Calculator stock – HOV Calculator http://hovcalculator.com/ Tue, 27 Sep 2022 07:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hovcalculator.com/wp-content/uploads/2021/09/icon-32.png Calculator stock – HOV Calculator http://hovcalculator.com/ 32 32 Readers listen to senior loans, horns and ‘The Little Mermaid’ – New York Daily News https://hovcalculator.com/readers-listen-to-senior-loans-horns-and-the-little-mermaid-new-york-daily-news/ Tue, 27 Sep 2022 07:00:00 +0000 https://hovcalculator.com/readers-listen-to-senior-loans-horns-and-the-little-mermaid-new-york-daily-news/ Warwick, NY: There is a serious problem affecting many seniors (65 and older) who are struggling to pay off high-priced financial debt. I am 67 years old and I have a $72,000 student loan that I was not able to keep a job on because of this costly education, a Human Services degree. I graduated […]]]>

Warwick, NY: There is a serious problem affecting many seniors (65 and older) who are struggling to pay off high-priced financial debt.

I am 67 years old and I have a $72,000 student loan that I was not able to keep a job on because of this costly education, a Human Services degree. I graduated in my 50s because my husband became disabled and the only way I could get a job that pays enough to support my family was under the pretense of a school counselor that this degree was in the field of “helping people.” “ was asked. Not so much, I found out. You can only make enough money in the for-profit world. Too bad.

Well, family hardships continued, as with many families, and I couldn’t keep up with the payments, indulged, borrowed more, etc.

I’m currently divorced, living in a retirement home on a steady income, working two jobs, dependent on Social Security, and still struggling to make an affordable living. I have always worked. I’m not looking for charity, just practical payments. The President’s $10,000 is a drop in the ocean.

If there are other seniors who are struggling, please write to State Education Commissioner Betty Rosa, your congressman, Senator and President Biden, as I did. Seniors need a break during these difficult times. We shouldn’t have to choose between what we can afford: medicine, food, housing or student loans! Joy Hansen

Manhattan: Does the NYPD still enforce excessive horn blowing? A few years ago, the number of criminal charges for this offense was 75, out of almost 400. What is the current number? A black motorist who honked his horn at every corner said a fine was $300, but the police officer had to appear in court and didn’t, so his sentence was dismissed. The 3am truck horn blast is just noise pollution and the city could use the money. Robert J Katz

Brooklyn: Thank you voicer Gregory Coston for saying exactly what I was thinking. Every day the traffic on the Atlantic and Flatbush Aves increases. there’s snarling like no other in Brooklyn, with agents standing back and watching it happen. To accommodate them, the time at this and all adjacent traffic lights has been changed to further freeze traffic. But I think it’s time for a refresher course! Suzanne Caprio

Wappingers Falls, NY: It’s so obvious that Mike Lupica’s mouth hurts to say anything nice about the Yankees. Even if he’s forced to state the obvious, it’s done in a way that ensures his sarcasm is on full display. Oh, and while I’m at it, do we need to get weekly updates on his family’s comings and goings? It’s gotten to the point where I feel guilty for not sending birthday and anniversary cards. Michael Lanza

Whitestone: No, voicer Frederick Bedell Jr., unfortunately your sincere prayers will not prevent the horrors of war or the wounding and killing of so many innocent people in countries around the world! People must vigorously protest against this terrible threat to humanity, as you have stated. Every person should protest to the politicians they have elected to keep their country peaceful, as well as provide all the basic options necessary to enable them to finally exist in a society that will enable them to to thrive! There is never a winner in a nuclear war! Leonore Brooks

The daily news flash

The daily news flash

days of the week

Catch up on the top five stories of the day every weekday afternoon.

Jersey City: The move to remove Columbus statues and rename Columbus Day to honor the First Nations of the Western Hemisphere is alarming many Americans. Columbus has been misrepresented as a fearless hero for more than 500 years. However, accurate accounts of him and his ruthless band of conquistadors have now been brought to light. Columbus and his henchmen were not heroes. They were genocidal terrorists. They have subjugated, exploited, brutalized, and decimated Native Americans with their brand of terrorism, atrocities, warfare, disease, famine, post-conquest enslavement, and forced labor. Although the tenets of Catholicism and royal Spanish edicts against the abuse of natives existed, Columbus and his butchers continued their brutality in their quest for glory, fame and fortune. The genocide of Native Americans began with Columbus. How can we continue to honor such a man? Ivan Y Genic

