1) The cultivation of marijuana is the fastest growing industry in the U.S. generating $10.4 billion dollars in 2018 while supporting an estimated 500,000 jobs by2022. But starting a cannabis business is harder than most small business startups because it’s harder to do basics such as opening a bank account or leasing office space. Startup finance is a major problem since marijuana is still illegal federally.
2) New jobs for June exceeded estimates by economist, with 224,000 compared to 72,000 in May. The jobless rate crept up to 3.7% from a half-century low of 3.6%. Average hourly earnings increased 3.1% less than expect. The high number have brought on fears that the Federal Reserve will forego an interest rate cut for the near future. Despite the good news, the economy still faces trade tensions and possible inflation.
3) As many as 10 million Samsung-Android phones users have been tricked into installing firmware updates, but the software is actually an app that re-directs the user to an ad-filled website that charges for firmware downloads. A fake Samsung app named ‘Updates for Samsung’ is touted as firmware updates. The fake software takes advantage of the difficulties in getting software updates for the Samsung phone. Users complain that the site is loaded with ads making it very difficult to use, plus the app limits download speed to 56 KBS so large updates actually time out. While the app isn’t malware, it is fraudulent and a scam.
4) Stock market closings for- 5 JUL 19:
Dow 26,922.12 down 43.88 Nasdaq 8,161.79 down 8.44 S&P 500 2,990.41 down 5.41
THE CAST PODCAST… Back at it again, with another banging episode for your ears. Sammy BE @EcoFireTV & Luisa L. @LuisaModels, along with Jon Don Sterling “On The Boards” @TheDramaBlock.
this podcast episode, we had a special guest interviewee. Our guest
happens to be a super manager in the music and entertainment game, her
clientele ranges from Bobby V. (Bobby Valentino), Houston, Texas rap
legend Scarface (Gheto Boys), R&B duo group Ruff Endz, as well as
her other major accolades; we were able to interview Ms. Melinda
Santiago from (The Santiago Firm).
Melinda was able to give THE
CAST PODCAST, insight into the music biz and particularly on how she
runs her business. She provided context of what young artists
(Millennials, Gen Z) need to do to be heard and gain exposure to a
She also provided the ups and downs of the
entertainment business, and the struggles women have in the music
business; but also the strong backbone she has, to be able to survive
and progress in this male dominated business and industry.
This is an episode you surely do not want to miss.
Biz-man Bassey (Sammy BE) got an opportunity to interview Chi-Town’s very own, Rico Recklezz. Interview was apart of the EFR Podcast “Millennial Indie Grind Series”, that we have begun to enhance @ Economic & Finance Report.
We discussed with Rico’s on his economic & financial upbringing, coming from the streets, being in poverty, and also being raised in Southside Chicago, & of course the attention Rico’s massive online presence and accolades have brought him and his brand….
It seems that Uber and Lyft are crushing the competition in the customer service ride share industry, if that is even an industry to say the least; these two mega companies created and infiltrated ride share customer service. While they are in the forefront of picking up customers through their online apps, taxis and cabs in metro areas like NYC, Miami, Chicago, Atlanta, LA, San Francisco are taking hits and seeing major declines in customer pick ups.
Taxi and cabs are increasingly losing value as the ride share tech giants are taking over the industry, revenue for cabs have gone done drastically even though cabs pickup more people in metro areas such as New York City, statistics show in NYC, taxis in the city picked 450k-500k passengers in April 2016 as compared to Lyft’s & Uber’s 200k passengers combined according to stats provided by Morgan’s Stanley. Though taxis and cabs picked up more people during that time period; their revenue did not come close to what Uber/Lyft made during that month of April.
It looks like Lyft and Uber are giving cab/taxis a run for the their money, or at least “a ride for their money”. -SB
The US banks revenue from 2015, beat the revenue of Euro banks by almost double in profit. European banks earned $26B last year, compared to their American counterparts, whom earned $43B the same year (2015).
In 2016 the revenue between the two powerful continents will expand wider; especially since Great Britain has made the decision to BREXIT the EU. Analysts believe this will leave a monstrous dent in the financial sector and the banking industry in Great Britain. With no power players in sight; many investment bankers are already inquiring high end employment agencies about referrals and transfer opportunities in the US, or other market driven countries.
I guess to them, the money does not seem to be in Europe right now; well at least not in Great Britain, with economic prices fluctuating rapidly and uncertainty brewing, where else can anyone turn??? Cheerio -SB