Finance

600 American Residents Lose their Jobs as Huawei Lays off Workers

600 American Residents Lose their Jobs as Huawei Lays off Workers

Finance
Huawei is one of the Chinese tech giants that have been directly affected by the trade war between the United States and China. A while ago, the president of the United States, Donald Trump, placed a ban on Huawei which prevented tech companies in America from selling their products to Huawei. At the time the market share of companies related to Huawei in the United States and China plummeted. Google announced that it was no longer interested in doing business with the Chinese tech giant. Huawei Lays Off 600 Workers In The United States According to reports on CNN, the tech giant, Huawei, has announced that it would be letting go of 600 of its American based workers. The announcement cited business restrictions imposed by Trump as the root cause of the layoffs. The company said that ...
Lack of Innovation in the Financial Services Industry will lead to National Security Risks – David Marcus

Lack of Innovation in the Financial Services Industry will lead to National Security Risks – David Marcus

Finance
Ever since Facebook released the white paper for its cryptocurrency, Libra, it has been under fire from governmental authorities. On Tuesday, there was a Senate hearing to address the concerns surrounding Libra. During the hearing, David Marcus, the lead developer of Libra and Facebook’s head of blockchain solutions, said that the United States will be exposed to security risks if there are no innovations in the current financial system. David Marcus Talks About National Security Risks During the hearing, Sen. Tom Cotton asked Marcus how Libra would affect the United State's ability to impose sanctions. He noted that Iran started developing its own cryptocurrency after the United States imposed sanctions on the country. In response to cotton, Marcus said; "I am happy that you brought
JP Morgan in Scandal as United States Authorities Seize 20 Tons of Cocaine from Company-funded Ship

JP Morgan in Scandal as United States Authorities Seize 20 Tons of Cocaine from Company-funded Ship

Finance
According to reports on Business Insider, the United States authorities have confiscated $1 billion worth of Cocaine from a ship owned by JP Morgan's asset management arm. This is one of the largest drug busts in the United State's history and it has put the reputation of the legacy firm in murky waters. The cocaine is equivalent to about 20 tons. U.S Authorities Find 20 Tons Of Cocaine In JPMorgan-owned Ship As the ship arrived in Philadelphia in the Packer Marine Terminal on the 17th of June, it was intercepted and the cocaine, which has a market value of $1.3 billion was seized. While the ship is operated by a Switzerland-based firm, it is financed by a transportation strategy fund by JP Morgan's asset management arm. All the crew members have been arrested. They will be prosec...
Amazon Prepares For Stake Transfer As Bezos’ Finalizes Divorce With $38 Billion Settlement

Amazon Prepares For Stake Transfer As Bezos’ Finalizes Divorce With $38 Billion Settlement

Finance
A while ago, the CEO and founder of Amazon Jeff Bezos, announced that he was getting a divorce. The announcement was made through the joint Twitter account of the couple. As soon as they made the announcement, his wife (now ex-wife) MacKenzie Bezos, received a lot of media backlash. She was accused of being greedy and wanting a divorce just so she could become one of the richest women in the world after the settlement. However, Bezos subsequently revealed that he decided to divorce his wife so that he could be with his mistress. Now, the divorce is final and MacKenzie will receive a $38.3 billion settlement after 25 years of marriage. MacKenzie Prepares To Receive Amazon Stake According to the reports on Bloomberg, MacKenzie Bezos will get $19.7 million worth of shares from Amazon. Thi...
United States Coal Industry Takes Another Hit Despite Trump’s Efforts to Save the Sector

United States Coal Industry Takes Another Hit Despite Trump’s Efforts to Save the Sector

Finance
The coal used to be one of the most used natural resources in the world. However, with the advancement of technology, the demand for coal has dropped significantly in the developed world. In the United States, coal companies have been shutting down and filing for bankruptcy. Even with Trump's efforts to save the industry, almost 2,000 miners recently lost their jobs because another major coal company filed for bankruptcy. This is the third coal company to file for bankruptcy since May and fourth since October 2018. Coal Sector Continues to Fade Away Amid Trump's Revival Efforts According to reports on USA Today, Revelation Energy LLC and Black jewel, an affiliate, is the sixth largest producer of coal. Irrespective of its previous glory and Trump's Efforts to save the coal industry, ...
Banks in America Survive the Stress Test by the Feds but Some May Face Increased Capital Requirements

