For the third time in 13 years, Venezuela has slashed zeroes off its inflation-battered currency, the bolivar. This time, it will shed six zeroes, for a total of 14 since 2008. With that, a million bolivars have overnight become one -- still the equivalent of about 25 US dollar cents. Venezuela's central bank announced the move last month to simplify transactions, with consumers scrambling to make payment for even the most basic goods or services. According to private sector estimates around two thirds of transactions in the country now happen in US dollars. Old banknotes now worth almost nothing have become children’s toys or lie discarded in streets around the country. The once-rich oil producer is battling its eighth year of recession and hyperinflation that reached nearly 3,000 percent in 2020 and more than 9,500 percent the year before, according to central bank figures.
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- The Daily Beast
Alex Wong/Getty ImagesThe family of former Education Secretary Betsy DeVos invested nearly $100 million in Theranos after a marathon meeting with the biotech startup’s founder Elizabeth Holmes, a director of the billionaire’s family office testified on Tuesday.Lisa Peterson, who manages private equity investments for the DeVos clan’s RDV Corporation, told jurors at Holmes’ California wire fraud trial that she and members of the Michigan-based dynasty flew to Silicon Valley in 2014 to meet Holmes
Next year, Social Security recipients will see the largest Cost of Living Adjustment ever. The 5.9% expected increase in benefits will come as an adjustment to the increased cost of living after a...
China Evergrande Group (3333.HongKong), the country’s largest property and real estate group, is struggling with $305 billion worth of debt, and narrowly avoided default last week by repaying a $83.5 million coupon payment at the last minute. China’s government and regulators have tightened control on leverage in the property sectors in the past few months, which makes it harder for developers to refinance, and for their customers to take on debt to buy houses.
Billionaire Tudor Jones: This is the ‘single biggest threat' to stocks and society — protect yourself now
Regardless of what the officials do, you can take action to protect your portfolio.
- Washington Examiner
Democrats have floated a wide menu of tax hikes to pay for their infrastructure and social spending package. Here is what has been proposed and what has a chance of becoming law.
In the last batch, people got close to $1,700 back, on average.
Inheritance can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don’t owe taxes until you sell those assets. These capital gains taxes are then calculated using what’s known as a stepped-up cost basis. … Continue reading → The post Capital Gains on Inherited Property appeared first on SmartAsset Blog.
The price surge defied an Elon Musk tweet saying to not “bet the farm” on crypto.
Earnings season is in full swing, and so far the Q3 numbers are looking solid. As of Monday’s close, 84% of the 117 S&P-listed companies reporting so far have beaten expectations. These results have calmed some fears that the third quarter would disappoint. Meanwhile, Oppenheimer strategist John Stoltzfus believes interesting times lie ahead, with the most likely goose to the markets coming from the political scene. “Ongoing negotiations in Congress to trim the cost of the next round of policy r
(Reuters) -Shares in Digital World Acquisition Corp, the blank-check company that plans to publicly list former U.S. President Donald Trump's new social media venture, lost almost a third of their value on Tuesday, a second straight daily decline after a steep rally last week. The stock closed down 29.6% at $59.07 with its price swinging wildly between $55.50 and $91.35 during the session. The pullback followed a 845% rally last week after the company was linked publicly to Trump for the first time.
These stocks are either immune to inflation or stand to benefit, the Mad Money host says.
QuantumScape reported a surprise third-quarter profit, driven by an accounting change. Nonetheless, progress in developing solid-state lithium anode EV batteries is what moves the stock.
- The Daily Beast
REUTERSIt has been a summer of scrutiny for the ultra-rich—and now the billionaires are fighting amongst themselves.The culprit: a so-called “Billionaire Income Tax” that Democrats in Congress are reportedly mulling to help finance Biden’s agenda. The proposal would only target several hundred of the wealthiest Americans by taxing the rising values of certain assets, like stocks, even before they are sold.“I doubt it’s legal, and it’s stupid,” the billionaire investor Leon Cooperman complained t
- Associated Press
To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires. Biden never endorsed an outright “wealth tax” when campaigning last year. Biden has vowed that his programs will not add a penny to the deficit, which means selling to Congress and voters a tax on the wealthiest .0005% of Americans.
Some insiders made their first open-market purchases of Intel stock, and others bought for the first time in years.
(Bloomberg) -- Few people could have predicted the downward spiral for Alibaba Group Holding, when founder Jack Ma delivered a blunt criticism of China’s financial system last October. Most Read from BloombergCities' Answer to Sprawl? Go Wild.Hamburg Is at the Heart of Germany’s Growing Dilemma Over ChinaA Deep Dive Into Squid Game's World of InequalityWhy Americans and Britons Are Rushing to Buy Idyllic Homes in ItalyOne of California’s Wealthiest Counties Could Run Out of Water Next SummerYet
- Motley Fool
For well over a century, the stock market has stood head-and-shoulders above all other investment vehicles. In a little over 11 years, we've watched Bitcoin (CRYPTO: BTC) gain more than 7,700,000,000%. There's also meme-based coin Shiba Inu (CRYPTO: SHIB), which has racked up gains of greater than 5,000,000% since it debuted less than 15 months ago.
- Motley Fool
The market is deeply discounting this pair of income-generating stocks, which should keep delivering for years to come.
- Motley Fool
It's not too far-fetched for these four growth leaders to multiply your money in time for your retirement.
- Motley Fool
Robinhood is one of the most popular brokerage firms among cryptocurrency traders, and the broker derives a significant percentage of its revenue from investors buying and selling virtual coins. In fact, 26% of Robinhood's revenue in the second quarter of 2020 came from app users trading one particular cryptocurrency called Dogecoin (DOGE).