1) The $2 trillion dollar coronavirus relief bill has been passed and Treasury Secretary Steven Mnuchin said the people should receive cash payments within three weeks. The IRS has been tasked with distributing the monies, but the agency is hobbled by obsolete technologies such as 1960’s era computers, limited staff and a small budget. So there are questions if the agency can get the job done in a timely manner, let alone in three weeks. Experts say its more like a matter of months rather than weeks for Americans to receive their check.
2) Almost 3.3 million Americans have applied for unemployment benefits this last week, more than quadruple the previous record set in 1982. This is a result of the wide spread economic shutdown from the coronavirus pandemic. This rate of layoffs is expected to accelerate as the U.S. economy sinks into a recession with the collapse of revenues for a wide range of businesses. Economist predict the nation’s unemployment rate could approach 13% by May.
3) Gold has traditionally been a panic investment which people and nations buy to protect the value of their money. The worldwide panic over the coronavirus coupled with a flood of stimulus by central banks has ignited demand for gold to store wealth. But the gold market is running into difficulties in buying. Stored in high security vaults, government mandated shut downs have left access iffy. Also, refiners of gold have been forced to close because of the virus. Transporting gold is done via airlines, but the sharp drop in air service has also made transport of the metal difficult. All these factors have put a squeeze on gold futures.
4) Stock market closings for – 26 MAR 20:
Dow 22,552.17 up 1351.62
Nasdaq 7,797.54 up 413.24
S&P 500 2,630.07 up 154.51
10 Year Yield: down at 0.81%
Oil: down at $23.18
1) Bill Gates, the Microsoft co-founder, says he’s happy to pay his share of taxes, but expressed consternation over Elizabeth Warren’s proposals to tax America’s wealthy. He considers the presidential hopeful is not very open minded to consider his concerns. Warren’s wealth tax proposal is 2% annual levy on household wealth above $50 million dollars with an additional 1% tax on wealth above $1 billion dollars. She estimates this would cover 75,000 tax payers raising $2.6 to $2.75 trillion dollars over a ten years.
2) Stores are starting their Black Friday sales earlier this year, in part because the holiday shopping season is six days shorter. Retailer Target will begin online Black Friday sale on Thanksgiving morning, with stores opening their doors at 5 p.m. and remaining open through 1 a.m. the next day. On Black Friday, their stores open at 7 a.m.. Other retailers such as Walmart started their holiday shopping season last October.
3) Xerox is offering HP a takeover bid of $22 per share. The bid consists of 77% cash and 23% stock which would be $17 in cash and 0.137 Xerox shares for each HP share. If accepted, the deal would generate about $2 billion dollars in cost synergies with HP stock holders owning 48% of the company. HP has announced job cuts between 7,000 and 9,000 by the end of fiscal 2022. HP is worth $29 billion dollars and is more than three times the size of Xerox in terms of market cap.
4) Stock market closings for – 7 NOV 19:
Dow 27,674.80 up 182.24
Nasdaq 8,434.52 up 23.89
S&P 500 3,085.18 up 8.40
10 Year Yield: up at 1.93%
Oil: up at $57.07
Sammy BE (Bizman Bassey) along with James Lymon & Jon Don Sterling on the boards, had an opportunity to interview the Senior Media & Entertainment Editor of Forbes Magazine, Zack O’Mally Greenburg.
Zack recently dropped his new book 3 Kings: Diddy, Dr. Dre, Jay-Z, and Hip-Hop’s Multibillion-Dollar Rise, which speaks about the business accumen of Dr. Dre, Jay Z and Diddy aka “Brother Love”. The book details their meteoric rise in the music business and how they utilized Hip-Hop to bring it into the $$$$$ main stream, with revenue and sales.
We asked Zack about millennials/Generation Z and how he perceives new media in the new generation; and where he believed hip hop will be in the coming years. He also spoke about what motivated him to write this latest book and what he learned through his journey, when doing research for this book.
This is an interview you don’t wanna miss. Remember as always Real Recognize Deal$$$$$$, while you Stay Bless & God Bless…..
Website Platforms To Check Out:
3) www.Economic&FinanceReport.com (Economic & Finance Blog Site)
4)@Economic-FinanceReport (Podcast/Online Show)
5)www.youtube.com/channel/UCWZo5bug…Nlb2VRfDCQ/videos (EFR.Tv Youtube Ch)
6)www.SammyBuysHomes.com (Real Estate Investment)
7) www.TraderSoul.com (Financial Trading Website)
By: Economic & Finance Report
On Thursday July 27, 2017, Amazon head honcho/founder and CEO, Mr. Jeff Bezos surpassed Microsoft founder Bill Gates, as the richest person in the world, he toppled Mr. Gates with an estimated net worth of $90 billion.
Later on Thursday July 27, 2017 Amazon stocks missed quarterly (Q2) estimates, Bezos net worth declined to $85.9 billion making him #2 richest person (After Bill Gates), thus allowing Bill Gates to reclaim his “richest person mantle” again.
Mr. Bezos and Amazon have had a productive year so far, having purchased Whole Foods, a middle eastern online retail giant Souq.com, and a host of other investments; such as the expansion of warehouses, streaming/content services, as well as marketing and promoting in house products such as the Echo Fire Stick. The Amazon brand remains a strong brand and even a more competitive household name. Successful contributions by an even more accomplished man.
By: Economic & Finance Report
It has been been indicated that wealthy individual will be passing down their wealth to their respective family members within the next decade… The transfer of wealth to family members is nothing new, but the extent that it will be expanded is new.
Within the next few decades, transferring of wealth will be undeniable. Analyst estimate some 6-8 trillion dollars will be inherited by the younger generation at some point….
Now that’s not cheap by any means…
By: Economic & Finance Report
The annual Forbes Most Powerful People List is out for the year 2014. Some of the names on the list are listed below….
1) Vladamir Putin (Russia)
2) Barack Obama (United States)
3) Xi Jinping (China)
4) Pope Francis (Roman Catholic Church-Argentina)
5) Angela Markel (Germany)
6) Janet Yellen (United States)
7) Bill Gates (United States)
8) Mario Draghi (Italy)
9) Sergey Brin (United States)
10 Larry Page (United States)
11) David Cameron (Great Britain,UK)
12) Abdullah bin Abdul Aziz Al Saud (Saudi Arabia)
13) Warren Buffet (United States)
14) Li Kequiang (China)
15) Carlos Slim & Family (Mexico)
16) Jeff Bezos (United States)
17) Francois Hollande (France)
18) Jamie Dimon
19) Ali Hoseini-Khamenei
20) Rex Tillerson (United States)
21) Jeffrey Immelt (United States)
22) Mark Zuckerberg (United States)
23) Michael Bloomberg (United States)
24) Charles Koch & David Koch (Koch Brothers) (United States)
25) Timothy Cook (United States)