Astoria: Sorry Leonard Greene, you miss the whole point of the backlash against a black woman cast as a mermaid (“Black ‘Mermaid’ Outrage,” column, Sept. 25). White people are just fed up with diversity being forced upon us, largely because diversity itself isn’t diverse — blacks can celebrate blackness, Asians can celebrate their ethnicity, Hispanics can too, and so can any racial designation other than white. Whites are the only racial category expected to be diversified. Would you like to see a similar casting counterplay? Cast a white actor as Shaft – created by a white screenwriter, Ernest Tidyman, by the way. That’s cultural appropriation, right? Bradley Morris

Margate, Fla. Has anyone noticed that the new Botox commercials warn that you can develop ALS, Lou Gehrig’s disease, if you take Botox? Is it really worth getting a few wrinkles from your brow and dying an agonizing, humiliating, inevitable death from ALS? Richard Sherman

Manhattan: Voicer Richie Degasperi says buy American. Every car made in America today and for the last decade or two has parts made or assembled around the world. The all American made car was bypassed by Americans long ago because the foreign cars (especially Japanese and Korean) were a better buy. Why? Because American unions drove up prices and unions secured jobs for undeserving workers who helped make inferior cars. American union members could learn from non-American non-union workers. There are reasons Americans buy more foreign cars than domestic ones. Mr Degasperi is just talking nonsense. Chris Lee

Long Beach, LI: Ron DeSantis and Greg Abbott have both stated that sending migrants to NYC and other Democratic cities is a humanitarian gesture. The rationale is that these are refuge cities and as such are prepared to deal with the influx of migrants. We in New York appreciate doing what is best for the migrants crossing the border. Winter is coming and NYC and most Democratic cities are experiencing a real winter. The temperatures are devastating for the homeless. In the south, where the temperatures are much more manageable, they would have a much easier existence. I suggest we interview our homeless. For those who choose to spend their winters in the South, we give them bus tickets to South Texas and Florida and openly accept migrants who are willing to work and start a new life as viable citizens of our wonderful country and state. Ben Waxman

Tappan, NY: I read voicer Bob Pascarella’s diatribe about the wisdom of governors. The decision by Abbott, DeSantis, and Doug Ducey (aka Moe, Larry, and Curly) to share some of the immigrants with Democratic cities. Since I’m sure Bobby Baby (unlike those Democratic mayors) has ounces (if not pounds) of decency and integrity, perhaps he could offer to provide some of these “tired and downtrodden” guests to the city with a sanctuary in his neighborhood. Unlike Moe, Larry and Curly, we would let Bob know ahead of time. Ray Hayes

Fort Worth, Texas: Wow, Donald Trump is boasting that he’s a stable genius and that he could stand in the middle of Fifth Avenue and shoot someone without losing a voter. But until now I had no idea that he was smart enough to decode top secret documents just by using his brilliant mind. But when you think about how he got away with sexually abusing women, defrauding New York taxpayers, recommending a bleach cure for COVID-19, orchestrating an attempted coup on January 6, bribing a foreign power, misusing government funds and Committing crimes too numerous to list, I have to admit: he really is a genius. Unfortunately, it just seems to be a very unstable one. Sharon Austria

]]>
The state of education, credit and more… see what’s happening in the Allen community | All Americans https://hovcalculator.com/the-state-of-education-credit-and-more-see-whats-happening-in-the-allen-community-all-americans/ Sat, 24 Sep 2022 14:44:00 +0000 https://hovcalculator.com/the-state-of-education-credit-and-more-see-whats-happening-in-the-allen-community-all-americans/ country United States of AmericaUS Virgin IslandsMinor Outlying Islands of the United StatesCanadaMexico, United Mexican StatesBahamas, Commonwealth of theCuba, RepublicDominican RepublicHaiti, RepublicJamaicaAfghanistanAlbania, People’s Socialist RepublicAlgeria, People’s Democratic RepublicAmerican SamoaAndorra, PrincipalityAngola, RepublicanguillaAntarctica (the area south of 60° S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, RepublicAzerbaijan, RepublicBahrain, KingdomBangladesh, People’s RepublicBarbadosBelarusBelgium, Kingdom ofBelizeBenin, People’s RepublicBermudasBhutan, KingdomBolivia, RepublicBosnia and […]]]>

]]>
Fifth Third Bank announces new warehouse loan business https://hovcalculator.com/fifth-third-bank-announces-new-warehouse-loan-business/ Tue, 20 Sep 2022 20:03:22 +0000 https://hovcalculator.com/fifth-third-bank-announces-new-warehouse-loan-business/ Based in Cincinnati Fifth Third Bank NA, part of fifth third bancorp, a regional lender with approximately $207 billion in assets, has launched a new warehouse finance arm that will serve independent mortgage lenders. The lender’s new inventory finance arm will be led by Donnie Martin, who has over 25 years of experience in the […]]]>

Based in Cincinnati Fifth Third Bank NA, part of fifth third bancorp, a regional lender with approximately $207 billion in assets, has launched a new warehouse finance arm that will serve independent mortgage lenders.

