Warren talks crypto, student loans and 2024

Warren talks crypto, student loans and 2024

THE WARREN REPORT — The first bill Elizabeth Warren introduced in Congress, when she was a “brand new baby senator” in 2013, was to reduce the interest rate on student loans.

A decade of pressure campaigns later, Warren helped convince President Joe Biden to cancel up to $10,000 of federal student debt and up to $20,000 for Pell Grant recipients. It was one of her biggest policy wins. Then the Supreme Court blocked it.

“I have no doubt about the president’s legal authority to cancel that debt, so long as the Supreme Court follows the law instead of playing politics,” Warren told Playbook during a sitdown interview at her Capitol Hill office Wednesday.

Warren is ending 2022 at an intriguing juncture. Several issues she’s spent years working on — a corporate minimum tax and over-the-counter hearing aids among them — have come to fruition under Democratic control in Washington. She could leverage those wins to run for president again. Or she could — with Democrats holding the Senate, White House and the governor’s office in Massachusetts come January — make another play for a Cabinet spot. She’s already signaled that she expects to have sway in how progressives and her party as a whole approach the next election.

But Warren is adamant — and “very excited” — that she’s running for reelection in 2024. When Democrats take control of the Senate, she’ll have more power to pursue the types of investigations into corporations that helped make her a household name. And she just unveiled bipartisan legislation to crack down on crypto money laundering, though she’s not telling lawmakers to return the campaign contributions they’ve taken from criminally charged FTX founder Sam Bankman-Fried. Here are more excerpts from our interview, edited for length and clarity:

What would your new crypto bill do?

On money laundering, almost everybody follows the same rules — banks, brokerage houses, credit cards, Venmo and Western Union — but not crypto. The consequence is drug dealers, terrorists, ransomware gangs and rogue states like Iran and North Korea can use crypto as a way to move billions of dollars and finance their operations without getting caught. My bill, with [Republican Sen. Roger Marshall (R-Kan.)] is the only bill out there that attacks that problem head-on.

Should lawmakers (like Rep. Jake Auchincloss) who took money from FTX officials give it back?

Crypto is an example of the effort that giant corporations, billionaires have been putting in for years to try to influence legislation here in Washington. … To me, the heart of this is what people are willing to do going forward. Are they willing to step forward and put meaningful regulations in place?

You’ve long had a working relationship with Gov.-elect Maura Healey. Do you expect to have any input in, say, finding a new general manager for the MBTA?

My phone is always open and I’m always glad to be helpful. We talk — I want to put this the right way — it’s more casual than that. She will pick up the phone, she’s done this for years, she picks up the phone and calls me about something that’s going on, I pick up the phone and call her about something that’s going on.

Prospects for further abortion protections in Congress are dim with Republicans taking the House majority. What’s the bigger game plan here?

We need to keep this issue lifted up. That means talk about it. That means shine a light on every terrible thing they try to do, on every effort that states make to further restrict the rights of women to make their own health care decisions. Part of it is [also] pushing the [Biden] administration to do everything that they can, to use every tool.

Should Biden run for reelection? Yes. He is and he should.

Do you expect that he’ll have a primary challenger? I don’t think he will.

Would you run for president again, if the circumstances were right? The circumstances are that Joe Biden is running. I’m very happy about that. I am not running for president, I’m running for Senate.

GOOD THURSDAY MORNING, MASSACHUSETTS. PROGRAMMING NOTE: Tomorrow is the last Playbook of 2022. After the hiatus, your scribe will be back on Jan. 3. Have some newsy nugget tucked away? Now’s the time to send it: [email protected].

TODAY — Gov. Charlie Baker attends the Community Behavioral Health Center opening in East Boston and discusses his administration’s work to expand access to behavioral health services at 10 a.m. Lt. Gov. Karyn Polito chairs a Governor’s Council meeting to address sexual assault and domestic violence at 1:30 p.m. at the State House.

“Baker withdraws Amirault pardon recommendations,” by Shira Schoenberg, CommonWealth Magazine: “In a stunning reversal of a controversial policy recommendation, Gov. Charlie Baker on Wednesday withdrew his recommendation to pardon Gerald Amirault and Cheryl Amirault LeFave, who were convicted in a high-profile child sexual abuse case in the 1980s. ‘Following [Tuesday’s] hearing, it is apparent that there are not sufficient votes from the Governor’s Council to support a pardon for the Amiraults. Therefore, the governor is withdrawing his pardon petition,’ Baker’s press secretary Terry MacCormack said in a statement.”

“Governor’s Council votes to commute life sentence of Ramadan Shabazz, convicted murderer who’s served 51 years,” by Tonya Alanez, Boston Globe: “In an unanimous vote, the Governor’s Council on Wednesday agreed to commute a convicted murderer’s life sentence making him eligible for release after 51 years behind bars for killing two security guards during a robbery at a Dorchester store. The favorable 8-0 decision puts Ramadan Shabazz, 73, one final step away from parole.”

