The COVID-19 virus is not going away and the recovery will be a marathon, not a sprint, as many would want. Two regional Federal Reserve Bank heads spoke at separate virtual events, giving an update on the economy’s recovery and offering thoughts about what lies ahead. “Unfortunately, the economic outlook is being driven by the
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Sen. Kamala Harris worked as a prosecuting attorney after graduation from law school advancing in that field until she was elected California attorney general in 2010. She was elected to the U.S. Senate in November 2016. Bloomberg News Sen. Kamala Harris of California brings a long record as a prosecutor with no significant experience in
Co-Founder and principal of The Eighty Two Group @ Compass getty Working from home has become the new norm and is no longer the exception. Many companies, like Amazon, are extending their work-from-home policies until next year, and some, like Facebook, are extending it indefinitely. Because of this, homebuyers in Los Angeles today have a lot more
Virgin Trains USA borrowed billions from investors last year, and now the name is disappearing before it ever appears on Florida’s privately owned high-speed passenger trains. The name will now revert to Brightline, the company said in a Revenue and Ridership Report posted on the Municipal Securities Rulemaking Board’s EMMA filing system Aug. 7. Virgin
Spacex founder Elon Musk celebrates after the successful launch of the SpaceX Falcon 9 rocket with the Crew Dragon spacecraft at the Kennedy Space Center on May 30, 2020 in Cape Canaveral, Florida. Joe Raedle | Getty Images Check out the companies making headlines in midday trading. Tesla — Shares of the electric carmaker jumped more
With Congress unable to reach a compromise on a new round of support for Americans impacted by the pandemic and recession, President Trump signed memoranda last weekend that partially restore enhanced unemployment benefits, defer payroll taxes for most Americans, and extend a moratorium on federal student loan payments. The constitutionality of these measures is now
Approval to reopen schools marks a credit-positive step in the economic recovery for New York City, New York State and the Metropolitan Transportation Authority, Moody’s Investors Service said. Gov. Andrew Cuomo on Aug. 7 allowed schools to reopen as long as the positive test rate for COVID-19 remains below 5% statewide. “The announcement, coupled with
Mic’Kale Smith, who works as a security guard but has had to take time off to care for her son during the coronavirus disease (COVID-19) outbreak, wears a face mask as she shops with her son Da’Mier at the Tiger Market in Oxon Hill, Maryland, May 20, 2020. Jonathan Ernst | Reuters Consumer prices excluding
President & CEO of The NHP Foundation, not-for-profit provider of affordable housing. getty I once thought the worst six months of my life were spent in army basic training. I thought it would never end. But it did, and I went from struggling to run 100 yards to running a six-minute mile on a dirt track
Vital Vio’s lighting goes into home products, like Ellumi brand’s under-cabinet lighting and Broan-Nutone’s antimicrobial ventilation systems. Its technology uses visible light to kill cells of bacteria, mold and fungi, but not Covid-19 specifically. Vital Vio The coronavirus pandemic is altering every aspect of how we live, especially what we want from our homes. Beyond
The Federal Reserve’s move to lower interest rates for its short-term municipal note purchase program isn’t likely to impact most issuers’ calculus in deciding whether or not to access it. Tuesday night, the Fed reduced interest rates of its Municipal Liquidity Facility in each credit category by 50 basis points. The reduced interest rates are
This Days Inn property in Branson, MO was converted into affordable housing. The Repvblik Housing is in high demand in most markets across the US, but supply is hard to come by. Unless, of course, there is a pandemic that completely changes the real estate game, leaving once very active properties now vacant. Developers and
Nima Ghamsari, co-founder and chief executive officer of Blend, speaks during the Sooner Than You Think conference in Brooklyn, New York, Oct. 16, 2018. Alex Flynn | Bloomberg | Getty Images Digital lending start-up Blend raised $75 million in fresh funding amid surging demand for streamlined mortgage applications during the coronavirus pandemic. The move values the
Getty Eden Health, a telemedicine company founded in 2015, raised $25 million in Series B financing, in part to expand its partnerships with commercial real estate firms through virtual and in-person health consultations. The funding round—which was led by Flare Capital Partners, with participation from Greycroft, Aspect Ventures, and other investors—places Eden Health’s valuation close
Check out the companies making headlines before the bell: Brinker International (EAT) – The parent of the Chili’s and Maggiano’s Little Italy restaurant chain reported an adjusted quarterly loss of 88 cents per share, smaller than the loss of $1.37 that Wall Street analysts had predicted. Revenue did come in below forecasts, but Brinker is