The lender’s new inventory finance arm will be led by Donnie Martin, who has over 25 years of experience in the mortgage industry. Martin, Firth Third’s Group Head of Mortgage Warehouse Finance, will be based in Dallas with a team of warehouse loan specialists.

“We are bringing the resources of Fifth Third’s commercial bank to the mortgage industry to help our clients achieve their long-term strategic goals,” said Martin.

fifth third (NASDAQ: FITB), one of the nation’s largest regional banks, announced its new inventory finance unit to provide the liquidity, credit and banking solutions demanded by independent mortgage lenders. Warehouse Lending provides mortgage lenders with short-term financing that provides interim liquidity until loans are sold or securitized in the secondary market.

“Fifth Third’s Mortgage Finance Connect technology platform will provide customers with efficient same-day financing that integrates with existing processes,” reads the bank’s announcement of its new inventory lending division. “Fast fulfillment coupled with a broad product offering provides mortgage lenders with the tools they need to thrive in a fast-moving, ever-changing industry.”

The new mortgage warehouse business joins Fifth Third’s corresponding lending group, total credit capital markets trading arm and treasury management solutions team to serve mortgage lenders across the country.

“At Fifth Third, we want to be the banking partner of choice for independent mortgage bankers,” said Kevin Lavender, head of commercial banking at Fifth Third Bank. “Our resources and focus on relationships enable us to provide solutions to our customers’ most pressing business problems.”

According to Inside Mortgage Finance, inventory lenders ended the second quarter with $132 billion in commitments, down 3.6% from the first quarter and down 9% year over year.

]]>
The legislation seeks to ease the loan burden on teachers https://hovcalculator.com/the-legislation-seeks-to-ease-the-loan-burden-on-teachers/ Sun, 18 Sep 2022 04:05:00 +0000 https://hovcalculator.com/the-legislation-seeks-to-ease-the-loan-burden-on-teachers/ Two New Mexico lawmakers have introduced legislation aimed at expanding student loan forgiveness for certain educators, which the sponsors say will help recruit and retain much-needed teachers. Sen. Ben Ray Luján and Rep. Teresa Leger Fernández, both Democrats, introduced the bill Thursday that would require the federal government to make the monthly federal student loan […]]]>

Two New Mexico lawmakers have introduced legislation aimed at expanding student loan forgiveness for certain educators, which the sponsors say will help recruit and retain much-needed teachers.

Sen. Ben Ray Luján and Rep. Teresa Leger Fernández, both Democrats, introduced the bill Thursday that would require the federal government to make the monthly federal student loan payments for educators working in early childhood education programs and teachers in high-need schools. The loans would be fully forgiven once teachers had worked in those professions for five years.

The legislation comes as President Biden’s administration has signaled it will repay $10,000-$20,000 in student loans for most Americans with outstanding college debt.

In a press release, lawmakers said their bill would also attract more diverse people to the classroom.

“Educators are the foundation of our classrooms and daycares – preparing the next generation of leaders and giving them the tools to succeed in life,” Luján said in a statement. “However, teachers, childcare workers and school principals face high education costs and the resulting financial strains that create hurdles that have only contributed to labor shortages affecting New Mexico and countless other states.”

Jahana Hayes, D-Connecticut, is also sponsoring the legislation.

NOT AT THE PARTY: Gov. Michelle Lujan Grisham was one of many people at an afternoon party at the White House last week to celebrate the Inflation Reduction Act, a law that was signed into law last month.

Most Democratic members of the state’s congressional delegation were absent from the party – which some Republicans have criticized for being outspoken – although they all supported the law.

The shindig included a performance by singer James Taylor.

“The congresswoman would have loved to be there, but unfortunately couldn’t,” said Julia Friedmann, a spokeswoman for Rep. Melanie Stansbury.

Adan Serna, a spokeswoman for Luján, said the senator was busy with meetings on Capitol Hill but would have been there otherwise. Leger Fernández was unable to attend due to her schedule, according to her spokeswoman.