“Advocates question conditions at shelter for migrants and families experiencing homelessness,” by Gabrielle Emanuel, WBUR: “Showers in a tent outdoors. Dozens of cots lined up in tight rows. A chilly draft blowing all night. These are some of the conditions alarming advocates at a new facility set up to help families with children who are experiencing homelessness in Massachusetts. State officials opened the temporary shelter and intake center in Devens earlier this week to help manage a spike in new immigrants and families seeking assistance. … But homeless advocates said they were taken aback when they got their first glimpse Wednesday of conditions inside the temporary shelter. They also raised concerns about who is being sent to the intake center and whether the accommodations are legal.”

“After a record high, overdose deaths may be declining slightly in Massachusetts,” by Martha Bebinger, WBUR: “The record-breaking pace of the opioid overdose crisis may be slowing, according to preliminary numbers from the Massachusetts Department of Public Health. The agency estimated a 1.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} decrease in overdose deaths through September of this year, compared to the first nine months of 2021. Last year, 2,301 Massachusetts residents died after drug overdoses, a 9.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase from 2020. State officials welcomed a decline, even if it is a small one.”

“Higher ed board approves plan doubling financial aid, updating college revenue retention,” by Grant Welker, Boston Business Journal: “The state Board of Higher Education unanimously approved on Tuesday a plan to dramatically increase the amount of state funding for financial aid. Board members hope the initiative will be financed through the state’s newly passed so-called millionaire’s tax.”

“Governor Baker signs executive order establishing cybersecurity threat response team,” by Travis Andersen, Boston Globe: “[Gov. Charlie] Baker’s order establishes the Massachusetts Cyber Incident Response Team, or MA-CIRT, helmed by Curt Wood, the state’s secretary of technology services and security, the governor’s office said in a statement. The group’s mission is to bolster the state’s ability to ‘prepare for, respond to, mitigate against, and recover from’ significant cybersecurity threats, officials said.”

“Taxpayer watchdog group to dissolve,” by Christian M. Wade, Daily News of Newburyport: “Citizens for Limited Taxation, a group founded by fiery Marblehead activist Barbara Anderson that pushed through citizen initiatives on proposition 2 1/2 and a 1986 tax rebate law, plans to dissolve amid fundraising issues, dwindling membership and a lack of new leaders to take over the organization. … [Executive Director Chip] Ford said he is passing on the group’s mantle to the Massachusetts Fiscal Alliance, a tax-exempt watchdog group founded by Republican businessman Rick Green of Pepperell, which CLT has worked with on tax-related issues for several years.”

“Boston City Council unanimously approves reparations study task force,” by Saraya Wintersmith, GBH News: “The Boston City Council Wednesday voted unanimously to establish a five-member task force to explore the issue of reparations for Black Bostonians. The measure, which now goes before Mayor Michelle Wu for review, sets the stage for the city of Boston to participate in the growing national conversation about reparations: on how and who to compensate for the generational impacts of slavery and other racial traumas suffered by Black Americans.”

“Study says Boston schools may face ‘fiscal cliff’,” by Michael Jonas, CommonWealth Magazine: “Boston’s Public School system has weathered a steep decline in student enrollment in recent years without any major fiscal fallout, but that’s due largely to a big infusion of money from the city and COVID relief aid from the federal government. As that aid runs out and enrollment continues to fall, while costs continue to rise, a new report warns, the district faces a ‘potential fiscal cliff.’”

“Redistricting lawsuit is heading to federal court,” by Gintautas Dumcius, Dorchester Reporter: “The legal battle over the recent redrawing of City Council district lines has moved to federal court. South Boston civic groups, joined by some Dorchester and Mattapan residents, are suing over the new map, which carves up Dorchester’s Neponset neighborhood and shifts large parts of District 3 into District 4, saying it violates the city charter, the US Constitution, and the Voting Rights Act.”

“Western, Central Mass. leaders advising Healey argue for regional equity,” by Alison Kuznitz, MassLive: “A contingent of Western and Central Massachusetts leaders, educators and activists believe regional equity should forge the focal point of the incoming administration helmed by Gov.-elect Maura Healey and Lt. Gov.-elect Kim Driscoll — neither of whom hail from those areas of the commonwealth, where residents feel routinely forgotten or overlooked by Beacon Hill policymakers.”

“Letter from City Councilor Sean Curran asks Gov.-elect Healey to move a state agency to Springfield,” by Jonah Snowden, MassLive: “In a letter sent last week to a member of Healey’s transition team, [Springfield City Councilor Sean] Curran said it would ‘be a game changer’ for the city if the Department of Transportation, the Division of Insurance or the Executive Office of Health and Human Services relocated here from Boston.”

“Healey, Driscoll tease Mass. community events ahead of inauguration,” by Alison Kuznitz, MassLive: “Five ‘community service-oriented’ events will take place across Massachusetts in the remaining three weeks leading up to the Jan. 5 inauguration, including on the Cape and in the Merrimack Valley, as well in the central, southeastern and western regions of the commonwealth.”

“Attleboro’s mayoral special election set for Feb. 28,” by George W. Rhodes, The Sun Chronicle.

— HAYDEN’S ADVISERS: State Sen. Lydia Edwards and former Boston City Councilor Annissa Essaibi George are among the members of the Transition and Community Advisory Committee that will help guide Suffolk District Attorney Kevin Hayden through the first 100 days of his first full term. Edwards is leading the committee along with Robert Gittens and the Rev. Ray Hammond. Members include Essaibi George, Andrea Cabral, Aisha Miller, Revere Mayor Brian Arrigo, Linda Dorcena Forry, state Sens. Nick Collins and William Brownsberger, Communities of Color’s Darryl Smith and La Colaborativa’s Gladys Vega.

