Bank of America earnings Q2 2019

Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank. Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. So far this year, Bank of America shares ha


Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank. Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. So far this year, Bank of America shares ha
Bank of America earnings Q2 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: hugh son
Keywords: news, cnbc, companies, profit, 2019, revenue, earnings, q2, division, bank, america, billion, net, interest, analysts, income, increase


Bank of America earnings Q2 2019

Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank.

The lender said Wednesday that it generated $7.3 billion in second-quarter profit, an 8% increase from a year earlier, or 74 cents a share, compared with the 71 cent estimate of analysts surveyed by Refinitiv. It posted revenue of $23.2 billion, a 2.1% increase from a year earlier, matching analysts’ estimate.

Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. It was the 18th straight quarter Moynihan and his executives have managed to improve the firm’s operating leverage, meaning it has grown revenue while cutting or holding the line on costs.

Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. Now, after the Federal Reserve recently signaled that it’s likely to cut its benchmark short-term interest rate later this month, the question is, does that further slow the growth in this main profit engine for banks?

There were some early signs of this. Bank of America’s net interest margin, a key metric of profitability, declined 7 basis points from the first quarter to 2.44%, which is below the 2.47% estimate analysts had for the second quarter.

The bank’s shares dipped 0.4% at 7:09 am in premarket trading. So far this year, Bank of America shares have climbed 18%, but are lower than when the company made its revenue warning in April.

Profit in the firm’s biggest division, its consumer bank, rose 13% to $3.29 billion as revenue climbed 5% to $9.72 billion as the firm added deposits and loans, which led to higher net interest income. That was the strongest showing among the bank’s four main businesses, followed by its wealth management division, where profit rose 11% to $1.07 billion.

Meanwhile, profit fell 7% to $1.07 billion in its global markets division amid a slowdown in trading activity across asset classes. Profit declined 9% to $1.93 billion in its global banking division on a drop in capital markets deals.

Earlier this week, Citigroup, J.P. Morgan Chase, Wells Fargo, and Goldman Sachs all beat analysts’ profit expectations as the firms benefited from one-time gains including a gain on the IPO of electronic market maker Tradeweb.

Here’s what Wall Street expected:

Earnings: 71 cents a share, a 12.3% increase from a year earlier, according to Refinitiv.

Revenue: $23.2 billion, a 2.1% increase from a year earlier.

Net interest margin: 2.47% according to FactSet

Trading Revenue: Fixed income $2.1 billion, Equities $1.22 billion

This is breaking news. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: hugh son
Keywords: news, cnbc, companies, profit, 2019, revenue, earnings, q2, division, bank, america, billion, net, interest, analysts, income, increase


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JP Morgan posted an earnings beat, but the bank’s stock falls on lowered interest forecast

J.P. Morgan Chase posted earnings that exceeded analysts’ expectations, aided by an income tax benefit that boosted results by $768 million. J.P. Morgan said that the presumably one-time tax boost came from the resolution of “certain tax audits” that lifted the company’s per share earnings by 23 cents. Shares of J.P. Morgan dipped 1.5% at 7:01 a.m. in premarket trading. Analysts will be watching to see if J.P. Morgan can continue the momentum from the first quarter, when higher interest rates he


J.P. Morgan Chase posted earnings that exceeded analysts’ expectations, aided by an income tax benefit that boosted results by $768 million. J.P. Morgan said that the presumably one-time tax boost came from the resolution of “certain tax audits” that lifted the company’s per share earnings by 23 cents. Shares of J.P. Morgan dipped 1.5% at 7:01 a.m. in premarket trading. Analysts will be watching to see if J.P. Morgan can continue the momentum from the first quarter, when higher interest rates he
JP Morgan posted an earnings beat, but the bank’s stock falls on lowered interest forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: hugh son, fred imbert, elliot smith
Keywords: news, cnbc, companies, street, bank, billion, morgan, jp, falls, beat, revenue, increase, forecast, stock, posted, trading, share, interest, earnings, lowered


JP Morgan posted an earnings beat, but the bank's stock falls on lowered interest forecast

J.P. Morgan Chase posted earnings that exceeded analysts’ expectations, aided by an income tax benefit that boosted results by $768 million.

