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Kevin O'Leary says California is worst run state

Blessed with stunning coastlines and splendid weather, California is renowned for its scenic beauty, dynamic urban centers and diverse cultural fabric. But “Shark Tank” star Kevin O’Leary is not a fan of the Golden State. He recently labeled it as the “worst managed” and “most uncompetitive” state in the country. O’Leary's comments emerged during a recent Fox Business interview when he was asked about the push for a $50 per hour federal minimum wage by Rep. Barbara Lee, D-Calif. “The problem with that narrative is it does not discuss the real root issue,” O’Leary said. He specifically criticized San Francisco, describing the city as “an absolute warzone” and citing it as an example of “how you can get to being a rat hole over 10 years.” He suggested that rather than focusing on minimum wage issues, California's politicians should improve how the state is run. “So why not discuss better management of the resources versus just continuing to pay for inefficiency and lack of executional skills? That place is a loser state — the number one loser state on my list of winners and losers,” he stated.

By Jing Pan | 02.20.24

Blessed with stunning coastlines and splendid weather, California is renowned for its scenic beauty, dynamic urban centers and diverse cultural fabric. But “Shark Tank” star Kevin O’Leary is not a fan of the Golden State. He recently labeled it as the “worst managed” and “most uncompetitive” state in the country. O’Leary's comments emerged during a recent Fox Business interview when he was asked about the push for a $50 per hour federal minimum wage by Rep. Barbara Lee, D-Calif. “The problem with that narrative is it does not discuss the real root issue,” O’Leary said. He specifically criticized San Francisco, describing the city as “an absolute warzone” and citing it as an example of “how you can get to being a rat hole over 10 years.” He suggested that rather than focusing on minimum wage issues, California's politicians should improve how the state is run. “So why not discuss better management of the resources versus just continuing to pay for inefficiency and lack of executional skills? That place is a loser state — the number one loser state on my list of winners and losers,” he stated.

By Jing Pan | 02.20.24

Biden unveils new student debt forgiveness scheme

President Joe Biden is not backing down in his quest to free Americans from their student debt shackles. Just weeks after canceling almost $5 billion in student loan debt for thousands of public servants and low-income borrowers, the Biden Administration has announced a new proposal to expand forgiveness to those facing financial “hardship.” This could be one of President Biden’s biggest student debt cancelation moves yet — as alluded to by the Department of Education under secretary James Kvaal, who said the plan is to “give breathing room to as many student loan borrowers as possible.” Here’s who stands to benefit.

By Bethan Moorcraft | 02.16.24

President Joe Biden is not backing down in his quest to free Americans from their student debt shackles. Just weeks after canceling almost $5 billion in student loan debt for thousands of public servants and low-income borrowers, the Biden Administration has announced a new proposal to expand forgiveness to those facing financial “hardship.” This could be one of President Biden’s biggest student debt cancelation moves yet — as alluded to by the Department of Education under secretary James Kvaal, who said the plan is to “give breathing room to as many student loan borrowers as possible.” Here’s who stands to benefit.

By Bethan Moorcraft | 02.16.24

What is the current US inflation rate?

The current annual inflation rate is 3.1%, compared to 3.4% last month. Inflation rose 0.3% month-over-month in January, after increasing 0.3% in December, according to the latest report from the U.S. Bureau of Labor Statistics released on February 13, 2024. Back in June 2022, inflation hit a 40-year high of 9.1%.

By Dina Al-Shibeeb | 02.16.24

The current annual inflation rate is 3.1%, compared to 3.4% last month. Inflation rose 0.3% month-over-month in January, after increasing 0.3% in December, according to the latest report from the U.S. Bureau of Labor Statistics released on February 13, 2024. Back in June 2022, inflation hit a 40-year high of 9.1%.

By Dina Al-Shibeeb | 02.16.24

Mississippi offers Amazon 100% tax cut for project

A young woman has slammed Mississippi lawmakers for offering tech goliath Amazon a huge tax cut to embark on a massive development project. Amazon has been given the green light to begin a major cloud computing project in Mississippi, along with some major financial incentives to hit the ground running. But while the deal will bring jobs and money to the state, not everyone is happy with handouts being given to a multi-billion-dollar corporation — especially when many of the state’s residents are living under the poverty line. TikTok user Maddie took to the platform to vent her disbelief and frustration. “I just saw that Mississippi proposed a tax cut for Amazon — a 100% tax cut,” she said in a clip that has amassed 1.2 million views and drawn 4,000 comments since being posted Feb. 2. “It’s going to be hilarious when all these mega corporations get to the point where there is no more demand because people can’t afford to buy anything anymore.” Many of the comments shared Maddie’s sentiment. One user wrote: “We pay taxes so the corporations don’t have to.” Are they right to be annoyed?