— EYEING NORTHERN IRELAND: Former Rep. Joe Kennedy III is reportedly in the running to be President Joe Biden’s U.S. envoy to Northern Ireland, according to IrishCentral. Kennedy’s father, former Rep. Joe Kennedy II, had advocated for the job back in 1993 amid ongoing unrest. A spokesperson for the younger Kennedy didn’t respond to Playbook’s request for comment. The White House didn’t respond to WPRI’s Ted Nesi, either. The Kennedys have a storied history of serving as American diplomats — Caroline Kennedy and Vicki Kennedy are currently serving as the U.S. ambassadors to Australia and Austria, respectively.

“Tom Brady pushed crypto to his fans. This lawyer wants him to pay up,” by Steven Zeitchik and Julian Mark, Washington Post: “When Michael Livieratos saw quarterback Tom Brady in a commercial for the cryptocurrency trading platform FTX, he knew exactly where he wanted to put his $30,000 crypto investment. … [T]he odds of restitution for FTX customers like [Michael] Livieratos are slim. … So Livieratos and his fellow plaintiffs are trying a different approach. Working with Coral Gables, Fla., lawyer Adam Moskowitz, their lawsuit seeks to shift the focus from FTX executives to what Moskowitz sees as a larger circle of complicity that includes some of the world’s most celebrated actors and athletes.”

— RELATED: “Tom Brady hires Latham & Watkins to battle lawsuits tied to FTX crypto fallout,” by Benjamin Kail, Boston Business Journal.

— ALSO RELATED: “Court filing reveals that crypto exec Ryan Salame blew the whistle on FTX founder Sam Bankman-Fried,” by Clarence Fanto and Larry Parnass, Berkshire Eagle: “A court filing Wednesday says cryptocurrency executive Ryan Salame, the Sandisfield native who owns a half-dozen Lenox properties, blew the whistle on disgraced FTX founder Sam Bankman-Fried. … Salame, who was co-CEO of FTX Digital Markets, an affiliated company, informed Bahamian securities regulators in the days before FTX collapsed that Bankman-Fried may have funneled customers’ investments to his hedge fund, Alameda Research, setting the stage for the 30-year-old’s downfall.”

“Dems’ star-power strategy,” by Andrew Solender and Sophia Cai, Axios: “Democrats are on the cusp of picking one of their highest-profile members, Rep. Jamie Raskin (D-Md.), to lead their defense against Republican investigations on the House Oversight Committee. … Raskin received 30 votes at a meeting of Democrats’ Steering Committee on Wednesday, beating Virginia Rep. Gerry Connolly (19 votes) and Massachusetts Rep. Stephen Lynch (7 votes), according to multiple sources in the room.”

“MGM Resorts International CEO Bill Hornbuckle pledges to visit Springfield to address casino’s failure to deliver on hiring, property development,” by Jim Kinney, Springfield Republican: “MGM Springfield’s building at State and Main streets — 1200 Main St. — still has concrete jersey barriers, a temporary-looking awning over its sidewalk and no signs of life behind its windows. It doesn’t have a boutique hotel as was once the plan. The unfinished development of what was Springfield’s first skyscraper is emblematic, says state Rep. Bud L. Williams, of where MGM Resorts International has failed to meet the promises it made in the years-long quest for its operating license leading up to a lavish, August 2018 grand opening.”

“People leaving Mass., workforce shortages harming state economy, report says,” by Alison Kuznitz, MassLive: “An overwhelming outmigration of Bay Staters, an aging state population and a shrinking number of international college students are among the demographic trends imperiling the economic growth potential and labor market in Massachusetts, a new [Massachusetts Taxpayers Foundation] report sent to lawmakers finds.”

SPOTTED — Boston City Council President Ed Flynn and Joe Caiazzo at the Boston Pops’ holiday concert last night.

HAPPY BIRTHDAY — to former Lynn Mayor Tom McGee, Hannah Sinrich, Keith Moon, Jule Pattison-Gordon and Christopher D. Matthews.

NEW HORSE RACE ALERT: BREAKING THE MASS CEILING — Hosts Lisa Kashinsky, Jennifer Smith and Steve Koczela look at women’s ranks in the Legislature. Boston Herald reporter Sean Cotter talks about how hiring woes could alter the city’s longstanding employee residency requirement. Subscribe and listen on iTunes and SoundCloud.

Want to make an impact? POLITICO Massachusetts has a variety of solutions available for partners looking to reach and activate the most influential people in the Bay State. Have a petition you want signed? A cause you’re promoting? Seeking to increase brand awareness among this key audience? Share your message with our influential readers to foster engagement and drive action. Contact Jesse Shapiro to find out how: [email protected].

Latest Stock Market News Today: Holiday shopping surge, Warren Buffett’s $750 million donation, Musk makes more Twitter changes, stock market closing early| November 25, 2022

Latest Stock Market News Today: Holiday shopping surge, Warren Buffett’s $750 million donation, Musk makes more Twitter changes, stock market closing early| November 25, 2022

Philip Morris announces new regional structure to support smoke-free growth

Philip Morris International Inc.

