WASHINGTON/NEW YORK (Reuters) – Wells Fargo & Co (WFC.N) must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal Reserve. FILE PHOTO: The Wells Fargo name is shown on an office town in downtown […]
In a tight labor market, companies bet big on five-year rewards
NEW YORK (Reuters) – In the old days, longtime employees in the United States were honored with a gold watch after 30 years or so at a company. FILE PHOTO: A woman is seen in silhouette walking through Grand Central Station in New York September 25, 2014. REUTERS/Shannon Stapleton Well, they have got nothing on […]
Live-Streaming Your Broke Self for Rent Money
VideoLive-Streaming Your Broke Self for Rent Money Jovan Hill, 25, dropped out of college and is unemployed. So how does he pay for his Brooklyn apartment and marijuana habit? His social media followers chip in. By Mike Vilensky Dec. 8, 2018 On a lazy Sunday in September, Jovan Hill, a 25-year-old unemployed man in Brooklyn, […]
Wealth Matters: The Secret to Buying the Perfect Diamond
Tom Taira, a co-founder of the auto website TrueCar, was in the market for a new diamond for his wife, Stephanie. He wanted to replace the one he had given her for their engagement 10 years earlier with the diamond and setting that he wished he could have afforded then. But finding a 2.8-carat emerald-cut […]
Your Money Adviser: How to Get the Most From a Health Savings Account
Choosing a health savings account can be daunting, especially for people funding one for the first time. But some comparison shopping can help minimize fees and maximize savings, researchers say. Providers of health savings accounts are generally doing a better job of disclosing details like fees and investment options, said Leo Acheson, associate director of […]
Economic View: The Housing Boom Is Already Gigantic. How Long Can It Last?
We are, once again, experiencing one of the greatest housing booms in United States history. How long this will last and where it is heading next are impossible to know now. But it is time to take notice: My data shows that this is the United States’ third biggest housing boom in the modern era. […]
Investors flee bonds and stocks in turbulent week for growth and trade
LONDON (Reuters) – Investors pulled billions from bonds and stocks this week as U.S. bond movements triggered fears over global growth and a trade tussle between the United States and China heated up, strategists at Bank of America Merrill Lynch said on Friday. Traders work on the floor of the New York Stock Exchange (NYSE) […]
Medicare Advantage plans get unfair push from U.S. government: critics
CHICAGO (Reuters) – Insurance companies do not need any help marketing Medicare Advantage plans – just ask anyone over age 65 about the pitches that clog their mailboxes every year during the fall enrollment period, or check out the television ads that flood cable channels. FILE PHOTO: Pharmaceutical tablets and capsules are arranged in the […]
Your Money: A Teacher’s Long Road to Student Loan Forgiveness (and a $4,500 Surprise)
Jed Shafer’s wife, Mary, riffled through the mail on Nov. 29, no longer expecting any unwelcome news. For a couple of years, that daily sorting of papers had been fraught: The couple had been mired in the federal public service loan forgiveness program’s appeal process. Mr. Shafer’s attempts to get credit for qualifying payments that […]
Employee rights group says Wells Fargo declined planned meeting
(Reuters) – A union-backed bank employee rights group is complaining after Wells Fargo & Co declined to meet with members last week, according to a letter sent to Chief Executive Tim Sloan viewed exclusively by Reuters. A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake Members of […]
BlackRock's Rieder buying longer-term bonds as Fed pause seems likely
NEW YORK (Reuters) – BlackRock Inc’s (BLK.N) Rick Rieder is buying longer-term bonds because softening inflation could force the U.S. Federal Reserve to pause interest rate hikes, the top fixed-income investor told Reuters this week. FILE PHOTO – Rick Rieder, BlackRock’s Global Chief Investment Officer, speaks during the Reuters Global Investment Outlook Summit in New […]
Social Q’s: Can I Ask My Parents for an Advance on My Inheritance?
