Month: June 2020

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Bentley redesigns Bentayga SUV as first vehicle under new business strategy

Business

Bentley Bentayga SUV Bentley Bentley has redesigned its Bentayga SUV as a key vehicle in the famed British carmaker’s retooled lineup. The $177,000 vehicle is the first model under Bentley’s “Beyond100” business strategy, which aims to reinvent the 101-year-old company for the next century. The plan includes pivoting to electrified vehicles while continuing to sell …

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U.S. market is ‘smoking dope on earnings’ and investors are likely to be disappointed, economist says

Earnings

Adam Jeffery | CNBC Investors should stay bearish on U.S. stocks until the full extent of the economic damage caused by the coronavirus pandemic is known, according to TS Lombard, which warned that investors were over-estimating a quick recovery in U.S. corporate earnings. Charles Dumas, chief economist at the economic research firm, told CNBC Tuesday that ”the …

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Watch Jerome Powell, Steven Mnuchin testify before House finance committee on pandemic response

Finance

[The stream is slated to start at 12:30 p.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday before the House Financial Services Committee. The topic will be both agencies’ response to the coronavirus pandemic. …

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Self-made millionaire: To be happy, young people should aspire to make $70,000 a year, not millions—here’s why

Wealth

Gary Vaynerchuk wishes young people would stop aspiring to make millions of dollars. The 44-year-old self-made multimillionaire entrepreneur and CEO of VaynerMedia says he’s seen that chasing millions makes people unhappy in life.  “If you’re under 25, you think you have to make a million dollars a year to even be in the game,” Vaynerchuk tells …

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Amazon’s AWS establishes new aerospace cloud unit as Jeff Bezos increases bets on outer space

Investing

The logo of Amazon Web Services (AWS) is seen during the 4th annual America Digital Latin American Congress of Business and Technology in Santiago, Chile, September 5, 2018. Ivan Alvarado | Reuters Amazon Web Services, the cloud-computing branch of the e-commerce giant, is further expanding its services in the growing space industry. The company announced …

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This is what unemployment benefits will pay without the extension of an extra $600 a week

Personal finance

Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. John Sommers II/Getty Images The financial aid that jobless workers have been receiving to shore up household income during the coronavirus pandemic is poised for a dramatic reduction …

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Billionaire Barry Sternlicht sees a ‘vicious cycle’ of pain if U.S. businesses can’t reopen

Small Business

Billionaire global investor Barry Sternlicht told CNBC on Tuesday that the U.S. could end up in a downward spiral of economic pain if the businesses cannot get back to operating due to the coronavirus.  “If we don’t get people back to work and the enterprises back to getting revenues and profits, there is going to be extreme …

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Lululemon to acquire at-home fitness company Mirror for $500 million

Business

Lululemon is acquiring the in-home fitness company Mirror for $500 million, the retailer announced Monday, marking its first acquisition with a bet that more people are going to be pivoting to exercise at their homes.  Lululemon shares were up almost 4% in after-hours trading.  Following the closing of the deal, Mirror will run as a standalone …

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UK expands its coronavirus start-up rescue package to include firms based abroad

Finance

Britain’s Chancellor of the Exchequer Rishi Sunak takes part in a national “clap for carers” to show thanks for the work of Britain’s National Health Service (NHS) workers and frontline medical staff around the country as they battle with the coronavirus pandemic, on the steps of the Foreign and Commonwealth Office (FCO) on April 16, …

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JPMorgan, Bank of America, Citi and Goldman maintain dividends post-stress tests, Wells Fargo to cut

Investing

(L-R) Michael Corbat, chief executive officer of Citigroup Inc., Jamie Dimon, chief executive officer of JPMorgan Chase & Co., James Gorman, chief executive officer of Morgan Stanley, Brian Moynihan, chief executive officer of Bank of America Corp., Ron O’Hanley, president and chief executive officer of State Street Corp., Charles Scharf, chief executive officer of Bank …

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Got an inherited retirement account and took a mandatory withdrawal? You can put it back

Personal finance

Klaus Vedfelt If you took a mandatory distribution from an inherited retirement account this year, the IRS will let you put the money back. The CARES Act, which became law on March 27, allowed individuals to skip required minimum distributions for 2020. This is the annual withdrawal you must take from your individual retirement account and …

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Market is entering one of the year’s toughest periods, CFRA’s Sam Stovall warns

Finance

The next three months may be anything but calm. CFRA’s Sam Stovall warns the market is entering one of the toughest periods of the year.  “The third quarter is by far the weakest of the four quarters of the year — gaining only 0.5% on average,” the firm’s chief investment strategist told CNBC’s “Trading Nation” on …

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Wells Fargo says it expects to cut dividend in the third quarter to comply with Fed stress test

Investing

People walk by a Wells Fargo bank branch on October 13, 2017 in New York City. Spencer Platt | Getty Images Wells Fargo warned on Monday that it will likely cut its dividend after the Federal Reserve announced it would cap dividends for banks based on earnings.  Wall Street analysts pointed to Wells Fargo as …

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Bill would give low-income college students access to $1,200 stimulus checks

Personal finance

Rep. Bobby Rush, D-Ill. Ralf-Finn Hestoft | Corbis | Getty Image The bill, called the Student Recovery Eligibility for Low-Income Individuals to Exact Funds (RELIEF) Act of 2020, would make students receiving Pell Grants eligible to receive $1,200 stimulus checks. Federal Pell Grants are need-based funds given to low-income students to help them complete their …

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‘It was a scary, unnerving time’ — Coronavirus prompts Arizona spa owners to close back down

Small Business

Jacy and Seth Boyack reopened their Arizona massage spa earlier this month from pandemic-driven closures. But they shut Citrus Massage back down after four days, citing safety concerns from the Covid-19 outbreak.  In an interview Monday on CNBC’s “The Exchange,” Jacy Boyack said that even working the front desk, she felt concerned.  “I’m not a massage …

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Gilead’s coronavirus treatment remdesivir to cost $3,120 per U.S. patient with private insurance

Business

Gilead Sciences announced Monday the much-anticipated pricing for its coronavirus treatment remdesivir, saying it will cost hospitals $3,120 for a typical U.S. patient with commercial insurance. The company announced its pricing plans in preparation for it to begin charging for the antiviral drug in July. The company has been donating doses to the U.S. government for …

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Burger King’s U.S. same-store sales are flat as fast-food customers return to restaurants

Earnings

A Burger King sign outside a restaurant in Glendale, California. Robyn Beck | AFP | Getty Images Burger King’s U.S. same-store sales are trending flat as customers return to its locations for Whoppers and french fries.  The Restaurant Brands International chain saw its same-store sales plunge by mid-30s in March as the coronavirus pandemic led consumers …

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Wirecard scandal hits UK consumers as online banking apps freeze accounts

Finance

The Curve card and app displayed on a smartphone.  Curve Thousands of British consumers have been unable to access their cash as some financial technology apps relying on scandal-hit payments processor Wirecard were forced to freeze their accounts. On Friday, the Financial Conduct Authority (FCA) ordered the German firm’s U.K. unit, Wirecard Card Solutions, to …

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