$

98.25

Symbol Price Change {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
PM $98.25 0.14 0.14

Philip Morris is reorganizing its regional structure to support growth of its smoke-free business.

The owner of cigarette brands including Marlboro, L&M and Chesterfield is reducing its operating regions to four from six.

The new regional structure better aligns with the company’s business strategy in the approximately 180 markets where PMI’s products are sold.

It is designed to accelerate smoke-free product growth in markets where IQOS already holds double-digit market shares, while also driving the transition from cigarettes to smoke-free products in untapped markets—including as of April 2024, the U.S., the world’s largest smoke-free market

BMW raises investment in Hungary EV factory to over 2B euros

Symbol Price Change {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
BMWYY $29.24 0.13 0.43

BMW raised its planned investment in an electric vehicle (EV) factory under construction in Hungary to over two billion euros ($2.08 billion) on Friday and said it will build a 500-million-euro high-voltage battery assembly plant on site.

The carmaker had previously said it would spend over one billion euros on the Debrecen factory, due to open in 2025 and ramp up to producing 150,000 cars a year.

Hungary’s government will provide 13.5 billion forints ($33.92 million) of non-refundable subsidy for the additional investment, Foreign Minister Peter Szijjarto said at a press conference.

Five hundred additional jobs will be created to staff the battery assembly plant.

Hungary will also be the site of Europe’s largest battery plant, under construction by CATL.

Shoppers hunt for Black Friday bargains

Symbol Price Change {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
BBY $81.87 -0.52 -0.63
COST $534.41 -0.08 -0.01
M $23.70 0.28 1.22
TGT $163.76 0.35 0.22
WMT $152.66 0.24 0.16

Shoppers are hunting for deals this Black Friday in contrast to last year when when consumers were buying early out of fear of not getting what they needed amid supply-network clogs.

This year, shoppers are holding out for the best bargains, said Rob Garf, vice president and general manager of retail at Salesforce, which tracks online sales.

Macy’s CEO Jeff Gennette said traffic was “significantly larger” compared to the previous two years because shoppers feel more comfortable in crowds.

The Associated Press contributed to this report.

Elon Musk says Twitter’s verified service with colors to start next week

Twitter Inc is planning to roll out its verified service next Friday with different colored checks for individuals, companies and governments, after a botched initial launch led to a surge in users impersonating celebrities and brands on the platform.

Chief Executive Elon Musk on Friday allotted colors for the categories – gold for companies, grey for governments and a blue check for individuals including celebrities.

“Painful, but necessary,” he said, adding that verified accounts will be manually authenticated before a check is activated.

The revamped $8-per-month service will allow individuals to have a smaller, secondary logo of their organizations if verified by them, he said in another tweet on Friday. “Longer explanation next week.”

Adidas launches probe into misconduct allegations against Kanye West

Symbol Price Change {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
ADDYY $64.13 -0.56 -0.87

Adidas AG on Thursday said it has launched an investigation into allegations of inappropriate behavior by Kanye West, after the German sporting goods maker last month ended its partnership with the rapper and fashion designer.

Adidas said it initiated the probe after receiving an anonymous letter making several allegations against the musician, who now goes by Ye.

“It is currently not clear whether the accusations made in an anonymous letter are true,” an Adidas spokesperson said in a statement to Reuters.

“However, we take these allegations very seriously and have taken the decision to launch an independent investigation of the matter immediately to address the allegations.

“Ye could not be immediately be reached for comment. News of the probe was first reported by the Financial Times on Thursday.

Spectrum Pharmaceuticals de-prioritizes poziotinib following FDA letter

Spectrum Pharmaceuticals Inc.

$

0.42

Symbol Price Change {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
SPPI $0.44 0.01 1.70

Spectrum Pharmaceuticals is de-prioritizing development of poziotinib, its lung cancer treatment.

The decision comes after the biopharmaceutical company received a Complete Response Letter (CRL) from the Food and Drug Administration says the poziotinib application cannot be approved in its present form.

“Based on the CRL, the Company would have to generate additional data including a randomized controlled study prior to approval,” the company said.

Spectrum Pharmaceuticals will de-prioritize poziotinib program activities, effective immediately, and is in the process of reducing its R&D workforce by approximately 75{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Based on the anticipated cost savings from the restructuring, Spectrum believes it will be able to generate the working capital required to support its strategic refocusing through 2024.

Foxconn’s woes to take bigger toll on giant China iPhone plant as more workers leave — source

Symbol Price Change {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
AAPL $148.26 -2.81 -1.86

Foxconn’s flagship iPhone plant in China is set to see its November shipments further reduced by the latest bout of worker unrest this week, a source with direct knowledge of the matter said on Friday, as thousands of employees left the site.

The company could now see more than 30{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the site’s November production affected, up from an internal estimate of up to 30{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} when the factory’s worker troubles started in late October, the source said.

The site, which is the only factory where Foxconn makes premium iPhone models, including the iPhone 14 Pro, is unlikely to resume full production by the end of this month, the source added.