I am buying a house. I have a plan to afford it, but it would be much easier if my parents (in their 80s) gave me an “advance” on the money they will leave me. I hate to sound crass, but I’d like to enjoy some of it while they’re alive — maybe even host […]
First steps towards a life of giving back
NEW YORK (Reuters) – Here is some good news to hold onto this holiday season: Americans are giving more than ever. FILE PHOTO: U.S. Agency for International Development (USAID) Administrator Rajiv Shah gestures during the announcement of the U.S. Global Development Lab to help end extreme poverty by 2030, in New York April 3, 2014. […]
DoubleLine's Gundlach says Treasuries point to economy ready to weaken
NEW YORK (Reuters) – Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said the U.S. Treasury yield curve inversion on short-end maturities was signaling the “economy is poised to weaken.” Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid Gundlach […]
DoubleLine's Gundlach: Treasury curve inversion signal 'economy poised to weaken'
Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital LP., speaks at the Sohn Investment Conference in New York City, U.S. May 4, 2016. REUTERS/Brendan McDermid NEW YORK (Reuters) – Jeffrey Gundlach, Chief Executive Officer of DoubleLine Capital, says the U.S. Treasury yield curve inversion on short end maturities are signaling that the “economy is poised to […]
Your Money: Marriott Hack Adds Passport Headache, but Its Intensity Is in Dispute
It has become a familiar dance: A company reports a data breach, and you dutifully change your passwords, ask for a new credit card and hope your information doesn’t end up for sale on the dark web. But the hack that last week engulfed Marriott — and 500 million of its customers — has added […]
U.S. top court signals it will buttress anti-fraud securities laws
WASHINGTON (Reuters) – U.S. Supreme Court justices on Monday appeared reluctant to further limit the scope of who can be held liable for violating laws that protect investors from securities fraud as they weighed an appeal by a New York investment banker who had been banned from the industry. FILE PHOTO: U.S. Supreme Court Associate […]
Moelis hires from BlackRock, hedge fund for activist defense team
(Reuters) – Investment bank Moelis & Co said on Monday it has hired an executive from the world’s largest index fund manager, BlackRock Inc, as well as a hedge fund professional, for its team advising companies facing activist shareholders. Ted Moon, who had been a principal at Will Mesdag’s hedge fund Red Mountain Capital Partners, […]
Can better cancer care lower company's health costs?
NEW YORK (Reuters) – When companies try to tackle rising healthcare costs, shifting more of the burden to employees is increasingly the strategy of choice. FILE PHOTO: A scientist prepares protein samples for analysis in a lab at the Institute of Cancer Research in Sutton, Britain, July 15, 2013. REUTERS/Stefan Wermuth/File Photo But Activision Blizzard, […]
Losses at Einhorn's hedge fund Greenlight grow in November
FILE PHOTO – David Einhorn, President of Greenlight Capital, Inc., presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. REUTERS/Brendan McDermid BOSTON (Reuters) – Billionaire investor David Einhorn told investors on Friday that losses at his hedge fund Greenlight Capital grew this month, leaving the fund down nearly 28 […]
Your Money: We Went to a Steak Dinner Annuity Pitch. The Salesman Wasn’t Pleased.
LOS ANGELES — The pitch arrived in my aunt’s mailbox, just after her 80th birthday and in the wake of a few frightening weeks for retirement investors. “Tired of the stock market roller coaster ride? Want to protect your principal and lock in interest earnings?” the invitation read. It offered the opportunity to hear all […]
Equities fund Brenham Capital to shut as energy stocks plunge
NEW YORK (Reuters) – Brenham Capital Management LP, an energy equities fund manager with about $800 million in assets under management, will shut after two years of losses, its founder said in a letter to investors on Friday. The Dallas-based fund will be liquidated and investor capital will be returned at the end of the […]
Wealth Matters: When the Social Mission Comes Before Making a Buck
A granola bar can stave off hunger, but can it save a life? Two American actors, Ryan Devlin and Todd Grinnell, are aiming to find out. On a humanitarian trip to Liberia in 2007, the pair visited a clinic where they saw beds filled with children being treated for malnutrition — a preventable condition, they […]
Your Money Adviser: Those Halls Won’t Deck Themselves: Pros Help With Holiday Lights
It is that time of year again, the time for outdoor holiday lighting, and homeowners now have options besides climbing a ladder in the cold to hang decorations. Professional lighting installers say business is brisk as the economy skates along, with homeowners willing to pay to avoid the headache of untangling strings of lights and […]
Strategies: The Stock Market’s Dangers Are Easier to See Now
