Communal living space in California Source: Haven There’s a new solution for millennials struggling with rising rents, but it has a familiar feel. Communal living, or co-living, brings together a group of people, likely strangers, in a shared space. Often, there are private sleeping quarters but the kitchens and work areas are communal spaces. It’s
Month: February 2020
In light of the tumultuous move in global stocks this week, I found it comforting, in that it-could-be-worse sense, to think about some excessively priced assets I’ve watched up close, as well as from a distance. One day within the dot.com bubble stands out very clearly. In December 1999, I sat in my mother-in-law’s room
Manufacturing activity in China plunged in February, exceeding its collapse during the global financial crisis of 2008, according to one of the first official economic indicators published since the coronavirus outbreak. The manufacturing purchasing managers’ index (PMI) fell to 35.7 this month, which was an all-time low and was down from 50 in January, China’s
The Chinese economy has witnessed tremendous transition and growth since 1978 when Deng Xiaoping introduced China to capitalist market reforms and moved away from a centrally planned economy. The resulting growth has persisted for the last 35 years; its gross domestic product (GDP) has seen an average annual growth rate of 10.12% between 1983 and 2013,
James E. Spiotto was remembered Friday as a consummate but humble voice in the municipal industry for his bankruptcy and restructuring expertise that influenced governments, investors and federal lawmakers as they rewrote municipal bankruptcy law in the 1980s. Spiotto died suddenly of a heart attack on Thursday. He was 73. “Jim was on a mission,”
Flint, Michigan-based Hurley Medical Center’s rating outlook was revised to stable from negative by Moody’s Investors Service on its improved financial performance. The speculative-grade Ba1 rating was affirmed. The outlook change comes ahead of the medical center’s pricing of $52 million in tax-exempt revenue bonds Tuesday. The bonds will be issued via the Flint Hospital
A trader reacts on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 5, 2019. Brendan McDermid | Reuters The coronavirus wiped $3.18 trillion in market value from U.S. stocks this week, according to estimates from S&P Dow Jones Indices. The equity benchmark lost $203 billion in value on Friday,
The Federal Reserve is monitoring the COVID-19 issue and its economic effects, according to a release from the Bank, attributed to Chairman Jerome Powell, released Friday. “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity,” Powell said. “The Federal Reserve is closely monitoring developments and their implications
Following the worst week for stocks since the financial crisis, UBS‘s Jason Katz said Friday investors should “take a deep breath” and have a moment of introspection over the weekend. “Reflect on the fact that the markets had a made meaningful move up last year and up until recently, and that corrections are par for
Traders on the floor of the New York Stock Exchange swapped stories all week about the extreme trading conditions they witnessed — conditions that have not been this wild since the financial crisis in 2008. For Virtu’s Matt Cheslock, it was the stunning move in bond yields: “As an equity trader, seeing over 10 basis
A public housing authority concerned that it might have lost its eligibility to use tax-exempt private activity bonds as part of a project’s financing package has received a letter from the Internal Revenue Service allowing it to proceed. Although the recent IRS private letter ruling only involved a minor ministerial issue about filing deadlines, it
With each passing day, fears surrounding COVID-19 elevate as the equity sell-off pressed on for the seventh day on Friday. The biggest winners have and will continue to be muni issuers, as they can sell debt at historic lows and participants don’t see the movement slowing. COVID-19 has pushed benchmark muni yields down to record
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2020. Brendan McDermid | Reuters Amid the wreckage in global stock markets this week as panic over the spread of coronavirus wiped out $6 trillion in value, one corner of Wall Street has been making a mint.