The bank on Tuesday posted record second-quarter profit of $9.65 billion, 16% higher than a year earlier, or $2.82 a share, beating the $2.50 estimate of analysts surveyed by Refinitiv. The company’s revenue also edged out expectations at $29.57 billion, a 4% increase from a year earlier, compared to the $28.9 billion estimate.

J.P. Morgan said that the presumably one-time tax boost came from the resolution of “certain tax audits” that lifted the company’s per share earnings by 23 cents.

Importantly, the bank cut its forecast for net interest income — a main driver of bank profits — by $500 million to $57.5 billion, compared to the $58 billion target in the previous quarter’s presentation. Shares of J.P. Morgan dipped 1.5% at 7:01 a.m. in premarket trading.

Analysts will be watching to see if J.P. Morgan can continue the momentum from the first quarter, when higher interest rates helped it beat profit and revenue expectations. They’ll be keen to ask executives about the impact of the Federal Reserve’s looming interest rate cuts, as that could compress margins on banks’ core lending businesses.

The bank’s fixed income trading division produced $3.69 billion in revenue, a 7% increase that exceeded the $3.36 billion estimate. Meanwhile, its equities trading business generated $1.73 billion in revenue, a 12% drop that missed analysts’ $1.84 billion estimate.

The biggest U.S. bank by assets is closely watched by investors looking for signs of how the industry’s Main Street and Wall Street businesses did in the period. Bank stocks have rebounded in recent months as strong results from lenders’ retail businesses helped drive firms including J.P. Morgan to record profits, offsetting declining revenues from trading and other Wall Street activities.

In May, J.P. Morgan announced it was acquiring medical payments firm InstaMed for more than $500 million, its biggest takeover since the financial crisis, to push more deeply into the healthcare spending market.

The bank also rolled out a digital robo-adviser in a bid to persuade banking customers to make investments with the firm.

Last month, J.P. Morgan got approval from regulators to boost its dividend to 90 cents a share from 80 cents, and announced a $29.4 billion share repurchasing program.

Earlier this week, Citigroup posted second-quarter profit that exceeded analysts’ expectations on a $350 million boost in revenue from the IPO of bond trading platform Tradeweb.

Here’s what Wall Street expected:

Earnings: $2.50 per share, a 9.1% increase from a year earlier, according to Refinitiv.

Revenue: $28.9 billion, a 1.8% increase from a year earlier.

Net Interest Margin: 2.51%, according to FactSet

Trading Revenue: Fixed income $3.36 billion, Equities $1.84 billion

This is breaking news. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: hugh son, fred imbert, elliot smith
Keywords: news, cnbc, companies, street, bank, billion, morgan, jp, falls, beat, revenue, increase, forecast, stock, posted, trading, share, interest, earnings, lowered


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Tesla cuts prices on top-selling Model 3 while discontinuing versions of other cars

Tesla is cutting the price of the Model 3, as it aims to make its best-selling product more affordable, and is discontinuing versions of other vehicles. The company will no longer sell the standard range versions of the Model S and Model X, raising the minimum costs consumers will have to pay for those cars. The base version of the Model S is rising to $79,990 from $75,000, while the price of the Model X is increasing to $84,990 from $81,000. “In order to make purchasing our vehicles even simple


Tesla is cutting the price of the Model 3, as it aims to make its best-selling product more affordable, and is discontinuing versions of other vehicles. The company will no longer sell the standard range versions of the Model S and Model X, raising the minimum costs consumers will have to pay for those cars. The base version of the Model S is rising to $79,990 from $75,000, while the price of the Model X is increasing to $84,990 from $81,000. “In order to make purchasing our vehicles even simple
Tesla cuts prices on top-selling Model 3 while discontinuing versions of other cars Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: annie palmer
Keywords: news, cnbc, companies, price, musk, versions, topselling, tesla, increase, model, discontinuing, cuts, cars, prices, cost, selfdriving


Tesla cuts prices on top-selling Model 3 while discontinuing versions of other cars

Tesla is cutting the price of the Model 3, as it aims to make its best-selling product more affordable, and is discontinuing versions of other vehicles.