By Bethan Moorcraft | 02.16.24

A young woman has slammed Mississippi lawmakers for offering tech goliath Amazon a huge tax cut to embark on a massive development project. Amazon has been given the green light to begin a major cloud computing project in Mississippi, along with some major financial incentives to hit the ground running. But while the deal will bring jobs and money to the state, not everyone is happy with handouts being given to a multi-billion-dollar corporation — especially when many of the state’s residents are living under the poverty line. TikTok user Maddie took to the platform to vent her disbelief and frustration. “I just saw that Mississippi proposed a tax cut for Amazon — a 100% tax cut,” she said in a clip that has amassed 1.2 million views and drawn 4,000 comments since being posted Feb. 2. “It’s going to be hilarious when all these mega corporations get to the point where there is no more demand because people can’t afford to buy anything anymore.” Many of the comments shared Maddie’s sentiment. One user wrote: “We pay taxes so the corporations don’t have to.” Are they right to be annoyed?

By Bethan Moorcraft | 02.16.24

Mortgage rate trends this week

Thirty-year fixed mortgage rates have increased, from an average 6.64% last week to 6.77%. "On the heels of consumer prices rising more than expected, mortgage rates increased this week,” says Sam Khater, chief economist at housing giant Freddie Mac. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”

By Leslie Kennedy | 02.15.24

Thirty-year fixed mortgage rates have increased, from an average 6.64% last week to 6.77%. "On the heels of consumer prices rising more than expected, mortgage rates increased this week,” says Sam Khater, chief economist at housing giant Freddie Mac. “The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.”

By Leslie Kennedy | 02.15.24

'Someone's got to pay' for restaurant wage hikes

Dining out is becoming increasingly expensive in America, with the latest government data showing a 5.1% year-over-year increase in the price of eating food away from home as of January. Andrew Wiederhorn, chairman and founder of restaurant operator FAT Brands, suggests that consumers should brace for higher costs while dining out when there are minimum wage increases. In an interview with Fox Business, Wiederhorn discussed the implications of the minimum wage increase to $20 an hour for fast food workers in California set to take effect in April. He said that the financial burden of this wage hike would ultimately fall on customers. “Someone's got to pay for it and the restaurant operators don't have the margin for that,” he said. “So, prices are going to go up.”

By Jing Pan | 02.15.24

Dining out is becoming increasingly expensive in America, with the latest government data showing a 5.1% year-over-year increase in the price of eating food away from home as of January. Andrew Wiederhorn, chairman and founder of restaurant operator FAT Brands, suggests that consumers should brace for higher costs while dining out when there are minimum wage increases. In an interview with Fox Business, Wiederhorn discussed the implications of the minimum wage increase to $20 an hour for fast food workers in California set to take effect in April. He said that the financial burden of this wage hike would ultimately fall on customers. “Someone's got to pay for it and the restaurant operators don't have the margin for that,” he said. “So, prices are going to go up.”

By Jing Pan | 02.15.24

O’Leary slams Delaware’s ruling to revoke Musk pay

Elon Musk has taken aim at his latest archnemesis: the state of Delaware. The bad blood seems to be tied to a recent decision by Chancellor Kathaleen St. J. McCormick, a Delaware judge, who voided Elon Musk's 2018 $56 billion compensation package from Tesla. McCormick’s ruling deemed this sum "unfathomable" and the process “unfair.” Musk took to X to share his response to the decision: “Never incorporate your company in the state of Delaware.” This sentiment found resonance with “Shark Tank” star Kevin O’Leary, who expressed worry the decision could have dire repercussions for the state in a recent interview with Fox Business. “The traditional place to incorporate was always Delaware because of stable policy. We never had cases like this that questioned the will of directors or compensation of audit committees, and all of a sudden this ruling changes everything,” he said, adding that the court’s decision takes Delaware from “the winner state column to the loser state column.”

By Jing Pan | 02.14.24

Elon Musk has taken aim at his latest archnemesis: the state of Delaware. The bad blood seems to be tied to a recent decision by Chancellor Kathaleen St. J. McCormick, a Delaware judge, who voided Elon Musk's 2018 $56 billion compensation package from Tesla. McCormick’s ruling deemed this sum "unfathomable" and the process “unfair.” Musk took to X to share his response to the decision: “Never incorporate your company in the state of Delaware.” This sentiment found resonance with “Shark Tank” star Kevin O’Leary, who expressed worry the decision could have dire repercussions for the state in a recent interview with Fox Business. “The traditional place to incorporate was always Delaware because of stable policy. We never had cases like this that questioned the will of directors or compensation of audit committees, and all of a sudden this ruling changes everything,” he said, adding that the court’s decision takes Delaware from “the winner state column to the loser state column.”

By Jing Pan | 02.14.24

Kiyosaki warns the S&P 500 is about to crash 70%

The positive trajectory of stocks in 2023 has extended into 2024. However, Robert Kiyosaki, the bestselling author of "Rich Dad Poor Dad," foresees a grim future for stock market investors. “The S&P is about to crash by 70%,” he declared in a recent tweet, urging his audience to “prepare for the biggest crash in history.” His warning starkly contrasts with the benchmark index's recent performance: The S&P 500 surged by 24% in 2023 and has already risen 5% in 2024. Yet, the renowned author's caution extends beyond a mere stock market crash; he is also alerting people to the potential decline of U.S. dominance.