The world’s largest Apple iPhone factory has been grappling with strict COVID-19 restrictions that have fueled discontent among workers and disrupted production ahead of Christmas and January’s Lunar New Year holiday, as many workers were either put into isolation or fled the plant.

It has fueled concerns over Apple’s ability to deliver products for the busy holiday period.

Binance.US confirms plans to bid on bankrupt crypto lender Voyager Digital

Binance has confirmed plans to make a fresh bid for bankrupt crypto lender Voyager Digital, CoinDesk reported, citing an interview by Bloomberg with Binance CEO Changpeng “CZ” Zhao.

Sam Bankman Fried’s crypto exchange FTX was set to acquire Voyager’s assets after signing a deal in September, but then filed for bankruptcy itself following a liquidity crunch.

FTX scooped up Voyager’s assets in a $1.42-billion bid at a bankruptcy auction in September. Binance was also a major bidder, the Wall Street Journal had reported previously.

Voyager filed for bankruptcy in July, months after the crash of major crypto tokens TerraUSD and Luna that sent shockwaves across the digital asset industry and led to the collapse of hedge fund Three Arrows Capital, to which Voyager was exposed.

Reuters contributed to this report.

Developing Story

More Twitter changes

Twitter CEO Elon Musk is planning more changes as he continues to shake-up the social media giant.

Amazon workers demonstrate at some German, French sites on Black Friday

Symbol Price Change {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}Change
AMZN $94.13 0.93 1.00

Some workers at Amazon sites in Germany and France downed tools on Black Friday, as part of a move across the world to target the online retailer on one of the busiest shopping days of the year with calls for better pay.

The Make Amazon Pay initiative, which made the call for strikes, said industrial action was planned in more than 30 countries, including the United States.

In Germany, there were demonstrations at nine out of Amazon’s 20 warehouses in the country, although on Friday morning, the company said the vast majority of its employees in Germany were working as normal.

France’s SUD and CGT unions called for strike action in the country’s eight warehouses.

Amazon France said there had been no sign of disruption to operations so far. Two French union officials said they were not expecting a big turnout because the rising cost-of-living was driving employees to seek overtime.

Breaking News

Stocks mixed in the shortened holiday session

U.S. stocks opened mixed in the abbreviated trading session with the stock market closing at 1pm ET. For the week, all three of the major averages are looking at gains. In commodities, oil was firmer at the $78 level.  

Black Friday shopping underway; payment transactions up 0.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in Britain

Investors will be watching for signs of how consumers are spending this Black Friday.

The National Retail Federation estimates almost eight million more people plan to shop in the U.S. this year Thanksgiving Day through Cyber Monday than last year.

“While there is much speculation about inflation’s impact on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see robust store traffic with a record number of shoppers taking advantage of value pricing,” NRF President and CEO Matthew Shay said last week.

However, Russ Mould, investment director at AJ Bell cautioned:

“Black Friday deals are now in full swing, and retailers will be hoping they can shift some of their excess stock. While this should clear some space in their warehouses, it won’t necessarily be good for their profit margins as consumers are under significant financial pressure and the only way to get them to keep spending is to slash prices to the bone.”

The volume of Black Friday payment transactions in Britain as of 1300 GMT was up 0.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} versus 2021, data from Barclaycard Payments showed on Friday.

Reuters contributed to this report.

Gasoline price continues slide

The nationwide price for a gallon of gasoline slipped Friday to $3.578, according to AAA.

The average price of a gallon of gasoline on Thursday was $3.586.  

One week ago, a gallon of gasoline cost $3.707. A month ago, that same gallon of gasoline cost $3.778.

Gas hit an all-time high of $5.016 on June 14.

Diesel declined to $5.248.

Ford recalls SUVs in US over possible fuel leak, fire risk

The Ford Motor Company is recalling more than 500,000 sport utility vehicles across the United States over fire risks resulting from a possibly cracked fuel injector. 

Ford, the second-largest car manufacturer in the U.S., said that while the likelihood of fires was rare, it was compelled to offer the recall after being informed of at least 20 such incidents. The recall covers the company’s Bronco Sport and Escape SUVs manufactured between the 2020 and 2023 model years. 

Continue reading

Oil’s losing week

Oil gained on Friday, cutting some of the week’s losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil.

U.S. West Texas Intermediate (WTI) crude futures traded around $79.00 a barrel. 

Brent crude futures traded around $86.00 a barrel.

Both contracts were headed for their third consecutive weekly decline, on track to fall about 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} with worries about tight supply easing.

G7 and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow’s military offensive in Ukraine without disrupting global oil markets, according to Reuters.

Cryptocurrency prices for Bitcoin, Ethereum rise and Dogecoin slides on Friday

Bitcoin was trading around $16,000, after a three-day winning streak.

For the week, Bitcoin has lost less than 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

For the month, the cryptocurrency is down more than 18{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and down more than 64{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-to-date.

Ethereum was trading around $1,100, after trading little changed for the week.

Dogecoin was trading at 8 cents, after losing nearly 4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in the past week.

Microsoft’s bid to acquire the video game publisher could face a major roadblock

Microsoft’s bid to acquire the video game publisher Activision Blizzard reportedly could face a major roadblock as early as next month.

The U.S. Federal Trade Commission (FTC) is likely to file an antitrust lawsuit to block the $69 billion takeover, according to Politico, citing people familiar with the matter.

