Month: August 2022

The Federal Trade Commission is sending payments totaling more than $1 million to 1,966 consumers who were harmed by a debt collection scheme that tricked consumers into paying debts they didn’t owe. The defendants used various names, including GAFS Group, Global Mediation Group and Mediation Services. Consumers will get back all the money they lost to scammers, averaging $516 for each payment. Consumers will receive a PayPal payment or check in the mail. Recipients must redeem PayPal payments within 30 days or cash checks within 90 days. Approximately 200 additional consumers will receive claim forms. To get paid, they must…

UBS ran a screen and found a basket of stocks that are cheap, even if the economy falls into recession. The investment bank took a look at the markets to find sectors that are too battered to discount the risk of a downturn. Stocks remain depressed even after last month’s rally, with the S&P 500 down about 12% this year as investors debate rising inflation and slowing growth. “At the equity level, wide dispersion and pockets of extreme valuation discounts leave attractive opportunities in areas where recession risks appear highly priced,” UBS strategist Keith Parker wrote in a note on…

As today’s prospective homebuyers face high home prices and rising interest rates, there is one thing they can do to save money: improve their credit score. “This is something buyers can do to save a little money in this market,” said Amanda Pendleton, consumer finance expert at Zillow Home Loans. New Zillow analysis finds that homebuyers with lower credit scores can pay $103,626 more over the life of a 30-year fixed mortgage loan than someone with an excellent score, based on the current price of a typical house, $354,165. More from Personal Finance:Rents are high in these five cities. Cheaper…

BlackRock has signaled a major boost to crypto by teaming up with Coinbase on a product designed to help institutional investors trade bitcoin. The world’s largest asset manager is allowing clients to use its Aladdin investment management system to buy, sell and monitor their cryptocurrency holdings through the largest US exchange, Coinbase. BlackRock said the partnership will be centered around bitcoin, at least “initially.” The move is the latest sign that some of the major players in traditional finance, known as TradFi in crypto circles, are confident in the long-term prospects of cryptocurrencies. TO READ Crypto industry has a ‘battle…

National Guard troops pose for photographers on the east front of the U.S. Capitol the day after the House of Representatives voted to impeach President Donald Trump for the second time on January 14, 2021 in Washington, DC. Chip Somodevilla | Getty Images On an earnings call this week, Yum Brands CEO David Gibbs expressed the confusion many people are feeling as they try to figure out what’s going on with the U.S. economy right now: “This is really one of the most complex environments we’ve ever seen in our industry to operate in. Because we’re not just dealing with…

Derivatives exchange CME is expanding its crypto futures offerings with new euro-denominated crypto derivatives. The new products, which are expected to go live on August 29, will reference bitcoin and ether and will be similar to the exchange’s existing dollar-denominated crypto futures. “Continued uncertainty in the cryptocurrency markets, coupled with the robust growth and deep liquidity of our existing bitcoin and ether futures, is creating greater demand for risk management solutions from institutional investors outside the United States” , said Tim McCourt, CME’s global head of equity and currency products. “Our Bitcoin Euro and Ether Euro futures contracts will provide…

JOHANNESBURG–(BUSINESS THREAD)–Commenting on the group results, Sappi chief executive Steve Binnie said: “I am very proud of another quarter of record earnings against a backdrop of significant geopolitical turbulence, headwinds from the supply chain and extraordinary global inflationary pressures. Strong global paper demand and price momentum offset the sharp increase in costs and the negative impact of the planned closure of four mills. EBITDA improved to a record $371 million, up from $337 million in the prior quarter and $145 million in the year-ago quarter. Covid lockdowns in China and the ongoing Russian-Ukrainian conflict put renewed pressure on global supply…