Banks in America Survive the Stress Test by the Feds but Some May Face Increased Capital Requirements

Finance
In a bid to keep the banking sector stable and prevent an economic meltdown, all banks in the United States are subjected to an annual stress test. During the stress test, the feds determine how much capital each bank has, the value of the capital and the projects the banks are engaging in. Through the stress test, the feds are able to determine the consequences of an adverse financial or economic shock on the capital. Banks that fail the test may have to face restrictions in their distribution of money to shareholders. It was created as part of the reforms to prevent economic meltdown after the 2008 financial crisis. American Banks Pass Stress Test But Some May Face Increased Capital Requirements The feds recently announced that the banks in America passed their stress tests. This anno...
Private Prisons And Detention Centers Will No Longer Receive Funding From The Bank Of America

Private Prisons And Detention Centers Will No Longer Receive Funding From The Bank Of America

Finance
According to reports from Bloomberg, Bank of America Corp has announced that it is withdrawing its financial support of private detention centers and prisons. This move doesn’t come as a surprise because many other financial institutions have taken a similar stance in a bid to distance themselves from this sector. In recent times, there have been many protests over how the private prison and detention sectors have supported controversial immigration policies by the current administration. Bank Of America Corp Stops Financing Private Prisons While financing private prisons has always been a thing, activism against the act has grown more intense in recent time as immigration policies become strict and human rights groups complain about the poor conditions of these facilities. You see,
Pinterest Shares Rises 25% in it’s First Few Hours of Trading

Pinterest Shares Rises 25% in it’s First Few Hours of Trading

Finance
Digital pinboard company, Pinterest has made an impressive debut on the New York stock exchange after its shares rose by 25%. The shares which were priced at $19 opened in New York at $23.75 indicating a 25% increase in its first few trading hours. The company is now valued at more than $15 billion as the shares eventually closed at $24.40. Pinterest has over 250 million users and according to its regulatory filings, 8 out of 10 moms in the U.S use the site every month. The company allows users to “pin” and share inspiring images, decorating tips as well as pictures of favorite recipes on the site. Pinterest’s spectacular debut on the NYSE is one of the biggest sales from Silicon Valley “unicorns.” These tech giants that are valued at billions of dollars often soar when they go pu
Goldman Sachs Chief Executive David Solomon Says The U.S. Economy is Growing in a Steady Trend

Goldman Sachs Chief Executive David Solomon Says The U.S. Economy is Growing in a Steady Trend

Finance
The Chief Executive of Goldman Sachs, David Solomon, said that the chances of The US economy going into a recession are lower now than they were earlier this year. One of the possible recession causing factors that the Chief of Executive highlighted was that long-term debts got cleared slower than short-term debts. This worried him. David Solomon had, however, told CNBC, in January, that he saw a 50% chance of recession before the year 2020 because growth slowed globally which affected the growth trajectory in the United States. Now, Solomon says that the risk of a recession is lesser today and will interest investors unlike when the threatening recession statistics worried several people in the market. Goldman Sachs Chief also added to CNBC’s Tanvir Gil in Ningbo, China, that the ec
Congress Moves to Stop IRS From Offering Free Tax Filing Online

Congress Moves to Stop IRS From Offering Free Tax Filing Online

Finance
Both Republicans and Democrats have shown support for a bill to permanently bar the Internal Revenue Service from creating a free online tax filing system. The Congress is reportedly against the  IRS plan to develop its own online tax-filing service. The Taxpayer First Act passed last week by the House Ways and Means Committee, seeks a number of administrative changes to the IRS. The wide-ranging bill is sponsored by Reps. John Lewis, Mike Kelly, and D-Georgia. For many years, companies like H&R Block and Intuit, the maker of TurboTax have kicked against the idea of the IRS creating such a system. Their businesses will suffer a huge loss if the tax agency is allowed to create its own program.Mandi Matlock, a tax attorney, said that allowing the IRS to develop its own program will