Author: News Room

Michael Burry, known for calling the subprime mortgage crisis, piled into a physical gold trust in the first quarter, making it his biggest bet, according to a new regulatory filing. Burry, who now manages hedge fund Scion Asset Management, bought more than 440,000 units of the Sprott Physical Gold Trust (PHYS), worth more than $10 million in the first quarter. The closed-end fund holds its assets in physical gold bullion. The gold trust is trading at a discount to its net asset value. PHYS sells at a 1.67% discount to its net asset value compared with its 52-week average discount of 1.57%,…

McDonald’s is set to offer a $5 value meal in the U.S., but only for a limited time.The promotion will include four items for $5 — a McChicken or McDouble, four-piece chicken nuggets, fries and a drink — and will run for roughly a month, beginning on June 25, according to a person familiar with the offering who was not authorized to speak about it publicly.”We know how much it means to our customers when McDonald’s offers meaningful value and communicates it through national advertising. That’s been true since our very beginning and never more important than it is today,”…

Household debt levels in the U.S. increased in the first quarter of 2024, which created new challenges for already stressed credit card borrowers, according to a new report from the Federal Reserve Bank of New York released Tuesday. The report found that overall debt levels rose by $184 billion, or 1.1%, in the first quarter to a total of $17.69 trillion. Overall borrowing levels are $3.5 trillion higher than they were at the end of 2019 prior to the onset of the COVID pandemic.Of the total, mortgage balances rose by $190 billion to $12.44 trillion while overall outstanding credit card…

Americans are racking up more credit card debt as still-high inflation and steep interest rates continue to make the cost of everyday necessities more expensive.  The New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit, slated for release on Tuesday morning, is expected to show that credit card debt hit a new record during the three-month period from January to March, smashing a previous high of $1.13 trillion, according to Matt Schulz, chief credit analyst LendingTree.”Credit card balances have never risen from the fourth quarter of one year to the first quarter of the following year. I…

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. During the week of May 6, 2024, average private student loan rates increased for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 10-year fixed-rate loans and decreased for 5-year variable-rate loans. 10-year fixed rate: 8.14%, up from 7.32% the week before, +0.825-year variable…

Mortgage rates climbed again this week, exacerbating the home affordability crisis that is stifling the housing market. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 7.17% this week from 7.1% last week. The average rate on a 30-year loan was 6.43% a year ago.   The average rate on the 15-year fixed mortgage rose to 6.44% from 6.39% last week. One year ago, the rate on the 15-year fixed note averaged 5.71%. Read the full article here

Many well-meaning people take the benefits of a Roth IRA for granted. With the tax benefits of a Roth IRA, modest contributions over long periods can translate into a substantial amount of tax-free income throughout your entire retirement. Those with the highest incomes may dream of the potential for a significant amount of tax-free retirement income, but they often earn too much income to be able to contribute to this type of retirement account. And sadly, their wealth managers are usually too lazy to set up these accounts for them when they are eligible to contribute. The responsibility to set…

The federal judge overseeing Hunter Biden’s gun case in Delaware refused on Tuesday to delay the June 3 trial date despite pleas from lawyers for the president’s son who said they would not be prepared in time. “I trust everyone can get done what needs to be done,” US District Judge Maryellen Noreika said during a status conference in Wilmington. Hunter Biden’s lawyer Abbe Lowell argued the defense team would not be able to accomplish all that needs to be done in under three weeks. Lowell also pointed to the work needed to prepare for his client’s other trial set…

Stay informed with free updatesSimply sign up to the Accountancy myFT Digest — delivered directly to your inbox.The leaders of the US accounting profession have signalled they could cut the education requirements for becoming an accountant, amid growing alarm about a shortage of new recruits.The American Institute of Certified Public Accountants on Tuesday dropped its opposition to calls to reduce the amount of university education needed to qualify as a CPA. That is currently set at the equivalent of five years, one year longer than a typical bachelors degree in the US.The declaration is a watershed moment in what had…

MINISO Group Holding Limited (NYSE:MNSO) Q1 2024 Results Conference Call May 14, 2024 5:00 AM ET Company Participants Jack Ye – Founder & Chief Executive OfficerEason Zhang – Chief Financial OfficerAllis Chen – IR Conference Call Participants Michelle Cheng – Goldman SachsLucy Yu – Bank of America Merrill LynchKevin Yin – JPMorganSamuel Wang – UBS Operator Ladies and gentlemen, thank you for standing by and welcome to MINISO’s Earning Conference Call for the March Quarter of 2024. [Operator Instructions] And be kindly noted that this event is being recorded. We have announced our quarterly financial result earlier today. An earnings…