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Latest 24 Hour Economy News
Source: Common Domain

Why the U.S. Bond Milestone Will Ripple Across Global Markets

Today 06:06 GMT

The market for U.S. government debt isn’t just larger, but more international than other major bond markets, leaving global investors more directly exposed to the Treasury market than U.S. investors are to conditions elsewhere in the world.

In globally connected markets, what U.S. consumers and businesses pay for their mortgages and loans can affect financial assets from Beijing to Buenos Aires.

Source: Common Domain

CFPB Considers Ending Public Access to Complaints About Banks

Today 07:03 GMT

The Trump administration is likely to end public access to a web portal used by hundreds of thousands of consumers each year to file complaints against financial companies.

The CFPB handled 317,200 consumer complaints during the fiscal year ended last September, with debt collection, credit reporting, mortgage and credit cards drawing the most complaints, the CFPB said in a recent report to Congress.

Source: Common Domain

So Long, California. Sayonara, New York

Today 07:03 GMT

Our analysis of IRS data on tax returns shows that in the past three years alone, Texas and Florida have gained a net $50 billion in income and purchasing power from other states, while California and New York have surrendered a net $23 billion.

We estimate, based on the historical relationship between tax rates and migration patterns, that the pace of out-migration from California and New York will soon double—with about 800,000 net out-migrants each of the next three years.

Source: BBC

'Facebook in PR crisis' on data row

Today 06:07 GMT

"Initially the conversations with SCL were about consulting services, survey designs and the interest in Facebook data grew out of that," he said.

He revealed that he had signed a non-disclosure agreement with Facebook, which prevented him from revealing some details about his relationship with the tech giant to the MPs. The Cambridge academic has become a central figure in the debate over whether the personal information of millions of Facebook users was used in US elections without their consent.

Source: Common Domain

What it means for the market that the U.S. 10-year government bond yield hit 3%

Today 07:03 GMT

By now, the average investor has heard that the U.S. 10-year government bond yield hit 3% early Tuesday for the first time in about four years.

“We are bearish US rates and think there are good macro reasons—including labor market strength, inflation normalization and a fiscal boost—for US Treasury yields to trend higher and so today’s move is consistent with the upward trend seen over the past several months and in line with our expectations,” wrote Iain Lindsay, co-head at Goldman Sachs Asset Management’s portfolio management and fixed-income unit.

Source: New York Times

Finland Has Second Thoughts About Giving Free Money to Jobless People

Today 07:03 GMT

For more than a year, Finland has been testing the proposition that the best way to lift economic fortunes may be the simplest: Hand out money without rules or restrictions on how people use it.

Finland has actually reversed course on that front this year, adopting rules that threaten to cut benefits for jobless people unless they actively look for work or engage in job training. “It’s a pity that it will end like this,” said Olli Kangas, who oversees research at Kela, a Finnish government agency that administers many social welfare programs and has played a leading role in the basic-income experiment.

Source: Common Domain

U.S. New Home Sales Rose in March

Today 07:03 GMT

Purchases of newly built single-family homes—a relatively narrow slice of all U.S. home sales—increased 4.0% from the prior month to a seasonally adjusted annual rate of 694,000 in March, the Commerce Department said Tuesday.

“It is likely that the lack of supply of existing homes, and the resulting stagnant pace of sales in that sector, is pushing home buyers into the new home sales market,” said Nationwide Chief Economist David Berson in a note to clients.

Source: New York Times

Charles Zwick, Who Balanced Budget Under Johnson, Dies at 91

Today 07:03 GMT

Charles J. Zwick, who as President Lyndon B. Johnson’s last budget director helped engineer the only federal surplus posted within a span of nearly four decades, died on Friday at his home in Coral Gables, Fla.

Mr. Zwick was director of the Bureau of the Budget (now the White House Office of Management and Budget) for a year, until Johnson left office in January 1969. He was then chairman and chief executive of Southeast Banking Corporation in Florida until 1991, when he resigned after the company recorded losses in real estate.

Source: Global News

5 things you need to do to win (or survive) a CRA tax audit

Today 07:03 GMT

READ MORE: 3 of the tax mistakes you’re most likely to make, according to the CRA. The CRA may do a so-called desk audit if it wants to dig deeper into a particular aspect of your return.

“You’re going to get audited — there’s nothing you can do to stop it,” said Dale Barrett, author of Tax Survival for Canadians: Stand up to the CRA and the principal of Barrett Tax Law. The worst thing you can do when the CRA comes calling is pretend you didn’t hear.

Source: The Guradian

Is Facebook replaceable Tech investor launches bid to 'start the process'

Today 07:03 GMT

The prominent Silicon Valley investor Jason Calacanis, who was an early investor in several high-profile tech companies including Uber certainly hopes so.