Tesla said on Monday that it’s reducing the price of the Model 3 by $1,000 to $38,990. The company will no longer sell the standard range versions of the Model S and Model X, raising the minimum costs consumers will have to pay for those cars.

The base version of the Model S is rising to $79,990 from $75,000, while the price of the Model X is increasing to $84,990 from $81,000.

“In order to make purchasing our vehicles even simpler, we are standardizing our global vehicle lineup and streamlining the number of trim packages offered for Model S, Model X and Model 3,” a Tesla spokesperson told CNBC. “We are also adjusting our pricing in order to continue to improve affordability for customers. Like other car companies, we periodically adjust pricing and available options.”

The changes come ahead of Tesla’s second-quarter earnings next week. In its last report, Tesla recorded a wider-than-expected loss and less revenue than expected as demand for its cars waned following the loss of a valuable tax credit for buyers.

As part of the update, Tesla is bundling its high-performance “ludicrous mode” into the price of the Model S Performance and Model X Performance variants. Ludicrous mode previously cost buyers an additional $20,000.

Additionally, CEO Elon Musk tweeted Tuesday that the price of a Tesla with full self-driving capabilities will increase by $1,000 starting Aug. 16.

“As mentioned earlier this year, cost of the Tesla FSD option will increase every few months,” Musk wrote. “Those who buy it earlier will see the benefit.”

In April, Musk said the cost of full self-driving functionality would “increase substantially over time.”

Tesla’s cars aren’t yet capable of full autonomy, and Musk has said he expects the full set of features to be ready within the next two years.

However, Musk has remained ambitious about Tesla’s plans for self-driving cars, telling investors in a recent call that autonomous driving stands to help the company achieve a $500 billion market cap. Tesla is currently valued at $44.6 billion.

Tesla produced a record 87,048 vehicles during the quarter that ended June 30. Deliveries rose modestly from the previous quarter to 95,200 vehicles.

WATCH: Tesla workers say they use shortcuts to meet Model 3 production goals


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: annie palmer
Keywords: news, cnbc, companies, price, musk, versions, topselling, tesla, increase, model, discontinuing, cuts, cars, prices, cost, selfdriving


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Amazon asked some advertisers to increase spend on Prime Day by at least 100%

Amazon doesn’t just make money from product sales on Prime Day: advertising will earn it a ton of cash too. Last year, Amazon Prime Day broke records for the e-commerce giant, with people buying more than 100 million products during the 36-hour sale starting July 16. Debbie Ellison, the chief digital officer at marketing agency Geometry U.K., said that one of its clients was asked to at least double its ad spend for Prime Day. “But what they are seeing is that if they do start to invest more hea


Amazon doesn’t just make money from product sales on Prime Day: advertising will earn it a ton of cash too. Last year, Amazon Prime Day broke records for the e-commerce giant, with people buying more than 100 million products during the 36-hour sale starting July 16. Debbie Ellison, the chief digital officer at marketing agency Geometry U.K., said that one of its clients was asked to at least double its ad spend for Prime Day. “But what they are seeing is that if they do start to invest more hea
Amazon asked some advertisers to increase spend on Prime Day by at least 100% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: lucy handley
Keywords: news, cnbc, companies, amazon, 100, ads, increase, spend, advertisers, day, sales, asked, told, prime, products, advertising


Amazon asked some advertisers to increase spend on Prime Day by at least 100%

Amazon doesn’t just make money from product sales on Prime Day: advertising will earn it a ton of cash too. Last year, Amazon Prime Day broke records for the e-commerce giant, with people buying more than 100 million products during the 36-hour sale starting July 16. In 2019, the shopping event on July 15 and 16 will add Prime subscribers and is an opportunity for Amazon to push companies to spend more on advertising, some experts told CNBC. Amazon made $2.72 billion in its “other” segment in the first-quarter of the year, consisting primarily of advertising sales, though the growth rate in revenue slowed compared to the same period last year. Debbie Ellison, the chief digital officer at marketing agency Geometry U.K., said that one of its clients was asked to at least double its ad spend for Prime Day. “One of our CPG (consumer packaged goods) clients was asked recently by Amazon to increase its budget by a minimum of 100% to ensure that it did not lose market share during this key sales period. In the case of this client, its products are not natural deals for Prime Day so taking part would only reduce their overall margin,” she told CNBC by email. Geometry advised the client not to increase its ad spend for the shopping event.