Carrie Bobb is the CEO of Carrie Bobb & Co., a consumer analytics nerd and an expert at driving revenue for brick and mortar real estate. getty The struggle in retail leasing is real. There are many hurdles affecting retail leasing, and there are a few things some landlords need in order to make long-term impacts
Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images Two straight weeks of new record low mortgage rates brought consumers back to their lenders, but rates may now be reversing course. Mortgage application volume rose a significant 6.8% last week compared with
As shopping centre and high street landlords survey the wreckage left by coronavirus, warehouse owners are facing a different problem: how to deal with record demand. The pandemic has pushed more consumers online, prompting a rush for warehouse space, from small “last-mile” delivery sites near city centres to cavernous “big-box” distribution centres. Amazon has led
The writer is Allianz’s chief economic adviser and president-elect of Queens’ College, University of Cambridge Until recently, the rapid rise in the price of gold had more to do with opportunistic financial trading than any larger structural investment theme, let alone a drop in physical supply or an increase in industrial use. Now, the metal
When Chinese diplomats began spreading conspiracy theories in March suggesting that the US army had brought coronavirus to China, the claims looked set to derail an already acrimonious relationship between Beijing and Washington. But in recent weeks, despite rounds of US sanctions targeting China’s leading technology companies and officials in Hong Kong and Xinjiang, Beijing
Tesla on Tuesday handed a reward to the army of enthusiastic retail investors who have helped lift its share price to dizzy heights this year, as it announced the first stock split in its history as a public company. News of the US electric carmaker’s five-for-one split, to take effect on August 28, fuelled a
Sarah Akintunde admits to being “scared”. The 18-year-old from Romford in Essex hopes to study law at Oxford university from September but needs Thursday’s exam results to deliver top grades to do so. If that prospect was already daunting, the disruption of coronavirus and the scrapping of exams this year, in favour of a series of
Democrat Joe Biden has named Kamala Harris as his vice-presidential running mate, making the senator from California the first African-American woman on a major US party’s presidential ticket. Mr Biden, who served as vice-president in the Obama administration, announced his pick on Tuesday. “I have the great honor to announce that I’ve picked Kamala Harris
A sign is posted outside of the PayPal headquarters in San Jose, California. Justin Sullivan | Getty Images PayPal has hired Peggy Mangot, a former entrepreneur who led the development of a standalone mobile banking app at Wells Fargo, for its internal venture capital team, CNBC has learned. Mangot recently joined the online payments giant
Nikola Motor Company Source: Nikola Motor Company Nikola’s entire second quarter revenue of $36,000 was related to solar installations for Executive Chairman Trevor Milton, according to a filing with the Securities and Exchange Commission. “During the three months ended June 30, 2020 and 2019 the Company recorded solar revenues of $0.03 million and $0.04 million,
Source: Quicken Loans Rocket Companies, the parent of U.S. mortgage lender Quicken Loans, said its initial public offering (IPO) was priced at $18 per share on Wednesday, below a target range, and that it sold fewer shares than planned. Rocket sold 100 million shares to raise $1.8 billion in the IPO, which valued the company
Goldman Sachs is renewing its push into Wall Street’s digital future. The firm made Mathew McDermott, a managing director who ran the investment bank’s internal funding operations, its new global head of digital assets last month, CNBC has learned exclusively. The appointment means the newest face of blockchain and cryptocurrency on Wall Street isn’t a
Motorcyclists pass a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. Olivia Harris | Reuters Goldman Sachs on Friday lowered its previously stated quarterly net earnings applicable to common shareholders to $197 million from $2.25 billion. The bank said in a filing it had set
Warren Buffett Gerry Miller | CNBC Investors are preparing for a variety of news in Berkshire Hathaway’s second-quarter earnings report this weekend, ranging from the possibility of record overall net income to weaker operating results from the conglomerate’s industrials companies. Wall Street also hopes that Berkshire, which is expected to report per-share earnings of $2.12
Spencer Platt | Getty Images As earnings season wraps up, analysts are reviewing their short-term and long-term take on the stocks they cover. While some companies delivered blowout quarters (see below), other stocks are suffering as global restrictions continue. And while government-backed stimulus programs can provide some relief, the truth remains that the pandemic- and
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