Project ahead a year or two: It is much easier to make a case for a troubled stock market than for a booming one. Start with the performance of the market itself. Although stocks surged on Wednesday, a rocky autumn wiped out most of the year’s gains, and investors are having difficulty mustering arguments for […]
U.S. mutual fund sales signal retail investor caution
U.S. dollar banknotes are seen through a printed stock graph in this illustration taken February 7, 2018. REUTERS/Dado Ruvic/Illustration NEW YORK (Reuters) – U.S. mutual fund investors pulled $13.7 billion from stocks and bonds during the latest week, according to data released on Thursday by Lipper underscoring retail investors’ rising concerns over turbulent markets. After […]
Column: Future U.S. seniors to face housing crunch as wealth declines
CHICAGO (Reuters) – American homes are showing their age – not the houses, but the people living in them. Elderly people sit on a park bench after sun set in Encinitas, California, U.S., July 5, 2017. REUTERS/Mike Blake In 2016, about 55 percent of U.S. households (or about 65 million households) were headed by someone […]
What I Learned From Tracking My Spending for a Month
Earlier this year, I vowed to track my spending for a month, the same way you might track your food intake if you’re trying to change your diet. Tracking your spending is nothing new, and money advice you’ve probably heard before. Maybe, like me, you’ve ignored this advice because you didn’t see the point. I […]
Pimco buys all of $3 billion UniCredit bond: sources
MILAN/NEW YORK (Reuters) – U.S. fund Pacific Investment Management Co (Pimco) has bought all of a $3 billion, five-year bond offered with a hefty return by Italy’s top bank UniCredit (CRDI.MI) to comply with capital buffer rules, two sources familiar with the matter said. Ticker and trading information for Pacific Investment Management Co. (PIMCO) are […]
Pimco buys all of $3 billion UniCredit bond – source
MILAN (Reuters) – U.S. fund Pacific Investment Management Co (Pimco) has bought all of a $3 billion, five-year bond Italy’s top bank UniCredit has issued to comply with rules on loss-absorbing securities, a source familiar with the matter said. Ticker and trading information for Pacific Investment Management Co. (PIMCO) are displayed on a screen at […]
Money disasters can derail retirement
CHICAGO (Reuters) – Karyn Golden’s income was approaching $200,000 as she lived a carefree single existence at the peak of her career in Chicago, 20 years ago. She brokered real estate deals, served on boards and lunched with political leaders. She never imagined she would be where she is now – 70 and down to […]
Medicine or vice? Socially screened funds struggle to define cannabis industry
NEW YORK (Reuters) – Is marijuana a medicine or a vice? FILE PHOTO: A woman holds marijuana for sale at the MedMen store in West Hollywood, California U.S. January 2, 2018. REUTERS/Lucy Nicholson/File Photo The $8 trillion U.S. socially responsible investment industry is grappling with that question as more states approve the recreational use of […]
Ex-Morgan Stanley adviser gets five years in U.S. prison for fraud
BOSTON (Reuters) – A former Morgan Stanley adviser was sentenced to five years in prison on Tuesday after he admitted that he misused client funds to invest in a wind farm project and to cover his own personal expenses, including college tuition for his children. James Polese, 52, was sentenced by U.S. District Judge Mark […]
Hedge funds' historic U.S. rate view shift switches to 5-year bonds: McGeever
LONDON (Reuters) – A couple of weeks ago it was 10-year Treasuries, last week 5-year bonds: hedge funds are shifting their view of the Fed and U.S. interest rates by magnitudes rarely seen before. Speculators on U.S. futures markets slashed their bearish bets on 5-year Treasuries last week by the fifth largest amount since the […]
Campbell ends proxy fight with Third Point, adds directors
NEW YORK (Reuters) – Campbell Soup and Third Point LLC settled their proxy contest on Monday by adding two of the hedge fund’s nominees to the U.S. food company’s board and giving the activist investor a say in selecting Campbell’s next CEO, the company said. FILE PHOTO: Cans of Campbell’s Soup are displayed in a […]
How to do more good with your charitable dollars
NEW YORK (Reuters) – Doing double the good with your charitable dollars sounds like a no-brainer, but investors are just starting to catch on. FILE PHOTO: Power-generating windmill turbines are pictured at sunset at a wind park in Moeuvres near Cambrai, France, November 12, 2018. REUTERS/Pascal Rossignol A growing number are using special accounts called […]
Wealth Matters: 4 Ways to Make Giving Large Donations to Small Groups Easier
Michael Bloomberg’s $1.8 billion donation to Johns Hopkins University this week was earmarked for financial aid to admit students regardless of their ability to pay. It came on top of $1.5 billion Mr. Bloomberg has already given to his alma mater. Mr. Bloomberg, among the 10 wealthiest people in the world, has the staff, money […]
Time to Make the Donates!