“Brands which over-invest in ad spend during Prime Day tend to sit in the electronic & computing and beauty & personal care categories, where they typically achieve between a 50% and 60% sales uplift during this time,” Ellison added. Companies can advertise on Amazon in a few ways, including sponsored listings in search results (like Google’s paid-for search results, labeled ‘Ad’) or with display ads or videos that run the full width of the site. Amazon also has a “demand-side platform,” (DSP) software that automatically chooses the most relevant ads to show shoppers, as well as where they are placed. Brands using the DSP can have ads appear on other sites owned by Amazon, such as movie database IMDb. Jim Cridlin, global head of innovation at media agency Mindshare, noted that Amazon will boost the visibility of advertisers who spend more on the platform — and those who push people to its deals on Amazon via advertising elsewhere. But while Amazon’s pitch to advertisers has got “more sophisticated,” Mindshare has not yet seen the level of “additional support” advertisers provide Alibaba around Singles’ Day, he told CNBC by email. “We are starting to see advertisers (to whom Amazon is a critical partner) doing more on their owned and social channels to support the sales event,” he added.

Advertising is becoming “a far more crucial” part of a company’s overall sales performance on Amazon, according to Malcolm Pinkerton, vice-president of ecommerce and digital insights at Kantar. While Prime Day is an opportunity for Amazon to encourage more ad spending, businesses are using it strategically, by promoting exclusive offers or launch products, he told CNBC by phone. “But what they are seeing is that if they do start to invest more heavily through Amazon advertising, there’s a noticeable halo effect after Prime Day,” he added. Sellers are likely to increase budgets for sponsored listings, according to Jake Schwarzbaum, co-founder of Velocity Sellers, a company that helps businesses sell on Amazon. He also expects companies that have invested in Amazon Storefronts, a new part of the site that highlights small businesses, and those with extra product information — known as A+ Content — to do well this year. “Prime Day is not about profit for Amazon sellers. It is primarily an opportunity for new product introductions, expanding online market share, as well as helping sellers find new customers to increase brand loyalty,” he told CNBC by email.

Toys, beauty, computing, apparel and kitchen goods were the most-shopped on Amazon during Prime Day in 2018 and some of them are also products that Amazon sells under its private label brands. People can buy AmazonBasics USB cables and water filter cartridges or fashion under its Find by Amazon label, for example, although in April it scaled down promotions of private-label brands following regulatory scrutiny and calls of unfair advantage. “Brands should focus on pushing products that do not directly compete with Amazon’s or promote those products on other platforms,” said Inbal Lavi, chief executive of marketing company Webpals Group, in an email to CNBC. She advocated using Amazon’s lighting deals and coupons features to encourage people to shop. As well as heavily promoting Prime Day on its website, Amazon is also investing in ads of its own — some of which will appear on Google Shopping, Google’s retail search function. While this means Amazon is paying to advertise with Google, the online traffic that goes back to Amazon means it is likely to benefit because people will click on ads on its website. Amazon had not responded to CNBC’s request for comment at the time of publication.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: lucy handley
Keywords: news, cnbc, companies, amazon, 100, ads, increase, spend, advertisers, day, sales, asked, told, prime, products, advertising


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Working long hours for a decade can increase stroke risk by 45%—here’s what can help

Some of most successful entrepreneurs — most notably Elon Musk and Bill Gates — tout the long hours they’ve spent at the office, especially early in their careers. But new research says clocking long hours on the regular can increase your risk of having a stroke. And working 10 hours or more a day, 50 days per year, for a decade, can increase your risk of having a stroke up to 45%. For the study, researchers reviewed analyzed data on the working hours of more than 143,500 people in France since


Some of most successful entrepreneurs — most notably Elon Musk and Bill Gates — tout the long hours they’ve spent at the office, especially early in their careers. But new research says clocking long hours on the regular can increase your risk of having a stroke. And working 10 hours or more a day, 50 days per year, for a decade, can increase your risk of having a stroke up to 45%. For the study, researchers reviewed analyzed data on the working hours of more than 143,500 people in France since
Working long hours for a decade can increase stroke risk by 45%—here’s what can help Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: jade scipioni
Keywords: news, cnbc, companies, risk, working, help, 45heres, 50, decade, increase, stroke, higher, hours, researchers, work, long


Working long hours for a decade can increase stroke risk by 45%—here's what can help

Some of most successful entrepreneurs — most notably Elon Musk and Bill Gates — tout the long hours they’ve spent at the office, especially early in their careers. But new research says clocking long hours on the regular can increase your risk of having a stroke.

