Wells Fargo, $WFC, has confirmed it is being investigated by government authorities over issues in its anti-money laundering and sanctions programs

(AML) and sanctions programs. The company has not disclosed which government agency is investigating its practices or provided details about the specific issues under examination. WFC revealed this inquiry into its AML and Sanctions program in its second-quarter Securities and Exchange Commission (SEC) filing. The same filing also noted that

NASA is working with Elon Musk’s SpaceX on plans to return two astronauts to Earth in the event that they’re unable to travel on the troubled Boeing, $BA, craft that initially carried them to space

NASA is collaborating with Elon Musk's SpaceX to arrange a plan for returning two astronauts to Earth if they are unable to return aboard the problematic Boeing spacecraft that initially transported them to space. NASA announced the contingency plan on Wednesday, revealing that astronauts Barry “Butch” Wilmore and

Canadians now pay more in taxes than food, housing and clothing combined, per the Fraser Institute

Taxes are the largest expense for Canadian households. A recent study by the Fraser Institute, a right-leaning think tank, shows that in 2023, the average household spent 43% of its income on taxes alone. "I was shocked by the results of the study because many of these taxes are

FTX Trading, Alameda Research ordered to pay $12.7 billion, CFTC has said

FTX Trading and its affiliate Alameda Research have been ordered to pay $12.7 billion to compensate customers and fraud victims under a consent order, US regulators announced on Thursday. A New York court issued the order following a large-scale fraud scheme orchestrated by former FTX CEO Sam Bankman-Fried. The

Donald Trump says we're close to a 1929-like depression and a world war: "Most dangerous period of time I have ever seen for our country"

Donald Trump’s message to American voters has remained steady as he campaigns for a second term in office: the economy under Joe Biden has been a failure. Until recently, hard data had not supported Trump’s claims. The US has been the fastest-growing economy among the G7 industrial nations

Donald Trump says he has agreed to debate Harris on Fox on Sept 4, NBC on Sept 10, ABC on Sept 25

On Thursday, former President Donald Trump expressed his willingness to debate Vice President Kamala Harris three times in September. At a press conference held at his Mar-a-Lago resort, Trump emphasized the importance of debates and confirmed that he had accepted invitations from NBC News, Fox News, and ABC News. During

Florida's housing market is seeing 'nightmare scenarios' as buyers back out due to affordability concerns

Florida's housing market is encountering a surge of "nightmare scenarios," with an increasing number of home deals falling through as buyers hesitate. In major metros such as Orlando, Florida, and Tampa, approximately 21% of home-purchase agreements were cancelled in June, according to Redfin data. These cities

Homelessness in the USA was the highest ever on record in 2023

They include plumbers, casino supervisors, pizzeria managers, and factory workers. They deliver groceries, sell eyeglasses, and unload trucks at Amazon. And they represent the new, unexpected face of homelessness: Working Americans with decent-paying jobs who can’t afford housing. Homelessness, already at a record high last year, seems to be

Blackstone, $BX, increased rent prices for its San Diego units by an average of 38%, or $600, since it acquired them in 2021

The report reveals that Blackstone has raised rent prices for its San Diego properties by an average of 38%, or $600, since acquiring them. This increase is nearly double the 20% median rent hike across the county. In some Blackstone-owned buildings, particularly in low-income neighborhoods like San Ysidro and National

24.5% of people trying to sell their homes received a price cut in June, the highest rate for this time of year in Zillow records dating back to 2018

"A growing segment of homes that are not competitively priced or well marketed are lingering on the market. Sellers are increasingly lowering prices to attract buyers who are struggling with affordability," said Skylar Olsen, chief economist at Zillow. "For years, the housing market has been characterized by

UBS says 'going into Japan now is like catching a falling knife,' warns stock sell-off will continue

Kelvin Tay, regional chief investment officer at UBS Global Wealth Management, compared entering the Japanese market right now to “catching a falling knife” during an appearance on CNBC's "Squawk Box Asia." His remarks follow the Nikkei 225 and Topix indices extending their losses, with declines surpassing

Chicago Fed President Goolsbee has said that if economy deteriorates, the Fed will 'fix it'

In a CNBC interview, Goolsbee stated that the Fed is ready to address any economic setbacks and reaffirmed its commitment to its core objectives: maintaining price stability, maximizing employment, and ensuring financial stability. “If there’s deterioration in any of these areas, we’re going to address it,” Goolsbee emphasized.

