By Nathalie Voit Revlon filed for Chapter 11 bankruptcy protection on June 16 amid ongoing supply-chain challenges and a long-term debt burden, according to a press release issued by the cosmetics giant on Thursday. "The Chapter 11 filing will allow Revlon to strategically reorganize its legacy capital structure and improve its long-term outlook, especially amid [...]
By Nathalie Voit Mortgage rates dropped sharply following news that the central bank boosted its policy rate by 75 basis points on June 15, new data from Mortgage News Daily (MND) showed. According to MND, the average rate for the popular 30-year fixed mortgage hit a high of 6.28% on June 14, just one day before the [...]
By Nathalie Voit The Federal Reserve on June 15 hiked its benchmark interest rate by 0.75%, the single largest rate increase in almost twenty years. The move raised the Fed’s target range for the federal funds rate to 1.50% and 1.75%, with ongoing increases in the policy rate expected. Chairman of the Fed, Jerome Powell, said [...]
By Nathalie Voit Cryptocurrency exchange platform Coinbase will cut nearly one-fifth of its labor force to remain operationally salient amid recent market events. In a blog post published on its website, CEO and Cofounder of Coinbase Brian Armstrong cited the possibility of a recession and an upcoming “crypto winter” as the reason for the layoffs. “We appear [...]
By Nathalie Voit The International Revenue Service (IRS) announced on June 9 that it would increase the standard mileage rate for business travel for the second half of 2022. Effective July 1, the rate for the deductible costs of operating a business vehicle will increase by 4 cents to 62.5 cents per mile. Self-employed individuals [...]
By Nathalie Voit A growing number of American families are facing energy insecurity. In a statement from the National Energy Assistance Directors’ Association (NEADA), executive director Mark Wolfe said that millions of U.S. households are drowning in utility debt. By the end of February 2022, a NEADA analysis found that more than 20 million families were behind on their [...]
By Nathalie Voit Record high prices have prompted Americans to tap into their savings for financial relief. According to a June 2022 Forbes Advisor survey of 2,000 U.S. adults, two in three U.S. consumers (67%) have dipped into their savings to cope with rising costs. Eight percent of those surveyed said they had completely drained their savings, [...]
By Nathalie Voit Tesla revealed its plans to put a 3-for-1 stock split to a shareholder vote in its 2022 proxy statement filed with the U.S. Securities and Exchange Commission (SEC) on June 10. "Our success depends on attracting and retaining excellent talent, not only through providing a respectful, safe, inclusive and equitable workplace, but also through offering [...]
By Nathalie Voit The world’s largest cryptocurrency, Bitcoin, fell 17% on Monday trading as investors dropped the digital coin amid a broader market sell-off in global risk assets. Bitcoin is now trading at an 18-month low of $23,413, a value not seen since December 2020. Ether, the world’s second-most popular cryptocurrency, is trading at $1,236 as of Monday afternoon, [...]
By Nathalie Voit Sustained inflation continues to fuel market pessimism. According to FactSet data released on June 10, mentions of “inflation” across S&P 500 conference call transcripts for the first quarter surged to a fresh 12-year high. The financial research firm said the term “inflation” was mentioned by 417 S&P 500 companies during their Q1 earnings [...]
© 2021 Consumers Bulletin, All Rights Reserved.