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Hello again everyone and welcome to our live blog with all the latest financial news coming out of the US this Friday August 19. Our live blog will bring you the latest updates on a variety of financial issues including gas prices, the federal gas tax holiday, the summer stimulus update, and more. In addition, there will be several money-saving tips and benefits programs that will be rolled out across the country. So, just below and with the most recent updates closer to the top, we’ll have information on how to get cheaper gas or even free gas in certain…

BEIJING (AP) — A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a string of billionaire financial crimes and his company was fined $8.1 billion, announced a court. Xiao Jianhua was convicted of misusing billions of dollars in bank and insurance deposits controlled by his Tomorrow Group and offering bribes to officials, Shanghai No. 1 Intermediate People’s Court said on its social media account . Xiao was fined 6.5 million yuan ($950,000) and his company 55 billion yuan ($8.1 billion), the court said. Xiao was last seen in a…

BEIJING (AP) — A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a string of billionaire financial crimes and his company was fined $8.1 billion, announced a court. Xiao Jianhua was convicted of misusing billions of dollars in bank and insurance deposits controlled by his Tomorrow Group and offering bribes to officials, Shanghai No. 1 Intermediate People’s Court said on its social media account . Xiao was fined 6.5 million yuan ($950,000) and his company 55 billion yuan ($8.1 billion), the court said. Xiao was last seen in a…

BEIJING (AP) — A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a string of billionaire financial crimes and his company was fined $8.1 billion, announced a court. Xiao Jianhua was convicted of misusing billions of dollars in bank and insurance deposits controlled by his Tomorrow Group and offering bribes to officials, Shanghai No. 1 Intermediate People’s Court said on its social media account . Xiao was fined 6.5 million yuan ($950,000) and his company 55 billion yuan ($8.1 billion), the court said. Xiao was last seen in a…

Rakesh Jhunjhunwala, the Indian billionaire investor who is admirably called the ‘Warren Buffett of India’ because he set an exemplary example of how to create wealth from the stock market died on August 14 in Mumbai. A qualified CA and the son of an Income Tax officer, Jhunjhunwala had entered the stock market in 1985 when the Sensex was at 150 points with only ₹5000. The journey that began with ₹5,000 and has left this world today leaving a wealth of $5.8 billion (according to Forbes data) to his family. He is no longer with us, but his investment principles…

Fed’s Bullard leans toward a September hike of 0.75 percentage points The president of the Fed of St. Louis, James Bullard said he is considering supporting another major rate hike at the central bank’s policy meeting next month, adding that he is not ready to say the economy has seen the worst increase in inflation. Wall Street is betting the Fed is bluffing in a high-stakes inflation game The market rally reflects the belief that inflation has peaked and rates will fall sometime next year, a prospect that Fed officials have tried to dismiss. The Central Bank of Turkey cuts…

British consumer confidence fell to a record low in August as cost-of-living pressures and a weak economic outlook continued to mount. Research firm GfK’s consumer confidence barometer fell to minus 44 in August from minus 41 in July, the lowest level since the survey began in 1974 and below expectations of economists that consumer confidence remained unchanged from the previous month. All five measures fell, reflecting acute concerns as the cost of living rises, said GfK’s director of client strategy, Joe Staton. UK inflation hit a new four-decade high of 10.1% in July, the highest rate among Group of Seven…