Before the 2016 election, Tess Malone, 28, rarely engaged in charitable giving outside of disaster relief funds or individual GoFundMe fund-raising campaigns. But now, donating — often in the form of a late-night, anxiety-fueled frenzy — is as standard an expenditure for her as groceries and dining out. Ms. Malone, who lives in Atlanta and […]
DoubleLine's Gundlach: Now is the time for capital preservation
FILE PHOTO – Jeffrey Gundlach, CEO of DoubleLine Capital LP, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. REUTERS/Brendan McDermid NEW YORK (Reuters) – Jeffrey Gundlach, who runs DoubleLine Capital, said on Tuesday that investors should focus on capital preservation and avoid corporate bonds and Treasuries as inflationary […]
Hedge fund Elliott raises pressure on Mitek after takeover bid rejected
NEW YORK (Reuters) – Hedge fund Elliott Management on Tuesday asked Mitek Systems Inc (MITK.O) to scrap a so-called “poison pill” to let it buy more stock and said it may press for board changes after the software company took steps to protect itself from the activist investor. Elliott, which invests more than $34 billion, […]
Former energy executive David Crane is on a mission to save the planet
NEW YORK (Reuters) – What if one of the largest U.S. coal-burning utilities became a leader in green energy? When David W. Crane was chief executive of NRG Energy, he pursued that vision, pushing the company to transform itself by investing in solar power and electric vehicle charging networks. NRG Energy President and CEO David […]
Is impact investing too good to be true?
NEW YORK (Reuters) – There is more to socially responsible investing than just avoiding stocks that are against your principles, whether it be guns or tobacco or bad environmental practices. A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration Today’s version of impact investing directs huge sums of capital […]
Hedge funds' historic bond bet swing suggests Fed close to cycle end: McGeever
LONDON (Reuters) – A potentially huge shift is underway in the U.S. bond market, underscored by a historic swing in hedge fund positions: investors are beginning to think the U.S. economy is close to peaking and the Fed is near the end of its rate-raising cycle. The Federal Reserve building is pictured in Washington, DC, […]
Fidelity names tech executive Neff to run asset management
BOSTON (Reuters) – Fidelity Investments on Friday named technology executive Steve Neff to run its big asset management division, a move that shows the growing importance of data systems for fund companies. Neff, a 22-year Fidelity veteran, replaces Charlie Morrison, whose pending retirement the privately held Boston firm announced in October. “It’s an opportune time […]
Your Money: Three Percent Cash Back for a Few, and Less Debt for Many
Zero says you can have it all. You can have a credit card with world-beating cash-back rewards. You can have an elegant app that tells you exactly how much money you have and keeps you from spending any more. You can have a checking account that seamlessly pays off that credit card with no late […]
Eaton Vance's Gaffney sees opportunity in emerging market-denominated bonds
NEW YORK (Reuters) – There are untapped opportunities in corporate debt securities denominated in emerging-market currencies, Eaton Vance’s director of diversified fixed-income said at the Reuters Global Investment 2019 Outlook Summit on Friday. Kathleen Gaffney, vice president, director of diversified fixed income and lead portfolio manager for Eaton Vance Management, speaks during the Reuters Global […]
Eaton Vance's Gaffney sees opportunity in emerging market-denominated bonds
NEW YORK (Reuters) – There are untapped opportunities in corporate debt securities denominated in emerging-market currencies, Eaton Vance’s director of diversified fixed-income said at the Reuters Global Investment 2019 Outlook Summit on Friday. Kathleen Gaffney, vice president, director of diversified fixed income and lead portfolio manager for Eaton Vance Management, speaks during the Reuters Global […]
Wealth Matters: How and When to Talk to Your Children About Money
Jennifer and David Buckwald, who live in Colts Neck, N.J., struggled with how to impart their financial values to their two children. Both wanted to ensure that their children, ages 14 and 12, were motivated to succeed in their own right. Mr. Buckwald, in particular, was concerned that their children would think that the affluent […]
Your Money Adviser: Grace Period for Student Loans Is Ending, and Bills Are Coming Due
New college graduates may not have been counting the months that have passed since those heady commencement ceremonies. But if they borrowed to finance their education, a bill is coming due. Many student loans have a six-month grace period to give new graduates time to get a job and organize their lives before they must […]
Strategies: The Market’s Been Falling. I’m Putting My Money in Stocks Anyway.
The stock market has been plummeting and my own retirement portfolio has been shrinking. Am I worried? Sure. But I’m still buying stocks. Week after week lately, I’ve been stubbornly funneling part of my paycheck into diversified equity mutual funds in the hope of long-term gains, knowing full well that I’ve been losing money. It’s […]