Sen. Ben Cardin, D-Md., center—accompanied by Sen. Joe Manchin, DW.Va., left, and Sen. Martin Heinrich, DN.M., right—wears his hat sideways to protect himself from the sun protect as President Joe Biden addresses the Inflation Reduction Act of 2022 during a ceremony on the South Lawn of the White House in Washington on Tuesday, September 13, 2022. (AP Photo/Andrew Harnik)

Senator Martin Heinrich, who was in attendance, said he was proud to celebrate the law with the president and fellow Democrats. He said the legislation will fight inflation, reduce health care and prescription drug costs, and make tax laws fairer for Americans in everyday life.

“The Anti-Inflation Act is the biggest single action we’ve ever taken to change the trajectory of the climate crisis,” he said. “The investments, incentives and consumer rebates we have received will advance climate action further than ever before by accelerating the widespread deployment of reliable, affordable and pollution-free power generation.”

Meanwhile, MP Yvette Herrell, RN.M., mocked the gathering on Twitter, pointing out that the event came on the same day that an inflation report was released showing prices across the country plummeted in August increased by 8.3% compared to the previous year. Prices rose 8.5% year over year in July, according to The New York Times.

“While hard-working American families wish they had a friend in the Oval Office,” Herrell wrote on Twitter, referencing a Taylor song, “the White House is throwing a soft rock party to celebrate the 8.3- celebrate percentage inflation.”


Ryan Boetel: rboetel@abqjournal.com

]]>
Businessman to pay $5.5 million in bitter lawsuit involving two vineyards https://hovcalculator.com/businessman-to-pay-5-5-million-in-bitter-lawsuit-involving-two-vineyards/ Fri, 16 Sep 2022 17:00:43 +0000 https://hovcalculator.com/businessman-to-pay-5-5-million-in-bitter-lawsuit-involving-two-vineyards/ Chris Chen has been fined nearly $5.5 million after a protracted Matakana Estate legal battle. Photo / Included A wealthy businessman is forced to pay his former friends nearly $5.5 million and relinquish his boutique winery title after a bitter legal battle ensues over two luxury wineries. The man’s business partner was also singled out […]]]>

Chris Chen has been fined nearly $5.5 million after a protracted Matakana Estate legal battle. Photo / Included

A wealthy businessman is forced to pay his former friends nearly $5.5 million and relinquish his boutique winery title after a bitter legal battle ensues over two luxury wineries.

The man’s business partner was also singled out for transferring nearly $3 million to his wife in 55 separate e-banking transactions in a single day, despite attempts to freeze orders to prevent the money from being lost.

He told a court he was traveling overseas to visit a sick relative and transferred the money “in case he had an accident while he was away”.

The protracted case involves the Matakana Estate north of Auckland and the Waihopai Valley Vineyard in Marlborough.

The plaintiffs – Chinese nationals Jieyu “Chrissy” Lu and her husband Hongzhao Huang – alleged that their former business partner, New Zealand national Chris Chen, failed to obtain a $1.47 million loan for his part in the multi-million Repay dollar purchase of the Matakana Estate by the trio in 2011.

Due to foreign investment regulations, the couple agreed to put Chen’s name on the title until they could get a residency permit and approval from the Overseas Investment Office – later they were fined $20,000 for having a “partner.” ‘ used to circumvent the rules.

Chrissy Lu and her husband have been awarded nearly $5.5 million following a lawsuit with their former business partner related to the Matakana Estate winery.  Photo / Sylvie Whinray
Chrissy Lu and her husband have been awarded nearly $5.5 million following a lawsuit with their former business partner related to the Matakana Estate winery. Photo / Sylvie Whinray

And although Chen did not contribute financially to the purchase, a judge found that he had failed to transfer title to the vineyard to the couple in breach of a joint venture agreement after the trio’s friendship and business relationship imploded, causing it Lu and Huang were prevented from developing the business on a significant scale at personal expense.

The couple – who spent a whopping $2 million on legal fees – sought an order forcing Chen to relinquish the Matakana winery title and $3 million in damages for the protracted delays caused by the what they termed “unjustified, unscrupulous and obstructive acts.” .

They also claimed that Chen failed to repay the $2.3 million loans to support his ailing Waihopai wine business and sought a repayment order.

Chen argued the money was not a loan but an investment by the couple in the Waihopai operation and did not have to be repaid.

He also argued that he was not liable for the other alleged debts due to a partnership agreement he claimed was agreed between the trio, which a judge found was never officially signed.

The Matakana Estate north of Auckland has been at the center of a lengthy legal battle with former business partners.  Photo / Included
The Matakana Estate north of Auckland has been at the center of a lengthy legal battle with former business partners. Photo / Included

A just-released High Court decision says the couple believed Chen secretly fled the Marlborough winery just days before a High Court trial began in March last year to “unjustly abuse” himself and the winery’s other two shareholders enrich” and prevent the couple from recovering money owed.

