US core capital goods orders tumble; shipments are flat

New orders for U.S.-made capital goods fell more than expected in April, further evidence that manufacturing and the broader economy were slowing.
Economy

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3 dead, state capital battered as storms rake Missouri

An outbreak of nasty storms spawned tornadoes that razed homes, flattened trees and tossed cars across a dealership lot, injuring about two dozen people in Missouri’s capital city and killing least three others elsewhere in the state
ABC News: US

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Judge says Deutsche Bank, Capital One can give Trump financial records to House Democrats

Deutsche Bank and Capitol One can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from House Democrats, a judge said.
Top News & Analysis

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“We don’t have enough housing,” incoming Freddie Mac CEO at CNBC’s Capital Exchange Summit

Incoming Freddie Mac CEO sits down with Diana Olick at CNBC's Capital Exchange Summit, alongside Taylor Morrison CEO Sheryl Palmer. While he says there's "no major dip likely in front of us," the bigger issue is "no one can figure out a way to build more affordable" without a change in regulatory structure.
Real Estate

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Hedge fund Vor Capital secures investment from Borealis Strategic: sources

Borealis Strategic Capital Partners, which invests in new hedge funds, has written its first check to commit capital to Europe-oriented stock fund Vor Capital, two people familiar with the matter…


Reuters: Wealth

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Musk suggests capital infusion after projected $700M loss

Tesla Chief Executive Elon Musk suggested on Wednesday a capital raise could be imminent, as the electric-vehicle maker posted a first-quarter loss of $ 700 million and predicted a return to profit in the third. Tesla plans to resolve logistics issues with global vehicle deliveries after weathering a challenging few months, also marked by staff layoffs…
Business | New York Post

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US core capital goods, durable goods orders drop in February

New orders for key U.S.-made capital goods unexpectedly fell in February and shipments were unchanged, but data for January was revised slightly higher.
Economy

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New Bill Could Help Black Banks Raise Capital, Cut Costs, and Attract Black Investors

A new bill could help black banks raise more capital and boost small business lending in the African American community.

U.S. Representative Bobby Rush, D-Illinois, has introduced the Rescue Act for Black and Community Banks. The bill–initiated in January 2019–aims to, along with other measures, bring regulatory relief for black banks from Congress, boost wealth-building for black consumers and businesses, and help save black banks from failing.

The number of black banks in America totaled 22 in 2017, Federal Deposit Insurance Corp. data shows. That number is down an eye-popping 42 percent from 38 in 2012. The most recent number reveals there were only 23 black banks as of the third quarter of 2018.

Ryan Johnson, communications director for Congressman Rush, and William Michael Cunningham, an economist and banking expert who worked with Rush’s office on the bill, shared with BLACK ENTERPRISE some key points of what the legislation would do.

black banks

Rep. Bobby Rush

Johnson says Rush believes black-owned community banks play a vital role in communities because they reinvest in the people that live, work, and worship with one another.

“These financial institutions stimulate economic development and spur innovation amongst our entrepreneurs, augmenting the economic wealth African-Americans so desperately need. For black, minority, and rural communities to thrive, a new focus must be placed on the financial institutions serving them,” Johnson said.

The communications expert added that the bill establishes within the Treasury Department’s Office of the Comptroller of the Currency, an office to be known as the “Office of Black and Community Banks.” It authorizes the comptroller to provide them with the regulatory flexibility to encourage affordable small dollar lending.

He says the bill further establishes the “Minority Bank Deposit Program” to expand the use of minority banks, women’s banks, and low-income credit unions and requires federal agencies to develop plans to use these institutions, to the extent possible, for their banking needs.

The bill also could help African American banks boost black entrepreneurship where they operate and become stronger financial services providers.

“The push to solve the economic crisis in the black community will require fighting on several fronts: education, health, fighting discrimination, and the creation of wealth building opportunities,”  Johnson said. “The goal of this bill is not to make black banks compete with other banks, but to increase access to capital and credit for the black community. By doing that, this legislation will significantly increase entrepreneurial activity in the black community by supporting the development of many community financed small black businesses.”

Interestingly, Cunningham maintains the bill is an extension of the Black Lives Matter and Bank Black Movements. He said the bill seeks to partially or completely exempt black banks and community banks from a majority of federal banking regulations, helping level the playing field with larger white-owned banks. He noted regulatory relief for black banks would be done to the extent the comptroller determines appropriate without endangering the safety and soundness of the overall banking system.

Plus, he said the legislation requires a study on the use of New Markets Tax Credits (NMTC) by black and community banks. The program could potentially bring new investment into black banks through tax credits. Cunningham said it would allow individual and corporate investors to receive a credit that reduces federal income tax owed. Investors make debt and equity investments in specialized financial intermediaries, including some black banks, called Community Development Financial Institutions (CDFIs) and Community Development Entities (CDEs).

According to Cunningham, for every $ 1 million invested, an investor gets a tax credit of 39 % or $ 390,000 over 7 years, in addition to keeping any returns generated by the original investment.

