. chief global markets strategist Marko Kolanovic.“Given the still high unemployment, and a decade of inflation undershoot, central banks will likely tolerate higher inflation and see it as temporary,” he wrote. “The question that matters the most is if asset managers will make a significant change in allocations to express an increased probability of a more persistent inflation.”Here are some key events to watch this week:Bank of England rate decision ThursdayThe April U.S. employment report is released on FridayThese are some of the main moves in markets:StocksThe S&P 500 was little changed as of 4 p.m. New York timeThe Nasdaq 100 fell 0.3%The Dow Jones Industrial Average rose 0.3%The MSCI World index rose 0.3%CurrenciesThe Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.2003The British pound rose 0.1% to $1.3907The Japanese yen rose 0.1% to 109.20 per dollarBondsThe yield on 10-year Treasuries declined two basis points to 1.57%Germany’s 10-year yield advanced one basis point to -0.23%Britain’s 10-year yield advanced two basis points to 0.82%CommoditiesWest Texas Intermediate crude fell 0.6% to $65 a barrelGold futures rose 0.6% to $1,787 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
LONDON (Reuters) -Carmaker Aston Martin posted a smaller first quarter loss in 2021 of 42.2 million pounds ($59 million) and said it continued to take steps towards profitability, as its sales to dealers more than doubled. That compared with the 110.1 million pound loss the luxury brand posted in the same period last year, when it brought in fresh investment from billionaire Executive Chairman Lawrence Stroll to shore up its finances. The carmaker of choice for fictional secret agent James Bond has had a tough time since floating in 2018, as it failed to meet expectations and burnt through cash.
You could be entitled to additional money, based on your 2020 income tax return.
Another than 1.1 million economic stimulus checks worth more than $2 billion are on the way, the IRS said. The payments included "plus-up" checks.
Since I have a monthly car allowance of $450 I want to step up my game and maybe even get a luxury car. The car I want to lease would be an almost $600-a-month car payment. During this exciting time, I can understand your desire to step into the car of your dreams.
(Bloomberg) -- Actress Jessica Alba cemented her claim to one of the most lucrative side gigs in Hollywood after shares of her beauty business, the Honest Co., soared 44% in its market debut.The “clean” beauty- and baby-products maker’s stock closed at $23 Wednesday after it priced the shares at $16 in its initial public offering. Alba’s roughly 5% stake is valued at $98 million, according to the Bloomberg Billionaires Index. She also has exercisable options valued at about $24 million.Read more: Alba’s Honest Co. Set for Opening Bell After $413 Million IPO“I feel like I’m in a dream, to be honest. Wow. Is this really happening?” Alba said in an interview with Bloomberg TV. “I’m so grateful to our very loyal community. Thank you for bringing us into your home. Thank you for trusting us with you most precious people, your little people.”Alba, 40, founded the business in 2011, motivated by the dearth of baby products that were free of harsh chemicals. The carbon-neutral company makes diapers, wipes, shampoo and lotions it bills as “clean and natural,” and targets a customer base of parents who are eco-conscious, aspirational and relatively affluent. Honest Co. had revenue of about $301 million in 2020, a 28% jump from a year earlier, and an operating loss of $13.5 million.The Los Angeles-based company is now valued at almost $2.1 billion, or $2.45 billion when fully diluted to include employee stock options and restricted stock units. That’s significantly more than its $860 million implied valuation in a 2017 funding round, according to Pitchbook. Honest has been dogged in the past by product recalls and controversy over its claims to use only natural ingredients. Prior to those issues, it was valued at $1.7 billion in a 2015 funding round.Rare ExampleThe IPO marks an almost 260% return for L Catterton, the private equity firm backed by billionaire Bernard Arnault that invested $200 million in 2018. The company sold about half its stake in the offering.The actress is a rare example of someone successfully bridging a career between Hollywood and Wall Street. While many celebrities strike licensing deals for fashion lines or products such as perfume or vodka, few have gone on to found publicly traded companies.Alba, whose official title is chief creative officer, continues to work as an actor, most recently starring in the crime television series, “L.A.’s Finest.”“I was born into a hardworking Mexican-American family. My parents worked multiple jobs, doing whatever it took to get by,” Alba wrote in a letter included in the company’s prospectus, describing a childhood marked by poor health and hospital stays. “By the time I was ten, I became aware of how wellness can define your whole life. That’s never left me.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Coinbase Global Inc. sank to a record low as investors fled high-flying market newcomers.The operator of the largest U.S. cryptocurrency exchange tumbled as much as 7% to $254.02 on Thursday, slumping for a fourth straight day. That left the shares in danger of breaching the $250 reference price for its April direct listing. An exchange-traded fund that tracks shares of companies that recently went public plunged for an eighth day, the longest slide since 2015. Virgin Galactic Holdings Inc. and Opendoor Technologies Inc., companies that came to market through blank-check offerings, sank more than 5%.“We saw a mini-bubble in SPACs, IPOs, crypto, clean-tech and hyper-growth in late 2020 and early 2021 and many of these asset classes are nursing bad hangovers,” said Mike Bailey, director of research at FBB Capital Partners.Coinbase’s slide comes as investors pour into extremely speculative cryptocurrencies such as Dogecoin and Binance Coin -- tokens that the exchange doesn’t offer. Most of its traffic had come from Bitcoin trades, but the price of the largest crypto coin has been mired in a narrow band for weeks. Coinbase started trading at $381 on April 14 before briefly topping $400. It’s now down 22% from the close on its first day.Nasdaq had set a reference price of $250 a share on April 13 for Coinbase’s direct listing, a number that’s a requirement for the stock to begin trading, but not a direct indicator of the company’s potential market capitalization.“What has really hurt Coinbase, now that their direct listing has taken off, you’re seeing expectations that other exchanges are coming on board,” said Edward Moya, senior market analyst at Oanda. “There’s this belief this could be as good as it gets for Coinbase in the short-term.”The Renaissance IPO ETF dropped as much as 4.9% on Thursday, bringing its year-to-date loss to about 21%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
In an interview with Fortune, Alba talked about taking her “fourth baby” (a.k.a. her company) public.
More returns need additional review due to things like the recovery rebate credit.
Bill Gates transferred stakes in several companies to Melinda Gates on the day the power couple announced their divorce
Cathie Wood's ARK Innovation exchange-traded fund is significantly oversold and due for a bounce, but if it doesn't come the popular fund risks suffering a “waterfall” decline, says one chart watcher.
Home buyers continue to pour into the real-estate market, encouraged by the favorable financing they can score.
A year into the pandemic, some homeowners say loan servicers aren't giving them clear information about mortgage forbearance.
The 30-year fixed rate hasn’t been this low since February.
It appears that Shark Tank investor Kevin O’Leary no longer thinks bitcoin is “garbage.” The chairman of O’Shares ETF told Yahoo Finance Live that he’s allocated 3% of his portfolio to the world’s largest cryptocurrency after his native Canada, and a handful of other countries, eased restrictions on institutional buying of the asset.
The cryptocurrency that no one was meant to take seriously spiked to just under 70¢ before losing a little ground.
A see-through trust is a legal arrangement that enables a person to pass retirement assets from an individual retirement account to beneficiaries after his or her death. A properly-constructed trust protects assets from creditors and can parcel out money to … Continue reading → The post What Is a See-Through Trust? appeared first on SmartAsset Blog.