A lawsuit challenging the deal is not guaranteed, and the FTC’s four commissioners have yet to vote out a complaint or meet with lawyers for the companies.

The FTC staff reviewing the deal are skeptical of the companies’ arguments, those people said.

At the center of the FTC’s concerns is whether acquiring Activision would give Microsoft an unfair boost in the video game market. 

Microsoft’s Xbox is number three to the industry-leading Sony Interactive Entertainment and its PlayStation console. 

Sony is concerned that if Microsoft made hit games like Call of Duty exclusive to its platforms Sony would be significantly disadvantaged.

For more on the story, click here: Microsoft bid for Activision likely to be blocked by FTC lawsuit: report

Sanders, Warren bill targets Social Security’s solvency, benefit boost

Sanders, Warren bill targets Social Security’s solvency, benefit boost

Sen. Elizabeth Warren, D-Mass., and Sen. Bernie Sanders, I-Vt., at the 10th Democratic principal discussion of the 2020 presidential campaign time in Charleston, South Carolina, on Feb. 25, 2020.

Jim Watson | AFP | Getty Pictures

Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., released a new bill on Thursday that aims to increase Social Security’s solvency for 75 several years by boosting taxes on the wealthy, while generating rewards more generous.

The proposal, referred to as the Social Safety Growth Act, would grow advantages for recent and new beneficiaries by $200 for every month, or $2,400 per year, and would make the month-to-month checks far more generous in other techniques.

To do that, and improve the program’s solvency at the similar time, the strategy also phone calls for elevating taxes on significant-earning households.

Sanders and Warren, who are co-chairs of the Grow Social Security Caucus, ended up joined by Democrats including Sens. Cory Booker of New Jersey, Kirsten Gillibrand of New York, Jeff Merkley of Oregon, Alex Padilla of California, Chris Van Hollen of Maryland and Sheldon Whitehouse of Rhode Island, together with Rep. Peter DeFazio, an Oregon Democrat who released companion laws in the Property.

A lot more from Personalized Finance:
Social Protection cost-of-dwelling adjustment in 2023 may possibly be a history
Supplemental Safety Earnings monthly bill may well be phase toward broader reform
Listed here are the improvements Individuals are willing to make to deal with Social Protection

In 2022, payroll taxes are used to profits up to $147,000. The bill phone calls for lifting that cap and implementing the Social Protection payroll tax to all cash flow of extra than $250,000.

Social Stability payroll taxes are utilized at a fee of 6.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for each the employer and personnel, for a full of 12.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, which is deducted from paychecks.

The bill calls for possessing the rich pay extra via a 12.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} tax on investment and business enterprise cash flow. It would also apply levies to particular organization cash flow that is not at present subject matter to payroll taxes.

“Currently, absurdly and unfairly, there is a cap on revenue subject to Social Safety taxes,” Sanders stated in well prepared remarks in the course of a Thursday Senate listening to.

At this time, a worker earning $147,000 pays 6.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of their revenue to Social Protection payroll taxes. But if rather they receive $1.47 million, they shell out just .6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of their money to Social Safety, Sanders said.

“That may perhaps make perception to any person,” Sanders reported. “It will not make perception to me.”

Less than the terms of the monthly bill, much more than 93{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of households would not see their taxes go up.

At the very same time, it would extend the program’s solvency past 2096.

New projections from the Social Safety trustees display the program’s blended funds will only be in a position to spend complete gains until 2035, at which position 80{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of benefits will be payable.

Increasing taxes on the wealthy in purchase to shore up the method is well-known amid voters, according to a survey launched this week by the University of Maryland’s Application for Community Consultation.

How the monthly bill would maximize rewards

The proposal also calls for boosting benefits in various approaches.

It would, for illustration, enhance minimal benefits to 125{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the poverty line and index them. That would total to about $17,000 for a single worker who has worked for their whole career, according to the proposal.

It also aims to make yearly value-of-dwelling adjustments much more generous by altering the measurement by which they are calculated to the purchaser price tag index for the aged, or CPI-E, which some advocates argue much better reflects retiree shelling out.

The laws would also restore rewards for students up to age 22 if they are attending university or vocational universities and are the young children of disabled or deceased employees. That would reverse a 1983 plan that removed positive aspects for those people men and women.

A Social Stability Administration business in San Francisco.

Getty Images

The consequences of the prepare has been analyzed by the Place of work of the Main Actuary at the Social Safety Administration.

“We estimate that enactment of these provisions would extend the ability of the OASDI (Previous Age, Survivors, and Incapacity Insurance) method to shell out scheduled positive aspects in full and on time during the 75-year projection interval,” said Stephen Goss, chief actuary at the Social Safety Administration, in a statement.

The new proposal has the backing of advocacy teams centered on increasing Social Security, which include Social Stability Will work and the Countrywide Committee to Protect Social Protection and Medicare.

Nevertheless, Republican leaders have been quick to acquire difficulty with the prepare, significantly the proposed tax boosts, at the Senate listening to on Thursday.

“This bill has no chance whatsoever of receiving a single Republican vote in both Home,” mentioned Sen. Mitt Romney, R-Utah. “So it will not be passed.”

