Select a category
Investopedia
38 m
13
:max_bytes(150000):strip_icc()/GettyImages-1683365326-4184529894414d079a4983a4a02ef88c.jpg)
As people stayed home during the pandemic, their households stockpiled extra liquid assets—most of which have now run out.
Households accumulated cash, stocks, and interest-earning savings during the pandemic due to government assistance checks and stay-at-home orders that limited consumer spending. However, a recent report from the Federal Reserve Bank of San Francisco found many households have now spent large amounts of that liquid wealth.
As the pandemic's economic restrictions eased, the average cost of living skyrocketed. The Federal Reserve worked to tame the price increases on everything from groceries to rent by raising borrowing costs to a 23-year high. These interest rates were designed to discourage spending and allow supply to rebalance with demand.
Researchers found that consumers coped by dipping into the assets they collected during the pandemic.
Higher-income households have been able to increase their liquid assets by moving them into money market funds, which earned more interest during the Fed's inflation fight. However, lower- and middle-income households needed to use their liquid assets to contend with high prices and interest rates.
As households ran out of the pandemic-era liquid assets, credit-card delinquency rates rose. Without the extra money they once had, many consumers paid for goods and services with credit cards. But those high borrowing costs are making it harder for people to pay off their debt, bringing delinquency rates to a 12-year high.
Debt not related to housing also increased over the past two years, reaching a record-high $4.9 trillion in the second quarter, according to the Federal Reserve Bank of New York.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Instablog9ja
3 hrs
12
A Chinese investment group is set to list two residential structures it confiscated from Nigeria for sale on global online marketplace eBay.
Peoples Gazette reports that the group is racing to recover up to $70 million in arbitration awards from the West Africa country.
According to the report, Zhongshang Fucheng Industrial Investment Ltd took possession of two buildings linked to the Nigerian government in Liverpool, United Kingdom, in June 2024, years after Nigeria failed to settle an arbitration judgement handed down in 2021.
The properties, 15, Aigburth Hall Road, Liverpool and Beech Lodge, 49, Calderstones Road, Liverpool, were targeted after a December 2021 British court order gave Zhongshang executives the power to seize Nigerian assets in the UK to retrieve the $70 million payment, which remained outstanding as of August 20, 2024, with two per cent monthly interest accruals.
Zhongshang was awarded $55,675,000 plus interest of $9,400,000 and costs of £2,864,445 as of the date of the arbitration verdict on March 26, 2021, court documents said…(continue reading on next slide)
Instablog9ja
4 hrs
9
Some ladies have gone down their memory lane as they shared some on the betrayals that they suffered in the hands of their once besties.
Taking to their social media handles, they gave various accounts of some of the shocking things their friends did to them that left them heartbroken
Instablog9ja
6 hrs
15
Two Nigerians have been arrested by Haitian police for possession of fake Haitian National Identification Cards.
The suspects, Madukanze Kenneth, 31, and Henry Peter, 29, were arrested on Sunday, August 18, in Jacmel, Haiti.
Born on August 3rd, 1993, in Nigeria, Madukanze Kenneth was arrested by law enforcement in possession of a Haitian National Identification Card in the name of Augustin Jerry. While Henry Peter, born on February 7, 1995 in Nigeria, also uses a fake national identification card in the name of Junior Jean Pierre, IciHaiti reports.
The South East Police Department in Haiti announced the arrests on social media, emphasising their commitment to continue working “tirelessly” to apprehend lawbreakers and maintain public order.
Investopedia
10 hrs
11
:max_bytes(150000):strip_icc()/INV_WellsFargo_GettyImages-1529602605-be48113c3e49415aa9859c1c3f8c9058.jpg)
Wells Fargo (WFC) is selling much of its commercial mortgage servicing business to Trimont, the bank said Tuesday. Financial terms weren't disclosed but the transaction is expected to close in early 2025.
The deal makes Atlanta-based Trimont the largest loan servicer in the U.S., giving it roughly 11% of the commercial real estate lending market, it said. Wells Fargo will unload the non-agency third-party servicing segment of its business, while continuing to service its agency/government-sponsored enterprise (GSE) loans and those held on its balance sheet.
Loan servicing refers to the administrative aspects of a loan, from the time the proceeds are dispersed to the borrower until the loan is paid off.
"This transaction is consistent with Wells Fargo's strategy of focusing on businesses that are core to our consumer and corporate clients," said Kara McShane, head of Wells Fargo Commercial Real Estate. “...[W]e will continue to serve our clients with a broad suite of lending, advisory, and capital markets capabilities while leveraging our franchise to grow our corporate and investment bank.”
Wells Fargo shares edged lower to $56.22 as of 1:40 p.m. ET Tuesday. They are up roughly 15% this year.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Netflix Stock Jumps To A Record On Booming Upfront Ad Sales
Netflix (NFLX) Shares Traded At The...
Investopedia
14 hrs
15
:max_bytes(150000):strip_icc()/INV_NetflixBuilding_GettyImages-1958246540-af785d981bdf4bb48cab99a6e278aa56.jpg)
Netflix (NFLX) shares traded at their all-time high Tuesday after the streaming giant reported a huge jump in advertising sales.
The company said it had closed deals with all major holding companies and independent agencies, securing a "150% plus increase" over 2023 in upfront ad sales commitments.
Netflix said that it closed partnerships for several of its upcoming films and series, including "Squid Game," "Outer Banks," and "Happy Gilmore 2." In addition, it struck deals for highly watched live events such as Christmas Day NFL games and "WWE Raw."
Discussing upfront ad sales in May, President of Advertising Amy Reinhard noted that the company was "being incredibly strategic about how we present ads," adding that Netflix conducts "deep consumer research to make sure we stay ahead of the competition, bringing opportunities that are better for members and better for brands."
Reinhard also said then that the firm will launch an in-house ad technology platform by the end of 2025.
Shares of Netflix advanced 1.2% to $696.59 as of 1:15 p.m. ET Tuesday after hitting a record $711.33 earlier in the session. They are up about 43% year-to-date.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