The tax credits, which are scarce and limited in amount, are distributed by the U.S. Treasury. He added black banks, CDFIs and CDEs have not been able to get these tax credits from Treasury, claiming they have gone instead mainly to white nonprofits and firms like Goldman Sachs.

Simultaneously, Cunningham says the bill could make black banks much more profitable by reducing compliance and operating costs as well as removing unneeded regulations.

He estimates that each black bank could increase in market value by 25% if the bill passes in its current form.

The post New Bill Could Help Black Banks Raise Capital, Cut Costs, and Attract Black Investors appeared first on Black Enterprise.

Money | Black Enterprise

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Over 40 environmental activists—many of them young people—were arrested at the Capital yesterday

Over 40 environmental activists—many of them young people—were arrested at the Capital yesterday


Over 40 environmental activists—many of them young people—were arrested at the Capital yesterday

As the impending dangers of climate change continue to become apparent, the federal government has continued to resist implementing changes to stop it. But certain progressive members of Congress have recently begun fighting for a Green New Deal to drastically cut carbon emissions. Now, young climate change activists are urging Congress to adopt this policy—and some were even arrested in the process.

ABC News reports that yesterday, February 25th, a group of climate change activists from Kentucky gathered at the D.C. office of Senate Majority Leader Mitch McConnell to demand that he sign a Green New Deal. According to Politico, there were more than 100 young people in attendance, and after 45 minutes, 42 protesters were arrested. The event was organized by the Sunrise Movement, a nonviolent group that describes itself as “ordinary young people who are scared about what the climate crisis means for the people and places we love.” ABC notes that outside of McConnell’s office, Varshini Prakash, executive director of the Sunshine Movement, told reporters that “The Green New Deal is our best and only solution right now.”

On Twitter, videos circulated depicting the protesters being led out of the Capitol in handcuffs. As they walk, they can be heard singing “Which side are you on now?” and “Does it weigh on you at all?”

Politico notes that the group has previously focused its protests on Democratic lawmakers, including Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi. On Friday, February 22nd, footage of the young activists confronting California Senator Dianne Feinstein went viral, with the original tweet being retweeted more than 13,000 times.

CNN reported in mid-February that McConnell pledged to hold a vote on the Green New Deal. The measure calls for the U.S. to abandon fossil fuels in favor of zero-emissions energy sources and has a goal of carbon neutrality by 2030. CNN notes that Alexandria Ocasio-Cortez, who first proposed the measure, joined the Sunrise Movement after being elected to Congress in November.

It’s disheartening to see protesters fighting against climate change getting arrested. We need our government to do something to stop global warming, and we need it yesterday.

The post Over 40 environmental activists—many of them young people—were arrested at the Capital yesterday appeared first on HelloGiggles.

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Chinese real estate is a ‘two-speed market’: Portwood Capital

Peter Churchouse of Portwood Capital says property prices in China's tier three and tier four cities have bounced "very strongly" over the past year, whereas the country's tier one and high tier two cities have been "pretty flat."
Real Estate

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A river ride to Rishikesh: India’s new adventure capital

Rishikesh shot to fame when the Beatles arrived, in search of enlightenment. Half a century on, the area is attracting a different kind of seeker – those after rapids, zipwires and mountain treks

I’ve only been in the raft a few minutes, bobbling down a placid stretch of India’s holy Ganges River, before my guide, Kalyan Singh Bhandari, puts his paddle down and sings a haunting Garhwali folk song typical of these Himalayan foothills. The warbling tune is, he says, meant to bring us good luck as we navigate the class 3 and 3+ rapids ahead.

Continue reading…
Travel | The Guardian

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WATCH: World News 12/03/18: Former President George H.W. Bush Lies In State In US capital

Body found in search of missing woman in Costa Rica: Authorities; ‘I’m here’: Parts of former President George H.W. Bush’s diary released
ABC News: World News Tonight

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Bain Capital teams with Pfizer to create new neuroscience-focused company

Pfizer announced in January it planned to shut down early- and mid-stage neuroscience drug development. But now Pfizer and investment firm Bain Capital are creating a new company. Its name: Cerevel Therapeutics.
Health and Science

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Venture capital investors pour $3B into NYC tech startups

Venture capitalists are flocking to the Big Apple, and they are bringing big cash with them. “Total venture capital investment in New York City during Q2 2018 rose dramatically from last year, up 28 percent to $ 2.97 billion,” a New York City Economic Development Corp. report found. More often found wooing the latest Silicon Valley…
Technology News & Reviews | New York Post

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The economy’s not as strong as the numbers indicate, says Starwood Capital Group CEO Barry Sternlicht

Jim Cramer sits down with Barry Sternlicht, chairman and CEO of Starwood Capital Group, amid a vigorous sell-off to hear his take on the U.S. economy.
Real Estate

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Finance Firm 23 Capital Staffs New L.A., New York Offices (EXCLUSIVE)

Sports, music and entertainment finance specialist 23 Capital is opening up shop on both coasts in the U.S., recruiting David Pogoda and Mathew Carvajal to lead its effort to ramp up business stateside. Pogoda will be managing director and head of North America. He joins from Evolution Media Capital, the investment and advisory firm backed […]

Variety

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