Calacanis, who was an early investor in Uber and Thumbtack and has written a book called Angel – How to Invest in Technology Startups – Timeless Advice from an Angel Investor Who Turned $100,000 into $100,000,000, points to two reasons why Facebook has not yet been displaced.

Source: Common Domain

Here’s the threat to the stock market from rising bond yields

Today 07:03 GMT

Lofty valuations and record U.S. corporate debt make rising bond yields a risk to the stock market, according to Andrew Lapthorne, head of global quantitative research at Société Générale.

It is this double-digit increase in profits that is keeping the floor under the stock market,” said Kate Warne, investment strategist at Edward Jones. Warne said that the potential for a surprise in inflation is a lot bigger, which is why investors are concerned about it.

Source: Common Domain

AMD earnings: Crypto revenue may be small, but it’s a key area of focus

Today 07:03 GMT

“For the Enterprise, Embedded and Semi-Custom (EESC) segment, we estimate revs to remain ~flat q/q at $521m (34% of sales), better than the typical seasonal decline due to the pull in of revenues required by the adoption of ASC 606 (acceleration of revenue recognition for custom product sales, and distributor sell-in revenue recognition),” wrote Seymore, who rates AMD at hold with a $12 target.

The use of AMD’s AMD, +0.50%  graphics processing units for crypto mining proved a surprise benefit to investors when the crypto market was booming.

Source: Common Domain

Apple Takes a Step on Payment of Back Taxes to Ireland

Today 07:03 GMT

Apple Inc. AAPL -1.39% completed an agreement with Ireland enabling the company to transfer roughly €13 billion ($16 billion) into a Dublin escrow account, in a step toward complying with a European Commission tax order.

Neither Ireland nor Apple has said how much Apple must pay Ireland in total, though a formula has been agreed upon, a spokesman for the Irish Finance Ministry said. Ireland said Tuesday that Apple will pay the cash for the back taxes, plus interest, into the account in installments next month through September.

Source: CBS News

Wells Fargo CEO gets an earful from shareholders

Today 07:03 GMT

Just last week, Wells Fargo (WFC) agreed to pay a $1 billion fine to the government to settle consumer lending abuse complaints.

He told one distraught former homeowner from California making her second appearance at an annual meeting that Wells Fargo had tried its best to help her, but her mortgage "was not on our books" but rather was being serviced by Wells Fargo on behalf of investors to whom it had been sold. Another California resident trying to avoid a default by restructuring her mortgage with Wells Fargo told Sloan she had been denied more than 30 times for reasons including "failure to submit my husband's earnings, and I've never been married."

Source: Common Domain

Freight Costs Weighing on Earnings at Consumer-Goods Makers

Today 07:03 GMT

High freight costs are weighing on earnings at big consumer-goods companies as they try to get products from soda and toys to deodorant and household chemicals to stores.

Procter & Gamble Co. PG -0.56% and food companies Danone SA and Nestlé SA all cited rising freight costs in recent earnings calls, as did lubricant-maker WD-40 Co.. “Everybody is seeing an increase,” Graeme Pitkethly, chief financial officer at Unilever PLC said in an earnings call last week. The seller of Dove soap and Lipton tea expects U.S. freight costs to rise by the “high-single digits to high-teens,” Mr. Pitkethly said, on higher demand and requests by retailers for more frequent deliveries.

Source: Global News

North Korea says it will suspend nuclear and missile testing

Saturday 14:32 GMT
Source: Fox News

North Korea announces end to missile testing as Trump cites 'big progress'

Saturday 14:32 GMT
Source: New York Times

‘Viva Verdi,’ Say Fans With Very Verdian Names

Sunday 21:51 GMT
Source: Washington Post

Make this one-pan Spanish Eggs and Potatoes, and you’ll learn how to fry

Sunday 21:51 GMT
Source: The Guradian

Kalidou Koulibaly’s late header seals victory for Napoli over Juventus

Sunday 21:51 GMT
Source: New York Times

Review: Anna Netrebko Emerges as a Powerful New Tosca at the Met

Sunday 21:51 GMT
Source: The Guradian

US and Russian nuclear arsenals set to be unchecked for first time since 1972

Wednesday 12:44 GMT
Source: Common Domain

Tencent Music: Tune In, But Don’t Turn On Yet

Tuesday 11:48 GMT
Source: Common Domain

$110 Million Malibu Beach Home Sets Los Angeles Price Record

Today 07:03 GMT
Source: Common Domain

Don’t blame oil prices for a narrowing gap in government bond yields, says BMO

Tuesday 19:10 GMT
Source: Common Domain

Advertising Guidelines for Online Sponsored, Branded & Featured Content

Today 07:03 GMT
Source: New York Times

‘I Feel Pretty’ and the Rise of Beauty-Standard Denialism

Tuesday 13:38 GMT
Source: BBC

Could the royal baby boost the economy?

Today 00:40 GMT
Source: Common Domain

Need STEM Teachers Look to Older Adults

Tuesday 13:39 GMT

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte