American banks are chasing consumers to open new accounts, after a massive exodus of deposits over the past year led to a drain in capital. U.S. banks borrowed a total of $120 billion through the federal funds market on Jan. 27, the largest single day record since 2016, The Wall Street Journal reported. The problem began…
US Banks Race to Attract Consumer Deposits After Record-High Exodus
February 8, 2023
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Investing: Breeze Through a Fund Prospectus
February 7, 2023
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By Nellie S. Huang From Kiplinger’s Personal Finance We get it: No one wants to read a fund prospectus, and few investors ever do. “I can tell you precisely how many clients read the prospectus: zero,” says Lew Altfest, chief executive of Altfest Personal Wealth Management. But reading a fund’s prospectus is an important step…
UK House Prices Stabilised in January, Halifax Figures Show
February 7, 2023
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House prices in the UK stabilised in January following a series of monthly falls last year, according to new figures from the Halifax bank. Halifax said the typical property value remained largely unchanged in January 2023 at £281,684, compared with December 2022. The bank’s House Price Index (pdf) recorded 0.0 percent house price growth in…
Australian Car Battery Start-Up Is Frontrunner to Buy Britishvolt
February 6, 2023
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An Australian firm has been selected as the preferred bidder to take over the majority of British electric car battery business Britishvolt, which fell into administration last month. Britishvolt had been promising to build a £3.8 billion gigafactory producing batteries for electric cars in Blyth, Northumberland. It said it would employ 3,000 people and produce…
Outsourcing Investment or Taking More Risk?
Commentary In 2022, the S&P 500 Index returned -19.64 percent. If you run the same numbers and include dividend reinvestment, the sting was a little less, with a return of -18.32 percent. Not great, for sure. Those kinds of returns have people asking questions about how they are invested. To be clear, if you get a return of…
Celebrities Including Madonna, Tom Brady Mired in Lawsuits for Pushing Crypto, NFTs
Celebrity superstars who leveraged their fame to endorse digital assets like cryptocurrencies and nonfungible tokens (NFTs) face a series of civil lawsuits by investors who lost fortunes when the sizzling bull run for all things crypto iced over and those assets plunged in price. From movie stars to celebrity athletes, many have found themselves named…
Single Women Own More Homes Than Single Men in Most US States
February 3, 2023
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Single women now own more homes than single men in most U.S. states for the first time in the nation’s history, according to a recent study. In an analysis of U.S. Census Bureau data from 2021, LendingTree released a report that found that single women who lived by themselves were outpacing single men in homeownership in 48 out…
Bed Bath & Beyond on Brink of Chapter 11
Bed Bath & Beyond (BBBY) continues its slow decline into bankruptcy with the announcement of another round of 87 store closures as the struggling retailer attempts to stay afloat. The Feb. 1 announcement of 87 planned store closures follows a list of 150 Bed Bath and Beyond closures that was announced last August. The new…
Corporate Mergers and Acquisitions, Public Offerings Fell Sharply in 2022: Report
Global equity issuance for 2022 plummeted 66.6 percent from last year, to $351.76 billion, levels not seen since 2006, a new report by S&P Global Market Intelligence showed. The total value of initial public offerings (IPOs) dropped even further, down 71.3 percent for the year. Corporate merger and acquisitions (M&A) also slowed down last year. Total…
Mortgage Demand Crashes, America’s 3rd Biggest Homebuilder Posts 41 Percent Drop in New Home Orders
February 1, 2023
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Mortgage demand crashed last week, despite a decline in interest rate hikes and a stronger start to the year in January. Total mortgage application volume tumbled 9 percent for the week ending Jan. 27, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index on Feb. 1. “Mortgage rates declined for the…
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