Judge Gordon agreed, ruling that Chen’s behavior was premeditated, prejudicial, and “far more than” stupid.

The judge said Chen concealed the sale from the plaintiffs, who, upon learning of the transaction, immediately sought freeze orders against the parties to prevent nearly $7.5 million in sale proceeds from becoming uncollectible.

And although Chen, his brother Don Chen, and Yi Lu knew about the freezing order request, they immediately transferred millions of dollars from their own accounts to various family members and other entities – putting a significant portion of the money “out of reach of the plaintiffs.”

The judge raised credibility issues against the main players in the case.

Huang has repeatedly “denied what was clearly written in documents he had either prepared or sent on his behalf.”

There were contradictions in the testimonies of Chrissy Lu, who the judge also found to have made false statements to Immigration NZ.

Chris Chen was ordered to pay his former friends nearly $5.5 million and transfer the title of Matakana winery.  Photo / Included
Chris Chen was ordered to pay his former friends nearly $5.5 million and transfer the title of Matakana winery. Photo / Included

“Mr. Chen does not get a clean bill of health either,” the judge said, referring to his failure to disclose the Waihopai sale and remittance of proceeds despite being aware of the freezing orders.

Chen’s attorney “designated this behavior as ‘stupid,'” the judge said.

“In my view, it goes far beyond that.”

Yi Lu – who pocketed almost $3 million from the sale of the vineyard – was also called “not entirely truthful in his statements” by the judge.

“The same day he received the proceeds from the sale of Waihopai’s assets, he transferred the money to his wife. Due to the (self-imposed) limit on his bank account, which limited single transfers to the sum of $50,000, he had to go around 55 electronic transfers. He made all these transfers in one evening.”

Yi Lu later claimed he was about to travel overseas to visit his ailing father, “and he followed his previous practice of transferring all his money to his wife in case he should suffer an accident while he was away.”

However, the judge said Yi Lu had not booked a trip and his explanation was “not credible”.

View over the Matakana Estate winery.  Photo / Included
View over the Matakana Estate winery. Photo / Included

Judge Gordon found that “the undercover sale” of Waihopai’s assets and distribution of the proceeds shortly before the original hearing date “bearing the hallmarks of a transaction conducted with intent to provide legal certainty to Waihopai and Mr. Chen.”

“The payments should disadvantage and penalize the plaintiffs as creditors.”

The decision states that Chen introduced the couple to the Matakana business opportunity after learning that the vineyard’s previous owners were under receivership.

He told the court he had no experience in the wine industry, “but he was drawn to the idea of ​​living in Matakana on a property surrounded by grapes.”

Huang agreed to fund the purchase, and Chen would later repay his $1.47 million share in three installments, but the payments were never received.

The couple claimed Chen was responsible for getting the OIO’s approval, but the judge ruled that he had only offered his help.

Huang – who lives mostly in China while his wife runs the Matakana vineyard and luxury lodge – claimed Chen’s wife Jackie traveled to see him in China in May 2013, claiming Chen was in urgent need of money or the Waihopai vineyard would be auctioned off by bankruptcy trustees .

“Mr. Huang’s evidence was that Jackie Huang was very upset; she told him that she had suicidal thoughts and that she and Mr. Chen could be left with nothing.”

Concerned that Chen would go bankrupt, thereby jeopardizing Matakana’s assets still in Chen’s name, Huang agreed to help.

He advanced Chen $1.2 million to stave off the auction. He then advanced Chen a similar amount for the Marlborough winery, all of which he regarded as a loan.

Chen, who was CEO of Matakana operations and director of Waihopai Winery, took time off in 2016 due to “burnout.”

The couple then resigned from their employment and the business relationship ended.

The couple sent Chen a $4.5 million loan repayment request in May 2018, but he refused to pay. Legal action was taken the following year.

The judge ruled that no partnership agreement was in effect, as Chen alleges, and that Huang’s Waihopai cash advances were loans, not investments.

He also ruled that Chen violated the joint venture agreement by not repaying Huang $1.47 million for the purchase of Matakana and by not transferring the winery’s title.

However, the judge ordered Matakana Wines to pay Chen $530,000 for advances he made in 2015-16.

Chen told the Herald he disagreed with the findings and has appealed. He declined to comment further while the matter was in court.

Chrissy Lu said she believes Chen took advantage of their friendship and trust, which is central to Chinese business culture.