Billionaire Ken Griffin is making a major push to defeat a ballot amendment that seeks to legalize recreational marijuana use in Florida

Spokesman Zia Ahmed stated that the constitutional amendment will be put to a vote in November and requires at least 60% approval to pass. In a Miami Herald opinion piece published Friday, Griffin contended that the proposed amendment would create a monopoly for large marijuana dispensaries and permit cannabis use

Warren Buffett now owns more T-bills than the Federal Reserve

In the first half of the year, Berkshire Hathaway purchased $229.5 billion in Treasury bills (T-bills) and fixed maturity securities, surpassing the Federal Reserve’s holdings of $195.3 billion in these bills, according to the Fed’s report last week. Warren Buffett, a long-time advocate of T-bills, praised

JPMorgan, $JPM, CEO says no recession in US and hopes for soft landing

JPMorgan Chase (JPM) CEO Jamie Dimon stated that the U.S. economy has "not at all" entered a recession, despite urging calm regarding this week’s market fluctuations. He acknowledged that while market volatility can be unsettling, the probability of a recession is more likely than not. "

39% of Americans are worried they can't pay their bills, which is higher than during the Global Financial Crisis when it was 37%

According to a recent CNN poll, nearly 40% of U.S. adults are concerned that their family’s income may not be sufficient to cover expenses. This figure has risen from 28% in December 2021 and mirrors the levels observed during the Great Recession (37%). To manage their finances, many

In the span of three weeks, $6.4 trillion has now been erased from global stock markets

In the span of three weeks, $6.4 trillion has now been erased from global stock markets, per Bloomberg. The figures displayed on trading screens Monday were startling, even for seasoned market observers. In Tokyo, the Nikkei dropped by 12%. In Seoul, the Kospi fell 9%. And when trading began

"There is no reason that a 0.2 percentage point rise in the U.S. unemployment rate should trigger a 12% collapse in the price of Japanese stocks. Yet that's what happened Sunday overnight"

"There is no reason that a 0.2 percentage point rise in the U.S. unemployment rate should trigger a 12% collapse in the price of Japanese stocks. Yet that's what happened Sunday overnight," per Axios. The U.S. selloff on Friday was understandable in light

JPMorgan, $JPM, says carry trade unraveling is only half complete

“We are far from finished,” Arindam Sandilya, co-head of global FX strategy, stated on Bloomberg TV. “The carry trade unwind, at least among speculative investors, is around 50%-60% complete.” The carry trade has faced significant challenges this past week, driven by a surge in yen volatility due to concerns

Kamala Harris picks Minnesota governor Tim Walz as running mate for November presidential election

Vice President Kamala Harris has selected Minnesota Governor Tim Walz as her running mate, promoting the former teacher and Army National Guard veteran to join the Democratic ticket and assist in the campaign against Donald Trump. Harris personally informed Walz of the decision through a video call, according to a

Disney, $DIS, raises streaming prices for Disney+, Hulu and ESPN+

The price increases, which will take effect on October 17, are designed to enhance Disney’s top-line streaming revenue and ideally boost profitability. The pricing for the recently launched Disney+/Hulu/Max bundle in partnership with Warner Bros. Discovery will remain unchanged for now, and the Disney+/Hulu Premium no-ads

Claudia Sahm, the creator of recession indicator Sahm Rule says, the U.S is very close to recession

The Sahm rule, which is used to indicate the onset of a recession, has officially been triggered. The rule reached 0.5%, meaning the three-month moving average of the unemployment rate is now 0.5% above the lowest point in the past year. Bank of America has provided historical context

Donald Trump plans to do “major interview” with Elon Musk on Monday

Republican presidential nominee Donald Trump announced he will be interviewed by Elon Musk, the billionaire behind Tesla and SpaceX, on Monday night. Trump's scheduled conversation with Musk follows Democratic presidential nominee and Vice President Kamala Harris's choice of Minnesota Gov. Tim Walz as her running mate

Mortgage rates plunge to lowest level in over a year amid recession fears

Mortgage rates, which are influenced by market expectations, have decreased over the past week due to anticipation that the Federal Reserve may cut rates as the economy slows. The 30-year mortgage rate initially dropped after the Fed hinted at a possible rate cut in September on Wednesday and fell further

Google, $GOOGL, loses DOJ antitrust suit, with judge finding that it violated antitrust law

On Monday, a federal judge ruled that Google has breached U.S. antitrust laws with its search business, delivering a major court loss that could alter how millions of Americans access online information and challenge Google's long-standing dominance. US District Judge Amit Mehta declared in his opinion, “After