A study released Monday in the Journal of American Heart Association found that working 10 hours or more a day, just 50 days per year, can increase stroke risk by nearly a third (29%). That’s as easy as working 8 a.m. to 6 p.m about once a week.

And working 10 hours or more a day, 50 days per year, for a decade, can increase your risk of having a stroke up to 45%.

For the study, researchers reviewed analyzed data on the working hours of more than 143,500 people in France since 2012. Of those analyzed, 29% reported working more than 10 hours a day for more than 50 days out of the year and 10% reported working that amount for 10 years or more. (Researchers say they excluded subjects who had a stroke within five years of their first reported work exposure and participants needed to have at least six months of work experience to be included.)

Interestingly, when the researchers drilled down on the data, white-collar workers under the age of 50 had an even higher stroke risk, while those in higher level positions (including CEOs, owners, managers and even farmers), had lower stroke risk, researchers say. However, there was no difference between men and women.

Participants who had bad working conditions (such as high stress jobs or working off-peak hours like overnight shifts) also had higher stroke risks, Alexis Descatha, a researcher at Paris Hospital, Versailles and Angers University and at the French National Institute of Health and Medical Research (Inserm), who conducted the study, tells CNBC Make It. And recipients’ eating, sleeping and exercise habits impacted their risks.

The theory is that long hours increase one’s stress levels, according to Descatha, which can lead to a stroke, and that worsens when someone doesn’t take care of themselves.

Past research has also found that employees who work long hours are likely to have poorer mental health, increased levels of anxiety and depression as well as lower-quality sleep, which may contribute to higher risks of stroke.

The good news is, there are things you can do to mitigate the danger.


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: jade scipioni
Keywords: news, cnbc, companies, risk, working, help, 45heres, 50, decade, increase, stroke, higher, hours, researchers, work, long


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After tax hike, gas in California is now a dollar higher than the national average

Gas prices over $4.00 a gallon are displayed at a gas station on May 24, 2019 in Mill Valley, California. California’s already-high gas prices jumped up again on July 1, with a new 5.6 cents per gallon gasoline tax hike. The increase brings the average price per gallon in California for regular gasoline to a national high of $3.755 per gallon, according to the American Automobile Association, more than a dollar a gallon more than the national average of $2.717 per gallon. The hike takes Californ


Gas prices over $4.00 a gallon are displayed at a gas station on May 24, 2019 in Mill Valley, California. California’s already-high gas prices jumped up again on July 1, with a new 5.6 cents per gallon gasoline tax hike. The increase brings the average price per gallon in California for regular gasoline to a national high of $3.755 per gallon, according to the American Automobile Association, more than a dollar a gallon more than the national average of $2.717 per gallon. The hike takes Californ
After tax hike, gas in California is now a dollar higher than the national average Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: marc rod, tom dichristopher
Keywords: news, cnbc, companies, according, travel, gas, national, dollar, prices, california, nordhues, higher, tax, hike, cents, average, gallon, increase


After tax hike, gas in California is now a dollar higher than the national average

Gas prices over $4.00 a gallon are displayed at a gas station on May 24, 2019 in Mill Valley, California.

California’s already-high gas prices jumped up again on July 1, with a new 5.6 cents per gallon gasoline tax hike.

The increase brings the average price per gallon in California for regular gasoline to a national high of $3.755 per gallon, according to the American Automobile Association, more than a dollar a gallon more than the national average of $2.717 per gallon.

The hike takes California’s total statewide gas tax up to 47.3 cents per gallon, according to the state’s Department of Tax and Fee administration.

With the new tax in place, it will cost approximately 78 cents more to fill an average 14-gallon gas tank, according to Marie Montgomery Nordhues, a spokeswoman for the Auto Club of Southern California.