“Like most Chinese businessmen, going to court was a last resort. It took us five years of time and energy, with significant legal costs, to achieve this result.

“While we are grateful for the outcome of the process, it will never make up for the missed opportunities and worries of the last 10 years.”

]]>
The NC governor wants a state tax-exempt loan write-off https://hovcalculator.com/the-nc-governor-wants-a-state-tax-exempt-loan-write-off/ Wed, 14 Sep 2022 17:03:00 +0000 https://hovcalculator.com/the-nc-governor-wants-a-state-tax-exempt-loan-write-off/ RALEIGH, NC (AP) — North Carolina Gov. Roy Cooper wants the General Assembly to pass legislation exempting individuals from state income taxes on the student loan waiver announced by President Joe Biden last month. The White House has said the value of that forgiveness — as much as $20,000 for some — is exempt from […]]]>

RALEIGH, NC (AP) — North Carolina Gov. Roy Cooper wants the General Assembly to pass legislation exempting individuals from state income taxes on the student loan waiver announced by President Joe Biden last month.

The White House has said the value of that forgiveness — as much as $20,000 for some — is exempt from federal income tax, citing language in America’s 2021 bailout law. But North Carolina appears to be one in a half-dozen being states where amounts would remain subject to state tax.

The Democratic governor noted that the General Assembly passed legislation in 2021 that exempted loans from the corporate paycheck protection program from state income taxes and allowed recipients to deduct expenses paid with those loans.

“Republican lawmakers were quick to bail out corporations and should now right this fundamental injustice for many hard-working people who are being hit hard,” Cooper said in a press release Wednesday. North Carolina’s individual income tax rate of 4.99% will drop to 4.75% in 2023.

The main working period of the General Assembly for the year ended July 1st. Since then, lawmakers have held monthly three-day administrative meetings. The next meeting of this kind is next week. The legislature has the power to discuss substantive legislation during these sessions.

Political cartoons

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, transcribed or redistributed.

]]>
Stocks recover from a stumble on Wall Street and end higher https://hovcalculator.com/stocks-recover-from-a-stumble-on-wall-street-and-end-higher/ Fri, 09 Sep 2022 00:43:00 +0000 https://hovcalculator.com/stocks-recover-from-a-stumble-on-wall-street-and-end-higher/ Shares rebounded from a midday stumble and closed higher on Thursday, keeping major indices on track for their first weekly gain in four weeks. The Standard & Poor’s 500 Index ended 0.7% higher after recovering from an initial 0.9% decline. The Dow Jones Industrial Average and Nasdaq Composite each gained 0.6% after ending their own […]]]>

Shares rebounded from a midday stumble and closed higher on Thursday, keeping major indices on track for their first weekly gain in four weeks.

The Standard & Poor’s 500 Index ended 0.7% higher after recovering from an initial 0.9% decline. The Dow Jones Industrial Average and Nasdaq Composite each gained 0.6% after ending their own bumpy rides. Indices are on track for a weekly gain after posting losses for the past three weeks.

Wall Street was keeping an eye on interest rates, as was the European Central Bank biggest rate increase of all time to fight inflation. The move is in line with moves by the US Federal Reserve and other central banks.

Investors also heard from Fed Chair Jerome H. Powell, who affirmed the central bank’s commitment to keep interest rates high for as long as necessary to contain inflation.

Traders “were initially surprised at how firm the Fed’s position on fighting inflation remains,” said Sam Stovall, CFRA’s chief investment strategist. “But once investors realized he wasn’t really saying anything other than what he had previously said, markets bounced back.”

The S&P 500 rose 26.31 points to 4,006.18. It’s up 2.1% so far this week.

The Dow swung from a 259-point loss to a 193.24-point gain to close at 31,744.52. The Nasdaq gained 70.23 points to 11,862.13.

Smaller company stocks also gained ground after an initial setback. The Russell 2000 was up 14.90 points, or 0.8%, to 1,846.91.

Stocks have lost ground for most of the past few weeks after the Federal Reserve indicated it will not stop raising interest rates in a bid to slash the highest inflation in decades for the foreseeable future. The interest rate policy of the Fed and other central banks, which also have a strong influence on the stock and bond markets, has moved into the focus of investors.

On the same day that the European Central Bank delivered its big rate hike, Powell told a monetary policy conference hosted by the Cato Institute, a think tank that promotes libertarian ideas, that the Fed will keep rates high “until.” the job is done”. bring inflation back to its 2% target.

“There have been a number of failed attempts to bring inflation under control, which only increases the ultimate cost to society,” Powell said.

