Scott Eells | Bloomberg | Getty Images Credit card issuer American Express reported a higher-than-expected rise in third-quarter profit on Friday, as more people used cards to shop, pay bills and make big ticket purchases. AmEx cards, for long the preferred choice of affluent Americans, is now battling competition from JPMorgan Chase‘s Sapphire Reserve and
Month: October 2019
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010. Gillianne Tedder | Bloomberg | Getty Images The Iowa Public Employees Retirement System is terminating its relationship with Fisher Investments, pulling $386 million from the asset manager. The Iowa plan, which holds
John Lund | Getty Images Despite the red flags flapping for the economy, many Americans say they’re not financially prepared for the next recession. Two in 5 people say they’re not ready for an economic downturn in the next year, according to a new Bankrate poll. (Some 2,600 people were interviewed at the end of
David Solomon of Goldman Sachs & Co. Patrick T. Fallon | Bloomberg | Getty Images Goldman Sachs CEO David Solomon says the bank’s stake in WeWork is still profitable, even after the company suffered a number of valuation cuts and now faces a bailout crisis. “That was an investment we made a number of years ago
Facebook’s CEO Mark Zuckerberg speaks during the F8 Facebook Developers conference on April 30, 2019 in San Jose, California. Justin Sullivan | Getty Images There are 618,000 millennial millionaires in the U.S. and their wealth is only expected to grow. Millennials are expected to be five times wealthier in the next decade than they are
Pigs raised by farmers are seen at Linquan county on December 5, 2018 in Fuyang, Anhui Province of China. Visual China Group | Getty Images BEIJING — China needs more pork imports than ever as the country grapples with an outbreak of a swine disease — and that could become a business opportunity for U.S.
Adam Jeffery | CNBC Holiday Inn-owner InterContinental Hotels Group blamed lower business bookings in China and Hong Kong protests for a 0.8% fall in third-quarter revenue per room on Friday, the latest company to be pinched by weaker global travel. The hotel industry, in general, is feeling the impact of slowing global growth, which is
The skyline of Dubai is dotted with imposing structures. These include the world’s tallest building, the Burj Khalifa, which stretches more than 2,700 feet into the heavens. While these skyscrapers are undoubtedly impressive in terms of their scale and ambition, in the years ahead they will need to become increasingly sustainable. Under Dubai’s Clean Energy
Hero Images | Getty Images Even if Medicare’s open enrollment period sounds like a big snore fest, you might sleep better next year if you take advantage of it. For the program’s 60 million beneficiaries, that yearly fall window — Oct. 15 through Dec. 7 — offers the chance to make changes that take effect
Petri Artturi Asikainen | Getty Images Financial advisors do their best to counsel clients on sound approaches to financial decision making, yet no good wealth manager would claim to have a crystal ball. The only certainty is that no one can predict the future or time the market. Any advisor worth his or her salt
Goldman Sachs CEO David Solomon said Thursday that the company is just starting to build out its consumer-facing digital banking offerings. “We’re building for the long term. I feel good about the progress that we’re making,” the Goldman chief said in an interview with CNBC’s Wilfred Frost. “I think we’re in the early stages of
Couple getting financial advice Getty Images Financial advisors are experts at helping clients plan for their futures. It turns out that many of these professionals often fall short when it comes to their own businesses. That’s according to a study from the Financial Planning Association, a professional membership organization, and SEI, a provider of wealth
Chris Britt, CEO, Chime Source: Chime Chime, the leading branchless bank in the U.S., is in the midst of a service outage that has left millions of customers without access to their accounts. Issues cropped up Wednesday, leaving users stranded at restaurants, parking garages and gas stations, unable to use their debit cards or pay
Traders work during the opening bell at the New York Stock Exchange (NYSE) on October 2, 2019 at Wall Street in New York City. Johannes Eisele | AFP | Getty Images Investors are preparing for more cautious capital investment outlooks from U.S. companies as worries mount heading into earnings season about the possibility of an
United Auto Workers members on strike picket outside General Motors’ Detroit-Hamtramck Assembly plant on Sept. 25, 2019 with Vermont Sen. Bernie Sanders (far left) in Detroit. Michael Wayland | CNBC DETROIT – The United Auto Workers’ strike against will continue while union members vote on a new four-year labor contract, adding to the work stoppage’s