Although it comes just before the July 4 holiday, the tax increase is unlikely to suppress Independence Day travel because most people have already finalized their plans, Nordhues said. AAA is projecting a 4.1% increase in holiday car travel in California from to last year.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: marc rod, tom dichristopher
Keywords: news, cnbc, companies, according, travel, gas, national, dollar, prices, california, nordhues, higher, tax, hike, cents, average, gallon, increase


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83% of non-homeowners say student loans are the reason they can’t afford to buy

And for many, student loan debt might be to blame. In its 2019 Home Affordability Report, home co-investment company Unison found that 83% of non-homeowners said student debt is the reason they can’t afford to buy a home right now. “Student loans are the fastest growing source of debt for U.S. households,” Lulic says. “Since 2007, student loan debt has grown three times faster than auto loans and 150 times faster than mortgages. ” But for the 2017-2018 school year, that average had risen to $9,9


And for many, student loan debt might be to blame. In its 2019 Home Affordability Report, home co-investment company Unison found that 83% of non-homeowners said student debt is the reason they can’t afford to buy a home right now. “Student loans are the fastest growing source of debt for U.S. households,” Lulic says. “Since 2007, student loan debt has grown three times faster than auto loans and 150 times faster than mortgages. ” But for the 2017-2018 school year, that average had risen to $9,9
83% of non-homeowners say student loans are the reason they can’t afford to buy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: emmie martin
Keywords: news, cnbc, companies, nonhomeowners, 83, loan, times, afford, school, cant, buy, say, increase, reason, lulic, student, faster, debt, loans, report


83% of non-homeowners say student loans are the reason they can't afford to buy

Fewer young people are buying houses than their parents and grandparents did at the same age. And for many, student loan debt might be to blame.

In its 2019 Home Affordability Report, home co-investment company Unison found that 83% of non-homeowners said student debt is the reason they can’t afford to buy a home right now. Generally, they’re delaying buying a house by around seven years because of it, the report found.

That’s especially true for millennials: “A recent study by the Federal Reserve found that every $1,000 increase in student loan debt causes a 1 to 2 percentage point drop in the homeownership rate for student loan borrowers during their late twenties and early thirties, ” Miron Lulic, founder and CEO of financial comparison site SuperMoney, tells CNBC Make It.

It’s not surprising, given the rising cost of higher education. “Student loans are the fastest growing source of debt for U.S. households,” Lulic says. “Since 2007, student loan debt has grown three times faster than auto loans and 150 times faster than mortgages. ”

For the 1987-1988 school year, students at public four-year institutions paid an average of $3,190 in tuition, according to College Board’s “Trends in College Pricing 2017” report. But for the 2017-2018 school year, that average had risen to $9,970 — a nearly 213% increase.


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: emmie martin
Keywords: news, cnbc, companies, nonhomeowners, 83, loan, times, afford, school, cant, buy, say, increase, reason, lulic, student, faster, debt, loans, report


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These cities have the worst traffic for the Fourth of July

New York City, Boston, Houston and Seattle are all projected to see delays at least three times longer than normal at the busiest travel times. The day and time with the largest delay multiplier varies by city, but Wednesday, July 3, is expected to be the worst day for travel delays overall. More than 80% of travelers will be driving, according to AAA, with 41.4 million people expected to hit the roads. The explosion at the Pennsylvania Energy Solutions refinery could cause prices to rise throug


New York City, Boston, Houston and Seattle are all projected to see delays at least three times longer than normal at the busiest travel times. The day and time with the largest delay multiplier varies by city, but Wednesday, July 3, is expected to be the worst day for travel delays overall. More than 80% of travelers will be driving, according to AAA, with 41.4 million people expected to hit the roads. The explosion at the Pennsylvania Energy Solutions refinery could cause prices to rise throug
These cities have the worst traffic for the Fourth of July Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: jesse pound john w schoen, jesse pound, john w schoen, elijah shama
Keywords: news, cnbc, companies, delays, traffic, worst, prices, travel, cities, increase, according, fourth, times, aaa, gas, expected


These cities have the worst traffic for the Fourth of July

The number of drivers for the Fourth of July is expected to rise by more than 4% this year, and some cities will be three times more congested than on normal days, according to AAA and analytics company INRIX.