Romney has proposed a invoice called the Trust Act, which would produce bipartisan committees that would work to determine opportunity methods to shore up ailing federal packages including the Social Protection, Medicare and the highway have confidence in funds.

Warren urges Biden to cancel student loan debt before midterms: “The power is clearly there”

Warren urges Biden to cancel student loan debt before midterms: “The power is clearly there”

Democratic Sen. Elizabeth Warren on Sunday renewed her drive for President Biden to cancel billions of bucks in student mortgage financial debt, declaring the measure would wipe out the stress for tens of millions of borrowers although rising Democrats’ odds of keeping on to their Senate and Dwelling majorities in November’s midterm elections.

Showing up on “Deal with the Nation,” Warren insisted that the White Household has the authority to cancel college student personal debt partly mainly because it has already done so for selected borrowers, which includes through a forgiveness program for people today doing work in general public service.

“Seem, we know that the president has the authority to cancel student mortgage personal debt and the ideal way we know that is mainly because President Obama did it, President Trump did it, and President Biden has now completed it repeatedly. The energy is evidently there,” she said.

Warren reported 40{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of debtors you should not have faculty diplomas and may be caught with large debts irrespective of not owning done their levels.

“These are people today who tried, but existence happened: being pregnant, they ended up doing the job 3 employment, their mother received sick, they experienced to shift to another town. And now they make like a substantial college grad, but they are seeking to regulate college bank loan financial debt and it is crushing them,” she mentioned.

Canceling student debt has been a single of Warren’s primary aims in the latest years. She has consistently pushed the Biden administration to extend the student loan payment pause throughout the pandemic and launched new facts this thirty day period exhibiting that canceling $50,000 in scholar financial loans per individual would erase all credit card debt for 36 million debtors, or 84{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of all those with loans. Past 7 days, she talked about her proposal in an op-ed for The New York Instances, where by she laid out strategies her get together could avoid a catastrophe in the future midterm elections.

“Democrats win when Democrats are in touch with the American men and women and what is actually taking place to them,” she reported Sunday. “Currently, we’ve acquired men and women who are in the checkout line for groceries and obtaining to select what they’re going to send out back again since they can not afford to pay for to fork out for it. We have got millions of people across this region who say they are not completely ready for their university student financial loan payments to resume, that they merely can’t control individuals bank loan burdens.”

Mr. Biden earlier claimed he wanted to cancel $10,000 in student loan debt, although he has appeared hesitant to shift forward with out congressional action.

Opponents of Warren’s strategy to terminate student financial debt say undertaking so would contribute to an by now report-superior inflation. The senator disagrees.

“As President Biden himself suggests, the way we offer with inflation is not by earning people today poorer,” she said. “The way we deal with inflation is we assault large charges head on, [such as] value gouging. We straighten out the supply chain so items can occur in to individuals. We assault it head on, not by seeking to make people today poorer. Canceling pupil bank loan personal debt is some thing that would be excellent for folks all across this nation and extra importantly, very good for our economic system over-all.”

Borrowers owe a lot more than $1.7 trillion in pupil financial loans, according to the Federal Reserve. It is the second greatest amount of personal debt for U.S. homes, guiding mortgages. The burden has pressured a lot of young People in america to set off important economic decisions, these kinds of as buying a dwelling, saving for retirement and owning young children, a review discovered very last 7 days.

Warren expressed self esteem that Democrats can provide benefits more than the following six months in advance of voters head to the polls.

“We have to have to be out there preventing, and what we want to battle for are the things that contact America’s households right,” she mentioned. “Individuals are counting on us and we are unable to just sit back again and enjoy politics. We will need to be in the combat on behalf of the American persons. And that indicates people today who are struggling with pupil loan financial debt, individuals who are having difficulties with large price ranges, individuals who are concerned about this pandemic. “

Sen. Warren Calls for Consumer Financial Protection Bureau & Education Department To Investigate Mismanagement & Provide Relief To Loan Borrowers

Sen. Warren Calls for Consumer Financial Protection Bureau & Education Department To Investigate Mismanagement & Provide Relief To Loan Borrowers

In full transparency, the next is a media launch from Sen. Elizabeth Warren’s business. She was elected by voters in the Commonwealth of Massachusetts to provide the point out in Washington DC in the US Senate. She is a Democrat. (inventory photo)

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WASHINGTON DC – Senators Elizabeth Warren (D-Mass.), Sherrod Brown (D-Ohio), and Dick Durbin (D-Sick.) sent letters yesterday, April 15, to the Shopper Economical Security Bureau (CFPB) and the Department of Instruction (ED), contacting on them to assessment student financial loan servicers’ documented mismanagement of the income-driven compensation (IDR) program, which has led to substantial damage for very low-earnings borrowers.

Modern reports present that out of 4.4 million qualified debtors, only 32 borrowers have ever had their pupil financial loans canceled as a result of IDR. The senators are urging the CFPB to examine reviews of college student bank loan servicers’ mismanagement of IDR packages and ED to rectify the harms finished to debtors by adopting an IDR waiver that will assistance debtors toward credit card debt aid and cancellation.