By Jing Pan | 02.14.24

The positive trajectory of stocks in 2023 has extended into 2024. However, Robert Kiyosaki, the bestselling author of "Rich Dad Poor Dad," foresees a grim future for stock market investors. “The S&P is about to crash by 70%,” he declared in a recent tweet, urging his audience to “prepare for the biggest crash in history.” His warning starkly contrasts with the benchmark index's recent performance: The S&P 500 surged by 24% in 2023 and has already risen 5% in 2024. Yet, the renowned author's caution extends beyond a mere stock market crash; he is also alerting people to the potential decline of U.S. dominance.

By Jing Pan | 02.14.24

Does Blackstone's CEO fear 4 more years of Biden?

Stephen Schwarzman, CEO of the Blackstone Group, has serious concerns about whether the U.S. economy can handle another term under President Joe Biden. When asked about how he thinks Biden winning re-election in November might impact the economy, Schwarzman didn’t have an optimistic view. “We’ve now got $2 trillion deficits with no end in sight. We’ve got our debt-to-GDP [ratio] going up. We’ve got open borders with 8 million people coming over,” the billionaire businessman — and Republican mega donor — told Bloomberg. “I don’t know that the country, frankly, is prepared for four more years of that.” The country, however, may not need to prepare for Schwarzman’s apparent worst-case scenario. While the election is still months away, early polls suggest former President Donald Trump has a sizeable 11-point lead over Biden — specifically when it comes to the matter of handling the economy, according to the Financial Times. Around 42% of respondents in the Financial Times poll believe Trump would be the best choice to lead for the economy going forward, compared to just 31% who chose Biden. The remaining 27% were undecided or pulling for another candidate. Here’s what’s got Schwarzman alarmed and how it could impact you — whichever candidate you’re rooting for.

By Bethan Moorcraft | 02.14.24

Stephen Schwarzman, CEO of the Blackstone Group, has serious concerns about whether the U.S. economy can handle another term under President Joe Biden. When asked about how he thinks Biden winning re-election in November might impact the economy, Schwarzman didn’t have an optimistic view. “We’ve now got $2 trillion deficits with no end in sight. We’ve got our debt-to-GDP [ratio] going up. We’ve got open borders with 8 million people coming over,” the billionaire businessman — and Republican mega donor — told Bloomberg. “I don’t know that the country, frankly, is prepared for four more years of that.” The country, however, may not need to prepare for Schwarzman’s apparent worst-case scenario. While the election is still months away, early polls suggest former President Donald Trump has a sizeable 11-point lead over Biden — specifically when it comes to the matter of handling the economy, according to the Financial Times. Around 42% of respondents in the Financial Times poll believe Trump would be the best choice to lead for the economy going forward, compared to just 31% who chose Biden. The remaining 27% were undecided or pulling for another candidate. Here’s what’s got Schwarzman alarmed and how it could impact you — whichever candidate you’re rooting for.

By Bethan Moorcraft | 02.14.24

Chipotle warns of 'significant' price hikes coming

Fast-food chain Chipotle is stuck between a guac and a hard place. A new minimum wage law for fast-food workers in California — home to around 15% of Chipotle’s restaurants — is forcing the popular chain to consider menu price hikes, despite the backlash that may cause with consumers left to fit the bill. “We know we have to take something of a significant increase, when you talk about a 20%-ish increase in wages,” Jack Hartung, Chipotle’s chief financial and administrative officer, told investors during an earnings call earlier this month. California’s new law (AB 1228) — signed into law by Gov. Gavin Newsom on Sept. 28, 2023 — will hike fast-food workers’ wages up to $20 an hour, starting April 1, 2024. It has sparked intense backlash from fast food giants — including Chipotle and McDonald’s — over how they can assume these heightened labor costs, while also protecting their gross margins. “We haven’t made a final decision, in terms of pricing,” Hartung noted. “We’ll wait and see what the landscape looks like, what the consumer sentiment is [and] what other companies are going to do.”

By Bethan Moorcraft | 02.13.24

Fast-food chain Chipotle is stuck between a guac and a hard place. A new minimum wage law for fast-food workers in California — home to around 15% of Chipotle’s restaurants — is forcing the popular chain to consider menu price hikes, despite the backlash that may cause with consumers left to fit the bill. “We know we have to take something of a significant increase, when you talk about a 20%-ish increase in wages,” Jack Hartung, Chipotle’s chief financial and administrative officer, told investors during an earnings call earlier this month. California’s new law (AB 1228) — signed into law by Gov. Gavin Newsom on Sept. 28, 2023 — will hike fast-food workers’ wages up to $20 an hour, starting April 1, 2024. It has sparked intense backlash from fast food giants — including Chipotle and McDonald’s — over how they can assume these heightened labor costs, while also protecting their gross margins. “We haven’t made a final decision, in terms of pricing,” Hartung noted. “We’ll wait and see what the landscape looks like, what the consumer sentiment is [and] what other companies are going to do.”

By Bethan Moorcraft | 02.13.24

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