New York City, Boston, Houston and Seattle are all projected to see delays at least three times longer than normal at the busiest travel times. The day and time with the largest delay multiplier varies by city, but Wednesday, July 3, is expected to be the worst day for travel delays overall.

More than 80% of travelers will be driving, according to AAA, with 41.4 million people expected to hit the roads. AAA projects delays to increase by 9% nationally.

“Although travel times are expected to nominally increase throughout the week, hands down, Wednesday afternoon will be the worst time to be on the road,” Trevor Reed, transportation analyst at INRIX, said in a statement.

The explosion at the Pennsylvania Energy Solutions refinery could cause prices to rise through the summer, said AAA gas price expert Jeanette Casselano, but gas prices are still down year over year.

“Motorists in the Northeast and surrounding regions are likely to see gas prices moderately increase this summer due to the PES refinery closure,” Casselano said in a statement to CNBC on Thursday. “However, the recent bump in the national average, 3 cents since Monday, is mostly attributed to high demand and the upcoming holiday weekend.”

Boston and Chicago — which is projected to see two times longer delays — are also both top-10 destinations for July 4th, according to AAA advanced bookings. Orlando, Florida is the top destination.

Click on the map below to see an interactive version showing details of delays in major metro areas.


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: jesse pound john w schoen, jesse pound, john w schoen, elijah shama
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The Seattle suburb where Jeff Bezos and Bill Gates both live is running out of money

Jeff Bezos and Bill Gates are the richest people in the world, worth $119 billion and $107 billion respectively, according to Bloomberg. While property values continue to rise, the City’s tax revenues don’t rise in tandem,” reads a June 2019 Medina city newsletter. For Medina, the property tax rate is $7.92925 per $1000 of assessed value. The proposed increase of property taxes in Medina would increase the property tax by 20 cents per $1000 of assessed value, Ketter says. In 2001, a rule limitin


Jeff Bezos and Bill Gates are the richest people in the world, worth $119 billion and $107 billion respectively, according to Bloomberg. While property values continue to rise, the City’s tax revenues don’t rise in tandem,” reads a June 2019 Medina city newsletter. For Medina, the property tax rate is $7.92925 per $1000 of assessed value. The proposed increase of property taxes in Medina would increase the property tax by 20 cents per $1000 of assessed value, Ketter says. In 2001, a rule limitin
The Seattle suburb where Jeff Bezos and Bill Gates both live is running out of money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: catherine clifford
Keywords: news, cnbc, companies, taxes, seattle, bill, jeff, increase, property, goes, million, bezos, city, ketter, tax, running, suburb, gates, live, town, money, medina


The Seattle suburb where Jeff Bezos and Bill Gates both live is running out of money

Jeff Bezos and Bill Gates are the richest people in the world, worth $119 billion and $107 billion respectively, according to Bloomberg.

Amazon is headquartered in Seattle and Microsoft is just outside the city, and both billionaires have have homes in the nearby small town of Medina, Washington.

With a population of just over 3,000, Medina is the seventh richest zip code in the country with a median home value of $2.77 million, and the town has a median household income of $186,464 in 2017, the most recent data available. (By comparison, the 2017 median household income in the United States was $60,336.)

Yet Medina is running out of money — and the irony is lost on no one.

So how is the home of the richest people on the planet coming up short?

The problem is, even though Medina home values are increasing, the city’s income is not rising at the same speed, the city says.

“You may find it hard to imagine that the City doesn’t have enough income to sustain current service levels, particularly in this economy. While property values continue to rise, the City’s tax revenues don’t rise in tandem,” reads a June 2019 Medina city newsletter.

That’s because by law, the local government can not increase the amount of tax revenue it collects by more than 1% each year without the residents voting to approve a larger amount.

The property tax rate in Washington state is set as a rate, not a percentage, Medina’s director of finance Julie Ketter tells CNBC Make It. For Medina, the property tax rate is $7.92925 per $1000 of assessed value.