The Fed has hiked rates four times already this year, and markets are expecting it to deliver another whopping three-quarters of a percentage point hike at its next meeting in two weeks.

Powell” sounded very resolute in that [Fed’s] Mission to contain inflation, thereby likely giving more credence to the possibility of a 75 basis point hike at the September meeting,” Stovall said.

One of the Fed’s biggest fears is that households and businesses will start keeping inflation high over the long term, which could lead them to buy in ways that create a vicious cycle that makes inflation even harder to shake.

The Fed has been criticized for not taking inflation seriously earlier, and Powell said setting interest rate policy is both an art and a science. A big question remains whether the high inflation ravaging economies around the world is a one-off phenomenon caused by the pandemic, or the start of something more permanent.

Bond yields rose across the board as traders weighed Powell’s comments and the ECB’s rate hike. The two-year Treasury yield, which is trending in line with expectations for Fed action, rose to 3.52% from 3.44%. The 10-year Treasury yield, which drives interest rates on mortgages and other loans, rose to 3.32% from 3.27% late Tuesday.

Healthcare stocks accounted for a large portion of the S&P 500’s gains. Regeneron Pharmaceuticals rose 18.8% after the company and its partner Bayer reported encouraging study data on a drug to treat blindness.

]]>
President Biden announces student loan forgiveness of up to $20,000 https://hovcalculator.com/president-biden-announces-student-loan-forgiveness-of-up-to-20000/ Tue, 06 Sep 2022 05:19:54 +0000 https://hovcalculator.com/president-biden-announces-student-loan-forgiveness-of-up-to-20000/ By Connie Lee and Samantha Padilla, September 6, 2022 President Biden announced Aug. 24 that the US Department of Education would unveil a three-part plan to promise $10,000 in federal student loan forgiveness. According to the White House, the three-part plan begins with debt relief for those who have been financially impacted during the pandemic. […]]]>

By Connie Lee and Samantha Padilla, September 6, 2022

President Biden announced Aug. 24 that the US Department of Education would unveil a three-part plan to promise $10,000 in federal student loan forgiveness.

According to the White House, the three-part plan begins with debt relief for those who have been financially impacted during the pandemic. Pell Grant recipients with Department of Education borrowed loans receive up to $20,000 in loan forgiveness. Borrowers who are not eligible for Pell Grant will receive up to $10,000 in debt relief. In order for the repayments to be successfully adjusted, the repayment was paused until December 31, 2022.

“Based on the news I’ve heard about President Biden’s student loan forgiveness, I can honestly say it’s a huge relief and I’m excited to see how that plays out,” said Edgar Castañeda, a biology major. “I feel this would definitely help our students like me who are struggling to pay off large loans while still trying to manage our ability to afford our tuition and fees.”

The second part of the plan is to ensure that the student loan system is affordable for students. That way, students pay half of the monthly payments, resulting in a reduction of more than $1,000 for future loan recipients. The ultimate plan is to lower the cost of college by increasing Pell Grants and making community college free.

In America, an estimated $1.6 trillion in federal student loan debt represents significant student surcharge. Student loans are the most well-known form of consumer borrowing for higher education in the United States and have grown tremendously over the years.

Under President Biden’s plan, 43 million borrowers will be granted loan forgiveness and about 20 million borrowers will be forgiven student debt the White House.

With the recent announcement of student loan forgiveness, several CPP borrowers have contacted the FAFSA asking if they are eligible for the forgiveness plan and would like to know how to enroll in the process. The official FAFSA website crashed after President Biden’s announcement in the first three days of the proposal.

Federal loans are forgiven after a process to qualify for the forgiveness plan. For borrowers who are already on the system, their loans will be canceled automatically as their income information is already on file. However, those who are not in the system must log in and verify that they are eligible, e.g. B. Provide information such as their annual income and the number of loans they have.

“I have a feeling there’s always going to be a catch,” said Denise Benavides, a social work student. “I am glad that we are being supported and some of the debt is being forgiven, especially during today’s difficulties. I think it will also affect the students of the future generation because tuition fees are increasing every year despite inflation.”

Student debt relief will help over 8 million borrowers, with 87% of student loan cancellations benefiting those whose annual income is less than $75,000, and 13% of the relief will help borrowers with individual incomes of $75,000 to $125,000.

“Finally. That’s what our president has been promising since his election,” said David Jimenez, advisor and graduate student at the CPP Office of Financial Aid and Scholarships. “I thought it was kind of out of the door and maybe a little overpromising that he wasn’t delivering.” I thought there would be more, but at the end of the day it’s better than nothing, so I think it’s the help no matter what.”

