Month: February 2019

Despite gains in income and wealth for black families in America, white families often have a net worth up to 10 times higher. Discriminatory financial practices such as redlining or credit discrimination have increased the wealth gap and held black families back from being able to create generational wealth. Times are changing. Black millennials are
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Facebook is keeping its cryptocurrency plans under wraps, even when it comes to other company employees. The social media giant silos off its secretive cryptocurrency team in an office that requires entirely different key-card access so that other Facebook employees can’t enter, according to a New York Times report, citing two Facebook employees. Facebook’s blockchain
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Ride-hailing companies Uber Technologies and Lyft will give some of their drivers a chance to participate in their initial public offerings, The Wall Street Journal reported Thursday. The report, which cites people familiar with the matter, said both companies will include programs to give long-serving and highly active drivers a cash award with the option
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Check out the companies making headlines after the bell: L Brands shares fell more than 8 percent in extended trading after posting mixed fourth-quarter earnings and weak full-year guidance. The retail company posted $4.85 billion in revenue, compared to the $4.88 billion forecast by analysts. Earnings per share were $2.14, beating Wall Street’s expectation of
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President Donald Trump’s financial statements are here — and they likely only tell part of the story on his wealth. Michael Cohen, the president’s former personal attorney, testified before the House Oversight Committee on Wednesday, and provided the committee with a number of documents, among which he said were copies of Trump’s financial statements for
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Warren Buffett said Monday that wealthy people pay lower taxes when compared to the rest of the United States population. “The wealthy are definitely undertaxed relative to the general population,” Buffett told CNBC’s Becky Quick on “Squawk Box.” Buffett’s comments come after Berkshire Hathaway released its fourth-quarter earnings and after Buffett put out his annual
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Rupert Murdoch’s 21st Century Fox has been ordered to pay $179 million in damages for engaging in fraud with the creators and actors of TV series “Bones,” according to an arbitration ruling made public Wednesday. The ruling against Fox, one of the largest ever in the entertainment industry, illustrates the messiness and potential for fraud
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Off-price apparel retailer TJX reported better-than-expected quarterly same-store sales on Wednesday, as steep discounts drove more shoppers to its T.J. Maxx and Marshalls stores during the holiday season. Shares of the Framingham, Massachusetts-based company rose 2 percent before the bell. TJX has opened more stores and largely depended on its deep in-store discounts to drive
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Businesses selling food and beverages infused with CBD have a message for the Food and Drug Administration: Regulate us, please. Congress’ legalization of hemp products, including most CBD, in December is forcing the FDA to consider writing new rules — and casting a cloud of uncertainty over the emerging industry. The absence of clear regulations
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Check out the companies making headlines after the bell: After being halted for volatility, Weight Watchers shares cratered as much as 28 percent after hours Tuesday after posting dismal fourth-quarter earnings and weak full-year guidance. Missing on the top and bottom lines, the weight-loss and wellness company earned $330 million in revenue, missing Refinitiv estimates
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Home Depot on Tuesday morning reported earnings and sales for the fourth quarter that missed analysts’ expectations. Its shares were down more than 3 percent in premarket trading on the news. Here’s what Home Depot reported for the fourth quarter compared with what analysts were expecting, based on data from Refinitiv: *Earnings per share, adjusted:
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We are entering the largest wealth transfer in history. Over the next 25 years, according to a report from research firm Cerulli Associates, 45 million U.S. households will pass a mind-boggling $68 trillion to their children — the biggest generational wealth transfer ever. Individual retirement accounts alone in the U.S. held more than $9 trillion
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Macy’s on Tuesday reported earnings and sales for the holiday quarter that beat analysts’ expectations. The department store chain also announced a restructuring plan that it said should help it generate annual cost savings of $100 million. It said part of this plan consists of reorganizing upper management, cutting 100 vice-president level or above roles,
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