Of that, only $0.63486 goes to the city of Medina, Ketter says. (Another $2.42782 goes to local schools, $0.12266 goes to the port, $1.21906 goes to the county, $0.37441 goes to the library, $0.21762 goes to emergency medical services, $0.09660 goes to a flood fund, $0.20700 goes to regional transit and $2.62992 goes to the state school fund.)

The most expensive home in Medina is assessed by the King County Assessors office as being worth $131,239,000, Ketter tells CNBC Make It. This home — presumably Gates “Xanadu 2.0,” which has 24 bathrooms and a trampoline room — has a $1,040,627 total property tax in 2019 and of that, $83,318 will go to the City of Medina.

But the majority of the homes in Medina are not that expensive: the median value of a home in Medina is just over $2 million, Ketter says.

Therefore, in 2019, Medina will bring in only $2.8 million in property taxes the City says. A 1% increase of that is an additional $28,000, which is not enough to cover rising expenses. “Fire services alone increased by nearly double that amount in 2019,” the newsletter reads.

To fix the budget shortfall in Medina, the town will vote in November 2019 to lift the cap on property taxes enough to “provide funds to continue current service levels without significant cuts,” the newsletter reads.

The proposed increase of property taxes in Medina would increase the property tax by 20 cents per $1000 of assessed value, Ketter says. For a $2 million home, that would be $400 per year in 2020 and an increase of $589 per year in 2025, Medina says.

The city, if it continues to operate without raising property taxes, will have a deficit of $500,000 by 2020 and a deficit of $3.3 million by 2025, the City says.

“We’re on an unsustainable path,” the newsletter says.

The fiscal problem in Medina is illustrative of a larger taxation issue in the state of Washington, which doesn’t have a personal or corporate income tax. In 2001, a rule limiting the increase in revenue brought in from property taxes to 1% per year was voted in. The state’s supreme court overturned the law and then it was brought back again in 2007.

The cap is so restrictive that it can cripple local budgets.

“Need more proof that Washington’s tax system is as messed up as it gets? Even the richest town in the state can’t make it work,” Seattle Times columnist Danny Westneat wrote of Medina on Friday. “The town of 3,200 is discovering what King County, Seattle and countless other municipalities around here have been screaming for nearly two decades: the math doesn’t work anymore.”

Westneat continued: “I hear some really important people live in Medina. Maybe now that it’s their town that’s said to be in ‘dire straits,’ these questions will finally get some traction.”

Representatives for Bezos and Gates did not immediately respond to CNBC Make It’s request for a comment.

Correction: This story has been updated and corrected to reflect that Microsoft headquarters is outside of Seattle.

See also:

Bill Gates: This is a ‘great’ way to use your tech skills

Jeff Bezos’ single teen mom brought him to night school with her when he was a baby

Jeff Bezos says dad emigrated from Cuba alone at 16: ‘His grit, determination, optimism are inspiring’


Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: catherine clifford
Keywords: news, cnbc, companies, taxes, seattle, bill, jeff, increase, property, goes, million, bezos, city, ketter, tax, running, suburb, gates, live, town, money, medina


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Sorrell: Chance of a no-deal Brexit to increase if Johnson becomes PM

Sorrell: Chance of a no-deal Brexit to increase if Johnson becomes PM16 Hours AgoMartin Sorrell, the former CEO of WPP, speaks with CNBC about the U.K. political situation.


Sorrell: Chance of a no-deal Brexit to increase if Johnson becomes PM16 Hours AgoMartin Sorrell, the former CEO of WPP, speaks with CNBC about the U.K. political situation.
Sorrell: Chance of a no-deal Brexit to increase if Johnson becomes PM Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19
Keywords: news, cnbc, companies, political, sorrell, wpp, chance, nodeal, speaks, uk, brexit, situation, increase, johnson, pm16


Sorrell: Chance of a no-deal Brexit to increase if Johnson becomes PM

Sorrell: Chance of a no-deal Brexit to increase if Johnson becomes PM

16 Hours Ago

Martin Sorrell, the former CEO of WPP, speaks with CNBC about the U.K. political situation.


Company: cnbc, Activity: cnbc, Date: 2019-06-19
Keywords: news, cnbc, companies, political, sorrell, wpp, chance, nodeal, speaks, uk, brexit, situation, increase, johnson, pm16


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