Peter Dazeley | Photographer’s Choice | Getty Images Here’s an awkward question for your spouse: Would you be willing to get divorced to save a few dollars? Proposed wealth taxes from presidential candidates Sens. Elizabeth Warren and Bernie Sanders are stirring up chatter around so-called strategic divorce to avoid the levy. The Tax Cuts and
Shares of Bank of America, U.S. Bancorp, PNC and Bank of New York Mellon all ticked higher on Wednesday as the bank’s profits topped Wall Street’s forecasts. But some of the bank’s shares rolled over as executives warned the current lower interest rate environment is likely to hinder bank’s net interest margin growth, a widely-watched
Sen. Elizabeth Warren (D-MA) speaks during the Democratic Presidential Debate at Otterbein University on October 15, 2019 in Westerville, Ohio. A record 12 presidential hopefuls are participating in the debate hosted by CNN and The New York Times. Win McNamee | Getty Images Sen. Elizabeth Warren may have a new slogan: “Where’s the beef?” During
A slew of Wall Street’s top hedge fund managers shared their best ideas on Wednesday at the annual Sohn San Francisco Investment Conference. The conference is best known for hedge fund managers making market-moving presentations. The Sohn conference held in San Francisco is the West Coast version of the investment conferences that began in New
The Bank of New York Mellon on Wall Street, New York. Scott Mlyn | CNBC Bank of New York Mellon reported a 7% fall in quarterly profit on Wednesday, as the world’s largest custodian bank earned lower fees and took a hit from a drop in interest rates. Net income applicable to common shareholders fell
It is “logical” for McLaren Automotive to continue manufacturing in the U.K. in spite of Brexit concerns, the firm’s chief executive said on Tuesday. “You only need one manufacturing location for 5,000 cars a year,” Mike Flewitt, chief executive officer of McLaren told CNBC’s “Street Signs.” “It would be uneconomic to do anything else,” he
Alliance | Getty Images If you’re thinking of tidying up your balance sheet by taking out a personal loan, consider doing some research first. It could save you thousands of dollars. That’s because the interest rates lenders charge on personal loans can vary significantly, even if you have pristine credit, according to an analysis by
In this photo illustration, an ‘Impossible Whopper’ sits on a table at a Burger King restaurant on April 1, 2019 in Richmond Heights, Missouri. Burger King announced on Monday that it is testing out Impossible Whoppers, made with plant-based patties from Impossible Foods, in 59 locations in and around St. Louis area. Michael Thomas |
Kenneth Fisher, chief executive officer of Fisher Investments, speaks at the Forbes Global CEO Conference in Sydney, Australia, on Tuesday, Sept. 28, 2010. Gillianne Tedder | Bloomberg | Getty Images The City of Boston is ending its relationship with Fisher Investments, pulling $248 million in pension assets from the firm. Mayor Martin Walsh announced on
Co-founder and CEO of Netflix Reed Hastings Albert Llop | Anadolu Agency | Getty Images The best way to defeat an enemy is to make him your friend. Netflix said today in its third-quarter earnings letter to shareholders that it welcomes upcoming competition from Apple, Disney, Comcast‘s NBC Universal, AT&T‘s WarnerMedia and others set to
An ATM is shown at company headquarters for the PNC Financial Services at One PNC Plaza in Pittsburgh, Pennsylvania. Getty Images U.S. regional bank PNC Financial Services on Wednesday posted a near 1% fall in net profit as the bank set aside more money to cover bad loans. The Pittsburgh, Pennsylvania-based bank’s net income attributable
Daisy Ridley reprises her role as Rey in “Star Wars: The Rise of Skywalker.” Disney With just under two months until the final installment of the Skywalker Saga set to hit theaters, there’s one thing Star Wars fans are still waiting for — an official trailer. After teaser videos at Star Wars Celebration in April
A man fishes in a lake. Twenty20 With some experts warning that $1 million in retirement savings might not even do the trick these days, it’s understandable if you’re kept up at night wondering: Will I have enough? Here’s another question worth asking: How should I spend what I have? A good answer to the
Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on Monday, March 25, 2019, in Cupertino, California. Noah Berger | AFP | Getty Images Goldman Sachs CEO David Solomon called his bank’s rollout of the Apple Card “the most successful credit card launch ever.” This is a developing story. Check
Any average millionaire or billionaire can buy a Ferrari. But only a select group gets the privilege of buying a fully customized one — an honor that is becoming big business for the Italian carmaker. Ferrari this month opened its third “tailor made center” in the world, a 6,600-square-foot showroom on Manhattan’s Park Avenue that
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