The Securities and Exchange Commission has filed fraud charges against the investor-owned utility that partnered with South Carolina-owned Santee Cooper in the nuclear reactor project the two attempted to build but never completed. The six-count, 87-page lawsuit names Dominion Energy South Carolina Inc., formerly South Carolina Electric and Gas Co. SCE&G was owned by SCANA
Apple staff and customers, wearing facemasks to protect against the COVID-19 coronavirus, are seen on the shop premises in Beijing on February 22, 2020. Nicolas Asfouri | AFP | Getty Images CNBC’s Jim Cramer said Friday he thinks Apple‘s stock can sink further and cautioned retail investors against going all in on the tech giant’s
Taxable bonds and COVID-19 are two of the main catalysts that helped February municipal bond volume ascend to its highest level since at least 1986, which is as far back as Bond Buyer data tracks. There was $36.51 billion of volume in February, a 38.4% increase from the activity the market saw in February of
Traders work through the closing minutes of trading Tuesday on the New York Stock Exchange floor on February 25, 2020 in New York City. Scott Heins | Getty Images Global markets have lost $6 trillion in value over the past six days, according to S&P Dow Jones Indices. Stock markets around the world are plunging
A customer exits a Big Lots store in Clifton, New Jersey. Emile Wamsteker | Bloomberg | Getty Images Check out the companies making headlines in midday trading. Big Lots — Shares of Big Lots tumbled nearly 30% after the retailer posted a quarterly earnings miss. The company reported earnings per share of $2.39 in the
Crypto exchanges have made it easier for millions of people to trade in cryptos, but they have also been found to be vulnerable to attacks, and today, two crypto exchanges, Bitfinex and OKEx, reported Distributed Denial-of-Service (DDoS) attacks. OKEx stated that the exchange suffered the attack last night, but none of its users were actually
Federal Reserve Bank of St. Louis President James Bullard said the Fed is ready to act if the COVID-19 virus develops into a destabilizing force on the world economy. Speaking to the Fort Smith, Ark., regional chamber of commerce on Friday, he said while COVID-19 cases appear to be contained in China, more cases are
Colorox brand toilet bowl cleaner sits on display at a supermarket in Princeton, Ill. Daniel Acker | Bloomberg | Getty Images Consumer-staples giant Clorox, along with 10 other stocks have emerged as the definitive anti-coronavirus trades, as the only S&P 500 stocks avoiding correction territory. While the broader market craters, the well-known maker of bleach
Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images As coronavirus fears send bond yields tumbling, the average rate on the popular 30-year fixed mortgage fell Friday morning to 3.23%, an 8-year low, according to Mortgage News Daily. The 30-year fixed loosely follows
After years of contentious state budget battles over New Jersey Transit, one of the state’s top lawmakers is proposing a permanent funding solution. Senate President Steve Sweeney, D-Gloucester, is pitching a plan to dedicate $500 million a year toward NJ Transit’s operating budget deriving largely by making permanent a tax surcharge on top-earning corporations. Sweeney
Richard Branson, founder of Virgin Group Ltd., speaks during an interview following Virgin Galactic Holdings Inc.’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Oct. 28, 2019. Michael Nagle | Bloomberg | Getty Images Traders who rushed to buy Virgin Galactic in its
CNBC’s Jim Cramer said on Friday investors with long-term horizons to retirement should now put money to work in this week’s steep stock market correction. “If you’re in a 401(k), I know no one wants to hear this, but I think you have to buy. Buy some,” Cramer said on “Squawk Box.” ”What are we waiting
Wisconsin Gov. Tony Evers vetoed a Republican plan that tapped $400 million of a projected state surplus for an income tax cut and to pay down state debt but he left the door open to a compromise if it steers additional funding to education and property tax relief. “I am vetoing the bill because I
Traders work on the floor of the New York Stock Exchange, January 27, 2020. Spencer Platt Barclays slashed its S&P 500 target for 2020 as the coronavirus throws the global supply chains into chaos. The bank also expects U.S. companies to see an earnings decline this year. The bank now sees the S&P 500 to
Check out the companies making headlines in the premarket Friday: Wayfair IPO on the floor of the New York Stock Exchange Lucas Jackson | Reuters Beyond Meat (BYND) — Shares of the Beyond Meat dropped more than 11% after the company reported a surprise quarterly loss. The meatless food company posted a loss of 1
Global stocks were headed for their worst week since the 2008 financial crisis as Asia-Pacific markets sold off for a seventh day on coronavirus fears with shares in Tokyo following Wall Street into correction territory. The MSCI World index was down 9.4 per cent for the week on Friday, the worst performance since November 2008.
The rigid and time-consuming procedures of traditional banks have unknowingly paved the way for an industry that has grown tremendously in less than a decade. The peer-to-peer lending industry has become a viable alternative to standard bank loans, emerging as a competitor to the traditional banking system. Growth of Peer-to-Peer Lending The peer-to-peer lending (P2P)