finance
Whether or not you have TikTok downloaded on your phone, you probably know about the popular social media app. With more than one billion active users worldwide, the video platform has dug into the cultural zeitgeist. You can’t escape the op-ed pieces about how the app is ruining the youth’s attention spans or how TikTok trends trickle down to other social media, like Instagram, YouTube, and even Facebook. People download the app to access endless videos, most of which show viral dances, comedy sketches, or supercuts of people performing their hobbies. But in this vast ocean of superficial con...
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Two Navy suppliers have agreed to pay a substantial $70 million fine to resolve False Claims Act allegations. The allegations center on Sikorsky Support Services Inc. (SSSI), based in Connecticut, and Derco Aerospace Inc. (Derco), headquartered in Milwaukee, Wisconsin. Two Navy suppliers agree to pay $70m to settle allegationsBoth companies had been accused of overcharging the U.S. Navy for spare parts and materials needed to repair and maintain the primary aircraft used to train naval aviators. The Justice Department alleged that SSSI and Derco, owned by the same parent entity, entered into a...
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Outspoken billionaire Elon Musk is having a tense week. Shareholders will decide on his $44.9 billion pay packet today. Many saw the exorbitant $44.9 billion as a gratuitous amount to pay a CEO or controlling shareholder, but Musk has held firm to the agreement inked in 2018. Today, he posted on the social media platform X, which he owns, the trend in voting behavior on his windfall. He said: Musk set for $44.9 billion windfallThe above chart shows a “guaranteed win.” in the voting for the pay packet. So Musk will be happy that he has endured lengthy court battles and a grim public image to sn...
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Toyota, the renowned Japanese car manufacturer, has been hit by a severe scandal, resulting in a staggering $15 billion loss in Market Value. Last week, Toyota and Mazda were forced to halt the logistical delivery and fabrication of models due to an ongoing investigation by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). The company lost 2.45 trillion Japanese yen ($15.62 billion) to the investigation. This has sent shockwaves through the industry, plummeting Toyota’s shares and marking a tumultuous week for the car manufacturer. Toyota wasn’t the only company to suffer; fe...
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Politics, especially finance, is a complex and often divisive subject. It directly impacts the lives of every citizen, influencing their financial stability, economic opportunities, and overall quality of life. This article aims to provide an unbiased analysis of the tax policies proposed by two significant political figures in the United States: former President Donald Trump and current President Joe Biden. Trump’s tax policy: The Tax Cuts and Jobs ActThe Tax Cuts and Jobs Act was initiated under the Trump administration in 2017. This act was designed to lower taxes for most Americans, thereb...
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Three New Yorkers have become the center of a $184 million pre-IPO Fraud Scheme case. The Securities and Exchange Commission (SEC) has taken a firm stand, charging individuals who were peddling unregistered membership interests in LLCs that “purported to invest in shares of pre-IPO companies.” Two prominent entities, StraightPath Venture Partners LLC and Legend Venture Partners LLC, are now the subject of an SEC investigation for their alleged involvement in fraudulent activities and the partners who facilitated this illegal practice. SEC targets fraud $184 million pre-IPO Fraud SchemeStraight...
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GameStop, the videogame and console retailer, witnessed a huge plunge in stock price despite a vocal pandemic-era viral supporter attempting to rally investors. The person known as “Roaring Kitty” or Keith Gill took to YouTube to stream about the stock, commonly known as a “meme stock.” This type of stock sees viral popularity due to heightened social sentiment or a cultural event. This person was responsible for the trading frenzy during the pandemic for GameStop stock but couldn’t repeat the feat after live streaming the company’s most recent financial earnings. GameStop Stock on the slideDe...
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Tomorrow is a big day for the stock market and the overall economic outlook. Bright and early at 8:30 am, the initial jobless claims for the month of May will be released. This data is a critical barometer of the direction our labor market is heading and the potential actions the Federal Reserve might take. The consensus is for jobless claims to be at 190,000. But if you’re a stock owner, you might be hoping for a higher number, indicating more people without jobs. It might seem counter-intuitive, but in the current economic climate, it’s a reality. Understanding the significance of jobless cl...
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The stock market is reaching new heights, but the bond market seems to be singing a different tune. The question arises whether the bond market is signaling an impending recession. Historically, bonds have been known to react to weakening economic data long before stocks do. This article will delve into the recent economic data and the bond market’s response to it. Recent economic data and the bond market’s responseIn the third quarter, the economy experienced staggering growth, followed by solid growth in the fourth quarter. However, the first quarter saw a significant drop in economic growth...
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Spotify, the multi-billion music platform, is again asking Americans to pay more for their Premium subscriptions. The increase is the second hike in a year, much to music fan’s ire. The Premium plan costs the average American family $16.99, but this jump in price is a massive $3. Spotify asks American families to pay more for PremiumThe basic Premium subscription will rise to $11.99, up from $10.99. Spotify’s duo plans will increase to $16.99 from $14.99. The company kept its student plan priced at $5.99, but this does little to stem most American households’ frustration with their favorite mu...
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