According to the Department of Education, the student loan debt relief application will be available in October and will take about four to six weeks to fully process.

For more information visit CPP Financial Aid and Scholarships and FAFSA.

Feature image courtesy of Sasun Bugdaryan.

]]>
Securities financiers move news https://hovcalculator.com/securities-financiers-move-news/ Thu, 01 Sep 2022 16:00:18 +0000 https://hovcalculator.com/securities-financiers-move-news/ Effective today, State Street Bank International has appointed Christian Schuetze as Managing Director and Head of Financing Solutions Europe. Schuetze brings more than 20 years of financial sector experience to this role, where he will drive business growth as State Street takes the next step in Global Markets’ continental European growth strategy – the firm’s […]]]>

Effective today, State Street Bank International has appointed Christian Schuetze as Managing Director and Head of Financing Solutions Europe.

Schuetze brings more than 20 years of financial sector experience to this role, where he will drive business growth as State Street takes the next step in Global Markets’ continental European growth strategy – the firm’s securities business.

Shooter exits State Street Society Generale Corporate and Investment Banking, where he previously led cross-asset secured financing sales for Germany and Austria.

In this function, Schuetze was responsible for the sale of securities financing products in Germany, Austria and Confoederatio Helvetica (DACH) as well as Scandinavia.

He left the company in May 2022 after an eight-year tenure and enjoyed a period of gardening before assuming his current position at State Street.

Previously, during his tenures at the Royal Bank of Scotland from 2010 to 2013 and at BNP Paribas from 2007 to 2010, Schuetze led the distribution of equity derivatives and equity financing offerings in London and Frankfurt.

At the beginning of his career, Schuetze worked in the distribution of equity derivatives and market making at WestLB.

]]>
Stocks fall for a third day on concerns central banks will hike rates further, Dow down 300 points https://hovcalculator.com/stocks-fall-for-a-third-day-on-concerns-central-banks-will-hike-rates-further-dow-down-300-points/ Tue, 30 Aug 2022 17:44:00 +0000 https://hovcalculator.com/stocks-fall-for-a-third-day-on-concerns-central-banks-will-hike-rates-further-dow-down-300-points/ Stocks fell for a third day, threatening a comeback in summer markets as the Federal Reserve and other global central bankers continued to signal they would raise interest rates to dampen inflation despite the negative impact on economic growth and potentially corporate earnings . The S&P 500 fell 1.2% below the 4,000 mark, while the […]]]>

Stocks fell for a third day, threatening a comeback in summer markets as the Federal Reserve and other global central bankers continued to signal they would raise interest rates to dampen inflation despite the negative impact on economic growth and potentially corporate earnings .

The S&P 500 fell 1.2% below the 4,000 mark, while the Nasdaq Composite lost 1.4%. Meanwhile, the Dow Jones Industrial Average slipped 313 points, or 1%. The S&P 500 fell more than 3% on Friday following anti-inflationary comments from Fed Chair Jerome Powell and continued to fall this week. The benchmark’s comeback from its mid-June low has been reduced to 9%.

The latest comments came from New York Fed President John Williams on Tuesday. “I think since demand far outstrips supply, we need to get real interest rates … above zero. We need some tightening policies to curb demand and we’re not there yet,” Williams told the Wall Street Journal.

“We’re a long way from that,” he added.

Williams’ comments follow similar views expressed by European Central Bank policymaker and Estonian central bank governor Madis Muller, who on Tuesday said the central bank should discuss a 75 basis point rate hike in September amid exceptionally high inflation.

Short-term interest rates continued their upward trend as investors bet on further rate hikes. The 2-year Treasury yield reached its highest level in almost 15 years.

“Markets are fragile and reception is hawkish [by the Fed Friday] shows that they are trying to make it crystal clear that the Fed pivot is not in sight and they will continue to have inflation as their top priority,” said Stephanie Lang, Homrich Berg’s chief investment officer. “This narrative is going to continue to pressure the market. We’re just going to have a lot of volatility… until the end of the year.”

She added that all eyes are on Friday’s jobs report, but a strong number would only mean more of the same rhetoric from the Fed on its commitment to cutting inflation.

“We’re at a difficult point, but I don’t think any particular data point will ease the market,” Lang said. “You need to see the actual inflation data continue to move lower for several months for the Fed to feel any reassurance.”

Energy prices fell on Tuesday, with West Texas Intermediate futures, the US oil benchmark, falling more than 5.4%. Natural gas futures also collapsed.

]]>