“It is apparent that IDR designs, as they presently stand, are not fulfilling their first promise that federal university student credit card debt really should be very affordable and not a life time debt sentence, especially for minimal-profits learners. ED has a responsibility to ensure borrowers do not bear the effects of the failures of IDR implementation and oversight and that IDR delivers on its promise of providing debtors a mild at the close of the tunnel,” wrote the senators in their letter to ED.

The senators’ letter will come soon after a latest NPR report which identified that the IDR software has been seriously mismanaged by personal loan services. Although IDR strategies to limit borrowers’ every month bills and discharge the borrower’s personal debt soon after 20-25 a long time of qualifying payments, incredibly several debtors are able to get the loan forgiveness they were promised. 

For a long time, student mortgage servicers mismanaged IDR programs, such as by failing to properly depend qualifying IDR payments, such as $ payments, and not correctly tracking borrowers’ development in the direction of cancellation. 48{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of IDR debtors qualify for $ qualifying payment simply because they generate significantly less than 150{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of the federal poverty line – so the failure to count these $ payments hits lowest-income borrowers the most. 

Senator Warren, Brown, and Durbin are calling on the CFPB to investigate college student financial loan servicers’ extreme mismanagement of the IDR software, and they are contacting on ED to undertake an IDR waiver that would retroactively depend all months considering the fact that borrowers entered compensation, which includes intervals of deferment, forbearance, and default, as skilled months toward debt cancellation. 

Study the letter to Instruction Section here.

5 Tips for the Minority Business Owner (Jimmy D. Warren II Commentary) | Arkansas Business News

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Minority tiny-business entrepreneurs took a brutal strike in the course of COVID-19. A June research by University of California, Santa Cruz economist Robert Fairlie confirmed that from February to April 2020, 41{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of Black-owned corporations and 32{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of Latino-owned enterprises closed.

Minority small corporations hold an vital spot in heritage, modern society and our hearts. They are mother-and-pop dining establishments, neighborhood barbershops, lawn treatment professionals and extra. People profitable enterprises demonstrate what it can take to thrive currently as a minority small-business enterprise operator.

You Are Your Model.
1 of the good Jay-Z lyrics is, “I’m not a businessman I’m a company, gentleman.” It underscores that the businessperson and the enterprise are 1 and the similar. When individuals patronize your small business, they’re buying into your manufacturer.

That’s important in our extremely psychological political and social climate. Our society is dependent on the perception in flexibility of speech. But this constitutional ideal does not come devoid of outcomes. Be conscious that the political stands you make could reap optimistic — and adverse — results for your business enterprise.

Know Your Community.
For a minority business enterprise owner, remaining concerned in your local community is a get-gain, making it possible for you to community and reinvest in your community. Quite a few minority little-business proprietors wrestle since they don’t know how to be concerned or come to feel welcome.

My recommendation: Start out where your enthusiasm is. It can be as simple as an desire in athletics that sales opportunities to a local baseball team sponsorship or donating time at a charity party. Whatever your passion, discover a way to include the spirit of local community into your enterprise

Embrace On the net Internet marketing and a Sturdy Social Media Presence.
Just one significant lesson from the pandemic is the backlink among company survival and a potent on the net presence. As COVID-19 limited in-particular person interactions, lots of smaller-small business entrepreneurs unsuccessful because they couldn’t pivot immediately to e-commerce. And obtaining an on the web presence is even larger than just advertising goods on the internet. It’s about brand name recognition, articles development and shopper engagement. Make this a precedence.

Get Your Cash Ideal.
Kanye West at the time claimed, “La, la, la, la, hold out ’til I get my revenue appropriate.” That’s a crucial aim for compact enterprises, as well. Minority small corporations are typically underserved fiscally and underbanked quite a few entrepreneurs operate their businesses by smartphone apps like Dollars App and Venmo.

There’s a lengthy history of why the minority neighborhood is hesitant about financial institutions, from redlining in the housing industry and even recently, when Bank of America past 12 months agreed to a settlement with the Justice Section above discriminatory techniques.

So I realize the hesitancy of minorities about executing organization with traditional banking companies. But there’s an unparalleled advantage to forming a relationship with a community lender. By interacting with a banker, you can form a romance that could direct to a lengthy-expression business enterprise bond. That bond allows you accessibility to essential financial methods you cannot get any place else.

Be Engaged in the Political Method.
There’s a story that suggests Walt Disney once asked a employee at his vacation resort what advancements would elevate purchaser pleasure. The worker explained, “Better carts.” Disney asked how greater carts could make for a better purchaser knowledge, and the employee explained that by enhancing the aged, really hard-to-go carts, he could clear rooms quicker, bettering consumer fulfillment and staff morale. The tale exhibits that by sharing your thoughts and opinions with influential persons, you can outcome significant adjust. Do not like the way restaurant merchandise are taxed? Have to have the streets in front of your company paved? Understanding the political landscape presents you a straight line to individuals who can enable your business enterprise.

Getting involved in the political approach is usually not a precedence in the minority local community. But by attending town council meetings, local community teams and remaining abreast of ballot initiatives, you can provide a significant voice in the community. And which is just fantastic organization.

 


Jimmy D. Warren II is a group engagement officer with The Conductor, an entrepreneurial assistance group and general public-personal partnership concerning the College of Central Arkansas and Startup Junkie. He’s also a political communication professional.